000135201012/312023Q3FALSEhttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrent31111400013520102023-01-012023-09-3000013520102023-10-31xbrli:shares00013520102023-09-30iso4217:USD00013520102022-12-31iso4217:USDxbrli:shares00013520102023-07-012023-09-3000013520102022-07-012022-09-3000013520102022-01-012022-09-300001352010us-gaap:CommonStockMember2022-12-310001352010us-gaap:AdditionalPaidInCapitalMember2022-12-310001352010us-gaap:RetainedEarningsMember2022-12-310001352010us-gaap:TreasuryStockCommonMember2022-12-310001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001352010us-gaap:NoncontrollingInterestMember2022-12-310001352010us-gaap:CommonStockMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-03-310001352010us-gaap:CommonStockMember2023-01-012023-03-310001352010us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-3100013520102023-01-012023-03-310001352010us-gaap:RetainedEarningsMember2023-01-012023-03-310001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001352010us-gaap:CommonStockMember2023-03-310001352010us-gaap:AdditionalPaidInCapitalMember2023-03-310001352010us-gaap:RetainedEarningsMember2023-03-310001352010us-gaap:TreasuryStockCommonMember2023-03-310001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001352010us-gaap:NoncontrollingInterestMember2023-03-3100013520102023-03-310001352010us-gaap:CommonStockMemberus-gaap:RestrictedStockUnitsRSUMember2023-04-012023-06-300001352010us-gaap:CommonStockMember2023-04-012023-06-300001352010us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-3000013520102023-04-012023-06-300001352010us-gaap:RetainedEarningsMember2023-04-012023-06-300001352010us-gaap:NoncontrollingInterestMember2023-04-012023-06-300001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001352010us-gaap:CommonStockMember2023-06-300001352010us-gaap:AdditionalPaidInCapitalMember2023-06-300001352010us-gaap:RetainedEarningsMember2023-06-300001352010us-gaap:TreasuryStockCommonMember2023-06-300001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001352010us-gaap:NoncontrollingInterestMember2023-06-3000013520102023-06-300001352010us-gaap:CommonStockMemberus-gaap:RestrictedStockUnitsRSUMember2023-07-012023-09-300001352010us-gaap:CommonStockMember2023-07-012023-09-300001352010us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001352010us-gaap:RetainedEarningsMember2023-07-012023-09-300001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001352010us-gaap:CommonStockMember2023-09-300001352010us-gaap:AdditionalPaidInCapitalMember2023-09-300001352010us-gaap:RetainedEarningsMember2023-09-300001352010us-gaap:TreasuryStockCommonMember2023-09-300001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001352010us-gaap:NoncontrollingInterestMember2023-09-300001352010us-gaap:CommonStockMember2021-12-310001352010us-gaap:AdditionalPaidInCapitalMember2021-12-310001352010us-gaap:RetainedEarningsMember2021-12-310001352010us-gaap:TreasuryStockCommonMember2021-12-310001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001352010us-gaap:NoncontrollingInterestMember2021-12-3100013520102021-12-310001352010us-gaap:CommonStockMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001352010us-gaap:CommonStockMember2022-01-012022-03-310001352010us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-3100013520102022-01-012022-03-310001352010us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001352010us-gaap:RetainedEarningsMember2022-01-012022-03-310001352010us-gaap:CommonStockMember2022-03-310001352010us-gaap:AdditionalPaidInCapitalMember2022-03-310001352010us-gaap:RetainedEarningsMember2022-03-310001352010us-gaap:TreasuryStockCommonMember2022-03-310001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001352010us-gaap:NoncontrollingInterestMember2022-03-3100013520102022-03-310001352010us-gaap:CommonStockMemberus-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300001352010us-gaap:CommonStockMember2022-04-012022-06-300001352010us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-3000013520102022-04-012022-06-300001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001352010us-gaap:RetainedEarningsMember2022-04-012022-06-300001352010us-gaap:CommonStockMember2022-06-300001352010us-gaap:AdditionalPaidInCapitalMember2022-06-300001352010us-gaap:RetainedEarningsMember2022-06-300001352010us-gaap:TreasuryStockCommonMember2022-06-300001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001352010us-gaap:NoncontrollingInterestMember2022-06-3000013520102022-06-300001352010us-gaap:CommonStockMemberus-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001352010us-gaap:CommonStockMember2022-07-012022-09-300001352010us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001352010us-gaap:TreasuryStockCommonMember2022-07-012022-09-300001352010us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001352010us-gaap:RetainedEarningsMember2022-07-012022-09-300001352010us-gaap:CommonStockMember2022-09-300001352010us-gaap:AdditionalPaidInCapitalMember2022-09-300001352010us-gaap:RetainedEarningsMember2022-09-300001352010us-gaap:TreasuryStockCommonMember2022-09-300001352010us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001352010us-gaap:NoncontrollingInterestMember2022-09-3000013520102022-09-300001352010country:UA2023-09-300001352010country:BY2023-09-300001352010country:UAus-gaap:BuildingMember2023-09-300001352010us-gaap:ComputerEquipmentMembercountry:UA2023-09-300001352010us-gaap:FurnitureAndFixturesMembercountry:UA2023-09-300001352010us-gaap:LeaseholdImprovementsMembercountry:UA2023-09-300001352010epam:HumanitarianCommitmentMembercountry:UA2022-03-040001352010epam:HumanitarianCommitmentMember2023-07-012023-09-300001352010epam:HumanitarianCommitmentMember2023-01-012023-09-300001352010epam:HumanitarianCommitmentMemberus-gaap:CostOfSalesMember2023-07-012023-09-300001352010epam:HumanitarianCommitmentMemberus-gaap:CostOfSalesMember2023-01-012023-09-300001352010epam:HumanitarianCommitmentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-012023-09-300001352010epam:HumanitarianCommitmentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300001352010epam:HumanitarianCommitmentMember2022-07-012022-09-300001352010epam:HumanitarianCommitmentMember2022-01-012022-09-300001352010epam:HumanitarianCommitmentMemberus-gaap:CostOfSalesMember2022-07-012022-09-300001352010epam:HumanitarianCommitmentMemberus-gaap:CostOfSalesMember2022-01-012022-09-300001352010epam:HumanitarianCommitmentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300001352010epam:HumanitarianCommitmentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300001352010epam:HumanitarianCommitmentMember2023-09-300001352010us-gaap:CostOfSalesMembercountry:UA2023-07-012023-09-300001352010us-gaap:CostOfSalesMembercountry:UA2023-01-012023-09-300001352010us-gaap:SellingGeneralAndAdministrativeExpensesMembercountry:UA2023-07-012023-09-300001352010us-gaap:SellingGeneralAndAdministrativeExpensesMembercountry:UA2023-01-012023-09-300001352010us-gaap:CostOfSalesMembercountry:UA2022-07-012022-09-300001352010us-gaap:CostOfSalesMembercountry:UA2022-01-012022-09-300001352010us-gaap:SellingGeneralAndAdministrativeExpensesMembercountry:UA2022-07-012022-09-300001352010us-gaap:SellingGeneralAndAdministrativeExpensesMembercountry:UA2022-01-012022-09-300001352010epam:NonoperatingGainsLossesMembercountry:UA2022-01-012022-09-300001352010country:RU2022-01-012022-03-310001352010country:RU2022-01-012022-09-300001352010country:RU2022-07-012022-09-300001352010us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2023-07-012023-09-300001352010epam:A2022AcquisitionsMember2022-01-012022-12-31epam:business0001352010epam:A2022AcquisitionsMember2022-12-310001352010epam:A2022AcquisitionsMemberus-gaap:CustomerRelationshipsMember2022-01-012022-12-310001352010epam:A2023AcquisitionsMember2023-07-012023-09-300001352010epam:A2023AcquisitionsMember2023-09-300001352010epam:A2023AcquisitionsMemberus-gaap:CustomerRelationshipsMember2023-07-012023-09-300001352010epam:NorthAmericaSegmentMember2022-12-310001352010epam:EuropeSegmentMember2022-12-310001352010epam:NorthAmericaSegmentMember2023-01-012023-09-300001352010epam:EuropeSegmentMember2023-01-012023-09-300001352010epam:RussiaSegmentMember2023-01-012023-09-300001352010epam:NorthAmericaSegmentMember2023-09-300001352010epam:EuropeSegmentMember2023-09-300001352010epam:RussiaSegmentMember2022-12-310001352010epam:RussiaSegmentMember