Volaris Reports Third Quarter 2016 Results: 40% Adjusted EBITDAR Margin

October 26, 2016

MEXICO CITY--(BUSINESS WIRE)-- Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost airline serving Mexico, the United States and Central America, today announced its financial results for the third quarter 2016.

The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS).

Third Quarter 2016 Highlights

  • Total operating revenues reached Ps.6,731 million for the third quarter, an increase of 29.0% year over year.
  • Non-ticket revenues were Ps.1,525 million for the third quarter, an increase of 43.4% year over year. Non-ticket revenues per passenger for the third quarter were Ps.384, increasing 20.6% year over year.
  • Total operating revenues per available seat mile (TRASM) rose to Ps.155.0 cents for the third quarter, an increase of 15.3% year over year.
  • Operating expenses per available seat mile (CASM) were Ps.131.0 cents for the third quarter, an increase of 22.9% year over year.
  • Adjusted EBITDAR was Ps.2,665 million for the third quarter, an increase of 25.6% year over year. Adjusted EBITDAR margin was 39.6% for the third quarter, a decrease in margin of 1.0 percentage point.
  • Operating income was Ps.1,043 million for the third quarter, with an operating margin of 15.5%, equal to a year over year operating margin decrease of 5.2 percentage points.
  • Net income was Ps.1,010 million (Ps.1.00 per share / US$0.51 per ADS) for the third quarter, with a net margin of 15.0%, a year over year margin decrease of 7.1 percentage points.
  • Net increase of cash and cash equivalents was Ps.63 million for the third quarter. As of September 30, 2016, cash and cash equivalents were Ps.6,993 million.

Volaris´ CEO Enrique Beltranena commented: “Volaris delivered another solid quarterly financial performance, driven by its ULCC model and a world-class operation. Passenger demand stimulation and non-ticket revenue growth remain the cornerstone of our business model, allowing us to expand unit revenue and deploy capacity in a profitable way.”

Traffic Volume Growth Supported by Healthy Demand Environment, Despite Exchange Rate and Fuel Price Pressures

  • Air traffic volume increase: The Mexican DGAC reported overall passenger volume growth for Mexican carriers of 13.2% year over year in the third quarter. Domestic passenger volume increased 12.5%, while international passenger volume increased 15.6%.
  • Exchange rate volatility: The Mexican peso depreciated 14.1% year over year against the US dollar, from an average of Ps.16.4 pesos per US dollar in the third quarter 2015 to Ps.18.7 pesos per US dollar during the third quarter 2016.
  • Higher fuel prices: The average economic fuel cost per gallon increased 7.8% to Ps.30.8 per gallon (US$1.6) in the third quarter 2016, year over year.

Unit Revenue Improvements Driven by Volume and Non-Ticket Revenue Expansion

  • Passenger traffic stimulation: Volaris booked 4.0 million passengers in the third quarter of 2016, up 18.9% year over year. Volaris traffic (measured in terms of revenue passenger miles, or RPMs) increased 18.3% for the same period. System load factor during the quarter increased 4.8 percentage points year over year to 87.9%.
  • Unit revenue improvement and demand driven capacity growth: For the third quarter of 2016, TRASM increased 15.3%, with yield increasing 5.8%, year over year. During the third quarter, in terms of ASMs, domestic capacity grew 9.8%, while international capacity increased 16.5% responding to a strong demand from both markets.
  • Non-ticket revenues growth: Non-ticket revenues and non-ticket revenues per passenger increased 43.4% and 20.6% year over year for the third quarter of 2016, respectively. The Company has been increasing its product offering, such as insurance services, as well as expanding the offering of commission based products on mobile, while continuing with its dynamic pricing strategy.
  • New routes: In the third quarter 2016, Volaris launched five new international routes (Dallas-Monterrey, Durango-Los Angeles, Guadalajara-Seattle, Guadalajara-San Francisco and Austin-Guadalajara).

