Epam Systems (EPAM) FY2014 results: revenue $730 million, up 31.5% on the year
Epam Systems, Inc. (EPAM) reported revenue of $730 million for fiscal 2014, the year ended 31 December 2014, up 31.5% on the year before. Net income was $70 million, up 12.3%, and diluted earnings per share $1.40. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$730 million
+31.5% on the year
FY2010FY2014
Operating margin
11.8%
13.8% a year earlier
FY2010FY2014
Net income
$70 million
+12.3% on the year
FY2010FY2014
Diluted EPS
$1.40
+9.4% on the year
FY2010FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
730
555
434
+31.5%
Cost of revenue
457
348
270
+31.3%
Gross profit
273
207
163
+31.8%
Gross margin
37.5%
37.4%
37.7%
Selling, general and administrative
164
116
85.9
+40.5%
Operating income
86.2
76.5
66.0
+12.7%
Operating margin
11.8%
13.8%
15.2%
Pre-tax income
87.0
76.8
65.9
+13.3%
Income tax
17.3
14.8
11.4
+17.2%
Effective tax rate
19.9%
19.2%
17.3%
Net income
69.6
62.0
54.5
+12.3%
Net margin
9.5%
11.2%
12.6%
Diluted EPS
$1.40
$1.28
$1.17
+9.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
105
58.2
48.5
+80.1%
Capital expenditure
11.9
13.4
13.4
-10.8%
Free cash flow
93.0
44.9
35.1
+107.2%
Free cash flow margin
12.7%
8.1%
8.1%
Cash from investing
-52.9
-21.8
-59.6
Cash from financing
10.3
15.5
38.8
-33.2%
Depreciation and amortisation
17.5
15.1
10.9
+15.6%
Share-based compensation
24.6
13.2
6.8
+87.2%
Diluted shares, weighted
50m
48m
44m
+2.8%
Shares outstanding at period end
48m
47m
44m
+3.6%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
464
376
286
+23.4%
Debt
0.0
n/a
n/a
Other liabilities
130
56.8
64.5
+128.9%
Total liabilities and equity
594
433
351
+37.2%
Fixed assets
55.1
53.3
53.1
+3.4%
Goodwill
57.4
22.3
22.7
+157.8%
Intangible assets
47.7
13.7
16.8
+247.2%
Loans
n/a
6.4
0.4
Cash and equivalents
221
169
118
+30.3%
Receivables
124
95.4
78.9
+30.4%
Other assets
88.8
72.5
60.7
+22.4%
Total assets
594
433
351
+37.2%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.