10-Q Filing

EPAM SYSTEMS, INC. CIK: 1352010 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001352010-18-000022`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	epam-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 36 Cash Flow Statement 70

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$582.59M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.19M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$535.86M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.38M	USD	Point-in-time
Accounts receivable, net of allowance of $1,375 and $1,186, respectively	`AccountsReceivableNetCurrent`	$262.30M	USD	Point-in-time
Accounts receivable, net of allowance of $1,375 and $1,186, respectively	`AccountsReceivableNetCurrent`	$265.64M	USD	Point-in-time
Prepaid and other assets allowance	`AllowanceForDoubtfulOtherReceivablesCurrent`	$161.00K	USD	Point-in-time
Prepaid and other assets allowance	`AllowanceForDoubtfulOtherReceivablesCurrent`	$45.00K	USD	Point-in-time
Unbilled revenues	`UnbilledReceivablesCurrent`	$136.81M	USD	Point-in-time
Employee loans current allowance	`AllowanceForNotesAndLoansReceivableCurrent`	-	USD	Point-in-time
Employee loans current allowance	`AllowanceForNotesAndLoansReceivableCurrent`	-	USD	Point-in-time
Unbilled revenues	`UnbilledReceivablesCurrent`	$86.50M	USD	Point-in-time
Prepaid and other current assets, net of allowance of $161 and $45, respectively	`PrepaidExpenseAndOtherAssetsCurrent`	$23.20M	USD	Point-in-time
Prepaid and other current assets, net of allowance of $161 and $45, respectively	`PrepaidExpenseAndOtherAssetsCurrent`	$33.15M	USD	Point-in-time
Employee loans, current, net of allowance of $0 and $0, respectively	`NotesAndLoansReceivableNetCurrent`	$2.11M	USD	Point-in-time
Employee loans, current, net of allowance of $0 and $0, respectively	`NotesAndLoansReceivableNetCurrent`	$2.07M	USD	Point-in-time
Employee loans long-term allowance	`AllowanceForNotesAndLoansReceivableNoncurrent`	-	USD	Point-in-time
Employee loans long-term allowance	`AllowanceForNotesAndLoansReceivableNoncurrent`	-	USD	Point-in-time
Other long-term assets allowance	`AllowanceforDoubtfulOtherReceivablesNoncurrent`	$138.00K	USD	Point-in-time
Other long-term assets allowance	`AllowanceforDoubtfulOtherReceivablesNoncurrent`	$140.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$970.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$960.03M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$96.83M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$86.42M	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
Employee loans, noncurrent, net of allowance of $0 and $0, respectively	`NotesAndLoansReceivableNetNoncurrent`	$1.88M	USD	Point-in-time
Employee loans, noncurrent, net of allowance of $0 and $0, respectively	`NotesAndLoansReceivableNetNoncurrent`	$2.10M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$59.50M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	160.00M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$44.51M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	160.00M	shares	Point-in-time
Goodwill	`Goodwill`	$119.53M	USD	Point-in-time
Common stock, shares issued (in shares )	`CommonStockSharesIssued`	53.00M	shares	Point-in-time
Goodwill	`Goodwill`	$150.34M	USD	Point-in-time
Common stock, shares issued (in shares )	`CommonStockSharesIssued`	53.33M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	52.98M	shares	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$48.17M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	53.31M	shares	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$24.97M	USD	Point-in-time
Other noncurrent assets, net of allowance of $138 and $140, respectively	`OtherAssetsNoncurrent`	$12.69M	USD	Point-in-time
Other noncurrent assets, net of allowance of $138 and $140, respectively	`OtherAssetsNoncurrent`	$16.51M	USD	Point-in-time
Total assets	`Assets`	$1.34B	USD	Point-in-time
Total assets	`Assets`	$1.25B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.47M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.57M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$89.81M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$56.70M	USD	Point-in-time
Due to employees	`DueToEmployeesCurrent`	$38.76M	USD	Point-in-time
Due to employees	`DueToEmployeesCurrent`	$60.64M	USD	Point-in-time
Deferred compensation due to employees	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$1.83M	USD	Point-in-time
Deferred compensation due to employees	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$5.96M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$52.26M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$40.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$179.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$180.97M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$25.03M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$25.02M	USD	Point-in-time
Taxes payable, noncurrent	`AccruedIncomeTaxesNoncurrent`	$59.87M	USD	Point-in-time
Taxes payable, noncurrent	`AccruedIncomeTaxesNoncurrent`	$62.03M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$21.09M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$9.44M	USD	Point-in-time
Total liabilities	`Liabilities`	$275.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$288.05M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 160,000,000 authorized; 53,326,733 and 53,003,420 shares issued, 53,306,998 and 52,983,685 shares outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$53.00K	USD	Point-in-time
Common stock, $0.001 par value; 160,000,000 authorized; 53,326,733 and 53,003,420 shares issued, 53,306,998 and 52,983,685 shares outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$53.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$486.02M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$473.87M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$518.82M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$583.70M	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`	$-17.62M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.24M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.06B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$974.95M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.25B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.34B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$424.15M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$324.65M	USD	1 Quarter
Cost of revenues (exclusive of depreciation and amortization)	`CostOfRevenue`	$277.63M	USD	1 Quarter
Cost of revenues (exclusive of depreciation and amortization)	`CostOfRevenue`	$207.73M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$87.78M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$78.45M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$6.67M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$8.18M	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-1.86M	USD	1 Quarter
