--- schema_version: "secwatch.filing_event.v1" accession: "0001352010-24-000003" form_type: "8-K" ticker: "EPAM" cik: "0001352010" company_name: "EPAM Systems, Inc." filed_at: "2024-02-15T23:59:59+00:00" generated_at: "2026-06-06T00:56:11.505135+00:00" event_type: "earnings" sentiment: "negative" materiality_score: 0.7 calibrated_materiality_score: 0.7 confidence: "high" source: SEC EDGAR --- # EPAM Q4 revenue down 6% to $1.157B; FY24 revenue growth guidance 1%-4% ## Summary - Q4 2023 revenue $1.157B (-6.0% YoY); GAAP EPS $1.66 (-36.4%); Non-GAAP EPS $2.75 (-6.1%). - Full-year 2023 revenue $4.691B (-2.8% YoY); GAAP EPS $7.06; Non-GAAP EPS $10.59. - FY2024 outlook: revenue growth 1%-4%; Non-GAAP EPS $10.00-$10.40; GAAP EPS $7.20-$7.60. - Q1 2024 revenue guidance $1.155B-$1.165B (-4% YoY at midpoint); Non-GAAP EPS $2.26-$2.34. - Cost Optimization Program incurred $35.1M in FY2023; delivery headcount down 10.4% to ~47,350. ## SEC filing metadata - accession: 0001352010-24-000003 - form_type: 8-K - ticker: EPAM - cik: 0001352010 - company_name: EPAM Systems, Inc. - filed_at: 2024-02-15T23:59:59+00:00 - event_type: earnings - sentiment: negative - materiality_score: 0.7 - calibrated_materiality_score: 0.7 - confidence: high - sec_items: 2.02, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1352010/000135201024000003/0001352010-24-000003-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1352010/000135201024000003/epam-20240215.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001352010-24-000003 - JSON: https://secwatch.observer/filing/0001352010-24-000003.json - Plain text: https://secwatch.observer/filing/0001352010-24-000003.txt ## Key facts - Earnings Releases EPAM Systems, Inc. reported FY 2023 results: revenue $4.691 billion, EPS $7.06. - Period: FY 2023 - Revenue: $4.691 billion - EPS: $7.06 - Result: reported results source text: Full Year 2023 • Revenues of $4.691 billion, down 2.8% year-over-year • GAAP Income from Operations was 10.7% of revenues and Non-GAAP Income from Operations was 16.3% of revenues • GAAP Diluted EPS of $7.06, a decrease of 0.4%, and Non-GAAP Diluted EPS of $10.59, a decrease of 2.8% on a year-over-year basis evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201024000003/0001352010-24-000003-index.htm - Earnings Releases EPAM Systems, Inc. reported Q1 2024 results: revenue $1.155 billion to $1.165 billion, EPS $1.79 to $1.87. Guidance initiated. - Period: Q1 2024 - Revenue: $1.155 billion to $1.165 billion - EPS: $1.79 to $1.87 - Guidance: initiated - Result: guidance update source text: First Quarter EPAM expects the following for the first quarter: • The Company expects revenues will be in the range of $1.155 billion to $1.165 billion for the first quarter reflecting a year-over-year decline of 4% at the midpoint of the range. The Company expects that foreign currency translation will have a negligible impact on year-over-year revenue decline during the quarter. This guidance also reflects a minimal contribution from inorganic revenues; • For the first quarter, EPAM expects GAAP income from operations to be in the range of 9% to 10% of revenues and non-GAAP income from operations to be in the range of 13.5% to 14.5% of revenues; • The Company expects its GAAP effective tax rate to be approximately 11% and its non-GAAP effective tax rate to be approximately 24%; and • EPAM expects GAAP diluted EPS will be in the range of $1.79 to $1.87 for the quarter, and non-GAAP diluted EPS will be in the range of $2.26 to $2.34 for the quarter. The Company expects weighted average evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201024000003/0001352010-24-000003-index.htm - Earnings Releases EPAM Systems, Inc. reported FY 2024 results: EPS $7.20 to $7.60. Guidance initiated. - Period: FY 2024 - EPS: $7.20 to $7.60 - Guidance: initiated - Result: guidance update source text: Full Year EPAM expects the following for the full year: • The Company expects the year-over-year growth rate for revenues to be in the range of 1% to 4% for 2024. The Company expects foreign currency translation will have a negligible impact on year-over-year reported revenue growth. This guidance also reflects a minimal contribution from inorganic revenues. • For the full year, EPAM expects GAAP income from operations to be in the range of 9.5% to 10.5% of revenues and non-GAAP income from operations to be in the range of 14.5% to 15.5% of revenues; • The Company expects its GAAP effective tax rate to be approximately 21% and its non-GAAP effective tax rate to be approximately 24%; and • EPAM expects GAAP diluted EPS will be in the range of $7.20 to $7.60 for the year, and non-GAAP diluted EPS will be in the range of $10.00 to $10.40 for the year. The Company expects weighted average diluted shares outstanding for the year of 59.3 million. evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201024000003/0001352010-24-000003-index.htm - Earnings Releases EPAM Systems, Inc. reported Q4 2023 results: revenue $1.157 billion, EPS $1.66. - Period: Q4 2023 - Revenue: $1.157 billion - EPS: $1.66 - Result: reported results source text: Fourth Quarter 2023 • Revenues of $1.157 billion, down 6.0% year-over-year • GAAP Income from Operations was 10.6% of revenues and Non-GAAP Income from Operations was 17.3% of revenues • GAAP Diluted EPS of $1.66, a decrease of 36.4%, and Non-GAAP Diluted EPS of $2.75, a decrease of 6.1% on a year-over-year basis evidence_url: https://www.sec.gov/Archives/edgar/data/1352010/000135201024000003/0001352010-24-000003-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.