Company Quick10K Filing
Quick10K
Epam Systems
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$169.79 55 $9,270
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-07-26 Officers
8-K 2019-06-05 Shareholder Vote
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-02-14 Earnings, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-09-22 Officers, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-06-06 Shareholder Vote
8-K 2018-05-09 Earnings, Exhibits
8-K 2018-03-15 Regulation FD, Exhibits
8-K 2018-02-16 Earnings, Exhibits
CB Chubb 65,320
FIS Fidelity National Information Services 37,500
OHI Omega Healthcare 7,570
HCM Hutchison China Meditech 3,410
SNBR Sleep Number 1,060
GTYH GTY Technology 472
DRRX Durect 125
HFBL Home Federal Bancorp of Louisiana 60
SPEX Spherix 7
AMHI Ameri Holdings 0
EPAM 2019-06-30
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit311q22019.htm
EX-31.2 exhibit312q22019.htm
EX-32.1 exhibit321q22019.htm
EX-32.2 exhibit322q22019.htm

Epam Systems Earnings 2019-06-30

EPAM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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xbrli:shares xbrli:pure
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to________

Commission file number: 001-35418

EPAM SYSTEMS, INC.
(Exact name of registrant as specified in its charter)

Delaware
22-3536104
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
 
41 University Drive
Suite 202
18940
Newtown
Pennsylvania
(Address of principal executive offices)
(Zip code)
267-759-9000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on which Registered
Common Stock, par value $0.001 per share
EPAM
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Title of Each Class
 
Outstanding as of July 31, 2019
Common Stock, par value $0.001 per share
 
54,850,289 shares

 


EPAM SYSTEMS, INC.

TABLE OF CONTENTS

 
Page



Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)

 
As of  
 June 30, 
 2019
 
As of  
 December 31, 
 2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
777,365

 
$
770,560

Accounts receivable, net of allowance of $1,882 and $1,557, respectively
343,864

 
297,685

Unbilled revenues
135,786

 
104,652

Prepaid expenses and other current assets
28,808

 
26,171

Total current assets
1,285,823

 
1,199,068

Property and equipment, net
111,175

 
102,646

Operating lease right-of-use assets
210,447

 

Intangible assets, net
53,821

 
57,065

Goodwill
179,214

 
166,832

Deferred tax assets
69,734

 
69,983

Other noncurrent assets
21,237

 
16,208

Total assets
$
1,931,451

 
$
1,611,802

 
 
 
 
Liabilities
 

 
 

Current liabilities
 

 
 

Accounts payable
$
6,043

 
$
7,444

Accrued expenses and other current liabilities
96,026

 
127,937

Due to employees
64,032

 
49,683

Deferred compensation due to employees
7,928

 
9,920

Taxes payable, current
50,156

 
67,845

Operating lease liabilities, current
48,429

 

Total current liabilities
272,614

 
262,829

Long-term debt
25,000

 
25,031

Taxes payable, noncurrent
43,650

 
43,685

Operating lease liabilities, noncurrent
158,137

 

Other noncurrent liabilities
9,803

 
17,661

Total liabilities
509,204

 
349,206

Commitments and contingencies (Note 12)


 


Stockholders’ equity
 

 
 

Common stock, $0.001 par value; 160,000,000 authorized; 54,799,024 and 54,099,927 shares issued, 54,779,289 and 54,080,192 shares outstanding at June 30, 2019 and December 31, 2018, respectively
55

 
54

Additional paid-in capital
574,619

 
544,700

Retained earnings
879,064

 
759,533

Treasury stock
(177
)
 
(177
)
Accumulated other comprehensive loss
(31,314
)
 
(41,514
)
Total stockholders’ equity
1,422,247

 
1,262,596

Total liabilities and stockholders’ equity
$
1,931,451

 
$
1,611,802


The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

3

Table of Contents

EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except share and per share data)

 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Revenues
$
551,587

 
$
445,647

 
$
1,072,920

 
$
869,795

Operating expenses:
 
 
 
 
 
 
 
Cost of revenues (exclusive of depreciation and amortization)
355,915

 
289,175

 
700,604

 
566,809

Selling, general and administrative expenses
111,762

 
93,273

 
213,548

 
182,914

Depreciation and amortization expense
11,028

 
8,962

 
21,228

 
17,138

Income from operations
72,882

 
54,237

 
137,540

 
102,934

Interest and other income, net
1,190

 
1,052

 
4,266

 
501

Foreign exchange (loss)/gain
(3,562
)
 
