Cash flow EPAM Systems, Inc.

Equities

EPAM

US29414B1044

IT Services & Consulting

Market Closed - Nyse Other stock markets 04:00:02 2025-12-08 pm EST			5-day change	1st Jan Change
203.64 ^USD	+0.02%		+6.94%	-12.91%

Nov. 14	Rothschild & Co Redburn Adjusts EPAM Systems Price Target to $200 From $190, Maintains Neutral Rating	MT
Nov. 10	Mizuho Securities Adjusts EPAM Systems Price Target to $228 From $225	MT

4c7209158255e13.DoXZZMetfsGOnGnJQq_VOdsqLUag9fHYpTE0Q6ESVoo.aLKtLf7uGZnJpVuHD-69VLcYQnDnv8KPzFZ8Is0rOsNc8qA8_9Q798jWHg

Published financial data: EPAM SYSTEMS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	2.66B	3.76B	4.82B	4.69B	4.73B
Total Revenues	2.66B	3.76B	4.82B	4.69B	4.73B
Cost of Goods Sold, Total	1.73B	2.48B	3.26B	3.24B	3.28B
Gross Profit	927M	1.27B	1.56B	1.45B	1.45B
Selling General & Admin Expenses, Total	485M	645M	776M	778M	759M
Depreciation & Amortization - (IS)	62.87M	83.4M	92.27M	91.8M	89.56M
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	548M	729M	869M	870M	848M
Operating Income	379M	546M	692M	585M	604M
Interest And Investment Income	5.65M	7.06M	13.03M	53.94M	52.58M
Net Interest Expenses	5.65M	7.06M	13.03M	53.94M	52.58M
Currency Exchange Gains (Loss)	-4.67M	-7.2M	-75.73M	-15.78M	-7.05M
Other Non Operating Income (Expenses)	-	-	10.2M	-	-
EBT, Excl. Unusual Items	380M	546M	639M	623M	650M
Restructuring Charges	-	-	-	-28.99M	-31.27M
Merger & Related Restructuring Charges	-	-3.6M	-	-	-14.1M
Gain (Loss) On Sale Of Investments	-	-	-800K	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-25.92M	-
Asset Writedown	-	-	-	-	-417K
Other Unusual Items	-1.83M	-8.78M	-131M	-31.41M	-19.7M
EBT, Incl. Unusual Items	378M	533M	507M	537M	584M
Income Tax Expense	51.32M	51.74M	87.84M	120M	130M
Earnings From Continuing Operations	327M	482M	419M	417M	455M
Net Income to Company	327M	482M	419M	417M	455M
Net Income - (IS)	327M	482M	419M	417M	455M
Net Income to Common Incl Extra Items	327M	482M	419M	417M	455M
Net Income to Common Excl. Extra Items	327M	482M	419M	417M	455M
Per Share Items
Net EPS - Basic	5.87	8.52	7.32	7.21	7.93
Basic EPS - Continuing Operations	5.87	8.52	7.32	7.21	7.93
Basic Weighted Average Shares Outstanding	55.73M	56.51M	57.29M	57.83M	57.29M
Net EPS - Diluted	5.6	8.15	7.09	7.06	7.84
Diluted EPS - Continuing Operations	5.6	8.15	7.09	7.06	7.84
Diluted Weighted Average Shares Outstanding	58.45M	59.06M	59.17M	59.08M	57.98M
Normalized Basic EPS	4.27	6.04	6.97	6.73	7.09
Normalized Diluted EPS	4.07	5.78	6.75	6.59	7.01
Supplemental Items
EBITDA	441M	628M	783M	675M	693M
EBITA	391M	562M	713M	606M	633M
EBIT	379M	546M	692M	585M	604M
EBITDAR	522M	706M	850M	742M	751M
Effective Tax Rate - (Ratio)	13.56	9.7	17.32	22.27	22.22
Current Domestic Taxes	26.27M	29.48M	30.16M	70.68M	96.57M
Current Foreign Taxes	45.04M	69.16M	99.85M	86.01M	97.5M
Total Current Taxes	71.31M	98.64M	130M	157M	194M
Deferred Domestic Taxes	-17.92M	-43M	-29.86M	-25.72M	-57.95M
Deferred Foreign Taxes	-2.08M	-3.9M	-12.3M	-11.47M	-6.25M
Total Deferred Taxes	-19.99M	-46.9M	-42.16M	-37.2M	-64.2M
