EPAM(EPAM) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter revenues reached $1.302 billion, representing an 11.7% year-over-year increase[5] - GAAP diluted EPS for the first quarter was $1.28, a decrease of 35.0% compared to $1.97 in the first quarter of 2024[6] - Non-GAAP diluted EPS was $2.41, a decrease of 2.0% from $2.46 in the first quarter of 2024[6] - Revenue growth reported for the three months ended March 31, 2025, was 11.7%, with organic constant currency growth at 1.4%[21] - Net income for the three months ended March 31, 2025, was $73,482, compared to $116,243 for the same period in 2024[21] - Diluted earnings per share for the three months ended March 31, 2025, was $1.28 on a GAAP basis, and $2.41 on a non-GAAP basis[21] Future Guidance - The company raised its expected year-over-year revenue growth rate for 2025 to a range of 11.5% to 14.5%[7] - For the second quarter, EPAM expects revenues between $1.325 billion and $1.340 billion, reflecting a year-over-year growth of 16.2% at the midpoint[7] - The company expects revenue growth of 16.2% for the second quarter of 2025, with full-year growth guidance between 11.5% and 14.5%[28] - GAAP diluted EPS for the second quarter of 2025 is expected to be between $1.67 and $1.75, with non-GAAP diluted earnings per share projected between $2.56 and $2.64[30] - Non-GAAP income from operations as a percentage of revenues is projected to be between 14.0% and 15.0% for the second quarter of 2025[28] Operational Metrics - Cash provided by operating activities was $24.2 million for the first quarter, down from $129.9 million in the same period last year[6] - Total headcount as of March 31, 2025, was approximately 61,700, with a 0.9% increase in delivery professionals from December 31, 2024[6] - The company repurchased 796 thousand shares for $160.0 million during the first quarter of 2025[6] - GAAP income from operations was 7.6% of revenues, while non-GAAP income from operations was 13.5% of revenues for the first quarter[5] Balance Sheet - Total assets as of March 31, 2025, were $4,723,612, a decrease from $4,750,473 as of December 31, 2024[20] - The company reported a total of $1,235,475 in additional paid-in capital as of March 31, 2025, an increase from $1,190,222 as of December 31, 2024[20] - Total liabilities decreased to $1,080,396 as of March 31, 2025, from $1,119,322 as of December 31, 2024[20] Compensation and Expenses - Stock-based compensation expenses for the three months ended March 31, 2025, were $23,923, up from $22,357 in the same period in 2024[22]