Epam Systems (EPAM) FY2016 results: revenue $1.2 billion, up 26.9% on the year
Epam Systems, Inc. (EPAM) reported revenue of $1.2 billion for fiscal 2016, the year ended 31 December 2016, up 26.9% on the year before. Net income was $99 million, up 17.5%, and diluted earnings per share $1.87. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2017.
Revenue
$1.2 billion
+26.9% on the year
FY2010FY2016
Operating margin
11.5%
11.6% a year earlier
FY2010FY2016
Net income
$99 million
+17.5% on the year
FY2010FY2016
Diluted EPS
$1.87
+15.4% on the year
FY2010FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,160
914
730
+26.9%
Cost of revenue
737
567
457
+30.0%
Gross profit
423
347
273
+21.8%
Gross margin
36.5%
38.0%
37.5%
Selling, general and administrative
266
223
164
+19.4%
Operating income
134
106
86.2
+26.2%
Operating margin
11.5%
11.6%
11.8%
Pre-tax income
126
106
87.0
+19.2%
Income tax
27.2
21.6
17.3
+25.8%
Effective tax rate
21.5%
20.4%
19.9%
Net income
99.3
84.5
69.6
+17.5%
Net margin
8.6%
9.2%
9.5%
Diluted EPS
$1.87
$1.62
$1.40
+15.4%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
167
76.4
105
+118.9%
Capital expenditure
29.3
13.3
11.9
+120.9%
Free cash flow
138
63.1
93.0
+118.5%
Free cash flow margin
11.9%
6.9%
12.7%
Cash from investing
-9.3
-125
-52.9
Cash from financing
10.5
33.8
10.3
-69.0%
Depreciation and amortisation
23.4
17.4
17.5
+34.4%
Share-based compensation
49.2
45.8
24.6
+7.4%
Diluted shares, weighted
53m
52m
50m
+2.4%
Shares outstanding at period end
51m
50m
48m
+1.9%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
781
613
464
+27.4%
Debt
25.0
35.0
0.0
-28.4%
Other liabilities
119
130
130
-8.4%
Total liabilities and equity
926
779
594
+18.9%
Fixed assets
73.6
60.5
55.1
+21.7%
Goodwill
109
116
57.4
-5.7%
Intangible assets
51.3
46.9
47.7
+9.4%
Loans
6.0
6.3
n/a
-5.7%
Cash and equivalents
362
199
221
+81.5%
Receivables
200
175
124
+14.5%
Other assets
124
175
88.8
-29.3%
Total assets
926
779
594
+18.9%
10-K for the year ended 31 December 2016, filed 1 March 2017: the filing.