2023-09-300001352010us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300001352010us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300001352010us-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300001352010us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300001352010us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001352010us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310001352010us-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001352010us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310001352010us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2022-12-31xbrli:pure0001352010us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2023-09-300001352010us-gaap:FairValueInputsLevel3Member2022-12-310001352010us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300001352010us-gaap:FairValueInputsLevel3Member2023-09-300001352010us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300001352010us-gaap:BankTimeDepositsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300001352010us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300001352010us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300001352010us-gaap:BankTimeDepositsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300001352010us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300001352010epam:CreditFacility2021Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010epam:CreditFacility2021Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010epam:CreditFacility2021Memberus-gaap:FairValueInputsLevel1Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001352010epam:CreditFacility2021Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300001352010epam:CreditFacility2021Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300001352010us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-09-300001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-09-300001352010us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-09-300001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-01-012023-09-300001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300001352010us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310001352010us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310001352010us-gaap:BankTimeDepositsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:BankTimeDepositsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001352010us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310001352010epam:CreditFacility2021Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010epam:CreditFacility2021Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010epam:CreditFacility2021Memberus-gaap:FairValueInputsLevel1Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001352010epam:CreditFacility2021Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001352010epam:CreditFacility2021Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310001352010us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001352010us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-01-012022-12-310001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-01-012022-12-310001352010us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-12-310001352010epam:SoftwareLicensesMember2022-01-012022-12-310001352010epam:SoftwareLicensesMember2023-01-012023-03-310001352010epam:SoftwareLicensesMember2022-12-310001352010us-gaap:MeasurementInputDiscountRateMemberepam:SoftwareLicensesMember2022-01-012022-12-310001352010us-gaap:OtherNoncurrentAssetsMember2023-09-300001352010us-gaap:OtherNoncurrentAssetsMember2022-12-310001352010us-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001352010us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2023-09-300001352010us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2022-12-310001352010us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherCurrentLiabilitiesMember2023-09-300001352010us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherCurrentLiabilitiesMember2022-12-310001352010us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherCurrentLiabilitiesMember2023-09-300001352010us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherCurrentLiabilitiesMember2022-12-310001352010srt:MinimumMember2023-09-300001352010srt:MaximumMember2023-09-300001352010us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-012023-09-300001352010us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300001352010us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300001352010us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300001352010us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-10-21iso4217:GBP0001352010us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2021-10-212021-10-210001352010us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2021-10-212021-10-210001352010us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2023-09-300001352010us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-12-310001352010epam:NorthAmericaSegmentMembersrt:NorthAmericaMember2023-07-012023-09-300001352010epam:EuropeSegmentMembersrt:NorthAmericaMember2023-07-012023-09-300001352010epam:RussiaSegmentMembersrt:NorthAmericaMember2023-07-012023-09-300001352010srt:NorthAmericaMember2023-07-012023-09-300001352010us-gaap:EMEAMemberepam:NorthAmericaSegmentMember2023-07-012023-09-300001352010us-gaap:EMEAMemberepam:EuropeSegmentMember2023-07-012023-09-300001352010us-gaap:EMEAMemberepam:RussiaSegmentMember2023-07-012023-09-300001352010us-gaap:EMEAMember2023-07-012023-09-300001352010srt:AsiaPacificMemberepam:NorthAmericaSegmentMember2023-07-012023-09-300001352010srt:AsiaPacificMemberepam:EuropeSegmentMember2023-07-012023-09-300001352010srt:AsiaPacificMemberepam:RussiaSegmentMember2023-07-012023-09-300001352010srt:AsiaPacificMember2023-07-012023-09-300001352010epam:NorthAmericaSegmentMemberepam:CEEMember2023-07-012023-09-300001352010epam:EuropeSegmentMemberepam:CEEMember2023-07-012023-09-300001352010epam:RussiaSegmentMemberepam:CEEMember2023-07-012023-09-300001352010epam:CEEMember2023-07-012023-09-300001352010epam:NorthAmericaSegmentMember2023-07-012023-09-300001352010epam:EuropeSegmentMember2023-07-012023-09-300001352010epam:RussiaSegmentMember2023-07-012023-09-300001352010epam:NorthAmericaSegmentMembersrt:NorthAmericaMember2023-01-012023-09-300001352010epam:EuropeSegmentMembersrt:NorthAmericaMember2023-01-012023-09-300001352010epam:RussiaSegmentMembersrt:NorthAmericaMember2023-01-012023-09-300001352010srt:NorthAmericaMember2023-01-012023-09-300001352010us-gaap:EMEAMemberepam:NorthAmericaSegmentMember2023-01-012023-09-300001352010us-gaap:EMEAMemberepam:EuropeSegmentMember2023-01-012023-09-300001352010us-gaap:EMEAMemberepam:RussiaSegmentMember2023-01-012023-09-300001352010us-gaap:EMEAMember2023-01-012023-09-300001352010srt:AsiaPacificMemberepam:NorthAmericaSegmentMember2023-01-012023-09-300001352010srt:AsiaPacificMemberepam:EuropeSegmentMember2023-01-012023-09-300001352010srt:AsiaPacificMemberepam:RussiaSegmentMember2023-01-012023-09-300001352010srt:AsiaPacificMember2023-01-012023-09-300001352010epam:NorthAmericaSegmentMemberepam:CEEMember2023-01-012023-09-300001352010epam:EuropeSegmentMemberepam:CEEMember2023-01-012023-09-300001352010epam:RussiaSegmentMemberepam:CEEMember2023-01-012023-09-300001352010epam:CEEMember2023-01-012023-09-300001352010epam:NorthAmericaSegmentMembersrt:NorthAmericaMember2022-07-012022-09-300001352010epam:EuropeSegmentMembersrt:NorthAmericaMember2022-07-012022-09-300001352010epam:RussiaSegmentMembersrt:NorthAmericaMember2022-07-012022-09-300001352010srt:NorthAmericaMember2022-07-012022-09-300001352010us-gaap:EMEAMemberepam:NorthAmericaSegmentMember2022-07-012022-09-300001352010us-gaap:EMEAMemberepam:EuropeSegmentMember2022-07-012022-09-300001352010us-gaap:EMEAMemberepam:RussiaSegmentMember2022-07-012022-09-300001352010us-gaap:EMEAMember2022-07-012022-09-300001352010srt:AsiaPacificMemberepam:NorthAmericaSegmentMember2022-07-012022-09-300001352010srt:AsiaPacificMemberepam:EuropeSegmentMember2022-07-012022-09-300001352010srt:AsiaPacificMemberepam:RussiaSegmentMember2022-07-012022-09-300001352010srt:AsiaPacificMember2022-07-012022-09-300001352010epam:NorthAmericaSegmentMemberepam:CEEMember2022-07-012022-09-300001352010epam:EuropeSegmentMemberepam:CEEMember2022-07-012022-09-300001352010epam:RussiaSegmentMemberepam:CEEMember2022-07-012022-09-300001