$EPAM
EPAM Systems, Inc.

2020 Q1 Form 10-Q Financial Statement

#000135201020000022 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $651.4M $521.3M
YoY Change 24.94% 22.91%
Cost Of Revenue $423.8M $344.7M
YoY Change 22.95% 24.15%
Gross Profit $227.6M $176.6M
YoY Change 28.82% 20.56%
Gross Profit Margin 34.94% 33.88%
Selling, General & Admin $125.1M $101.8M
YoY Change 22.91% 13.55%
% of Gross Profit 54.98% 57.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.94M $10.20M
YoY Change 46.47% 24.76%
% of Gross Profit 6.57% 5.77%
Operating Expenses $125.1M $101.8M
YoY Change 22.91% 13.55%
Operating Profit $87.51M $64.66M
YoY Change 35.34% 32.78%
Interest Expense $8.900M -$400.0K
YoY Change -2325.0% -50.0%
% of Operating Profit 10.17% -0.62%
Other Income/Expense, Net
YoY Change
Pretax Income $96.42M $64.25M
YoY Change 50.07% 34.14%
Income Tax $10.85M $3.496M
% Of Pretax Income 11.26% 5.44%
Net Earnings $85.57M $60.75M
YoY Change 40.84% -5.69%
Net Earnings / Revenue 13.14% 11.65%
Basic Earnings Per Share $1.55 $1.12
Diluted Earnings Per Share $1.47 $1.06
COMMON SHARES
Basic Shares Outstanding 55.29M shares 54.25M shares
Diluted Shares Outstanding 58.14M shares 57.24M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $916.3M $762.5M
YoY Change 20.17% 42.28%
Cash & Equivalents $916.3M $762.5M
Short-Term Investments
Other Short-Term Assets $48.80M $30.90M
YoY Change 57.93% -6.93%
Inventory
Prepaid Expenses
Receivables $542.7M $307.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.508B $1.245B
YoY Change 21.13% 28.3%
LONG-TERM ASSETS
Property, Plant & Equipment $164.7M $105.8M
YoY Change 55.64% 9.27%
Goodwill $198.5M $167.7M
YoY Change 18.38% 11.55%
Intangibles $58.68M $50.09M
YoY Change 17.15% -15.82%
Long-Term Investments
YoY Change
Other Assets $59.55M $20.65M
YoY Change 188.33% 25.12%
Total Long-Term Assets $804.1M $586.7M
YoY Change 37.07% 57.2%
TOTAL ASSETS
Total Short-Term Assets $1.508B $1.245B
Total Long-Term Assets $804.1M $586.7M
Total Assets $2.312B $1.831B
YoY Change 26.23% 36.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.232M $4.397M
YoY Change 18.99% -48.11%
Accrued Expenses $355.3M $72.79M
YoY Change 388.1% -18.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $389.3M $282.6M
YoY Change 37.78% 57.06%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $25.00M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $14.87M $14.03M
YoY Change 6.01% -33.48%
Total Long-Term Liabilities $14.87M $14.03M
YoY Change 6.01% -33.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $389.3M $282.6M
Total Long-Term Liabilities $14.87M $14.03M
Total Liabilities $664.4M $493.2M
YoY Change 34.71% 71.22%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $56.00K $54.00K
YoY Change 3.7% 1.89%
Preferred Stock
YoY Change
Treasury Stock (at cost) $177.0K $177.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $1.647B $1.338B
YoY Change
Total Liabilities & Shareholders Equity $2.312B $1.831B
YoY Change 26.23% 36.33%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $85.57M $60.75M
YoY Change 40.84% -5.69%
Depreciation, Depletion And Amortization $14.94M $10.20M
YoY Change 46.47% 24.76%
Cash From Operating Activities $63.26M -$202.0K
YoY Change -31414.36% -102.76%
INVESTING ACTIVITIES
Capital Expenditures $29.08M $13.42M
YoY Change 116.59% 25.33%
Acquisitions $10.34M $0.00
YoY Change -100.0%
Other Investing Activities $71.00K $136.0K
YoY Change -47.79% -116.77%
Cash From Investing Activities -$59.49M -$18.56M
YoY Change 220.5% -69.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.046M $10.18M
YoY Change -120.1% 153.51%
NET CHANGE
Cash From Operating Activities $63.26M -$202.0K
Cash From Investing Activities -$59.49M -$18.56M
Cash From Financing Activities -$2.046M $10.18M
Net Change In Cash -$20.29M -$8.033M
YoY Change 152.52% -82.45%
FREE CASH FLOW
Cash From Operating Activities $63.26M -$202.0K
Capital Expenditures $29.08M $13.42M
Free Cash Flow $34.18M -$13.63M
YoY Change -350.84% 303.02%

