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As Of Filer Filing For·On·As Docs:Size 8/03/23 EPAM Systems, Inc. 10-Q 6/30/23 89:10M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 2.05M 2: EX-10.1 Material Contract HTML 33K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 29K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 29K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 26K 6: EX-32.2 Certification -- §906 - SOA'02 HTML 26K 12: R1 Cover Page HTML 78K 13: R2 Condensed Consolidated Balance Sheets HTML 149K 14: R3 Condensed Consolidated Balance Sheets HTML 38K (Parenthetical) 15: R4 Condensed Consolidated Statements of Income HTML 93K 16: R5 Condensed Consolidated Statements of Comprehensive HTML 51K Income 17: R6 Condensed Consolidated Statements of Changes in HTML 140K Equity 18: R7 Condensed Consolidated Statements of Cash Flows HTML 120K 19: R8 Condensed Consolidated Statements of Cash Flow HTML 42K (Parenthetical) 20: R9 Business and Summary of Significant Accounting HTML 37K Policies 21: R10 Impact of the Invasion of Ukraine HTML 44K 22: R11 Acquisitions HTML 27K 23: R12 Goodwill HTML 37K 24: R13 Fair Value Measurements HTML 131K 25: R14 Derivative Financial Instruments HTML 39K 26: R15 Leases HTML 71K 27: R16 Debt HTML 35K 28: R17 Revenues HTML 279K 29: R18 Stockholders? Equity HTML 97K 30: R19 Income Taxes HTML 30K 31: R20 Earnings Per Share HTML 52K 32: R21 Commitments and Contingencies HTML 32K 33: R22 Segment Information HTML 114K 34: R23 Accumulated Other Comprehensive Loss HTML 74K 35: R24 Subsequent Event HTML 27K 36: R25 Pay vs Performance Disclosure HTML 37K 37: R26 Insider Trading Arrangements HTML 31K 38: R27 Business and Summary of Significant Accounting HTML 52K Policies (Policies) 39: R28 Impact of the Invasion of Ukraine (Tables) HTML 38K 40: R29 Goodwill (Tables) HTML 39K 41: R30 Fair Value Measurements (Tables) HTML 132K 42: R31 Derivative Financial Instruments (Tables) HTML 36K 43: R32 Leases (Tables) HTML 75K 44: R33 Debt (Tables) HTML 36K 45: R34 Revenues (Tables) HTML 278K 46: R35 Stockholders? Equity (Tables) HTML 94K 47: R36 Earnings Per Share (Tables) HTML 50K 48: R37 Segment Information (Tables) HTML 113K 49: R38 Accumulated Other Comprehensive Loss (Tables) HTML 70K 50: R39 Business and Summary of Significant Accounting HTML 34K Policies (Risks and Uncertainties) (Details) 51: R40 Impact of the Invasion of Ukraine (Narrative) HTML 90K (Details) 52: R41 Impact of the Invasion of Ukraine (Assets and HTML 57K Liabilities) (Details) 53: R42 Acquisitions (Narrative) (Details) HTML 36K 54: R43 Goodwill (Goodwill Roll Forward) (Details) HTML 38K 55: R44 Goodwill (Goodwill Accumulated Impairment Losses) HTML 36K (Details) 56: R45 Fair Value Measurements (Financial Assets and HTML 71K Liabilities at Fair Value on Recurring Basis) (Details) 57: R46 Fair Value Measurements (Acquisition-Related HTML 45K Contingent Consideration Roll Forward) (Details) 58: R47 Fair Value Measurements (Estimated Fair Values of HTML 78K the Financial Assets and Liabilities not Measured at Fair Value on a Recurring Basis) (Details) 59: R48 Fair Value Measurements (Deferred Consideration HTML 37K for Asset Acquisition) (Details) 60: R49 Fair Value Measurements (Non Marketable Securities HTML 29K Without Readily Determinable Fair Value) (Details) 61: R50 Derivative Financial Instruments (Fair Value of HTML 51K Derivative Instruments) (Details) 62: R51 Leases (Narrative) (Details) HTML 35K 63: R52 Leases (Components of Lease Expenses) (Details) HTML 36K 64: R53 Leases (Supplemental Cash Flow Information) HTML 37K (Details) 65: R54 Leases (Weighted Average Lease Terms and Discount HTML 31K Rates) (Details) 66: R55 Leases (Maturity of Operating Lease Liabilities) HTML 43K (Details) 67: R56 Debt (Details) HTML 44K 68: R57 Debt (Schedule of Outstanding Debt And Borrowing HTML 44K Capacity) (Details) 69: R58 Revenues (Disaggregation of Revenues) (Details) HTML 136K 70: R59 Revenues (Revenue Expected to be Recognized in HTML 41K Future Related to Remaining Performance Obligations) (Details) 71: R60 Revenues (Contract Balances) (Details) HTML 39K 72: R61 Stockholders? Equity (Components of Stock-Based HTML 32K Compensation Expenses) (Details) 73: R62 Stockholders? Equity (Stock Options Activity) HTML 75K (Details) 74: R63 Stockholders? Equity (Stock Option Additional HTML 39K Information) (Details) 75: R64 Stockholders? Equity (Restricted Stock and HTML 76K Restricted Stock Units Activity) (Details) 76: R65 Stockholders? Equity (Restricted Stock and HTML 87K Restricted Stock Units Additional Information) (Details) 77: R66 Income Taxes (Details) HTML 31K 78: R67 Earnings Per Share (Details) HTML 75K 79: R68 Commitments and Contingencies (Building HTML 48K Acquisition Commitments) (Details) 80: R69 Segment Information (Revenues from External HTML 46K Customers and Operating Profit Before Unallocated Expenses) (Details) 81: R70 Segment Information (Reconciliation of Segment HTML 53K Operating Profit to Consolidated Income Before Provision for Income Taxes) (Details) 82: R71 Segment Information (Physical Location and Values HTML 42K of Long-Lived Assets) (Details) 83: R72 Segment Information (Revenues by Customer HTML 48K Location) (Details) 84: R73 Accumulated Other Comprehensive Loss (Details) HTML 62K 87: XML IDEA XML File -- Filing Summary XML 166K 85: XML XBRL Instance -- epam-20230630_htm XML 3.16M 86: EXCEL IDEA Workbook of Financial Report Info XLSX 166K 8: EX-101.CAL XBRL Calculations -- epam-20230630_cal XML 189K 9: EX-101.DEF XBRL Definitions -- epam-20230630_def XML 746K 10: EX-101.LAB XBRL Labels -- epam-20230630_lab XML 2.02M 11: EX-101.PRE XBRL Presentations -- epam-20230630_pre XML 1.22M 7: EX-101.SCH XBRL Schema -- epam-20230630 XSD 159K 88: JSON XBRL Instance as JSON Data -- MetaLinks 567± 841K 89: ZIP XBRL Zipped Folder -- 0001352010-23-000044-xbrl Zip 413K
epam-20230630 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 22-3536104 | ||||||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
i 41 University Drive | i Suite 202 | i 18940 | |||||||||
i Newtown | i Pennsylvania | ||||||||||
(Address of principal executive offices) | (Zip code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on which Registered | ||||||
i Common Stock, par value $0.001 per share | i EPAM | i New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
Emerging growth company | i ☐ |
Title of Each Class | Outstanding as of July 31, 2023 | |||||||
Common Stock, par value $0.001 per share | i 57,960,775 shares |
Page | |||||
As
