$EPAM
EPAM Systems, Inc.

2016 Q4 Form 10-Q Financial Statement

#000135201016000051 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $313.5M $298.3M $260.3M
YoY Change 20.47% 26.37% 28.72%
Cost Of Revenue $198.2M $190.8M $158.3M
YoY Change 25.23% 28.5% 30.32%
Gross Profit $115.3M $107.5M $102.0M
YoY Change 13.08% 22.75% 26.32%
Gross Profit Margin 36.78% 36.04% 39.18%
Selling, General & Admin $71.43M $67.49M $64.41M
YoY Change 10.9% 21.76% 29.45%
% of Gross Profit 61.95% 62.78% 63.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.200M $6.000M $4.900M
YoY Change 26.53% 36.36% 75.0%
% of Gross Profit 5.38% 5.58% 4.81%
Operating Expenses $71.43M $67.49M $64.41M
YoY Change 10.9% 21.76% 29.45%
Operating Profit $37.38M $33.90M $31.77M
YoY Change 17.69% 22.06% 32.27%
Interest Expense -$5.300M -$700.0K $3.000M
YoY Change -276.67% -177.78% 20.0%
% of Operating Profit -14.18% -2.06% 9.44%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income $32.05M $33.24M $34.73M
YoY Change -7.72% 15.93% 41.29%
Income Tax $7.287M $7.067M $7.095M
% Of Pretax Income 22.74% 21.26% 20.43%
Net Earnings $24.76M $26.17M $27.64M
YoY Change -10.4% 14.43% 50.02%
Net Earnings / Revenue 7.9% 8.77% 10.62%
Basic Earnings Per Share $0.49 $0.51 $0.56
Diluted Earnings Per Share $0.46 $0.49 $0.52
COMMON SHARES
Basic Shares Outstanding 51.04M shares 51.13M shares 49.97M shares
Diluted Shares Outstanding 53.86M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $362.4M $330.6M $229.6M
YoY Change 57.84% 35.27% 4.13%
Cash & Equivalents $362.0M $330.6M $199.4M
Short-Term Investments $400.0K $0.00 $30.20M
Other Short-Term Assets $6.977M $32.20M $423.0K
YoY Change 1549.41% 44.39% -73.89%
Inventory
Prepaid Expenses $5.462M $4.693M
Receivables $200.0M $187.8M $174.6M
Other Receivables $2.700M $2.700M $2.700M
Total Short-Term Assets $646.6M $635.7M $528.9M
YoY Change 22.24% 27.13% 27.43%
LONG-TERM ASSETS
Property, Plant & Equipment $73.62M $70.28M $60.50M
YoY Change 21.68% 16.07% 9.73%
Goodwill $109.3M $111.7M $115.9M
YoY Change -5.73% 32.64% 101.91%
Intangibles $51.26M $53.87M $46.86M
YoY Change 9.39% 44.9% -1.74%
Long-Term Investments
YoY Change
Other Assets $10.84M $7.486M $4.113M
YoY Change 163.51% 124.06% 22.12%
Total Long-Term Assets $279.3M $273.5M $249.6M
YoY Change 11.88% 34.28% 39.49%
TOTAL ASSETS
Total Short-Term Assets $646.6M $635.7M $528.9M
Total Long-Term Assets $279.3M $273.5M $249.6M
Total Assets $925.8M $909.2M $778.5M
YoY Change 18.92% 29.2% 31.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.213M $4.661M $2.576M
YoY Change 24.73% -61.35% -44.49%
Accrued Expenses $49.90M $34.86M $60.75M
YoY Change -17.87% -17.96% 88.64%
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 $116.2M $122.4M $127.9M
YoY Change -9.14% 8.95% 1.99%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $33.10M $35.00M
YoY Change -28.57% 120.67%
Other Long-Term Liabilities $3.132M $268.0K $2.402M
YoY Change 30.39%
Total Long-Term Liabilities $3.132M $268.0K $2.402M
YoY Change 30.39% -98.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $116.2M $122.4M $127.9M
Total Long-Term Liabilities $3.132M $268.0K $2.402M
Total Liabilities $144.4M $159.1M $165.3M
YoY Change -12.65% 21.57% 27.19%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $50.00K $50.00K $49.00K
YoY Change 2.04% 2.04% 2.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $177.0K $170.0K $93.00K
YoY Change 90.32% 112.5% -97.7%
Treasury Stock Shares
Shareholders Equity $781.4M $750.1M $613.2M
YoY Change
Total Liabilities & Shareholders Equity $925.8M $909.2M $778.5M
YoY Change 18.92% 29.2% 31.06%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $24.76M $26.17M $27.64M
YoY Change -10.4% 14.43% 50.02%
Depreciation, Depletion And Amortization $6.200M $6.000M $4.900M
YoY Change 26.53% 36.36% 75.0%
Cash From Operating Activities $56.00M $61.80M $11.80M
YoY Change 374.58% 11.15% -75.77%
INVESTING ACTIVITIES
Capital Expenditures -$9.300M -$6.400M -$3.800M
YoY Change 144.74% 20.75% -7.32%
Acquisitions
YoY Change
Other Investing Activities -$3.100M -$2.300M -$48.50M
YoY Change -93.61% -91.9% 366.35%
Cash From Investing Activities -$12.40M -$8.700M -$52.30M
YoY Change -76.29% -74.18% 260.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.900M -3.300M 28.30M
YoY Change -120.85% -117.01% 3044.44%
NET CHANGE
Cash From Operating Activities 56.00M 61.80M 11.80M
Cash From Investing Activities -12.40M -8.700M -52.30M
Cash From Financing Activities -5.900M -3.300M 28.30M
Net Change In Cash 37.70M 49.80M -12.20M
YoY Change -409.02% 20.58% -134.76%
FREE CASH FLOW
Cash From Operating Activities $56.00M $61.80M $11.80M
Capital Expenditures -$9.300M -$6.400M -$3.800M
Free Cash Flow $65.30M $68.20M $15.60M
YoY Change 318.59% 11.99% -70.45%

