$EPAM
EPAM Systems, Inc.

2019 Q1 Form 10-Q Financial Statement

#000135201019000017 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $521.3M $424.1M
YoY Change 22.91% 30.65%
Cost Of Revenue $344.7M $277.6M
YoY Change 24.15% 33.65%
Gross Profit $176.6M $146.5M
YoY Change 20.56% 25.31%
Gross Profit Margin 33.88% 34.54%
Selling, General & Admin $101.8M $89.64M
YoY Change 13.55% 13.06%
% of Gross Profit 57.62% 61.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.20M $8.176M
YoY Change 24.76% 22.54%
% of Gross Profit 5.77% 5.58%
Operating Expenses $101.8M $89.64M
YoY Change 13.55% 13.06%
Operating Profit $64.66M $48.70M
YoY Change 32.78% 57.26%
Interest Expense -$400.0K -$800.0K
YoY Change -50.0% -66.67%
% of Operating Profit -0.62% -1.64%
Other Income/Expense, Net
YoY Change
Pretax Income $64.25M $47.90M
YoY Change 34.14% 67.51%
Income Tax $3.496M -$16.52M
% Of Pretax Income 5.44% -34.49%
Net Earnings $60.75M $64.42M
YoY Change -5.69% 172.48%
Net Earnings / Revenue 11.65% 15.19%
Basic Earnings Per Share $1.12 $1.21
Diluted Earnings Per Share $1.06 $1.15
COMMON SHARES
Basic Shares Outstanding 54.25M shares 53.08M shares
Diluted Shares Outstanding 57.24M shares 56.24M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $762.5M $535.9M
YoY Change 42.28% 34.38%
Cash & Equivalents $762.5M $535.9M
Short-Term Investments
Other Short-Term Assets $30.90M $33.20M
YoY Change -6.93% 22.96%
Inventory
Prepaid Expenses
Receivables $307.2M $262.3M
Other Receivables $0.00 $2.100M
Total Short-Term Assets $1.245B $970.2M
YoY Change 28.3% 37.03%
LONG-TERM ASSETS
Property, Plant & Equipment $105.8M $96.83M
YoY Change 9.27% 27.47%
Goodwill $167.7M $150.3M
YoY Change 11.55% 36.31%
Intangibles $50.09M $59.50M
YoY Change -15.82% 19.8%
Long-Term Investments
YoY Change
Other Assets $20.65M $16.51M
YoY Change 25.12% 55.36%
Total Long-Term Assets $586.7M $373.2M
YoY Change 57.2% 33.78%
TOTAL ASSETS
Total Short-Term Assets $1.245B $970.2M
Total Long-Term Assets $586.7M $373.2M
Total Assets $1.831B $1.343B
YoY Change 36.33% 36.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.397M $8.474M
YoY Change -48.11% 160.26%
Accrued Expenses $72.79M $89.10M
YoY Change -18.31% 174.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $282.6M $179.9M
YoY Change 57.06% 46.4%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $25.00M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $14.03M $21.09M
YoY Change -33.48% 433.38%
Total Long-Term Liabilities $14.03M $21.09M
YoY Change -33.48% 433.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $282.6M $179.9M
Total Long-Term Liabilities $14.03M $21.09M
Total Liabilities $493.2M $288.1M
YoY Change 71.22% 89.65%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $54.00K $53.00K
YoY Change 1.89% 3.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $177.0K $177.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $1.338B $1.055B
YoY Change
Total Liabilities & Shareholders Equity $1.831B $1.343B
YoY Change 36.33% 36.11%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $60.75M $64.42M
YoY Change -5.69% 172.48%
Depreciation, Depletion And Amortization $10.20M $8.176M
YoY Change 24.76% 22.54%
Cash From Operating Activities -$202.0K $7.330M
YoY Change -102.76% -74.81%
INVESTING ACTIVITIES
Capital Expenditures $13.42M $10.71M
YoY Change 25.33% 87.09%
Acquisitions $0.00 $50.26M
YoY Change -100.0%
Other Investing Activities $136.0K -$811.0K
YoY Change -116.77% -393.84%
Cash From Investing Activities -$18.56M -$60.16M
YoY Change -69.15% 962.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $10.18M $4.016M
YoY Change 153.51% -49.05%
NET CHANGE
Cash From Operating Activities -$202.0K $7.330M
Cash From Investing Activities -$18.56M -$60.16M
Cash From Financing Activities $10.18M $4.016M
Net Change In Cash -$8.033M -$45.78M
YoY Change -82.45% -233.58%
FREE CASH FLOW
Cash From Operating Activities -$202.0K $7.330M
Capital Expenditures $13.42M $10.71M
Free Cash Flow -$13.63M -$3.381M
YoY Change 303.02% -114.47%

Facts In Submission

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57716000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
3309000 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
2943000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
69000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
3100000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
3309000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2943000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
69000 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
3100000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
17661000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
14030000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1982000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-520000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-811000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
5136000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
106000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1208000 USD
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
50264000 USD
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10711000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13424000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
26171000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
30864000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-9000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7588000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11402000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
102646000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
105805000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
199000 USD
CY2019Q1 us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
There were no lease agreements signed with related parties
CY2018Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
3466000 USD
CY2019Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
4000 USD
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
1151000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
1149000 USD
CY2018Q4 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
759533000 USD
CY2019Q1 us-gaap Retained Earnings Unappropriated
RetainedEarningsUnappropriated
820287000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
424148000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
521333000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12825000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
89641000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
101786000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
16596000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
21856000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
7649000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
11890000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
1262596000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
1338225000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
974947000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1055348000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1262596000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1338225000 USD
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
67845000 USD
CY2019Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
69835000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
177000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
177000 USD
CY2018Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
104652000 USD
CY2019Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
144152000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56240539 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57236427 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53078529 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54245133 shares
CY2019Q1 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 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>
CY2019Q1 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>
CY2019Q1 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 customers for revenues not yet earned. Such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods.</font></div></div>
CY2019Q1 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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0001352010-19-000017.txt Edgar Link pending
0001352010-19-000017-xbrl.zip Edgar Link pending
epam-20190331.xml Edgar Link completed
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epam-20190331_cal.xml Edgar Link unprocessable
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