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Epam Systems, Inc. (EPAM) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Epam Systems, Inc.

CIK: 1352010 Ticker: EPAM



Exhibit 99.1
EPAM Reports Results for Fourth Quarter and Full Year 2015

Fourth Quarter revenue increased 28.7% year-over-year and 10.3% sequentially
Annual revenues of $914.1 million, up 25.2% year-over-year
Non-GAAP net income grew more than 31.3% for the fourth quarter year-over-year and 28.2% for the full year
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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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Redeemable Preferred Stock And Stockholders' Equity
Consolidated Statements Of Income And Comprehensive Income
(schedule Of Restricted Cash And Time Deposits) (details)
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (details)
Accrued Expenses And Other Liabilities (tables)
Acquisitions
Acquisitions (earnout Obligation) (details)
Acquisitions (estimated Fair Values) (details)
Acquisitions (intangible Assets) (details)
Acquisitions (narrative) (details)
Acquisitions (tables)
Commitments And Contingencies
Commitments And Contingencies (future Minimum Rental Payments) (details)
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefits
Employee Benefits (details)
Employee Loans And Allowance For Loan Losses
Employee Loans And Allowance For Loan Losses (employee Loans) (details)
Employee Loans And Allowance For Loan Losses (narrative) (details)
Employee Loans And Allowance For Loan Losses (tables)
Fair Value Measurements
Fair Value Measurements (contingent Consideration Roll Forward) (details)
Fair Value Measurements (recurring Fair Value Measurements) (details)
Fair Value Measurements (tables)
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Net
Goodwill And Intangible Assets - Net (estimated Amortization Expense) (details)
Goodwill And Intangible Assets - Net (goodwill Roll Forward) (details)
Goodwill And Intangible Assets - Net (intangible Assets Compinents And Amortization Expenses) (details)
Goodwill And Intangible Assets - Net (narrative) (details)
Income Taxes
Income Taxes (deferred Tax Assets And Liabilities) (details)
Income Taxes (effective Income Tax Reconciliation) (details)
Income Taxes (income Before Provision For Income Taxes) (details)
Income Taxes (income Tax Expense (benefit) (details)
Income Taxes (narrative) (details)
Income Taxes (tables)
Income Taxes (unrecognized Tax Benefits) (details)
Long-term Debt
Long-term Debt (details)
Nature Of Business And Significant Accounting Policies
Nature Of Business And Significant Accounting Policies (allowance For Doubtful Accounts) (details)
Nature Of Business And Significant Accounting Policies (cash And Cash Equivalents) (details)
Nature Of Business And Significant Accounting Policies (long-lived Assets) (details)
Nature Of Business And Significant Accounting Policies (policies)
Nature Of Business And Significant Accounting Policies (property And Equipment) (details)
Nature Of Business And Significant Accounting Policies (revenue Recognition) (details)
Nature Of Business And Significant Accounting Policies (risks And Uncertainties) (details)
Nature Of Business And Significant Accounting Policies (tables)
Operating Segments
Operating Segments (geographical Information Of Long-lived Assets Based On Physical Location) (details)
Operating Segments (major Customers) (details)
Operating Segments (reconciliation Of Segment Revenues And Operating Profit To Consolidated Income From Operations) (details)
Operating Segments (revenues By Client Location) (details)
Operating Segments (revenues By Service Offering) (details)
Operating Segments (revenues From External Customers And Segment Operating Profit Before Unallocated Expenses) (details)
Operating Segments (tables)
Prepaid And Other Current Assets
Prepaid And Other Current Assets (details)
Prepaid And Other Current Assets (tables)
Property And Equipment - Net
Property And Equipment - Net (details)
Property And Equipment - Net (tables)
Quarterly Financial Data
Quarterly Financial Data (details)
Quarterly Financial Data (tables)
Restricted Cash And Time Deposits
Restricted Cash And Time Deposits (tables)
Stock-based Compensation
Stock-based Compensation (costs Related To Stock Compensation Plans) (details)
Stock-based Compensation (equity Plans) (details)
Stock-based Compensation (other Awards Activity (details)
Stock-based Compensation (other Awards) (details)
Stock-based Compensation (stock Option Activity) (details)
Stock-based Compensation (stock Options) (details)
Stock-based Compensation (tables)
Taxes Payable
Taxes Payable Taxes Payable (details)
Taxes Payable Taxes Payable (tables)
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

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