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xbrli:shares xbrli:pure
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to________

Commission file number: 001-35418

EPAM SYSTEMS, INC.
(Exact name of registrant as specified in its charter)

Delaware
22-3536104
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
 
41 University Drive
Suite 202
18940
Newtown
Pennsylvania
(Address of principal executive offices)
(Zip code)
267-759-9000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on which Registered
Common Stock, par value $0.001 per share
EPAM
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Title of Each Class
 
Outstanding as of July 31, 2019
Common Stock, par value $0.001 per share
 
54,850,289 shares

 


EPAM SYSTEMS, INC.

TABLE OF CONTENTS

 
Page



Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)

 
As of  
 June 30, 
 2019
 
As of  
 December 31, 
 2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
777,365

 
$
770,560

Accounts receivable, net of allowance of $1,882 and $1,557, respectively
343,864

 
297,685

Unbilled revenues
135,786

 
104,652

Prepaid expenses and other current assets
28,808

 
26,171

Total current assets
1,285,823

 
1,199,068

Property and equipment, net
111,175

 
102,646

Operating lease right-of-use assets
210,447

 

Intangible assets, net
53,821

 
57,065

Goodwill
179,214

 
166,832

Deferred tax assets
69,734

 
69,983

Other noncurrent assets
21,237

 
16,208

Total assets
$
1,931,451

 
$
1,611,802

 
 
 
 
Liabilities
 

 
 

Current liabilities
 

 
 

Accounts payable
$
6,043

 
$
7,444

Accrued expenses and other current liabilities
96,026

 
127,937

Due to employees
64,032

 
49,683

Deferred compensation due to employees
7,928

 
9,920

Taxes payable, current
50,156

 
67,845

Operating lease liabilities, current
48,429

 

Total current liabilities
272,614

 
262,829

Long-term debt
25,000

 
25,031

Taxes payable, noncurrent
43,650

 
43,685

Operating lease liabilities, noncurrent
158,137

 

Other noncurrent liabilities
9,803

 
17,661

Total liabilities
509,204

 
349,206

Commitments and contingencies (Note 12)


 


Stockholders’ equity
 

 
 

Common stock, $0.001 par value; 160,000,000 authorized; 54,799,024 and 54,099,927 shares issued, 54,779,289 and 54,080,192 shares outstanding at June 30, 2019 and December 31, 2018, respectively
55

 
54

Additional paid-in capital
574,619

 
544,700

Retained earnings
879,064

 
759,533

Treasury stock
(177
)
 
(177
)
Accumulated other comprehensive loss
(31,314
)
 
(41,514
)
Total stockholders’ equity
1,422,247

 
1,262,596

Total liabilities and stockholders’ equity
$
1,931,451

 
$
1,611,802


The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

3

Table of Contents

EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except share and per share data)

 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Revenues
$
551,587

 
$
445,647

 
$
1,072,920

 
$
869,795

Operating expenses:
 
 
 
 
 
 
 
Cost of revenues (exclusive of depreciation and amortization)
355,915

 
289,175

 
700,604

 
566,809

Selling, general and administrative expenses
111,762

 
93,273

 
213,548

 
182,914

Depreciation and amortization expense
11,028

 
8,962

 
21,228

 
17,138

Income from operations
72,882

 
54,237

 
137,540

 
102,934

Interest and other income, net
1,190

 
1,052

 
4,266

 
501

Foreign exchange (loss)/gain
(3,562
)
 
1,830

 
(7,046
)
 
1,583

Income before provision for/(benefit from) income taxes
70,510

 
57,119

 
134,760

 
105,018

Provision for/(benefit from) income taxes
11,733

 
6,864

 
15,229

 
(9,655
)
Net income
$
58,777

 
$
50,255

 
$
119,531

 
$
114,673

Foreign currency translation adjustments, net of tax
2,620

 
(15,834
)
 
5,563

 
(12,525
)
Unrealized gain/(loss) on cash-flow hedging instruments, net of tax
1,537

 
(2,076
)
 
4,637

 
(2,007
)
Comprehensive income
$
62,934

 
$
32,345

 
$
129,731

 
$
100,141

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
1.07

 
$
0.94

 
$
2.19

 
$
2.15

Diluted
$
1.02

 
$
0.89

 
$
2.08

 
$
2.03

Shares used in calculation of net income per share:
 
 
 
 
 
 
 
Basic
54,681,959

 
53,517,124

 
54,464,753

 
53,299,038

Diluted
57,614,284

 
56,587,009

 
57,426,563

 
56,414,986


The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.


