$EPAM
EPAM Systems, Inc.

2016 Q2 Form 10-Q Financial Statement

#000135201016000043 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $283.8M $217.8M
YoY Change 30.33% 24.66%
Cost Of Revenue $180.8M $134.3M
YoY Change 34.65% 21.94%
Gross Profit $103.1M $83.53M
YoY Change 23.38% 29.31%
Gross Profit Margin 36.31% 38.35%
Selling, General & Admin $64.24M $55.98M
YoY Change 14.77% 44.75%
% of Gross Profit 62.34% 67.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.100M $3.900M
YoY Change 56.41% -27.78%
% of Gross Profit 5.92% 4.67%
Operating Expenses $64.24M $55.98M
YoY Change 14.77% 44.75%
Operating Profit $32.08M $23.61M
YoY Change 35.9% 27.77%
Interest Expense -$1.200M $800.0K
YoY Change -250.0% -900.0%
% of Operating Profit -3.74% 3.39%
Other Income/Expense, Net
YoY Change
Pretax Income $30.92M $24.44M
YoY Change 26.53% 32.82%
Income Tax $6.493M $5.209M
% Of Pretax Income 21.0% 21.31%
Net Earnings $24.43M $19.23M
YoY Change 27.03% 29.82%
Net Earnings / Revenue 8.61% 8.83%
Basic Earnings Per Share $0.49 $0.40
Diluted Earnings Per Share $0.46 $0.37
COMMON SHARES
Basic Shares Outstanding 50.21M shares 48.58M shares
Diluted Shares Outstanding 53.27M shares 51.92M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $280.7M $205.7M
YoY Change 36.46% 16.74%
Cash & Equivalents $280.7M $175.7M
Short-Term Investments $0.00 $30.00M
Other Short-Term Assets $15.30M $21.40M
YoY Change -28.5% 5.42%
Inventory
Prepaid Expenses
Receivables $178.8M $134.9M
Other Receivables $2.700M $2.600M
Total Short-Term Assets $573.5M $457.0M
YoY Change 25.51% 21.91%
LONG-TERM ASSETS
Property, Plant & Equipment $66.75M $58.45M
YoY Change 14.21% 7.2%
Goodwill $110.7M $62.21M
YoY Change 77.9% 46.21%
Intangibles $55.96M $37.82M
YoY Change 47.97% -23.41%
Long-Term Investments
YoY Change
Other Assets $7.270M $3.561M
YoY Change 104.16% 24.42%
Total Long-Term Assets $270.4M $179.5M
YoY Change 50.6% 10.05%
TOTAL ASSETS
Total Short-Term Assets $573.5M $457.0M
Total Long-Term Assets $270.4M $179.5M
Total Assets $843.9M $636.5M
YoY Change 32.58% 18.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.005M $11.99M
YoY Change -74.94% -4.06%
Accrued Expenses $29.56M $26.84M
YoY Change 10.12% 15.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $92.01M $90.00M
YoY Change 2.24% 15.92%
LONG-TERM LIABILITIES
Long-Term Debt $40.10M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $40.10M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.01M $90.00M
Total Long-Term Liabilities $40.10M $0.00
Total Liabilities $134.9M $92.43M
YoY Change 45.97% -16.96%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $50.00K $49.00K
YoY Change 2.04% 2.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $156.0K $80.00K
YoY Change 95.0% -98.77%
Treasury Stock Shares
Shareholders Equity $709.0M $544.1M
YoY Change
Total Liabilities & Shareholders Equity $843.9M $636.5M
YoY Change 32.58% 18.32%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $24.43M $19.23M
YoY Change 27.03% 29.82%
Depreciation, Depletion And Amortization $6.100M $3.900M
YoY Change 56.41% -27.78%
Cash From Operating Activities $38.50M $2.100M
YoY Change 1733.33% -87.5%
INVESTING ACTIVITIES
Capital Expenditures -$7.400M -$5.400M
YoY Change 37.04% 74.19%
Acquisitions
YoY Change
Other Investing Activities -$4.200M -$200.0K
YoY Change 2000.0% -98.92%
Cash From Investing Activities -$11.60M -$5.600M
YoY Change 107.14% -73.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.900M -15.40M
YoY Change -164.29% -442.22%
NET CHANGE
Cash From Operating Activities 38.50M 2.100M
Cash From Investing Activities -11.60M -5.600M
Cash From Financing Activities 9.900M -15.40M
Net Change In Cash 36.80M -18.90M
YoY Change -294.71% 9350.0%
FREE CASH FLOW
Cash From Operating Activities $38.50M $2.100M
Capital Expenditures -$7.400M -$5.400M
Free Cash Flow $45.90M $7.500M
YoY Change 512.0% -62.31%

Facts In Submission

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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-39479000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
11818000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9034000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
49354000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
19231000 USD
us-gaap Net Income Loss
NetIncomeLoss
33945000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
24430000 USD
us-gaap Net Income Loss
NetIncomeLoss
48329000 USD
CY2015Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
3649000 USD
CY2016Q2 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
3478000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
23606000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
46426000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
32080000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
62411000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4113000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7270000 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
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-2386000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
2313000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2085000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1003000 USD
CY2015Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-40000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-240000 USD
CY2016Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-606000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-780000 USD
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
3512000 USD
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
0 USD
us-gaap Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
0 USD
us-gaap Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
41000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
919000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
941000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
30000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2515000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5342000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13589000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14344000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
15273000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1090000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1028000 USD
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
0 USD
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
20000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
135000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
13955000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
12578000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
60499000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
66751000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
701000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1730000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
0 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
15060000 USD
CY2015Q4 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
345054000 USD
CY2016Q2 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
393383000 USD
CY2015Q2 us-gaap Revenues
Revenues
217781000 USD
us-gaap Revenues
Revenues
417826000 USD
CY2016Q2 us-gaap Revenues
Revenues
283832000 USD
us-gaap Revenues
Revenues
548314000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
217781000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
417826000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
283832000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
548314000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
55976000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
102914000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
64241000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
125735000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
21387000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
23694000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
613223000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
708967000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
29472000 USD
CY2016Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
21765000 USD
CY2015Q4 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
30181000 USD
CY2016Q2 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
0 USD
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
93000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
156000 USD
CY2015Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
95808000 USD
CY2016Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
96045000 USD
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
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53271000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52803000 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
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50211000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49688000 shares
us-gaap Reclassifications
Reclassifications
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassification </font><font style="font-family:inherit;font-size:10pt;">&#8212; During the first quarter of 2016, the Company revised the classification of certain health insurance premium and other employee fringe benefit expenses between the cost of revenues and selling, general and administrative expenses line items on the condensed consolidated statements of income and comprehensive income. The effect of this reclassification had </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> impact on total income from operations for the three and six months ended June 30, 2016. </font></div></div>
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: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. 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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0001352010-16-000043-index-headers.html Edgar Link pending
0001352010-16-000043-index.html Edgar Link pending
0001352010-16-000043.txt Edgar Link pending
0001352010-16-000043-xbrl.zip Edgar Link pending
epam-20160630.xml Edgar Link completed
epam-20160630.xsd Edgar Link pending
epam-20160630_cal.xml Edgar Link unprocessable
epam-20160630_def.xml Edgar Link unprocessable
epam-20160630_lab.xml Edgar Link unprocessable
epam-20160630_pre.xml Edgar Link unprocessable
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exhibit321q22016.htm Edgar Link pending
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