$EPAM
EPAM Systems, Inc.

2018 Q2 Form 10-Q Financial Statement

#000135201018000032 Filed on August 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $445.6M $349.0M
YoY Change 27.7% 22.95%
Cost Of Revenue $289.2M $220.1M
YoY Change 31.36% 21.77%
Gross Profit $156.5M $128.8M
YoY Change 21.44% 25.03%
Gross Profit Margin 35.11% 36.92%
Selling, General & Admin $93.27M $81.14M
YoY Change 14.95% 26.31%
% of Gross Profit 59.61% 62.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.900M $10.40M
YoY Change -14.42% 70.49%
% of Gross Profit 5.69% 8.07%
Operating Expenses $93.27M $81.14M
YoY Change 14.95% 26.31%
Operating Profit $54.24M $40.68M
YoY Change 33.32% 26.81%
Interest Expense $2.900M $2.400M
YoY Change 20.83% -300.0%
% of Operating Profit 5.35% 5.9%
Other Income/Expense, Net
YoY Change
Pretax Income $57.12M $43.05M
YoY Change 32.69% 39.2%
Income Tax $6.864M $5.687M
% Of Pretax Income 12.02% 13.21%
Net Earnings $50.26M $37.36M
YoY Change 34.52% 52.92%
Net Earnings / Revenue 11.28% 10.71%
Basic Earnings Per Share $0.94 $0.72
Diluted Earnings Per Share $0.89 $0.68
COMMON SHARES
Basic Shares Outstanding 53.52M shares 51.90M shares
Diluted Shares Outstanding 56.59M shares 54.85M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $584.1M $443.9M
YoY Change 31.58% 58.14%
Cash & Equivalents $584.1M $443.5M
Short-Term Investments $400.0K
Other Short-Term Assets $31.90M $25.90M
YoY Change 23.17% 69.28%
Inventory
Prepaid Expenses
Receivables $283.0M $208.3M
Other Receivables $2.100M $2.600M
Total Short-Term Assets $1.025B $788.5M
YoY Change 29.94% 37.48%
LONG-TERM ASSETS
Property, Plant & Equipment $98.45M $77.12M
YoY Change 27.67% 15.53%
Goodwill $144.7M $116.2M
YoY Change 24.46% 5.03%
Intangibles $55.20M $50.00M
YoY Change 10.41% -10.66%
Long-Term Investments
YoY Change
Other Assets $12.88M $11.55M
YoY Change 11.59% 58.82%
Total Long-Term Assets $367.7M $290.9M
YoY Change 26.39% 7.6%
TOTAL ASSETS
Total Short-Term Assets $1.025B $788.5M
Total Long-Term Assets $367.7M $290.9M
Total Assets $1.392B $1.079B
YoY Change 28.98% 27.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.727M $4.253M
YoY Change 58.17% 41.53%
Accrued Expenses $72.44M $47.82M
YoY Change 51.48% 61.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $181.4M $130.2M
YoY Change 39.31% 41.52%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $25.00M
YoY Change 0.0% -37.66%
Other Long-Term Liabilities $16.42M $4.424M
YoY Change 271.18%
Total Long-Term Liabilities $16.42M $4.424M
YoY Change 271.18% -88.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $181.4M $130.2M
Total Long-Term Liabilities $16.42M $4.424M
Total Liabilities $279.4M $159.7M
YoY Change 74.97% 18.35%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $54.00K $51.00K
YoY Change 5.88% 2.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $177.0K $177.0K
YoY Change 0.0% 13.46%
Treasury Stock Shares
Shareholders Equity $1.113B $919.7M
YoY Change
Total Liabilities & Shareholders Equity $1.392B $1.079B
YoY Change 28.98% 27.91%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $50.26M $37.36M
YoY Change 34.52% 52.92%
Depreciation, Depletion And Amortization $8.900M $10.40M
YoY Change -14.42% 70.49%
Cash From Operating Activities $59.50M $37.70M
YoY Change 57.82% -2.08%
INVESTING ACTIVITIES
Capital Expenditures -$8.600M -$13.60M
YoY Change -36.76% 83.78%
Acquisitions
YoY Change
Other Investing Activities $500.0K -$49.10M
YoY Change -101.02% 1069.05%
Cash From Investing Activities -$8.100M -$62.60M
YoY Change -87.06% 439.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.600M 3.700M
YoY Change 105.41% -62.63%
NET CHANGE
Cash From Operating Activities 59.50M 37.70M
Cash From Investing Activities -8.100M -62.60M
Cash From Financing Activities 7.600M 3.700M
Net Change In Cash 59.00M -21.20M
YoY Change -378.3% -157.61%
FREE CASH FLOW
Cash From Operating Activities $59.50M $37.70M
Capital Expenditures -$8.600M -$13.60M
Free Cash Flow $68.10M $51.30M
YoY Change 32.75% 11.76%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Trading Symbol
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501000 USD
CY2017Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
2113000 USD
CY2018Q2 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
2084000 USD
CY2017Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
2097000 USD
CY2018Q2 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
1669000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
40682000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
71648000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
54237000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
102934000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12691000 USD
CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12884000 USD
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
4551000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
10937000 USD
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-15834000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-12525000 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2076000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2007000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
9435000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
16421000 USD
CY2017Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-724000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-1554000 USD
CY2018Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-1430000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-3294000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