4

Table of Contents


EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS’ EQUITY
(Unaudited)
(In thousands, except share data) 



 
Six Months Ended June 30, 2019
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated Other Comprehensive Loss
 
Total Stockholders’ Equity
 
Shares
 
Amount
 
 
 
 
 
Shares
 
Amount
 
 
 
 
Balance, January 1, 2019
54,080,192

 
$
54

 
$
544,700

 
$
759,533

 
19,735

 
$
(177
)
 
$
(41,514
)
 
$
1,262,596

Restricted stock units vested
242,414

 

 

 

 

 

 

 

Restricted stock units withheld for employee taxes
(81,562
)
 

 
(13,483
)
 

 

 

 

 
(13,483
)
Stock-based compensation expense

 

 
10,425

 

 

 

 

 
10,425

Proceeds from stock option exercises
323,464

 

 
11,890

 

 

 

 

 
11,890

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 
2,943

 
2,943

Change in unrealized gains and losses on cash flow hedges, net of tax

 

 

 

 

 

 
3,100

 
3,100

Net income

 

 

 
60,754

 

 

 

 
60,754

Balance, March 31, 2019
54,564,508

 
$
54

 
$
553,532

 
$
820,287

 
19,735

 
$
(177
)
 
$
(35,471
)
 
$
1,338,225

Restricted stock units vested
11,757

 

 

 

 

 

 

 

Restricted stock units withheld for employee taxes
(2,084
)
 

 
(363
)
 

 

 

 

 
(363
)
Stock-based compensation expense

 

 
10,867

 

 

 

 

 
10,867

Proceeds from stock option exercises
205,108

 
1

 
10,583

 

 

 

 

 
10,584

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 
2,620

 
2,620

Change in unrealized gains and losses on cash flow hedges, net of tax

 

 

 

 

 

 
1,537

 
1,537

Net income

 

 

 
58,777

 

 

 

 
58,777

Balance, June 30, 2019
54,779,289

 
$
55

 
$
574,619

 
$
879,064

 
19,735

 
$
(177
)
 
$
(31,314
)
 
$
1,422,247





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Table of Contents

 
Six Months Ended June 30, 2018
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated Other Comprehensive Loss
 
Total Stockholders’ Equity
 
Shares
 
Amount
 
 
 
 
 
Shares
 
Amount
 
 
 
 
Balance, January 1, 2018
52,983,685

 
$
53

 
$
473,874

 
$
518,820

 
19,735

 
$
(177
)
 
$
(17,623
)
 
$
974,947

Restricted stock units vested
186,327

 

 

 

 

 

 

 

Restricted stock units withheld for employee taxes
(61,950
)
 

 
(6,986
)
 

 

 

 

 
(6,986
)
Stock-based compensation expense

 

 
11,485

 

 

 

 

 
11,485

Proceeds from stock option exercises
198,936

 

 
7,649

 

 

 

 

 
7,649

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 
3,309

 
3,309

Change in unrealized gains and losses on cash flow hedges, net of tax

 

 

 

 

 

 
69

 
69

Cumulative effect of adoption of ASU 2014-09

 

 

 
457

 

 

 

 
457

Net income

 

 

 
64,418

 

 

 

 
64,418

Balance, March 31, 2018
53,306,998

 
$
53

 
$
486,022

 
$
583,695

 
19,735

 
$
(177
)
 
$
(14,245
)
 
$
1,055,348

Restricted stock units vested
12,348

 

 

 

 

 

 

 

Restricted stock units withheld for employee taxes
(1,942
)
 

 
(224
)
 

 

 

 

 
(224
)
Stock-based compensation expense

 

 
10,686

 

 

 

 

 
10,686

Proceeds from stock option exercises
367,863

 
1

 
14,647

 

 

 

 

 
14,648

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 
(15,834
)
 
(15,834
)
Change in unrealized gains and losses on cash flow hedges, net of tax

 

 

 

 

 

 
(2,076
)
 
(2,076
)
Net income

 

 

 
50,255

 

 

 

 
50,255

Balance, June 30, 2018
53,685,267

 
$
54

 
$
511,131

 
$
633,950

 
19,735

 
$
(177
)
 
