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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, 2022

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
https://cdn.kscope.io/cc7891b55d0c8806ae78a6aa7fbcacb5-epam-20220930_g1.jpg
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 Class
Outstanding as of October 31, 2022
Common Stock, par value $0.001 per share
57,513,488 shares




EPAM SYSTEMS, INC.

TABLE OF CONTENTS
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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 par value)
 As of
September 30,
2022
As of
December 31,
2021
Assets
Current assets
Cash and cash equivalents$1,487,599 $1,446,625 
Trade receivables and contract assets, net of allowance of $18,666 and $5,521, respectively
917,139 768,928 
Short-term investments 60,216  
Prepaid and other current assets63,032 53,927 
Total current assets2,527,986 2,269,480 
Property and equipment, net209,700 236,214 
Operating lease right-of-use assets, net148,219 184,841 
Intangible assets, net79,220 101,143 
Goodwill505,542 530,723 
Deferred tax assets214,219 143,928 
Other noncurrent assets50,717 56,898 
Total assets$3,735,603 $3,523,227 
Liabilities  
Current liabilities  
Accounts payable$28,288 $24,847 
Accrued compensation and benefits expenses456,965 502,997 
Accrued expenses and other current liabilities161,922 142,014 
Short-term debt7,790 16,018 
Income taxes payable, current34,390 27,440 
Operating lease liabilities, current38,602 50,104 
Total current liabilities727,957 763,420 
Long-term debt28,198 30,234 
Income taxes payable, noncurrent57,375 42,454 
Operating lease liabilities, noncurrent122,700 142,802 
Other noncurrent liabilities40,729 48,480 
Total liabilities976,959 1,027,390 
Commitments and contingencies (Note 13)
Stockholders’ equity  
Common stock, $0.001 par value; 160,000 shares authorized; 57,516 and 56,868 shares issued, 57,502 and 56,849 shares outstanding at September 30, 2022 and December 31, 2021, respectively
57 57 
Additional paid-in capital801,950 711,912 
Retained earnings2,093,909 1,829,532 
Treasury stock(118)(177)
Accumulated other comprehensive loss(138,632)(54,207)
Total EPAM Systems Inc. stockholders’ equity2,757,166 2,487,117 
Noncontrolling interest in consolidated subsidiaries1,478 8,720 
Total stockholders’ equity2,758,644 2,495,837 
Total liabilities and stockholders’ equity$3,735,603 $3,523,227 
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 INCOME
(Unaudited)
(In thousands, except per share data)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Revenues$1,226,920 $988,539 $3,593,395 $2,650,680 
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)
826,796 653,374 2,453,955 1,756,430 
Selling, general and administrative expenses198,021 169,498 667,825 457,797 
Depreciation and amortization expense21,876 21,543 69,126 59,804 
Income from operations180,227 144,124 402,489 376,649 
Interest and other income/(loss), net4,228 (5,325)5,642 2,629 
Foreign exchange gain/(loss)6,691 (3,441)(102,035)(5,835)
Income before provision for income taxes191,146 135,358 306,096 373,443 
Provision for income taxes35,092 19,702 41,719 34,070 
Net income$156,054 $115,656 $264,377 $339,373 
Net income per share:
Basic$2.72 $2.04 $4.62 $6.01 
Diluted$2.63 $1.95 $4.47 $5.75 
Shares used in calculation of net income per share:
Basic57,420 56,649 57,194 56,429 
Diluted59,357 59,203 59,108 58,999 

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 COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
Net income$156,054 $115,656 $264,377 $339,373 
Other comprehensive loss:
Change in foreign currency translation adjustments, net of tax(56,923)(10,761)(72,645)(11,655)
Change in unrealized loss on hedging instruments, net of tax(5,352)(2,067)(11,780)(4,108)
Defined benefit pension plans - actuarial loss, net of tax   (626)
Other comprehensive loss(62,275)(12,828)(84,425)(16,389)
Comprehensive income$93,779 $102,828 $179,952 $322,984 