of June 30, 2023 | As of December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | i 1,776,919 | $ | i 1,681,344 | |||||||
Trade
receivables and contract assets, net of allowance of $ i 14,744 and $ i 15,310,
respectively | i 917,536 | i 932,626 | |||||||||
Short-term investments | i 71,376 | i 60,336 | |||||||||
Prepaid and other current assets | i 106,143 | i 85,319 | |||||||||
Total current assets | i 2,871,974 | i 2,759,625 | |||||||||
Property and equipment, net | i 255,772 | i 273,348 | |||||||||
Operating lease right-of-use assets, net | i 145,844 | i 148,780 | |||||||||
Intangible assets, net | i 68,132 | i 77,652 | |||||||||
Goodwill | i 534,489 | i 529,072 | |||||||||
Deferred tax assets | i 164,471 | i 172,797 | |||||||||
Other noncurrent assets | i 53,015 | i 47,877 | |||||||||
Total assets | $ | i 4,093,697 | $ | i 4,009,151 | |||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | i 27,289 | $ | i 30,852 | |||||||
Accrued compensation and benefits expenses | i 359,299 | i 475,871 | |||||||||
Accrued expenses and other current liabilities | i 127,710 | i 154,339 | |||||||||
Income taxes payable, current | i 30,766 | i 46,069 | |||||||||
Operating lease liabilities, current | i 39,001 | i 40,352 | |||||||||
Total current liabilities | i 584,065 | i 747,483 | |||||||||
Long-term debt | i 25,854 | i 27,693 | |||||||||
Operating lease liabilities, noncurrent | i 115,987 | i 122,317 | |||||||||
Other noncurrent liabilities | i 104,451 | i 108,648 | |||||||||
Total liabilities | i 830,357 | i 1,006,141 | |||||||||
Commitments
and contingencies (Note 13) | i | i | |||||||||
Equity | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, $ i i 0.001 /
par value; i i 160,000 / shares authorized; i 57,968
and i 57,668 shares issued, i 57,955 and i 57,655
shares outstanding at June 30, 2023 and December 31, 2022, respectively | i 58 | i 58 | |||||||||
Additional paid-in capital | i 913,580 | i 847,965 | |||||||||
Retained earnings | i 2,421,326 | i 2,248,948 | |||||||||
Treasury stock | ( i 118) | ( i 118) | |||||||||
Accumulated other comprehensive loss | ( i 72,085) | ( i 95,321) | |||||||||
Total EPAM Systems Inc. stockholders’ equity | i 3,262,761 | i 3,001,532 | |||||||||
Noncontrolling interest in consolidated subsidiaries | i 579 | i 1,478 | |||||||||
Total equity | i 3,263,340 | i 3,003,010 | |||||||||
Total liabilities and equity | $ | i 4,093,697 | $ | i 4,009,151 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | $ | i 1,170,206 | $ | i 1,194,861 | $ | i 2,381,147 | $ | i 2,366,475 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization) | i 808,715 | i 846,323 | i 1,664,616 | i 1,627,159 | |||||||||||||||||||
Selling, general and administrative expenses | i 194,377 | i 232,527 | i 406,264 | i 469,804 | |||||||||||||||||||
Depreciation and amortization expense | i 22,768 | i 22,991 | i 45,550 | i 47,250 | |||||||||||||||||||
Income from operations | i 144,346 | i 93,020 | i 264,717 | i 222,262 | |||||||||||||||||||
Interest and other income, net | i 11,710 | i 1,579 | i 23,231 | i 1,414 | |||||||||||||||||||
Foreign exchange loss | ( i 6,010) | ( i 85,941) | ( i 10,618) | ( i 108,726) | |||||||||||||||||||
Income before provision for income taxes | i 150,046 | i 8,658 | i 277,330 | i 114,950 | |||||||||||||||||||
Provision for/(benefit from) income taxes | i 30,013 | ( i 9,946) | i 55,005 | i 6,627 | |||||||||||||||||||
Net income | $ | i 120,033 | $ | i 18,604 | $ | i 222,325 | $ | i 108,323 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | i 2.07 | $ | i 0.33 | $ | i 3.84 | $ | i 1.90 | |||||||||||||||
Diluted | $ | i 2.03 | $ | i 0.32 | $ | i 3.75 | $ | i 1.84 | |||||||||||||||
Shares used in calculation of net income per share: | |||||||||||||||||||||||
Basic | i 57,993 | i 57,240 | i 57,848 | i 57,078 | |||||||||||||||||||
Diluted | i 59,181 | i 59,020 | i 59,240 | i 58,981 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | i 120,033 | $ | i 18,604 | $ | i 222,325 | $ | i 108,323 | |||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||||
Change in foreign currency translation adjustments, net of tax | i 7,395 | i 14,830 | i 20,622 | ( i 15,722) | |||||||||||||||||||
Change in unrealized (loss)/gain on hedging instruments, net of tax | ( i 1,520) | ( i 5,037) | i 2,614 | ( i 6,428) | |||||||||||||||||||
Other comprehensive income/(loss) | i 5,875 | i 9,793 | i 23,236 | ( i 22,150) | |||||||||||||||||||
Comprehensive income | $ | i 125,908 | $ | i 28,397 | $ | i 245,561 | $ | i 86,173 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive (Loss)/Income | Non-controlling interest in consolidated subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance,
January 1, 2023 | i 57,655 | $ | i 58 | $ | i 847,965 | $ | i 2,248,948 | i 14 | $ | ( i 118) | $ | ( i 95,321) | $ | i 1,478 | $ | i 3,003,010 | |||||||||||||||||||||||||||||||||||||
Restricted
stock units vested | i 224 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Equity withheld for employee taxes | ( i 72) | — | ( i 20,501) | — | — | — | — | — | ( i 20,501) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based
compensation expense | — | — | i 34,265 | — | — | — | — | — | i 34,265 | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | i 71 | — | i 2,525 | — | — | — | — | — | i 2,525 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( i 30) | — | — | ( i 8,510) | — | — | — | — | ( i 8,510) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | i 17,361 | — | i 17,361 | ||||||||||||||||||||||||||||||||||||||||||||
Net
income | — | — | — | i 102,292 | — | — | — | — | i 102,292 | ||||||||||||||||||||||||||||||||||||||||||||
Balance,
March 31, 2023 | i 57,848 | $ | i 58 | $ | i 864,254 | $ | i 2,342,730 | i 14 | $ | ( i 118) | $ | ( i 77,960) | $ | i 1,478 | $ | i 3,130,442 | |||||||||||||||||||||||||||||||||||||
Restricted
stock units vested | i 76 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Equity withheld for employee taxes | ( i 21) | — | ( i 6,142) | — | — | — | — | — | ( i 6,142) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based
compensation expense | — | — | i 32,449 | — | — | — | — | — | i 32,449 | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | i 170 | — | i 4,601 | — | — | — | — | — | i 4,601 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock from employee stock purchase plan | i 77 | — | i 18,466 | — | — | — | — | — | i 18,466 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( i 195) | — | — | ( i 41,437) | — | — | — | — | ( i 41,437) | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interest | — | — | ( i 48) | — | — | — | — | ( i 1,405) | ( i 1,453) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions to consolidated subsidiary from noncontrolling interest | — | — | — | — | — | — | — | i 506 | i 506 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | i 5,875 | — | i 5,875 | ||||||||||||||||||||||||||||||||||||||||||||
