EPAM Clocks 24% Revenue Growth In Q3; Issues Cautious Q4 Outlook

EPAM Systems, Inc (NYSE: EPAM) reported third-quarter FY22 revenue growth of 24.1% year-on-year to $1.23 billion, beating the consensus of $1.19 billion.
Acquisitions completed in the last twelve months contributed 4.2% to revenue growth.
Non-GAAP income from operations was $232.4 million, up 29.4% Y/Y. The non-GAAP operating margin expanded by 70 bps to 18.9%.
Non-GAAP EPS of $3.10 beat the consensus of $2.53.
EPAM held $1.49 billion in cash and equivalents.
Outlook: For Q4, EPAM expects revenues of $1.22 billion - $1.23 billion, below the consensus of $1.24 billion. It sees non-GAAP EPS of $2.62 - $2.70, above the consensus of $2.61.
Previously, EPAM shared FY22 revenue guidance of at least $5.15 billion and non-GAAP EPS of $11.36 - $11.69.
Price Action: EPAM shares traded lower by 5.08% at $310.30 on the last check Thursday.

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