Fourth Quarter 2023
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Revenues of $1.157 billion, down 6.0% year-over-year
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GAAP Income from Operations was 10.6% of revenues and Non-GAAP Income from Operations was 17.3% of revenues
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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
Full Year 2023
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Revenues of $4.691 billion, down 2.8% year-over-year
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GAAP Income from Operations was 10.7% of revenues and Non-GAAP Income from Operations was 16.3% of revenues
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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
Newtown, PA, USA, February 15, 2024 — EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced results for its fourth quarter and full year ended December 31, 2023.
“EPAM’s performance in 2023 reflects our ability to successfully navigate a volatile demand and macro-economic environment,” said Arkadiy Dobkin, CEO & President, EPAM. “After rebalancing the majority of our delivery platforms across Europe, India, Asia and Latin America, and refining our growth strategy, we are now focused on harmonizing our delivery quality, optimizing cost-effectiveness, and proactively leveraging our extensive data, engineering and consulting experience to capitalize on Generative AI opportunities.”
Fourth Quarter 2023 Highlights
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Revenues decreased to $1.157 billion, a year-over-year decrease of $74.0 million, or 6.0%. On an organic constant currency basis excluding the impact of the exit from Russia, revenues were down 7.1% compared to the fourth quarter of 2022;
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GAAP income from operations was $122.5 million, a decrease of $48.0 million, or 28.1% , compared to $170.5 million in the fourth quarter of 2022. GAAP income from operations was negatively impacted by $27.9 million of costs incurred in connection with the Company’s Cost Optimization Program;
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Non-GAAP income from operations was $200.4 million, a decrease of $19.2 million, or 8.7%, compared to $219.6 million in the fourth quarter of 2022;
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Diluted earnings per share (“EPS”) on a GAAP basis was $1.66, a decrease of $0.95, or 36.4%, compared to $2.61 in the fourth quarter of 2022; and
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Non-GAAP diluted EPS was $2.75, a decrease of $0.18, or 6.1%, compared to $2.93 in the fourth quarter of 2022.
