$EPAM
EPAM Systems, Inc.

2014 Q2 Form 10-Q Financial Statement

#000135201014000036 Filed on August 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $174.7M $133.2M
YoY Change 31.17% 28.31%
Cost Of Revenue $110.1M $83.55M
YoY Change 31.78% 30.95%
Gross Profit $64.59M $49.64M
YoY Change 30.13% 24.1%
Gross Profit Margin 36.97% 37.27%
Selling, General & Admin $38.67M $28.54M
YoY Change 35.49% 37.81%
% of Gross Profit 59.87% 57.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.400M $3.900M
YoY Change 38.46% 62.5%
% of Gross Profit 8.36% 7.86%
Operating Expenses $38.67M $28.54M
YoY Change 35.49% 37.81%
Operating Profit $18.48M $17.54M
YoY Change 5.37% 4.19%
Interest Expense -$100.0K -$100.0K
YoY Change 0.0% -88.89%
% of Operating Profit -0.54% -0.57%
Other Income/Expense, Net
YoY Change
Pretax Income $18.40M $17.44M
YoY Change 5.54% 9.68%
Income Tax $3.587M $3.317M
% Of Pretax Income 19.49% 19.02%
Net Earnings $14.81M $14.12M
YoY Change 4.93% 5.98%
Net Earnings / Revenue 8.48% 10.6%
Basic Earnings Per Share $0.31 $0.31
Diluted Earnings Per Share $0.30 $0.29
COMMON SHARES
Basic Shares Outstanding 47.07M shares 45.49M shares
Diluted Shares Outstanding 49.56M shares 47.98M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.2M $108.5M
YoY Change 62.4% 3.43%
Cash & Equivalents $175.1M $107.5M
Short-Term Investments $1.100M $1.000M
Other Short-Term Assets $20.30M $23.10M
YoY Change -12.12% 56.08%
Inventory
Prepaid Expenses
Receivables $108.2M $140.5M
Other Receivables $2.200M $1.400M
Total Short-Term Assets $374.8M $273.5M
YoY Change 37.05% 21.68%
LONG-TERM ASSETS
Property, Plant & Equipment $54.52M $55.40M
YoY Change -1.58% 37.75%
Goodwill $42.55M
YoY Change
Intangibles $49.38M
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.862M $8.200M
YoY Change -65.1% 1382.82%
Total Long-Term Assets $163.1M $101.0M
YoY Change 61.51% 59.75%
TOTAL ASSETS
Total Short-Term Assets $374.8M $273.5M
Total Long-Term Assets $163.1M $101.0M
Total Assets $538.0M $374.5M
YoY Change 43.65% 30.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.50M $8.400M
YoY Change 48.81% 93.33%
Accrued Expenses $23.28M $7.000M
YoY Change 232.57% -32.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $77.64M $47.30M
YoY Change 64.15% 7.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.89M $1.500M
YoY Change 2026.13% 25.0%
Total Long-Term Liabilities $31.89M $1.500M
YoY Change 2026.13% 25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.64M $47.30M
Total Long-Term Liabilities $31.89M $1.500M
Total Liabilities $111.3M $49.30M
YoY Change 125.8% 8.62%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $48.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.500M
YoY Change
Treasury Stock Shares
Shareholders Equity $426.6M $325.2M
YoY Change
Total Liabilities & Shareholders Equity $538.0M $374.5M
YoY Change 43.65% 30.04%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $14.81M $14.12M
YoY Change 4.93% 5.98%
Depreciation, Depletion And Amortization $5.400M $3.900M
YoY Change 38.46% 62.5%
Cash From Operating Activities $16.80M $7.900M
YoY Change 112.66% 25.4%
INVESTING ACTIVITIES
Capital Expenditures -$3.100M -$6.300M
YoY Change -50.79% 10.53%
Acquisitions
YoY Change
Other Investing Activities -$18.50M -$1.200M
YoY Change 1441.67% -83.1%
Cash From Investing Activities -$21.50M -$7.500M
YoY Change 186.67% -41.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.500M 4.600M
YoY Change -2.17% -2400.0%
NET CHANGE
Cash From Operating Activities 16.80M 7.900M
Cash From Investing Activities -21.50M -7.500M
Cash From Financing Activities 4.500M 4.600M
Net Change In Cash -200.0K 5.000M
YoY Change -104.0% -174.63%
FREE CASH FLOW
Cash From Operating Activities $16.80M $7.900M
Capital Expenditures -$3.100M -$6.300M
Free Cash Flow $19.90M $14.20M
YoY Change 40.14% 18.33%

