- First quarter revenues of $1.211 billion, up 3.4%
year-over-year
- GAAP Income from Operations was 9.9% of revenues and
Non-GAAP Income from Operations was 14.7% of revenues for the first
quarter
- First quarter GAAP Diluted EPS of
$1.73, an increase of 13.8%, and
Non-GAAP Diluted EPS of $2.47, a
decrease of 0.8% on a year-over-year basis
- For the full year, EPAM now expects revenues to be in the
range of $4.950 billion to
$5.000 billion, GAAP Diluted EPS to
be in the range of $8.11 to
$8.31 and Non-GAAP Diluted EPS to be
in the range of $10.60 to
$10.80
- For the second quarter, EPAM expects revenues to be in
the range of $1.195 billion to
$1.205 billion, GAAP Diluted EPS to
be in the range of $1.82 to
$1.90 and Non-GAAP Diluted EPS to be
in the range of $2.38 to $2.46
NEWTOWN,
Pa., May 5, 2023 /PRNewswire/ -- EPAM
Systems, Inc. (NYSE: EPAM), a leading digital transformation
services and product engineering company, today reported results
for the first quarter ended March 31, 2023.
"EPAM delivered solid results in the first quarter, made
possible by the dedication of our talented team," said Arkadiy Dobkin, CEO & President, EPAM. "I am
confident that our strong fundamentals and our ability to adapt the
Company to a variety of challenges will enable us to navigate the
current market uncertainties while positioning EPAM for the
recovery of demand for technology-led transformation services."
First Quarter 2023 Highlights
- Revenues increased to $1.211
billion, a year-over-year increase of $39.3 million, or 3.4%. On an organic constant
currency basis excluding the impact of the exit from Russia, revenues were up 7.0% compared to the
first quarter of 2022;
- GAAP income from operations was $120.4
million, a decrease of $8.9
million, or 6.9%, compared to $129.2
million in the first quarter of 2022;
- Non-GAAP income from operations was $178.3 million, a decrease of $10.4 million, or 5.5%, compared to $188.7 million in the first quarter of 2022;
- Diluted earnings per share ("EPS") on a GAAP basis was
$1.73, an increase of $0.21, or 13.8%, compared to $1.52 in the first quarter of 2022; and
- Non-GAAP diluted EPS was $2.47, a
decrease of $0.02, or 0.8%, compared
to $2.49 in the first quarter of
2022.
Cash Flow and Other Metrics
- Cash provided by operating activities was $87.3 million for the first three months of 2023,
compared to cash used in operating activities of $51.8 million for the first three months of
2022;
- Cash, cash equivalents and restricted cash totaled $1.752 billion as of March
31, 2023, an increase of $68.4
million, or 4.1%, from $1.684
billion as of December 31,
2022; and
- Total headcount was approximately 57,450 as of March 31, 2023. Included in this number were
approximately 51,100 delivery professionals, a decrease of 3.3%
from December 31, 2022.
2023 Outlook - Full Year and Second Quarter
Full Year
Due to uneven improvement in demand, EPAM now expects the
following for the full year:
- The Company now expects revenues will be in the range of
$4.950 billion to $5.000 billion for the full year reflecting a
year-over-year growth rate of 3% at the midpoint of the range.
Revenue growth on an organic constant currency basis excluding the
impact of the exit from Russia
will be over 3% at the midpoint of the range;
- For the full year, EPAM expects GAAP income from operations to
continue to be in the range of 11.5% to 12.5% of revenues and
non-GAAP income from operations to continue to be in the range of
15.5% to 16.5% of revenues;
- The Company expects its GAAP effective tax rate to continue to
be approximately 21% and its non-GAAP effective tax rate to
continue to be approximately 23%; and
- EPAM expects GAAP diluted EPS to now be in the range of
$8.11 to $8.31 for the year, and non-GAAP diluted EPS to
now be in the range of $10.60 to
$10.80 for the year. The Company now
expects weighted average diluted shares outstanding for the year of
59.4 million.
