EPAM Clocks 36% Revenue Growth In Q2; Beats Consensus Handsomely

EPAM Systems, Inc EPAM reported second-quarter FY22 revenue growth of 35.6% year-on-year to $1.195 billion, beating the consensus of $1.12 billion. Acquisitions completed in the last twelve months contributed 6.2% to revenue growth.
Non-GAAP income from operations was $177.5 million, up 14.3% Y/Y. The non-GAAP operating margin contracted 270 bps to 14.9%.
Non-GAAP EPS of $2.38 beat the consensus of $1.72.
EPAM held $1.296 billion in cash and equivalents.
Outlook: For Q3, EPAM expects revenues of at least $1.21 billion and non-GAAP EPS of at least $2.48.
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 closed higher by 1.56% at $370.03 on Wednesday.

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