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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-3388000 USD
CY2014Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
31892000 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1139000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2336000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-2020000 USD
CY2013Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
293000 USD
CY2014Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-1995000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
268000 USD
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
2282000 USD
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
1006000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
799000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
5172000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
26498000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
20000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4445000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8998000 USD
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
16200000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14355000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;"> &#8212; From time to time the Company may reclassify certain prior period amounts to conform to the current period presentation. Such reclassifications do not affect the Company&#8217;s results of operations or total stockholders&#8217; equity.</font></div></div>
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
856000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
821000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5413000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5353000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
54523000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
53315000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
769000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
803000 USD
CY2014Q2 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
223164000 USD
CY2013Q4 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
190986000 USD
CY2014Q2 us-gaap Revenues
Revenues
174695000 USD
us-gaap Revenues
Revenues
257382000 USD
us-gaap Revenues
Revenues
335079000 USD
CY2013Q2 us-gaap Revenues
Revenues
133184000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
257382000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
335079000 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
133184000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
174695000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
71030000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
38671000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
55624000 USD
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
28541000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9099000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6426000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5891000 USD
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3850000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2784829 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.74
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
-23433000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
104742 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
2346500 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
174671000 USD
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
122003000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7404461 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5823536 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.99
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.16
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4183582 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
26.22
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
73338000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.29
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
22.72
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
32.26
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
94712000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P5Y7M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y1M
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
660833 shares
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
376101000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
426647000 USD
CY2014Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
15050000 USD
CY2013Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
14171000 USD
CY2014Q2 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
1142000 USD
CY2013Q4 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
1188000 USD
CY2014Q2 us-gaap Treasury Stock Value
TreasuryStockValue
6500000 USD
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
8684000 USD
CY2014Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
67880000 USD
CY2013Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
43108000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> &#8212; 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></div></div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49384000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47977000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49559000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47813000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45486000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45151000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47068000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46933000 shares
CY2013Q4 epam Contingent Consideration Classified As Liability Fair Value Disclosure
ContingentConsiderationClassifiedAsLiabilityFairValueDisclosure
0 USD
CY2013Q2 epam Net Income Loss Attributable To Common Stockholders Basic And Diluted Earnings Per Shares
NetIncomeLossAttributableToCommonStockholdersBasicAndDilutedEarningsPerShares
14118000 USD
epam Net Income Loss Attributable To Common Stockholders Basic And Diluted Earnings Per Shares
NetIncomeLossAttributableToCommonStockholdersBasicAndDilutedEarningsPerShares
32178000 USD
epam Net Income Loss Attributable To Common Stockholders Basic And Diluted Earnings Per Shares
NetIncomeLossAttributableToCommonStockholdersBasicAndDilutedEarningsPerShares
26798000 USD
CY2014Q2 epam Net Income Loss Attributable To Common Stockholders Basic And Diluted Earnings Per Shares
NetIncomeLossAttributableToCommonStockholdersBasicAndDilutedEarningsPerShares
14814000 USD
epam Non Cash Payable Contingent Consideration
NonCashPayableContingentConsideration
28293000 USD
epam Non Cash Payable Contingent Consideration
NonCashPayableContingentConsideration
0 USD
epam Non Cash Payable Deferred Consideration
NonCashPayableDeferredConsideration
0 USD
epam Non Cash Payable Deferred Consideration
NonCashPayableDeferredConsideration
5418000 USD
epam Period To Complete Construction
PeriodToCompleteConstruction
P10M
epam Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodTotalIntrinsicValue
-2203000 USD
epam Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodIntrinsicValue
26961000 USD
CY2014Q2 epam Sharebased Compensation Arrangementby Sharebased Payment Award Options Underlying Options Exercisedin Transferwith Transfer Agent
SharebasedCompensationArrangementbySharebasedPaymentAwardOptionsUnderlyingOptionsExercisedinTransferwithTransferAgent
6085 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001352010
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
47538649 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
EPAM Systems, Inc.
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
dei Trading Symbol
TradingSymbol
EPAM

Files In Submission

Name View Source Status
0001352010-14-000036-index-headers.html Edgar Link pending
0001352010-14-000036-index.html Edgar Link pending
0001352010-14-000036.txt Edgar Link pending
0001352010-14-000036-xbrl.zip Edgar Link pending
epam-20140630.xml Edgar Link completed
epam-20140630.xsd Edgar Link pending
epam-20140630_cal.xml Edgar Link unprocessable
epam-20140630_def.xml Edgar Link unprocessable
epam-20140630_lab.xml Edgar Link unprocessable
epam-20140630_pre.xml Edgar Link unprocessable
epam-2014630x10q.htm Edgar Link pending
exhibit311.htm Edgar Link pending
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