Second Quarter
EPAM expects the following for the second quarter:
- Revenues will be in the range of $1.195
billion to $1.205 billion for
the second quarter reflecting a year-over-year growth rate of less
than 1% at the midpoint of the range. Revenue growth on an organic
constant currency basis excluding the impact of the exit from
Russia will be less than 1% at the
midpoint of the range;
- For the second quarter, EPAM expects GAAP income from
operations to be in the range of 10.0% to 11.0% of revenues and
non-GAAP income from operations to be in the range of 14.0% to
15.0% of revenues;
- The Company expects its GAAP effective tax rate to be
approximately 20% and its non-GAAP effective tax rate to be
approximately 23%; and
- EPAM expects GAAP diluted EPS will be in the range of
$1.82 to $1.90 for the quarter, and non-GAAP diluted EPS
will be in the range of $2.38 to
$2.46 for the quarter. The Company
expects weighted average diluted shares outstanding for the quarter
of 59.4 million.
Conference Call Information
EPAM will host a conference call to discuss the results on
Friday, May 5, 2023, at 8:00 a.m.
EDT. The conference call will be available live on the EPAM
website at https://investors.epam.com. Please visit the website at
least 15 minutes prior to the call to register for the event. For
those who cannot access the live webcast, a replay will be
available in the Investor Relations section of the website.
About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its
advanced software engineering heritage to become the foremost
global digital transformation services provider – leading the
industry in digital and physical product development and digital
platform engineering services. Through its innovative strategy;
integrated advisory, consulting, and design capabilities; and
unique 'Engineering DNA,' EPAM's globally deployed hybrid teams
help make the future real for clients and communities around the
world by powering better enterprise, education and health platforms
that connect people, optimize experiences, and improve people's
lives. In 2021, EPAM was added to the S&P 500 and included
among the list of Forbes Global 2000 companies.
Selected by Newsweek as a 2021 and 2022 Most Loved Workplace,
EPAM's global multidisciplinary teams serve customers in more than
50 countries across six continents. As a recognized leader, EPAM is
listed among the top 15 companies in Information Technology
Services on the Fortune 1000 and ranked four times as the top IT
services company on Fortune's 100 Fastest Growing Companies list.
EPAM is also listed among Ad Age's top 25 World's Largest Agency
Companies for three consecutive years, and Consulting Magazine
named EPAM Continuum a top 20 Fastest Growing Firm.
Learn more at www.epam.com and follow EPAM on Twitter and
LinkedIn.
Non-GAAP Financial Measures
EPAM supplements results reported in accordance with
United States generally accepted
accounting principles, referred to as GAAP, with non-GAAP financial
measures. Management believes these measures help illustrate
underlying trends in EPAM's business and uses the measures to
establish budgets and operational goals, communicate internally and
externally, for managing EPAM's business and evaluating its
performance. Management also believes these measures help investors
compare EPAM's operating performance with its results in prior
periods. EPAM anticipates that it will continue to report both GAAP
and certain non-GAAP financial measures in its financial results,
including non-GAAP results that exclude stock-based compensation
expenses, acquisition-related costs including amortization of
acquired intangible assets, impairment of assets, expenses
associated with EPAM's humanitarian commitment to its professionals
in Ukraine, unbilled business
continuity resources resulting from Russia's invasion of Ukraine, costs associated with the geographic
repositioning of EPAM employees based outside of Ukraine impacted by the war and geopolitical
instability in the region, employee separation costs in
Russia, certain other one-time
charges and benefits, changes in fair value of contingent
consideration, foreign exchange gains and losses, excess tax
benefits related to stock-based compensation, and the related
effect on income taxes of the pre-tax adjustments. Management also
compares revenues on an "organic constant currency basis excluding
the impact of the exit from Russia," which is also a non-GAAP financial
measure. This measure excludes the effect of acquisitions by
removing revenues from an acquired company in the twelve months
after completing an acquisition, foreign currency exchange rate
fluctuations by translating the current period revenues into U.S.
dollars at the weighted average exchange rates of the prior period
of comparison and the decision to exit from Russia by removing revenues from customers
located in Russia in both the
current period and prior period of comparison. Because EPAM's
reported non-GAAP financial measures are not calculated in
accordance with GAAP, these measures are not comparable to GAAP and
may not be comparable to similarly described non-GAAP measures
reported by other companies within EPAM's industry. Consequently,
EPAM's non-GAAP financial measures should not be evaluated in
isolation or supplant comparable GAAP measures, but rather, should
be considered together with the information in EPAM's consolidated
financial statements, which are prepared in accordance with
GAAP.
