$EPAM
EPAM Systems, Inc. Stock $epam

$epam Overview Financials Valuation SEC Filings Company Website

2013 Q1 Form 10-Q Financial Statement

#000119312513214279 Filed on May 10, 2013

Income Statement

Concept	2013 Q1	2012 Q4	2012 Q1
Revenue	$124.2M	$125.5M	$94.38M
YoY Change	31.59%	31.97%	29.64%
Cost Of Revenue	$77.94M	$77.28M	$60.18M
YoY Change	29.52%	30.13%	32.24%
Gross Profit	$46.26M	$48.25M	$34.21M
YoY Change	35.23%	35.02%	25.32%
Gross Profit Margin	37.25%	38.44%	36.24%
Selling, General & Admin	$27.08M	$26.38M	$17.63M
YoY Change	53.64%	42.5%	27.8%
% of Gross Profit	58.54%	54.66%	51.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$3.600M	$3.200M	$2.200M
YoY Change	63.64%	77.78%	29.41%
% of Gross Profit	7.78%	6.63%	6.43%
Operating Expenses	$27.08M	$26.38M	$17.63M
YoY Change	53.64%	42.5%	27.8%
Operating Profit	$15.54M	$18.66M	$13.78M
YoY Change	12.71%	20.93%	16.69%
Interest Expense	$100.0K	$400.0K	$600.0K
YoY Change	-83.33%	-500.0%	500.0%
% of Operating Profit	0.64%	2.14%	4.35%
Other Income/Expense, Net
YoY Change
Pretax Income	$15.67M	$19.04M	$14.34M
YoY Change	9.25%	24.05%	20.86%
Income Tax	$2.987M	$4.041M	$2.241M
% Of Pretax Income	19.07%	21.22%	15.63%
Net Earnings	$12.68M	$15.00M	$12.10M
YoY Change	4.8%	21.12%	24.19%
Net Earnings / Revenue	10.21%	11.95%	12.82%
Basic Earnings Per Share	$0.28	$0.35	$0.30
Diluted Earnings Per Share	$0.27	$0.32	$0.27
COMMON SHARES
Basic Shares Outstanding	44.81M shares	43.53M shares	30.20M shares
Diluted Shares Outstanding	47.65M shares		33.96M shares

Balance Sheet

Concept	2013 Q1	2012 Q4	2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$104.4M	$119.1M	$112.7M
YoY Change	-7.36%	34.12%
Cash & Equivalents	$102.8M	$118.1M	$112.7M
Short-Term Investments	$1.600M	$1.000M
Other Short-Term Assets	$22.50M	$236.0K	$14.20M
YoY Change	58.45%	-6.35%
Inventory
Prepaid Expenses		$3.825M
Receivables	$75.67M	$78.91M	$54.24M
Other Receivables	$1.000M	$400.0K	$0.00
Total Short-Term Assets	$255.4M	$251.0M	$223.1M
YoY Change	14.47%	36.71%
LONG-TERM ASSETS
Property, Plant & Equipment	$53.27M	$53.14M	$37.20M
YoY Change	43.19%	49.75%
Goodwill	$22.58M	$22.70M	$8.459M
YoY Change	166.88%	177.86%
Intangibles	$16.03M	$16.83M	$1.111M
YoY Change	1342.84%	1245.64%
Long-Term Investments
YoY Change
Other Assets	$731.0K	$632.0K	$540.0K
YoY Change	35.37%	-76.51%
Total Long-Term Assets	$101.3M	$99.86M	$51.51M
YoY Change	96.78%	91.85%
TOTAL ASSETS
Total Short-Term Assets	$255.4M	$251.0M	$223.1M
Total Long-Term Assets	$101.3M	$99.86M	$51.51M
Total Assets	$356.7M	$350.8M	$274.6M
YoY Change	29.91%	48.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$9.728M	$6.095M	$4.060M
YoY Change	139.61%	124.58%
Accrued Expenses	$7.636M	$19.81M	$13.30M
YoY Change	-42.59%	-20.05%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$48.37M	$59.35M	$47.11M
YoY Change	2.67%	11.72%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$1.800M	$2.500M	$1.200M
YoY Change	50.0%	108.33%
Total Long-Term Liabilities	$1.800M	$2.500M	$1.200M
YoY Change	50.0%	108.33%
TOTAL LIABILITIES
Total Short-Term Liabilities	$48.37M	$59.35M	$47.11M
Total Long-Term Liabilities	$1.800M	$2.500M	$1.200M
Total Liabilities	$53.29M	$64.53M	$48.60M
YoY Change	9.64%	18.16%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock	$45.00K	$44.00K	$42.00K
YoY Change	7.14%	158.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$8.697M	$8.697M	$15.97M
YoY Change	-45.55%	-45.55%
Treasury Stock Shares
Shareholders Equity	$303.5M	$286.3M	$226.0M
YoY Change
Total Liabilities & Shareholders Equity	$356.7M	$350.8M	$274.6M
YoY Change	29.91%	48.89%

