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The impact of the Ukraine crisis on U.S. issuers

TITN, PM, EPAM, THRM provide updates on their operations in Ukraine

Highlights from the last two days

  • Philip Morris International shut down their operations in Ukraine (announced today).

  • Titan Machinery, EPAM Systems and Gentherm continue to operate in Ukraine while they monitor the situation.

  • Karuna Therapeutics withdrew guidance for a Phase 3 trial of KarXT (a schizophrenia drug) taking place in the U.S. and Ukraine.

Risk exposure

  • EPA has 14,000 employees in Ukraine. The region represented about 17% of EPAM’s long-lived assets last year. Approximately 4% of EPAM revenue was derived from customers in Russia last year.

  • Gentherm’s Ukraine facilities represent more than 10% of their revenues but the facilities are located on the Hungary border.

  • Titan Machinery Ukraine accounted for less than 5% of total revenues and assets and less than 25% of their International segment.

  • Ukraine accounted for less than 2% of Philip Morris International’s revenues.

Exposure and current plans are described in more detail below.

It’s not bad news for everyone…

Uranium Energy Corp expects the crisis in Ukraine to be beneficial to them, stating “we believe utility fuel managers around the globe are moving towards increasing jurisdictional stability in their supply strategies”. Uranium Energy Corp’s facilities are in Texas and therefore offer “jurisdictional stability”.


“EPAM has approximately 14,000 personnel in Ukraine (including approximately 13,000 delivery personnel) in addition to personnel in Russia and Belarus. EPAM is actively monitoring the security of our people and the stability of our infrastructure, including communications and internet availability. EPAM is executing its business continuity plan, adapting to developments in real time to protect the safety of our people and handling potential impacts to our delivery infrastructure, including reallocating work to other geographies within our global footprint.”

The following segment information was extracted from the EPAM FY 2020 10-K:

$EPAM 10-K showing assets in Ukraine and Russia 2018-2020

$EPAM 10-K showing revenue from Russia. 2018-2020


Today, Philip Morris International Inc. announced, “the temporary suspension of its operations in Ukraine, including at its factory in Kharkiv.

“In 2021, Ukraine accounted for around 2% of PMI’s total cigarette and heated tobacco unit shipment volume and under 2% of PMI’s total net revenues. The company has one factory and over 1,300 employees in the country, and has contingency plans in place to restart the supply of products once safe conditions allow.”


“Titan Machinery Inc. (the "Company") is actively monitoring the quickly evolving geopolitical situation between Ukraine and Russia.”

“For the nine months ended October 31, 2021 revenues and assets of Titan Machinery Ukraine accounted for under 5% of the Company's total revenues and assets and under 25% of revenues and assets of our International segment. The physical assets (e.g. inventory and fixed assets) of Titan Machinery Ukraine are almost exclusively located in the central and western areas of the country.”

GENTHERM INC (THRM) “The situation in Ukraine is very fluid and we continue to monitor it closely. Our facility in Vynohradiv is on the far western corner of Ukraine near the Hungary border. At this time, our manufacturing facility is operating at normal capacity. In 2021, products manufactured at our Ukraine facility represented approximately 11% of the Company’s revenue, including automotive cables, seat heaters and steering wheel heaters.”

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