190000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-130000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2702000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
6696000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
6810000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
50264000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11441000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
19303000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
23196000 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
31919000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1315000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
919000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
25000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-864000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-603000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
37757000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
22368000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
86419000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
98450000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
102000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1529000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
25059000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
3478000 USD
CY2017Q4 us-gaap Restricted Cash
RestrictedCash
270000 USD
CY2018Q2 us-gaap Restricted Cash
RestrictedCash
1195000 USD
CY2017Q4 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
518820000 USD
CY2018Q2 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
633950000 USD
CY2018Q1 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
519277000 USD
CY2017Q2 us-gaap Revenues
Revenues
348977000 USD
us-gaap Revenues
Revenues
673628000 USD
CY2018Q2 us-gaap Revenues
Revenues
445647000 USD
us-gaap Revenues
Revenues
869795000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
348977000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
673628000 USD
CY2018Q2 us-gaap Sales Revenue Net
SalesRevenueNet
445647000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
869795000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
80419000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
158872000 USD
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
91843000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
179620000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
28703000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
31406000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
974947000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
1112803000 USD
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
40860000 USD
CY2018Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
47529000 USD
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
177000 USD
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
177000 USD
CY2017Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
86500000 USD
CY2018Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
123434000 USD
CY2018Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
86422000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54848619 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54371284 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56587009 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56414986 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51899416 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51431353 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53517124 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53299038 shares
us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;padding-top:12px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company records changes in the fair value of its cash flow hedges in accumulated other comprehensive income/(loss) in the consolidated balance sheet until the forecasted transaction occurs. When the forecasted transaction occurs, the Company reclassifies the related gain or loss on the cash flow hedge to cost of revenues (exclusive of depreciation and amortization).&#160;In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the Company reclassifies the gain or loss on the related cash flow hedge from accumulated other comprehensive income/(loss) to foreign exchange gain/(loss) in the consolidated statement of income in that period.</font></div></div>
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;padding-top:12px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If the Company does not elect hedge accounting, or the contract does not qualify for hedge accounting treatment, the changes in fair value from period to period are recorded in foreign exchange gain/(loss) in the consolidated statement of income.</font></div></div>
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<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;">Contract liabilities comprise amounts billed to its clients for revenues not yet earned. Such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods.</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. In management&#8217;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.</font></div></div>

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0001352010-18-000032.txt Edgar Link pending
0001352010-18-000032-xbrl.zip Edgar Link pending
epam-20180630.xml Edgar Link completed
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epam-20180630_cal.xml Edgar Link unprocessable
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