Epam Systems (EPAM) FY2020 results: revenue $2.7 billion, up 15.9% on the year
Epam Systems, Inc. (EPAM) reported revenue of $2.7 billion for fiscal 2020, the year ended 31 December 2020, up 15.9% on the year before. Net income was $327 million, up 25.3%, and diluted earnings per share $5.60. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$2.7 billion
+15.9% on the year
FY2013FY2020
Operating margin
14.3%
13.2% a year earlier
FY2013FY2020
Net income
$327 million
+25.3% on the year
FY2013FY2020
Diluted EPS
$5.60
+23.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,659
2,294
1,843
+15.9%
Cost of revenue
1,733
1,488
1,187
+16.4%
Gross profit
927
806
656
+15.1%
Gross margin
34.9%
35.1%
35.6%
Selling, general and administrative
485
457
374
+6.0%
Operating income
379
303
246
+25.3%
Operating margin
14.3%
13.2%
13.3%
Pre-tax income
378
300
250
+26.4%
Income tax
51.3
38.5
9.5
+33.4%
Effective tax rate
13.6%
12.8%
3.8%
Net income
327
261
240
+25.3%
Net margin
12.3%
11.4%
13.0%
Diluted EPS
$5.60
$4.53
$4.24
+23.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
544
287
292
+89.4%
Capital expenditure
68.8
99.3
37.6
-30.7%
Free cash flow
476
188
255
+152.8%
Free cash flow margin
17.9%
8.2%
13.8%
Cash from investing
-167
-145
-112
Cash from financing
-0.8
20.4
23.0
Depreciation and amortisation
62.9
45.3
36.6
+38.7%
Share-based compensation
75.2
72.0
59.2
+4.4%
Diluted shares, weighted
58m
58m
57m
+1.3%
Shares outstanding at period end
56m
55m
54m
+1.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,983
1,596
1,263
+24.2%
Non-controlling interest
0.0
n/a
n/a
Short-term borrowings
0.0
n/a
n/a
Debt
25.0
25.1
25.0
-0.1%
Operating lease liabilities
181
181
0.0
-0.1%
Other liabilities
533
442
324
+20.5%
Total liabilities and equity
2,721
2,244
1,612
+21.3%
Fixed assets
170
165
103
+2.6%
Goodwill
212
195
167
+8.7%
Intangible assets
52.0
56.3
57.1
-7.6%
Cash and equivalents
1,322
937
771
+41.2%
Receivables
n/a
n/a
0.0
Other assets
966
891
515
+8.4%
Total assets
2,721
2,244
1,612
+21.3%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.