$EPAM
EPAM Systems, Inc.

2012 Q2 Form 10-Q Financial Statement

#000119312512222496 Filed on May 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2012 Q1 2011 Q1
Revenue $103.8M $94.38M $72.80M
YoY Change 29.47% 29.64%
Cost Of Revenue $63.80M $60.18M $45.51M
YoY Change 30.7% 32.24%
Gross Profit $40.00M $34.21M $27.30M
YoY Change 27.54% 25.32%
Gross Profit Margin 38.53% 36.24% 37.49%
Selling, General & Admin $20.71M $17.63M $13.79M
YoY Change 23.24% 27.8%
% of Gross Profit 51.78% 51.53% 50.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.400M $2.200M $1.700M
YoY Change -33.33% 29.41%
% of Gross Profit 6.0% 6.43% 6.23%
Operating Expenses $20.71M $17.63M $13.79M
YoY Change 23.24% 27.8%
Operating Profit $16.83M $13.78M $11.81M
YoY Change 54.72% 16.69%
Interest Expense -$900.0K $600.0K $100.0K
YoY Change 200.0% 500.0%
% of Operating Profit -5.35% 4.35% 0.85%
Other Income/Expense, Net
YoY Change
Pretax Income $15.90M $14.34M $11.87M
YoY Change 49.92% 20.86%
Income Tax $2.575M $2.241M $2.123M
% Of Pretax Income 16.2% 15.63% 17.89%
Net Earnings $13.32M $12.10M $9.742M
YoY Change 60.94% 24.19%
Net Earnings / Revenue 12.83% 12.82% 13.38%
Basic Earnings Per Share $0.31 $0.30
Diluted Earnings Per Share $0.29 $0.27 $238.3K
COMMON SHARES
Basic Shares Outstanding 42.30M shares 30.20M shares
Diluted Shares Outstanding 33.96M shares

Balance Sheet

Concept 2012 Q2 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.9M $112.7M
YoY Change
Cash & Equivalents $104.9M $112.7M $48.63M
Short-Term Investments
Other Short-Term Assets $14.80M $14.20M
YoY Change
Inventory
Prepaid Expenses
Receivables $68.19M $54.24M
Other Receivables $0.00 $0.00
Total Short-Term Assets $224.8M $223.1M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $40.22M $37.20M
YoY Change
Goodwill $12.44M $8.459M
YoY Change
Intangibles $6.227M $1.111M
YoY Change
Long-Term Investments
YoY Change
Other Assets $553.0K $540.0K
YoY Change
Total Long-Term Assets $63.22M $51.51M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $224.8M $223.1M
Total Long-Term Assets $63.22M $51.51M
Total Assets $288.0M $274.6M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.345M $4.060M
YoY Change
Accrued Expenses $10.30M $13.30M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.90M $47.11M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.200M $1.200M
YoY Change
Total Long-Term Liabilities $1.200M $1.200M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $43.90M $47.11M
Total Long-Term Liabilities $1.200M $1.200M
Total Liabilities $45.39M $48.60M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $43.00K $42.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.67M $15.97M
YoY Change
Treasury Stock Shares
Shareholders Equity $242.6M $226.0M
YoY Change
Total Liabilities & Shareholders Equity $288.0M $274.6M
YoY Change

