$EPAM
EPAM Systems, Inc.

2015 Q2 Form 10-Q Financial Statement

#000135201015000021 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $217.8M $174.7M
YoY Change 24.66% 31.17%
Cost Of Revenue $134.3M $110.1M
YoY Change 21.94% 31.78%
Gross Profit $83.53M $64.59M
YoY Change 29.31% 30.13%
Gross Profit Margin 38.35% 36.97%
Selling, General & Admin $55.98M $38.67M
YoY Change 44.75% 35.49%
% of Gross Profit 67.02% 59.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.900M $5.400M
YoY Change -27.78% 38.46%
% of Gross Profit 4.67% 8.36%
Operating Expenses $55.98M $38.67M
YoY Change 44.75% 35.49%
Operating Profit $23.61M $18.48M
YoY Change 27.77% 5.37%
Interest Expense $800.0K -$100.0K
YoY Change -900.0% 0.0%
% of Operating Profit 3.39% -0.54%
Other Income/Expense, Net
YoY Change
Pretax Income $24.44M $18.40M
YoY Change 32.82% 5.54%
Income Tax $5.209M $3.587M
% Of Pretax Income 21.31% 19.49%
Net Earnings $19.23M $14.81M
YoY Change 29.82% 4.93%
Net Earnings / Revenue 8.83% 8.48%
Basic Earnings Per Share $0.40 $0.31
Diluted Earnings Per Share $0.37 $0.30
COMMON SHARES
Basic Shares Outstanding 48.58M shares 47.07M shares
Diluted Shares Outstanding 51.92M shares 49.56M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $205.7M $176.2M
YoY Change 16.74% 62.4%
Cash & Equivalents $175.7M $175.1M
Short-Term Investments $30.00M $1.100M
Other Short-Term Assets $21.40M $20.30M
YoY Change 5.42% -12.12%
Inventory
Prepaid Expenses
Receivables $134.9M $108.2M
Other Receivables $2.600M $2.200M
Total Short-Term Assets $457.0M $374.8M
YoY Change 21.91% 37.05%
LONG-TERM ASSETS
Property, Plant & Equipment $58.45M $54.52M
YoY Change 7.2% -1.58%
Goodwill $62.21M $42.55M
YoY Change 46.21%
Intangibles $37.82M $49.38M
YoY Change -23.41%
Long-Term Investments
YoY Change
Other Assets $3.561M $2.862M
YoY Change 24.42% -65.1%
Total Long-Term Assets $179.5M $163.1M
YoY Change 10.05% 61.51%
TOTAL ASSETS
Total Short-Term Assets $457.0M $374.8M
Total Long-Term Assets $179.5M $163.1M
Total Assets $636.5M $538.0M
YoY Change 18.32% 43.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.99M $12.50M
YoY Change -4.06% 48.81%
Accrued Expenses $26.84M $23.28M
YoY Change 15.3% 232.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $90.00M $77.64M
YoY Change 15.92% 64.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.89M
YoY Change 2026.13%
Total Long-Term Liabilities $0.00 $31.89M
YoY Change -100.0% 2026.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.00M $77.64M
Total Long-Term Liabilities $0.00 $31.89M
Total Liabilities $92.43M $111.3M
YoY Change -16.96% 125.8%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $49.00K $48.00K
YoY Change 2.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $80.00K $6.500M
YoY Change -98.77%
Treasury Stock Shares
Shareholders Equity $544.1M $426.6M
YoY Change
Total Liabilities & Shareholders Equity $636.5M $538.0M
YoY Change 18.32% 43.65%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $19.23M $14.81M
YoY Change 29.82% 4.93%
Depreciation, Depletion And Amortization $3.900M $5.400M
YoY Change -27.78% 38.46%
Cash From Operating Activities $2.100M $16.80M
YoY Change -87.5% 112.66%
INVESTING ACTIVITIES
Capital Expenditures -$5.400M -$3.100M
YoY Change 74.19% -50.79%
Acquisitions
YoY Change
Other Investing Activities -$200.0K -$18.50M
YoY Change -98.92% 1441.67%
Cash From Investing Activities -$5.600M -$21.50M
YoY Change -73.95% 186.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.40M 4.500M
YoY Change -442.22% -2.17%
NET CHANGE
Cash From Operating Activities 2.100M 16.80M
Cash From Investing Activities -5.600M -21.50M
Cash From Financing Activities -15.40M 4.500M
Net Change In Cash -18.90M -200.0K
YoY Change 9350.0% -104.0%
FREE CASH FLOW
Cash From Operating Activities $2.100M $16.80M
Capital Expenditures -$5.400M -$3.100M
Free Cash Flow $7.500M $19.90M
YoY Change -62.31% 40.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Fiscal Year Focus
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dei Document Period End Date
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7574000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-13937000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33211000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-39479000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
33027000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9034000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
14814000 USD
us-gaap Net Income Loss
NetIncomeLoss
32178000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
19231000 USD
us-gaap Net Income Loss
NetIncomeLoss
33945000 USD
CY2014Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
4081000 USD
CY2015Q2 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
3814000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
18476000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
40333000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
23606000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
46426000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3368000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3561000 USD
CY2014Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
2894000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-683000 USD
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
3674000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
944000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2336000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2085000 USD
CY2014Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-1995000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-2020000 USD
CY2015Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-40000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-240000 USD
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
2282000 USD
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
3512000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
799000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
919000 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
30000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4445000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5342000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9289000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
19635000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
856000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1090000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5413000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
13955000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
701000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55134000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
58446000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
769000 USD
CY2014Q4 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
260598000 USD
CY2015Q2 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
294543000 USD
CY2014Q2 us-gaap Revenues
Revenues
174695000 USD
us-gaap Revenues
Revenues
335079000 USD
CY2015Q2 us-gaap Revenues
Revenues
217781000 USD
us-gaap Revenues
Revenues
417826000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
174695000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
335079000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
217781000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
417826000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
38671000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
71030000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
55976000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
102914000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5891000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9099000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
12253000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
21387000 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2952470 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
15.01
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
47402000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
124023 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
2083700 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
183073000 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
311418000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6838746 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7936249 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.98
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
31.99
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4570435 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
41.60
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
135422000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
16.25
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
28.59
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
61.43
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
165988000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
862174 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
464050000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
544060000 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
24704000 USD
CY2015Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
21505000 USD
CY2014Q4 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
0 USD
CY2015Q2 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
30000000 USD
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
4043000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
80000 USD
CY2014Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
55851000 USD
CY2015Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
92266000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49559000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49384000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51917000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51461000 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
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48584000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48237000 shares
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:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material to the condensed consolidated financial statements. Additionally, operating results for the interim periods are not necessarily indicative of results that may be expected to occur for the entire year.</font></div></div>

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