10-Q Filing

EPAM SYSTEMS, INC. CIK: 1352010 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001352010-15-000015`
Period End Date	20150331
Filing Date	20150507
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	epam-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 34 Cash Flow Statement 68

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$192.36M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.62M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$169.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$220.53M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.18M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$174.07M	USD	Point-in-time
Time deposits	`TimeDepositsAtCarryingValue`	-	USD	Point-in-time
Employee loans current allowance	`AllowanceForDoubtfulOtherReceivablesCurrent`	-	USD	Point-in-time
Time deposits	`TimeDepositsAtCarryingValue`	$30.00M	USD	Point-in-time
Employee loans current allowance	`AllowanceForDoubtfulOtherReceivablesCurrent`	-	USD	Point-in-time
Accounts receivable, net of allowance of $2,618 and $2,181, respectively	`AccountsReceivableNetCurrent`	$104.71M	USD	Point-in-time
Accounts receivable, net of allowance of $2,618 and $2,181, respectively	`AccountsReceivableNetCurrent`	$124.48M	USD	Point-in-time
Unbilled revenues	`UnbilledReceivablesCurrent`	$55.85M	USD	Point-in-time
Unbilled revenues	`UnbilledReceivablesCurrent`	$88.03M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.39M	USD	Point-in-time
Employee loans long-term allowance	`AllowanceForNotesAndLoansReceivableNoncurrent`	-	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.29M	USD	Point-in-time
Employee loans long-term allowance	`AllowanceForNotesAndLoansReceivableNoncurrent`	-	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively, current	`AccountsNotesAndLoansReceivableNetCurrent`	$2.50M	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively, current	`AccountsNotesAndLoansReceivableNetCurrent`	$2.43M	USD	Point-in-time
Deferred tax assets, current	`DeferredTaxAssetsNetCurrent`	$1.82M	USD	Point-in-time
Deferred tax assets, current	`DeferredTaxAssetsNetCurrent`	$2.50M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	160.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$433.81M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	160.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$415.09M	USD	Point-in-time
Common stock, shares issued (in shares )	`CommonStockSharesIssued`	48.75M	shares	Point-in-time
Common stock, shares issued (in shares )	`CommonStockSharesIssued`	49.11M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$55.12M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$55.13M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	48.69M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	48.30M	shares	Point-in-time
Restricted cash, long-term	`DepositsAssetsNoncurrent`	$156.00K	USD	Point-in-time
Restricted cash, long-term	`DepositsAssetsNoncurrent`	$114.00K	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively, long-term	`NotesAndLoansReceivableNetNoncurrent`	$3.81M	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively, long-term	`NotesAndLoansReceivableNetNoncurrent`	$4.08M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$45.09M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$47.69M	USD	Point-in-time
Goodwill	`Goodwill`	$57.42M	USD	Point-in-time
Goodwill	`Goodwill`	$56.35M	USD	Point-in-time
Deferred tax assets, long-term	`DeferredTaxAssetsNetNoncurrent`	$11.45M	USD	Point-in-time
Deferred tax assets, long-term	`DeferredTaxAssetsNetNoncurrent`	$11.09M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$3.79M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$3.37M	USD	Point-in-time
Total assets	`Assets`	$594.03M	USD	Point-in-time
Total assets	`Assets`	$609.53M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$13.37M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.64M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$20.58M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$32.20M	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$3.22M	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$3.06M	USD	Point-in-time
Due to employees	`DueToEmployeesCurrent`	$24.52M	USD	Point-in-time
Due to employees	`DueToEmployeesCurrent`	$29.87M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$24.70M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$16.00M	USD	Point-in-time
Contingent consideration, current (Note 2 and 4)	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$33.92M	USD	Point-in-time
Contingent consideration, current (Note 2 and 4)	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$35.52M	USD	Point-in-time
Contingent liability, current (Note 9)	`LossContingencyAccrualCarryingValueCurrent`	-	USD	Point-in-time
Contingent liability, current (Note 9)	`LossContingencyAccrualCarryingValueCurrent`	$92.00K	USD	Point-in-time
Deferred tax liabilities, current	`DeferredTaxLiabilitiesCurrent`	$603.00K	USD	Point-in-time
Deferred tax liabilities, current	`DeferredTaxLiabilitiesCurrent`	$705.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$125.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$117.60M	USD	Point-in-time
Deferred tax liabilities, long-term	`DeferredTaxLiabilitiesNoncurrent`	$4.56M	USD	Point-in-time
Deferred tax liabilities, long-term	`DeferredTaxLiabilitiesNoncurrent`	$4.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$121.70M	USD	Point-in-time
Total liabilities	`Liabilities`	$129.98M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 160,000,000 authorized; 49,111,297 and 48,748,298 shares issued, 48,692,313 and 48,303,811 shares outstanding at March 31, 2015 and December 31, 2014, respectively	`CommonStockValue`	$48.00K	USD	Point-in-time