Cashflow Statement

Concept	2013 Q1	2012 Q4	2012 Q1
OPERATING ACTIVITIES
Net Income	$12.68M	$15.00M	$12.10M
YoY Change	4.8%	21.12%	24.19%
Depreciation, Depletion And Amortization	$3.600M	$3.200M	$2.200M
YoY Change	63.64%	77.78%	29.41%
Cash From Operating Activities	-$11.74M	$35.80M	-$4.745M
YoY Change	147.38%	36.12%	-1410.77%
INVESTING ACTIVITIES
Capital Expenditures	$2.887M	-$3.400M	$3.324M
YoY Change	-13.15%	-2.86%	-47.39%
Acquisitions
YoY Change
Other Investing Activities	$2.834M	-$25.00M	$200.0K
YoY Change	1317.0%	8233.33%
Cash From Investing Activities	-$6.474M	-$28.20M	-$3.719M
YoY Change	74.08%	642.11%	-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	4.039M	4.100M	31.31M
YoY Change	-87.1%	-920.0%
NET CHANGE
Cash From Operating Activities	-11.74M	35.80M	-4.745M
Cash From Investing Activities	-6.474M	-28.20M	-3.719M
Cash From Financing Activities	4.039M	4.100M	31.31M
Net Change In Cash	-14.17M	11.70M	22.85M
YoY Change	-162.04%	-46.82%	-478.29%
FREE CASH FLOW
Cash From Operating Activities	-$11.74M	$35.80M	-$4.745M
Capital Expenditures	$2.887M	-$3.400M	$3.324M
Free Cash Flow	-$14.63M	$39.20M	-$8.069M
YoY Change	81.25%	31.54%	35.48%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2013Q1	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	15738000
CY2013Q1	us-gaap	Goodwill Goodwill	22575000
CY2013Q1	us-gaap	Deferred Tax Assets Net Current DeferredTaxAssetsNetCurrent	6822000
CY2013Q1	us-gaap	Due To Employees Current DueToEmployeesCurrent	15129000
CY2013Q1	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	731000
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	3265517	shares
CY2013Q1	us-gaap	Stockholders Equity StockholdersEquity	303459000
CY2013Q1	us-gaap	Goodwill Impaired Accumulated Impairment Loss GoodwillImpairedAccumulatedImpairmentLoss	1697000
CY2013Q1	us-gaap	Notes Receivable Gross NotesReceivableGross	3250000
CY2013Q1	us-gaap	Commitments And Contingencies CommitmentsAndContingencies
CY2013Q1	us-gaap	Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized	20979000
CY2013Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1	59204000
CY2013Q1	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	160000000	shares
CY2013Q1	us-gaap	Deferred Tax Liabilities Current DeferredTaxLiabilitiesCurrent	672000
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	5.10
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	83615000
CY2013Q1	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	45223981	shares
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber	2084127	shares
CY2013Q1	us-gaap	Notes Receivable Net NotesReceivableNet	3250000
CY2013Q1	us-gaap	Liabilities Liabilities	53287000
CY2013Q1	us-gaap	Accounts Payable Current AccountsPayableCurrent	9728000
CY2013Q1	us-gaap	Notes And Loans Receivable Net Noncurrent NotesAndLoansReceivableNetNoncurrent	2232000
CY2013Q1	us-gaap	Deferred Revenue Current DeferredRevenueCurrent	4920000
CY2013Q1	us-gaap	Accrued Income Taxes Noncurrent AccruedIncomeTaxesNoncurrent	1228000
CY2013Q1	us-gaap	Deferred Tax Assets Net Noncurrent DeferredTaxAssetsNetNoncurrent	6160000
CY2013Q1	us-gaap	Provision For Loss On Contracts ProvisionForLossOnContracts	0
CY2013Q1	us-gaap	Assets Assets	356746000
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	8.06
CY2013Q1	us-gaap	Deferred Tax Liabilities Noncurrent DeferredTaxLiabilitiesNoncurrent	3071000
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice	12.15
CY2013Q1	us-gaap	Deposits Assets Noncurrent DepositsAssetsNoncurrent	356000
CY2013Q1	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	75665000
CY2013Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	356746000
CY2013Q1	us-gaap	Unbilled Receivables Current UnbilledReceivablesCurrent	51762000
CY2013Q1	us-gaap	Treasury Stock Value TreasuryStockValue	8697000
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue	23092000
CY2013Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	102806000
CY2013Q1	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	46180010	shares
CY2013Q1	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	16030000
CY2013Q1	us-gaap	Time Deposits At Carrying Value TimeDepositsAtCarryingValue	1562000
CY2013Q1	us-gaap	Accumulated Other Comprehensive Income Loss Net Of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax	-3364000
CY2013Q1	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	7636000
CY2013Q1	us-gaap	Accounts Notes And Loans Receivable Net Current AccountsNotesAndLoansReceivableNetCurrent	1018000
CY2013Q1	us-gaap	Liabilities Current LiabilitiesCurrent	48367000
CY2013Q1	us-gaap	Contractual Obligation ContractualObligation	5241000
CY2013Q1	us-gaap	Allowance For Doubtful Accounts Receivable Current AllowanceForDoubtfulAccountsReceivableCurrent	2236000
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	5511854	shares
CY2013Q1	us-gaap	Common Stock Value CommonStockValue	45000
CY2013Q1	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2013Q1	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	621000
CY2013Q1	us-gaap	Taxes Payable Current TaxesPayableCurrent	10282000