Forward-Looking Statements
This press release includes estimates and statements which may
constitute forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, the accuracy of which are necessarily subject to risks,
uncertainties, and assumptions as to future events that may not
prove to be accurate. Our estimates and forward-looking statements
are mainly based on our current expectations and estimates of
future events and trends, which affect or may affect our business
and operations. These statements may include words such as
"may," "will," "should," "believe," "expect," "anticipate,"
"intend," "plan," "estimate" or similar expressions. Those future
events and trends may relate to, among other things, developments
relating to the war in Ukraine and
escalation of the war in the surrounding region, political and
civil unrest or military action in the geographies where we conduct
business and operate, difficult conditions in global capital
markets, foreign exchange markets and the broader economy, and the
effect that these events may have on our revenues, operations,
access to capital, and profitability. Other factors that could
cause actual results to differ materially from those expressed or
implied include general economic conditions, the risk factors
discussed in the Company's most recent Annual Report on Form 10-K
and the factors discussed in the Company's Quarterly Reports on
Form 10-Q, particularly under the headings "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and
"Risk Factors" and other filings with the Securities and Exchange
Commission. Although we believe that these estimates and
forward-looking statements are based upon reasonable assumptions,
they are subject to several risks and uncertainties and are made
based on information currently available to us. EPAM undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as may be required under applicable securities
law.
EPAM SYSTEMS, INC.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share
data)
|
|
|
Three Months
Ended
March
31,
|
|
2023
|
|
2022
|
Revenues
|
$
1,210,941
|
|
$
1,171,614
|
Operating
expenses:
|
|
|
|
Cost of revenues
(exclusive of depreciation and amortization)
|
855,901
|
|
780,836
|
Selling, general and
administrative expenses
|
211,887
|
|
237,277
|
Depreciation and
amortization expense
|
22,782
|
|
24,259
|
Income from
operations
|
120,371
|
|
129,242
|
Interest and other
income/(loss), net
|
11,521
|
|
(165)
|
Foreign exchange
loss
|
(4,608)
|
|
(22,785)
|
Income before
provision for income taxes
|
127,284
|
|
106,292
|
Provision for income
taxes
|
24,992
|
|
16,573
|
Net
income
|
$
102,292
|
|
$
89,719
|
|
|
|
|
Net income per
share:
|
|
|
|
Basic
|
$
1.77
|
|
$
1.58
|
Diluted
|
$
1.73
|
|
$
1.52
|
Shares used in
calculation of net income per share:
|
|
|
|
Basic
|
57,702
|
|
56,915
|
Diluted
|
59,298
|
|
58,941
|
EPAM SYSTEMS, INC.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands,
except par value)
|
|
|
As of
March
31,
2023
|
|
As of
December
31,
2022
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
1,749,422
|
|
$
1,681,344
|
Trade receivables and
contract assets, net of allowance of 14,184
and 15,310,
respectively
|
934,236
|
|
932,626
|
Short-term
investments
|
60,373
|
|
60,336
|
Prepaid and other
current assets
|
86,758
|
|
85,319
|
Total current
assets
|
2,830,789
|
|
2,759,625
|
Property and equipment,
net
|
267,067
|
|
273,348
|
Operating lease
right-of-use assets, net
|
146,815
|
|
148,780
|
Intangible assets,
net
|
73,113
|
|
77,652
|
Goodwill
|
533,730
|
|
529,072
|
Deferred tax
assets
|