Cashflow Statement

Concept 2012 Q2 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $13.32M $12.10M $9.742M
YoY Change 60.94% 24.19%
Depreciation, Depletion And Amortization $2.400M $2.200M $1.700M
YoY Change -33.33% 29.41%
Cash From Operating Activities $6.300M -$4.745M $362.0K
YoY Change -41.67% -1410.77%
INVESTING ACTIVITIES
Capital Expenditures -$5.700M $3.324M $6.318M
YoY Change -18.57% -47.39%
Acquisitions
YoY Change
Other Investing Activities -$7.100M $200.0K
YoY Change 7000.0%
Cash From Investing Activities -$12.80M -$3.719M -$6.401M
YoY Change 77.78% -41.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K 31.31M
YoY Change -104.17%
NET CHANGE
Cash From Operating Activities 6.300M -4.745M 362.0K
Cash From Investing Activities -12.80M -3.719M -6.401M
Cash From Financing Activities -200.0K 31.31M
Net Change In Cash -6.700M 22.85M -6.039M
YoY Change -179.76% -478.29%
FREE CASH FLOW
Cash From Operating Activities $6.300M -$4.745M $362.0K
Capital Expenditures -$5.700M $3.324M $6.318M
Free Cash Flow $12.00M -$8.069M -$5.956M
YoY Change -32.58% 35.48%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2012Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
42297625 shares
CY2011Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48631000
CY2012Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-1902000
CY2012Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
540000
CY2012Q1 us-gaap Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
4016000
CY2012Q1 us-gaap Treasury Stock Value
TreasuryStockValue
15972000
CY2012Q1 us-gaap Liabilities Current
LiabilitiesCurrent
47109000
CY2012Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
5479000
CY2012Q1 us-gaap Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
1791000
CY2012Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13301000
CY2012Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10157000
CY2012Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
54235000
CY2012Q1 us-gaap Assets
Assets
274610000
CY2012Q1 us-gaap Common Stock Value
CommonStockValue
42000
CY2012Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2012Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
42260623 shares
CY2012Q1 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
1211000
CY2012Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
0 shares
CY2012Q1 us-gaap Assets Current
AssetsCurrent
223105000
CY2012Q1 us-gaap Deferred Tax Liabilities Current
DeferredTaxLiabilitiesCurrent
1205000
CY2012Q1 us-gaap Goodwill
Goodwill
8459000
CY2012Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
9029000
CY2012Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
112736000
CY2012Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2012Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
157232000
CY2012Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1786000
CY2012Q1 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
283000
CY2012Q1 us-gaap Due To Employees Current
DueToEmployeesCurrent
14035000
CY2012Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
274610000
CY2012Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2012Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
41961000
CY2012Q1 us-gaap Stockholders Equity
StockholdersEquity
226007000
CY2012Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
44016335 shares
CY2012Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2012Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37200000
CY2012Q1 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
86607000
CY2012Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
160000000 shares
CY2012Q1 us-gaap Liabilities
Liabilities
48603000
CY2012Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
4060000
CY2012Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
2404000
CY2012Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1111000
CY2010Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54004000
CY2011Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2691000
CY2011Q4 us-gaap Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
4384000
CY2011Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-3514000
CY2011Q4 us-gaap Treasury Stock Value
TreasuryStockValue
15972000
CY2011Q4 us-gaap Liabilities Current
LiabilitiesCurrent
53127000
CY2011Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
6949000
CY2011Q4 us-gaap Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
1875000
CY2011Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24782000
CY2011Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6436000
CY2011Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
59472000
CY2011Q4 us-gaap Assets
Assets
235613000
CY2011Q4 us-gaap Common Stock Value
CommonStockValue
17000
CY2011Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2011Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
17158904 shares
CY2011Q4 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
1204000
CY2011Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
290277 shares
CY2011Q4 us-gaap Assets Current
AssetsCurrent
183563000
CY2011Q4 us-gaap Deferred Tax Liabilities Current
DeferredTaxLiabilitiesCurrent
1736000
CY2011Q4 us-gaap Goodwill
Goodwill
8169000
CY2011Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
8712000
CY2011Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
290277 shares
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
88796000
CY2011Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2011Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
40020000
CY2011Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2250000
CY2011Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
283000
CY2011Q4 us-gaap Due To Employees Current
DueToEmployeesCurrent
8234000
CY2011Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
235613000
CY2011Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
290277 shares
CY2011Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2011Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
24475000
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
95059000
CY2011Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
18914616 shares
CY2011Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
35482000
CY2011Q4 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
74508000
CY2011Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
160000000 shares
CY2011Q4 us-gaap Liabilities
Liabilities
54614000
CY2011Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
2714000
CY2011Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
2582000
CY2011Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1251000
CY2011Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6401000
CY2011Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2399000
CY2011Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
362000
CY2011Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
10993000
CY2011Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
2292000
CY2011Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0
CY2011Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
11865000
CY2011Q1 us-gaap Increase Decrease In Restricted Cash And Investments
IncreaseDecreaseInRestrictedCashAndInvestments
83000
CY2011Q1 us-gaap Share Based Compensation
ShareBasedCompensation
714000
CY2011Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-4877000
CY2011Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-294000
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
9742000
CY2011Q1 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-518000
CY2011Q1 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
10639000
CY2011Q1 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
4188000
CY2011Q1 us-gaap Cost Of Revenue
CostOfRevenue
45505000
CY2011Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3262000
CY2011Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6318000
CY2011Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1690000
CY2011Q1 us-gaap Sales Revenue Net
SalesRevenueNet
72802000
CY2011Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
11812000
CY2011Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
397000
CY2011Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-600000
CY2011Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13793000
CY2011Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2123000
CY2011Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5373000