Unit Cost Pressured by Exchange Rate Volatility

In the third quarter 2016, Volaris continued to experience pressure in US-dollar denominated costs, such as aircraft and engine rent expenses, international airport costs, and maintenance expenses due to the depreciation of the Mexican peso. The CASM for the third quarter was Ps.131.0 cents, a 22.9% increase compared to the third quarter 2015, mainly driven by FX and fuel price pressures.

Young and Fuel Efficient Fleet, Up-gauging/Increasing Seats Per Aircraft

During the third quarter 2016, the Company incorporated three additional aircraft comprised of one A320neo and two A321s. As of September 30, 2016, Volaris fleet was composed of 65 aircraft (16 A319s, 43 A320s and 6 A321s), with an average age of 4.5 years, resulting in the youngest fleet in Mexico and one of the youngest in the Americas. At the end of the third quarter 2016, Volaris’ fleet had an average of 174 seats per aircraft, an increase from 168 seats in the third quarter of 2015, and 53% of the fleet’s seats were in sharklet-equipped aircraft. During the quarter the Company also became the first NEO aricraft operator in North America.

Solid Balance Sheet and Good Liquidity

The net increase in cash and cash equivalents was equal to Ps.63 million during the third quarter. As of September 30, 2016, Volaris’ unrestricted cash and cash equivalents balance was Ps.6,993 million. Volaris registered negative net debt (or a positive net cash position) of Ps.6,001 million and total equity of Ps.9,633 million.

Active in Fuel Risk Management

Volaris remains active in its fuel risk management program. Volaris utilized call options to hedge 54% of its third quarter 2016 fuel consumption, at an average strike price of US $1.99 per gallon, which combined with the 46% unhedged consumption, resulted in a blended average economic fuel cost of US$1.6 per gallon.

Investors are urged to carefully read the Company's periodic reports filed with or furnished to the Securities and Exchange Commission, for additional information regarding the Company.

     

Conference Call/Webcast Details:

 

Presenters for the Company:

 

 

Date:

Mr. Enrique Beltranena, CEO

Mr. Fernando Suárez, CFO

 

Wednesday, October 26, 2016

Time: 10:00 am U.S. EDT (9:00 am Mexico City Time)
United States dial in (toll free): 1-800-311-9408
Mexico dial in (toll free): 0-1-800-847-7666
Brazil dial in (toll free): 0800-282-5781
International dial in: +1-334-323-7224
Participant entry number: 83342
Webcast will be available on our website:

https://www.webcaster4.com/Webcast/Page/1174/17553

 

About Volaris:

*Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris” or the “Company”) (NYSE: VLRS and BMV: VOLAR), is an ultra-low-cost carrier, with point-to-point operations, serving Mexico, the United States and Central America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since beginning operations in March 2006, Volaris has increased its routes from five to more than 159 and its fleet from four to 65 aircraft. Volaris offers more than 310 daily flight segments on routes that connect 40 cities in Mexico and 25 cities in the United States and Central America with the youngest fleet in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business people and leisure travelers in Mexico and to select destinations in the United States and Central America. Volaris has received the ESR Award for Social Corporate Responsibility for seven consecutive years. For more information, please visit: www.volaris.com.

Forward-looking Statements:

Statements in this release contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. When used in this release, the words "expects," "estimates," "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "targets" and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe the Company's objectives, plans or goals, or actions the Company may take in the future, are forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's intentions and expectations regarding the delivery schedule of aircraft on order, announced new service routes and customer savings programs. All forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to a number of factors that could cause the Company's actual results to differ materially from the Company's expectations, including the competitive environment in the airline industry; the Company's ability to keep costs low; changes in fuel costs; the impact of worldwide economic conditions on customer travel behavior; the Company's ability to generate non-ticket revenues; and government regulation. Additional information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings.