352010epam:CEEMember2022-07-012022-09-300001352010epam:NorthAmericaSegmentMember2022-07-012022-09-300001352010epam:EuropeSegmentMember2022-07-012022-09-300001352010epam:RussiaSegmentMember2022-07-012022-09-300001352010epam:NorthAmericaSegmentMembersrt:NorthAmericaMember2022-01-012022-09-300001352010epam:EuropeSegmentMembersrt:NorthAmericaMember2022-01-012022-09-300001352010epam:RussiaSegmentMembersrt:NorthAmericaMember2022-01-012022-09-300001352010srt:NorthAmericaMember2022-01-012022-09-300001352010us-gaap:EMEAMemberepam:NorthAmericaSegmentMember2022-01-012022-09-300001352010us-gaap:EMEAMemberepam:EuropeSegmentMember2022-01-012022-09-300001352010us-gaap:EMEAMemberepam:RussiaSegmentMember2022-01-012022-09-300001352010us-gaap:EMEAMember2022-01-012022-09-300001352010srt:AsiaPacificMemberepam:NorthAmericaSegmentMember2022-01-012022-09-300001352010srt:AsiaPacificMemberepam:EuropeSegmentMember2022-01-012022-09-300001352010srt:AsiaPacificMemberepam:RussiaSegmentMember2022-01-012022-09-300001352010srt:AsiaPacificMember2022-01-012022-09-300001352010epam:NorthAmericaSegmentMemberepam:CEEMember2022-01-012022-09-300001352010epam:EuropeSegmentMemberepam:CEEMember2022-01-012022-09-300001352010epam:RussiaSegmentMemberepam:CEEMember2022-01-012022-09-300001352010epam:CEEMember2022-01-012022-09-300001352010epam:NorthAmericaSegmentMember2022-01-012022-09-300001352010epam:EuropeSegmentMember2022-01-012022-09-300001352010epam:RussiaSegmentMember2022-01-012022-09-300001352010epam:NorthAmericaSegmentMemberepam:TravelandConsumerSectorMember2023-07-012023-09-300001352010epam:EuropeSegmentMemberepam:TravelandConsumerSectorMember2023-07-012023-09-300001352010epam:RussiaSegmentMemberepam:TravelandConsumerSectorMember2023-07-012023-09-300001352010epam:TravelandConsumerSectorMember2023-07-012023-09-300001352010us-gaap:FinancialServicesSectorMemberepam:NorthAmericaSegmentMember2023-07-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:FinancialServicesSectorMember2023-07-012023-09-300001352010us-gaap:FinancialServicesSectorMemberepam:RussiaSegmentMember2023-07-012023-09-300001352010us-gaap:FinancialServicesSectorMember2023-07-012023-09-300001352010epam:NorthAmericaSegmentMemberepam:BusinessInformationandMediaSectorsMember2023-07-012023-09-300001352010epam:EuropeSegmentMemberepam:BusinessInformationandMediaSectorsMember2023-07-012023-09-300001352010epam:RussiaSegmentMemberepam:BusinessInformationandMediaSectorsMember2023-07-012023-09-300001352010epam:BusinessInformationandMediaSectorsMember2023-07-012023-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:NorthAmericaSegmentMember2023-07-012023-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:EuropeSegmentMember2023-07-012023-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:RussiaSegmentMember2023-07-012023-09-300001352010epam:SoftwareAndHiTechSectorMember2023-07-012023-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:HealthcareSectorMember2023-07-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:HealthcareSectorMember2023-07-012023-09-300001352010us-gaap:HealthcareSectorMemberepam:RussiaSegmentMember2023-07-012023-09-300001352010us-gaap:HealthcareSectorMember2023-07-012023-09-300001352010epam:EmergingVerticalSectorMemberepam:NorthAmericaSegmentMember2023-07-012023-09-300001352010epam:EmergingVerticalSectorMemberepam:EuropeSegmentMember2023-07-012023-09-300001352010epam:EmergingVerticalSectorMemberepam:RussiaSegmentMember2023-07-012023-09-300001352010epam:EmergingVerticalSectorMember2023-07-012023-09-300001352010epam:NorthAmericaSegmentMemberepam:TravelandConsumerSectorMember2023-01-012023-09-300001352010epam:EuropeSegmentMemberepam:TravelandConsumerSectorMember2023-01-012023-09-300001352010epam:RussiaSegmentMemberepam:TravelandConsumerSectorMember2023-01-012023-09-300001352010epam:TravelandConsumerSectorMember2023-01-012023-09-300001352010us-gaap:FinancialServicesSectorMemberepam:NorthAmericaSegmentMember2023-01-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:FinancialServicesSectorMember2023-01-012023-09-300001352010us-gaap:FinancialServicesSectorMemberepam:RussiaSegmentMember2023-01-012023-09-300001352010us-gaap:FinancialServicesSectorMember2023-01-012023-09-300001352010epam:NorthAmericaSegmentMemberepam:BusinessInformationandMediaSectorsMember2023-01-012023-09-300001352010epam:EuropeSegmentMemberepam:BusinessInformationandMediaSectorsMember2023-01-012023-09-300001352010epam:RussiaSegmentMemberepam:BusinessInformationandMediaSectorsMember2023-01-012023-09-300001352010epam:BusinessInformationandMediaSectorsMember2023-01-012023-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:NorthAmericaSegmentMember2023-01-012023-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:EuropeSegmentMember2023-01-012023-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:RussiaSegmentMember2023-01-012023-09-300001352010epam:SoftwareAndHiTechSectorMember2023-01-012023-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:HealthcareSectorMember2023-01-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:HealthcareSectorMember2023-01-012023-09-300001352010us-gaap:HealthcareSectorMemberepam:RussiaSegmentMember2023-01-012023-09-300001352010us-gaap:HealthcareSectorMember2023-01-012023-09-300001352010epam:EmergingVerticalSectorMemberepam:NorthAmericaSegmentMember2023-01-012023-09-300001352010epam:EmergingVerticalSectorMemberepam:EuropeSegmentMember2023-01-012023-09-300001352010epam:EmergingVerticalSectorMemberepam:RussiaSegmentMember2023-01-012023-09-300001352010epam:EmergingVerticalSectorMember2023-01-012023-09-300001352010epam:NorthAmericaSegmentMemberepam:TravelandConsumerSectorMember2022-07-012022-09-300001352010epam:EuropeSegmentMemberepam:TravelandConsumerSectorMember2022-07-012022-09-300001352010epam:RussiaSegmentMemberepam:TravelandConsumerSectorMember2022-07-012022-09-300001352010epam:TravelandConsumerSectorMember2022-07-012022-09-300001352010us-gaap:FinancialServicesSectorMemberepam:NorthAmericaSegmentMember2022-07-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:FinancialServicesSectorMember2022-07-012022-09-300001352010us-gaap:FinancialServicesSectorMemberepam:RussiaSegmentMember2022-07-012022-09-300001352010us-gaap:FinancialServicesSectorMember2022-07-012022-09-300001352010epam:NorthAmericaSegmentMemberepam:BusinessInformationandMediaSectorsMember2022-07-012022-09-300001352010epam:EuropeSegmentMemberepam:BusinessInformationandMediaSectorsMember2022-07-012022-09-300001352010epam:RussiaSegmentMemberepam:BusinessInformationandMediaSectorsMember2022-07-012022-09-300001352010epam:BusinessInformationandMediaSectorsMember2022-07-012022-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:NorthAmericaSegmentMember2022-07-012022-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:EuropeSegmentMember2022-07-012022-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:RussiaSegmentMember2022-07-012022-09-300001352010epam:SoftwareAndHiTechSectorMember2022-07-012022-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:HealthcareSectorMember2022-07-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:HealthcareSectorMember2022-07-012022-09-300001352010us-gaap:HealthcareSectorMemberepam:RussiaSegmentMember2022-07-012022-09-300001352010us-gaap:HealthcareSectorMember2022-07-012022-09-300001352010epam:EmergingVerticalSectorMemberepam:NorthAmericaSegmentMember2022-07-012022-09-300001352010epam:EmergingVerticalSectorMemberepam:EuropeSegmentMember2022-07-012022-09-300001352010epam:EmergingVerticalSectorMemberepam:RussiaSegmentMember2022-07-012022-09-300001352010epam:EmergingVerticalSectorMember2022-07-012022-09-300001352010epam:NorthAmericaSegmentMemberepam:TravelandConsumerSectorMember2022-01-012022-09-300001352010epam:EuropeSegmentMemberepam:TravelandConsumerSectorMember2022-01-012022-09-300001352010epam:RussiaSegmentMemberepam:TravelandConsumerSectorMember2022-01-012022-09-300001352010epam:TravelandConsumerSectorMember2022-01-012022-09-300001352010us-gaap:FinancialServicesSectorMemberepam:NorthAmericaSegmentMember2022-01-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:FinancialServicesSectorMember2022-01-012022-09-300001352010us-gaap:FinancialServicesSectorMemberepam:RussiaSegmentMember2022-01-012022-09-300001352010us-gaap:FinancialServicesSectorMember2022-01-012022-09-300001352010epam:NorthAmericaSegmentMemberepam:BusinessInformationandMediaSectorsMember2022-01-012022-09-300001352010epam:EuropeSegmentMemberepam:BusinessInformationandMediaSectorsMember2022-01-012022-09-300001352010epam:RussiaSegmentMemberepam:BusinessInformationandMediaSectorsMember2022-01-012022-09-300001352010epam:BusinessInformationandMediaSectorsMember2022-01-012022-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:NorthAmericaSegmentMember2022-01-012022-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:EuropeSegmentMember2022-01-012022-09-300001352010epam:SoftwareAndHiTechSectorMemberepam:RussiaSegmentMember2022-01-012022-09-300001352010epam:SoftwareAndHiTechSectorMember2022-01-012022-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:HealthcareSectorMember2022-01-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:HealthcareSectorMember2022-01-012022-09-300001352010us-gaap:HealthcareSectorMemberepam:RussiaSegmentMember2022-01-012022-09-300001352010us-gaap:HealthcareSectorMember2022-01-012022-09-300001352010epam:EmergingVerticalSectorMemberepam:NorthAmericaSegmentMember2022-01-012022-09-300001352010epam:EmergingVerticalSectorMemberepam:EuropeSegmentMember2022-01-012022-09-300001352010epam:EmergingVerticalSectorMemberepam:RussiaSegmentMember2022-01-012022-09-300001352010epam:EmergingVerticalSectorMember2022-01-012022-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:TimeAndMaterialsContractMember2023-07-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:TimeAndMaterialsContractMember2023-07-012023-09-300001352010epam:RussiaSegmentMemberus-gaap:TimeAndMaterialsContractMember2023-07-012023-09-300001352010us-gaap:TimeAndMaterialsContractMember2023-07-012023-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:FixedPriceContractMember2023-07-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:FixedPriceContractMember2023-07-012023-09-300001352010epam:RussiaSegmentMemberus-gaap:FixedPriceContractMember2023-07-012023-09-300001352010us-gaap:FixedPriceContractMember2023-07-012023-09-300001352010epam:LicensingAndOtherRevenuesMemberepam:NorthAmericaSegmentMember2023-07-012023-09-300001352010epam:EuropeSegmentMemberepam:LicensingAndOtherRevenuesMember2023-07-012023-09-300001352010epam:LicensingAndOtherRevenuesMemberepam:RussiaSegmentMember2023-07-012023-09-300001352010epam:LicensingAndOtherRevenuesMember2023-07-012023-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:TimeAndMaterialsContractMember2023-01-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:TimeAndMaterialsContractMember2023-01-012023-09-300001352010epam:RussiaSegmentMemberus-gaap:TimeAndMaterialsContractMember2023-01-012023-09-300001352010us-gaap:TimeAndMaterialsContractMember2023-01-012023-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:FixedPriceContractMember2023-01-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:FixedPriceContractMember2023-01-012023-09-300001352010epam:RussiaSegmentMemberus-gaap:FixedPriceContractMember2023-01-012023-09-300001352010us-gaap:FixedPriceContractMember2023-01-012023-09-300001352010epam:LicensingAndOtherRevenuesMemberepam:NorthAmericaSegmentMember2023-01-012023-09-300001352010epam:EuropeSegmentMemberepam:LicensingAndOtherRevenuesMember2023-01-012023-09-300001352010epam:LicensingAndOtherRevenuesMemberepam:RussiaSegmentMember2023-01-012023-09-300001352010epam:LicensingAndOtherRevenuesMember2023-01-012023-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:TimeAndMaterialsContractMember2022-07-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:TimeAndMaterialsContractMember2022-07-012022-09-300001352010epam:RussiaSegmentMemberus-gaap:TimeAndMaterialsContractMember2022-07-012022-09-300001352010us-gaap:TimeAndMaterialsContractMember2022-07-012022-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:FixedPriceContractMember2022-07-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:FixedPriceContractMember2022-07-012022-09-300001352010epam:RussiaSegmentMemberus-gaap:FixedPriceContractMember2022-07-012022-09-300001352010us-gaap:FixedPriceContractMember2022-07-012022-09-300001352010epam:LicensingAndOtherRevenuesMemberepam:NorthAmericaSegmentMember2022-07-012022-09-300001352010epam:EuropeSegmentMemberepam:LicensingAndOtherRevenuesMember2022-07-012022-09-300001352010epam:LicensingAndOtherRevenuesMemberepam:RussiaSegmentMember2022-07-012022-09-300001352010epam:LicensingAndOtherRevenuesMember2022-07-012022-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:TimeAndMaterialsContractMember2022-01-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:TimeAndMaterialsContractMember2022-01-012022-09-300001352010epam:RussiaSegmentMemberus-gaap:TimeAndMaterialsContractMember2022-01-012022-09-300001352010us-gaap:TimeAndMaterialsContractMember2022-01-012022-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:FixedPriceContractMember2022-01-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:FixedPriceContractMember2022-01-012022-09-300001352010epam:RussiaSegmentMemberus-gaap:FixedPriceContractMember2022-01-012022-09-300001352010us-gaap:FixedPriceContractMember2022-01-012022-09-300001352010epam:LicensingAndOtherRevenuesMemberepam:NorthAmericaSegmentMember2022-01-012022-09-300001352010epam:EuropeSegmentMemberepam:LicensingAndOtherRevenuesMember2022-01-012022-09-300001352010epam:LicensingAndOtherRevenuesMemberepam:RussiaSegmentMember2022-01-012022-09-300001352010epam:LicensingAndOtherRevenuesMember2022-01-012022-09-300001352010us-gaap:TransferredOverTimeMemberepam:NorthAmericaSegmentMember2023-07-012023-09-300001352010us-gaap:TransferredOverTimeMemberepam:EuropeSegmentMember2023-07-012023-09-300001352010us-gaap:TransferredOverTimeMemberepam:RussiaSegmentMember2023-07-012023-09-300001352010us-gaap:TransferredOverTimeMember2023-07-012023-09-300001352010us-gaap:TransferredAtPointInTimeMemberepam:NorthAmericaSegmentMember2023-07-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:TransferredAtPointInTimeMember2023-07-012023-09-300001352010us-gaap:TransferredAtPointInTimeMemberepam:RussiaSegmentMember2023-07-012023-09-300001352010us-gaap:TransferredAtPointInTimeMember2023-07-012023-09-300001352010us-gaap:TransferredOverTimeMemberepam:NorthAmericaSegmentMember2023-01-012023-09-300001352010us-gaap:TransferredOverTimeMemberepam:EuropeSegmentMember2023-01-012023-09-300001352010us-gaap:TransferredOverTimeMemberepam:RussiaSegmentMember2023-01-012023-09-300001352010us-gaap:TransferredOverTimeMember2023-01-012023-09-300001352010us-gaap:TransferredAtPointInTimeMemberepam:NorthAmericaSegmentMember2023-01-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-09-300001352010us-gaap:TransferredAtPointInTimeMemberepam:RussiaSegmentMember2023-01-012023-09-300001352010us-gaap:TransferredAtPointInTimeMember2023-01-012023-09-300001352010us-gaap:TransferredOverTimeMemberepam:NorthAmericaSegmentMember2022-07-012022-09-300001352010us-gaap:TransferredOverTimeMemberepam:EuropeSegmentMember2022-07-012022-09-300001352010us-gaap:TransferredOverTimeMemberepam:RussiaSegmentMember2022-07-012022-09-300001352010us-gaap:TransferredOverTimeMember2022-07-012022-09-300001352010us-gaap:TransferredAtPointInTimeMemberepam:NorthAmericaSegmentMember2022-07-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001352010us-gaap:TransferredAtPointInTimeMemberepam:RussiaSegmentMember2022-07-012022-09-300001352010us-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001352010us-gaap:TransferredOverTimeMemberepam:NorthAmericaSegmentMember2022-01-012022-09-300001352010us-gaap:TransferredOverTimeMemberepam:EuropeSegmentMember2022-01-012022-09-300001352010us-gaap:TransferredOverTimeMemberepam:RussiaSegmentMember2022-01-012022-09-300001352010us-gaap:TransferredOverTimeMember2022-01-012022-09-300001352010us-gaap:TransferredAtPointInTimeMemberepam:NorthAmericaSegmentMember2022-01-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300001352010us-gaap:TransferredAtPointInTimeMemberepam:RussiaSegmentMember2022-01-012022-09-300001352010us-gaap:TransferredAtPointInTimeMember2022-01-012022-09-3000013520102023-10-01us-gaap:FixedPriceContractMember2023-09-3000013520102024-01-01us-gaap:FixedPriceContractMember2023-09-3000013520102025-01-01us-gaap:FixedPriceContractMember2023-09-3000013520102026-01-01us-gaap:FixedPriceContractMember2023-09-300001352010us-gaap:FixedPriceContractMember2023-09-300001352010us-gaap:TradeAccountsReceivableMember2023-09-300001352010us-gaap:TradeAccountsReceivableMember2022-12-310001352010us-gaap:OtherCurrentLiabilitiesMember2023-09-300001352010us-gaap:OtherCurrentLiabilitiesMember2022-12-310001352010us-gaap:OtherNoncurrentLiabilitiesMember2023-09-300001352010us-gaap:OtherNoncurrentLiabilitiesMember2022-12-310001352010us-gaap:CostOfSalesMember2023-07-012023-09-300001352010us-gaap:CostOfSalesMember2022-07-012022-09-300001352010us-gaap:CostOfSalesMember2023-01-012023-09-300001352010us-gaap:CostOfSalesMember2022-01-012022-09-300001352010us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001352010epam:EquityClassifiedAwardMemberepam:ServicePeriodMemberepam:EquitySettledAwardMemberus-gaap:RestrictedStockUnitsRSUMember2022-12-310001352010epam:LiabilityClassifiedAwardMemberepam:ServicePeriodMemberepam:CashSettledAwardMemberus-gaap:RestrictedStockUnitsRSUMember2022-12-310001352010epam:EquityClassifiedAwardMemberepam:ServicePeriodMemberepam:EquitySettledAwardMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001352010epam:LiabilityClassifiedAwardMemberepam:ServicePeriodMemberepam:CashSettledAwardMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001352010epam:EquityClassifiedAwardMemberepam:ServicePeriodMemberepam:EquitySettledAwardMemberus-gaap:RestrictedStockUnitsRSUMember2023-09-300001352010epam:LiabilityClassifiedAwardMemberepam:ServicePeriodMemberepam:CashSettledAwardMemberus-gaap:RestrictedStockUnitsRSUMember2023-09-300001352010epam:EquityClassifiedAwardMemberepam:ServicePeriodMemberus-gaap:RestrictedStockUnitsRSUMember2023-09-300001352010epam:EquityClassifiedAwardMemberepam:ServicePeriodMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001352010epam:LiabilityClassifiedAwardMemberepam:ServicePeriodMemberepam:CashSettledAwardMemberus-gaap:RestrictedStockUnitsRSUMemberepam:AccruedCompensationandBenefitsExpensesMember2023-09-300001352010epam:LiabilityClassifiedAwardMemberepam:ServicePeriodMemberepam:CashSettledAwardMemberus-gaap:RestrictedStockUnitsRSUMemberepam:AccruedCompensationandBenefitsExpensesMember2022-12-310001352010epam:EquityClassifiedAwardMemberus-gaap:RestrictedStockMemberepam:EquitySettledAwardMemberepam:PerformanceTargetsMember2022-12-310001352010epam:EquityClassifiedAwardMemberepam:EquitySettledAwardMemberepam:PerformanceTargetsMemberus-gaap:RestrictedStockUnitsRSUMember2022-12-310001352010epam:EquityClassifiedAwardMemberus-gaap:RestrictedStockMemberepam:EquitySettledAwardMemberepam:PerformanceTargetsMember2023-01-012023-09-300001352010epam:EquityClassifiedAwardMemberepam:EquitySettledAwardMemberepam:PerformanceTargetsMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001352010epam:EquityClassifiedAwardMemberus-gaap:RestrictedStockMemberepam:EquitySettledAwardMemberepam:PerformanceTargetsMember2023-09-300001352010epam:EquityClassifiedAwardMemberepam:EquitySettledAwardMemberepam:PerformanceTargetsMemberus-gaap:RestrictedStockUnitsRSUMember2023-09-300001352010epam:EquityClassifiedAwardMemberepam:PerformanceTargetsMemberus-gaap:RestrictedStockUnitsRSUMember2023-09-300001352010epam:EquityClassifiedAwardMemberepam:PerformanceTargetsMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001352010us-gaap:EmployeeStockMember2023-01-012023-09-300001352010us-gaap:EmployeeStockMember2022-01-012022-09-300001352010us-gaap:EmployeeStockMember2022-07-012022-09-300001352010us-gaap:EmployeeStockMember2023-07-012023-09-300001352010us-gaap:EmployeeStockMember2023-09-300001352010epam:EmakinaGroupSAMember2023-01-012023-09-3000013520102023-02-1300013520102023-02-132023-02-130001352010epam:CloudServicesMember2023-03-312023-03-310001352010epam:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001352010epam:NorthAmericaSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001352010epam:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001352010epam:EuropeSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001352010epam:RussiaSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001352010epam:RussiaSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001352010epam:RussiaSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001352010epam:RussiaSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001352010us-gaap:OperatingSegmentsMember2023-07-012023-09-300001352010us-gaap:OperatingSegmentsMember2022-07-012022-09-300001352010us-gaap:OperatingSegmentsMember2023-01-012023-09-300001352010us-gaap:OperatingSegmentsMember2022-01-012022-09-300001352010us-gaap:MaterialReconcilingItemsMember2023-07-012023-09-300001352010us-gaap:MaterialReconcilingItemsMember2022-07-012022-09-300001352010us-gaap:MaterialReconcilingItemsMember2023-01-012023-09-300001352010us-gaap:MaterialReconcilingItemsMember2022-01-012022-09-300001352010country:UA2022-12-310001352010country:US2023-09-300001352010country:US2022-12-310001352010country:BY2022-12-310001352010country:PL2023-09-300001352010country:PL2022-12-310001352010country:IN2023-09-300001352010country:IN2022-12-310001352010country:HU2023-09-300001352010country:HU2022-12-310001352010epam:OtherCountriesMember2023-09-300001352010epam:OtherCountriesMember2022-12-310001352010country:US2023-07-012023-09-300001352010country:US2022-07-012022-09-300001352010country:US2023-01-012023-09-300001352010country:US2022-01-012022-09-300001352010country:GB2023-07-012023-09-300001352010country:GB2022-07-012022-09-300001352010country:GB2023-01-012023-09-300001352010country:GB2022-01-012022-09-300001352010country:CH2023-07-012023-09-300001352010country:CH2022-07-012022-09-300001352010country:CH2023-01-012023-09-300001352010country:CH2022-01-012022-09-300001352010country:NL2023-07-012023-09-300001352010country:NL2022-07-012022-09-300001352010country:NL2023-01-012023-09-300001352010country:NL2022-01-012022-09-300001352010country:DE2023-07-012023-09-300001352010country:DE2022-07-012022-09-300001352010country:DE2023-01-012023-09-300001352010country:DE2022-01-012022-09-300001352010country:CA2023-07-012023-09-300001352010country:CA2022-07-012022-09-300001352010country:CA2023-01-012023-09-300001352010country:CA2022-01-012022-09-300001352010country:RU2023-07-012023-09-300001352010country:RU2023-01-012023-09-300001352010epam:OtherCountriesMember2023-07-012023-09-300001352010epam:OtherCountriesMember2022-07-012022-09-300001352010epam:OtherCountriesMember2023-01-012023-09-300001352010epam:OtherCountriesMember2022-01-012022-09-300001352010us-gaap:AccumulatedTranslationAdjustmentMember2023-06-300001352010us-gaap:AccumulatedTranslationAdjustmentMember2022-06-300001352010us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001352010us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001352010us-gaap:AccumulatedTranslationAdjustmentMember2023-07-012023-09-300001352010us-gaap:AccumulatedTranslationAdjustmentMember2022-07-012022-09-300001352010us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300001352010us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-09-300001352010us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300001352010us-gaap:AccumulatedTranslationAdjustmentMember2022-09-300001352010us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300001352010us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001352010us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001352010us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001352010us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300001352010us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300001352010us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300001352010us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300001352010us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300001352010us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-09-300001352010us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-06-300001352010us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-06-300001352010us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310001352010us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001352010us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300001352010us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-09-300001352010epam:JasonPetersonMember2023-01-012023-09-300001352010epam:JasonPetersonMember2023-07-012023-09-300001352010epam:JasonPetersonMember2023-09-300001352010epam:ElainaShekhterMember2023-01-012023-09-300001352010epam:ElainaShekhterMember2023-07-012023-09-300001352010epam:ElainaShekhterMember2023-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to________