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CY2019Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-22360000 USD
CY2020Q1 epam Increase Decreasein Operating Lease Liabilities
IncreaseDecreaseinOperatingLeaseLiabilities
-15646000 USD
CY2019Q1 epam Increase Decreasein Operating Lease Liabilities
IncreaseDecreaseinOperatingLeaseLiabilities
-13175000 USD
CY2020Q1 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-9062000 USD
CY2019Q1 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-20467000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
63255000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8033000 USD
CY2020Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-9000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-13000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2046000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10181000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-22009000 USD
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
548000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-20285000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
937688000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
771711000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
917403000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
763678000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
916253000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
936552000 USD
CY2019Q4 us-gaap Restricted Cash
RestrictedCash
1136000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
917403000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
937688000 USD
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
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’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.
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="line-height:120%;padding-top:12px;text-align:left;text-indent:36px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As previously disclosed in the Company’s </span><span style="font-family:inherit;font-size:10pt;color:#212529;">Annual Report on Form 10-K</span><span style="font-family:inherit;font-size:10pt;"> for the year ended December 31, 2019, certain amounts recorded in the prior-period consolidated statement of cash flows presented have been reclassified to conform to the current-period financial statement presentation. These reclassifications had no effect on previously reported results of operations.</span></div>
CY2020Q1 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
1
CY2019Q4 us-gaap Goodwill
Goodwill
195043000 USD
CY2020Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-3515000 USD
CY2020Q1 us-gaap Goodwill
Goodwill
198534000 USD
CY2020Q1 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
The Company records changes in the fair value of its cash flow hedges in accumulated other comprehensive loss in the consolidated balance sheets 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). 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.
CY2020Q1 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
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.
CY2020Q1 us-gaap Lease Cost
LeaseCost
22038000 USD
CY2019Q1 us-gaap Lease Cost
LeaseCost
16714000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
16891000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
14696000 USD
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
31252000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12825000 USD
CY2020Q1 epam Rightof Use Asset Modified Operating Lease
RightofUseAssetModifiedOperatingLease
4584000 USD
CY2019Q1 epam Rightof Use Asset Modified Operating Lease
RightofUseAssetModifiedOperatingLease
-5174000 USD
CY2020Q1 epam Operating Lease Liability Modification
OperatingLeaseLiabilityModification
4573000 USD
CY2019Q1 epam Operating Lease Liability Modification
OperatingLeaseLiabilityModification
-5106000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y10M24D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.033
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
50933000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
59351000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
42665000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
31190000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
26870000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
62988000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
273997000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
24577000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
249420000 USD
CY2020Q1 us-gaap Other Commitment
OtherCommitment
13727000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
651359000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
521333000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
651359000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
521333000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
651359000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
521333000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
651359000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
521333000 USD
CY2020Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
5814000 USD
CY2019Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
1704000 USD
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6537000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11881000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21856000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.113
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.054
CY2020Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
11697000 USD
CY2019Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
11513000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
85565000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
60754000 USD
CY2020Q1 epam Net Income Loss Available To Common Stockholders Basicand Diluted
NetIncomeLossAvailableToCommonStockholdersBasicandDiluted
85565000 USD
CY2019Q1 epam Net Income Loss Available To Common Stockholders Basicand Diluted
NetIncomeLossAvailableToCommonStockholdersBasicandDiluted
60754000 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55286747 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54245133 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2855823 shares
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2991294 shares
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
64658000 USD
CY2020Q1 us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
2386000 USD
CY2019Q1 us-gaap Nonoperating Gains Losses
NonoperatingGainsLosses
3076000 USD
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
6524000 USD
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58142570 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57236427 shares
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.55
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.12
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.47
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.06
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9118 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26203 shares
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
651359000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
521333000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
87509000 USD
CY2019Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-3484000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
96419000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
64250000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
164671000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
165259000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
651359000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
521333000 USD

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