CY2011Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-440000
CY2011Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
666000
CY2011Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-983000
CY2011Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-2000
CY2011Q1 us-gaap Increase Decrease In Due To Employees Current
IncreaseDecreaseInDueToEmployeesCurrent
3711000
CY2011Q1 epam Accretion Of Redeemable Convertible Preferred Stock
AccretionOfRedeemableConvertiblePreferredStock
2292000
CY2011Q1 epam Interest Income And Other
InterestIncomeAndOther
187000
CY2011Q1 epam Provision And Recovery For Doubtful Accounts
ProvisionAndRecoveryForDoubtfulAccounts
-26000
CY2011Q1 epam Foreign Currency Gain Loss Before Tax
ForeignCurrencyGainLossBeforeTax
-134000
CY2012Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q1 dei Trading Symbol
TradingSymbol
EPAM
CY2012Q1 dei Entity Registrant Name
EntityRegistrantName
EPAM SYSTEMS, INC.
CY2012Q1 dei Amendment Flag
AmendmentFlag
false
CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2012Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
CY2012Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001352010
CY2012Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
50000
CY2012Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
28000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3719000
CY2012Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-6368000
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4745000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
13711000
CY2012Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
572000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
14340000
CY2012Q1 us-gaap Increase Decrease In Restricted Cash And Investments
IncreaseDecreaseInRestrictedCashAndInvestments
-177000
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1550000
CY2012Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>1. BASIS OF PRESENTATION</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The accompanying unaudited interim consolidated financial statements of EPAM Systems, Inc. (the &#x201C;Company&#x201D; or &#x201C;EPAM&#x201D;) have been prepared in accordance with generally accepted accounting principles in the United States and Article 10 of Regulation S-X under the Securities and Exchange Act of 1934, as amended. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company&#x2019;s audited consolidated financial statements (and notes thereto) for the year ended December&#xA0;31, 2011. In the Company&#x2019;s opinion, all adjustments considered necessary for a fair presentation of the accompanying unaudited condensed consolidated financial statements have been included, and all adjustments are of a normal and recurring nature. Operating results for the interim periods are not necessarily indicative of results that may be expected to occur for the entire year.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2"><b>Use of Estimates</b> &#x2014; The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience, knowledge of current conditions and its beliefs of what could occur in the future, given available information. Actual results could differ from those estimates, and such differences may be material to the financial statements.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2"><b>Emerging growth company status</b> &#x2014; In April 2012, several weeks after EPAM&#x2019;s initial public offering in February 2012, President Obama signed into law the Jumpstart Our Business Startups Act of 2012 (the &#x201C;JOBS Act&#x201D;). The JOBS Act contains provisions that relax certain requirements for &#x201C;emerging growth companies&#x201D; that otherwise apply to larger public companies. For as long as a company retains emerging growth company status, which may be until the fiscal year-end after the fifth anniversary of its initial public offering, it will not be required to (1)&#xA0;provide an auditor&#x2019;s attestation report on its management&#x2019;s assessment of the effectiveness of its internal control over financial reporting, otherwise required by Section&#xA0;404(b) of the Sarbanes-Oxley Act of 2002, (2)&#xA0;comply with any new or revised financial accounting standard applicable to public companies until such standard is also applicable to private companies, (3)&#xA0;comply with certain new requirements adopted by the Public Company Accounting Oversight Board, (4)&#xA0;provide certain disclosure regarding executive compensation required of larger public companies or (5)&#xA0;hold shareholder advisory votes on matters relating to executive compensation.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">EPAM is classified as an emerging growth company under the JOBS Act, and is eligible to take advantage of the accommodations described above for as long as it retains this status. However, EPAM has elected not to take advantage of the transition period described in (2)&#xA0;above, which is the exemption provided in Section&#xA0;7(a)(2)(B) of the Securities Act of 1933 and Section&#xA0;13(a) of the Securities Exchange Act of 1934 (in each case as amended by the JOBS Act) for complying with new or revised financial accounting standards. EPAM will therefore comply with new or revised financial accounting standards to the same extent that a non-emerging growth company is required to comply with such standards.</font></p> </div>
CY2012Q1 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
572000
CY2012Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-12057000
CY2012Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-23000
CY2012Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
31171000
CY2012Q1 us-gaap Other Noncash Expense
OtherNoncashExpense
640000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
12099000
CY2012Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
160000
CY2012Q1 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-2173000
CY2012Q1 us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
17151000
CY2012Q1 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
3135000
CY2012Q1 us-gaap Cost Of Revenue
CostOfRevenue
60175000
CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8964000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3324000
CY2012Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2211000
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
94383000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
13784000
CY2012Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
657000
CY2012Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1394000
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17627000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2241000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
23940000
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
714000
CY2012Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
1095000
CY2012Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1625000
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
31309000
CY2012Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-586000
CY2012Q1 us-gaap Increase Decrease In Due To Employees Current
IncreaseDecreaseInDueToEmployeesCurrent
5767000
CY2012Q1 epam Accretion Of Redeemable Convertible Preferred Stock
AccretionOfRedeemableConvertiblePreferredStock
0
CY2012Q1 epam Interest Income And Other
InterestIncomeAndOther
476000
CY2012Q1 epam Provision And Recovery For Doubtful Accounts
ProvisionAndRecoveryForDoubtfulAccounts
-374000
CY2012Q1 epam Foreign Currency Gain Loss Before Tax
ForeignCurrencyGainLossBeforeTax
80000

Files In Submission

Name View Source Status
0001193125-12-222496-index-headers.html Edgar Link pending
0001193125-12-222496-index.html Edgar Link pending
0001193125-12-222496.txt Edgar Link pending
0001193125-12-222496-xbrl.zip Edgar Link pending
d336193d10q.htm Edgar Link pending
d336193dex311.htm Edgar Link pending
d336193dex312.htm Edgar Link pending
d336193dex321.htm Edgar Link pending
d336193dex322.htm Edgar Link pending
epam-20120331.xml Edgar Link completed
epam-20120331.xsd Edgar Link pending
epam-20120331_cal.xml Edgar Link unprocessable
epam-20120331_def.xml Edgar Link unprocessable
epam-20120331_lab.xml Edgar Link unprocessable
epam-20120331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R3.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending