$EPAM
EPAM Systems, Inc.

2018 Q4 Form 10-Q Financial Statement

#000135201018000043 Filed on November 05, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $504.9M $468.2M $399.3M
YoY Change 26.45% 24.02% 27.36%
Cost Of Revenue $319.0M $301.1M $254.1M
YoY Change 25.54% 25.78% 28.2%
Gross Profit $185.9M $167.1M $145.2M
YoY Change 28.05% 20.96% 25.91%
Gross Profit Margin 36.82% 35.69% 36.36%
Selling, General & Admin $97.45M $93.23M $85.43M
YoY Change 14.07% 14.06% 19.6%
% of Gross Profit 52.42% 55.79% 58.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.10M $9.400M $7.700M
YoY Change 31.17% 147.37% 24.19%
% of Gross Profit 5.43% 5.63% 5.3%
Operating Expenses $97.45M $93.23M $85.43M
YoY Change 14.07% 14.06% 19.6%
Operating Profit $78.27M $64.56M $52.05M
YoY Change 50.37% 31.09% 39.23%
Interest Expense $500.0K $1.400M $0.00
YoY Change 7.69% -100.0%
% of Operating Profit 0.64% 2.17% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $78.77M $65.99M $52.08M
YoY Change 51.25% 30.44% 62.49%
Income Tax $18.80M $369.0K $82.95M
% Of Pretax Income 23.87% 0.56% 159.29%
Net Earnings $59.97M $65.62M -$30.87M
YoY Change -294.22% 53.91% -224.68%
Net Earnings / Revenue 11.88% 14.02% -7.73%
Basic Earnings Per Share $1.11 $1.22 -$0.58
Diluted Earnings Per Share $1.05 $1.15 -$0.58
COMMON SHARES
Basic Shares Outstanding 54.01M shares 53.85M shares 52.81M shares
Diluted Shares Outstanding 56.96M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $770.6M $685.1M $582.6M
YoY Change 32.27% 33.47% 60.76%
Cash & Equivalents $770.6M $685.1M $582.6M
Short-Term Investments
Other Short-Term Assets $26.20M $29.60M $5.085M
YoY Change 415.24% -6.33% -27.12%
Inventory
Prepaid Expenses $5.939M
Receivables $0.00 $282.3M $265.6M
Other Receivables $0.00 $2.200M $2.200M
Total Short-Term Assets $1.199B $1.129B $960.0M
YoY Change 24.9% 27.75% 48.49%
LONG-TERM ASSETS
Property, Plant & Equipment $102.6M $99.47M $86.42M
YoY Change 18.78% 27.63% 17.39%
Goodwill $166.8M $145.0M $119.5M
YoY Change 39.57% 21.38% 9.37%
Intangibles $57.07M $52.67M $44.51M
YoY Change 28.2% 13.91% -13.17%
Long-Term Investments
YoY Change
Other Assets $16.21M $14.50M $14.79M
YoY Change 9.6% 15.07% 36.45%
Total Long-Term Assets $412.7M $375.0M $290.2M
YoY Change 42.21% 29.63% 3.93%
TOTAL ASSETS
Total Short-Term Assets $1.199B $1.129B $960.0M
Total Long-Term Assets $412.7M $375.0M $290.2M
Total Assets $1.612B $1.504B $1.250B
YoY Change 28.92% 28.22% 35.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.444M $8.422M $5.574M
YoY Change 33.55% 50.61% 73.48%
Accrued Expenses $127.9M $98.44M $89.81M
YoY Change 42.45% 37.03% 80.0%
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 $262.8M $221.0M $181.0M
YoY Change 45.24% 38.99% 55.71%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $25.00M $25.00M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $17.66M $11.80M $9.435M
YoY Change 87.19% 207.72% 201.25%
Total Long-Term Liabilities $17.66M $11.80M $9.435M
YoY Change 87.19% 207.72% 201.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $262.8M $221.0M $181.0M
Total Long-Term Liabilities $17.66M $11.80M $9.435M
Total Liabilities $349.2M $308.0M $275.3M
YoY Change 26.84% 63.98% 90.66%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $54.00K $54.00K $53.00K
YoY Change 1.89% 3.85% 6.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $177.0K $177.0K $177.0K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $1.263B $1.196B $974.9M
YoY Change
Total Liabilities & Shareholders Equity $1.612B $1.504B $1.250B
YoY Change 28.92% 28.22% 35.04%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $59.97M $65.62M -$30.87M
YoY Change -294.22% 53.91% -224.68%
Depreciation, Depletion And Amortization $10.10M $9.400M $7.700M
YoY Change 31.17% 147.37% 24.19%
Cash From Operating Activities $123.1M $102.3M $71.20M
YoY Change 72.89% 86.68% 27.14%
INVESTING ACTIVITIES
Capital Expenditures -$10.10M -$8.200M -$12.90M
YoY Change -21.71% -441.67% 38.71%
Acquisitions
YoY Change
Other Investing Activities -$24.10M -$1.400M $900.0K
YoY Change -2777.78% -103.35% -129.03%
Cash From Investing Activities -$34.30M -$9.500M -$12.10M
YoY Change 183.47% -121.49% -2.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.100M 9.300M 9.500M
YoY Change -77.89% -67.48% -261.02%
NET CHANGE
Cash From Operating Activities 123.1M 102.3M 71.20M
Cash From Investing Activities -34.30M -9.500M -12.10M
Cash From Financing Activities 2.100M 9.300M 9.500M
Net Change In Cash 90.90M 102.1M 68.60M
YoY Change 32.51% -19.98% 81.96%
FREE CASH FLOW
Cash From Operating Activities $123.1M $102.3M $71.20M
Capital Expenditures -$10.10M -$8.200M -$12.90M
Free Cash Flow $133.2M $110.5M $84.10M
YoY Change 58.38% 110.88% 28.79%

