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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, 2020

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)
Delaware22-3536104
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
41 University DriveSuite 20218940
NewtownPennsylvania
(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 ClassTrading Symbol Name of Each Exchange on which Registered
Common Stock, par value $0.001 per shareEPAM 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 filerAccelerated filer
Non-accelerated filerSmaller 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 ClassOutstanding as of July 31, 2020
Common Stock, par value $0.001 per share
55,852,596 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,
2020
As of
December 31,
2019
Assets
Current assets
Cash and cash equivalents$993,724  $936,552  
Short-term investments60,025  9  
Trade receivables and contract assets, net of allowance of $6,070
 and $2,920, respectively
506,908  497,716  
Prepaid and other current assets37,679  39,934  
Total current assets1,598,336  1,474,211  
Property and equipment, net167,359  165,259  
Operating lease right-of-use assets234,760  238,991  
Intangible assets, net55,887  56,258  
Goodwill199,039  195,043  
Deferred tax assets78,102  75,013  
Other noncurrent assets55,647  39,433  
Total assets$2,389,130  $2,244,208  
Liabilities  
Current liabilities  
Accounts payable$7,596  $7,831  
Accrued compensation and benefits expenses223,436  230,035  
Accrued expenses and other current liabilities62,639  82,476  
Income taxes payable, current10,972  9,064  
Operating lease liabilities, current60,937  57,542  
Total current liabilities365,580  386,948  
Long-term debt25,044  25,074  
Income taxes payable, noncurrent43,391  45,878  
Operating lease liabilities, noncurrent181,705  180,848  
Other noncurrent liabilities20,316  9,315  
Total liabilities636,036  648,063  
Commitments and contingencies (Note 12)
Stockholders’ equity  
Common stock, $0.001 par value; 160,000,000 authorized; 55,845,686 and 55,207,446 shares issued, 55,825,951 and 55,187,711 shares outstanding at June 30, 2020 and December 31, 2019, respectively
56  55  
Additional paid-in capital630,679  607,051  
Retained earnings1,172,909  1,020,590  
Treasury stock(177) (177) 
Accumulated other comprehensive loss(50,373) (31,374) 
Total stockholders’ equity1,753,094  1,596,145  
Total liabilities and stockholders’ equity$2,389,130  $2,244,208  

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,
 2020201920202019
Revenues$632,383  $551,587  $1,283,742  $1,072,920  
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)
419,540  355,915  843,342  700,604  
Selling, general and administrative expenses114,191  111,762  239,299  213,548  
Depreciation and amortization expense15,226  11,028  30,166  21,228  
Income from operations83,426  72,882  170,935  137,540  
Interest and other income, net1,817  1,190  4,203  4,266  
Foreign exchange loss(9,167) (3,562) (2,643) (7,046) 
Income before provision for income taxes76,076  70,510  172,495  134,760  
Provision for income taxes9,452  11,733  20,306  15,229  
Net income$66,624  $58,777  $152,189  $119,531  
Foreign currency translation adjustments, net of tax12,442  2,620  (16,077) 5,563  
Unrealized gain/(loss) on cash-flow hedging instruments, net of tax
6,446  1,537  (2,922) 4,637  
Comprehensive income$85,512  $62,934  $133,190  $129,731  
Net income per share:
Basic$1.20  $1.07  $2.74  $2.19  
Diluted$1.14  $1.02  $2.62  $2.08  
Shares used in calculation of net income per share:
Basic55,700,706  54,681,959  55,493,727  54,464,753  
Diluted58,246,231  57,614,284  58,194,401  57,426,563  

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

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EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS’ EQUITY
(Unaudited)
(In thousands, except share data) 
 Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance, January 1, 2020
55,187,711  $55  $607,051  $1,020,590  19,735  $(177) $(31,374) $1,596,145  
Cumulative effect of adoption of ASU 2016-13—  —  —  130  —  —  —  130  
Adjusted Balance, January 1, 2020
55,187,711  $55  $607,051  $1,020,720  19,735  $(177) $(31,374) $1,596,275  
Restricted stock units vested
273,904  —  —  —  —  —  —  —  
Restricted stock units withheld for employee taxes
(89,990) —  (15,822) —  —  —  —  (15,822) 
Stock-based compensation expense
—  —  12,210  —  —  —  —  12,210  
Proceeds from stock option exercises
217,475  1  7,140  —  —  —  —  7,141  
Foreign currency translation adjustments, net of tax
—  —  —  —  —  —  (28,519) (28,519) 
Change in unrealized gains and losses on cash flow hedges, net of tax
—  —  —  —  —  —  (9,368) (9,368) 
Net income
—  —  —  85,565  —  —  —  85,565  
Balance, March 31, 2020
55,589,100  $56  $610,579  $1,106,285  19,735  $(177) $(69,261) $1,647,482  
Restricted stock units vested
18,649  —  —  —  —  —  —  —  
Restricted stock units withheld for employee taxes
(5,522) —  (1,169) —  —  —  —  (1,169) 
Stock-based compensation expense
—  —  11,153  —  —  —  —  11,153  
Proceeds from stock option exercises
223,724  —  10,116  —  —  —  —  10,116  
Foreign currency translation adjustments, net of tax
—  —  —  —  —  —  12,442  12,442  
Change in unrealized gains and losses on cash flow hedges, net of tax
—  —  —  —  —  —  6,446  6,446  
Net income
—  —  —  66,624  —  —  —  66,624  
Balance, June 30, 2020
55,825,951  $56  $630,679  $1,172,909  19,735  $(177) $(50,373) $1,753,094  




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EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS’ EQUITY
(Unaudited)
(In thousands, except share data)
(Continued)
 Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Stockholders’ Equity
SharesAmountSharesAmount
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  

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
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EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
                                               Six Months Ended June 30,
 20202019
Cash flows from operating activities:
Net income$152,189  $119,531  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense30,166  21,228  
Operating lease right-of-use assets amortization expense33,834  25,732  
Bad debt expense3,174  167  
Deferred taxes2,971  (1,193) 
Stock-based compensation expense31,320  37,553  
Other4,458  3,938  
Changes in assets and liabilities:  
Trade receivables and contract assets(11,842) (75,332) 
Prepaid and other assets1,216  1,690  
Accounts payable633  (2,069) 
Accrued expenses and other liabilities(5,835) (42,075) 
Operating lease liabilities(30,857) (25,705) 
Income taxes payable(2,016) (19,638) 
Net cash provided by operating activities209,411  43,827  
Cash flows from investing activities:  
Purchases of property and equipment(40,524) (25,025) 
Purchases of short-term investments(60,000)   
Acquisition of business, net of cash acquired (Note 2)(12,573) (16,240) 
Purchases of non-marketable securities(20,500) (5,000) 
Other investing activities, net26  (1,180) 
Net cash used in investing activities(133,571) (47,445) 
Cash flows from financing activities:  
Proceeds from stock option exercises17,144  22,415  
Payments of withholding taxes related to net share settlements of restricted stock units(15,899) (13,084) 
Payment of contingent consideration for previously acquired business(7,869) (1,104) 
Other financing activities, net(24) (19) 
Net cash (used in)/provided by financing activities(6,648)