NYSE$EPAM
EPAM Systems Inc. · Q4 2021 earnings
Q4 2021 earnings · · Investor relations
Briefing
EPAM's Q4 2021 financial performance demonstrated a new level of maturity and scale, with revenues up 53.1% year-over-year and diluted EPS increasing by 64.4% on a GAAP basis.
EPAM Systems, Inc. reported strong results for the fourth quarter and full year 2021. Q4 revenues reached $1.107 billion, a 53.1% increase year-over-year. GAAP diluted EPS was $2.40, up 64.4% year-over-year, and non-GAAP diluted EPS was $2.76, up 52.5% year-over-year.
- Revenues increased to $1.107 billion, a year-over-year increase of 53.1%.
- GAAP income from operations was 15.0% of revenues and Non-GAAP income from operations was 18.6% of revenues.
- GAAP diluted EPS was $2.40, an increase of 64.4% compared to Q4 2020.
- Non-GAAP diluted EPS was $2.76, an increase of 52.5% compared to Q4 2020.
Headline financials
Revenue & EPS history
EPAM · Revenue · Quarterly
$1.11B
Forward guidance
EPAM provided guidance for the full year and first quarter of 2022. The company expects revenue to be at least $5.150 billion for the full year, reflecting a year-over-year growth rate of at least 37%. For the first quarter, the company expects revenues to be in the range of $1.170 billion to $1.180 billion, reflecting a year-over-year growth rate of approximately 50%.
Tailwinds
- The Company expects revenues will be at least $5.150 billion for 2022 reflecting a year-over-year growth rate of at least 37%, which includes an unfavorable foreign currency translation impact of approximately 1%.
- Revenue growth on a constant currency basis will be at least 38%.
- The Company expects acquisitions will contribute approximately 6% to reported revenues.
- For the full year, EPAM expects GAAP income from operations 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 16.5% to 17.5% of revenues.
- The Company expects its GAAP effective tax rate to be approximately 15% and its non-GAAP effective tax rate to be approximately 22%.
Headwinds
- The Company expects revenues will be in the range of $1.170 billion to $1.180 billion for the first quarter reflecting a year-over-year growth rate of approximately 50% at the mid-point of the range.
- EPAM expects that foreign currency translation will have a 1% unfavorable impact on year-over-year revenue growth during the quarter.
- The Company expects year-over-year revenue growth on a constant currency basis to be approximately 51% at the mid-point of the range.
- For the first quarter, EPAM expects GAAP income from operations to be in the range of 14.5% to 15.5% of revenues and non-GAAP income from operations to be in the range of 16.5% to 17.5% of revenues.
- The Company expects its GAAP effective tax rate to be approximately 8% and its non-GAAP effective tax rate to be approximately 22%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2021
+1.0%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+1.5%
Avg return
30 days after
58%
33 / 57 earnings
Positive
+15.5%
Q2 2022
Best reaction
-26.4%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | -11.1% | -8.3% | |
| Q4 2025 | -17.9% | -23.2% | -18.0% | |
| Q3 2025 | +4.4% | +12.0% | +26.5% | |
| Q1 2025 | +12.9% | +17.4% | +11.9% | |
| Q4 2024 | -12.8% | -18.4% | -32.1% | |
| Q3 2024 | +15.2% | +21.2% | +21.1% | |
| Q2 2024 | -7.2% | -5.4% | -1.6% | |
| Q1 2024 | -26.4% | -24.9% | -29.0% | |
| Q4 2023 | +12.2% | +7.1% | +7.5% | |
| Q3 2023 | +11.1% | +12.9% | +19.5% | |
| Q2 2023 | +4.3% | +2.8% | +9.1% | |
| Q1 2023 | -14.3% | -14.1% | -4.0% | |
| Q4 2022 | -7.7% | -11.8% | -23.7% | |
| Q3 2022 | -4.4% | -2.2% | +13.1% | |
| Q2 2022 | +15.5% | +13.4% | +11.4% | |
| Q1 2022 | +11.0% | +2.2% | +6.3% | |
| Q4 2021 | -1.6% | -5.0% | -34.6% | |
| Q3 2021 | +3.7% | +5.5% | -12.2% | |
| Q2 2021 | +5.1% | +6.2% | +13.1% | |
| Q1 2021 | -0.2% | -1.6% | +4.6% | |
| Q4 2020 | -4.0% | -5.1% | -3.1% | |
| Q3 2020 | +4.1% | -4.9% | -1.2% | |
| Q2 2020 | +1.3% | +0.6% | +7.5% | |
| Q1 2020 | +0.1% | -0.8% | +6.8% | |
| Q4 2019 | -3.6% | -9.6% | -30.0% | |
| Q3 2019 | +6.1% | +11.9% | +17.7% | |
| Q2 2019 | +3.8% | +5.5% | +7.3% | |
| Q1 2019 | +0.4% | -1.2% | +3.7% | |
| Q4 2018 | +3.4% | +4.1% | +13.3% | |
| Q3 2018 | +5.7% | +4.6% | +9.0% | |
| Q2 2018 | -4.9% | -0.2% | +8.7% | |
| Q1 2018 | +9.6% | +7.4% | +6.8% | |
| Q4 2017 | +1.4% | +0.7% | +6.1% | |
| Q3 2017 | +10.0% | +11.2% | +9.3% | |
| Q2 2017 | -1.3% | -3.2% | -2.9% | |
| Q1 2017 | +3.5% | +3.7% | +10.0% | |
| Q4 2016 | +4.3% | +7.1% | +7.7% | |
| Q3 2016 | -1.6% | +1.6% | +1.2% | |
| Q2 2016 | -5.0% | -4.9% | +0.8% | |
| Q1 2016 | +0.5% | — | — | |
| Q4 2015 | +8.7% | — | — | |
| Q3 2015 | -8.9% | — | — | |
| Q2 2015 | -5.0% | — | — | |
| Q1 2015 | -0.8% | — | — | |
| Q4 2014 | +6.9% | — | — | |
| Q3 2014 | -2.4% | — | — | |
| Q2 2014 | +5.1% | — | — | |
| Q1 2014 | +6.3% | — | — | |
| Q4 2013 | -7.6% | — | — | |
| Q3 2013 | -1.5% | — | — | |
| Q2 2013 | +7.1% | — | — | |
| Q1 2013 | -0.1% | — | — | |
| Q4 2012 | +4.4% | — | — | |
| Q3 2012 | +8.1% | — | — | |
| Q2 2012 | +4.4% | — | — | |
| Q1 2012 | -11.8% | — | — | |
| Q4 2011 | +8.0% | — | — | |
| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2011 | — | — | — | |
| Q4 2010 | — | — | — | |
| Q3 2010 | — | — | — | |
| Q2 2010 | — | — | — | |
| Q1 2010 | — | — | — |
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