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Mar 31, 2022
EPAM Q1 2022 Earnings Report
Reported a year-over-year revenue increase of 50.1% and GAAP diluted EPS of $1.52.
Key Takeaways
EPAM Systems reported strong first-quarter results with a 50.1% year-over-year increase in revenue, reaching $1.172 billion. However, GAAP diluted EPS decreased by 18.3% to $1.52, while non-GAAP diluted EPS increased by 37.6% to $2.49.
Revenues increased by 50.1% year-over-year to $1.172 billion.
GAAP income from operations was 11.0% of revenues.
Non-GAAP income from operations was 16.1% of revenues.
GAAP Diluted EPS was $1.52, a decrease of 18.3% year-over-year.
Forward Guidance
EPAM expects revenue to be at least $1.140 billion, GAAP Diluted EPS to be at least $0.73 and Non-GAAP Diluted EPS to be at least $1.70 for the second quarter.
Positive Outlook
- Revenues will be at least $1.140 billion on a GAAP basis for the second quarter reflecting a year-over-year growth rate of at least 29%.
- Revenue growth on a constant currency basis will be at least 34%.
- Acquisitions will contribute approximately 6% to reported revenues.
- The Company expects its GAAP effective tax rate to be approximately 19%.
- EPAM expects GAAP diluted EPS will be at least $0.73 for the quarter, and non-GAAP diluted EPS will be at least $1.70 for the quarter.
Challenges Ahead
- GAAP income from operations to be in the range of 3% to 5% of revenues.
- Non-GAAP income from operations to be in the range of 10% to 12% of revenues.
- The Company expects its non-GAAP effective tax rate to be approximately 23%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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