Net
income | — | — | — | i 120,033 | — | — | — | — | i 120,033 | ||||||||||||||||||||||||||||||||||||||||||||
Balance,
June 30, 2023 | i 57,955 | $ | i 58 | $ | i 913,580 | $ | i 2,421,326 | i 14 | $ | ( i 118) | $ | ( i 72,085) | $ | i 579 | $ | i 3,263,340 | |||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive (Loss)/Income | Non-controlling interest in consolidated subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance,
January 1, 2022 | i 56,849 | $ | i 57 | $ | i 711,912 | $ | i 1,829,532 | i 20 | $ | ( i 177) | $ | ( i 54,207) | $ | i 8,720 | $ | i 2,495,837 | |||||||||||||||||||||||||||||||||||||
Restricted
stock units vested | i 193 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Equity withheld for employee taxes | ( i 67) | — | ( i 18,376) | — | — | — | — | — | ( i 18,376) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based
compensation expense | — | — | i 22,702 | — | — | — | — | — | i 22,702 | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | i 158 | — | i 2,884 | — | — | — | — | — | i 2,884 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | ( i 31,943) | — | ( i 31,943) | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interest | — | — | — | — | — | — | — | ( i 7,067) | ( i 7,067) | ||||||||||||||||||||||||||||||||||||||||||||
Net
income | — | — | — | i 89,719 | — | — | — | — | i 89,719 | ||||||||||||||||||||||||||||||||||||||||||||
Balance,
March 31, 2022 | i 57,133 | $ | i 57 | $ | i 719,122 | $ | i 1,919,251 | i 20 | $ | ( i 177) | $ | ( i 86,150) | $ | i 1,653 | $ | i 2,553,756 | |||||||||||||||||||||||||||||||||||||
Restricted
stock units vested | i 24 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Equity withheld for employee taxes | ( i 6) | — | ( i 1,843) | — | — | — | — | — | ( i 1,843) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based
compensation expense | — | — | i 24,902 | — | — | — | — | — | i 24,902 | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | i 147 | — | i 6,410 | — | — | — | — | — | i 6,410 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock from employee stock purchase plan | i 55 | — | i 12,384 | — | — | — | — | — | i 12,384 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | i 9,793 | — | i 9,793 | ||||||||||||||||||||||||||||||||||||||||||||
Net
income | — | — | — | i 18,604 | — | — | — | — | i 18,604 | ||||||||||||||||||||||||||||||||||||||||||||
Balance,
June 30, 2022 | i 57,353 | $ | i 57 | $ | i 760,975 | $ | i 1,937,855 | i 20 | $ | ( i 177) | $ | ( i 76,357) | $ | i 1,653 | $ | i 2,624,006 | |||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | i 222,325 | $ | i 108,323 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization expense | i 45,550 | i 47,250 | |||||||||
Operating lease right-of-use assets amortization expense | i 20,628 | i 26,037 | |||||||||
Bad debt expense | i 2,031 | i 11,748 | |||||||||
Deferred taxes | i 4,603 | ( i 29,405) | |||||||||
Stock-based compensation expense | i 71,689 | i 35,005 | |||||||||
Unrealized (gain)/loss on derivative instruments | ( i 7,904) | i 32,013 | |||||||||
Impairment charges | i 659 | i 21,002 | |||||||||
Other | ( i 447) | i 75,433 | |||||||||
Changes in assets and liabilities: | |||||||||||
Trade receivables and contract assets | i 11,984 | ( i 183,143) | |||||||||
Prepaid and other assets | i 8,980 | ( i 3,350) | |||||||||
Accounts payable | i 1,784 | i 725 | |||||||||
Accrued expenses and other liabilities | ( i 128,498) | ( i 62,153) | |||||||||
Operating lease liabilities | ( i 23,251) | ( i 29,015) | |||||||||
Income taxes payable | ( i 53,747) | ( i 24,803) | |||||||||
Net cash provided by operating activities | i 176,386 | i 25,667 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | ( i 14,796) | ( i 41,426) | |||||||||
Purchases of short-term investments | ( i 10,865) | ( i 60,000) | |||||||||
Acquisition of business, net of cash acquired (Note 3) | i — | ( i 10,621) | |||||||||
Purchases of non-marketable securities | ( i 1,906) | i — | |||||||||
Other investing activities, net | ( i 7,943) | ( i 11,041) | |||||||||
Net cash used in investing activities | ( i 35,510) | ( i 123,088) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of stock under the employee incentive programs | i 25,631 | i 22,165 | |||||||||
Payments of withholding taxes related to net share settlements of restricted stock units | ( i 25,691) | ( i 20,796) | |||||||||
Proceeds from debt | i 173 | i 3,227 | |||||||||
Repayment of debt | ( i 1,964) | ( i 10,756) | |||||||||
Repurchase of common stock | ( i 49,947) | i — | |||||||||
Payment of contingent consideration for previously acquired business | ( i 8,684) | ( i 207) | |||||||||
Purchase of subsidiary shares from noncontrolling interest | ( i 1,972) | ( i 2,146) | |||||||||
Other financing activities, net | ( i 377) | ( i 2,121) | |||||||||
Net cash used in financing activities | ( i 62,831) | ( i 10,634) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | i 17,096 | ( i 45,661) | |||||||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | i 95,141 | ( i 153,716) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | i 1,683,636 | i 1,449,347 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | i 1,778,777 | $ | i 1,295,631 |
As
of June 30, 2023 | As of December 31, 2022 | ||||||||||
Balance sheet classification | |||||||||||
Cash and cash equivalents | $ | i 1,776,919 | $ | i 1,681,344 | |||||||
Restricted cash in Prepaid and other current assets | i 307 | i 430 | |||||||||
Restricted cash in Other noncurrent assets | i 1,551 | i 1,862 | |||||||||
Total restricted cash | $ | i 1,858 | $ | i 2,292 | |||||||
Total cash, cash equivalents and restricted cash | $ | i 1,778,777 | $ | i 1,683,636 |
Cash and cash equivalents | $ | i 24,451 | ||||||
Trade receivables and contract assets, net of allowance of $ i 4,232 | i 3,986 | |||||||
Prepaid and other current assets | i 264 | |||||||
Total assets in Russia | $ | i 28,701 | ||||||
Accounts payable | $ | i 88 | ||||||
Accrued compensation and benefits expenses | i 3,369 | |||||||
Accrued expenses and other current liabilities | i 1,169 | |||||||
Operating lease liabilities, current | i 86 | |||||||
Other noncurrent liabilities | i 51 | |||||||
Total liabilities in Russia | $ | i 4,763 |
