NEWTOWN,
Penn., Nov. 1, 2018
/PRNewswire/ -- EPAM Systems, Inc. (NYSE: EPAM), a leading global
provider of digital platform engineering and software development
services, today announced results for its third quarter ended
September 30, 2018.
"Our continued focus on expanding and strengthening our
engineering, design and consulting capabilities helped us deliver
another strong quarter," said Arkadiy Dobkin, CEO &
President, EPAM. "As our customers try to keep pace with
constant change, we will continue to meet their demands with our
compelling, disruptive solutions, delivering value and broadening
our relevance to the market."
Third Quarter 2018 Highlights
- Revenues increased to $468.2
million, a year-over-year increase of $90.7 million, or 24.0%, and on a constant
currency basis, revenues were up 25.4% over the corresponding
period last year;
- GAAP income from operations was $64.6
million, an increase of $15.3
million, or 31.1%, compared to $49.2
million in the third quarter of 2017;
- Non-GAAP income from operations was $82.1 million, an increase of $19.4 million, or 31.0%, compared to $62.6 million in the third quarter of 2017;
- Diluted earnings per share ("EPS") on a GAAP basis was
$1.15, an increase of $0.38, or 49.4%, compared to $0.77 in the third quarter of 2017 based on a
weighted average share count of 57.0 million fully diluted shares
outstanding; and
- Non-GAAP diluted EPS was $1.17,
an increase of $0.25, or 27.2%,
compared to $0.92 in the third
quarter of 2017.
Cash Flow and Other Metrics
- Cash provided by operations was $169.1
million for the first nine months of 2018, an increase from
$121.6 million for the first nine
months of 2017;
- Cash, cash equivalents and restricted cash totaled $686.3 million as of September 30, 2018, an
increase of $103.4 million or 17.7%
from $582.9 million as of
December 31, 2017; and
- Total headcount was approximately 28,400 as of
September 30, 2018. Included in this number were approximately
25,200 delivery professionals, an increase of 16.6% from
September 30, 2017.
2018 Outlook - Full Year and Fourth
Quarter
Full Year
- Revenue growth for 2018 will now be at least 26.5%. The Company
now expects that foreign currency translation will have a 0.5%
benefit on full year reported revenues. The Company expects revenue
growth on a constant currency basis will now be at least 26%;
- The Company expects GAAP income from operations to now be in
the range of 12.5% to 13.5% of revenues and non-GAAP income from
operations will now be in the range of 16.5% to 17.5% of
revenues;
- The Company expects its GAAP effective tax rate to now be
approximately 2% and its non-GAAP effective tax rate to continue to
be approximately 22%; and
- The Company expects GAAP diluted EPS will now be at least
$4.22 for the full year, and non-GAAP
diluted EPS will now be at least $4.32 for the full year. The Company continues to
expect weighted average share count for the year of 56.7 million
diluted shares outstanding.
Fourth Quarter
- Revenues will be at least $500
million for the fourth quarter of which the Company expects
a $2 million contribution from the
TH_NK acquisition announced this morning, reflecting a
year-over-year growth rate of at least 25%. The Company expects
foreign currency translation to have a 1% unfavorable impact on
year-over-year revenue growth during the quarter. The Company
expects year-over-year revenue growth on a constant currency basis
to be at least 26%;
- For the fourth quarter, the Company expects GAAP income from
operations to be in the range of 14% to 15% of revenues and
non-GAAP income from operations to be in the range of 17% to 18% of
revenues;
- The Company expects its GAAP effective tax rate to be
approximately 19% and its non-GAAP effective tax rate to be
approximately 22%; and
- The Company expects GAAP diluted EPS will be at least
$1.03 for the quarter, and
non-GAAP diluted EPS will be at least $1.22 for the quarter. The Company expects
weighted average share count for the quarter of 57.1 million
diluted shares outstanding.
