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Sep 30, 2022
EPAM Q3 2022 Earnings Report
Reported strong third quarter results driven by team dedication and resilience.
Key Takeaways
EPAM Systems reported a revenue increase of 24.1% year-over-year, reaching $1.227 billion in Q3 2022. The company's GAAP diluted EPS increased by 34.9% to $2.63, and non-GAAP diluted EPS increased by 28.1% to $3.10.
Revenues increased to $1.227 billion, up 24.1% year-over-year.
GAAP income from operations was 14.7% of revenues.
Non-GAAP income from operations was 18.9% of revenues.
GAAP Diluted EPS was $2.63, an increase of 34.9% year-over-year.
Forward Guidance
EPAM expects revenues to be in the range of $1.220 billion to $1.230 billion, GAAP Diluted EPS to be in the range of $2.02 to $2.10 and Non-GAAP Diluted EPS to be in the range of $2.62 to $2.70 for the fourth quarter.
Positive Outlook
- Revenue growth on a constant currency basis will be at least 15% at the mid-point of the range.
- The Company expects acquisitions will contribute approximately 1% to reported revenues.
- EPAM expects GAAP income from operations to be in the range of 12% to 13% of revenues
- Non-GAAP income from operations to be in the range of 16% to 17% of revenues
- EPAM expects non-GAAP diluted EPS will be in the range of $2.62 to $2.70 for the quarter.
Challenges Ahead
- Revenues will be in the range of $1.220 billion to $1.230 billion on a GAAP basis.
- Revenue growth will be negatively impacted by approximately 5% as a result of the decision to exit the Russian market
- EPAM expects GAAP diluted EPS will be in the range of $2.02 to $2.10 for the quarter
Historical Earnings Impact
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Avg. Return Before/After Earnings
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