Normalized Net Income	238M	341M	399M	389M	406M
Non-Cash Pension Expense	4.3M	5.5M	8.3M	9.4M	9M
Supplemental Operating Expense Items
Net Rental Expense, Total	81.37M	77.95M	67.44M	66.58M	58.22M
Stock-Based Comp., COGS (Total)	32.78M	51.58M	47.47M	68.8M	80.94M
Stock-Based Comp., SG&A Exp. (Total)	42.45M	60.08M	52.44M	78.93M	86.35M
Total Stock-Based Compensation	75.24M	112M	99.91M	148M	167M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.32B	1.45B	1.68B	2.04B	1.29B
Short Term Investments	60.01M	-	60.34M	60.74M	1.69M
Total Cash And Short Term Investments	1.38B	1.45B	1.74B	2.1B	1.29B
Accounts Receivable, Total	501M	769M	933M	897M	1B
Other Receivables	-	-	-	-	23.1M
Notes Receivable	-	-	-	-	-
Total Receivables	501M	769M	933M	897M	1.03B
Prepaid Expenses	24.51M	52M	72.7M	81.64M	112M
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	106K	495K	430K	5.29M	837K
Other Current Assets, Total	4.96M	1.43M	12.19M	10.42M	-
Total Current Assets	1.91B	2.27B	2.76B	3.09B	2.43B
Gross Property Plant And Equipment	526M	588M	589M	567M	556M
Accumulated Depreciation	-128M	-167M	-167M	-198M	-221M
Net Property Plant And Equipment	398M	421M	422M	370M	336M
Long-term Investments	25M	27.5M	28.4M	31.7M	38.5M
Goodwill	212M	531M	529M	562M	1.18B
Other Intangibles, Total	51.98M	101M	77.65M	71.12M	436M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	92.45M	144M	173M	198M	270M
Other Long-Term Assets, Total	28.96M	29.4M	19.48M	27.88M	62.02M
Total Assets	2.72B	3.52B	4.01B	4.35B	4.75B
Liabilities
Accounts Payable, Total	10.19M	24.85M	30.85M	31.99M	44.7M
Accrued Expenses, Total	329M	553M	523M	453M	529M
Short-term Borrowings	-	16.02M	2.86M	-	-
Current Portion of Leases	60.76M	50.1M	40.35M	36.56M	39.63M
Current Income Taxes Payable	20.6M	27.44M	46.07M	38.81M	50.4M
Unearned Revenue Current, Total	17.38M	39.81M	36.04M	27.99M	59.32M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	27.78M	52.28M	68.01M	56.98M	98.3M
Total Current Liabilities	466M	763M	747M	645M	821M
Long-Term Debt	25.04M	30.23M	27.69M	26.13M	25.19M
Long-Term Leases	181M	143M	122M	109M	98.43M
Unearned Revenue Non Current	94K	84K	42K	951K	741K
Pension & Other Post Retirement Benefits	5.4M	3.5M	9.79M	14.91M	27.47M
Deferred Tax Liability Non Current	3.3M	18.3M	12.8M	8.7M	92.36M
Other Non Current Liabilities	57.93M	69.05M	86.01M	76.01M	54.09M
Total Liabilities	738M	1.03B	1.01B	881M	1.12B
Common Stock, Total	56K	57K	58K	58K	57K
Additional Paid In Capital	661M	712M	848M	1.01B	1.19B
Retained Earnings	1.35B	1.83B	2.25B	2.5B	2.56B
Treasury Stock	-177K	-177K	-118K	-	-
Comprehensive Income and Other	-25.51M	-54.21M	-95.32M	-39.04M	-117M
Total Common Equity	1.98B	2.49B	3B	3.47B	3.63B
Minority Interest	-	8.72M	1.48M	579K	1.94M
Total Equity	1.98B	2.5B	3B	3.47B	3.63B
Total Liabilities And Equity	2.72B	3.52B	4.01B	4.35B	4.75B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	56.18M	56.88M	57.68M	57.83M	56.89M
ECS Total Common Shares Outstanding	56.11M	56.85M	57.66M	57.79M	56.87M
Book Value / Share	35.34	43.75	52.06	60.06	63.82
Tangible Book Value	1.72B	1.86B	2.39B	2.84B	2.01B
