Subtext

EPAM Systems, Inc. EPAM

SectorInformation Technology
Transcripts21
Date range2020-05-09 – 2025-05-08
Calls charted21

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-20-10+0+10+202020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1 · Overall: -3.92020 Q2 · Overall: +6.32020 Q3 · Overall: +2.42020 Q4 · Overall: +3.82021 Q1 · Overall: +4.92021 Q2 · Overall: +6.92021 Q3 · Overall: +8.42021 Q4 · Overall: +2.12022 Q1 · Overall: +2.32022 Q2 · Overall: +3.02022 Q3 · Overall: +4.32022 Q4 · Overall: +0.32023 Q1 · Overall: -1.92023 Q2 · Overall: +4.52023 Q3 · Overall: +4.02023 Q4 · Overall: +5.52024 Q1 · Overall: +0.52024 Q2 · Overall: +11.92024 Q3 · Overall: +17.12024 Q4 · Overall: +13.72025 Q1 · Overall: +15.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-28-14+0+14+282020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1 · CEO: -5.02020 Q2 · CEO: +11.22020 Q3 · CEO: -0.32020 Q4 · CEO: +1.22021 Q2 · CEO: +9.02021 Q3 · CEO: +7.22021 Q4 · CEO: +2.52022 Q1 · CEO: +3.52022 Q2 · CEO: +5.22022 Q3 · CEO: +2.92022 Q4 · CEO: -4.42023 Q1 · CEO: -0.52023 Q2 · CEO: +10.92023 Q3 · CEO: +12.92023 Q4 · CEO: +5.92024 Q1 · CEO: +12.32024 Q2 · CEO: +17.42024 Q3 · CEO: +18.02024 Q4 · CEO: +19.82025 Q1 · CEO: +24.42020 Q1 · CFO: +3.02020 Q2 · CFO: +8.02020 Q3 · CFO: +8.52020 Q4 · CFO: +9.52021 Q2 · CFO: +10.82021 Q3 · CFO: +12.92021 Q4 · CFO: +6.02022 Q1 · CFO: +3.62022 Q2 · CFO: +8.82022 Q3 · CFO: +13.42022 Q4 · CFO: +8.82023 Q1 · CFO: +0.92023 Q2 · CFO: +0.92023 Q3 · CFO: +0.02023 Q4 · CFO: +9.72024 Q1 · CFO: -2.12024 Q2 · CFO: +13.92024 Q3 · CFO: +20.22024 Q4 · CFO: +12.02025 Q1 · CFO: +13.4
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-29-15+0+15+292020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1 · Prepared remarks: -0.62020 Q2 · Prepared remarks: +12.52020 Q3 · Prepared remarks: +11.82020 Q4 · Prepared remarks: +11.72021 Q1 · Prepared remarks: +14.62021 Q2 · Prepared remarks: +10.62021 Q3 · Prepared remarks: +15.82021 Q4 · Prepared remarks: +8.82022 Q1 · Prepared remarks: +5.42022 Q2 · Prepared remarks: +9.12022 Q3 · Prepared remarks: +9.52022 Q4 · Prepared remarks: +2.02023 Q1 · Prepared remarks: +3.32023 Q2 · Prepared remarks: +4.72023 Q3 · Prepared remarks: +5.22023 Q4 · Prepared remarks: +7.52024 Q1 · Prepared remarks: +13.22024 Q2 · Prepared remarks: +17.92024 Q3 · Prepared remarks: +20.22024 Q4 · Prepared remarks: +17.62025 Q1 · Prepared remarks: +25.32020 Q1 · Q&A responses: -3.22020 Q2 · Q&A responses: +7.52020 Q3 · Q&A responses: -1.72020 Q4 · Q&A responses: +0.02021 Q1 · Q&A responses: +5.02021 Q2 · Q&A responses: +8.82021 Q3 · Q&A responses: +4.72021 Q4 · Q&A responses: +0.92022 Q1 · Q&A responses: +1.42022 Q2 · Q&A responses: +4.32022 Q3 · Q&A responses: +5.52022 Q4 · Q&A responses: +2.52023 Q1 · Q&A responses: -3.42023 Q2 · Q&A responses: +9.12023 Q3 · Q&A responses: +6.92023 Q4 · Q&A responses: +7.22024 Q1 · Q&A responses: +2.82024 Q2 · Q&A responses: +11.22024 Q3 · Q&A responses: +16.12024 Q4 · Q&A responses: +12.22025 Q1 · Q&A responses: +8.7
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$5.75$9.36$12.972020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1: $6.712020 Q2: $6.252020 Q3: $6.882020 Q4: $7.482021 Q1: $7.882021 Q2: $8.662021 Q3: $10.042021 Q4: $11.182022 Q1: $10.002022 Q2: $10.482022 Q3: $12.072022 Q4: $12.472023 Q1: $11.962023 Q2: $10.472023 Q3: $10.762023 Q4: $10.602024 Q1: $10.682024 Q2: $10.532024 Q3: $10.81

Forward P/E

12.4939.1665.842020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1: 25.012020 Q2: 38.782020 Q3: 47.962020 Q4: 44.662021 Q1: 47.422021 Q2: 58.182021 Q3: 62.162021 Q4: 58.052022 Q1: 28.162022 Q2: 27.642022 Q3: 35.172022 Q4: 28.452023 Q1: 23.102023 Q2: 21.242023 Q3: 24.382023 Q4: 26.372024 Q1: 28.372024 Q2: 16.172024 Q3: 18.32

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2020 Q2 tone ↑ +10.2 fwd EPS ↓ -0.46 Tone rose while the forward EPS estimate was cut.
  • 2020 Q3 tone ↓ -3.9 fwd EPS ↑ +0.63 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -6.3 fwd EPS ↑ +1.14 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -3.9 fwd EPS ↑ +0.40 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↑ +6.4 fwd EPS ↓ -1.48 Tone rose while the forward EPS estimate was cut.
  • 2024 Q2 tone ↑ +11.4 fwd EPS ↓ -0.15 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-08+15.2——View →
2024 Q42025-02-20+13.7——View →
2024 Q32024-11-07+17.1$10.8118.3View →
2024 Q22024-08-08+11.9$10.5316.2View →
2024 Q12024-05-09+0.5$10.6828.4View →
2023 Q42024-02-15+5.5$10.6026.4View →
2023 Q32023-11-02+4.0$10.7624.4View →
2023 Q22023-08-03+4.5$10.4721.2View →