Conference Call Information
EPAM will host a
conference call to discuss results on Thursday, November 1,
2018 at 8:00 a.m. Eastern time. The
live conference call will be available by dialing +1 (877) 407-0784
or +1 (201) 689-8560 (outside of the U.S.). A webcast of the
conference call can be accessed at the Investor Relations section
of the Company's website at http://investors.epam.com. A
replay will be available approximately one hour after the call by
dialing +1 (844) 512-2921 or +1 (412) 317-6671 (outside of the
U.S.) and entering the conference ID 13683420. The replay will be
available until November 15,
2018.
About EPAM Systems
Since 1993, EPAM Systems, Inc.
(NYSE: EPAM) has leveraged its software engineering expertise to
become a leading global product development, digital platform
engineering, and top digital and product design agency. Through its
'Engineering DNA' and innovative strategy, consulting, and design
capabilities, EPAM works in collaboration with its customers to
deliver next-gen solutions that turn complex business challenges
into real business outcomes. EPAM's global teams serve customers in
over 25 countries across North
America, Europe,
Asia and Australia. EPAM is a recognized market leader
in multiple categories among top global independent research
agencies, and was one of only four technology companies to appear
on each of the Forbes 25 Fastest Growing Public Tech Companies
lists between 2013 and 2017.
Learn more at http://www.epam.com/ and follow EPAM on Twitter
@EPAMSYSTEMS and LinkedIn.
Non-GAAP Financial Measures
EPAM supplements results
reported in accordance with United
States generally accepted accounting principles, referred to
as GAAP, with non-GAAP financial measures. Management believes
these measures help illustrate underlying trends in EPAM's business
and uses the measures to establish budgets and operational goals,
communicate internally and externally, for managing EPAM's business
and evaluating its performance. Management also believes these
measures help investors compare EPAM's operating performance with
its results in prior periods. EPAM anticipates that it will
continue to report both GAAP and certain non-GAAP financial
measures in its financial results, including non-GAAP results that
exclude stock-based compensation expense, write-offs and
recoveries, acquisition-related costs, amortization of purchased
intangible assets, goodwill impairment, legal settlements, certain
other one-time charges and benefits, change in fair value of
contingent consideration, foreign exchange gains and losses, the
impact of U.S. tax reform, excess tax benefits related to stock
compensation, and the related effect on income taxes of the pre-tax
adjustments. Management also compares operating results on a basis
of "constant currency," which is also a non-GAAP financial measure.
This measure excludes the effect of foreign currency exchange rate
fluctuations by translating the current period revenues and
expenses into U.S. dollars at the weighted average exchange rates
of the prior period of comparison. Because EPAM's reported non-GAAP
financial measures are not calculated according to GAAP, these
measures are not comparable to GAAP and may not be comparable to
similarly described non-GAAP measures reported by other companies
within EPAM's industry. Consequently, EPAM's non-GAAP financial
measures should not be evaluated in isolation or supplant
comparable GAAP measures, but rather, should be considered together
with the information in EPAM's consolidated financial statements,
which are prepared in accordance with GAAP.
Forward-Looking Statements
This press release includes
statements which may constitute forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, the accuracy of which are
necessarily subject to risks, uncertainties, and assumptions as to
future events that may not prove to be accurate. Factors that could
cause actual results to differ materially from those expressed or
implied include general economic conditions and the factors
discussed in the Company's most recent Annual Report on Form 10-K
and other filings with the Securities and Exchange Commission. EPAM
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise, except as may be required under applicable securities
law.
EPAM SYSTEMS, INC.
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
|
(Unaudited)
|
(In thousands, except per share
data)
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues
|
$
|
468,186
|
|
|
$
|
377,523
|
|
|
$
|
1,337,981
|
|
|
$
|
1,051,151
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Cost of revenues
(exclusive of depreciation and amortization)
|
301,081
|
|
|
239,369
|
|
|
867,890
|
|
|
667,231
|
|
Selling, general and
administrative expenses
|
92,490
|
|
|
81,190
|
|
|
272,110
|
|
|
240,062
|
|
Depreciation and
amortization expense
|
9,319
|
|
|
7,174
|
|
|
26,457
|
|
|
20,866
|
|
Other operating
expenses, net
|
736
|
|
|
542
|
|
|
4,030
|
|
|
2,096
|
|
Income from
operations
|
64,560
|
|
|
49,248
|
|
|
167,494
|
|
|
120,896
|
|
Interest and other
income, net
|
1,941
|
|
|
1,416
|
|
|
2,442
|
|
|
2,802
|
|
Foreign exchange
(loss)/gain
|
(514)
|
|
|
(77)
|
|
|
1,069
|
|
|
(1,470)
|
|
Income before
provision for/(benefit from) income taxes
|
65,987
|
|
|
50,587
|
|
|
171,005
|
|
|
122,228
|
|
Provision
for/(benefit from) income taxes
|
369
|
|
|
7,953
|
|
|
(9,286)
|
|
|
18,594
|
|
Net
income
|
$
|
65,618
|
|
|
$
|
42,634
|
|
|
$
|
180,291
|
|
|
$
|
103,634
|
|
Foreign currency
translation adjustments, net of tax
|
(2,118)
|
|
|
5,703
|
|
|
(14,643)
|
|
|
16,640
|
|
Unrealized loss on
cash-flow hedging instruments, net of tax
|
(74)
|
|
|
—
|
|
|
(2,081)
|
|
|
—
|
|
Comprehensive
income
|
$
|
63,426
|
|
|
$
|
48,337
|
|
|
$
|
163,567
|
|
|
$
|
120,274
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
1.22
|
|
|
$
|
0.81
|
|
|
$
|
3.37
|
|
|
$
|
2.00
|
|
Diluted
|
$
|
1.15
|
|
|
$
|
0.77
|
|
|
$
|
3.19
|
|
|
$
|
1.90
|
|
Shares used in
calculation of net income per share:
|
|
|
|
|
|
|
|
Basic
|
53,852
|
|
|
52,545
|
|
|
53,485
|
|
|
51,807
|
|
Diluted
|
56,963
|
|
|
55,229
|
|
|
56,600
|
|
|
54,662
|
|
EPAM SYSTEMS, INC.
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
(In thousands,
except share and per share data)
|
|
|
|
As of
September 30,
2018
|
|
As of
December 31,
2017
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
685,108
|
|
|
$
|
582,585
|
|
Accounts receivable,
net of allowance of $3,039 and $1,186, respectively
|
282,276
|
|
|
265,639
|
|
Unbilled
revenues
|
129,683
|
|
|
86,500
|
|
Prepaid and other
current assets, net of allowance of $50 and $45,
respectively
|
29,646
|
|
|
23,196
|
|
Employee loans,
current, net of allowance of $23 and $0, respectively
|
2,289
|
|
|
2,113
|
|
Total current
assets
|
1,129,002
|
|
|
960,033
|
|
Property and
equipment, net
|
99,465
|
|
|
86,419
|
|
Employee loans,
noncurrent, net of allowance of $0 and $0, respectively
|
1,456
|
|
|
2,097
|
|
Intangible assets,
net
|
52,669
|
|
|
44,511
|
|
Goodwill
|
144,987
|
|
|
119,531
|
|
Deferred tax
assets
|
61,905
|
|
|
24,974
|
|
Other noncurrent
assets, net of allowance of $0 and $140, respectively
|
14,498
|
|
|
12,691
|
|
Total
assets
|
$
|
1,503,982
|
|
|
$
|
1,250,256
|
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
|
8,422
|
|
|
$
|
5,574
|
|
Accrued expenses and
other current liabilities
|
98,442
|
|
|
89,812
|
|
Due to
employees
|
52,405
|
|
|
38,757
|
|
Deferred compensation
due to employees
|
9,174
|
|
|
5,964
|
|
Taxes payable,
current
|
52,530
|
|
|
40,860
|
|
Total current
liabilities
|
220,973
|
|
|
180,967
|
|
Long-term
debt
|
25,028
|
|
|
25,033
|
|
Taxes payable,
noncurrent
|
50,242
|
|
|
59,874
|
|
Other noncurrent
liabilities
|
11,804
|
|
|
9,435
|
|
Total
liabilities
|
308,047
|
|
|
275,309
|
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity
|
|
|
|
Common stock, $0.001
par value; 160,000,000 authorized; 54,011,579 and
53,003,420
shares issued,
53,991,844 and 52,983,685 shares outstanding at September 30,
2018
and December
31, 2017, respectively
|
54
|
|
|
53
|
|
Additional paid-in
capital
|
530,837
|
|
|
473,874
|
|
Retained
earnings
|
699,568
|
|
|
518,820
|
|
Treasury
stock
|
(177)
|
|
|
(177)
|
|
Accumulated other
comprehensive loss
|
(34,347)
|
|
|
(17,623)
|
|
Total stockholders'
equity
|
1,195,935
|
|
|
974,947
|
|
Total liabilities
and stockholders' equity
|
$
|
1,503,982
|
|
|
$
|
1,250,256
|
|
EPAM SYSTEMS, INC.
AND SUBSIDIARIES Reconciliations of Non-GAAP Financial
Measures to Comparable GAAP Financial Measures (In
thousands, except percent and per share
amounts) (Unaudited)
|
|
|
|
|
Reconciliation of
revenue growth at constant currency to revenue growth as reported
under GAAP is presented in the table
below:
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30, 2018
|
|
Nine Months
Ended
September 30,
2018
|
Revenue growth at
constant currency(1)
|
25.4
|
%
|
|
26.2
|
%
|
Foreign exchange rates
impact
|
(1.4)%
|
|
|
1.1
|
%
|
Revenue growth as
reported
|
24.0
|
%
|
|
27.3
|
%
|
|
(1) Constant
currency revenue results are calculated by translating current
period revenues in local currency into U.S.
dollars at the weighted average
exchange rates of the comparable prior period.
|
Reconciliation of
various income statement amounts from GAAP to Non-GAAP for the
three and nine months ended
September 30, 2018 and 2017:
|
|
|
|
|
|
Three Months Ended
September 30, 2018
|
|
Nine Months Ended
September 30, 2018
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
Cost of revenues
(exclusive of
depreciation and amortization)(2)
|
$
|
301,081
|
|
|
$
|
(7,492)
|
|
|
$
|
293,589
|
|
|
$
|
867,890
|
|
|
$
|
(22,835)
|
|
|
$
|
845,055
|
|
Selling, general and
administrative
expenses(3)
|
$
|
92,490
|
|
|
$
|
(8,083)
|
|
|
$
|
84,407
|
|
|
$
|
272,110
|
|
|
$
|
(24,608)
|
|
|
$
|
247,502
|
|
Income from
operations(4)
|
$
|
64,560
|
|
|
$
|
17,493
|
|
|
$
|
82,053
|
|
|
$
|
167,494
|
|
|
$
|
54,552
|
|
|
$
|
222,046
|
|
Operating
margin
|
13.8
|
%
|
|
3.7
|
%
|
|
17.5
|
%
|
|
12.5
|
%
|
|
4.1
|
%
|
|
16.6
|
%
|
Net
income(5)
|
$
|
65,618
|
|
|
$
|
749
|
|
|
$
|
66,367
|
|
|
$
|
180,291
|
|
|
$
|
(4,605)
|
|
|
$
|
175,686
|
|
Diluted earnings per
share
|
$
|
1.15
|
|
|
|
|
$
|
1.17
|
|
|
$
|
3.19
|
|
|
|
|
$
|
3.10
|
|
|
Three Months Ended
September 30, 2017
|
|
Nine Months Ended
September 30, 2017
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
Cost of revenues
(exclusive of
depreciation and amortization)(2)
|
$
|
239,369
|
|
|
$
|
(4,913)
|
|
|
$
|
234,456
|
|
|
$
|
667,231
|
|
|
$
|
(14,452)
|
|
|
$
|
652,779
|
|
Selling, general and
administrative
expenses(3)
|
$
|
81,190
|
|
|
$
|
(6,336)
|
|