167,654
|
|
172,797
|
Other noncurrent
assets
|
52,177
|
|
47,877
|
Total
assets
|
$
4,071,345
|
|
$
4,009,151
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
28,857
|
|
$
30,852
|
Accrued compensation
and benefits expenses
|
444,728
|
|
475,871
|
Accrued expenses and
other current liabilities
|
130,902
|
|
154,339
|
Income taxes payable,
current
|
37,439
|
|
46,069
|
Operating lease
liabilities, current
|
40,932
|
|
40,352
|
Total current
liabilities
|
682,858
|
|
747,483
|
Long-term
debt
|
28,253
|
|
27,693
|
Operating lease
liabilities, noncurrent
|
117,913
|
|
122,317
|
Other noncurrent
liabilities
|
111,879
|
|
108,648
|
Total
liabilities
|
940,903
|
|
1,006,141
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity
|
|
|
|
Common stock, $0.001
par value; 160,000 shares authorized; 57,862 and 57,668
shares issued, 57,848 and 57,655 shares outstanding at March 31,
2023 and
December 31, 2022, respectively
|
58
|
|
58
|
Additional paid-in
capital
|
864,254
|
|
847,965
|
Retained
earnings
|
2,342,730
|
|
2,248,948
|
Treasury
stock
|
(118)
|
|
(118)
|
Accumulated other
comprehensive loss
|
(77,960)
|
|
(95,321)
|
Total EPAM Systems
Inc. stockholders' equity
|
3,128,964
|
|
3,001,532
|
Noncontrolling interest
in consolidated subsidiaries
|
1,478
|
|
1,478
|
Total
equity
|
3,130,442
|
|
3,003,010
|
Total liabilities
and stockholders' equity
|
$
4,071,345
|
|
$
4,009,151
|
EPAM SYSTEMS, INC.
AND SUBSIDIARIES
Reconciliations of
Non-GAAP Financial Measures to Comparable GAAP Financial
Measures
(Unaudited)
(In thousands,
except percent and per share amounts)
|
|
Reconciliation of
revenue growth as reported on a GAAP basis to revenue growth on an
organic constant currency basis excluding
the impact of the exit from Russia is presented in the table
below:
|
|
|
Three Months
Ended
March 31,
2023
|
Revenue growth as
reported
|
3.4 %
|
Foreign exchange rates
impact
|
1.5 %
|
Inorganic revenue
growth
|
(0.1) %
|
Impact of exit from
Russia
|
2.2 %
|
Revenue growth on
an organic constant currency basis excluding the impact of the exit
from Russia (1)
|
7.0 %
|
|
|
(1)
|
Constant currency
revenue results are calculated by translating current period
revenues in local currency into U.S. dollars at the weighted
average exchange rates of the comparable prior period.
|
Reconciliation of
various income statement amounts from GAAP to non-GAAP for the
three months ended March 31, 2023 and 2022:
|
|
|
Three Months
Ended
March 31,
2023
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
Cost of revenues
(exclusive of depreciation and
amortization)(2)
|
$ 855,901
|
|
$
(25,821)
|
|
$ 830,080
|
Selling, general and
administrative expenses(3)
|
$ 211,887
|
|
$
(26,539)
|
|
$ 185,348
|
Income from
operations(4)
|
$ 120,371
|
|
$
57,897
|
|
$ 178,268
|
Operating
margin
|
9.9 %
|
|
4.8 %
|
|
14.7 %
|
Net
income(5)
|
$ 102,292
|
|
$
44,301
|
|
$ 146,593
|
Diluted earnings per
share
|
$
1.73
|
|
|
|
$ 2.47
|
|
Three Months
Ended
March 31,
2022
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
Cost of revenues
(exclusive of depreciation and
amortization)(2)
|
$ 780,836
|
|
$
54
|
|
$ 780,890
|
Selling, general and
administrative expenses(3)
|
$ 237,277
|
|
$
(54,254)
|
|
$ 183,023
|
Income from
operations(4)
|
$ 129,242
|
|
$
59,444
|
|
$ 188,686
|
Operating
margin
|
11.0 %
|
|
5.1 %
|
|
16.1 %
|
Net
income(5)
|
$
89,719
|
|
$
57,324
|
|
$ 147,043
|
Diluted earnings per
share
|
$
1.52
|
|
|
|
$ 2.49
|
|
Items (2) through (5)
above are detailed in the table below with the specific
cross-reference noted in the appropriate item.
