EPAM loses over $15M due to war in Ukraine
The IT company EPAM has published its financial report for the first quarter of 2022, DOU writes. Its revenues for this period rose by 50% to $1.17 billion. However, the company lost $15.1 million due to the withdrawal from the Russian market. AIN.Capital shares highlights from the report.
- Revenues for the first quarter amounted to $1.172 billion, which is 50.1% more than last year.
- GAAP Income from Operations was 11.0% of revenues, and Non-GAAP Income from Operations was 16.1% of revenues for the first quarter.
- The company incurred impairment charges for long-lived assets in Russia, including charges of $15.1 million associated with property and equipment. Also, EPAM lost $3.8 million associated with right-of-use assets and $0.7 million associated with goodwill.
- EPAM reports $100 million in humanitarian aid to support employees and displaced persons in Ukraine.
“The Russian invasion of Ukraine has changed the world and EPAM. We stand with Ukraine and continue to support our employees and their families while enabling broader assistance initiatives in the country,” said Arkadiy Dobkin, CEO & President, EPAM.
On April 8, EPAM left the Russian market.