Facts In Submission

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NetCashProvidedByUsedInFinancingActivities
40216000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
20851000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-24124000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-77833000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
121580000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
169088000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
42634000 USD
us-gaap Net Income Loss
NetIncomeLoss
103634000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
65618000 USD
us-gaap Net Income Loss
NetIncomeLoss
180291000 USD
CY2017Q3 us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
1416000 USD
us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
2802000 USD
CY2018Q3 us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
1941000 USD
us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
2442000 USD
CY2017Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
2113000 USD
CY2018Q3 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
2289000 USD
CY2017Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
2097000 USD
CY2018Q3 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
1456000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
49248000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
120896000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
64560000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
167494000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12691000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
14498000 USD
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
5703000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
16640000 USD
CY2018Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-2118000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-14643000 USD
CY2017Q3 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
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-74000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2081000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
9435000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11804000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
3496000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
3434000 USD
CY2017Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-542000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-2096000 USD
CY2018Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-736000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-4030000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1304000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1471000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3088000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7068000 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
16881000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
27465000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
23196000 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
29646000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1897000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1213000 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
-922000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-603000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
44315000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
32007000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
86419000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
99465000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
79000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1765000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
25089000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
3485000 USD
CY2017Q4 us-gaap Restricted Cash
RestrictedCash
270000 USD
CY2018Q3 us-gaap Restricted Cash
RestrictedCash
1193000 USD
CY2017Q4 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
518820000 USD
CY2018Q3 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
699568000 USD
CY2018Q1 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
519277000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
377523000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1051151000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
468186000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1337981000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
81190000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
240062000 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
92490000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
272110000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
39920000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
46736000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
974947000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
1195935000 USD
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
40860000 USD
CY2018Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
52530000 USD
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
177000 USD
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
177000 USD
CY2017Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
86500000 USD
CY2018Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
129683000 USD
CY2018Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
86422000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55228781 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54661196 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56962867 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56599638 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52545155 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51806700 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53851865 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53485339 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 into income.</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 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 collected from the Company&#8217;s 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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epam-20180930.xml Edgar Link completed
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epam-20180930_cal.xml Edgar Link unprocessable
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