$
(32,155
)
 
$
1,112,803


The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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Table of Contents

EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

                                               
Six Months Ended June 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
119,531

 
$
114,673

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization expense
21,228

 
17,138

Operating lease right-of-use assets amortization expense
25,732

 

Bad debt expense
167

 
1,529

Deferred taxes
(1,193
)
 
(27,581
)
Stock-based compensation expense
37,553

 
31,406

Other
3,938

 
(2,099
)
Changes in assets and liabilities:
 

 
 

Accounts receivable
(44,582
)
 
(15,051
)
Unbilled revenues
(30,750
)
 
(35,334
)
Prepaid expenses and other assets
1,690

 
(4,495
)
Accounts payable
(2,069
)
 
1,008

Accrued expenses and other liabilities
(34,420
)
 
(15,861
)
Operating lease liabilities
(25,705
)
 

Due to employees
(4,781
)
 
1,351

Taxes payable
(22,512
)
 
105

Net cash provided by operating activities
43,827

 
66,789

Cash flows from investing activities:
 

 
 

Purchases of property and equipment
(25,025
)
 
(19,303
)
Acquisition of businesses, net of cash acquired (Note 2)
(16,240
)
 
(50,264
)
Other investing activities, net
(6,180
)
 
1,253

Net cash used in investing activities
(47,445
)
 
(68,314
)
Cash flows from financing activities:
 

 
 

Proceeds from stock option exercises
22,415

 
22,368

Payments of withholding taxes related to net share settlements of restricted stock units
(13,084
)
 
(6,696
)
Repayment of debt
(6
)
 
(3,478
)
Acquisition of businesses, contingent consideration
(1,104
)
 

Other financing activities, net
(13
)
 
(603
)
Net cash provided by financing activities
8,208

 
11,591

Effect of exchange rate changes on cash, cash equivalents and restricted cash
2,248

 
(7,645
)
Net increase in cash, cash equivalents and restricted cash
6,838

 
2,421

Cash, cash equivalents and restricted cash, beginning of period
771,711

 
582,855

Cash, cash equivalents and restricted cash, end of period
$
778,549

 
$
585,276




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Table of Contents

EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
(Continued)

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
                                               
As of  
 June 30, 
 2019
 
As of
December 31,
2018
Balance sheet classification
 
 
 
    Cash and cash equivalents
$
777,365

 
$
770,560

   Restricted cash in Prepaid expenses and other current assets
14

 
14

   Restricted cash in Other noncurrent assets
1,170

 
1,137

    Total restricted cash
1,184

 
1,151

        Total cash, cash equivalents and restricted cash
$
778,549

 
$
771,711


The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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Table of Contents

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(In thousands, except share and per share data)
 
1.
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES    
EPAM Systems, Inc. (the “Company” or “EPAM”) is a leading global provider of digital platform engineering and software development services to customers located around the world, primarily in North America, Europe, Asia and Australia. The Company’s industry expertise includes financial services, travel and consumer, software and hi-tech, business information and media, life sciences and healthcare, as well as other emerging industries. The Company is incorporated in Delaware with headquarters in Newtown, PA.
Basis of Presentation — The accompanying unaudited condensed consolidated financial statements of EPAM have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP” or “U.S. GAAP”) and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. The condensed consolidated financial statements include the financial statements of EPAM Systems, Inc. and its subsidiaries with all intercompany balances and transactions eliminated.
These unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2018 included in its Annual Report on Form 10-K. 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.
Adoption of New Accounting Standards
Unless otherwise discussed below, the adoption of new accounting standards did not have an impact on the Company’s consolidated financial position, results of operations, changes in stockholders’ equity and cash flows.
Leases — In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (“Topic 842”). The standard supersedes previously existing lease guidance (“Topic 840”) and requires entities to recognize all leases, with the exception of leases with a term of twelve months or less, on the balance sheet as right-of-use assets (“RoU Assets”) and lease liabilities. The guidance also changes disclosure requirements with a focus on providing information that will enable users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases.
The Company adopted Topic 842, effective January 1, 2019, using the optional transition approach, which allows the Company to apply the provisions of the standard at the effective date without adjusting the comparable periods and carry forward disclosures under previously existing guidance for those periods presented within the Company’s financial statements.
The Company determines if an arrangement is a lease or contains a lease at inception. The Company performs an assessment and classifies the lease as either an operating lease or a financing lease at the lease commencement date with a right-of-use asset and a lease liability recognized in the statement of financial position under both classifications. The Company does not have finance leases that are material to the Company’s condensed consolidated financial statements.
Lease liabilities are initially measured at the present value of lease payments not yet paid. The present value is determined by applying the readily determinable rate implicit in the lease or, if not available, the incremental borrowing rate of the lessee. The Company determines the incremental borrowing rate of the lessee on a lease-by-lease basis by developing an estimated centralized U.S. dollar borrowing rate for a fully collateralized obligation with a term similar to the lease term, and adjusts the rate to reflect the incremental risk associated with the currency in which the lease is denominated. Lease agreements of the Company may include options to extend or terminate the lease and the Company includes such options in the lease term when it is reasonably certain that the Company will exercise that option. RoU Assets are recognized based on the initial measurement of the lease liabilities plus initial direct costs less lease incentives and, according to the guidance for long-lived assets, RoU Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

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The Company elected a practical expedient to account for lease and non-lease components together as a single lease component. The Company also elected the short-term lease recognition exemption for all classes of lease assets with an original term of twelve months or less. As part of the transition, the Company elected a package of practical expedients allowing it to carry forward historical accounting for any expired or existing contracts that are or contain lease contracts, including classification of such contracts and initial direct costs associated with them.
The adoption of Topic 842 on January 1, 2019 resulted in the recognition of RoU Assets for operating leases of $177,597 and operating lease liabilities of $173,863. The adoption of Topic 842 did not have an impact on the condensed consolidated statement of income and comprehensive income, condensed consolidated statement of changes in stockholders’ equity or the condensed consolidated statement of cash flows.
See Note 6 “Leases” in the condensed consolidated interim financial statements for additional information regarding leases.
Pending Accounting Standards
From time to time, new accounting pronouncements are issued by the FASB or other standards-setting bodies that the Company will adopt according to the various timetables the FASB specifies. Unless otherwise discussed below, the Company believes the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position, results of operations and cash flows upon adoption.
Measurement of Credit Losses on Financial Instruments — Effective January 1, 2020, the Company will be required to adopt the amended guidance of FASB ASC Topic 326, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (with early adoption permitted effective January 1, 2019.) The amendments in this update change how companies measure and recognize credit impairment for many financial assets. The new expected credit loss model will require companies to immediately recognize an estimate of credit losses expected to occur over the remaining life of the financial assets (including trade receivables) that are in the scope of the update. The update also made amendments to the current impairment model for held-to-maturity and available-for-sale debt securities and certain guarantees. Entities are required to adopt the standard using a modified-retrospective approach through a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption. The Company has not yet completed its assessment of the impact of the new guidance on its consolidated financial statements and will adopt the standard on January 1, 2020.
2.
ACQUISITIONS
Continuum — On March 15, 2018, the Company acquired all of the outstanding equity of Continuum Innovation LLC together with its subsidiaries (“Continuum”) to enhance the Company’s consulting capabilities as well as its digital and service design practices. Continuum, headquartered in Boston with offices located in Milan, Seoul, and Shanghai, focuses on four practices including strategy, physical and digital design, technology and its Made Real Lab. The acquisition of Continuum added approximately 125 design consultants to the Company’s headcount. In connection with the Continuum acquisition, the Company paid $52,515 of cash and committed to making a cash earnout payment with a maximum amount payable of $3,135, subject to attainment of specified performance targets in the 12 months after the acquisition date.
Think — On November 1, 2018, the Company acquired all of the equity interests of Think Limited (“Think”), a digital transformation agency headquartered in London, UK. This acquisition was intended to strengthen EPAM’s digital and organizational consulting capabilities in the UK and Western European markets and enhance the Company’s global product and design offerings. In connection with the Think acquisition, the Company paid $26,254 of cash and committed to making a cash earnout payment with a maximum amount payable of $8,156, subject to attainment of specified performance targets in the 12 months after the acquisition date.
test IO — On April 30, 2019, the Company acquired 100% of the equity interests of a crowdtesting company, test IO GmbH, and its subsidiary (“test IO”). In connection with the test IO acquisition, the Company paid $17,204 of cash.


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The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition and updated for any changes as of June 30, 2019 for each respective acquisition:
 
Continuum
 
Think
 
test IO
 
As of
March 15, 2018