Epam Systems (EPAM) FY2015 results: revenue $914 million, up 25.2% on the year
Epam Systems, Inc. (EPAM) reported revenue of $914 million for fiscal 2015, the year ended 31 December 2015, up 25.2% on the year before. Net income was $84 million, up 21.3%, and diluted earnings per share $1.62. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2016.
Revenue
$914 million
+25.2% on the year
FY2010FY2015
Operating margin
11.6%
11.8% a year earlier
FY2010FY2015
Net income
$84 million
+21.3% on the year
FY2010FY2015
Diluted EPS
$1.62
+15.7% on the year
FY2010FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
914
730
555
+25.2%
Cost of revenue
567
457
348
+24.2%
Gross profit
347
273
207
+27.0%
Gross margin
38.0%
37.5%
37.4%
Selling, general and administrative
223
164
116
+36.1%
Operating income
106
86.2
76.5
+23.0%
Operating margin
11.6%
11.8%
13.8%
Pre-tax income
106
87.0
76.8
+22.0%
Income tax
21.6
17.3
14.8
+24.8%
Effective tax rate
20.4%
19.9%
19.2%
Net income
84.5
69.6
62.0
+21.3%
Net margin
9.2%
9.5%
11.2%
Diluted EPS
$1.62
$1.40
$1.28
+15.7%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
76.4
105
58.2
-27.2%
Capital expenditure
13.3
11.9
13.4
+11.4%
Free cash flow
63.1
93.0
44.9
-32.1%
Free cash flow margin
6.9%
12.7%
8.1%
Cash from investing
-125
-52.9
-21.8
Cash from financing
33.8
10.3
15.5
+226.3%
Depreciation and amortisation
17.4
17.5
15.1
-0.5%
Share-based compensation
45.8
24.6
13.2
+86.2%
Diluted shares, weighted
52m
50m
48m
+4.5%
Shares outstanding at period end
50m
48m
47m
+3.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
613
464
376
+32.1%
Debt
35.0
0.0
n/a
Other liabilities
130
130
56.8
+0.3%
Total liabilities and equity
779
594
433
+31.1%
Fixed assets
60.5
55.1
53.3
+9.7%
Goodwill
116
57.4
22.3
+101.9%
Intangible assets
46.9
47.7
13.7
-1.7%
Loans
6.3
n/a
6.4
Cash and equivalents
199
221
169
-9.6%
Receivables
175
124
95.4
+40.3%
Other assets
175
88.8
72.5
+97.0%
Total assets
779
594
433
+31.1%
10-K for the year ended 31 December 2015, filed 23 February 2016: the filing.