North America | Europe | Total | |||||||||||||||
Balance as of January 1, 2023 | $ | i 216,960 | $ | i 312,112 | $ | i 529,072 | |||||||||||
2022 Acquisitions purchase accounting adjustments | i — | i 87 | i 87 | ||||||||||||||
Effect of net foreign currency exchange rate changes | i 287 | i 5,043 | i 5,330 | ||||||||||||||
Balance
as of June 30, 2023 | $ | i 217,247 | $ | i 317,242 | $ | i 534,489 |
As of June 30, 2023 | ||||||||||||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Foreign exchange derivative assets | $ | i 14,137 | $ | i — | $ | i 14,137 | $ | i — | ||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | i 14,137 | $ | i — | $ | i 14,137 | $ | i — | ||||||||||||||||||
Foreign exchange derivative liabilities | $ | i 10 | $ | i — | $ | i 10 | $ | i — | ||||||||||||||||||
Contingent consideration | i 13,000 | i — | i — | i 13,000 | ||||||||||||||||||||||
Total
liabilities measured at fair value on a recurring basis | $ | i 13,010 | $ | i — | $ | i 10 | $ | i 13,000 |
As of December 31, 2022 | ||||||||||||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Foreign exchange derivative assets | $ | i 12,191 | $ | i — | $ | i 12,191 | $ | i — | ||||||||||||||||||
Rights to acquire noncontrolling interest in consolidated subsidiaries | i 334 | i — | i — | i 334 | ||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | i 12,525 | $ | i — | $ | i 12,191 | $ | i 334 | ||||||||||||||||||
Foreign exchange derivative liabilities | $ | i 9,350 | $ | i — | $ | i 9,350 | $ | i — | ||||||||||||||||||
Contingent consideration | i 24,308 | i — | i — | i 24,308 | ||||||||||||||||||||||
Total
liabilities measured at fair value on a recurring basis | $ | i 33,658 | $ | i — | $ | i 9,350 | $ | i 24,308 |
Amount | ||||||||
Contingent
consideration as of January 1, 2023 | $ | i 24,308 | ||||||
Changes in fair value of contingent consideration included in Interest and other income, net | i 1,514 | |||||||
Payment of contingent consideration for previously acquired businesses | ( i 12,844) | |||||||
Effect of foreign currency exchange rate changes, net | i 22 | |||||||
Contingent
consideration as of June 30, 2023 | $ | i 13,000 |
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||
Balance | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||
Money market funds | $ | i 207,273 | $ | i 207,273 | $ | i 207,273 | $ | i — | $ | i — | ||||||||||||||||||||||
Time deposits | i 120,950 | i 120,950 | i — | i 120,950 | i — | |||||||||||||||||||||||||||
Total cash equivalents | $ | i 328,223 | $ | i 328,223 | $ | i 207,273 | $ | i 120,950 | $ | i — | ||||||||||||||||||||||
Restricted cash | $ | i 1,858 | $ | i 1,858 | $ | i 1,858 | $ | i — | $ | i — | ||||||||||||||||||||||
Time deposits included in Short-term investments | $ | i 71,376 | $ | i 71,376 | $ | i — | $ | i 71,376 | $ | i — | ||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Borrowings under the 2021 Credit Agreement | $ | i 25,000 | $ | i 25,000 | $ | i — | $ | i 25,000 | $ | i — | ||||||||||||||||||||||
Deferred consideration for asset acquisition | $ | i 54,807 | $ | i 54,807 | $ | i — | $ | i 54,807 | $ | i — |
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||
Balance | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||
Money market funds | $ | i 312,321 | $ | i 312,321 | $ | i 312,321 | $ | i — | $ | i — | ||||||||||||||||||||||
Total cash equivalents | $ | i 312,321 | $ | i 312,321 | $ | i 312,321 | $ | i — | $ | i — | ||||||||||||||||||||||
Restricted cash | $ | i 2,292 | $ | i 2,292 | $ | i 2,292 | $ | i — | $ | i — | ||||||||||||||||||||||
Time deposits included in Short-term investments | $ | i 60,336 | $ | i 60,336 | $ | i — | $ | i 60,336 | $ | i — | ||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Borrowings under the 2021 Credit Agreement | $ | i 25,000 | $ | i 25,000 | $ | i — | $ | i 25,000 | $ | i — | ||||||||||||||||||||||
Deferred consideration for asset acquisition | $ | i 53,636 | $ | i 53,636 | $ | i — | $ | i 53,636 | $ | i — |
As of June 30, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||||||||
Balance Sheet Classification | Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Foreign exchange forward contracts - Designated as hedging instruments | Prepaid expenses and other current assets | $ | i 14,137 | $ | i 12,191 | |||||||||||||||||||||||||||
Accrued expenses and other current liabilities | $ | i 10 | $ | i 1,445 | ||||||||||||||||||||||||||||
Foreign
exchange forward contracts - Not designated as hedging instruments | Accrued expenses and other current liabilities | $ | i — | $ | i 7,905 |
Three
Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
Income Statement Classification | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Operating lease cost | Selling, general and administrative expenses | $ | i 11,950 | $ | i 12,215 | $ | i 23,133 | $ | i 28,099 | |||||||||||||||||||||||
Variable lease cost | Selling, general and administrative expenses | i 3,388 | i 2,341 | i 7,036 | i 5,528 | |||||||||||||||||||||||||||
Short-term lease cost | Selling, general and administrative expenses | i 955 | i 1,427 | i 3,611 | i 2,466 | |||||||||||||||||||||||||||
Total lease cost | $ | i 16,293 | $ | i 15,983 | $ | i 33,780 | $ | i 36,093 |
Three Months Ended June 30, | Six
Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||
Operating cash flows used for operating leases | $ | i 13,526 | $ | i 15,663 | $ | i 25,245 | $ | i 30,466 | ||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||||||||||||||
Operating leases | $ | i 3,679 | $ | i 5,248 | $ | i 7,028 | $ | i 24,732 | ||||||||||||||||||
Non-cash net increase/(decrease) due to lease modifications: | ||||||||||||||||||||||||||
Operating lease right-of-use assets | $ | i 4,508 | $ | i 1,581 | $ | i 5,891 | $ | ( i 5,847) | ||||||||||||||||||
Operating lease liabilities | $ | i 5,026 | $ | i 325 | $ | i 6,140 | $ | ( i 7,109) |
As of June 30, 2023 | As of June 30, 2022 | |||||||||||||
Weighted average remaining lease term, in years: | ||||||||||||||
Operating leases | i 5.2 | i 5.7 | ||||||||||||
Weighted average discount rate: | ||||||||||||||
Operating leases | i 3.8 | % | i 2.2 | % |
Year ending December 31, | Lease Payments | |||||||
2023 (excluding six months ended June 30, 2023) | $ | i 23,155 | ||||||
2024 | i 39,896 | |||||||
2025 | i 31,827 | |||||||
2026 | i 25,524 | |||||||
2027 | i 16,712 | |||||||
Thereafter | i 32,410 | |||||||
Total lease payments | i 169,524 | |||||||
Less: imputed interest | ( i 14,536) | |||||||
Total | $ | i 154,988 |
As of June 30, 2023 | As of December 31, 2022 | ||||||||||