Other operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-830.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$30.97M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$48.70M	USD	1 Quarter
Interest and other (loss)/income, net	`NonoperatingGainsLosses`	$584.00K	USD	1 Quarter
Interest and other (loss)/income, net	`NonoperatingGainsLosses`	$-551.00K	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-247.00K	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-2.96M	USD	1 Quarter
Income before (benefit from)/provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$47.90M	USD	1 Quarter
Income before (benefit from)/provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$28.59M	USD	1 Quarter
(Benefit from)/provision for income taxes	`IncomeTaxExpenseBenefit`	$-16.52M	USD	1 Quarter
(Benefit from)/provision for income taxes	`IncomeTaxExpenseBenefit`	$4.95M	USD	1 Quarter
Net income	`NetIncomeLoss`	$64.42M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.64M	USD	1 Quarter
Foreign currency translation adjustments, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$6.39M	USD	1 Quarter
Foreign currency translation adjustments, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$3.31M	USD	1 Quarter
Unrealized gain on cash-flow hedging instruments, net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Unrealized gain on cash-flow hedging instruments, net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$69.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$67.80M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$30.03M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.21	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`	$1.15	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	53.08M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.96M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	53.89M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.24M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$64.42M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.64M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$6.67M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.18M	USD	1 Quarter
Bad debt expense/(recovery)	`ProvisionForDoubtfulAccounts`	$-517.00K	USD	1 Quarter
Bad debt expense/(recovery)	`ProvisionForDoubtfulAccounts`	$199.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$2.60M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-23.29M	USD	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$582.59M	USD	Point-in-time
Stock-based compensation expense	`ShareBasedCompensation`	$15.78M	USD	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$535.86M	USD	Point-in-time
Stock-based compensation expense	`ShareBasedCompensation`	$16.60M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$1.98M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-651.00K	USD	1 Quarter
Restricted cash	`RestrictedCash`	$1.22M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$270.00K	USD	Point-in-time
Cash, cash equivalents, restricted cash and restricted cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$582.86M	USD	Point-in-time
Cash, cash equivalents, restricted cash and restricted cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$537.08M	USD	Point-in-time
Cash, cash equivalents, restricted cash and restricted cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$398.93M	USD	Point-in-time
Cash, cash equivalents, restricted cash and restricted cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$364.66M	USD	Point-in-time
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-24.64M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-12.47M	USD	1 Quarter
Unbilled revenues	`IncreaseDecreaseInUnbilledReceivables`	$48.19M	USD	1 Quarter
Unbilled revenues	`IncreaseDecreaseInUnbilledReceivables`	$39.48M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.62M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.21M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.52M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$77.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-31.47M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-18.48M	USD	1 Quarter
Due to employees	`IncreaseDecreaseInDueToEmployeesCurrent`	$8.61M	USD	1 Quarter
Due to employees	`IncreaseDecreaseInDueToEmployeesCurrent`	$11.66M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$3.85M	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$7.13M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$29.10M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.33M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.71M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.72M	USD	1 Quarter
Employee housing loans issued	`OriginationofLoansReceivable`	$370.00K	USD	1 Quarter
Employee housing loans issued	`OriginationofLoansReceivable`	$108.00K	USD	1 Quarter
Proceeds from repayments of employee housing loans	`ProceedsFromCollectionOfNotesReceivable`	$519.00K	USD	1 Quarter
Proceeds from repayments of employee housing loans	`ProceedsFromCollectionOfNotesReceivable`	$689.00K	USD	1 Quarter
Decrease in time deposits, net	`IncreaseDecreaseInTimeDeposits`	$418.00K	USD	1 Quarter
Decrease in time deposits, net	`IncreaseDecreaseInTimeDeposits`	$21.00K	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$50.26M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$276.00K	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$18.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.66M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-60.16M	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$10.61M	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$7.59M	USD	1 Quarter
Payments of withholding taxes related to net share settlements of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.69M	USD	1 Quarter
Payments of withholding taxes related to net share settlements of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$106.00K	USD	1 Quarter
Repayment of debt (Note 5)	`RepaymentsOfDebtAndCapitalLeaseObligations`	$3.47M	USD	1 Quarter
Repayment of debt (Note 5)	`RepaymentsOfDebtAndCapitalLeaseObligations`	$30.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.88M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.02M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.04M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.95M	USD	1 Quarter
Net (decrease)/increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-45.78M	USD	1 Quarter
Net (decrease)/increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$34.27M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$582.86M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$537.08M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$398.93M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$364.66M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$582.86M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$537.08M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$398.93M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$364.66M	USD	Point-in-time

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