1,830

 
(7,046
)
 
1,583

Income before provision for/(benefit from) income taxes
70,510

 
57,119

 
134,760

 
105,018

Provision for/(benefit from) income taxes
11,733

 
6,864

 
15,229

 
(9,655
)
Net income
$
58,777

 
$
50,255

 
$
119,531

 
$
114,673

Foreign currency translation adjustments, net of tax
2,620

 
(15,834
)
 
5,563

 
(12,525
)
Unrealized gain/(loss) on cash-flow hedging instruments, net of tax
1,537

 
(2,076
)
 
4,637

 
(2,007
)
Comprehensive income
$
62,934

 
$
32,345

 
$
129,731

 
$
100,141

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
1.07

 
$
0.94

 
$
2.19

 
$
2.15

Diluted
$
1.02

 
$
0.89

 
$
2.08

 
$
2.03

Shares used in calculation of net income per share:
 
 
 
 
 
 
 
Basic
54,681,959

 
53,517,124

 
54,464,753

 
53,299,038

Diluted
57,614,284

 
56,587,009

 
57,426,563

 
56,414,986


The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.


4

Table of Contents


EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS’ EQUITY
(Unaudited)
(In thousands, except share data) 



 
Six Months Ended June 30, 2019
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated Other Comprehensive Loss
 
Total Stockholders’ Equity
 
Shares
 
Amount
 
 
 
 
 
Shares
 
Amount
 
 
 
 
Balance, January 1, 2019
54,080,192

 
$
54

 
$
544,700

 
$
759,533

 
19,735

 
$
(177
)
 
$
(41,514
)
 
$
1,262,596

Restricted stock units vested
242,414

 

 

 

 

 

 

 

Restricted stock units withheld for employee taxes
(81,562
)
 

 
(13,483
)
 

 

 

 

 
(13,483
)
Stock-based compensation expense

 

 
10,425

 

 

 

 

 
10,425

Proceeds from stock option exercises
323,464

 

 
11,890

 

 

 

 

 
11,890

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 
2,943

 
2,943

Change in unrealized gains and losses on cash flow hedges, net of tax

 

 

 

 

 

 
3,100

 
3,100

Net income

 

 

 
60,754

 

 

 

 
60,754

Balance, March 31, 2019
54,564,508

 
$
54

 
$
553,532

 
$
820,287

 
19,735

 
$
(177
)
 
$
(35,471
)
 
$
1,338,225

Restricted stock units vested
11,757

 

 

 

 

 

 

 

Restricted stock units withheld for employee taxes
(2,084
)
 

 
(363
)
 

 

 

 

 
(363
)
Stock-based compensation expense

 

 
10,867

 

 

 

 

 
10,867

Proceeds from stock option exercises
205,108

 
1

 
10,583

 

 

 

 

 
10,584

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 
2,620

 
2,620

Change in unrealized gains and losses on cash flow hedges, net of tax

 

 

 

 

 

 
1,537

 
1,537

Net income

 

 

 
58,777

 

 

 

 
58,777

Balance, June 30, 2019
54,779,289

 
$
55

 
$
574,619

 
$
879,064

 
19,735

 
$
(177
)
 
$
(31,314
)
 
$
1,422,247





5

Table of Contents

 
Six Months Ended June 30, 2018
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated Other Comprehensive Loss
 
Total Stockholders’ Equity
 
Shares
 
Amount
 
 
 
 
 
Shares
 
Amount
 
 
 
 
Balance, January 1, 2018
52,983,685

 
$
53

 
$
473,874

 
$
518,820

 
19,735

 
$
(177
)
 
$
(17,623
)
 
$
974,947

Restricted stock units vested
186,327

 

 

 

 

 

 

 

Restricted stock units withheld for employee taxes
(61,950
)
 

 
(6,986
)
 

 

 

 

 
(6,986
)
Stock-based compensation expense

 

 
11,485

 

 

 

 

 
11,485

Proceeds from stock option exercises
198,936

 

 
7,649

 

 

 

 

 
7,649

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 
3,309

 
3,309

Change in unrealized gains and losses on cash flow hedges, net of tax

 

 

 

 

 

 
69

 
69

Cumulative effect of adoption of ASU 2014-09

 

 

 
457

 

 

 

 
457

Net income

 

 

 
64,418

 

