EPAM Systems authorizes $1 billion share buyback program

EPAM Systems Inc. (NYSE: EPAM) announced that its board of directors authorized a new stock repurchase program of up to $1 billion of the company's outstanding common stock.

The digital transformation services company may repurchase shares through open market purchases, privately negotiated transactions, or other means, including through trading plans under Rule 10b5-1 of the Securities Exchange Act. The share repurchase program will run for 24 months and may be suspended or discontinued at any time.

The timing and amount of stock repurchases will depend on business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The program does not obligate the company to acquire any specific amount of common stock.

"Our Board and management team are confident in our ability to deliver higher levels of future growth and shareholder value, underpinned by our recognized core engineering expertise and AI-Native market position," said Balazs Fejes, CEO and President at EPAM.

Jason Peterson, CFO at EPAM, said the company has experienced three quarters of improving year-over-year organic constant currency revenue growth. He noted that with efficient free cash flow generation and a strong balance sheet, the company can return cash to shareholders while making ongoing investments in its business.

EPAM Systems provides digital engineering, cloud and AI-enabled transformation services to global enterprises. The company was added to the S&P 500 in 2021 and serves customers across six continents.

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