secwatch.observer — SEC 8-K summary
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Issuer:     EPAM Systems, Inc. (EPAM)
CIK:        0001352010
Form:       8-K
Filed at:   2022-05-05T23:59:59+00:00
Accession:  0001352010-22-000032
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1352010/000135201022000032/0001352010-22-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1352010/000135201022000032/epam-20220505.htm
  HTML page:      https://secwatch.observer/filing/0001352010-22-000032

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