EPAM Systems, Inc. (NYSE:EPAM) Q1 2020 Earnings Conference Call - Final Transcript
May 07, 2020 • 08:00 am ET
Greetings and welcome to EPAM Systems' First Quarter 2020 Earnings Conference Call. [Operator Instructions]
At this time I'll turn the conference over to David Straube Head of Investor Relations. You may now begin.
Thank you operator and good morning everyone. By now you should have received your copy of the earnings release for the company's first quarter 2020 results. If you have not a copy is available on epam.com in the Investors section. With me on today's call are Arkadiy Dobkin CEO and President; and Jason Peterson Chief Financial Officer. Before we begin I'd like to remind you that some of the comments made on today's call may contain forward-looking statements. These statements are subject to risks and uncertainties as described in the company's earnings release and SEC filings. Additionally all references to reported results that are non-GAAP measures have been reconciled to GAAP and are available in our quarterly earnings materials located in the Investors section of our website.
With that said I'll now turn the call over to Ark.
Thank you David and good morning everyone. I do hope that all of you are staying safe and healthy during the global crisis and I want to thank you for joining us. While it has been only three months since we shared our 2019 results and provided our somewhat expected by now 20%-plus annualized growth outlook for 2020 the COVID-19 pandemic has made it clear that everything we thought we knew then just a few weeks later started to be very much changing on a daily basis. In real terms the impact we are seeing all over the world is immediate serious and localized for each and every one of us and for our customers. And more importantly we believe that we are far from the end of this event. And in fact in the view of many we are somewhere near the end of just the first period of disruption. So while we understand the significant uncertainty is with us for some time we wanted to give you a perspective of how EPAM is adapting to this new reality and where we think we might be going in the near future.
Since January we've been responding to the COVID-19 crisis and all the impacts in our APAC region. To our benefit we were able to take advantage of a good amount of work done over the past years to put in place realistic actions for business continuity as well as of our investments in internal platforms which enabled us to support truly agile global delivery environments including readiness for remote workplaces and enhanced productivity measurements. Because of those efforts and combined with early learnings from APAC experienced in January and February already in March we were able to move nearly all of EPAM to a productive and safe work-from-home environment practically in a manner of days. This transition which represented a pretty significant effort was noticed by many of our clients for its speed and reliability of service continuity.