Cash flow EPAM Systems, Inc.

Equities

EPAM

US29414B1044

IT Services & Consulting

Market Closed - Nyse Other stock markets 04:00:02 2024-09-17 pm EDT			5-day change	1st Jan Change
200.40 ^USD	-2.46%		-2.95%	-32.60%

Sep. 09	Jefferies Raises Price Target on EPAM Systems to $250 From $237	MT
Sep. 06	JPMorgan Adjusts Price Target on EPAM Systems to $262 From $222, Maintains Overweight	MT

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Published financial data: EPAM SYSTEMS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	2.29B	2.66B	3.76B	4.82B	4.69B
Total Revenues	2.29B	2.66B	3.76B	4.82B	4.69B
Cost of Goods Sold, Total	1.49B	1.73B	2.48B	3.26B	3.24B
Gross Profit	806M	927M	1.27B	1.56B	1.45B
Selling General & Admin Expenses, Total	457M	485M	645M	776M	778M
Depreciation & Amortization - (IS)	45.32M	62.87M	83.4M	92.27M	91.8M
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	503M	548M	729M	869M	870M
Operating Income	303M	379M	546M	692M	585M
Interest And Investment Income	10.5M	5.65M	7.06M	13.03M	53.94M
Net Interest Expenses	10.5M	5.65M	7.06M	13.03M	53.94M
Currency Exchange Gains (Loss)	-12.05M	-4.67M	-7.2M	-75.73M	-15.78M
Other Non Operating Income (Expenses)	-	-	-	10.2M	-
EBT, Excl. Unusual Items	301M	380M	546M	639M	623M
Restructuring Charges	-	-	-	-	-28.99M
Merger & Related Restructuring Charges	-	-	-3.6M	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-800K	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-25.92M
Asset Writedown	-	-	-	-	-
Other Unusual Items	-1.78M	-1.83M	-8.78M	-131M	-31.41M
EBT, Incl. Unusual Items	300M	378M	533M	507M	537M
Income Tax Expense	38.47M	51.32M	51.74M	87.84M	120M
Earnings From Continuing Operations	261M	327M	482M	419M	417M
Net Income to Company	261M	327M	482M	419M	417M
Net Income - (IS)	261M	327M	482M	419M	417M
Net Income to Common Incl Extra Items	261M	327M	482M	419M	417M
Net Income to Common Excl. Extra Items	261M	327M	482M	419M	417M
Per Share Items
Net EPS - Basic	4.77	5.87	8.52	7.32	7.21
Basic EPS - Continuing Operations	4.77	5.87	8.52	7.32	7.21
Basic Weighted Average Shares Outstanding	54.72M	55.73M	56.51M	57.29M	57.83M
Net EPS - Diluted	4.53	5.6	8.15	7.09	7.06
Diluted EPS - Continuing Operations	4.53	5.6	8.15	7.09	7.06
Diluted Weighted Average Shares Outstanding	57.67M	58.45M	59.06M	59.17M	59.08M
Normalized Basic EPS	3.44	4.27	6.04	6.97	6.73
Normalized Diluted EPS	3.27	4.07	5.78	6.75	6.59
Supplemental Items
EBITDA	348M	441M	628M	783M	675M
EBITA	313M	391M	562M	713M	606M
EBIT	303M	379M	546M	692M	585M
EBITDAR	424M	522M	706M	850M	742M
Effective Tax Rate - (Ratio)	12.84	13.56	9.7	17.32	22.27
Current Domestic Taxes	20.55M	26.27M	29.48M	30.16M	70.68M
Current Foreign Taxes	25.68M	45.04M	69.16M	99.85M	86.01M
Total Current Taxes	46.23M	71.31M	98.64M	130M	157M
Deferred Domestic Taxes	-9.78M	-17.92M	-43M	-29.86M	-25.72M
Deferred Foreign Taxes	2.02M	-2.08M	-3.9M	-12.3M	-11.47M
Total Deferred Taxes	-7.76M	-19.99M	-46.9M	-42.16M	-37.2M
Normalized Net Income	188M	238M	341M	399M	389M
Non-Cash Pension Expense	-	4.3M	5.5M	8.3M	9.4M
Supplemental Operating Expense Items
Net Rental Expense, Total	75.34M	81.37M	77.95M	67.44M	66.58M
Stock-Based Comp., COGS (Total)	37.58M	32.78M	51.58M	47.47M	68.8M
Stock-Based Comp., SG&A Exp. (Total)	34.46M	42.45M	60.08M	52.44M	78.93M
Total Stock-Based Compensation	72.04M	75.24M	112M	99.91M	148M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	937M	1.32B	1.45B	1.68B	2.04B
