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Epam Systems (EPAM) Q3 FY2023 earnings: revenue $1.2 billion, down 6.1% on the year

Epam Systems, Inc. (EPAM) reported revenue of $1.2 billion for Q3 FY2023, the quarter ended 30 September 2023, down 6.1% on the same quarter a year earlier. Net income was $97 million, down 37.7% on the year, and diluted earnings per share $1.65. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2023.

Revenue$1.2 billiondown 6.1%
Net income$97 milliondown 37.7%
Diluted EPS$1.65
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue1,152n/an/an/a
Cost of revenue794n/an/an/a
Gross profit358n/an/an/a
Gross margin31.1%n/an/a
Selling, general and administrative195n/an/an/a
Operating income114n/an/an/a
Operating margin9.9%n/an/a
Pre-tax income132n/an/an/a
Income tax34.6n/an/an/a
Effective tax rate26.3%n/an/a
Net income97.2n/an/an/a
Net margin8.4%n/an/a
Diluted EPS$1.65n/an/an/a
$ 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 and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow215n/an/an/a
Capital expenditure3.6n/an/an/a
Free cash flow211n/an/an/a
Free cash flow margin18.3%n/an/a
Cash from investing-10.6n/an/an/a
Cash from financing-80.6n/an/an/a
Depreciation and amortisation23.1n/an/an/a
Share-based compensation37.8n/an/an/a
Buybacks78.5n/an/an/a
Diluted shares, weighted59mn/an/an/a
Shares outstanding at period end58mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity3,299n/an/an/a
Non-controlling interest0.6n/an/an/a
Debt27.5n/an/an/a
Operating lease liabilities108n/an/an/a
Other liabilities726n/an/an/a
Total liabilities and equity4,162n/an/an/a
Fixed assets240n/an/an/a
Goodwill548n/an/an/a
Intangible assets69.7n/an/an/a
Investments60.4n/an/an/a
Cash and equivalents1,873n/an/an/a
Other assets1,371n/an/an/a
Total assets4,162n/an/an/a

Questions

What was Epam Systems' revenue in Q3 FY2023?

Epam Systems (EPAM) reported revenue of $1.2 billion for Q3 FY2023, the quarter ended 30 September 2023, down 6.1% on the same quarter a year earlier.

How much did Epam Systems earn in Q3 FY2023?

Net income for Q3 FY2023 was $97 million, down 37.7% on the year, and diluted earnings per share $1.65.

When did Epam Systems report Q3 FY2023 results?

Epam Systems filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 3 November 2023.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,1521,1571,1651,1471,1681,2481,3021,3531,3941,4081,4001,415
Cost of revenue7947988348117648689529649839841,012985
Gross profit358360331336404380350389411423388430
Gross margin31%31%28%29%35%30%27%29%29%30%28%30%
SG&A195214198194207217219232235243240245
Operating income11412211112117713799.3126145149117152
Operating margin10%11%9%11%15%11%8%9%10%11%8%11%
Pre-tax income13212712413419013794.4124144144121141
Tax rate26%23%6%26%28%25%22%29%26%24%32%27%
Net income97.297.611698.613610373.588.010710982.5103
Net margin8%8%10%9%12%8%6%7%8%8%6%7%
Diluted EPS$1.65$1.66$1.97$1.70$2.37$1.80$1.28$1.56$1.91$1.98$1.52$1.97
Operating cash flow21517113057.024213024.253.2295283-36.4-2.4
Capital expenditure3.610.06.74.75.015.79.39.88.314.817.915.2
Free cash flow21116112352.323711514.843.4286268-54.2-17.6
Buybacks78.536.512121450.013.016019682.122432485.0
Shares outstanding58m58m58m57m57m57m57m56m55m54m53m52m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 3 November 2023, accession 0001352010-23-000051: the filing on EDGAR. All of Epam Systems, Inc.'s filings: EDGAR company page.

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