Epam Systems (EPAM) FY2017 results: revenue $1.5 billion, up 25.0% on the year
Epam Systems, Inc. (EPAM) reported revenue of $1.5 billion for fiscal 2017, the year ended 31 December 2017, up 25.0% on the year before. Net income was $73 million, down 26.7%, and diluted earnings per share $1.32. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2018.
Revenue
$1.5 billion
+25.0% on the year
FY2010FY2017
Operating margin
11.9%
11.5% a year earlier
FY2010FY2017
Net income
$73 million
-26.7% on the year
FY2010FY2017
Diluted EPS
$1.32
-29.4% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,450
1,160
914
+25.0%
Cost of revenue
921
737
567
+25.0%
Gross profit
529
423
347
+25.1%
Gross margin
36.5%
36.5%
38.0%
Selling, general and administrative
328
266
223
+23.2%
Operating income
173
134
106
+29.4%
Operating margin
11.9%
11.5%
11.6%
Pre-tax income
174
126
106
+37.8%
Income tax
102
27.2
21.6
+273.3%
Effective tax rate
58.3%
21.5%
20.4%
Net income
72.8
99.3
84.5
-26.7%
Net margin
5.0%
8.6%
9.2%
Diluted EPS
$1.32
$1.87
$1.62
-29.4%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
193
167
76.4
+15.3%
Capital expenditure
29.8
29.3
13.3
+1.7%
Free cash flow
163
138
63.1
+18.2%
Free cash flow margin
11.2%
11.9%
6.9%
Cash from investing
-36.2
-9.3
-125
Cash from financing
49.7
10.5
33.8
+375.3%
Depreciation and amortisation
28.6
23.4
17.4
+22.1%
Share-based compensation
52.4
49.2
45.8
+6.4%
Diluted shares, weighted
55m
53m
52m
+3.3%
Shares outstanding at period end
53m
51m
50m
+3.7%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
975
781
613
+24.8%
Debt
25.0
25.0
35.0
-0.1%
Other liabilities
250
119
130
+109.7%
Total liabilities and equity
1,250
926
779
+35.0%
Fixed assets
86.4
73.6
60.5
+17.4%
Goodwill
120
109
116
+9.4%
Intangible assets
44.5
51.3
46.9
-13.2%
Loans
n/a
6.0
6.3
Cash and equivalents
583
362
199
+60.9%
Receivables
266
200
175
+32.8%
Other assets
152
124
175
+22.6%
Total assets
1,250
926
779
+35.0%
10-K for the year ended 31 December 2017, filed 27 February 2018: the filing.