Short Term Investments	-	60.01M	-	60.34M	60.74M
Total Cash And Short Term Investments	937M	1.38B	1.45B	1.74B	2.1B
Accounts Receivable, Total	498M	501M	769M	933M	897M
Other Receivables	-	-	-	-	-
Notes Receivable	-	-	-	-	-
Total Receivables	498M	501M	769M	933M	897M
Prepaid Expenses	38.03M	24.51M	52M	72.7M	81.64M
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	-	106K	495K	430K	5.29M
Other Current Assets, Total	1.91M	4.96M	1.43M	12.19M	10.42M
Total Current Assets	1.47B	1.91B	2.27B	2.76B	3.09B
Gross Property Plant And Equipment	554M	526M	588M	589M	567M
Accumulated Depreciation	-150M	-128M	-167M	-167M	-198M
Net Property Plant And Equipment	404M	398M	421M	422M	370M
Long-term Investments	-	25M	27.5M	28.4M	31.7M
Goodwill	195M	212M	531M	529M	562M
Other Intangibles, Total	56.26M	51.98M	101M	77.65M	71.12M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	75.01M	92.45M	144M	173M	198M
Other Long-Term Assets, Total	39.43M	28.96M	29.4M	19.48M	27.88M
Total Assets	2.24B	2.72B	3.52B	4.01B	4.35B
Liabilities
Accounts Payable, Total	7.83M	10.19M	24.85M	30.85M	31.99M
Accrued Expenses, Total	254M	329M	553M	523M	453M
Short-term Borrowings	-	-	16.02M	2.86M	-
Current Portion of Leases	57.54M	60.76M	50.1M	40.35M	36.56M
Current Income Taxes Payable	9.06M	20.6M	27.44M	46.07M	38.81M
Unearned Revenue Current, Total	9.13M	17.38M	39.81M	36.04M	27.99M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	49.33M	27.78M	52.28M	68.01M	56.98M
Total Current Liabilities	387M	466M	763M	747M	645M
Long-Term Debt	25.07M	25.04M	30.23M	27.69M	26.13M
Long-Term Leases	181M	181M	143M	122M	109M
Unearned Revenue Non Current	5K	94K	84K	42K	951K
Pension & Other Post Retirement Benefits	-	5.4M	3.5M	9.79M	14.91M
Deferred Tax Liability Non Current	4.53M	3.3M	18.3M	12.8M	8.7M
Other Non Current Liabilities	50.66M	57.93M	69.05M	86.01M	76.01M
Total Liabilities	648M	738M	1.03B	1.01B	881M
Common Stock, Total	55K	56K	57K	58K	58K
Additional Paid In Capital	607M	661M	712M	848M	1.01B
Retained Earnings	1.02B	1.35B	1.83B	2.25B	2.5B
Treasury Stock	-177K	-177K	-177K	-118K	-
Comprehensive Income and Other	-31.37M	-25.51M	-54.21M	-95.32M	-39.04M
Total Common Equity	1.6B	1.98B	2.49B	3B	3.47B
Minority Interest	-	-	8.72M	1.48M	579K
Total Equity	1.6B	1.98B	2.5B	3B	3.47B
Total Liabilities And Equity	2.24B	2.72B	3.52B	4.01B	4.35B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	55.26M	56.18M	56.88M	57.68M	57.83M
ECS Total Common Shares Outstanding	55.19M	56.11M	56.85M	57.66M	57.79M
Book Value / Share	28.92	35.34	43.75	52.06	60.06
Tangible Book Value	1.34B	1.72B	1.86B	2.39B	2.84B
Tangible Book Value Per Share	24.37	30.64	32.63	41.54	49.1
Total Debt	263M	266M	239M	193M	172M
Net Debt	-673M	-1.12B	-1.21B	-1.55B	-1.93B
Debt Equivalent Oper. Leases	603M	651M	624M	539M	533M
Minority Interest, Total (Incl. Fin. Div)	-	-	8.72M	1.48M	579K
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	-	1.34M	1.34M	1.34M	1.34M
Buildings, Total	51.3M	52.01M	55.39M	54.63M	54.9M
Machinery, Total	143M	170M	222M	198M	197M
Full Time Employees	36.74K	41.17K	58.82K	59.3K	53.15K
Accumulated Allowance for Doubtful Accounts (Supple)	2.92M	4.89M	5.52M	15.31M	11.86M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	261M	327M	482M	419M	417M
Depreciation & Amortization - CF	91.26M	117M	128M	118M	110M
Amortization of Goodwill and Intangible Assets - (CF)	9.91M	11.27M	16.53M	21.14M	21.62M
Depreciation & Amortization, Total	101M	128M	144M	139M	132M