Commission file number: 001-35418
Logo_New.gif
EPAM SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware22-3536104
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
41 University DriveSuite 20218940
NewtownPennsylvania
(Address of principal executive offices)(Zip code)
267-759-9000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol Name of Each Exchange on which Registered
Common Stock, par value $0.001 per shareEPAM New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Title of Each Class
Outstanding as of October 31, 2023
Common Stock, par value $0.001 per share
57,700,476 shares




EPAM SYSTEMS, INC.

TABLE OF CONTENTS
 Page



Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except par value)
 As of
September 30,
2023
As of
December 31,
2022
Assets
Current assets
Cash and cash equivalents$1,872,977 $1,681,344 
Trade receivables and contract assets, net of allowance of $10,884 and $15,310, respectively
913,029 932,626 
Short-term investments 60,431 60,336 
Prepaid and other current assets78,851 85,319 
Total current assets2,925,288 2,759,625 
Property and equipment, net239,654 273,348 
Operating lease right-of-use assets, net136,311 148,780 
Intangible assets, net69,730 77,652 
Goodwill548,177 529,072 
Deferred tax assets187,524 172,797 
Other noncurrent assets55,588 47,877 
Total assets$4,162,272 $4,009,151 
Liabilities  
Current liabilities  
Accounts payable$25,415 $30,852 
Accrued compensation and benefits expenses392,417 475,871 
Accrued expenses and other current liabilities127,898 154,339 
Income taxes payable, current29,554 46,069 
Operating lease liabilities, current38,294 40,352 
Total current liabilities613,578 747,483 
Long-term debt27,500 27,693 
Operating lease liabilities, noncurrent108,332 122,317 
Other noncurrent liabilities112,844 108,648 
Total liabilities862,254 1,006,141 
Commitments and contingencies (Note 14)
Equity
Stockholders’ equity  
Common stock, $0.001 par value; 160,000 shares authorized; 57,706 and 57,668 shares issued, 57,693 and 57,655 shares outstanding at September 30, 2023 and December 31, 2022, respectively
58 58 
Additional paid-in capital951,086 847,965 
Retained earnings2,440,043 2,248,948 
Treasury stock(118)(118)
Accumulated other comprehensive loss(91,630)(95,321)
Total EPAM Systems, Inc. stockholders’ equity3,299,439 3,001,532 
Noncontrolling interest in consolidated subsidiaries579 1,478 
Total equity3,300,018 3,003,010 
Total liabilities and equity$4,162,272 $4,009,151 
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
3