Outstanding debt | $ | i 25,000 | $ | i 25,000 | |||||||
Interest rate | i 6.1 | % | i 5.2 | % | |||||||
Available borrowing capacity | $ | i 675,000 | $ | i 675,000 | |||||||
Maximum borrowing capacity | $ | i 700,000 | $ | i 700,000 |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Customer Locations | |||||||||||||||||||||||
Americas | $ | i 653,601 | $ | i 25,150 | $ | i 336 | $ | i 679,087 | |||||||||||||||
EMEA | i 25,629 | i 433,456 | i — | i 459,085 | |||||||||||||||||||
APAC | i 649 | i 23,570 | i — | i 24,219 | |||||||||||||||||||
CEE | i 192 | i 1,266 | i 6,357 | i 7,815 | |||||||||||||||||||
Revenues | $ | i 680,071 | $ | i 483,442 | $ | i 6,693 | $ | i 1,170,206 |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Customer Locations | |||||||||||||||||||||||
Americas | $ | i 1,337,154 | $ | i 51,104 | $ | i 631 | $ | i 1,388,889 | |||||||||||||||
EMEA | i 51,001 | i 872,021 | i — | i 923,022 | |||||||||||||||||||
APAC | i 1,375 | i 49,654 | i — | i 51,029 | |||||||||||||||||||
CEE | i 498 | i 3,810 | i 13,899 | i 18,207 | |||||||||||||||||||
Revenues | $ | i 1,390,028 | $ | i 976,589 | $ | i 14,530 | $ | i 2,381,147 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Customer Locations | |||||||||||||||||||||||
Americas | $ | i 697,961 | $ | i 22,816 | $ | i 835 | $ | i 721,612 | |||||||||||||||
EMEA | i 23,190 | i 399,796 | i — | i 422,986 | |||||||||||||||||||
APAC | i 793 | i 29,383 | i — | i 30,176 | |||||||||||||||||||
CEE | i 1,713 | ( i 51) | i 18,425 | i 20,087 | |||||||||||||||||||
Revenues | $ | i 723,657 | $ | i 451,944 | $ | i 19,260 | $ | i 1,194,861 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Customer Locations | |||||||||||||||||||||||
Americas | $ | i 1,357,737 | $ | i 48,776 | $ | i 1,892 | $ | i 1,408,405 | |||||||||||||||
EMEA | i 48,288 | i 796,549 | i 99 | i 844,936 | |||||||||||||||||||
APAC | i 1,576 | i 58,182 | i — | i 59,758 | |||||||||||||||||||
CEE | i 3,767 | i 407 | i 49,202 | i 53,376 | |||||||||||||||||||
Revenues | $ | i 1,411,368 | $ | i 903,914 | $ | i 51,193 | $ | i 2,366,475 |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Industry Verticals | |||||||||||||||||||||||
Travel & Consumer | $ | i 120,038 | $ | i 151,639 | $ | i 1,782 | $ | i 273,459 | |||||||||||||||
Financial Services | i 135,178 | i 120,361 | i 3,429 | i 258,968 | |||||||||||||||||||
Business Information & Media | i 106,357 | i 83,260 | i 67 | i 189,684 | |||||||||||||||||||
Software & Hi-Tech | i 135,755 | i 38,910 | i 553 | i 175,218 | |||||||||||||||||||
Life Sciences & Healthcare | i 99,966 | i 14,454 | i 21 | i 114,441 | |||||||||||||||||||
Emerging Verticals | i 82,777 | i 74,818 | i 841 | i 158,436 | |||||||||||||||||||
Revenues | $ | i 680,071 | $ | i 483,442 | $ | i 6,693 | $ | i 1,170,206 |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Industry Verticals | |||||||||||||||||||||||
Travel & Consumer | $ | i 243,697 | $ | i 304,694 | $ | i 3,428 | $ | i 551,819 | |||||||||||||||
Financial Services | i 279,028 | i 243,969 | i 6,636 | i 529,633 | |||||||||||||||||||
Business Information & Media | i 222,515 | i 169,368 | i 181 | i 392,064 | |||||||||||||||||||
Software & Hi-Tech | i 285,553 | i 77,592 | i 1,264 | i 364,409 | |||||||||||||||||||
Life Sciences & Healthcare | i 196,563 | i 28,980 | i 156 | i 225,699 | |||||||||||||||||||
Emerging Verticals | i 162,672 | i 151,986 | i 2,865 | i 317,523 | |||||||||||||||||||
Revenues | $ | i 1,390,028 | $ | i 976,589 | $ | i 14,530 | $ | i 2,381,147 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Industry Verticals | |||||||||||||||||||||||
Travel & Consumer | $ | i 130,932 | $ | i 140,081 | $ | i 5,305 | $ | i 276,318 | |||||||||||||||
Financial Services | i 126,879 | i 112,766 | i 11,338 | i 250,983 | |||||||||||||||||||
Business Information & Media | i 114,026 | i 83,681 | i 163 | i 197,870 | |||||||||||||||||||
Software & Hi-Tech | i 161,034 | i 33,847 | i 442 | i 195,323 | |||||||||||||||||||
Life Sciences & Healthcare | i 115,899 | i 12,527 | i 66 | i 128,492 | |||||||||||||||||||
Emerging Verticals | i 74,887 | i 69,042 | i 1,946 | i 145,875 | |||||||||||||||||||
Revenues | $ | i 723,657 | $ | i 451,944 | $ | i 19,260 | $ | i 1,194,861 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Industry Verticals | |||||||||||||||||||||||
Travel & Consumer | $ | i 253,179 | $ | i 276,869 | $ | i 11,589 | $ | i 541,637 | |||||||||||||||
Financial Services | i 247,214 | i 230,096 | i 33,736 | i 511,046 | |||||||||||||||||||
Business Information & Media | i 224,972 | i 166,582 | i 619 | i 392,173 | |||||||||||||||||||
Software & Hi-Tech | i 317,316 | i 66,301 | i 1,189 | i 384,806 | |||||||||||||||||||
Life Sciences & Healthcare | i 227,270 | i 24,809 | i 216 | i 252,295 | |||||||||||||||||||
Emerging Verticals | i 141,417 | i 139,257 | i 3,844 | i 284,518 | |||||||||||||||||||
Revenues | $ | i 1,411,368 | $ | i 903,914 | $ | i 51,193 | $ | i 2,366,475 |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Contract Types | |||||||||||||||||||||||
Time-and-material | $ | i 606,766 | $ | i 416,194 | $ | i 5,060 | $ | i 1,028,020 | |||||||||||||||
Fixed-price | i 67,273 | i 66,468 | i 1,612 | i 135,353 | |||||||||||||||||||
Licensing and other revenues | i 6,032 | i 780 | i 21 | i 6,833 | |||||||||||||||||||
Revenues | $ | i 680,071 | $ | i 483,442 | $ | i 6,693 | $ | i 1,170,206 |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Contract Types | |||||||||||||||||||||||
Time-and-material | $ | i 1,251,394 | $ | i 841,792 | $ | i 9,813 | $ | i 2,102,999 | |||||||||||||||
Fixed-price | i 128,504 | i 132,671 | i 4,683 | i 265,858 | |||||||||||||||||||
Licensing and other revenues | i 10,130 | i 2,126 | i 34 | i 12,290 | |||||||||||||||||||
Revenues | $ | i 1,390,028 | $ | i 976,589 | $ | i 14,530 | $ | i 2,381,147 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Contract Types | |||||||||||||||||||||||
Time-and-material | $ | i 654,627 | $ | i 390,296 | $ | i 14,648 | $ | i 1,059,571 | |||||||||||||||
Fixed-price | i 65,992 | i 60,607 | i 4,581 | i 131,180 | |||||||||||||||||||
Licensing and other revenues | i 3,038 | i 1,041 | i 31 | i 4,110 | |||||||||||||||||||
Revenues | $ | i 723,657 | $ | i 451,944 | $ | i 19,260 | $ | i 1,194,861 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Contract Types | |||||||||||||||||||||||
Time-and-material | $ | i 1,281,434 | $ | i 767,951 | $ | i 33,339 | $ | i 2,082,724 | |||||||||||||||
Fixed-price | i 122,757 | i 134,215 | i 17,771 | i 274,743 | |||||||||||||||||||