CY2013Q1	us-gaap	Deposits Assets Current DepositsAssetsCurrent	24000
CY2013Q1	us-gaap	Assets Current AssetsCurrent	255397000
CY2013Q1	us-gaap	Financing Receivable Allowance For Credit Losses FinancingReceivableAllowanceForCreditLosses
CY2013Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	53265000
CY2013Q1	us-gaap	Retained Earnings Unappropriated RetainedEarningsUnappropriated	141672000
CY2013Q1	us-gaap	Allowance For Doubtful Other Receivables Current AllowanceForDoubtfulOtherReceivablesCurrent	0
CY2013Q1	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	173803000
CY2013Q1	epam	Goodwill Before Accumulated Impairments GoodwillBeforeAccumulatedImpairments	24272000
CY2013Q1	epam	Percentage Of Commitment Amount PercentageOfCommitmentAmount	0.30	pure
CY2013Q1	epam	Allowance For Doubtful Other Receivables Noncurrent AllowanceForDoubtfulOtherReceivablesNoncurrent	0
CY2013Q1	epam	Restricted Cash And Time Deposits RestrictedCashAndTimeDeposits	1942000
CY2011Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	88796000
CY2012Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	11835000
CY2012Q4	us-gaap	Goodwill Goodwill	22698000
CY2012Q4	us-gaap	Deferred Tax Assets Net Current DeferredTaxAssetsNetCurrent	6593000
CY2012Q4	us-gaap	Due To Employees Current DueToEmployeesCurrent	12026000
CY2012Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	632000
CY2012Q4	us-gaap	Stockholders Equity StockholdersEquity	286280000
CY2012Q4	us-gaap	Goodwill Impaired Accumulated Impairment Loss GoodwillImpairedAccumulatedImpairmentLoss	1697000
CY2012Q4	us-gaap	Notes Receivable Gross NotesReceivableGross	429000
CY2012Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies
CY2012Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	160000000	shares
CY2012Q4	us-gaap	Deferred Tax Liabilities Current DeferredTaxLiabilitiesCurrent	491000
CY2012Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	66682000
CY2012Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	44442494	shares
CY2012Q4	us-gaap	Notes Receivable Net NotesReceivableNet	429000
CY2012Q4	us-gaap	Liabilities Liabilities	64534000
CY2012Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	6095000
CY2012Q4	us-gaap	Deferred Revenue Current DeferredRevenueCurrent	6369000
CY2012Q4	us-gaap	Accrued Income Taxes Noncurrent AccruedIncomeTaxesNoncurrent	1228000
CY2012Q4	us-gaap	Deferred Tax Assets Net Noncurrent DeferredTaxAssetsNetNoncurrent	6093000
CY2012Q4	us-gaap	Provision For Loss On Contracts ProvisionForLossOnContracts	0
CY2012Q4	us-gaap	Assets Assets	350814000
CY2012Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	7.51
CY2012Q4	us-gaap	Deferred Tax Liabilities Noncurrent DeferredTaxLiabilitiesNoncurrent	2691000
CY2012Q4	us-gaap	Deposits Assets Noncurrent DepositsAssetsNoncurrent	467000
CY2012Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	78906000
CY2012Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	350814000
CY2012Q4	us-gaap	Unbilled Receivables Current UnbilledReceivablesCurrent	33414000
CY2012Q4	us-gaap	Treasury Stock Value TreasuryStockValue	8697000
CY2012Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	118112000
CY2012Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	45398523	shares
CY2012Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	16834000
CY2012Q4	us-gaap	Time Deposits At Carrying Value TimeDepositsAtCarryingValue	1006000
CY2012Q4	us-gaap	Accumulated Other Comprehensive Income Loss Net Of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax	-1021000
CY2012Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	19814000
CY2012Q4	us-gaap	Accounts Notes And Loans Receivable Net Current AccountsNotesAndLoansReceivableNetCurrent	429000
CY2012Q4	us-gaap	Liabilities Current LiabilitiesCurrent	59352000
CY2012Q4	us-gaap	Allowance For Doubtful Accounts Receivable Current AllowanceForDoubtfulAccountsReceivableCurrent	2203000
CY2012Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	6296709	shares
CY2012Q4	us-gaap	Common Stock Value CommonStockValue	44000
CY2012Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2012Q4	us-gaap	Deferred Revenue Noncurrent DeferredRevenueNoncurrent	1263000
CY2012Q4	us-gaap	Taxes Payable Current TaxesPayableCurrent	14557000
CY2012Q4	us-gaap	Deposits Assets Current DepositsAssetsCurrent	660000
CY2012Q4	us-gaap	Assets Current AssetsCurrent	250955000
CY2012Q4	us-gaap	Financing Receivable Allowance For Credit Losses FinancingReceivableAllowanceForCreditLosses
CY2012Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	53135000
CY2012Q4	us-gaap	Retained Earnings Unappropriated RetainedEarningsUnappropriated	128992000
CY2012Q4	us-gaap	Allowance For Doubtful Other Receivables Current AllowanceForDoubtfulOtherReceivablesCurrent	0
CY2012Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	166962000
CY2012Q4	epam	Goodwill Before Accumulated Impairments GoodwillBeforeAccumulatedImpairments	24395000
CY2012Q4	epam	Allowance For Doubtful Other Receivables Noncurrent AllowanceForDoubtfulOtherReceivablesNoncurrent	0
