10-Q Filing

EPAM SYSTEMS, INC. CIK: 1352010 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001352010-16-000034`
Period End Date	20160331
Filing Date	20160509
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	epam-20160330.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 34 Cash Flow Statement 76

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$199.45M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.73M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$220.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$192.36M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$244.88M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.88M	USD	Point-in-time
Employee loans current allowance	`AllowanceForDoubtfulOtherReceivablesCurrent`	-	USD	Point-in-time
Employee loans current allowance	`AllowanceForDoubtfulOtherReceivablesCurrent`	-	USD	Point-in-time
Time deposits	`TimeDepositsAtCarryingValue`	-	USD	Point-in-time
Time deposits	`TimeDepositsAtCarryingValue`	$30.18M	USD	Point-in-time
Accounts receivable, net of allowance of $1,884 and $1,729, respectively	`AccountsReceivableNetCurrent`	$157.46M	USD	Point-in-time
Accounts receivable, net of allowance of $1,884 and $1,729, respectively	`AccountsReceivableNetCurrent`	$174.62M	USD	Point-in-time
Unbilled revenues	`UnbilledReceivablesCurrent`	$95.81M	USD	Point-in-time
Unbilled revenues	`UnbilledReceivablesCurrent`	$115.43M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$19.26M	USD	Point-in-time
Employee loans long-term allowance	`AllowanceForNotesAndLoansReceivableNoncurrent`	-	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.34M	USD	Point-in-time
Employee loans long-term allowance	`AllowanceForNotesAndLoansReceivableNoncurrent`	-	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively	`AccountsNotesAndLoansReceivableNetCurrent`	$2.69M	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively	`AccountsNotesAndLoansReceivableNetCurrent`	$2.65M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$12.57M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$11.85M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	160.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$552.24M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$528.93M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	160.00M	shares	Point-in-time
Common stock, shares issued (in shares )	`CommonStockSharesIssued`	50.18M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$60.50M	USD	Point-in-time
Common stock, shares issued (in shares )	`CommonStockSharesIssued`	50.56M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$64.29M	USD	Point-in-time
Restricted cash, long-term	`DepositsAssetsNoncurrent`	$238.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	50.54M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	50.17M	shares	Point-in-time
Restricted cash, long-term	`DepositsAssetsNoncurrent`	$238.00K	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively, long-term	`NotesAndLoansReceivableNetNoncurrent`	$3.65M	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively, long-term	`NotesAndLoansReceivableNetNoncurrent`	$3.24M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$45.77M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$46.86M	USD	Point-in-time
Goodwill	`Goodwill`	$115.93M	USD	Point-in-time
Goodwill	`Goodwill`	$118.61M	USD	Point-in-time
Deferred tax assets, long-term	`DeferredTaxAssetsNetNoncurrent`	$18.31M	USD	Point-in-time
Deferred tax assets, long-term	`DeferredTaxAssetsNetNoncurrent`	$18.44M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$5.04M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$4.11M	USD	Point-in-time
Total assets	`Assets`	$807.87M	USD	Point-in-time
Total assets	`Assets`	$778.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.56M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$60.75M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$28.65M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.05M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.10M	USD	Point-in-time
Due to employees	`DueToEmployeesCurrent`	$26.70M	USD	Point-in-time
Due to employees	`DueToEmployeesCurrent`	$39.37M	USD	Point-in-time
Deferred compensation to employees	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$6.92M	USD	Point-in-time
Deferred compensation to employees	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$5.36M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$25.95M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$29.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$107.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$127.91M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$35.00M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$40.12M	USD	Point-in-time
Deferred tax liabilities, long-term	`DeferredTaxLiabilitiesNoncurrent`	$2.40M	USD	Point-in-time
Deferred tax liabilities, long-term	`DeferredTaxLiabilitiesNoncurrent`	$2.58M	USD	Point-in-time
Total liabilities	`Liabilities`	$150.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$165.31M	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; 50,560,885 and 50,177,044 shares issued, 50,543,630 and 50,166,537 shares outstanding at March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$49.00K	USD	Point-in-time
Common stock, $0.001 par value; 160,000,000 authorized; 50,560,885 and 50,177,044 shares issued, 50,543,630 and 50,166,537 shares outstanding at March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$49.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$319.23M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$303.36M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$368.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$345.05M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$93.00K	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$154.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-30.45M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-35.15M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$613.22M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$657.62M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$778.54M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$807.87M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$264.48M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$200.04M	USD	1 Quarter
Cost of revenues (exclusive of depreciation and amortization)	`CostOfRevenue`	$125.89M	USD	1 Quarter
Cost of revenues (exclusive of depreciation and amortization)	`CostOfRevenue`	$167.38M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$61.49M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$46.94M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$5.10M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$4.20M	USD	1 Quarter
Other operating expense, net	`OtherOperatingIncomeExpenseNet`	$-200.00K	USD	1 Quarter
Other operating expense, net	`OtherOperatingIncomeExpenseNet`	$-174.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$30.33M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$22.82M	USD	1 Quarter
Interest and other income, net	`InvestmentIncomeNet`	$1.21M	USD	1 Quarter
Interest and other income, net	`InvestmentIncomeNet`	$1.16M	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.29M	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`	$30.25M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.35M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$3.51M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.71M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.90M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-2.73M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$4.70M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$28.60M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$11.98M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.48	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.31	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.45	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`	49.71M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.88M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.00M	shares	1 Quarter

Cash Flow Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$14.71M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.90M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.10M	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`	$552.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-482.00K	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`	$10.96M	USD	1 Quarter
Excess tax benefit on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$436.00K	USD	1 Quarter
Excess tax benefit on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$2.04M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-50.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-4.96M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-16.99M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-15.26M	USD	1 Quarter
Unbilled revenues	`IncreaseDecreaseInUnbilledReceivables`	$18.56M	USD	1 Quarter
Unbilled revenues	`IncreaseDecreaseInUnbilledReceivables`	$32.26M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-48.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.38M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$671.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.67M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-10.37M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-34.10M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-55.00K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-9.00K	USD	1 Quarter
Due to employees	`IncreaseDecreaseInDueToEmployeesCurrent`	$12.42M	USD	1 Quarter
Due to employees	`IncreaseDecreaseInDueToEmployeesCurrent`	$3.22M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-3.17M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-11.87M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$10.86M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.87M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.18M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.87M	USD	1 Quarter
Payment for construction of corporate facilities	`PaymentsForConstructionInProcess`	-	USD	1 Quarter
Payment for construction of corporate facilities	`PaymentsForConstructionInProcess`	$1.59M	USD	1 Quarter
Employee housing loans issued	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Employee housing loans issued	`PaymentsForProceedsFromOtherInvestingActivities`	$266.00K	USD	1 Quarter
Proceeds from repayments of employee housing loans	`ProceedsFromCollectionOfNotesReceivable`	$518.00K	USD	1 Quarter
Proceeds from repayments of employee housing loans	`ProceedsFromCollectionOfNotesReceivable`	$470.00K	USD	1 Quarter
Decrease/(increase) in restricted cash and time deposits, net	`IncreaseDecreaseInRestrictedCashAndInvestments`	$-30.00M	USD	1 Quarter
Decrease/(increase) in restricted cash and time deposits, net	`IncreaseDecreaseInRestrictedCashAndInvestments`	$29.96M	USD	1 Quarter
Increase in other long-term assets, net	`IncreaseDecreaseInOtherNoncurrentAssets`	$681.00K	USD	1 Quarter
Increase in other long-term assets, net	`IncreaseDecreaseInOtherNoncurrentAssets`	$774.00K	USD	1 Quarter
Payments for foreign currency derivatives	`PaymentsForDerivativeInstrumentInvestingActivities`	-	USD	1 Quarter
Payments for foreign currency derivatives	`PaymentsForDerivativeInstrumentInvestingActivities`	$91.00K	USD	1 Quarter
Acquisition of businesses, net of cash acquired (Note 2)	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisition of businesses, net of cash acquired (Note 2)	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$30.00K	USD	1 Quarter
Net cash provided by/ (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.88M	USD	1 Quarter
Net cash provided by/ (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$23.42M	USD	1 Quarter
Proceeds related to stock options exercises	`ProceedsFromStockOptionsExercised`	$3.11M	USD	1 Quarter
Proceeds related to stock options exercises	`ProceedsFromStockOptionsExercised`	$3.85M	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`	$2.04M	USD	1 Quarter
Proceeds from debt (Note 5)	`ProceedsFromDebtNetOfIssuanceCosts`	-	USD	1 Quarter
Proceeds from debt (Note 5)	`ProceedsFromDebtNetOfIssuanceCosts`	$20.00M	USD	1 Quarter
Repayment of debt (Note 5)	`RepaymentsOfDebtAndCapitalLeaseObligations`	$15.03M	USD	1 Quarter
Repayment of debt (Note 5)	`RepaymentsOfDebtAndCapitalLeaseObligations`	-	USD	1 Quarter
Proceeds from government grants	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	1 Quarter
Proceeds from government grants	`ProceedsFromPaymentsForOtherFinancingActivities`	$135.00K	USD	1 Quarter
Acquisition of business, deferred consideration (Note 2)	`PaymentsToAcquireBusinessesDeferred`	$463.00K	USD	1 Quarter
Acquisition of business, deferred consideration (Note 2)	`PaymentsToAcquireBusinessesDeferred`	$2.80M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.49M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.79M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.65M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.36M	USD	1 Quarter
Net increase/(decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-28.17M	USD	1 Quarter
Net increase/(decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$45.43M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$199.45M	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`	$192.36M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$244.88M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$199.45M	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`	$192.36M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$244.88M	USD	Point-in-time

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