Loading...
•
Mar 31, 2021
EPAM Q1 2021 Earnings Report
Reported strong results and raised outlook for 2021.
Key Takeaways
EPAM Systems reported a strong start to 2021 with revenues of $780.8 million, up 19.9% year-over-year. The company's GAAP diluted EPS was $1.86 and non-GAAP diluted EPS was $1.81. EPAM raised its full-year 2021 outlook, expecting revenue growth to be at least 29%.
Revenues increased to $780.8 million, a 19.9% year-over-year increase.
GAAP income from operations was $107.3 million, a 22.6% increase compared to Q1 2020.
Non-GAAP income from operations was $136.9 million, a 30.0% increase compared to Q1 2020.
GAAP diluted EPS was $1.86, a 26.5% increase compared to Q1 2020, and Non-GAAP diluted EPS was $1.81, a 26.6% increase.
EPAM
EPAM
Forward Guidance
EPAM Systems raised its full-year 2021 outlook and provided guidance for the second quarter. The company now expects revenue growth to be at least 29% for the full year and between $853 million to $861 million for the second quarter.
Positive Outlook
- Revenue growth for 2021 to be at least 29% on a GAAP basis.
- GAAP income from operations to be in the range of 13.5% to 14.5% of revenues for the full year.
- Non-GAAP income from operations to be in the range of 16.5% to 17.5% of revenues for the full year.
- GAAP diluted EPS to be in the range of $7.09 to $7.31 for the year.
- Non-GAAP diluted EPS to be in the range of $7.54 to $7.76 for the year.
Challenges Ahead
- GAAP effective tax rate to be approximately 12% for the full year.
- Non-GAAP effective tax rate to be approximately 23% for the full year.
- Second quarter GAAP income from operations to be in the range of 13.5% to 14.5% of revenues.
- Second quarter non-GAAP income from operations to be in the range of 16.5% to 17.5% of revenues.
- Second quarter GAAP effective tax rate to be approximately 11%.