CY2012Q4	epam	Restricted Cash And Time Deposits RestrictedCashAndTimeDeposits	2133000
CY2013Q1	dei	Trading Symbol TradingSymbol	EPAM
CY2013Q1	dei	Entity Registrant Name EntityRegistrantName	EPAM SYSTEMS, INC.
CY2013Q1	dei	Amendment Flag AmendmentFlag	false
CY2013Q1	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2013Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2013Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2013
CY2013Q1	dei	Document Type DocumentType	10-Q
CY2013Q1	dei	Document Period End Date DocumentPeriodEndDate	2013-03-31
CY2013Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001352010
CY2013Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue	15292000
CY2013Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	15536000
CY2013Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-586000
CY2013Q1	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	3009000
CY2013Q1	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	10337000
CY2013Q1	us-gaap	Share Based Compensation ShareBasedCompensation	2576000
CY2013Q1	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2013Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.27
CY2013Q1	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice	16.80
CY2013Q1	us-gaap	Payments For Construction In Process PaymentsForConstructionInProcess	808000
CY2013Q1	us-gaap	Increase Decrease In Restricted Cash IncreaseDecreaseInRestrictedCash	-177000
CY2013Q1	us-gaap	Goodwill Translation Adjustments GoodwillTranslationAdjustments	-123000
CY2013Q1	us-gaap	Increase Decrease In Unbilled Receivables IncreaseDecreaseInUnbilledReceivables	18597000
CY2013Q1	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	776230	shares
CY2013Q1	us-gaap	Investment Income Net InvestmentIncomeNet	630000
CY2013Q1	us-gaap	Basis Of Accounting BasisOfAccounting	<div> <p style="MARGIN-TOP: 12px; 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; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The accompanying unaudited interim consolidated financial statements of EPAM Systems, Inc. (the “Company” or “EPAM”) 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’s audited consolidated financial statements (and notes thereto) for the year ended December 31, 2012. In the Company’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; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b> — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Fair Value of Financial Instruments</b> — The Company makes significant assumptions about fair values of its financial instruments. Where the fair values of financial assets and liabilities recorded in the consolidated balance sheet cannot be derived from an active market, they are determined using a variety of valuation techniques. These valuation techniques include a net present value technique, comparison to similar instruments with market observable inputs, options pricing models and other relevant valuation models. Inputs into these models are taken from observable market data whenever possible, but in instances where it is not feasible, a degree of judgment is required to establish fair values.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Cash and cash equivalents</i> — are considered Level 1 measurements. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Restricted cash and time deposits</i> — are considered Level 2 measurements. Fair values of Level 2 measurements are determined by analyzing quoted prices for similar assets in an active market, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. The carrying values of restricted cash and time deposits approximates their fair values.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Employee Housing Loans</i> — The Company issues loans to its employees under the Employee Housing Program (“housing loans”). Housing loans are issued in U.S. Dollars with a 5 year term and carry an interest rate of 7.5%. The program was designed to be a retention mechanism for the Company’s employees in Belarus.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Although permitted by authoritative guidance, the Company didn’t elect a fair value option for these financial instruments. These housing loans are measured at fair value upon initial recognition and subsequently carried at amortized cost less allowance for loan losses. Any difference between the carrying value and the fair value of a loan upon initial recognition (“day-one” recognition) is charged to expense.