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-- Fourth quarter revenues up 25.5% year-over-year and 12.4% sequentially
-- Annual revenues of $555.1 million, up 28% year-over-year
-- Non-GAAP net income grew more than 20% year-over-year in both the fourth quarter and full year 2013
-- 2014 revenues expected to increase 21% - 23% year-over-year |
Newtown, PA, Feb 20, 2014 - (ACN Newswire) - EPAM Systems, Inc. (NYSE: EPAM), a leading provider of complex software engineering solutions and a leader in Central and Eastern European IT services delivery, today announced results for its fourth quarter and full year ended December 31, 2013.
Fourth Quarter 2013 Highlights
-- Revenues increased to a record $157.6 million, up 25.5% year-over-year, and 12.4% sequentially;
-- GAAP income from operations was $23.2 million, an increase of 24.3% compared to $18.7 million in the fourth quarter of 2012;
-- Non-GAAP income from operations was $27.4 million, an increase of $6.8 million, or 33.2%, from $20.6 million in the fourth quarter of 2012;
-- Quarterly diluted earnings per share (EPS) on a GAAP basis was $0.38, up from $0.32 in the year-ago quarter;
-- Non-GAAP quarterly diluted EPS was $0.48, up 30% from $0.37 in the year-ago quarter.
EPAM generated cash from operations of $46.4 million in the fourth quarter of 2013, an increase of $10.5 million generated over the fourth quarter of 2012.
Reconciliations of non-GAAP financial measures to operating results and diluted EPS are included at the end of the release.
"As we celebrate our 20th anniversary, I want to thank our customers, employees and shareholders for their continued support," said Arkadiy Dobkin, CEO and President of EPAM. "I am pleased to once again deliver industry-leading revenue growth in 2013, capped off with quarterly revenues in excess of $150 million for the first time in EPAM's history."
Full Year 2013 Highlights
-- Revenues increased 28.0% to a record $555.1 million, up from $433.8 million reported in 2012;
-- GAAP income from operations for 2013 was $76.5 million, an increase of 15.9% over 2012;
-- Non-GAAP income from operations was $91.8 million, or 22.6%, compared to $74.9 million in 2012;
-- Diluted EPS on a GAAP basis was $1.28, compared to $1.17 in the previous year;
-- Non-GAAP diluted EPS was $1.66, compared to $1.42 in 2012.
For the full year 2013, EPAM generated operating cash flow of $58.2 million. As of December 31, 2013 EPAM had cash and cash equivalents of $169.2 million.
2013 Awards and Recognition
During 2013 EPAM received numerous awards and recognition, including:
-- EPAM was named #6 on Forbes' List of America's 25 Fastest-Growing Tech Companies. The list featured industry-leading publicly traded firms such as Google, LinkedIn, Facebook, and Apple.
-- EPAM ranked #2 on the list of America's Best Small Companies: 20 Fast-Growing Tech Stars. Forbes' annual list of America's Best Small Public Companies highlights the 100 best-performing public companies with sales below $1 billion.
-- EPAM received an Oracle "Top Business Impact Partner, EMEA" award during the 5th Annual Oracle Commerce EMEA Partner Conference.
-- EPAM Empathy Lab secured a prestigious silver International Davey Award for USANetwork.com, the digital site for USA Network, the number one basic cable channel in the United States.
-- EPAM was recognized by UBM Tech Channel as a part of CRN's 2013 Solution Provider 500 list, which identifies the top technology integrators in the United States and Canada based on revenue size.
-- EPAM received a Duke's Choice Award at JavaOne Russia 2013 in Moscow. At the event, Oracle recognized companies for their innovative projects and significant contribution to the Java community.
-- EPAM Innovation Lab won in the IT Outsourcing Project of the Year category at the 2013 European Outsourcing Association Awards and Best Practice Showcase.
-- EPAM was recognized on the 2013 Global Services 100 List for the eighth consecutive year.
-- EPAM was included in the top 30 companies in IAOP's "The 2013 Global Outsourcing 100" list.
Full Year and First Quarter 2014 Outlook
Based on current conditions, EPAM expects year-over-year revenue growth to be 21%-23%. Non-GAAP net income growth for 2014 is expected to be in the range of 18% to 20% year-over-year, with an effective tax rate of approximately 20%. The full year weighted average share count is expected to be just over 50 million diluted shares outstanding.
For the first quarter of 2014, EPAM expects revenues between $151 million and $153 million, representing a growth rate of 21.6% to 23.2% over first quarter 2013 revenues. First quarter 2014 non-GAAP diluted EPS is expected to be in the range of $0.37 to $0.41 based on an estimated first quarter 2014 weighted average of 49.6 million diluted shares. GAAP diluted EPS is expected to be in the range of $0.28 to $0.31.
Conference Call Information
EPAM will hold a conference call to discuss its fourth quarter and full year 2013 results at 8:00 a.m. Eastern Standard Time, on Thursday, February 20, 2014. A live webcast of the call may be accessed over the Internet from EPAM's Investor Relations website at http://investors.epam.com. Participants should follow the instructions provided on the website to download and install the necessary audio applications. The live conference call can be accessed by dialing +1-877-407-0784 (international) or +1-201-689-8560 (domestic).
A telephonic replay of the live conference call will be available approximately one hour after the call and can be accessed by dialing +1-877-870-5176 (international) or +1-858-384-5517 (domestic). The passcode for the replay is 13575474. The telephonic replay will be available until March 6, 2014.
About EPAM Systems
Established in 1993, EPAM Systems, Inc. (NYSE: EPAM), provides complex software engineering solutions through its award-winning Central and Eastern European service delivery platform. Headquartered in the United States, EPAM employs approximately 9,300 IT professionals and serves clients worldwide from its locations in the United States, Canada, UK, Switzerland, Germany, Sweden, Netherlands, Singapore, Belarus, Hungary, Russia, Ukraine, Kazakhstan, Poland, Hong Kong and Australia.
For more information, please visit www.epam.com.
Non-GAAP Financial Measures
EPAM supplements results reported in accordance with principles generally accepted in the United States, referred to as GAAP, with non-GAAP financial measures. Management believes these measures help illustrate underlying trends in EPAM's business and uses the measures to establish budgets and operational goals, communicated internally and externally, for managing EPAM's business and evaluating its performance. Management also believes these measures help investors compare EPAM's operating performance with its results in prior periods and compare EPAM and similar companies. EPAM anticipates that it will continue to report both GAAP and certain non-GAAP financial measures in its financial results, including non-GAAP results that exclude stock-based compensation expense, write-off and recovery, amortization of purchased intangible assets, goodwill impairment, legal settlement, foreign exchange gains and losses, and acquisition-related costs. However, because EPAM's reported non-GAAP financial measures are not calculated according to GAAP, these measures are not comparable to GAAP and may not necessarily be comparable to similarly described non-GAAP measures reported by other companies within EPAM's industry. Consequently, EPAM's non-GAAP financial measures should not be evaluated in isolation or supplant comparable GAAP measures, but, rather, should be considered together with its consolidated financial statements, which are prepared according to GAAP.
Forward-Looking Statements
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
Contact:
EPAM Systems, Inc.
Anthony J. Conte, Chief Financial Officer
Phone: +1-267-759-9000 x64588
Fax: +1-267-759-8989
investor_relations@epam.com
Full press release: http://bit.ly/1d1Xn4P
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: EPAM Systems, Inc. via Globenewswire
Topic: Earnings
Source: EPAM Systems, Inc.
https://www.acnnewswire.com
From the Asia Corporate News Network
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