Epam systems, inc. (EPAM)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

85,565

74,524

67,002

58,777

60,754

59,965

65,618

50,255

64,418

-30,874

42,634

37,359

23,641

24,763

26,174

24,430

23,899

27,638

22,873

19,231

14,714

18,423

19,040

14,814

17,364

18,759

16,437

14,118

12,680

14,999

14,065

13,321

12,099

12,384

13,950

8,277

9,742

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense

14,940

12,962

11,127

11,028

10,200

10,183

9,319

8,962

8,176

7,696

7,174

7,020

6,672

6,237

5,925

6,123

5,102

4,899

4,393

3,903

4,200

2,833

5,510

5,451

3,689

3,743

3,906

3,854

3,617

3,208

3,040

2,423

2,211

1,806

2,083

1,959

1,690

Operating lease right-of-use assets amortization expense

16,816

15,656

14,471

13,545

12,187

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Bad debt expense

2,719

1,486

-34

300

-133

-917

236

1,330

199

-28

-23

619

-517

-151

-40

1,178

552

497

209

187

514

-129

177

401

368

-653

185

642

161

197

472

367

-374

366

-21

408

-26

Deferred taxes

8,288

-4,659

-1,912

-2,039

846

-11,628

-8,791

-4,291

-23,290

11,175

2,152

-3,361

2,595

-3,293

-80

551

-482

-15,863

163

277

95

-3,545

80

98

97

-694

205

262

268

-3,559

-413

62

-23

426

0

365

-294

Stock-based compensation expense

11,881

19,012

15,471

15,697

21,856

12,452

15,330

14,810

16,596

12,487

11,217

12,927

15,776

11,724

13,826

12,730

10,964

12,483

11,963

12,253

9,134

8,096

7,425

5,891

3,208

3,359

3,365

3,850

2,576

1,457

2,046

1,773

1,550

712

785

655

714

Impairment charges and acquisition related adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-640

0

0

640

-

-

-

-

Excess tax benefit on stock-based compensation plans

-

-

-

-

-

-

-

-

-

-

-

-

-

495

419

2,310

2,040

5,245

736

1,946

436

1,225

390

1,166

995

1,277

1,674

1,721

1,529

1,662

1,334

141

160

-

-

-

-

Other

-5,893

2,758

-3,584

-3,418

-520

-1,722

1,335

117

1,982

514

1,946

2,201

-651

-4,394

-831

-953

-50

-1,525

-273

2,879

-4,964

1,872

-271

-2,042

-294

-59

-1

-553

-586

36

-110

-517

657

-260

-611

-303

397

Changes in assets and liabilities:
Trade receivables and contract assets

51,423

-

-

-

48,343

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Trade receivables and contract assets

-

-

-

-

-

30,644

1,207

27,526

-12,475

57,092

19,766

29,265

-24,635

15,811

9,335

22,459

-16,993

44,119

-9,634

28,471

-15,262

12,284

10,954

12,080

-4,908

6,213

4,526

8,227

-1,664

6,581

-720

13,171

-6,368

9,110

6,416

5,903

-2,399

Unbilled revenues

-

-

-

-

-

-

6,210

-12,859

48,193

-

-1,593

4,648

39,485

-19,144

-14,010

-20,182

18,559

-11,034

13,175

3,674

32,261

-14,936

1,816

8,643

15,611

-21,540

6,678

6,098

18,597

-12,519

7,183

-4,910

17,151

-8,899

2,143

-2,879

10,639

Prepaid and other assets

9,746

7,392

1,453

-1,289

-401

6,667

-2,730

-3,128

7,623

975

-1,063

-3,184

2,211

1,761

824

-1,577

1,383

603

-7,964

7,983

-48

-40

475

-61

-939

835

-441

-1,084

103

2,582

-288

-1,669

714

1,713

-3,081

3,502

-440

Accounts payable

-2,407

159

225

419

-2,488

-2,346

566

-1,512

2,520

-664

1,367

441

77

-1,270

1,550

-210

671

-10,909

385

-1,926

9,669

-2,339

-6,163

-2,664

8,563

-5,375

-155

-379

3,009

3,505

-2,447

-1,045

1,394

691

-1,448

1,611

-600

Accrued expenses and other liabilities

5,437

30,217

31,328

-12,060

-22,360

42,328

25,486

15,609

-31,470

29,078

22,058

15,151

-18,484

12,476

5,513

2,238

-34,153

14,850

15,004

6,214

-10,374

3,632

8,518

5,736

-7,908

11,323

1,873

-601

-12,094

5,493

3,198

-2,459

-12,057

8,704

4,566

1,081

-4,877

Operating lease liabilities

-15,646

-14,189

-13,525

-12,530

-13,175

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenues

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-148

-450

-9

-

-1,812

-520

265

1,486

-752

-1,136

-1,923

2,620

-905

-857

-1,625

2,940

-20

-94

-983

Due to employees

-

-

-

-

-

-

2,658

-10,305

11,656

-

1,390

-4,062

8,611

-2,786

1,450

-5,823

12,420

-1,543

693

378

3,224

332

494

1,916

4,711

-1,796

700

-1,310

3,191

-675

-1,411

-785

5,767

-1,616

336

365

3,711

Income taxes payable

-9,062

-

-3,898

-2,045

-20,467

-

-2,101

-3,743

3,848

-

-6,666

-2,927

7,135

2,880

3,231

-667

-3,173

17,771

-3,975

7,049

-11,873

11,833

3,237

5,502

-3,704

3,004

2,247

3,067

-5,244

6,856

865

-210

-2,013

1,617

2,012

315

-518

Net cash provided by/(used in) operating activities

63,255

124,587

119,039

44,029

-202

123,130

102,299

59,459

7,330

71,240

62,247

30,237

29,096

56,051

61,812

38,493

10,861

11,839

55,520

2,163

6,871

48,705

23,142

16,839

16,188

46,430

15,575

7,958

-11,738

35,759

11,111

6,374

-4,745

26,366

17,376

10,416

362

Cash flows from investing activities:
Purchases of property and equipment

29,075

47,013

27,270

11,601

13,424

10,109

8,162

8,592

10,711

12,925

5,440

5,716

5,725

9,336

6,392

7,404

6,185

3,739

4,191

3,469

1,873

3,752

3,719

2,288

2,157

2,432

1,930

6,111

2,887

3,059

3,907

3,086

3,324

2,696

5,832

702

6,318

Payment for construction of corporate facilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