               

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Financial and Operating Indicators

 

Unaudited

(In Mexican pesos, except otherwise indicated)

Three months
ended
September 30,
2016

(US Dollars)*

Three months
ended
September 30,
2016

Three months
ended
September 30,
2015

Variance
(%)

Total operating revenues (millions) 345 6,731 5,220 29.0%

Total operating expenses (millions)

292 5,688 4,140 37.4%
EBIT (millions) 53 1,043 1,080 (3.4%)
EBIT margin 15.5% 15.5% 20.7% (5.2) pp
Adjusted EBITDA (millions) 60 1,179 1,200 (1.8%)
Adjusted EBITDA margin 17.5% 17.5% 23.0% (5.5) pp
Adjusted EBITDAR (millions) 137 2,665 2,121 25.6%
Adjusted EBITDAR margin 39.6% 39.6% 40.6% (1.0) pp
Net income (millions) 52 1,010 1,152 (12.4%)
Net income margin 15.0% 15.0% 22.1% (7.1) pp
Earnings per share:
Basic (pesos) 0.05 1.00 1.14 (12.4%)
Diluted (pesos) 0.05 1.00 1.14 (12.4%)
Earnings per ADS:
Basic (pesos) 0.51 9.98 11.38 (12.4%)
Diluted (pesos) 0.51 9.98 11.38 (12.4%)
Weighted average shares outstanding:
Basic - 1,011,876,677 1,011,876,677 0.0%
Diluted     -     1,011,876,677     1,011,876,677     0.0%

Available seat miles (ASMs) (millions)(1)

- 4,342 3,883 11.8%
Domestic - 2,963 2,699 9.8%
International - 1,380 1,184 16.5%

Revenue passenger miles (RPMs) (millions)(1)

- 3,818 3,226 18.3%
Domestic - 2,634 2,242 17.5%
International - 1,183 984 20.3%

Load factor(2)

- 87.9% 83.1% 4.8 pp
Domestic - 88.9% 83.1% 5.8 pp
International     -     85.8%     83.0%     2.8 pp

Total operating revenue per ASM (TRASM) (cents)(1)

7.9 155.0 134.4 15.3%

Passenger revenue per ASM (RASM) (cents)(1)

6.1 119.9 107.0 12.0%

Passenger revenue per RPM (Yield) (cents)(1)

7.0 136.4 128.8 5.8%

Average fare(2)

67.5 1,316 1,247 5.5%

Non-ticket revenue per passenger (1)

19.7 384 319 20.6%

Operating expenses per ASM (CASM) (cents)(1)

6.7 131.0 106.6 22.9%

Operating expenses per ASM (CASM) (US cents)(1)

- 6.7 6.3 7.1%

CASM ex fuel (cents)(1)

4.9 94.8 73.1 29.7%

CASM ex fuel (US cents)(1)

    -     4.9     4.3     13.1%

Booked passengers (thousands)(1)

- 3,968 3,338 18.9%

Departures(1)

- 26,181 24,087 8.7%

Block hours(1)

- 69,509 62,878 10.5%
Fuel gallons consumed (millions) - 51.0 45.5 12.1%
Average economic fuel cost per gallon 1.6 30.8 28.6 7.8%
Aircraft at end of period - 65 55 18.2%
Average aircraft utilization (block hours) - 13.0 13.1 (0.9%)
Average exchange rate - 18.72 16.40 14.1%
End of period exchange rate     -     19.50     17.01     14.7%

 

*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only

(1) Includes schedule + charter

(2) Includes schedule

   
               

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Financial and Operating Indicators

 

Unaudited

(In Mexican pesos, except otherwise indicated)

Nine months
ended
September 30,
2016

(US Dollars)*

Nine months
ended
September 30,
2016

Nine months
ended
September 30,
2015

Variance
(%)

Total operating revenues (millions) 874 17,044 13,087 30.2%

Total operating expenses (millions)

758 14,777 11,312 30.6%
EBIT (millions) 116 2,267 1,775 27.7%
EBIT margin 13.3% 13.3% 13.6% (0.3) pp
Adjusted EBITDA (millions) 136 2,661 2,124 25.3%
Adjusted EBITDA margin 15.6% 15.6% 16.2% (0.6) pp
Adjusted EBITDAR (millions) 342 6,659 4,606 44.6%
Adjusted EBITDAR margin 39.1% 39.1% 35.2% 3.9 pp
Net income (millions) 131 2,546 1,810 40.7%
Net income margin 14.9% 14.9% 13.8% 1.1 pp
Earnings per share:
Basic (pesos) 0.13 2.52 1.79 40.7%
Diluted (pesos) 0.13 2.52 1.79 40.7%
Earnings per ADS:
Basic (pesos) 1.29 25.16 17.89 40.7%
Diluted (pesos) 1.29 25.16 17.89 40.7%
Weighted average shares outstanding:
Basic - 1,011,876,677 1,011,876,677 0.0%
Diluted     -     1,011,876,677     1,011,876,677     0.0%

Available seat miles (ASMs) (millions)(1)

- 12,214 10,258 19.1%
Domestic - 8,512 7,188 18.4%
International - 3,703 3,070 20.6%

Revenue passenger miles (RPMs) (millions)(1)

- 10,553 8,425 25.2%
Domestic - 7,373 5,905 24.9%
International - 3,179 2,520 26.2%

Load factor(2)

- 86.4% 82.1% 4.3 pp
Domestic - 86.6% 82.1% 4.5 pp
International     -     85.9%     82.0%     3.9 pp

Total operating revenue per ASM (TRASM) (cents)(1)

7.2 139.5 127.6 9.4%

Passenger revenue per ASM (RASM) (cents)(1)

5.4 105.8 99.4 6.4%

Passenger revenue per RPM (Yield) (cents)(1)

6.3 122.5 121.1 1.2%

Average fare(2)

60 1,175 1,171 0.3%

Non-ticket revenue per passenger (1)

19.1 373 331 12.8%

Operating expenses per ASM (CASM) (cents)(1)

6.2 121.0 110.3 9.7%

Operating expenses per ASM (CASM) (US cents)(1)

- 6.2 6.5 (4.3%)

CASM ex fuel (cents)(1)

4.5 88.7 75.5 17.4%

CASM ex fuel (US cents)(1)

    -     4.5     4.4     2.4%

Booked passengers (thousands)(1)

- 11,038 8,730 26.4%

Departures(1)

- 75,161 64,587 16.4%

Block hours(1)

- 199,898 168,641 18.5%
Fuel gallons consumed (millions) - 144.8 119.9 20.8%
Average economic fuel cost per gallon 1.4 27.3 29.7 (8.3%)
Aircraft at end of period - 65 55 18.2%
Average aircraft utilization (block hours) - 12.9 12.6 2.3%
Average exchange rate - 18.26 15.55 17.4%
End of period exchange rate     -     19.50     17.01     14.7%

 

*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only.

(1) Includes schedule + charter

(2) Includes schedule

     
               

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Operations

 

Unaudited

(In millions of Mexican pesos)

Three months
ended
September 30,
2016

(US Dollars)*

Three months
ended
September 30,
2016

Three months
ended
September 30,
2015

Variance
(%)

Operating revenues:
Passenger 267 5,206 4,156 25.3%
Non-ticket 78 1,525 1,063 43.4%
345 6,731 5,220 29.0%
 
Other operating income - (1) (82) (99.3%)
Fuel 81 1,574 1,303 20.8%
Aircraft and engine rent expense 76 1,486 921 61.4%
Landing, take-off and navigation expenses 46 892 703 26.9%
Salaries and benefits 31 604 492 22.8%
Sales, marketing and distribution expenses 20 381 303 26.0%
Maintenance expenses 18 358 208 72.4%
Other operating expenses 13 257 172 49.1%
Depreciation and amortization 7 136 121 13.0%
Operating expenses 292 5,688 4,140 37.4%
 
Operating income 53 1,043 1,080 (3.4%)
 
Finance income 1 27 15 80.1%
Finance cost - (9) (5) 90.9%
Exchange gain, net 20 382 556 (31.3%)
Comprehensive financing result 21 400 566 (29.4%)
 
Income before income tax 74 1,443 1,646 (12.3%)
Income tax expense (22) (433) (494) (12.3%)
Net income     52     1,010     1,152     (12.4%)

 

*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only.
 
               

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Operations

 

Unaudited

(In millions of Mexican pesos)

Nine months
ended
September 30,
2016

(US Dollars)*

Nine months
ended
September 30,
2016

Nine months
ended
September 30,
2015

Variance
(%)

Operating revenues:
Passenger 663 12,926 10,201 26.7%
Non-ticket 211 4,118 2,887 42.7%
874 17,044 13,087 30.2%
 
Other operating income (19) (370) (143) >100%
Aircraft and engine rent expense 205 3,999 2,483 61.1%
Fuel 202 3,948 3,563 10.8%
Landing, take-off and navigation expenses 123 2,406 1,884 27.7%
Salaries and benefits 90 1,748 1,364 28.1%
Maintenance expenses 51 1,004 587 71.0%
Sales, marketing and distribution expenses 50 976 750 30.1%
Other operating expenses 35 673 476 41.3%
Depreciation and amortization 20 394 349 13.1%
Operating expenses 758 14,777 11,312 30.6%
 
Operating income 116 2,267 1,775 27.7%
 
Finance income 4 81 37 >100%
Finance cost (1) (24) (15) 64.8%
Exchange gain, net 67 1,315 789 66.7%
Comprehensive financing result 70 1,371 811 69.1%
 
Income before income tax 187 3,638 2,586 40.7%
Income tax expense (56) (1,092) (776) 40.7%
Net income     131     2,546     1,810     40.7%

 

*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only
 

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries
Adjusted EBITDAR Reconciliation

The Company is providing a reconciliation of GAAP financial information to non-GAAP financial information as it believes that non-GAAP financial measures provide management and investors the ability to measure the performance of the Company on a consistent basis. These non-GAAP financial measures have limitations as an analytical tool.

               

Unaudited

(In millions of Mexican pesos)

Three months
ended
September 30,
2016

(US Dollars)*

Three months
ended
September 30,
2016

Three months
ended
September 30,
2015

Variance
(%)

Reconciliation:
Net income 52 1,010 1,152 (12.4%)
Plus (minus):
Finance cost - 9 5 90.9%
Finance income (1) (27) (15) 80.1%
Provision for income tax 22 433 494 (12.3%)
Depreciation and amortization 7 136 121 13.0%
EBITDA 80 1,562 1,757 (11.1%)
Exchange (gain) loss, net (20) (382) (556) (31.3%)
Adjusted EBITDA 60 1,179 1,200 (1.8%)
Aircraft and engine rent expense 76 1,486 921 61.4%
Adjusted EBITDAR     137     2,665     2,121     25.6%

 

*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only
 

Unaudited

(In millions of Mexican pesos)

   

Nine months
ended
September 30,
2016

(US Dollars)*

   

Nine months
ended
September 30,
2016

   

Nine months
ended
September 30,
2015

   

Variance
(%)

Reconciliation:
Net income 131 2,546 1,810 40.7%
Plus (minus):
Finance cost 1 24 15 64.8%
Finance income (4) (81) (37) >100%
Provision for income tax 56 1,092 776 40.7%
Depreciation and amortization 20 394 349 13.1%
EBITDA 204 3,976 2,912 36.5%
Exchange (gain) loss, net (67) (1,315) (789) 66.7%
Adjusted EBITDA 136 2,661 2,124 25.3%
Aircraft and engine rent expense 205 3,999 2,483 61.1%
Adjusted EBITDAR     342     6,659     4,606     44.6%
 
