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Benzinga
Benzinga
Business
Anusuya Lahiri

EPAM's Q4 Performance Exceed Expectations; Guides Q1, FY22 Above Consensus

  • EPAM Systems Inc (NYSE:EPAMreported fourth-quarter FY21 revenue growth of 53.1% year-on-year to $1.107 billion, beating the consensus of $1.08 billion. Acquisitions completed in the last twelve months contributed 8.7% to revenue growth.
  • EPAM is a digital transformation service and product engineering company.
  • Non-GAAP income from operations was $206 million, up 52% Y/Y. The non-GAAP operating margin was flattish at 18.6%.
  • Non-GAAP EPS of $2.76 beat the consensus of $2.51.
  • EPAM generated $285 million in operating cash flow. EPAM held $1.45 billion in cash and equivalents.
  • Arkadiy Dobkin, the CEO, said, "In 2021, we expanded in consulting and industry domains and added depth in critical engineering disciplines like data, cybersecurity, and AI."
  • Outlook: EPAM sees FY22 revenue of at least $5.15 billion (consensus $4.86 billion) and non-GAAP EPS of $11.36 - $11.69 (consensus $11.16).
  • For Q1, EPAM expects revenues of $1.170 billion - $1.180 billion (consensus $1.11 billion), and non-GAAP EPS of $2.58 - $2.66 (consensus $2.56).
  • Price Action: EPAM shares closed lower by 2.63% at $450.39 on Wednesday.
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