Common stock, $0.001 par value; 160,000,000 authorized; 49,111,297 and 48,748,298 shares issued, 48,692,313 and 48,303,811 shares outstanding at March 31, 2015 and December 31, 2014, respectively	`CommonStockValue`	$48.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$241.07M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$229.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$260.60M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$275.31M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$4.04M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$3.81M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-24.78M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-22.05M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$487.83M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$464.05M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$609.53M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$594.03M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$160.38M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$200.04M	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`	$125.89M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$46.94M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$32.36M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$3.69M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$4.20M	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-200.00K	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-25.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$21.86M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$22.82M	USD	1 Quarter
Interest and other income, net	`InvestmentIncomeNet`	$1.16M	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`	$-5.75M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$18.22M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$21.59M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.23M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$3.51M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.71M	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`	$-2.73M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$11.98M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$13.79M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.31	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`	$0.29	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	47.89M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	46.80M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.00M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.21M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$14.71M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.69M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.20M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$514.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$368.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$97.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$95.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$9.13M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.21M	USD	1 Quarter
Excess tax benefit on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$995.00K	USD	1 Quarter
Excess tax benefit on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$436.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-4.96M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-294.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-15.26M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.91M	USD	1 Quarter
Unbilled revenues	`IncreaseDecreaseInUnbilledReceivables`	$32.26M	USD	1 Quarter
Unbilled revenues	`IncreaseDecreaseInUnbilledReceivables`	$15.61M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-939.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-48.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.67M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.56M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-7.91M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-10.37M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$265.00K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-9.00K	USD	1 Quarter
Due to employees	`IncreaseDecreaseInDueToEmployeesCurrent`	$4.71M	USD	1 Quarter
Due to employees	`IncreaseDecreaseInDueToEmployeesCurrent`	$3.22M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-3.70M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-11.87M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.87M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.19M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.87M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.16M	USD	1 Quarter
Payment for construction of corporate facilities	`PaymentsForConstructionInProcess`	$1.49M	USD	1 Quarter
Payment for construction of corporate facilities	`PaymentsForConstructionInProcess`	$1.59M	USD	1 Quarter
Employee housing loans issued	`PaymentsForProceedsFromOtherInvestingActivities`	$266.00K	USD	1 Quarter
Employee housing loans issued	`PaymentsForProceedsFromOtherInvestingActivities`	$294.00K	USD	1 Quarter
Proceeds from repayments of employee housing loans	`ProceedsFromCollectionOfNotesReceivable`	$419.00K	USD	1 Quarter
Proceeds from repayments of employee housing loans	`ProceedsFromCollectionOfNotesReceivable`	$518.00K	USD	1 Quarter
Increase in restricted cash and time deposits, net	`IncreaseDecreaseInRestrictedCashAndInvestments`	$29.96M	USD	1 Quarter
Increase in restricted cash and time deposits, net	`IncreaseDecreaseInRestrictedCashAndInvestments`	$5.39M	USD	1 Quarter
Increase in other long-term assets, net	`IncreaseDecreaseInOtherNoncurrentAssets`	$681.00K	USD	1 Quarter
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`	$30.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.68M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.88M	USD	1 Quarter
Proceeds related to stock options exercises	`ProceedsFromStockOptionsExercised`	$3.85M	USD	1 Quarter
Proceeds related to stock options exercises	`ProceedsFromStockOptionsExercised`	$2.14M	USD	1 Quarter
Excess tax benefit on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$436.00K	USD	1 Quarter
Excess tax benefit on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$995.00K	USD	1 Quarter
Acquisition of business, deferred consideration (Note 2)	`PaymentsToAcquireBusinessesDeferred`	$2.80M	USD	1 Quarter
Acquisition of business, deferred consideration (Note 2)	`PaymentsToAcquireBusinessesDeferred`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.49M	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`	$-2.79M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.65M	USD	1 Quarter
Net increase/ (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.86M	USD	1 Quarter
Net increase/ (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-28.17M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$192.36M	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`	$220.53M	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`	$192.36M	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`	$220.53M	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.