 

 

 
64,418

Balance, March 31, 2018
53,306,998

 
$
53

 
$
486,022

 
$
583,695

 
19,735

 
$
(177
)
 
$
(14,245
)
 
$
1,055,348

Restricted stock units vested
12,348

 

 

 

 

 

 

 

Restricted stock units withheld for employee taxes
(1,942
)
 

 
(224
)
 

 

 

 

 
(224
)
Stock-based compensation expense

 

 
10,686

 

 

 

 

 
10,686

Proceeds from stock option exercises
367,863

 
1

 
14,647

 

 

 

 

 
14,648

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 
(15,834
)
 
(15,834
)
Change in unrealized gains and losses on cash flow hedges, net of tax

 

 

 

 

 

 
(2,076
)
 
(2,076
)
Net income

 

 

 
50,255

 

 

 

 
50,255

Balance, June 30, 2018
53,685,267

 
$
54

 
$
511,131

 
$
633,950

 
19,735

 
$
(177
)
 
$
(32,155
)
 
$
1,112,803


The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

6

Table of Contents

EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

                                               
Six Months Ended June 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
119,531

 
$
114,673

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization expense
21,228

 
17,138

Operating lease right-of-use assets amortization expense
25,732

 

Bad debt expense
167

 
1,529

Deferred taxes
(1,193
)
 
(27,581
)
Stock-based compensation expense
37,553

 
31,406

Other
3,938

 
(2,099
)
Changes in assets and liabilities:
 

 
 

Accounts receivable
(44,582
)
 
(15,051
)
Unbilled revenues
(30,750
)
 
(35,334
)
Prepaid expenses and other assets
1,690

 
(4,495
)
Accounts payable
(2,069
)
 
1,008

Accrued expenses and other liabilities
(34,420
)
 
(15,861
)
Operating lease liabilities
(25,705
)
 

Due to employees
(4,781
)
 
1,351

Taxes payable
(22,512
)
 
105

Net cash provided by operating activities
43,827

 
66,789

Cash flows from investing activities:
 

 
 

Purchases of property and equipment
(25,025
)
 
(19,303
)
Acquisition of businesses, net of cash acquired (Note 2)
(16,240
)
 
(50,264
)
Other investing activities, net
(6,180
)
 
1,253

Net cash used in investing activities
(47,445
)
 
(68,314
)
Cash flows from financing activities:
 

 
 

Proceeds from stock option exercises
22,415

 
22,368

Payments of withholding taxes related to net share settlements of restricted stock units
(13,084
)
 
(6,696
)
Repayment of debt
(6
)
 
(3,478
)
Acquisition of businesses, contingent consideration
(1,104
)
 

Other financing activities, net
(13
)
 
(603
)
Net cash provided by financing activities
8,208

 
11,591

Effect of exchange rate changes on cash, cash equivalents and restricted cash
2,248

 
(7,645
)
Net increase in cash, cash equivalents and restricted cash
6,838

 
2,421

Cash, cash equivalents and restricted cash, beginning of period
771,711

 
582,855

Cash, cash equivalents and restricted cash, end of period
$
778,549

 
$
585,276




7

Table of Contents

EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
(Continued)

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
                                               
As of  
 June 30, 
 2019
 
As of
December 31,
2018
Balance sheet classification
 
 
 
    Cash and cash equivalents
$
777,365

 
$
770,560

   Restricted cash in Prepaid expenses and other current assets
14

 
14

   Restricted cash in Other noncurrent assets
1,170

 
1,137

    Total restricted cash
1,184

 
1,151

        Total cash, cash equivalents and restricted cash
$
778,549

 
$
771,711


The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

8

Table of Contents

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(In thousands, except share and per share data)
 
1.
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES    
EPAM Systems, Inc. (the “Company” or “EPAM”) is a leading global provider of digital platform engineering and software development services to customers located around the world, primarily in North America, Europe, Asia and Australia. The Company’s industry expertise includes financial services, travel and consumer, software and hi-tech, business information and media, life sciences and healthcare, as well as other emerging industries. The Company is incorporated in Delaware with headquarters in Newtown, PA.
Basis of Presentation — The accompanying unaudited condensed consolidated financial statements of EPAM have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP” or “U.S. GAAP”) and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. The condensed consolidated financial statements include the financial statements of EPAM Systems, Inc. and its subsidiaries with all intercompany balances and transactions eliminated.