Facts In Submission

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us-gaap Increase Decrease In Restricted Cash And Investments
IncreaseDecreaseInRestrictedCashAndInvestments
29947000 USD
us-gaap Increase Decrease In Restricted Cash And Investments
IncreaseDecreaseInRestrictedCashAndInvestments
-30001000 USD
us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
49110000 USD
us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
-15633000 USD
CY2015Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
3301000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
3249000 shares
CY2016Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2733000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2987000 shares
CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
46860000 USD
CY2016Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
53867000 USD
CY2015Q3 us-gaap Investment Income Net
InvestmentIncomeNet
865000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
3322000 USD
CY2016Q3 us-gaap Investment Income Net
InvestmentIncomeNet
1067000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
3416000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
165313000 USD
CY2016Q3 us-gaap Liabilities
Liabilities
159087000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
778536000 USD
CY2016Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
909199000 USD
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
127911000 USD
CY2016Q3 us-gaap Liabilities Current
LiabilitiesCurrent
122430000 USD
CY2015Q4 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
5364000 USD
CY2016Q3 us-gaap Liabilities Fair Value Disclosure Recurring
LiabilitiesFairValueDisclosureRecurring
4835000 USD
CY2016Q3 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
0 USD
CY2016Q3 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
0 USD
CY2015Q4 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
6338000 USD
CY2016Q3 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
5981000 USD
CY2015Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
35000000 USD
CY2016Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
33062000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5451000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
16398000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-73175000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3110000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
64554000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
111166000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
22873000 USD
us-gaap Net Income Loss
NetIncomeLoss
56818000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
26174000 USD
us-gaap Net Income Loss
NetIncomeLoss
74503000 USD
CY2015Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
3649000 USD
CY2016Q3 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
3283000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
27776000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
74202000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
33902000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
96313000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4113000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7486000 USD
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-8341000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-7397000 USD
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
358000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
2671000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
268000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2358000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1834000 USD
CY2015Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
30000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-210000 USD
CY2016Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-178000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-958000 USD
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
4671000 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
91000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1993000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1361000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
27654000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
4499000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9533000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
19981000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14344000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
32205000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1611000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1597000 USD
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
15000000 USD
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
20000000 USD
us-gaap Proceeds From Derivative Instrument Investing Activities
ProceedsFromDerivativeInstrumentInvestingActivities
0 USD
us-gaap Proceeds From Derivative Instrument Investing Activities
ProceedsFromDerivativeInstrumentInvestingActivities
104000 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
17607000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
15850000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
60499000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
70284000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
910000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1690000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
0 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
22096000 USD
CY2015Q4 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
345054000 USD
CY2016Q3 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
419557000 USD
CY2015Q3 us-gaap Revenues
Revenues
236049000 USD
us-gaap Revenues
Revenues
653875000 USD
CY2016Q3 us-gaap Revenues
Revenues
298293000 USD
us-gaap Revenues
Revenues
846607000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
236049000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
653875000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
298293000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
846607000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
55431000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
158345000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
67491000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
193226000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
33350000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
37520000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
613223000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
750112000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
29472000 USD
CY2016Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
39499000 USD
CY2015Q4 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
30181000 USD
CY2016Q3 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
0 USD
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
93000 USD
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
170000 USD
CY2015Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
95808000 USD
CY2016Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
82360000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52344000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51755000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53864000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53159000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49043000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48506000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51131000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50172000 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 </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">. </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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0001352010-16-000051.txt Edgar Link pending
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epam-20160930_cal.xml Edgar Link unprocessable
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