Licensing and other revenues | i 7,177 | i 1,748 | i 83 | i 9,008 | |||||||||||||||||||
Revenues | $ | i 1,411,368 | $ | i 903,914 | $ | i 51,193 | $ | i 2,366,475 |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Transferred over time | $ | i 676,637 | $ | i 482,999 | $ | i 6,673 | $ | i 1,166,309 | |||||||||||||||
Transferred at a point of time | i 3,434 | i 443 | i 20 | i 3,897 | |||||||||||||||||||
Revenues | $ | i 680,071 | $ | i 483,442 | $ | i 6,693 | $ | i 1,170,206 |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Transferred over time | $ | i 1,383,671 | $ | i 975,396 | $ | i 14,497 | $ | i 2,373,564 | |||||||||||||||
Transferred at a point of time | i 6,357 | i 1,193 | i 33 | i 7,583 | |||||||||||||||||||
Revenues | $ | i 1,390,028 | $ | i 976,589 | $ | i 14,530 | $ | i 2,381,147 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Transferred over time | $ | i 722,311 | $ | i 451,847 | $ | i 19,240 | $ | i 1,193,398 | |||||||||||||||
Transferred at a point of time | i 1,346 | i 97 | i 20 | i 1,463 | |||||||||||||||||||
Revenues | $ | i 723,657 | $ | i 451,944 | $ | i 19,260 | $ | i 1,194,861 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
North America | Europe | Russia | Consolidated Revenues | ||||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Transferred over time | $ | i 1,407,420 | $ | i 903,695 | $ | i 51,131 | $ | i 2,362,246 | |||||||||||||||
Transferred at a point of time | i 3,948 | i 219 | i 62 | i 4,229 | |||||||||||||||||||
Revenues | $ | i 1,411,368 | $ | i 903,914 | $ | i 51,193 | $ | i 2,366,475 |
Less than 1 year | 1 Year | 2 Years | 3 Years | Total | |||||||||||||||||||||||||
Contract Type | |||||||||||||||||||||||||||||
Fixed-price | $ | i 16,427 | $ | i 3,189 | $ | i 1,757 | $ | i — | $ | i 21,373 |
As of June 30, 2023 | As of December 31, 2022 | ||||||||||
Contract assets included in Trade receivables and contract assets, net | $ | i 27,434 | $ | i 11,490 | |||||||
Contract liabilities included in Accrued expenses and other current liabilities | $ | i 31,748 | $ | i 36,036 | |||||||
Contract liabilities included in Other noncurrent liabilities | $ | i 473 | $ | i 42 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization) | $ | i 15,416 | $ | i 14,732 | $ | i 31,427 | $ | i 14,308 | |||||||||||||||
Selling, general and administrative expenses | i 17,694 | i 13,161 | i 40,262 | i 20,697 | |||||||||||||||||||
Total | $ | i 33,110 | $ | i 27,893 | $ | i 71,689 | $ | i 35,005 |
Number
of Options | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (in years) | ||||||||||||||||||||
Options outstanding at January 1, 2023 | i 1,923 | $ | i 98.92 | ||||||||||||||||||||
Options granted | i 108 | $ | i 298.44 | ||||||||||||||||||||
Options exercised | ( i 241) | $ | i 29.62 | ||||||||||||||||||||
Options forfeited | ( i 1) | $ | i 317.56 | ||||||||||||||||||||
Options
outstanding at June 30, 2023 | i 1,789 | $ | i 120.20 | $ | i 218,382 | i 3.7 | |||||||||||||||||
Options
vested and exercisable as of June 30, 2023 | i 1,506 | $ | i 87.39 | $ | i 216,710 | i 2.7 | |||||||||||||||||
Options
expected to vest as of June 30, 2023 | i 265 | $ | i 294.39 | $ | i 1,613 | i 8.7 |
Equity-Classified Equity-Settled Restricted
Stock Units | Liability-Classified Cash-Settled Restricted Stock Units | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value Per Share | Number of Shares | Weighted Average Grant Date Fair Value Per Share | ||||||||||||||||||||
Unvested
service-based awards outstanding at January 1, 2023 | i 916 | $ | i 291.19 | i 99 | $ | i 257.74 | |||||||||||||||||
Awards granted | i 488 | $ | i 297.77 | i 36 | $ | i 299.00 | |||||||||||||||||
Awards modified | ( i 15) | $ | i 278.52 | i 15 | $ | i 305.59 | |||||||||||||||||
Awards vested | ( i 298) | $ | i 267.70 | ( i 44) | $ | i 238.41 | |||||||||||||||||
Awards forfeited/cancelled | ( i 41) | $ | i 302.53 | ( i 4) | $ | i 239.38 | |||||||||||||||||
Unvested
service-based awards outstanding at June 30, 2023 | i 1,050 | $ | i 300.66 | i 102 | $ | i 287.88 |
Equity-Classified Equity-Settled Restricted Stock | Equity-Classified
Equity-Settled Restricted Stock Units | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value Per Share | Number of Shares | Weighted Average Grant Date Fair Value Per Share | ||||||||||||||||||||
Unvested performance-based awards outstanding at January 1, 2023 | i 9 | $ | i 165.87 | i 15 | $ | i 412.60 | |||||||||||||||||
Awards vested | ( i 9) | $ | i 165.87 | ( i 1) | $ | i 438.26 | |||||||||||||||||
Awards forfeited/cancelled | i — | i — | ( i 1) | $ | i 363.93 | ||||||||||||||||||
Unvested
performance-based awards outstanding at June 30, 2023 | i — | $ | i — | i 13 | $ | i 413.14 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||||||||||||
Net income | $ | i 120,033 | $ | i 18,604 | $ | i 222,325 | $ | i 108,323 | |||||||||||||||
Numerator for basic and diluted earnings per share | $ | i i 120,033 / | $ | i i 18,604 / | $ | i i 222,325 / | $ | i i 108,323 / | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares for basic earnings per share | i 57,993 | i 57,240 | i 57,848 | i 57,078 | |||||||||||||||||||
Net effect of dilutive stock options, restricted stock units, restricted stock awards and stock issuable under the ESPP | i 1,188 | i 1,780 | i 1,392 | i 1,903 | |||||||||||||||||||
Weighted
average common shares for diluted earnings per share | i 59,181 | i 59,020 | i 59,240 | i 58,981 | |||||||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | i 2.07 | $ | i 0.33 | $ | i 3.84 | $ | i 1.90 | |||||||||||||||
Diluted | $ | i 2.03 | $ | i 0.32 | $ | i 3.75 | $ | i 1.84 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Segment revenues: | |||||||||||||||||||||||
North America | $ | i 680,071 | $ | i 723,657 | $ | i 1,390,028 | $ | i 1,411,368 | |||||||||||||||
Europe | i 483,442 | i 451,944 | i 976,589 | i 903,914 | |||||||||||||||||||
Russia | i 6,693 | i 19,260 | i 14,530 | i 51,193 | |||||||||||||||||||
Total segment revenues | $ | i 1,170,206 | $ | i 1,194,861 | $ | i 2,381,147 | $ | i 2,366,475 | |||||||||||||||
Segment operating profit/(loss): | |||||||||||||||||||||||
North America | $ | i 131,660 | $ | i 127,420 | $ | i 254,491 | $ | i 254,154 | |||||||||||||||
Europe | i 64,801 | i 35,396 | i 124,705 | i 92,107 | |||||||||||||||||||
Russia | ( i 2,743) | i 1,662 | ( i 5,748) | ( i 17,822) | |||||||||||||||||||
Total segment operating profit | $ | i 193,718 | $ | i 164,478 | $ | i 373,448 | $ | i 328,439 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Total segment operating profit: | $ | i 193,718 | $ | i 164,478 | $ | i 373,448 | $ | i 328,439 | |||||||||||||||
