EPAM Systems rallies on Q2 estimates beat, raised outlook

Aug. 04, 2022 11:04 AM ETEPAMBy: Pranav Ghumatkar, SA News Editor1 Comment
  • EPAM Systems (EPAM) is up 9% after finishing second quarter above the consensus mark with favourable guidance in place.
  • Q2 Revenue of $1.2B (+36.2% Y/Y) beats by $80M. On a constant currency basis, revenues were up 40.1% Y/Y.
  • Non-GAAP income from operations was $177.5M, an increase of $22.2M, or 14.3% Y/Y.
  • Total headcount was ~61,300 as of June 30, 2022. Included in this number were ~54,850 delivery professionals, an increase of 28.1% from June 30, 2021.
  • Cash, equivalents and restricted cash totaled $1.296B as of June 30, 2022, a decrease of $153.7M, or 10.6% Y/Y.
  • "Our strong second quarter results reflect EPAM's resiliency, agility and focus as the Company navigates the impact of the war in Ukraine," said Arkadiy Dobkin, CEO & President, EPAM.
  • Q3 2022 Guidance: Revenue is expected to be at least $1.21B, reflecting a year-over-year growth rate of at least 22%, vs. consensus of $1.18B., revenue growth on a constant currency basis will be at least 26%. The Company expects acquisitions will contribute ~4% to reported revenues.
  • GAAP income from operations to be in the range of 9.5% to 10.5% of revenues and non-GAAP income from operations to be in the range of 15% to 16% of revenues.
  • GAAP EPS to be at least $1.65 and Non-GAAP EPS will be at least $2.48 vs. consensus of $1.99.
  • Previously: EPAM Systems Non-GAAP EPS of $2.38 beats by $0.67, revenue of $1.2B beats by $80M (Aug. 4)

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