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November 2026 EPAM Proprietary & Confidential. Investor
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EPAM Proprietary & Confidential. 2 Safe Harbor Statement These materials contain forward-looking statements. You should not place undue reliance on these statements because they are subject to numerous uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements include information concerning the Company’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “might,” “would,” “continue” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Those known and unknown risks, uncertainties and assumptions may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets, global trade, and the broader economy, the adoption and implementation of artificial intelligence technologies by EPAM and its clients and prospective clients, and the effect that they may have on our client demand, revenues, operations, access to capital, and profitability.Additional risks and uncertainties include but are not limited to the world economy; our expected financial performance; and macroeconomic and market conditions and volatility. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors are discussed in more detail in the Company’s filings with the Securities and Exchange Commission. These risks could cause actual results to differ materially from those implied by forward-looking statements. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect the Company. The Company has no obligation to update or correct any forward-looking statements after the date hereof, except as required by federal securities laws. This presentation includes non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute or superior to, measures of financial performance prepared in accordance with GAAP . There are a number of limitations related to the use of non-GAAP financial measures. For example, other companies may calculate similarly titled non-GAAP financial measures differently. Refer to EPAM's respective earnings releases for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. INVESTOR PRESENTATION
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EPAM Proprietary & Confidential. 3 01 02 03 04 05 06 Key Highlights Company Overview Strategic Positioning Use-Cases Awards & Recognition Financial Profile
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EPAM Proprietary & Confidential. 4 Key Highlights 01
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EPAM Proprietary & Confidential. 5 Winning in the AI Era INVESTOR PRESENTATION Best positioned to be a leader in enterprise AI transformation Foundational AI work expanding, driving significant growth opportunity Strongest engineering talent in the industry with a track record of solving our clients’ most complex problems Clear strategy focused on accelerating organic growth, while driving margin expansion Revenue Accelerating revenue growth through 2028 Profitability 16%+ non-GAAP operating income margin in 2028 Free Cash Flow $1.8B+ cumulative free cash flow, 2026–2028 Capital Allocation Committed to returning at least 50% of free cash flow to shareholders annually, 2027–2029 Long-Term Targets
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EPAM Proprietary & Confidential. 6 Delivered solid organic constant currency revenue growth Continued momentum in AI-native revenues Improved profitability Signed three large, AI-led multi-year strategic deals Key Takeaways: FY26 Q3 Earnings Results INVESTOR PRESENTATION Revenue of $1.426B, up 2.5% YoY in organic constant currency, above the high end of our outlook range. $185M+ in the quarter, ~13% of total revenues, up from ~11% last quarter. Now expect at least $650M in 2026. Higher gross margin and non-GAAP income from operations; non-GAAP EPS up 14% YoY. Raised full year profitability and EPS outlook. In Financial Services and Energy, expected to ramp in the first half of 2027, with a growing pipeline. Continuing to strengthen and expand our strategic partnerships More than 25,000 certifications in six months across Anthropic, OpenAI, Google Gemini Enterprise and Microsoft. New long-term capital allocation framework At least 50% of free cash flow returned to shareholders annually, 2027–2029.
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EPAM Proprietary & Confidential. 7 EPAM Fast Facts – Q3 2026 Emerging Life Sciences & Healthcare -0.5% 9.9%$175M$241M Business Information & Media -5.5%$158M Consumer Goods, Retail & Travel -2.5%$269M Software & Hi-Tech -6.1%$199M Financial Services 13.7%$384M REVENUES BY INDUSTRY VERTICAL (Reported $ & YoY Growth) EMEA AMERICAS -4.0% 5.8% $810M $587M $29M REVENUES BY CUSTOMER LOCATION (Reported $ & YoY Growth) APAC REPORTED REVENUES (YoY) NON - GAAP DILUTED EPS (YoY) GAAP DILUTED EPS (Y o Y) Figures are as of Q3 2026 unless otherwise noted. Refer to EPAM’s 3rd Quarter 2026 Earnings Release for additional informatio n and GAAP to Non-GAAP reconciliation. NON - GAAP INCOME FROM OPERATIONS ( % of Revenue) GAAP INCOME FROM OPERATIONS ( % of Revenue) 0.2%
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EPAM Proprietary & Confidential. 8 Company Overview 02
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EPAM Proprietary & Confidential. 9 Helping Our Clients: Deliver productivity and ROI Navigate disruption and technology innovation Solve their most complex challenges Become more cost competitive Drive more revenue, change the business Accelerate AI-native transformation We Are Builders Engineering DNA. Multidisciplinary Experts. Delivering Results. Relentlessly.
