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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
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.
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.
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 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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.
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 |
|
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.
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.
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.
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 o