Table of Contents
EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
Revenues$1,152,136 $1,226,920 $3,533,283 $3,593,395 
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization)794,265 826,796 2,458,881 2,453,955 
Selling, general and administrative expenses194,829 198,021 601,093 667,825 
Depreciation and amortization expense23,092 21,876 68,642 69,126 
Loss on sale of business25,922  25,922  
Income from operations114,028 180,227 378,745 402,489 
Interest and other income, net13,931 4,228 37,162 5,642 
Foreign exchange gain/(loss)3,893 6,691 (6,725)(102,035)
Income before provision for income taxes131,852 191,146 409,182 306,096 
Provision for income taxes34,648 35,092 89,653 41,719 
Net income$97,204 $156,054 $319,529 $264,377 
Net income per share:
Basic$1.68 $2.72 $5.52 $4.62 
Diluted$1.65 $2.63 $5.40 $4.47 
Shares used in calculation of net income per share:
Basic57,853 57,420 57,850 57,194 
Diluted58,948 59,357 59,143 59,108 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

4

Table of Contents
EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
Net income$97,204 $156,054 $319,529 $264,377 
Other comprehensive (loss)/income:
Change in foreign currency translation adjustments, net of tax(5,801)(56,923)14,821 (72,645)
Change in unrealized loss on hedging instruments, net of tax(13,744)(5,352)(11,130)(11,780)
Other comprehensive (loss)/income(19,545)(62,275)3,691 (84,425)
Comprehensive income$77,659 $93,779 $323,220 $179,952 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
5

Table of Contents
EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(In thousands) 
 Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive (Loss)/IncomeNon-controlling interest in consolidated subsidiariesTotal Equity
SharesAmountSharesAmount
Balance, January 1, 2023
57,655 $58 $847,965 $2,248,948 14 $(118)$(95,321)$1,478 $3,003,010 
Restricted stock units vested224 — — — — — — — — 
Equity withheld for employee taxes(72)— (20,501)— — — — — (20,501)
Stock-based compensation expense— — 34,265 — — — — — 34,265 
Exercise of stock options71 — 2,525 — — — — — 2,525 
Repurchase of common stock(30)— — (8,510)— — — — (8,510)
Other comprehensive income— — — — — — 17,361 — 17,361 
Net income — — — 102,292 — — — — 102,292 
Balance, March 31, 2023
57,848 $58 $864,254 $2,342,730 14 $(118)$(77,960)$1,478 $3,130,442 
Restricted stock units vested76 — — — — — — — — 
Equity withheld for employee taxes(21)— (6,142)— — — — — (6,142)
Stock-based compensation expense— — 32,449 — — — — — 32,449 
Exercise of stock options170 — 4,601 — — — — — 4,601 
Issuance of common stock from employee stock purchase plan77 — 18,466 — — — — — 18,466 
Repurchase of common stock(195)— — (41,437)— — — — (41,437)
Purchase of subsidiary shares from noncontrolling interest— — (48)— — — — (1,405)(1,453)
Contributions to consolidated subsidiary from noncontrolling interest— — — — — — — 506 506 
Other comprehensive income— — — — — — 5,875 — 5,875 
Net income — — — 120,033 — — — — 120,033 
Balance, June 30, 2023
57,955 $58 $913,580 $2,421,326 14 $(118)$(72,085)$579 $3,263,340 
Restricted stock units vested7 — — — — — — — — 
Equity withheld for employee taxes(2)— (426)— — — — — (426)
Stock-based compensation expense— — 34,949 — — — — — 34,949 
Exercise of stock options51 — 2,983 — — — — — 2,983 
Repurchase of common stock(318)— — (78,487)— — — — (78,487)
Other comprehensive loss— — — — — — (19,545)— (19,545)
Net income
— — — 97,204 — — — — 97,204 
Balance, September 30, 2023
57,693 $58 $951,086 $2,440,043 14 $(118)$(91,630)$579 $3,300,018 

6

Table of Contents
 Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive (Loss)/IncomeNon-controlling interest in consolidated subsidiariesTotal Equity
SharesAmountSharesAmount
Balance, January 1, 2022
56,849 $57 $711,912 $1,829,532 20 $(177)$(54,207)$8,720 $2,495,837 
Restricted stock units vested
193 — — — — — — — — 
Equity withheld for employee taxes(67)— (18,376)— — — — — (18,376)
Stock-based compensation expense
— — 22,702 — — — — — 22,702 
Exercise of stock options158 — 2,884 — — — — — 2,884 
Purchase of subsidiary shares from noncontrolling interest— — — — — — — (7,067)(7,067)
Other comprehensive loss— — — — — — (31,943)— (31,943)
Net income
— — — 89,719 — — — — 89,719 
Balance, March 31, 2022
57,133 $57 $719,122 $1,919,251 20 $(177)$(86,150)$1,653 $2,553,756 
Restricted stock units vested
24 — — — — — — — — 
Equity withheld for employee taxes(6)— (1,843)— — — — — (1,843)
Stock-based compensation expense
— — 24,902 — — — — — 24,902 
Exercise of stock options147 — 6,410 — — — — — 6,410 
Issuance of common stock from employee stock purchase plan55 — 12,384 — — — — — 12,384 
Other comprehensive income— — — — — — 9,793 — 9,793 
Net income
— — — 18,604 — — — — 18,604 
Balance, June 30, 2022
57,353 $57 $760,975 $1,937,855 20 $(177)$(76,357)$1,653 $2,624,006 
Restricted stock units vested
8 — — — — — — — — 
Equity withheld for employee taxes(2)— (837)— — — — — (837)
Stock issued in connection with Other 2021 acquisitions6 — 1,941 — (6)59 — — 2,000 
Stock-based compensation expense— — 30,597 — — — — — 30,597 
Exercise of stock options137 — 9,223 — — — — — 9,223 
Purchase of subsidiary shares from noncontrolling interest— — 51 — — — — (248)(197)
Contributions from noncontrolling interest— — — — — — — 73 73 
Other comprehensive loss— — — — — — (62,275)— (62,275)
Net income
— — — 156,054 — — — — 156,054 
Balance, September 30, 2022
57,502 $57 $801,950 $2,093,909 14 $(118)$(138,632)$1,478 $2,758,644 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
7