|
|
Three Months
Ended
March
31,
|
|
2023
|
|
2022
|
Stock-based
compensation expense/(benefit)
|
$
16,011
|
|
$
(424)
|
Humanitarian support
in Ukraine (a)
|
2,440
|
|
19,156
|
Unbilled business
continuity resources (b)
|
7,370
|
|
2,570
|
Discretionary
compensation (c)
|
—
|
|
(21,356)
|
Total adjustments to
GAAP cost of revenues(2)
|
25,821
|
|
(54)
|
Stock-based
compensation expenses
|
22,568
|
|
7,536
|
Other
acquisition-related expenses
|
241
|
|
579
|
One-time
(benefits)/charges
|
(99)
|
|
1,363
|
Humanitarian support
in Ukraine (a)
|
3,617
|
|
6,500
|
Geographic
repositioning (d)
|
212
|
|
18,706
|
Russia long-lived
asset impairment charges (e)
|
—
|
|
19,570
|
Total adjustments to
GAAP selling, general and administrative
expenses(3)
|
26,539
|
|
54,254
|
Amortization of
acquired intangible assets
|
5,537
|
|
5,244
|
Total adjustments to
GAAP income from operations(4)
|
57,897
|
|
59,444
|
Change in fair value
of contingent consideration included in Interest and other income,
net
|
300
|
|
3,373
|
Impairment of
financial assets
|
—
|
|
1,300
|
Foreign exchange
loss
|
4,608
|
|
22,785
|
Provision for income
taxes:
|
|
|
|
Tax effect on non-GAAP
adjustments
|
(11,514)
|
|
(16,469)
|
Excess tax benefits
related to stock-based compensation
|
(6,022)
|
|
(13,109)
|
Net discrete benefit
from tax planning (f)
|
(968)
|
|
—
|
Total adjustments to
GAAP net income(5)
|
$
44,301
|
|
$
57,324
|
|
(a) Humanitarian
support in Ukraine includes expenses related to EPAM's $100 million
humanitarian commitment in response to Russia's invasion of Ukraine
to support EPAM professionals and their families in and displaced
from Ukraine. These expenses are incremental to those expenses
incurred prior to the crisis, clearly separable from normal
operations, and not expected to recur once the crisis has subsided
and operations return to normal.
|
|
(b) Given the
uncertainty in the region introduced by Russia's invasion of
Ukraine, EPAM has assigned delivery employees in locations outside
of the region to ensure the continuity of delivery for customers
who have substantial delivery exposure to Ukraine or other delivery
concerns resulting from the invasion. These employees are not
billed to clients and operate largely in a standby or backup
capacity. These expenses are incremental to those expenses incurred
prior to the crisis, clearly separable from normal operations, and
not expected to recur once the crisis has subsided and operations
return to normal.
|
|
(c) Discretionary
compensation includes the reduction of previously accrued amounts
associated with the Company's variable compensation program for the
year ended December 31, 2021. This adjustment was made in response
to Russia's invasion of Ukraine and is not expected to recur in the
future.
|
|
(d) Geographic
repositioning includes expenses associated with the relocation to
other countries of employees based outside of Ukraine impacted by
the war and geopolitical instability in the region, and includes
the cost of accommodations, travel and food. These expenses are
incremental to those expenses incurred prior to the crisis, clearly
separable from normal operations, and not expected to recur once
the crisis has subsided and operations return to normal.
|
|
(e) As a result of the
Company's decision to no longer serve customers in Russia, the
Company incurred impairment charges for long-lived assets in Russia
including charges of $15.1 million associated with property and
equipment, $3.8 million associated with right-of-use assets and
$0.7 million associated with goodwill for the three months ended
March 31, 2022. Consistent with the Company's historical non-GAAP
policy, impairment charges have been excluded from non-GAAP results
as these are one-time and unusual in nature.
|
|
(f) One-time benefit
related to the implementation of tax planning to disregard certain
foreign subsidiaries as separate entities for U.S. income tax
purposes. Consistent with the Company's historical non-GAAP policy,
the benefit related to the implementation of tax planning has been
excluded from non-GAAP results as it is one-time and unusual in
nature.
|
EPAM SYSTEMS, INC.
