EPAM Q1 revenue up 50% to $1.17B but GAAP EPS down 18%; Q2 guidance well below Q1

EPAM Systems, Inc.

2022-Q1 EPS reported $1.52 revenue$1,171,614,000

Revenue $1.172B, +50.1% YoY (organic +40.1%, acquisitions +9.9%). GAAP income from ops 11% of revenue.
GAAP diluted EPS $1.52 (-18.3% YoY); Non-GAAP diluted EPS $2.49 (+37.6% YoY).
Q2 outlook: revenue at least $1.140B (+29% reported), GAAP EPS at least $0.73, Non-GAAP EPS at least $1.70.
Cash used by ops -$51.8M vs +$12.8M a year ago; total headcount ~61,600, delivery +41.8% YoY.
CEO cites Russian invasion of Ukraine as major disruption; accelerating global delivery diversification.

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