Amortization of Deferred Charges, Total - (CF)	-	1.07M	1.11M	1.09M	1.1M
(Gain) Loss From Sale Of Asset	-	-	-	-	25.92M
Asset Writedown & Restructuring Costs	-	-	-	23.62M	6.02M
Stock-Based Compensation (CF)	72.04M	75.24M	112M	99.91M	148M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	1.62M	2.25M	2.49M	12.39M	4.05M
Other Operating Activities, Total	-3M	-13.2M	-33.76M	-1.45M	-45.7M
Change In Accounts Receivable	-87.17M	4.24M	-212M	-193M	32.36M
Change In Accounts Payable	-1.68M	2.43M	-2.4M	-2.93M	154K
Change in Unearned Revenues	-	-	-	-	-
Change In Income Taxes	-23.13M	14.38M	3.57M	3.6M	-33.39M
Change in Other Net Operating Assets	-33.45M	2.66M	75.66M	-37.78M	-124M
Cash from Operations	287M	544M	572M	464M	563M
Capital Expenditure	-99.31M	-68.79M	-112M	-81.63M	-28.42M
Cash Acquisitions	-39.32M	-18.89M	-315M	-10.64M	-24.82M
Divestitures	-	-	-	-	-2.17M
Investment in Marketable and Equity Securities, Total	-	-80.49M	57.46M	-61.62M	-3.6M
Other Investing Activities, Total	-6.74M	1.02M	79K	-29.03M	-7.77M
Cash from Investing	-145M	-167M	-369M	-183M	-66.77M
Long-Term Debt Issued, Total	-	-	31.11M	1.76M	825K
Total Debt Issued	-	-	31.11M	1.76M	825K
Long-Term Debt Repaid, Total	-9K	-18K	-31.05M	-15.54M	-2.97M
Total Debt Repaid	-9K	-18K	-31.05M	-15.54M	-2.97M
Issuance of Common Stock	37M	26.41M	26.29M	50.66M	51.64M
Repurchase of Common Stock	-15.5M	-20.13M	-41.6M	-26.56M	-194M
Other Financing Activities, Total	-1.13M	-7.02M	-44.3M	-12.35M	-21.24M
Cash from Financing	20.36M	-765K	-59.56M	-2.02M	-166M
Foreign Exchange Rate Adjustments	3.53M	9.36M	-18.03M	-44.87M	29.38M
Net Change in Cash	166M	386M	126M	234M	359M
Supplemental Items
Cash Interest Paid	832K	425K	413K	1.66M	4.7M
Cash Income Tax Paid (Refund)	65.31M	54.52M	87.32M	113M	177M
Levered Free Cash Flow	221M	456M	486M	402M	545M
Unlevered Free Cash Flow	221M	456M	486M	402M	545M
Change In Net Working Capital	42.57M	-82.8M	116K	188M	72.34M
Net Debt Issued / Repaid	-9K	-18K	55K	-13.78M	-2.14M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	9.82	9.55	10.93	11.48	8.74
Return on Total Capital	12.03	11.54	13.69	14.57	10.69
Return On Equity %	18.26	18.28	21.51	15.25	12.88
Return on Common Equity	18.26	18.28	21.55	15.28	12.89
Margin Analysis
Gross Profit Margin %	35.12	34.85	33.91	32.34	31.01
SG&A Margin	19.94	18.23	17.17	16.09	16.59
EBITDA Margin %	15.18	16.59	16.72	16.22	14.4
EBITA Margin %	13.64	14.69	14.97	14.77	12.93
EBIT Margin %	13.2	14.26	14.53	14.33	12.47
Income From Continuing Operations Margin %	11.38	12.3	12.82	8.69	8.89
Net Income Margin %	11.38	12.3	12.82	8.69	8.89
Net Avail. For Common Margin %	11.38	12.3	12.82	8.69	8.89
Normalized Net Income Margin	8.21	8.94	9.08	8.28	8.3
Levered Free Cash Flow Margin	9.62	17.13	12.94	8.34	11.62
Unlevered Free Cash Flow Margin	9.62	17.13	12.94	8.34	11.62
Asset Turnover
Asset Turnover	1.19	1.07	1.2	1.28	1.12
Fixed Assets Turnover	9.05	6.63	9.17	11.44	11.84
Receivables Turnover (Average Receivables)	5.1	5.33	5.92	5.67	5.13
Short Term Liquidity
Current Ratio	3.81	4.11	2.97	3.69	4.79
Quick Ratio	3.71	4.04	2.9	3.58	4.64
Operating Cash Flow to Current Liabilities	0.74	1.17	0.75	0.62	0.87
Days Sales Outstanding (Average Receivables)	71.61	68.73	61.67	64.36	71.19
Average Days Payable Outstanding	1.87	1.9	2.57	3.11	3.54
Long Term Solvency
Total Debt/Equity	16.51	13.43	9.58	6.43	4.95
Total Debt / Total Capital	14.17	11.84	8.74	6.05	4.72
LT Debt/Equity	12.9	10.37	6.93	5	3.9
Long-Term Debt / Total Capital	11.07	9.14	6.33