|
$
|
74,854
|
|
|
$
|
240,062
|
|
|
$
|
(26,398)
|
|
|
$
|
213,664
|
|
Income from
operations(4)
|
$
|
49,248
|
|
|
$
|
13,376
|
|
|
$
|
62,624
|
|
|
$
|
120,896
|
|
|
$
|
46,814
|
|
|
$
|
167,710
|
|
Operating
margin
|
13.0
|
%
|
|
3.6
|
%
|
|
16.6
|
%
|
|
11.5
|
%
|
|
4.5
|
%
|
|
16.0
|
%
|
Net
income(5)
|
$
|
42,634
|
|
|
$
|
8,336
|
|
|
$
|
50,970
|
|
|
$
|
103,634
|
|
|
$
|
30,042
|
|
|
$
|
133,676
|
|
Diluted earnings per
share
|
$
|
0.77
|
|
|
|
|
$
|
0.92
|
|
|
$
|
1.90
|
|
|
|
|
$
|
2.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items (2) through (5)
above are detailed in the table below with the specific
cross-reference noted in the appropriate item.
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30, 2018
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Stock-based
compensation expenses
|
$
|
7,492
|
|
|
$
|
4,913
|
|
|
$
|
22,835
|
|
|
$
|
14,452
|
|
Total adjustments to
GAAP cost of revenues(2)
|
7,492
|
|
|
4,913
|
|
|
22,835
|
|
|
14,452
|
|
Stock-based
compensation expenses
|
7,838
|
|
|
6,304
|
|
|
23,901
|
|
|
25,468
|
|
Other
acquisition-related expenses
|
245
|
|
|
32
|
|
|
707
|
|
|
930
|
|
Total adjustments to
GAAP selling, general and
administrative expenses(3)
|
8,083
|
|
|
6,336
|
|
|
24,608
|
|
|
26,398
|
|
Amortization of
purchased intangible assets
|
2,008
|
|
|
1,869
|
|
|
5,800
|
|
|
5,706
|
|
One-time
charges
|
(90)
|
|
|
258
|
|
|
1,309
|
|
|
258
|
|
Total adjustments to
GAAP income from operations(4)
|
17,493
|
|
|
13,376
|
|
|
54,552
|
|
|
46,814
|
|
Change in fair value of
contingent consideration included in
Interest and other income, net
|
(900)
|
|
|
—
|
|
|
(900)
|
|
|
—
|
|
Foreign exchange
(loss)/gain
|
514
|
|
|
77
|
|
|
(1,069)
|
|
|
1,470
|
|
Provision for/(benefit
from) income taxes:
|
|
|
|
|
|
|
|
Tax effect on non-GAAP
adjustments
|
(3,490)
|
|
|
(2,497)
|
|
|
(11,007)
|
|
|
(9,790)
|
|
Net discrete benefit
from tax planning and U.S. tax reform
|
(6,801)
|
|
|
—
|
|
|
(29,984)
|
|
|
—
|
|
Excess tax benefits
related to stock-based compensation
|
(6,067)
|
|
|
(2,620)
|
|
|
(16,197)
|
|
|
(8,452)
|
|
Total adjustments to
GAAP net income(5)
|
$
|
749
|
|
|
$
|
8,336
|
|
|
$
|
(4,605)
|
|
|
$
|
30,042
|
|
EPAM SYSTEMS, INC.