21

1,159

1,921

1,591

383

1,259

794

1,488

-948

2,502

198

808

285

10,184

2,660

572

-

-

-

-

Employee housing loans issued

-

-

-

-

-

-

-

-

-

-

106

142

370

-

420

941

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from repayments of employee housing loans

-

-

-

-

-

-

-

-

-

-

582

626

689

-

569

558

470

638

521

572

518

490

447

437

419

919

449

821

0

-

-

-

-

-

-

-

-

Decrease in time deposits, net

-

-

-

-

-

-

-

-

-

408

-421

-8

21

59,598

-10

9

-30,000

-3

-8

-4

29,959

-1,123

-4

-5,690

5,387

1,250

-970

-532

-177

-522

196

34

-178

-

-

56

83

Increase in other long-term assets, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

774

-

177

130

681

980

153

-4

350

193

3

198

122

-519

538

49

1

-

-

-

-

Payments for foreign currency derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition of business, net of cash acquired (Note 2)

10,339

10,667

12,415

16,240

0

24,004

0

0

50,264

0

0

6,810

0

-

-

-

-

49,254

27,624

0

30

10,595

0

24,079

2,419

0

0

20

0

-

-

-

-

-

-

-

-

Payments for cost method investments

20,000

-

-

-

5,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other investing activities, net

71

107

452

6,044

136

595

1,357

-442

-811

-1,769

1,114

-86

276

1,453

491

2,065

91

-1,120

1,074

653

266

-1,316

517

505

294

937

1,873

2,338

2,834

-

-

-

-

-

-

-

-

Net cash used in investing activities

-59,485

-57,787

-40,137

-28,885

-18,560

-34,290

-9,519

-8,150

-60,164

-12,027

-6,499

-11,964

-5,661

-12,430

-8,708

-11,602

23,420

-52,319

-33,696

-5,597

-33,882

-14,521

-5,197

-21,535

-11,676

-2,945

-4,889

-7,512

-6,474

-28,264

-14,825

-12,819

-3,719

-3,846

-6,403

-758

-6,401

Cash flows from financing activities:
Proceeds from stock option exercises

6,850

8,205

6,383

11,013

11,402

2,838

9,639

14,780

7,588

9,669

6,558

27,151

10,606

2,146

3,272

9,470

3,108

3,068

3,652

10,100

3,855

3,763

1,395

3,274

2,139

1,517

2,430

2,843

2,510

2,456

2,247

220

28

-

-

-

-

Excess tax benefit on stock-based compensation plans

-

-

-

-

-

-

-

-

-

-

-

-

-

495

419

2,310

2,040

5,245

736

1,946

436

1,225

390

1,166

995

1,277

1,674

1,721

1,529

1,662

1,334

141

160

-

-

-

-

Payments of withholding taxes related to net share settlements of restricted stock units

1,018

982

1,437

11,876

1,208

679

372

6,590

106

106

386

8

2,694

539

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from debt (Note 8)

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

20,000

20,000

15,000

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of debt (Note 8)

-

-

-

-

-

9

7

12

3,466

14

30

25,029

30

8,033

7,036

29

15,031

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of contingent consideration for previously acquired business

7,869

0

0

1,104

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net proceeds from issuance of common stock in initial public offering

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,193

31,171

-

-

-

-

Payments To Acquire Businesses, Deferred

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,797

463

0

0

27,473

2,801

4,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Other financing activities, net

-9

-5

-6

0

-13

0

0

-603

0

-

-

-

-

0

0

0

135

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11

0

50

-

-

-

-

Net cash (used in)/provided by financing activities

-2,046

7,216

4,939

-1,973

10,181

2,150

9,260

7,575

4,016

9,530

6,084

26,250

7,882

-5,931

-3,345

9,954

9,789

28,313

19,388

-15,427

1,490

988

1,785

4,440

3,134

2,794

4,104

4,564

4,039

4,180

3,570

-212

31,309

-

-

-

-

Effect of exchange rate changes on cash, cash equivalents and restricted cash

-22,009

9,283

-8,001

1,700

548

-5,580

-1,015

-10,685

3,040

1,341

4,523

2,960

2,952

-3,891

144

-998

1,358

-2,827

-2,486

2,215

-2,650

-5,884

-3,559

1,265

-2,787

-51

714

-341

-1,133

552

1,099

-1,149

1,095

-668

-959

199

666

Net decrease in cash, cash equivalents and restricted cash

-20,285

83,299

75,840

14,871

-8,033

85,410

101,025

48,199

-45,778

70,084

66,355

47,483

34,269

33,799

49,903

35,847

45,428

-14,994

38,726

-16,646

-28,171

29,288

16,171

1,009

4,859

46,228

15,504

4,669

-15,306

12,227

955

-7,806

23,940

21,397

4,066

14,702

-5,373

Supplemental disclosures of cash flow information: