10-Q Filing

EPAM SYSTEMS, INC. CIK: 1352010 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001352010-14-000024`
Period End Date	20140331
Filing Date	20140507
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	epam-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 88 Income Statement 34 Cash Flow Statement 66

Balance Sheet 88 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$102.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$118.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$169.21M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$174.07M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.80M	USD	Point-in-time
Accounts receivable, net of allowance of $1,936 and $1,800 respectively	`AccountsReceivableNetCurrent`	$89.93M	USD	Point-in-time
Accounts receivable, net of allowance of $1,936 and $1,800 respectively	`AccountsReceivableNetCurrent`	$95.43M	USD	Point-in-time
Employee loans, current, allowance	`AllowanceForDoubtfulOtherReceivablesCurrent`	-	USD	Point-in-time
Employee loans, current, allowance	`AllowanceForDoubtfulOtherReceivablesCurrent`	-	USD	Point-in-time
Unbilled revenues	`UnbilledReceivablesCurrent`	$43.11M	USD	Point-in-time
Unbilled revenues	`UnbilledReceivablesCurrent`	$58.79M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.36M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.11M	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively, current	`AccountsNotesAndLoansReceivableNetCurrent`	$2.11M	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively, current	`AccountsNotesAndLoansReceivableNetCurrent`	$1.99M	USD	Point-in-time
Employee loans, long-term, allowance	`AllowanceForNotesAndLoansReceivableNoncurrent`	-	USD	Point-in-time
Employee loans, long-term, allowance	`AllowanceForNotesAndLoansReceivableNoncurrent`	-	USD	Point-in-time
Time deposits	`TimeDepositsAtCarryingValue`	$6.88M	USD	Point-in-time
Time deposits	`TimeDepositsAtCarryingValue`	$1.19M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Short-term security deposits under customer contracts	`DepositsAssetsCurrent`	-	USD	Point-in-time
Short-term security deposits under customer contracts	`DepositsAssetsCurrent`	$298.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deferred tax assets, current	`DeferredTaxAssetsNetCurrent`	$5.37M	USD	Point-in-time
Deferred tax assets, current	`DeferredTaxAssetsNetCurrent`	$5.39M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	160.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	160.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$352.26M	USD	Point-in-time
Common stock, shares issued (in shares )	`CommonStockSharesIssued`	47.57M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$330.97M	USD	Point-in-time
Common stock, shares issued (in shares )	`CommonStockSharesIssued`	47.89M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	46.94M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	46.61M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$53.07M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$53.31M	USD	Point-in-time
Long-term deposits under employee loan programs	`DepositsAssetsNoncurrent`	$225.00K	USD	Point-in-time
Long-term deposits under employee loan programs	`DepositsAssetsNoncurrent`	$216.00K	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively, long-term	`NotesAndLoansReceivableNetNoncurrent`	$4.40M	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively, long-term	`NotesAndLoansReceivableNetNoncurrent`	$4.23M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$12.96M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$13.73M	USD	Point-in-time
Goodwill	`Goodwill`	$26.39M	USD	Point-in-time
Goodwill	`Goodwill`	$22.27M	USD	Point-in-time
Deferred tax assets, long-term	`DeferredTaxAssetsNetNoncurrent`	$4.56M	USD	Point-in-time
Deferred tax assets, long-term	`DeferredTaxAssetsNetNoncurrent`	$4.71M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$3.41M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$4.80M	USD	Point-in-time
Total assets	`Assets`	$432.88M	USD	Point-in-time
Total assets	`Assets`	$458.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.83M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.81M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$20.18M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$15.31M	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$4.54M	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$4.54M	USD	Point-in-time
Due to employees	`DueToEmployeesCurrent`	$12.66M	USD	Point-in-time
Due to employees	`DueToEmployeesCurrent`	$17.30M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$10.41M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$14.17M	USD	Point-in-time
Deferred tax liabilities, current	`DeferredTaxLiabilitiesCurrent`	$275.00K	USD	Point-in-time
Deferred tax liabilities, current	`DeferredTaxLiabilitiesCurrent`	$1.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$60.45M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$54.66M	USD	Point-in-time
Deferred revenue, long-term	`DeferredRevenueNoncurrent`	$340.00K	USD	Point-in-time
Deferred revenue, long-term	`DeferredRevenueNoncurrent`	$533.00K	USD	Point-in-time
Taxes payable, long-term	`AccruedIncomeTaxesNoncurrent`	$1.23M	USD	Point-in-time
Taxes payable, long-term	`AccruedIncomeTaxesNoncurrent`	$1.23M	USD	Point-in-time
Deferred tax liabilities, long-term	`DeferredTaxLiabilitiesNoncurrent`	$334.00K	USD	Point-in-time
Deferred tax liabilities, long-term	`DeferredTaxLiabilitiesNoncurrent`	$351.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$56.78M	USD	Point-in-time
Total liabilities	`Liabilities`	$62.36M	USD	Point-in-time
Commitments and contingencies (See Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (See Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 160,000,000 authorized; 47,893,055 and 47,569,463 shares issued, 46,940,797 and 46,614,916 shares outstanding at March 31, 2014 and December 31, 2013, respectively	`CommonStockValue`	$47.00K	USD	Point-in-time
Common stock, $0.001 par value; 160,000,000 authorized; 47,893,055 and 47,569,463 shares issued, 46,940,797 and 46,614,916 shares outstanding at March 31, 2014 and December 31, 2013, respectively	`CommonStockValue`	$46.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$201.96M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$195.59M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$190.99M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$208.35M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$8.68M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$8.66M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.41M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.83M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$396.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$376.10M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$432.88M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$458.64M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$124.20M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$160.38M	USD	1 Quarter
Cost of revenues (exclusive of depreciation and amortization)	`CostOfRevenue`	$102.45M	USD	1 Quarter
Cost of revenues (exclusive of depreciation and amortization)	`CostOfRevenue`	$77.94M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$27.08M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$32.36M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$3.62M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$3.69M	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-25.00K	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-25.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$15.54M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$21.86M	USD	1 Quarter
Interest and other income, net	`InvestmentIncomeNet`	$630.00K	USD	1 Quarter
Interest and other income, net	`InvestmentIncomeNet`	$976.00K	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.24M	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-499.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$21.59M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$15.67M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.23M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.99M	USD	1 Quarter
Net income	`NetIncomeLoss`	$12.68M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.36M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.58M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-2.34M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$13.79M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$10.34M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.37	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.35	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.27	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	44.81M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	46.80M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.65M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.21M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$12.68M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.69M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.62M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$368.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$161.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$268.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$97.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.21M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.58M	USD	1 Quarter
Excess tax benefits on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$1.53M	USD	1 Quarter
Excess tax benefits on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$995.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-294.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-586.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.91M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.66M	USD	1 Quarter
Unbilled revenues	`IncreaseDecreaseInUnbilledReceivables`	$15.61M	USD	1 Quarter
Unbilled revenues	`IncreaseDecreaseInUnbilledReceivables`	$18.60M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-939.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$103.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.01M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.56M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-12.09M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-7.91M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$265.00K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-1.92M	USD	1 Quarter
Due to employees	`IncreaseDecreaseInDueToEmployeesCurrent`	$4.71M	USD	1 Quarter
Due to employees	`IncreaseDecreaseInDueToEmployeesCurrent`	$3.19M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-3.70M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-5.24M	USD	1 Quarter
Net cash provided by/ (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.74M	USD	1 Quarter
Net cash provided by/ (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.19M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.89M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.16M	USD	1 Quarter
Payment for construction of corporate facilities	`PaymentsForConstructionInProcess`	$808.00K	USD	1 Quarter
Payment for construction of corporate facilities	`PaymentsForConstructionInProcess`	$1.49M	USD	1 Quarter
Employee housing loans	`PaymentsForProceedsFromOtherInvestingActivities`	$2.83M	USD	1 Quarter
Employee housing loans	`PaymentsForProceedsFromOtherInvestingActivities`	$294.00K	USD	1 Quarter
Proceeds from repayments of employee housing loans	`ProceedsFromCollectionOfNotesReceivable`	-	USD	1 Quarter
Proceeds from repayments of employee housing loans	`ProceedsFromCollectionOfNotesReceivable`	$419.00K	USD	1 Quarter
(Increase)/decrease in restricted cash and time deposits, net (Note 3)	`IncreaseDecreaseInRestrictedCashAndInvestments`	$5.39M	USD	1 Quarter
(Increase)/decrease in restricted cash and time deposits, net (Note 3)	`IncreaseDecreaseInRestrictedCashAndInvestments`	$-177.00K	USD	1 Quarter
Decrease/(increase) in other long-term assets, net	`IncreaseDecreaseInOtherNoncurrentAssets`	$122.00K	USD	1 Quarter
Decrease/(increase) in other long-term assets, net	`IncreaseDecreaseInOtherNoncurrentAssets`	$350.00K	USD	1 Quarter
Acquisition of businesses, net of cash acquired (Note 2)	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$2.42M	USD	1 Quarter
Acquisition of businesses, net of cash acquired (Note 2)	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.68M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.47M	USD	1 Quarter
Proceeds related to stock options exercises	`ProceedsFromStockOptionsExercised`	$2.14M	USD	1 Quarter
Proceeds related to stock options exercises	`ProceedsFromStockOptionsExercised`	$2.51M	USD	1 Quarter
Excess tax benefits on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$995.00K	USD	1 Quarter
Excess tax benefits on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$1.53M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.04M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.13M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.13M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.79M	USD	1 Quarter
Net increase/ (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-15.31M	USD	1 Quarter
Net increase/ (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.86M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$102.81M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$118.11M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$169.21M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$174.07M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$102.81M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$118.11M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$169.21M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$174.07M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.