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only
 
           

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Financial Position

 
(In millions of Mexican pesos)

September 30,
2016

Unaudited

(US Dollars)*

September 30,
2016

Unaudited

December 31,
2015

Audited

Assets
Cash and cash equivalents 359 6,993 5,157
Accounts Receivable 61 1,190 464
Inventories 11 215 163
Prepaid expenses and other current assets 27 534 585
Financial instruments 13 249 10
Guarantee deposits 53 1,029 861
Total current assets 524 10,211 7,241
Rotable spare parts, furniture and equipment, net 102 1,997 2,550
Intangible assets, net 5 102 95
Financial instruments 22 420 69
Deferred income taxes 28 549 545
Guarantee deposits 305 5,952 4,704
Other assets 3 54 58
Total non-current assets 465 9,074 8,020
Total assets 989 19,285 15,261
Liabilities
Unearned transportation revenue 122 2,381 1,957
Accounts payable 35 688 795
Accrued liabilities 105 2,043 1,471
Other taxes and fees payable 57 1,103 1,107
Income taxes payable 52 1,023 338
Financial instruments 1 25 44
Financial debt 29 562 1,371
Other liabilities 1 17 19
Total short-term liabilities 402 7,842 7,103
Financial instruments - - 11
Financial debt 22 429 220
Accrued liabilities 11 207 157
Other liabilities 5 102 49
Employee benefits 1 12 10
Deferred income taxes 54 1,059 885
Total long-term liabilities 93 1,810 1,333
Total liabilities 495 9,652 8,436
Equity
Capital stock 152 2,974 2,974
Treasury shares (4) (82) (91)
Contributions for future capital increases - - -
Legal reserve 2 38 38
Additional paid-in capital 92 1,794 1,791
Retained earnings 254 4,954 2,408
Accumulated other comprehensive losses (2) (46) (295)
Total equity 494 9,633 6,825
Total liabilities and equity 989 19,285 15,261
 
Total shares outstanding fully diluted           1,011,876,677     1,011,876,677

 

*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only
 
           

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries

Consolidated Statement of Cash Flows – Cash Flow Data Summary

 

Unaudited

(In millions of Mexican pesos)

Three months
ended September
30, 2016

(US Dollars)*

Three months
ended September
30, 2016

Three months
ended September
30, 2015

 
Net cash flow (used in) provided by operating activities (1) (22) 243
Net cash flow (used in) provided by investing activities (14) (268) 86
Net cash flow provided by (used in) financing activities 7 145 (176)
(Decrease) increase in cash and cash equivalents (7) (146) 154
Net foreign exchange differences 11 209 226
Cash and cash equivalents at beginning of period 355 6,930 4,028
Cash and cash equivalents at end of period     359     6,993     4,408
 
*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only
 
           

Unaudited

(In millions of Mexican pesos)

Nine months
ended
September 30,
2016 (US
Dollars)*

Nine months
ended
September 30,
2016

Nine months
ended
September 30,
2015

 
Net cash flow provided by operating activities 77 1,501 2,140
Net cash flow provided by (used in) investing activities 26 498 (245)
Net cash flow used in financing activities (40) (774) (61)
Increase in cash and cash equivalents 63 1,225 1,833
Net foreign exchange differences 31 611 309
Cash and cash equivalents at beginning of period 264 5,157 2,265
Cash and cash equivalents at end of period     359     6,993     4,408

 

*Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only

 

Source: Volaris

For Volaris

Investor Relations:

Andrés Pliego & Diana Martínez, 52 55 5261 6444

Investor Relations

ir@volaris.com

Media:

Cynthia Llanos, 52 1 55 4577 0803

cllanos@gcya.net