Unallocated amounts: | |||||||||||||||||||||||
Stock-based compensation expense | ( i 33,110) | ( i 27,893) | ( i 71,689) | ( i 35,005) | |||||||||||||||||||
Amortization of intangibles assets | ( i 5,483) | ( i 5,756) | ( i 11,020) | ( i 11,000) | |||||||||||||||||||
Other acquisition-related expenses | ( i 1,340) | ( i 90) | ( i 1,581) | ( i 669) | |||||||||||||||||||
Other unallocated expenses | ( i 9,439) | ( i 37,719) | ( i 24,441) | ( i 59,503) | |||||||||||||||||||
Income from operations | i 144,346 | i 93,020 | i 264,717 | i 222,262 | |||||||||||||||||||
Interest and other income, net | i 11,710 | i 1,579 | i 23,231 | i 1,414 | |||||||||||||||||||
Foreign exchange loss | ( i 6,010) | ( i 85,941) | ( i 10,618) | ( i 108,726) | |||||||||||||||||||
Income before provision for income taxes | $ | i 150,046 | $ | i 8,658 | $ | i 277,330 | $ | i 114,950 |
As
of June 30, 2023 | As of December 31, 2022 | ||||||||||
Ukraine | $ | i 67,721 | $ | i 70,183 | |||||||
United States | i 61,199 | i 68,804 | |||||||||
Belarus | i 53,503 | i 57,311 | |||||||||
Poland | i 14,166 | i 14,685 | |||||||||
Hungary | i 7,907 | i 8,552 | |||||||||
India | i 7,214 | i 8,506 | |||||||||
Other | i 44,062 | i 45,307 | |||||||||
Total | $ | i 255,772 | $ | i 273,348 |
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
United States | $ | i 649,622 | $ | i 686,952 | $ | i 1,329,059 | $ | i 1,343,979 | |||||||||||||||
United Kingdom | i 152,481 | i 149,730 | i 307,808 | i 302,927 | |||||||||||||||||||
Switzerland | i 89,497 | i 79,226 | i 179,358 | i 161,056 | |||||||||||||||||||
Netherlands | i 58,408 | i 50,879 | i 117,508 | i 101,058 | |||||||||||||||||||
Germany | i 45,028 | i 39,874 | i 87,763 | i 76,263 | |||||||||||||||||||
Canada | i 26,485 | i 31,811 | i 54,317 | i 58,840 | |||||||||||||||||||
Russia | i 5,872 | i 17,987 | i 11,745 | i 48,679 | |||||||||||||||||||
Other locations | i 142,813 | i 138,402 | i 293,589 | i 273,673 | |||||||||||||||||||
Total | $ | i 1,170,206 | $ | i 1,194,861 | $ | i 2,381,147 | $ | i 2,366,475 |
Three
Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Foreign currency translation | ||||||||||||||||||||||||||
Beginning balance | $ | ( i 88,553) | $ | ( i 83,299) | $ | ( i 101,780) | $ | ( i 52,747) | ||||||||||||||||||
Foreign currency translation | i 7,761 | i 22,977 | i 24,061 | ( i 13,138) | ||||||||||||||||||||||
Income tax expense | ( i 366) | ( i 8,147) | ( i 3,439) | ( i 2,584) | ||||||||||||||||||||||
Foreign currency translation, net of tax | i 7,395 | i 14,830 | i 20,622 | ( i 15,722) | ||||||||||||||||||||||
Ending balance | $ | ( i 81,158) | $ | ( i 68,469) | $ | ( i 81,158) | $ | ( i 68,469) | ||||||||||||||||||
Cash flow hedging instruments | ||||||||||||||||||||||||||
Beginning balance | $ | i 12,440 | $ | ( i 4,808) | $ | i 8,306 | $ | ( i 3,417) | ||||||||||||||||||
Unrealized gain/ (loss) in fair value | i 7,938 | ( i 11,048) | i 15,833 | ( i 57,605) | ||||||||||||||||||||||
Net (gain)/ loss reclassified into Cost of revenues (exclusive of depreciation and amortization) | ( i 9,904) | i 4,557 | ( i 12,484) | i 5,461 | ||||||||||||||||||||||
Net (gain)/ loss reclassified into Foreign exchange loss | i — | ( i 26) | i 33 | i 43,828 | ||||||||||||||||||||||
Income tax benefit/ (expense) | i 446 | i 1,480 | ( i 768) | i 1,888 | ||||||||||||||||||||||
Cash flow hedging instruments, net of tax | ( i 1,520) | ( i 5,037) | i 2,614 | ( i 6,428) | ||||||||||||||||||||||
Ending
balance(1) | $ | i 10,920 | $ | ( i 9,845) | $ | i 10,920 | $ | ( i 9,845) | ||||||||||||||||||
Defined benefit plans | ||||||||||||||||||||||||||
Beginning balance | $ | ( i 1,847) | $ | i 1,957 | $ | ( i 1,847) | $ | i 1,957 | ||||||||||||||||||
Ending balance | $ | ( i 1,847) | $ | i 1,957 | $ | ( i 1,847) | $ | i 1,957 | ||||||||||||||||||
Accumulated other comprehensive loss | $ | ( i 72,085) | $ | ( i 76,357) | $ | ( i 72,085) | $ | ( i 76,357) |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages and per share data) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,170,206 | 100.0 | % | $ | 1,194,861 | 100.0 | % | $ | 2,381,147 | 100.0 | % | $ | 2,366,475 | 100.0 | % | |||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization)(1) | 808,715 | 69.1 | % | 846,323 | 70.8 | % | 1,664,616 | 69.9 | % | 1,627,159 | 68.8 | % | |||||||||||||||||||||||||||||||||||
Selling,
general and administrative expenses(2) | 194,377 | 16.7 | % | 232,527 | 19.5 | % | 406,264 | 17.1 | % | 469,804 | 19.9 | % | |||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 22,768 | 1.9 | % | 22,991 | 1.9 | % | 45,550 | 1.9 | % | 47,250 | 1.9 | % | |||||||||||||||||||||||||||||||||||
Income from operations | 144,346 | 12.3 | % | 93,020 | 7.8 | % | 264,717 | 11.1 | % | 222,262 | 9.4 | % | |||||||||||||||||||||||||||||||||||
Interest and other income, net | 11,710 | 1.0 | % | 1,579 | 0.1 | % | 23,231 | 1.0 | % | 1,414 | 0.1 | % | |||||||||||||||||||||||||||||||||||
Foreign exchange loss | (6,010) | (0.5) | % | (85,941) | (7.2) | % | (10,618) | (0.5) | % | (108,726) | (4.6) | % | |||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 150,046 | 12.8 | % | 8,658 | 0.7 | % | 277,330 | 11.6 | % | 114,950 | 4.9 | % | |||||||||||||||||||||||||||||||||||
Provision for/(benefit from) income taxes | 30,013 | 2.5 | % | (9,946) | (0.9) | % | 55,005 | 2.3 | % | 6,627 | 0.3 | % | |||||||||||||||||||||||||||||||||||
Net income | $ | 120,033 | 10.3 | % | $ | 18,604 | 1.6 | % | $ | 222,325 | 9.3 | % | $ | 108,323 | 4.6 | % | |||||||||||||||||||||||||||||||
Effective tax rate | 20.0 | % | (114.9) | % | 19.8 | % | 5.8 | % | |||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 2.03 | $ | 0.32 | $ | 3.75 | $ | 1.84 |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||
Americas(1) | $ | 679,087 | 58.0 | % | $ | 721,612 | 60.4 | % | $ | 1,388,889 | 58.3 | % | $ | 1,408,405 | 59.5 | % | |||||||||||||||||||||||||||||||
EMEA(2) | 459,085 | 39.2 | % | 422,986 | 35.4 | % | 923,022 | 38.8 | % | 844,936 | 35.7 | % | |||||||||||||||||||||||||||||||||||
APAC(3) | 24,219 | 2.1 | % | 30,176 | 2.5 | % | 51,029 | 2.1 | % | 59,758 | 2.5 | % | |||||||||||||||||||||||||||||||||||
CEE(4) | 7,815 | 0.7 | % | 20,087 | 1.7 | % | 18,207 | 0.8 | % | 53,376 | 2.3 | % | |||||||||||||||||||||||||||||||||||
Revenues | $ | 1,170,206 | 100.0 | % | $ | 1,194,861 | 100.0 | % | $ | 2,381,147 | 100.0 | % | $ | 2,366,475 | 100.0 | % |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Segment revenues: | |||||||||||||||||||||||
North America | $ | 680,071 | $ | 723,657 | $ | 1,390,028 | $ | 1,411,368 | |||||||||||||||
