Epam Systems, Inc. (EPAM) 10-K Annual Report Tue Feb 23 2016

Newtown, PA - February 18, 2016 - EPAM Systems, Inc. (NYSE: EPAM), a leading global provider of product development and software engineering solutions, today announced results for its fourth quarter and year ended

December 31, 2015.

“We are very pleased that, despite market uncertainties and FX challenges, our investments in new digital capabilities, along with our ability to successfully integrate them with our traditionally strong software engineering skills, allowed us to reach our 16th consecutive quarter of over 20% year-over-year organic revenue growth,” said Arkadiy Dobkin, CEO and President of EPAM. “As we look to 2016, our continued investments should position us better to benefit from higher-growth market opportunities around the world.”

Fourth Quarter 2015 Highlights


•	Revenues increased to a record $260.3 million, up 28.7% year-over-year, and 10.3% sequentially;


•	In constant currency, revenue was up 34.3% year over year and 11.7% sequentially;


•	GAAP income from operations was $31.8 million, an increase of 32.3% compared to $24.0 million in the fourth quarter of 2014;


•	Non-GAAP income from operations was $46.9 million, an increase of $10.7 million, or 29.6%, from $36.2 million in the fourth quarter of 2014;


•	Quarterly diluted earnings per share (EPS) on a GAAP basis was $0.52, increase from $0.37 in the in the fourth quarter of 2014;


•	Non-GAAP quarterly diluted EPS was $0.78 up 25.8% from $0.62 in the fourth quarter of 2014.

Full Year 2015 Highlights


•	Revenues increased 25.2% to a record $914.1 million, up from $730.0 million in 2014;


•	In constant currency, revenue was up 32.8% year over year;


•	GAAP income from operations for 2015 was $106.0 million, an increase of 23.0% over 2014;


•	Non-GAAP income from operations was $158.7 million, an increase of 28.9% compared to $123.1 million in 2014;


•	Diluted EPS on a GAAP basis was $1.62, compared to $1.40 in the previous year;


•	Non-GAAP diluted EPS was $2.73, compared to $2.22 in 2014.

Cash Flow from Operations


•	Cash from operations was $76.4 million for the year 2015, down 27.2% from $104.9 million in 2014, and was $11.8 million in the fourth quarter of 2015, down from $48.7 million in the fourth quarter of 2014;


•	As of December 31, 2015, cash and cash equivalents totaled $199.4 million.

The following information was filed by Epam Systems, Inc. (EPAM) on Wednesday, February 17, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Epam Systems, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.12: Form Of Ceo Option Agreement

Exhibit 10.13: Form Of Ceo Rsu Agreement

Exhibit 10.14: Form Of Senior Management Option Agreement

Exhibit 10.15: Form Of Senior Management Rsu Agreement

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: EPAM
CIK: 1352010
Form Type: 10-K Annual Report
Accession Number: 0001352010-16-000030
Submitted to the SEC: Mon Feb 22 2016 6:14:33 PM EST
Accepted by the SEC: Tue Feb 23 2016
Period: Thursday, December 31, 2015
Industry: Computer Programming Services