10-Q Filing

EPAM SYSTEMS, INC. CIK: 1352010 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001352010-17-000020`
Period End Date	20170331
Filing Date	20170508
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	epam-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 34 Cash Flow Statement 72

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$362.02M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$244.88M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$199.45M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$398.42M	USD	Point-in-time
Employee loans current allowance	`AllowanceForDoubtfulOtherReceivablesCurrent`	$406.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$268.00K	USD	Point-in-time
Employee loans current allowance	`AllowanceForDoubtfulOtherReceivablesCurrent`	$644.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.40M	USD	Point-in-time
Time deposits	`TimeDepositsAtCarryingValue`	$403.00K	USD	Point-in-time
Employee loans current allowance	`AllowanceForNotesAndLoansReceivableCurrent`	-	USD	Point-in-time
Time deposits	`TimeDepositsAtCarryingValue`	$403.00K	USD	Point-in-time
Employee loans current allowance	`AllowanceForNotesAndLoansReceivableCurrent`	-	USD	Point-in-time
Accounts receivable, net of allowance of $1,241 and $1,434, respectively	`AccountsReceivableNetCurrent`	$176.69M	USD	Point-in-time
Accounts receivable, net of allowance of $1,241 and $1,434, respectively	`AccountsReceivableNetCurrent`	$199.98M	USD	Point-in-time
Unbilled revenues	`UnbilledReceivablesCurrent`	$63.33M	USD	Point-in-time
Employee loans long-term allowance	`AllowanceForNotesAndLoansReceivableNoncurrent`	-	USD	Point-in-time
Employee loans long-term allowance	`AllowanceForNotesAndLoansReceivableNoncurrent`	-	USD	Point-in-time
Unbilled revenues	`UnbilledReceivablesCurrent`	$102.84M	USD	Point-in-time
Prepaid and other current assets, net of allowance of $406 and $644, respectively	`PrepaidExpenseAndOtherAssetsCurrent`	$15.69M	USD	Point-in-time
Other long-term assets allowance	`AllowanceforDoubtfulOtherReceivablesNoncurrent`	$138.00K	USD	Point-in-time
Other long-term assets allowance	`AllowanceforDoubtfulOtherReceivablesNoncurrent`	$132.00K	USD	Point-in-time
Prepaid and other current assets, net of allowance of $406 and $644, respectively	`PrepaidExpenseAndOtherAssetsCurrent`	$26.70M	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`	$2.73M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$646.55M	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
Total current assets	`AssetsCurrent`	$708.01M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	160.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$75.96M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$73.62M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	160.00M	shares	Point-in-time
Common stock, shares issued (in shares )	`CommonStockSharesIssued`	51.12M	shares	Point-in-time
Common stock, shares issued (in shares )	`CommonStockSharesIssued`	51.68M	shares	Point-in-time
Restricted cash	`DepositsAssetsNoncurrent`	$245.00K	USD	Point-in-time
Restricted cash	`DepositsAssetsNoncurrent`	$239.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	51.66M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	51.10M	shares	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively	`LongTermAccountsNotesAndLoansReceivableNetNoncurrent`	$3.25M	USD	Point-in-time
Employee loans, net of allowance of $0 and $0, respectively	`LongTermAccountsNotesAndLoansReceivableNetNoncurrent`	$2.98M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$51.26M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$49.67M	USD	Point-in-time
Goodwill	`Goodwill`	$109.29M	USD	Point-in-time
Goodwill	`Goodwill`	$110.29M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$31.00M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$29.21M	USD	Point-in-time
Other long-term assets, net of allowance of $138 and $132, respectively	`OtherAssetsNoncurrent`	$10.62M	USD	Point-in-time
Other long-term assets, net of allowance of $138 and $132, respectively	`OtherAssetsNoncurrent`	$10.60M	USD	Point-in-time
Total assets	`Assets`	$986.99M	USD	Point-in-time
Total assets	`Assets`	$925.81M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.21M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$49.90M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesCurrent`	$32.45M	USD	Point-in-time
Due to employees	`DueToEmployeesCurrent`	$44.95M	USD	Point-in-time
Due to employees	`DueToEmployeesCurrent`	$32.20M	USD	Point-in-time
Deferred compensation due to employees	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$5.90M	USD	Point-in-time
Deferred compensation due to employees	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$6.84M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$35.40M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$25.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$122.89M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$116.22M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$25.05M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$25.04M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.13M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$144.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$151.88M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 160,000,000 authorized; 51,683,500 and 51,117,422 shares issued, 51,663,765 and 51,097,687 shares outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$50.00K	USD	Point-in-time
Common stock, $0.001 par value; 160,000,000 authorized; 51,683,500 and 51,117,422 shares issued, 51,663,765 and 51,097,687 shares outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$51.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$396.83M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$374.91M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$469.70M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$444.32M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$177.00K	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$177.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-31.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-37.69M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$781.41M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$835.10M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$925.81M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$986.99M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$324.65M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$264.48M	USD	1 Quarter
Cost of revenues (exclusive of depreciation and amortization)	`CostOfRevenue`	$207.73M	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`	$78.45M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$5.10M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$6.67M	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-830.00K	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-174.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$30.33M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$30.97M	USD	1 Quarter
Interest and other income, net	`InvestmentIncomeNet`	$584.00K	USD	1 Quarter
Interest and other income, net	`InvestmentIncomeNet`	$1.21M	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.29M	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-2.96M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$30.25M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$28.59M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.95M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.35M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.64M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$4.70M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$6.39M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$28.60M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$30.03M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.48	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.46	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.44	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.45	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.96M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	49.71M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	53.89M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.88M	shares	1 Quarter

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$23.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.64M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.67M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.10M	USD	1 Quarter
Bad debt (recovery)/expense	`ProvisionForDoubtfulAccounts`	$-517.00K	USD	1 Quarter
Bad debt (recovery)/expense	`ProvisionForDoubtfulAccounts`	$552.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$2.60M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-482.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$15.78M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$10.96M	USD	1 Quarter
Excess tax benefit on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$2.04M	USD	1 Quarter
Excess tax benefit on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-50.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-651.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-24.64M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-16.99M	USD	1 Quarter
Unbilled revenues	`IncreaseDecreaseInUnbilledReceivables`	$18.56M	USD	1 Quarter
Unbilled revenues	`IncreaseDecreaseInUnbilledReceivables`	$39.48M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.38M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$79.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$77.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$671.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-18.48M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-34.15M	USD	1 Quarter
Due to employees	`IncreaseDecreaseInDueToEmployeesCurrent`	$8.61M	USD	1 Quarter
Due to employees	`IncreaseDecreaseInDueToEmployeesCurrent`	$12.42M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$7.13M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-3.17M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$10.86M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$31.23M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.72M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.18M	USD	1 Quarter
Employee housing loans issued	`OriginationofLoansReceivable`	$370.00K	USD	1 Quarter
Employee housing loans issued	`OriginationofLoansReceivable`	-	USD	1 Quarter
Proceeds from repayments of employee housing loans	`ProceedsFromCollectionOfNotesReceivable`	$470.00K	USD	1 Quarter
Proceeds from repayments of employee housing loans	`ProceedsFromCollectionOfNotesReceivable`	$689.00K	USD	1 Quarter
Decrease in restricted cash and time deposits, net	`IncreaseDecreaseInRestrictedCashAndInvestments`	$-38.00K	USD	1 Quarter
Decrease in restricted cash and time deposits, net	`IncreaseDecreaseInRestrictedCashAndInvestments`	$-30.00M	USD	1 Quarter
Increase in other long-term assets, net	`IncreaseDecreaseInOtherNoncurrentAssets`	$313.00K	USD	1 Quarter
Increase in other long-term assets, net	`IncreaseDecreaseInOtherNoncurrentAssets`	$774.00K	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$91.00K	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-37.00K	USD	1 Quarter
Net cash (used in)/provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.64M	USD	1 Quarter
Net cash (used in)/provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$23.42M	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$3.11M	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$10.61M	USD	1 Quarter
Excess tax benefit on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$2.04M	USD	1 Quarter
Excess tax benefit on stock-based compensation plans	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Payments of withholding taxes related to net share settlements of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Payments of withholding taxes related to net share settlements of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.69M	USD	1 Quarter
Proceeds from debt (Note 4)	`ProceedsFromLongTermLinesOfCredit`	$20.00M	USD	1 Quarter
Proceeds from debt (Note 4)	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Repayment of debt (Note 4)	`RepaymentsOfDebtAndCapitalLeaseObligations`	$30.00K	USD	1 Quarter
Repayment of debt (Note 4)	`RepaymentsOfDebtAndCapitalLeaseObligations`	$15.03M	USD	1 Quarter
Proceeds from government grants	`ProceedsFromPaymentsForOtherFinancingActivities`	$135.00K	USD	1 Quarter
Proceeds from government grants	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	1 Quarter
Acquisition of business, deferred consideration	`PaymentsToAcquireBusinessesDeferred`	-	USD	1 Quarter
Acquisition of business, deferred consideration	`PaymentsToAcquireBusinessesDeferred`	$463.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.88M	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`	$1.36M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.93M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$45.43M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$36.39M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$362.02M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$244.88M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$199.45M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$398.42M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$362.02M	USD	Point-in-time
Cash and cash equivalents, end 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`	$398.42M	USD	Point-in-time

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