Europe | 483,442 | 451,944 | 976,589 | 903,914 | |||||||||||||||||||
Russia | 6,693 | 19,260 | 14,530 | 51,193 | |||||||||||||||||||
Total segment revenues | $ | 1,170,206 | $ | 1,194,861 | $ | 2,381,147 | $ | 2,366,475 | |||||||||||||||
Segment operating profit/(loss): | |||||||||||||||||||||||
North America | $ | 131,660 | $ | 127,420 | $ | 254,491 | $ | 254,154 | |||||||||||||||
Europe | 64,801 | 35,396 | 124,705 | 92,107 | |||||||||||||||||||
Russia | (2,743) | 1,662 | (5,748) | (17,822) | |||||||||||||||||||
Total segment operating profit | $ | 193,718 | $ | 164,478 | $ | 373,448 | $ | 328,439 |
Three
Months Ended June 30, | Change | Six Months Ended June 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Dollars | Percentage | 2023 | 2022 | Dollars | Percentage | ||||||||||||||||||||||||||||||||||||||||
Industry Vertical | (in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||
Software & Hi-Tech | $ | 135,755 | $ | 161,034 | $ | (25,279) | (15.7) | % | $ | 285,553 | $ | 317,316 | $ | (31,763) | (10.0) | % | |||||||||||||||||||||||||||||||
Financial Services | 135,178 | 126,879 | 8,299 | 6.5 | % | 279,028 | 247,214 | 31,814 | 12.9 | % | |||||||||||||||||||||||||||||||||||||
Travel & Consumer | 120,038 | 130,932 | (10,894) | (8.3) | % | 243,697 | 253,179 | (9,482) | (3.7) | % | |||||||||||||||||||||||||||||||||||||
Business Information & Media | 106,357 | 114,026 | (7,669) | (6.7) | % | 222,515 | 224,972 | (2,457) | (1.1) | % | |||||||||||||||||||||||||||||||||||||
Life Sciences & Healthcare | 99,966 | 115,899 | (15,933) | (13.7) | % | 196,563 | 227,270 | (30,707) | (13.5) | % | |||||||||||||||||||||||||||||||||||||
Emerging Verticals | 82,777 | 74,887 | 7,890 | 10.5 | % | 162,672 | 141,417 | 21,255 | 15.0 | % | |||||||||||||||||||||||||||||||||||||
Revenues | $ | 680,071 | $ | 723,657 | $ | (43,586) | (6.0) | % | $ | 1,390,028 | $ | 1,411,368 | $ | (21,340) | (1.5) | % |
Three
Months Ended June 30, | Change | Six Months Ended June 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Dollars | Percentage | 2023 | 2022 | Dollars | Percentage | ||||||||||||||||||||||||||||||||||||||||
Industry Vertical | (in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||
Travel & Consumer | $ | 151,639 | $ | 140,081 | $ | 11,558 | 8.3 | % | $ | 304,694 | $ | 276,869 | $ | 27,825 | 10.0 | % | |||||||||||||||||||||||||||||||
Financial Services | 120,361 | 112,766 | 7,595 | 6.7 | % | 243,969 | 230,096 | 13,873 | 6.0 | % | |||||||||||||||||||||||||||||||||||||
Business Information & Media | 83,260 | 83,681 | (421) | (0.5) | % | 169,368 | 166,582 | 2,786 | 1.7 | % | |||||||||||||||||||||||||||||||||||||
Software & Hi-Tech | 38,910 | 33,847 | 5,063 | 15.0 | % | 77,592 | 66,301 | 11,291 | 17.0 | % | |||||||||||||||||||||||||||||||||||||
Life Sciences & Healthcare | 14,454 | 12,527 | 1,927 | 15.4 | % | 28,980 | 24,809 | 4,171 | 16.8 | % | |||||||||||||||||||||||||||||||||||||
Emerging Verticals | 74,818 | 69,042 | 5,776 | 8.4 | % | 151,986 | 139,257 | 12,729 | 9.1 | % | |||||||||||||||||||||||||||||||||||||
Revenues | $ | 483,442 | $ | 451,944 | $ | 31,498 | 7.0 | % | $ | 976,589 | $ | 903,914 | $ | 72,675 | 8.0 | % |
Three
Months Ended June 30, | Change | Six Months Ended June 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Dollars | Percentage | 2023 | 2022 | Dollars | Percentage | ||||||||||||||||||||||||||||||||||||||||
Industry Vertical | (in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||
Financial Services | $ | 3,429 | $ | 11,338 | $ | (7,909) | (69.8) | % | $ | 6,636 | $ | 33,736 | $ | (27,100) | (80.3) | % | |||||||||||||||||||||||||||||||
Travel & Consumer | 1,782 | 5,305 | (3,523) | (66.4) | % | 3,428 | 11,589 | (8,161) | (70.4) | % | |||||||||||||||||||||||||||||||||||||
Software & Hi-Tech | 553 | 442 | 111 | 25.1 | % | 1,264 | 1,189 | 75 | 6.3 | % | |||||||||||||||||||||||||||||||||||||
Business Information & Media | 67 | 163 | (96) | (58.9) | % | 181 | 619 | (438) | (70.8) | % | |||||||||||||||||||||||||||||||||||||
Life Sciences & Healthcare | 21 | 66 | (45) | (68.2) | % | 156 | 216 | (60) | (27.8) | % | |||||||||||||||||||||||||||||||||||||
Emerging Verticals | 841 | 1,946 | (1,105) | (56.8) | % | 2,865 | 3,844 | (979) | (25.5) | % | |||||||||||||||||||||||||||||||||||||
Revenues | $ | 6,693 | $ | 19,260 | $ | (12,567) | (65.2) | % | $ | 14,530 | $ | 51,193 | $ | (36,663) | (71.6) | % |
Six
Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Condensed Consolidated Statements of Cash Flow Data: | |||||||||||
Net cash provided by operating activities | $ | 176,386 | $ | 25,667 | |||||||
Net cash used in investing activities | (35,510) | (123,088) | |||||||||
Net cash used in financing activities | (62,831) | (10,634) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 17,096 | (45,661) | |||||||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | 95,141 | (153,716) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 1,683,636 | 1,449,347 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 1,778,777 | $ | 1,295,631 |
Period | Total Number of Shares Purchased | Average
Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||
April 1 to April 30, 2023 | — | $ | — | — | $ | — | ||||||||||||||||||||
May 1 to May 31, 2023 | — | $ | — | — | $ | — | ||||||||||||||||||||
June 1 to June 30, 2023 | 195 | $ | 212.77 | 195 | $ | 450,052 | ||||||||||||||||||||
Total | 195 | 195 |
Exhibit Number | Description | |||||||
10.1*† | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
* | Exhibits filed herewith | |||||||
† | Indicates management contracts or compensatory plans or arrangements |
EPAM SYSTEMS, INC. | ||||||||
By: | /s/ Arkadiy Dobkin | |||||||
Name: Arkadiy Dobkin | ||||||||
Title: Chairman, Chief Executive Officer and President (principal executive officer) | ||||||||
By: | /s/ Jason Peterson | |||||||
Name: Jason Peterson | ||||||||
Title: Senior Vice President, Chief Financial Officer and Treasurer (principal financial officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
10/21/26 | ||||
Filed on: | 8/3/23 | 8-K | ||
7/31/23 | ||||
7/26/23 | ||||
For Period end: | 6/30/23 | 3, 4 | ||
5/31/23 | ||||
4/30/23 | ||||
4/7/23 | ||||
3/31/23 | 10-Q, 4, 8-K | |||
2/13/23 | 4, SC 13G, SC 13G/A | |||
1/1/23 | ||||
12/31/22 | 10-K, 5, ARS | |||
6/30/22 | 10-Q | |||
3/31/22 | 10-Q, 4 | |||
3/4/22 | 8-K | |||
2/24/22 | 8-K | |||
1/1/22 | ||||
12/31/21 | 10-K | |||
10/21/21 | 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/03/23 EPAM Systems, Inc. S-3ASR 10/03/23 4:613K Broadridge Fin’l So… Inc |