EPAM Q3 2021 Earnings Report
Key Takeaways
EPAM Systems reported strong third-quarter results with revenues of $988.5 million, up 51.6% year-over-year. GAAP diluted EPS was $1.95, an increase of 27.5%, and Non-GAAP diluted EPS was $2.42, an increase of 46.7% year-over-year. The company raised its full year 2021 outlook, expecting revenue growth of at least 40% and GAAP diluted EPS to be in the range of $7.86 to $7.93 and Non-GAAP diluted EPS to be in the range of $8.72 to $8.79.
Revenues were $988.5 million, up 51.6% year-over-year.
GAAP income from operations was 14.6% of revenues and Non-GAAP income from operations was 18.2% of revenues.
GAAP diluted EPS was $1.95, an increase of 27.5% year-over-year.
Non-GAAP diluted EPS was $2.42, an increase of 46.7% year-over-year.
EPAM
EPAM
Forward Guidance
EPAM expects revenues for the fourth quarter to be in the range of $1.075 billion to $1.085 billion, reflecting a year-over-year growth rate of approximately 49% at the mid-point of the range. GAAP income from operations is expected to be in the range of 13.5% to 14.5% of revenues and non-GAAP income from operations to be in the range of 17% to 18% of revenues. GAAP diluted EPS is expected to be in the range of $2.11 to $2.18, and non-GAAP diluted EPS to be in the range of $2.44 to $2.51.
Positive Outlook
- Revenue growth of approximately 49% year-over-year at the mid-point of the range.
- Acquisitions are expected to contribute approximately 8% to reported revenues.
- GAAP income from operations to be in the range of 13.5% to 14.5% of revenues.
- Non-GAAP income from operations to be in the range of 17% to 18% of revenues.
- Non-GAAP diluted EPS to be in the range of $2.44 to $2.51.