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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 September 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 October 31, 2019
Common Stock, par value $0.001 per share
 
54,984,738 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  
 September 30, 
 2019
 
As of  
 December 31, 
 2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
853,241

 
$
770,560

Accounts receivable, net of allowance of $1,519 and $1,557, respectively
339,112

 
297,685

Unbilled revenues
142,949

 
104,652

Prepaid expenses and other current assets
29,390

 
26,171

Total current assets
1,364,692

 
1,199,068

Property and equipment, net
115,321

 
102,646

Operating lease right-of-use assets
207,145

 

Intangible assets, net
56,537

 
57,065

Goodwill
186,299

 
166,832

Deferred tax assets
75,071

 
69,983

Other noncurrent assets
35,098

 
16,208

Total assets
$
2,040,163

 
$
1,611,802

 
 
 
 
Liabilities
 

 
 

Current liabilities
 

 
 

Accounts payable
$
6,896

 
$
7,444

Accrued expenses and other current liabilities
128,639

 
127,937

Due to employees
63,536

 
49,683

Deferred compensation due to employees
13,427

 
9,920

Taxes payable, current
47,548

 
67,845

Operating lease liabilities, current
51,424

 

Total current liabilities
311,470

 
262,829

Long-term debt
25,000

 
25,031

Taxes payable, noncurrent
43,738

 
43,685

Operating lease liabilities, noncurrent
153,980

 

Other noncurrent liabilities
13,858

 
17,661

Total liabilities
548,046

 
349,206

Commitments and contingencies (Note 12)


 


Stockholders’ equity
 

 
 

Common stock, $0.001 par value; 160,000,000 authorized; 54,968,833 and 54,099,927 shares issued, 54,949,098 and 54,080,192 shares outstanding at September 30, 2019 and December 31, 2018, respectively
55

 
54

Additional paid-in capital
589,764

 
544,700

Retained earnings
946,066

 
759,533

Treasury stock
(177
)
 
(177
)
Accumulated other comprehensive loss
(43,591
)
 
(41,514
)
Total stockholders’ equity
1,492,117

 
1,262,596

Total liabilities and stockholders’ equity
$
2,040,163

 
$
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 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
Revenues
$
588,103

 
$
468,186

 
$
1,661,023

 
$
1,337,981

Operating expenses:
 
 
 
 
 
 
 
Cost of revenues (exclusive of depreciation and amortization)
377,525

 
301,081

 
1,078,129

 
867,890

Selling, general and administrative expenses
118,886

 
93,226

 
332,434

 
276,140

Depreciation and amortization expense
11,127

 
9,319

 
32,355

 
26,457

Income from operations
80,565

 
64,560

 
218,105

 
167,494

Interest and other income, net
2,509

 
1,941

 
6,775

 
2,442

Foreign exchange (loss)/gain
(3,105
)
 
(514
)
 
(10,151
)
 
1,069

Income before provision for/(benefit from) income taxes
79,969

 
65,987

 
214,729

 
171,005

Provision for/(benefit from) income taxes
12,967

 
369

 
28,196

 
(9,286
)
Net income
$
67,002

 
$
65,618

 
$
186,533

 
$
180,291

Foreign currency translation adjustments, net of tax
(10,114
)
 
(2,118
)
 
(4,551
)
 
(14,643
)
Unrealized (loss)/gain on cash-flow hedging instruments, net of tax
(2,163
)
 
(74
)
 
2,474

 
(2,081
)
Comprehensive income
$
54,725

 
$
63,426

 
$
184,456

 
$
163,567

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
1.22

 
$
1.22

 
$
3.42

 
$
3.37

Diluted
$
1.16

 
$
1.15

 
$
3.24

 
$
3.19

Shares used in calculation of net income per share:
 
 
 
 
 
 
 
Basic
54,877,666

 
53,851,865

 
54,603,903

 
53,485,339

Diluted
57,844,355

 
56,962,867

 
57,567,339

 
56,599,638


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) 



 
Nine Months Ended September 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



5

Table of Contents

 
Nine Months Ended September 30, 2019
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated Other Comprehensive Loss
 
Total Stockholders’ Equity
 
Shares
 
Amount
 
 
 
 
 
Shares
 
Amount
 
 
 
 
Balance, June 30, 2019
54,779,289

 
$
55

 
$
574,619

 
$
879,064

 
19,735

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

Restricted stock issued in connection with acquisitions (Note 2)
18,787

 

 

 

 

 

 

 

Restricted stock units vested
17,216

 

 

 

 

 

 

 

Restricted stock units withheld for employee taxes
(5,961
)
 

 
(1,090
)
 

 

 

 

 
(1,090
)
Stock-based compensation expense

 

 
9,909

 

 

 

 

 
9,909

Proceeds from stock option exercises
139,767

 

 
6,326

 

 

 

 

 
6,326

Foreign currency translation adjustments, net of tax

 

 

 

 

 

 
(10,114
)
 
(10,114
)
Change in unrealized gains and losses on cash flow hedges, net of tax

 

 

 

 

 

 
(2,163
)
 
(2,163
)
Net income

 

 

 
67,002

 


 

 

 
67,002

Balance, September 30, 2019
54,949,098

 
$
55

 
$
589,764

 
$
946,066

 
19,735

 
$
(177
)
 
$
(43,591
)
 
$
1,492,117



6

Table of Contents


 
Nine Months Ended September 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

Restricted stock units vested
12,694