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The housing loans were classified as Level 3 measurements within the fair value hierarchy because they were valued using significant unobservable inputs. The estimated fair value of these housing loans upon initial recognition was computed by projecting the future contractual cash flows to be received from the loans and discounting those projected net cash flows to a present value, which is the estimated fair value (the “Income Approach”). In applying the Income Approach, the Company analyzed similar loans offered by third-party financial institutions in Belarusian Rubles (“BYR”) and adjusted the interest rates charged on such loans to exclude the effects of underlying economic factors, such as inflation and currency devaluation. Additionally, the Company assessed the probability of future defaults and associated cash flows impact. Also, the Company separately analyzed the rate of return that market participants in Belarus would require when investing in unsecured USD-denominated government bonds with similar maturities (a “risk-free rate”) and evaluated a risk premium component to compensate the market participants for the credit and liquidity risks inherent in the loans’ cash flows, as described in the following paragraph. As a result of the analysis performed, the Company determined the carrying values of the housing loans issued during the quarter ended March 31, 2013, approximated their fair values upon initial recognition.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Repayment of housing loans is primarily dependent on personal income of borrowers obtained through employment with the Company, which income is set in U.S. Dollars and is not closely correlated with common macroeconomic risks existing in Belarus, such as inflation, local currency devaluation and a decrease in the purchasing power of the borrowers’ income. Given a large demand for the program among the Company’s employees and its advantages as compared to alternative methods of financing available on the market, the Company expects the borrowers to fulfill their obligations and estimates the probability of voluntary termination of employment among the borrowers as de minimis. Additionally, housing loans are capped at $50 per loan and secured by real-estate financed through the program. The Company establishes a maximum loan-to-value ratio of 70% and expects a decrease in the ratio over the life of a housing loan due to on-going payments by employees.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Employee loans, other</i> — are short-term non-interest bearing relocation loans and other employee loans. These loans are considered Level 3 measurements. The Company’s Level 3, unobservable inputs reflect its assumptions about the factors that market participants use in pricing similar receivables, and are based on the best information available in the circumstances. Due to a short-term nature of employee loans, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Employee Loans</b> — Loans are initially recorded at their fair value, and subsequently measured at their amortized cost, less allowance for loans losses, if any. The Company intends to hold all employee loans till their maturity. Interest income is reported using the effective interest method. Where applicable, loan origination fees, net of direct origination costs, are deferred and recognized in interest income over the life of the loan.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Generally, loans are placed on nonaccrual status at 90 days past due. The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date. All interest accrued but not collected for loans that are placed on nonaccrual is reversed against interest income. Subsequent payments on non-accrual loans are recorded as a reduction of principal, and interest income is recorded only after principal recovery is reasonably assured. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. Interest income on loans individually classified as impaired is recognized on a cash basis after all past due and current principal payments have been made.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Allowance for Loan Losses</b> — The allowance for loan losses is established when losses are deemed to have occurred through a provision for loan losses charged to income and represents management’s estimate of probable credit losses inherent in the loan portfolio. Determining the amount of the allowance for loan losses is considered a critical accounting estimate because it requires significant judgment and the use of estimates related to the amount and timing of expected future cash flows on impaired loans, estimated fair value of collateral securing the loans, estimated losses on loans based on historical loss experience, and consideration of current economic trends and conditions, all of which may be susceptible to significant change.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Loans that exhibit probable or observed credit weaknesses are subject to individual review. Where appropriate, amounts of allowances are allocated to individual loans based on management’s estimate of the borrower’s ability to repay the loan given the availability of collateral, other sources of cash flow and legal options available to the Company. In its review, the Company evaluates the collectability of both principal and interest when assessing the need for a loss accrual. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The general allowance covers loans for which no individual impairment has been identified. Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Write-offs of unrecoverable loans are charged against the allowance when management believes the uncollectability of a loan balance and any interest due thereon is confirmed. Subsequent recoveries, if any, are credited to the provision for bad debts.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Off-balance sheet financial instruments</b> — include credit instruments, such as commitments to make employee loans and related guarantees, standby letters of credit and guarantee issued under customer contracts. The face amount for these items represents the exposure to loss, before considering available collateral or the borrower’s ability to repay. Such financial instruments are recorded when they are funded. Loss contingencies arising from off-balance sheet credit exposures are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. The Company does not believe there are such matters that will have a material effect on the consolidated financial statements.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">  </p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Emerging growth company status</b> — In April 2012, several weeks after EPAM’s initial public offering in February 2012, President Obama signed into law the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The JOBS Act contains provisions that relax certain requirements for “emerging growth companies” 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) provide an auditor’s attestation report on its management’s assessment of the effectiveness of its internal control over financial reporting, otherwise required by Section 404(b) of the Sarbanes-Oxley Act of 2002, (2) comply with any new or revised financial accounting standard applicable to public companies until such standard is also applicable to private companies, (3) comply with certain new requirements adopted by the Public Company Accounting Oversight Board, (4) provide certain disclosure regarding executive compensation required of larger public companies or (5) hold shareholder advisory votes on matters relating to executive compensation.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <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) above, which is the exemption provided in Section 7(a)(2)(B) of the Securities Act of 1933 and Section 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>
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CY2013Q1	us-gaap	Defined Benefit Plan Contributions By Employer DefinedBenefitPlanContributionsByEmployer	72000
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod	8625	shares
CY2013Q1	us-gaap	Excess Tax Benefit From Share Based Compensation Operating Activities ExcessTaxBenefitFromShareBasedCompensationOperatingActivities	1529000
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CY2013Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	2834000
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CY2013Q1	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	12680000
CY2013Q1	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-12094000
CY2013Q1	us-gaap	Net Income Loss Available To Common Stockholders Diluted NetIncomeLossAvailableToCommonStockholdersDiluted	12680000
CY2013Q1	epam	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period Total Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodTotalIntrinsicValue	55000
CY2013Q1	epam	Provision And Recovery For Doubtful Accounts ProvisionAndRecoveryForDoubtfulAccounts	161000
CY2013Q1	epam	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodIntrinsicValue
CY2013Q1	epam	Line Of Credit Facility Percentage Of Equity Interest As Collateral LineOfCreditFacilityPercentageOfEquityInterestAsCollateral	0.65	pure
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CY2012Q1	us-gaap	Payments For Construction In Process PaymentsForConstructionInProcess	572000
CY2012Q1	us-gaap	Increase Decrease In Restricted Cash IncreaseDecreaseInRestrictedCash	-178000
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CY2012Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.30
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CY2012Q1	us-gaap	Increase Decrease In Other Noncurrent Assets IncreaseDecreaseInOtherNoncurrentAssets	1000
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CY2012Q1	epam	Provision And Recovery For Doubtful Accounts ProvisionAndRecoveryForDoubtfulAccounts	-374000
CY2012Q4	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.156	pure

Files In Submission

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$EPAM
EPAM Systems, Inc. Stock $epam

2013 Q1 Form 10-Q Financial Statement

#000119312513214279 Filed on May 10, 2013

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$EPAM EPAM Systems, Inc. Stock $epam

2013 Q1 Form 10-Q Financial Statement

#000119312513214279 Filed on May 10, 2013

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$EPAM
EPAM Systems, Inc. Stock $epam