Tangible Book Value Per Share	30.64	32.63	41.54	49.1	35.37
Total Debt	266M	239M	193M	172M	163M
Net Debt	-1.12B	-1.21B	-1.55B	-1.93B	-1.12B
Debt Equivalent Oper. Leases	651M	624M	539M	533M	466M
Minority Interest, Total (Incl. Fin. Div)	-	8.72M	1.48M	579K	1.94M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	1.34M	1.34M	1.34M	1.34M	1.34M
Buildings, Total	52.01M	55.39M	54.63M	54.9M	55.06M
Machinery, Total	170M	222M	198M	197M	187M
Full Time Employees	41.17K	58.82K	59.3K	53.15K	61.2K
Accumulated Allowance for Doubtful Accounts (Supple)	4.89M	5.52M	15.31M	11.86M	5.61M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	327M	482M	419M	417M	455M
Depreciation & Amortization - CF	117M	128M	118M	110M	97.63M
Amortization of Goodwill and Intangible Assets - (CF)	11.27M	16.53M	21.14M	21.62M	28.47M
Depreciation & Amortization, Total	128M	144M	139M	132M	126M
Amortization of Deferred Charges, Total - (CF)	1.07M	1.11M	1.09M	1.1M	1M
(Gain) Loss From Sale Of Asset	-	-	-	25.92M	-
Asset Writedown & Restructuring Costs	-	-	23.62M	6.02M	417K
Stock-Based Compensation (CF)	75.24M	112M	99.91M	148M	167M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	2.25M	2.49M	12.39M	4.05M	-4.4M
Other Operating Activities, Total	-13.2M	-33.76M	-1.45M	-45.7M	-58.47M
Change In Accounts Receivable	4.24M	-212M	-193M	32.36M	15.59M
Change In Accounts Payable	2.43M	-2.4M	-2.93M	154K	-29.08M
Change in Unearned Revenues	-	-	-	-	-
Change In Income Taxes	14.38M	3.57M	3.6M	-33.39M	-8.17M
Change in Other Net Operating Assets	2.66M	75.66M	-37.78M	-124M	-106M
Cash from Operations	544M	572M	464M	563M	559M
Capital Expenditure	-68.79M	-112M	-81.63M	-28.42M	-32.15M
Cash Acquisitions	-18.89M	-315M	-10.64M	-24.82M	-912M
Divestitures	-	-	-	-2.17M	-
Investment in Marketable and Equity Securities, Total	-80.49M	57.46M	-61.62M	-3.6M	57.01M
Other Investing Activities, Total	1.02M	79K	-29.03M	-7.77M	2.31M
Cash from Investing	-167M	-369M	-183M	-66.77M	-885M
Long-Term Debt Issued, Total	-	31.11M	1.76M	825K	8K
Total Debt Issued	-	31.11M	1.76M	825K	8K
Long-Term Debt Repaid, Total	-18K	-31.05M	-15.54M	-2.97M	-1.86M
Total Debt Repaid	-18K	-31.05M	-15.54M	-2.97M	-1.86M
Issuance of Common Stock	26.41M	26.29M	50.66M	51.64M	53.73M
Repurchase of Common Stock	-20.13M	-41.6M	-26.56M	-194M	-433M
Other Financing Activities, Total	-7.02M	-44.3M	-12.35M	-21.24M	-9.06M
Cash from Financing	-765K	-59.56M	-2.02M	-166M	-390M
Foreign Exchange Rate Adjustments	9.36M	-18.03M	-44.87M	29.38M	-36.5M
Net Change in Cash	386M	126M	234M	359M	-753M
Supplemental Items
Cash Interest Paid	425K	413K	1.66M	4.7M	3.74M
Cash Income Tax Paid (Refund)	54.52M	87.32M	113M	177M	196M
Levered Free Cash Flow	456M	486M	402M	545M	669M
Unlevered Free Cash Flow	456M	486M	402M	545M	669M
Change In Net Working Capital	-82.8M	116K	188M	72.34M	-29.13M
Net Debt Issued / Repaid	-18K	55K	-13.78M	-2.14M	-1.86M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	9.55	10.93	11.48	8.74	8.3
Return on Total Capital	11.54	13.69	14.57	10.69	10.16
Return On Equity %	18.28	21.51	15.25	12.88	12.8
Return on Common Equity	18.28	21.55	15.28	12.89	12.8
Margin Analysis
Gross Profit Margin %	34.85	33.91	32.34	31.01	30.73
SG&A Margin	18.23	17.17	16.09	16.59	16.05
EBITDA Margin %	16.59	16.72	16.22	14.4	14.66
EBITA Margin %	14.69	14.97	14.77	12.93	13.39
EBIT Margin %	14.26	14.53	14.33	12.47	12.78
Income From Continuing Operations Margin %	12.3	12.82	8.69	8.89	9.61
Net Income Margin %	12.3	12.82	8.69	8.89	9.61
Net Avail. For Common Margin %	12.3	12.82	8.69	8.89	9.61
Normalized Net Income Margin	8.94	9.08	8.28	8.3	8.59
Levered Free Cash Flow Margin	17.13	12.94	8.34	11.62	14.15
Unlevered Free Cash Flow Margin	17.13	12.94	8.34	11.62	14.15
Asset Turnover
Asset Turnover	1.07	1.2	1.28	1.12	1.04
Fixed Assets Turnover	6.63	9.17	11.44	11.84	13.4
Receivables Turnover (Average Receivables)	5.33	5.92	5.67	5.13	4.98
Short Term Liquidity
Current Ratio	4.11	2.97	3.69	4.79	2.96
Quick Ratio	4.04	2.9	3.58	4.64	2.82
Operating Cash Flow to Current Liabilities	1.17	0.75	0.62	0.87	0.68
Days Sales Outstanding (Average Receivables)	68.73	61.67	64.36	71.19	73.51
Average Days Payable Outstanding	1.9	2.57	3.11	3.54	4.29
Long Term Solvency
Total Debt/Equity	13.43	9.58	6.43	4.95	4.5
Total Debt / Total Capital	11.84	8.74	6.05	4.72	4.3
LT Debt/Equity	10.37	6.93	5	3.9	3.4
Long-Term Debt / Total Capital	9.14	6.33	4.69	3.72	3.26
Total Liabilities / Total Assets	27.13	29.16	25.1	20.24	23.56
Total Debt / EBITDA	0.51	0.34	0.23	0.23	0.22
Net Debt / EBITDA	-2.14	-1.71	-1.82	-2.59	-1.5
Total Debt / (EBITDA - Capex)	0.59	0.4	0.25	0.24	0.23
Net Debt / (EBITDA - Capex)	-2.46	-2.03	-2.01	-2.7	-1.56
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	15.94	41.31	28.38	-2.78	0.8
Gross Profit, 1 Yr. Growth %	15.06	37.49	22.43	-8.03	-0.13
EBITDA, 1 Yr. Growth %	26.88	42.41	24.6	-16	1.68
EBITA, 1 Yr. Growth %	25.08	44	26.71	-17.4	3.34
EBIT, 1 Yr. Growth %	25.25	43.92	26.68	-17.98	2.3
Earnings From Cont. Operations, 1 Yr. Growth %	25.32	47.22	-12.92	-0.56	8.98
Net Income, 1 Yr. Growth %	25.32	47.22	-12.92	-0.56	8.98
Normalized Net Income, 1 Yr. Growth %	26.22	43.51	17.09	-5.57	3.33
Diluted EPS Before Extra, 1 Yr. Growth %	23.62	45.54	-13.01	-0.42	11.05
Accounts Receivable, 1 Yr. Growth %	0.67	53.46	21.29	-3.82	11.72
Net Property, Plant and Equip., 1 Yr. Growth %	-1.5	5.74	0.25	-12.36	-9.2
Total Assets, 1 Yr. Growth %	21.26	29.47	13.79	8.56	9.15
Tangible Book Value, 1 Yr. Growth %	27.83	7.92	29.08	18.48	-29.12
Common Equity, 1 Yr. Growth %	24.24	25.42	20.68	15.64	4.56
Cash From Operations, 1 Yr. Growth %	89.39	5.13	-18.91	21.23	-0.62
Capital Expenditures, 1 Yr. Growth %	-30.73	62.08	-26.79	-65.19	13.13
Levered Free Cash Flow, 1 Yr. Growth %	106.49	6.76	-17.26	31.11	21.9
Unlevered Free Cash Flow, 1 Yr. Growth %	106.49	6.76	-17.26	31.11	21.9
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	20.13	28	34.69	11.72	-1.01
Gross Profit, 2 Yr. CAGR %	18.87	25.78	29.74	6.84	-4.16
EBITDA, 2 Yr. CAGR %	24.89	34.42	33.21	3.69	-6.88
EBITA, 2 Yr. CAGR %	23.94	34.21	35.08	3.83	-6.83
EBIT, 2 Yr. CAGR %	24.24	34.26	35.02	3.5	-7.6
Earnings From Cont. Operations, 2 Yr. CAGR %	16.69	35.83	13.22	-6.94	4.1
Net Income, 2 Yr. CAGR %	16.69	35.83	13.22	-6.94	4.1
Normalized Net Income, 2 Yr. CAGR %	23.62	34.59	29.63	6.83	-0.36
Diluted EPS Before Extra, 2 Yr. CAGR %	14.92	34.13	12.52	-6.93	5.16
Accounts Receivable, 2 Yr. CAGR %	11.6	24.29	36.43	8.01	3.66
Net Property, Plant and Equip., 2 Yr. CAGR %	96.96	2.06	2.96	-6.26	-10.79
Total Assets, 2 Yr. CAGR %	29.94	25.3	21.38	11.15	8.85
Tangible Book Value, 2 Yr. CAGR %	28.65	17.45	18.03	23.67	-8.36
Common Equity, 2 Yr. CAGR %	25.32	24.83	23.03	18.13	9.96
Cash From Operations, 2 Yr. CAGR %	36.49	41.1	-7.67	-0.85	9.76
Capital Expenditures, 2 Yr. CAGR %	35.31	5.96	8.93	-49.52	-37.25
Levered Free Cash Flow, 2 Yr. CAGR %	36.9	48.48	-6.01	5.87	27.34
Unlevered Free Cash Flow, 2 Yr. CAGR %	36.9	48.48	-6.01	5.87	27.34
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	22.4	26.81	28.13	20.82	7.95
Gross Profit, 3 Yr. CAGR %	20.55	24.78	24.65	16.21	4.46
EBITDA, 3 Yr. CAGR %	29.84	30.48	31.06	15.26	3.32
EBITA, 3 Yr. CAGR %	29.34	30.29	31.66	15.79	4.01
EBIT, 3 Yr. CAGR %	29.93	30.48	31.68	15.52	3.45
Earnings From Cont. Operations, 3 Yr. CAGR %	65.05	26.09	17.12	8.43	-1.91
Net Income, 3 Yr. CAGR %	65.05	26.09	17.12	8.43	-1.91
Normalized Net Income, 3 Yr. CAGR %	29.7	29.92	28.48	17.88	5.99
Diluted EPS Before Extra, 3 Yr. CAGR %	61.88	24.34	16.1	8.03	-1.28
Accounts Receivable, 3 Yr. CAGR %	12.48	24.1	23.28	21.42	9.23
Net Property, Plant and Equip., 3 Yr. CAGR %	66.4	60.08	1.45	-2.42	-7.25
Total Assets, 3 Yr. CAGR %	29.6	29.78	21.34	16.94	10.48
Tangible Book Value, 3 Yr. CAGR %	28.46	21.33	21.21	18.18	2.73
Common Equity, 3 Yr. CAGR %	26.7	25.36	23.43	20.51	13.42
Cash From Operations, 3 Yr. CAGR %	41.34	25.12	17.31	1.1	-0.77
Capital Expenditures, 3 Yr. CAGR %	32.15	43.7	-6.33	-25.53	-33.94
Levered Free Cash Flow, 3 Yr. CAGR %	51.47	26.01	22.18	6.17	11.22
Unlevered Free Cash Flow, 3 Yr. CAGR %	51.47	26.01	22.18	6.17	11.22
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	23.81	26.5	27.17	20.54	15.56
Gross Profit, 5 Yr. CAGR %	21.7	24.68	24.15	17.27	12.52
EBITDA, 5 Yr. CAGR %	24.68	31.74	31.18	19.02	14.79
EBITA, 5 Yr. CAGR %	23.78	31.49	31.61	18.98	15.17
EBIT, 5 Yr. CAGR %	24.07	32.25	31.94	18.93	14.82
Earnings From Cont. Operations, 5 Yr. CAGR %	31.11	37.15	41.95	11.66	11.73
Net Income, 5 Yr. CAGR %	31.11	37.15	41.95	11.66	11.73
Normalized Net Income, 5 Yr. CAGR %	24.12	33.71	29.67	20.14	16.62
Diluted EPS Before Extra, 5 Yr. CAGR %	28.15	34.23	39.96	10.74	11.59
Accounts Receivable, 5 Yr. CAGR %	13.13	23.9	21.51	17.39	15.02
Net Property, Plant and Equip., 5 Yr. CAGR %	45.77	41.73	37.33	29.23	-3.64
Total Assets, 5 Yr. CAGR %	28.44	30.64	26.24	21.98	16.18
Tangible Book Value, 5 Yr. CAGR %	30.72	24.47	24.18	22.26	8.38
Common Equity, 5 Yr. CAGR %	26.46	26.06	25.22	22.42	17.86
Cash From Operations, 5 Yr. CAGR %	48.11	27.9	19.2	14	14.23
Capital Expenditures, 5 Yr. CAGR %	30.81	30.63	22.32	-5.43	-20.2
Levered Free Cash Flow, 5 Yr. CAGR %	80.71	30.05	25.15	17.53	24.84
Unlevered Free Cash Flow, 5 Yr. CAGR %	80.71	30.05	25.15	17.53	24.84