AND SUBSIDIARIES Reconciliations of Guidance Non-GAAP
Measures to Comparable GAAP Measures (in percent, except
per share amounts) (Unaudited)
|
|
|
|
|
The below guidance
constitutes forward-looking statements within the meaning of the
federal securities laws and is based on a number of assumptions
that are subject to change and many of which are outside the
control of the Company. Actual results may differ materially from
the Company's expectations depending on factors discussed in the
Company's filings with the Securities and Exchange
Commission.
|
|
|
|
|
Reconciliation of
projected revenue growth in constant currency is presented in the
table below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
2018
|
|
Full
Year
2018
|
Revenue growth at
constant currency (at least) (6)
|
26
|
%
|
|
26
|
%
|
Foreign exchange rates
impact
|
(1)%
|
|
|
0.5
|
%
|
Revenue growth (at
least)
|
25
|
%
|
|
26.5
|
%
|
|
|
|
|
|
|
(6) Constant
currency revenue results are calculated by translating current
period projected revenues in local
currency into U.S. dollars at the
weighted average exchange rates of the comparable prior
period.
|
Reconciliation of
projected GAAP to Non-GAAP income from operations as a percentage
of revenues is presented in the table below:
|
|
|
|
|
|
Fourth Quarter
2018
|
|
Full
Year
2018
|
GAAP income from
operations as a percentage of revenues
|
14% to
15%
|
|
12.5% to
13.5%
|
Stock-based
compensation expenses
|
2.5
|
%
|
|
3.3
|
%
|
Included in cost of
revenues (exclusive of depreciation and
amortization)
|
1.2
|
%
|
|
1.6
|
%
|
Included in selling,
general and administrative expenses
|
1.3
|
%
|
|
1.7
|
%
|
Other
acquisition-related expenses
|
—
|
%
|
|
0.1
|
%
|
Amortization of
purchased intangible assets
|
0.5
|
%
|
|
0.5
|
%
|
One-time
charges
|
—
|
%
|
|
0.1
|
%
|
Non-GAAP income from
operations as a percentage of revenues
|
17% to
18%
|
|
16.5% to
17.5%
|
Reconciliation of
projected GAAP to Non-GAAP effective tax rate is presented in the
table below:
|
|
|
|
|
|
Fourth Quarter
2018
|
|
Full
Year
2018
|
GAAP effective tax
rate (approximately)
|
19
|
%
|
|
2
|
%
|
Tax effect on non-GAAP
adjustments
|
1.7
|
%
|
|
4.5
|
%
|
Net discrete benefit
related to tax planning and U.S. tax reform
|
—
|
%
|
|
9.6
|
%
|
Excess tax benefits
related to stock-based compensation
|
1.3
|
%
|
|
5.9
|
%
|
Non-GAAP effective
tax rate (approximately)
|
22
|
%
|
|
22
|
%
|
Reconciliation of
projected GAAP to Non-GAAP diluted earnings per share is presented
in the table below:
|
|
|
|
|
|
Fourth Quarter
2018
|
|
Full
Year
2018
|
GAAP diluted
earnings per share (at least)
|
$
|
1.03
|
|
|
$
|
4.22
|
|
Stock-based
compensation expenses
|
0.23
|
|
|
1.05
|
|
Included in cost of
revenues (exclusive of depreciation and
amortization)
|
0.11
|
|
|
0.51
|
|
Included in selling,
general and administrative expenses
|
0.12
|
|
|
0.54
|
|
Other
acquisition-related expenses
|
—
|
|
|
0.01
|
|
Amortization of
purchased intangible assets
|
0.05
|
|
|
0.15
|
|
One-time
charges
|
—
|
|
|
0.02
|
|
Change in fair value of
contingent consideration included in Interest and other
income, net
|
—
|
|
|
(0.02)
|
|
Foreign exchange
(loss)/gain
|
0.01
|
|
|
(0.01)
|
|
Provision for income
taxes:
|
|
|
|
Tax effect on non-GAAP
adjustments
|
(0.06)
|
|
|
(0.25)
|
|
Net discrete benefit from
tax planning and U.S. tax reform
|
—
|
|
|
(0.52)
|
|
Excess tax benefits related
to stock-based compensation
|
(0.04)
|
|
|
(0.33)
|
|
Non-GAAP diluted
earnings per share (at least)
|
$
|
1.22
|
|
|
$
|
4.32
|
|
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SOURCE EPAM Systems, Inc.