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 CHANGES IN
STOCKHOLDERS’ EQUITY
(Unaudited)
(In thousands) 
 Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive (Loss)/IncomeNon-controlling interest in consolidated subsidiariesTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance, January 1, 2022
56,849 $57 $711,912 $1,829,532 20 $(177)$(54,207)$8,720 $2,495,837 
Restricted stock units vested
193 — — — — — — — — 
Equity withheld for employee taxes(67)— (18,376)— — — — — (18,376)
Stock-based compensation expense
— — 22,702 — — — — — 22,702 
Exercise of stock options158 — 2,884 — — — — — 2,884 
Other comprehensive loss— — — — — — (31,943)— (31,943)
Purchase of subsidiary shares from noncontrolling interest— — — — — — — (7,067)(7,067)
Net income
— — — 89,719 — — — — 89,719 
Balance, March 31, 2022
57,133 $57 $719,122 $1,919,251 20 $(177)$(86,150)$1,653 $2,553,756 
Restricted stock units vested
24 — — — — — — — — 
Equity withheld for employee taxes(6)— (1,843)— — — — — (1,843)
Stock-based compensation expense
— — 24,902 — — — — — 24,902 
Exercise of stock options147 — 6,410 — — — — — 6,410 
Issuance of common stock from employee stock purchase plan55 — 12,384 — — — — — 12,384 
Other comprehensive income— — — — — — 9,793 — 9,793 
Net income
— — — 18,604 — — — — 18,604 
Balance, June 30, 2022
57,353 $57 $760,975 $1,937,855 20 $(177)$(76,357)$1,653 $2,624,006 
Restricted stock units vested
8 — — — — — — — — 
Equity withheld for employee taxes(2)— (837)— — — — — (837)
Stock issued in connection with Other 2021 acquisitions (Note 3)6 — 1,941 — (6)59 — — 2,000 
Stock-based compensation expense
— — 30,597 — — — — — 30,597 
Exercise of stock options137 — 9,223 — — — — — 9,223 
Purchase of subsidiary shares from noncontrolling interest
— — 51 — — — — (248)(197)
Contributions from noncontrolling interest— — — — — — — 73 73 
Other comprehensive loss— — — — — — (62,275)— (62,275)
Net income
— — — 156,054 — — — — 156,054 
Balance, September 30, 2022
57,502 $57 $801,950 $2,093,909 14 $(118)$(138,632)$1,478 $2,758,644 
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Table of Contents

 Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive (Loss)/IncomeNon-controlling interest in consolidated subsidiariesTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance, January 1, 2021
56,108 $56 $660,771 $1,347,880 20 $(177)$(25,512)$ $1,983,018 
Restricted stock units vested
248 — — — — — — — — 
Equity withheld for employee taxes(84)— (31,935)— — — — — (31,935)
Stock-based compensation expense
— — 14,624 — — — — — 14,624 
Exercise of stock options109 — 4,424 — — — — — 4,424 
Other comprehensive loss— — — — — — (15,238)— (15,238)
Net income
— — — 109,046 — — — — 109,046 
Balance, March 31, 2021
56,381 $56 $647,884 $1,456,926 20 $(177)$(40,750)$ $2,063,939 
Restricted stock units vested
19 — — — — — — — — 
Equity withheld for employee taxes(6)— (2,631)— — — — — (2,631)
Stock-based compensation expense
— — 13,792 — — — — — 13,792 
Exercise of stock options219 1 11,219 — — — — — 11,220 
Other comprehensive income— — — — — — 11,677 — 11,677 
Net income
— — — 114,671 — — — — 114,671 
Balance, June 30, 2021
56,613 $57 $670,264 $1,571,597 20 $(177)$(29,073)$ $2,212,668 
Restricted stock units vested
6 — — — — — — — — 
Equity withheld for employee taxes(2)— (1,368)— — — — — (1,368)
Stock-based compensation expense
— — 20,541 — — — — — 20,541 
Exercise of stock options91 — 4,450 — — — — — 4,450 
Other comprehensive loss— — — — — — (12,828)— (12,828)
Net income
— — — 115,656 — — — — 115,656 
Balance, September 30, 2021
56,708 $57 $693,887 $1,687,253 20 $(177)$(41,901)$ $2,339,119 

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)
                                               Nine Months Ended September 30,
 20222021
Cash flows from operating activities:
Net income$264,377 $339,373 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense69,126 59,804 
Operating lease right-of-use assets amortization expense37,336 46,693 
Bad debt expense12,888 2,573 
Deferred taxes(54,851)(6,948)
Stock-based compensation expense68,292 77,638 
Unrealized loss on derivative 20,469  
Impairment charges21,212  
Other63,914 4,312 
Changes in assets and liabilities:  
Trade receivables and contract assets(196,675)(232,710)
Prepaid and other assets(7,787)(8,768)
Accounts payable8,769 (6,468)
Accrued expenses and other liabilities(7,100)86,822 
Operating lease liabilities(41,395)(48,158)
Income taxes payable19,460 (26,450)
Net cash provided by operating activities278,035 287,713 
Cash flows from investing activities:  
Purchases of property and equipment(60,134)(54,884)
Purchases of short-term investments(60,000) 
Proceeds from short-term investments 60,000 
Acquisition of business, net of cash acquired (Note 3)(10,530)(160,964)
Purchases of non-marketable securities(1,625)(2,544)
Other investing activities, net(19,499)(100)
Net cash used in investing activities(151,788)(158,492)
Cash flows from financing activities:  
Proceeds from issuance of stock under the employee incentive programs 31,368 20,176 
Payments of withholding taxes related to net share settlements of restricted stock units(22,101)(34,108)
Proceeds from debt4,114  
Repayment of debt(11,542) 
Payment of contingent consideration for previously acquired business(6,626)(797)
Purchase of noncontrolling interest(2,254) 
Other financing activities, net(