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EPAM Proprietary & Confidential. 10 Google Select Clients 11 Industries diverse and global client list 345+ of Forbes Global 2000 64 of Top 100 clients are part of both the S&P 500 and Forbes Global 2000 13 Years average relationship across top 20 clients 80+ of our top 100 clients engaged in AI-native Who We Serve INVESTOR PRESENTATION
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EPAM Proprietary & Confidential. 11 Strategic Positioning 03
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EPAM Proprietary & Confidential. 12 We Have A Significant Opportunity Ahead INVESTOR PRESENTATION ‘Client Zero’ Mentality Internal AI transformation, driving creation of global delivery standards and playbooks, battle-tested tools, and best practices Engineering Excellence Pioneering engineering culture with long-standing R&D mindset, labs, early adoption of technology and reputation for technical leadership Talent Management Approach Enterprise systems to manage people, projects and their productivity to maximize client and EPAM value Deep Industry Expertise Broad and deep expertise across key industry verticals and industry- specific platforms Long-Standing Client Relationships Loyal client base built on deeply embedded, proven relationships and close integration with executives, internal teams, processes and culture Our cycle-tested strengths, innovation and unique DNA positions us to win in the AI-era
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EPAM Proprietary & Confidential. 13 We Are On Multi-Year Journey With An Aspiration to Become The Go-To-Partner in Enterprise AI Transformation INVESTOR PRESENTATION Empowering organizations to navigate and accelerate their AI journeys through end-to-end transformation Talent, Skills & Capabilities Strategic Partnerships Domain & Verticalization Expertise IP Assets Key Enablers Strategic Pillars Establish EPAM as a Leading AI-delivery Software Engineering Services Provider 01 02 03 Transform Into an AI-native Organization Capitalize On AI-native Structure to Expand Offerings
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EPAM Proprietary & Confidential. 14 We Continue To Create And Expand Our AI-Native Business Models And Services INVESTOR PRESENTATION Traditional Services AI-Driven Services Market Demand Is Transforming Manual BPO Operations Agentic Intelligent Operations AI-Native Experiences Agentic Operations (Factories) Agentic SecurityLegacy IT Support Traditional Agency Work Standard Consulting Illustrative Examples:
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EPAM Proprietary & Confidential. 15 We Are Moving Clients Through Experimentation To AI-Native INVESTOR PRESENTATION Our AI-Native Team Working as L3 Offers Faster Delivery & Response to Market Disruptive & Novel Codified AI-native SDLC, agentic workflows with cost-governed optimization Most Companies Have Been Stuck Here Companies Trying to Move Here, Targeting AI Adoption at Scale Few Companies Delivering at this Level 03 Systematic & Scalable Agents as code; majority adoption with tracked productivity metrics 02 Inconsistent & Ad-Hoc Copilots/assistants; sporadic adoption without data insights 01 EPAM’S DIFFERENTIATION MOAT WE ARE MEETING CLIENTS WHERE THEY ARE & STEWARDING THEIR JOURNEY TO LEVEL 03
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EPAM Proprietary & Confidential. 16 Doubling Down On Our Key Growth Drivers INVESTOR PRESENTATION Talent, Skills & Capabilities Extending 30+ year heritage of integrating technology, business strategy, experience design and operations underpinned by superior software engineering Domain & Verticalization Expertise Strengthening deep client relationships rooted in client-centric knowledge and experiences Internal Platforms & IP Assets Capitalizing on industry-leading platforms and proprietary intellectual property assets to support long-term value creation Strategic Partnerships Combining strategic partner solutions and AI/Run .Toolsto create best-of-breed ecosystems
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EPAM Proprietary & Confidential. 17 From Full-Stack Agentic Engineers To “BLACK BELTS” Forward Deployed Engineers - FDEs Agentic Stack Specialization • Deep expertise in leading AI platforms • Hands-on with stack-native primitives • Helps choose the right solution: balancing value, cost, risk and readiness Business & Domain Immersion • Fluent with business stakeholders • Translates business language into agent-operable context • Understands how the business actually works: people, processes and systems • Embeds with client teams AI Solution Delivery • Builds production AI across apps, workflows, data, APIs, and systems • Fluent in agentic patterns: tools, context, memory, RAG, evals, guardrails, HIL, observability • Turns ambiguous business problems into demonstrable AI increments • Clearly explains tradeoffs INVESTOR PRESENTATION Agentic Stack Specialization Business & Domain Immersion AI Solution Delivery OUTCOME- DRIVEN PARTNERSHIP Asks the right questions fast: possible vs. worth doing Turns first-use-case learning into reusable production patterns Encodes enterprise reality into tools, agents, context, approvals, and tests
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EPAM Proprietary & Confidential. 18 Expanding our Go-to-Market Opportunities with a Focus On the End Buyer INVESTOR PRESENTATION Three brand doors to engage unique buyers and speak directly to their needs GM / Head of Business Strategy Business Optimization & Growth Chief Marketing Officer AI-Native Transformation Chief Technology Officer Agile IT / SDLC / PDLC EPAM Empathy Lab EPAM Continuum Type of Buyer Solution Focus AI-Native Engineering AI-Native Consulting AI-Native Agency Cloud Cyber Security DevOps Engineering Advisory M&A Testing AI Experience Functional Data & Analytics Innovation Industry AI/Run .Transform REALIZE VALUE EXPANDING OUR ADDRESSABLE MARKET & INCREASING NUMBER OF BUYERS IN NEW WAYS
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EPAM Proprietary & Confidential. 19 Offering Differentiated Blueprints and Playbooks, Accelerating Client AI Adoption and Transformation INVESTOR PRESENTATION Enterprise-Wide AI-Native Transformation Help redefine our client's business and envision the future of their organizations with AI Modular ‘Meet You Where You Are’ frameworks and methodologies Brings together critical thinking, industry expertise and agentic capabilities to shape AI-native delivery teams Proprietary, agentic-powered platforms and leading technology partner ecosystems to accelerate delivery and provide bespoke solutions for our clients AI-Native Engineering Transformation AI-Innovation Business TransformationFrom Software delivery lifecycle to full-scale talent + business transformation
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EPAM Proprietary & Confidential. 20 160+ Ecosystem Partnerships INVESTOR PRESENTATION Select Partners Accelerate revenue growth through joint go-to-market opportunities that drive adoption and consumption Elevate market sensing capabilities to stay abreast of the evolving market trends Cross-sell across multiple client functions Enhance delivery efficiency and effectiveness Awarded 2025 GSI Leveraging Partnerships to: Identify and action joint IP and collaboration models
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EPAM Proprietary & Confidential. 21 Proven Relationships and Growing Partnerships INVESTOR PRESENTATION EPAM and Cursor Announce Strategic Partnership to Build and Scale AI-Native Teams for Global Enterprises January 2026 EPAM and Oracle Collaborate to Accelerate Adoption of AI-Powered Cloud Solutions October 2025 EPAM Wins the 2025 Microsoft Innovate with Azure AI Platform Partner of the Year Award November 2025 EPAM Launches Advanced Agents into Google Marketplace December 2025 EPAM Receives 2025 AWS Global Innovation Partner of the Year December 2025 EPAM and Anthropic Form Strategic, Multi-Year Partnership to Accelerate the Delivery of Safe, Reliable and Enterprise-Grade AI May 2026 July 2026 EPAM joins OpenAI Partner Network, together we’re building forward deployed engineering, cyber resilience, and customer experience capabilities EPAM Joins Microsoft Intelligent Security Association March 2026 August 2026 EPAM partners with Wiz to Help Enterprises Reduce Cloud Risk and Strengthen Cyber Resilience EPAM joins the SpaceXSI partner program. Together we are transforming frontier AI capability into governed, reliable and accountable outcomes at scale for the world’s largest enterprises. October 2026
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EPAM Proprietary & Confidential. 22 Client Examples 04
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EPAM Proprietary & Confidential. Global BioPharmaceutical Company EPAM and AstraZeneca have announced a broadening of our longstanding partnership as EPAM joins BioVentureHub at AstraZeneca’s R&D centerin Gothenburg, Sweden. EPAM brings domain expertise as well as high-level mastery in advanced analytics and AI. AstraZeneca has the scale, resources and famed scientific capabilities. Together, onsite,we will improve our innovation process and discover and scale new forms of value. AstraZeneca LIFE SCIENCES
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EPAM Proprietary & Confidential. 24 A global CPG leader Our partnership included first establishing a modern, unified data platform that consolidated fragmented enterprise data into a trusted foundation, and then scaling Data & AI across the entire value chain. With 80+ Data & AI initiatives launched, improving every process and every decision across the enterprise, LIPTON Teas and Infusions saw more than €30 million in business impact in the last 12 months of its Data & AI transformation program. The result is an organization that has moved beyond experimentation and truly operationalized Data & AI across the enterprise. LIPTON Teas and Infusions RETAIL & CONSUMER
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EPAM Proprietary & Confidential. European leader in photo products Storio Group achieved 10x costs savings by replacing some manual processes with agentic AI. The company's HTML5 Photo Editor is a marquee product and earner, but Storio wanted to unlock revenue growth by reimagining how the product gets built and maintained. Together, we built a structured agentic workflow, using multiple Claude models powered by Anthropic. Governance was framed around a simple truth: AI will sometimes be wrong, so we gate for it. Storio now has the confidence to move quickly on a product that must evolve with technology. And the Storio team can spend more time on innovation rather than maintenance. Storio Group RETAIL & CONSUMER
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EPAM Proprietary & Confidential. 26 EPAM is collaborating with a leading luxury automotive company across several initiatives, including an AI-native cybersecurity program and an award-winning learning program. EPAM cut vulnerability triage time by 70%, improving cyber resiliency for the client. With manual triage stalling delivery and causing operational friction, EPAM developed an agentic AI solution that automated the vulnerability lifecycle, reducing processing time from hours to minutes and freeing engineers for higher value work. With an innovative approach to helping the company transform the way it develops IT executives, EPAM helped implement the company’s award-winning Learning Program. A Leading Global Supplier of Luxury Vehicles AUTOMOTIVE & MANUFACTURING
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EPAM Proprietary & Confidential. 27 EPAM helped a global chemical manufacturer and distributor build an AI registry that cuts risk assessment time from weeks to minutes — a time savings of 99.9%. Instead of manually scrolling through spreadsheets and email chains, the company now has a live, auditable platform governing all AI tools and use cases enterprise wide. With a transparent workflow aligned to EU AI Act compliance standards, the registry EPAM deliveredcan be tailored as business needs change and is customizable for any company regardless of industry or geography. A Global Chemical Company AUTOMOTIVE & MANUFACTURING
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EPAM Proprietary & Confidential. 28 Awards & Recognition 05
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EPAM Proprietary & Confidential. 29 Industry Leading Recognitions INVESTOR PRESENTATION EPAM included in the Forrester Customer Experience Strategy Consulting Services Landscape featuring providers that support end to end CX transformation — from vision through execution EPAM named a Top 3 Leader in AI &Tech by Glassdoor (2026) The Wall Street Journal named EPAM one of its Best Companies for the Future (2026) Whitelane - Europe + UK&I & Nordics: EPAM Ranked #1 Across Europe (2025) and in UKI and Nordics (2026) Gartner named EPAM a Leader in its Magic Quadrant for Custom Software Development Services (2022-2026) Forbes named EPAM the Most Trusted and the World’s Best Employer for Tech Fast Company named EPAM a Best Workplace for Innovators EPAM named a leader in IDC MarketScape: Worldwide Data Modernization Services Providers for Retail and Restaurants
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EPAM Proprietary & Confidential. 30 Financial Profile 06
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EPAM Proprietary & Confidential. 31 Returning to Growth INVESTOR PRESENTATION Revenues ($M) Non-GAAP Operating Income ($M) Non-GAAP Diluted EPS ($) • Stability during period of geopolitical challenge • Expanded delivery locations • AI focus driving growth • Stable profitability while repositioning delivery • Continuing to invest in capabilities • Revenue growth • Focus on profitability • Effective capital allocation Key drivers $4,825 $4,691 $4,728 $5,457 $5,654 2022 2023 2024 2025 2026E $10.90 $10.59 $10.86 $11.50 $13.27 2022 2023 2024 2025 2026E $818 $765 $779 $831 $905 2022 2023 2024 2025 2026E OPTIMIZING REPOSITIONED GLOBAL DELIVERY , WHILE CONTINUING TO INV EST IN AI & AI- NATIVE CAPABILITIES Refer to Footnotes for Non-GAAP definitions and refer to the company’s respective earnings releases for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. 2026E reflects the midpoint of the range for full year 2026 outlook estimates, issued in our FY26 Q3 earnings release.
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EPAM Proprietary & Confidential. 32 Q4 2026 Full Year 2026 Revenue $1.405B – $1.420B $5.646B – $5.661B Y/Y Revenue Change -0.2% – 0.9% 3.5% – 3.7% Y/Y Revenue Growth Rate in Organic Constant Currency 0.5% – 1.6% 2.5% – 2.7% Income from Operations GAAP Income from Operations 11.5% – 12.5% 10.7% – 10.9% Non-GAAP Income from Operations 16.0% – 17.0% 15.9% – 16.1% Diluted EPS Weighted Average Diluted Shares Outstanding 49.9M 52.0M GAAP Diluted EPS $2.43 – $2.51 $8.41 – $8.49 Non-GAAP Diluted EPS $3.50 – $3.58 $13.23 – $13.31 Y/Y Non-GAAP Diluted EPS Growth Rate at the Midpoint 8.6% 15.4% Full Year and Q4 2026 Guidance Refer to EPAM's respective earnings releases for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.
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EPAM Proprietary & Confidential. 33 Clear Strategy to Drive Value Creation INVESTOR PRESENTATION Strategy Expected Results Growth Durable Revenue Growth Accelerating revenue growth through 2028 Profitability Operating Income Margin 16%+ non-GAAP operating income margin in 2028 Free Cash Flow Strong & Durable Free Cash Flow $1.8B+ cumulative free cash flow, 2026 – 2028 Returns Disciplined Capital Allocation 50%+ At least 50% of free cash flow returned annually, 2027 – 2029 Refer to EPAM's respective earnings releases for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.
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EPAM Proprietary & Confidential. 34 Returning at Least 50% of Free Cash Flow to Shareholders INVESTOR PRESENTATION Efficient free cash flow generation and a strong balance sheet OUR COMMITMENT 50%+ At least 50% of free cash flow returned to shareholders annually, 2027 – 2029 CAPITAL ALLOCATION 01 Reinvestment Organic reinvestment to support high-growth opportunities 02 Capital Returns Disciplined share repurchases when share price is undervalued 03 M&A Targeted tuck-in acquisitions to access high- growth industry domains or geographies Free cash flow is calculated as cash flows from operating activities as presented in the statement of cash flows under GAAP, less capital expenditures. CASH RETURNED TO SHAREHOLDERS ~$1.7B share repurchases since initiation of share repurchase program in 2023 OUR COMMITMENT 2026 2027 2028 2029 2028 Target New Framework $1.8B+ cumulative free cash flow At least 50% of free cash flow returned annually
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EPAM Proprietary & Confidential. 35 INVESTOR PRESENTATION Footnotes 1. Non-GAAP Operating Income excludes stock-based compensation expenses, acquisition-related costs including amortization of acquired intangible assets, impairment of assets, expenses associated with EPAM's humanitarian commitment to its professionals in Ukraine, unbilled business continuity resources resulting from Russia's invasion of Ukraine, costs associated with the geographic repositioning of EPAM employees based outside of Ukraine impacted by the war and geopolitical instability in the region, employee separation costs incurred in connection with restructuring programs including the Company's exit from Russia, and certain other one-time charges and benefits 2. Non-GAAP Diluted EPS stock-based compensation expenses, acquisition-related costs including amortization of acquired intangible assets, impairment of assets, expenses associated with EPAM's humanitarian commitment to its professionals in Ukraine, unbilled business continuity resources resulting from Russia's invasion of Ukraine, costs associated with the geographic repositioning of EPAM employees based outside of Ukraine impacted by the war and geopolitical instability in the region, employee separation costs incurred in connection with restructuring programs including the Company's exit from Russia, certain other one-time charges and benefits, changes in fair value of contingent consideration, foreign exchange gains and losses, excess tax benefits related to stock-based compensation, and the related effect on income taxes of the pre-tax adjustments