AND SUBSIDIARIES
Reconciliations of
Guidance Non-GAAP Financial Measures to Comparable GAAP Financial
Measures
(Unaudited)
|
|
The below guidance
constitutes forward-looking statements within the meaning of the
federal securities laws and is
based on a number of assumptions that are subject to change and
many of which are outside the control of the
Company. Actual results may differ materially from the Company's
expectations depending on factors discussed
in the Company's filings with the Securities and Exchange
Commission.
|
|
Reconciliation of
expected revenue growth on a GAAP basis to expected revenue growth
on an organic constant
currency basis excluding the impact of the exit from Russia is
presented in the table below:
|
|
|
Second Quarter
2023
|
|
Full Year
2023
|
Revenue growth (at
midpoint of the range)
|
0.5 %
|
|
3 %
|
Foreign exchange rates
impact
|
(0.8) %
|
|
(0.9) %
|
Inorganic revenue
growth
|
(0.1) %
|
|
— %
|
Impact of exit from
Russia
|
0.9 %
|
|
1.2 %
|
Revenue growth on
an organic constant currency basis excluding the
impact of the exit from Russia (at midpoint of the range)
(6)
|
0.5 %
|
|
3.3 %
|
|
|
(6)
|
Constant currency
revenue results are calculated by translating expected revenues in
local currency into U.S. dollars at the weighted average exchange
rates of the comparable prior period.
|
Reconciliation of expected GAAP to non-GAAP income from
operations as a percentage of revenues is presented in the table
below:
|
Second Quarter
2023
|
|
Full Year
2023
|
GAAP income from
operations as a percentage of revenues
|
10% to
11%
|
|
11.5% to
12.5%
|
Stock-based
compensation expenses
|
2.8 %
|
|
3.0 %
|
Included in cost of
revenues (exclusive of depreciation and
amortization)
|
1.3 %
|
|
1.4 %
|
Included in
selling, general and administrative expenses
|
1.5 %
|
|
1.6 %
|
Humanitarian support in
Ukraine (a)
|
0.3 %
|
|
0.3 %
|
Unbilled business
continuity resources (b)
|
0.2 %
|
|
0.2 %
|
One-time
charges
|
0.2 %
|
|
0.1 %
|
Amortization of
acquired intangible assets
|
0.5 %
|
|
0.4 %
|
Non-GAAP income
from operations as a percentage of revenues
|
14% to
15%
|
|
15.5% to
16.5%
|
Reconciliation of expected GAAP to non-GAAP effective tax rate
is presented in the table below:
|
Second Quarter
2023
|
|
Full Year
2023
|
GAAP effective tax
rate (approximately)
|
20 %
|
|
21 %
|
Tax effect on non-GAAP
adjustments
|
1.9 %
|
|
1.4 %
|
Excess tax
benefits related to stock-based compensation
|
1.1 %
|
|
0.6 %
|
Non-GAAP effective
tax rate (approximately)
|
23 %
|
|
23 %
|
Reconciliation of expected GAAP to non-GAAP diluted earnings per
share is presented in the table below:
|
Second Quarter
2023
|
|
Full Year
2023
|
GAAP diluted
earnings per share
|
$1.82 to
$1.90
|
|
$8.11 to
$8.31
|
Stock-based
compensation expenses
|
0.56
|
|
2.48
|
Included in cost of
revenues (exclusive of depreciation and
amortization)
|
0.27
|
|
1.18
|
Included in
selling, general and administrative expenses
|
0.29
|
|
1.30
|
Humanitarian support in
Ukraine (a)
|
0.07
|
|
0.30
|
Unbilled business
continuity resources (b)
|
0.05
|
|
0.17
|
One-time
charges
|
0.05
|
|
0.03
|
Other
acquisition-related expenses
|
—
|
|
0.02
|
Amortization of
acquired intangible assets
|
0.09
|
|
0.37
|
Foreign exchange
loss
|
—
|
|
0.08
|
Provision for income
taxes:
|
|
|
|
Tax effect on non-GAAP
adjustments
|
(0.16)
|
|
(0.66)
|
Excess tax benefits related
to stock-based compensation
|
(0.10)
|
|
(0.30)
|
Non-GAAP diluted
earnings per share
|
$2.38 to
$2.46
|
|
$10.60 to
$10.80
|
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SOURCE EPAM Systems, Inc.