Table of Contents
EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
                                               Nine Months Ended September 30,
 20232022
Cash flows from operating activities:
Net income$319,529 $264,377 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense68,642 69,126 
Operating lease right-of-use assets amortization expense30,842 37,336 
Bad debt expense2,739 12,888 
Deferred taxes(11,760)(54,851)
Stock-based compensation expense109,536 68,292 
Unrealized (gain)/loss on derivative instruments(7,904)20,469 
Impairment charges688 21,212 
Loss on sale of business25,922  
Other1,106 63,914 
Changes in assets and liabilities:
Trade receivables and contract assets6,145 (196,675)
Prepaid and other assets13,208 (7,787)
Accounts payable837 8,769 
Accrued expenses and other liabilities(95,570)(7,100)
Operating lease liabilities(34,310)(41,395)
Income taxes payable(38,385)19,460 
Net cash provided by operating activities391,265 278,035 
Cash flows from investing activities:  
Purchases of property and equipment(18,420)(60,134)
Purchases of short-term investments(10,865)(60,000)
Proceeds from short-term investments10,865  
Acquisition of business, net of cash acquired (Note 3)(13,997)(10,530)
Cash sold as part of sale of business, net of proceeds(2,169) 
Purchases of non-marketable securities(3,281)(1,625)
Other investing activities, net(8,204)(19,499)
Net cash used in investing activities(46,071)(151,788)
Cash flows from financing activities:  
Proceeds from issuance of stock under the employee incentive programs28,612 31,368 
Payments of withholding taxes related to net share settlements of restricted stock units(28,202)(22,101)
Proceeds from debt764 4,114 
Repayment of debt(2,607)(11,542)
Repurchase of common stock(128,433) 
Payment of contingent consideration for previously acquired business(8,684)(6,626)
Purchase of subsidiary shares from noncontrolling interest(1,972)(2,254)
Other financing activities, net(2,895)(3,025)
Net cash used in financing activities(143,417)(10,066)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(5,632)(75,876)
Net increase in cash, cash equivalents and restricted cash196,145 40,305 
Cash, cash equivalents and restricted cash, beginning of period1,683,636 1,449,347 
Cash, cash equivalents and restricted cash, end of period$1,879,781 $1,489,652 
8

Table of Contents

EPAM SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
(Continued)
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:
                                               As of
September 30,
2023
As of
December 31,
2022
Balance sheet classification
    Cash and cash equivalents$1,872,977 $1,681,344 
Restricted cash in Prepaid and other current assets5,441 430 
  Restricted cash in Other noncurrent assets1,363 1,862 
    Total restricted cash$6,804 $2,292 
        Total cash, cash equivalents and restricted cash $1,879,781 $1,683,636 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
9

Table of Contents
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(In thousands, except per share data and as otherwise disclosed) 
 
1.BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES    
EPAM Systems, Inc. (the “Company” or “EPAM”) is a leading digital transformation services and product engineering company, providing digital platform engineering and software development services to customers located around the world, primarily in North America, Europe, and Asia. The Company’s industry expertise includes financial services, travel and consumer, software and hi-tech, business information and media, life sciences and healthcare, as well as several other industries. The Company is incorporated in Delaware with headquarters in Newtown, Pennsylvania.
Basis of Presentation — The accompanying unaudited condensed consolidated financial statements of EPAM have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP” or “U.S. GAAP”) and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. The unaudited condensed consolidated financial statements include the financial statements of EPAM Systems, Inc. and its subsidiaries with all intercompany balances and transactions eliminated.
These unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2022 included in its Annual Report on Form 10-K. The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material to the unaudited condensed consolidated financial statements. Operating results for the interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position as of September 30, 2023 and the results of its operations and its cash flows for the periods presented.
Risks and Uncertainties — As a result of its global operations, the Company may be subject to certain inherent risks.
Concentration of Credit — Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, short-term investments and trade receivables. The Company maintains cash, cash equivalents and short-term investments with financial institutions. The Company believes its credit policies reflect normal industry terms and business risk and there is no expectation of non-performance by the counterparties.
The Company has cash in several countries, including Ukraine and Belarus, which have been impacted by the invasion of Ukraine and where the banking sector remains subject to periodic instability; banking and other financial systems generally do not meet the banking standards of more developed markets; and bank deposits made by corporate entities are not insured. As of September 30, 2023, the Company had $51.7 million of cash and cash equivalents in banks in Ukraine and $37.1 million of cash and cash equivalents in banks in Belarus. Cash in Ukraine and Belarus is used for the operational needs of the local entities and cash balances change with the expected operating needs of these entities. The Company regularly monitors cash held in these countries and, to the extent the cash held exceeds amounts required to support its operations in these countries, the Company distributes the excess funds into markets with more developed banking sectors to the extent it is possible to do so. The Company places its cash and cash equivalents with financial institutions considered stable in the region, limits the amount of credit exposure with any one financial institution and conducts ongoing evaluations of the credit worthiness of the financial institutions with which it does business. However, a banking crisis, bankruptcy or insolvency of banks that process or hold the Company’s funds, or sanctions may result in the loss of deposits or adversely affect the Company’s ability to complete banking transactions, which could adversely affect the Company’s business and financial condition. See Note 2 “Impact of the Invasion of Ukraine” for further discussion of the Company’s response to the invasion of Ukraine and sale of its operations in Russia.
Trade receivables are generally dispersed across many customers operating in different industries; therefore, concentration of credit risk is limited. Historically, credit losses and write-offs of trade receivables have not been material to the consolidated financial statements. If any of the Company’s customers enter bankruptcy protection or otherwise take steps to alleviate their financial distress, the Company’s credit losses and write-offs of trade receivables could increase, which would negatively impact its results of operations.

10

Table of Contents
Foreign currency risk — The Company’s global operations are conducted predominantly in U.S. dollars. Other than U.S. dollars, the Company generates revenues in various currencies, principally, euros, British pounds, Swiss francs and Canadian dollars and incurs expenditures principally in euros, Polish zlotys, Indian rupees, British pounds, Swiss francs, Mexican pesos, Hungarian forints, Colombian pesos, Canadian dollars and Chinese yuan renminbi. The Company’s international operations expose it to risk of adverse fluctuations in foreign currency exchange rates through the remeasurement of foreign currency denominated assets and liabilities (both third-party and intercompany) and translation of earnings and cash flows into U.S. dollars. The Company has a hedging program whereby it enters into a series of foreign exchange forward contracts with durations of twelve months or less that are designated as cash flow hedges of forecasted Polish zloty, Indian rupee and Hungarian forint transactions. See Note 6 “Derivative Financial Instruments for further discussion regarding the Company’s termination of the hedging program for the Russian ruble.
Interest rate risk — The Company is exposed to market risk from changes in interest rates. Exposure to interest rate risk results primarily from variable rates related to cash and cash equivalent deposits, short-term investments and the Company’s borrowings, mainly under the 2021 Credit Agreement, which is subject to a variety of rates depending on the type and timing of funds borrowed (See Note 8 “Debt”). The Company does not believe it is exposed to material direct risks associated with changes in interest rates related to these deposits, investments and borrowings.
Adoption of New Accounting Standards
There were no recently adopted accounting standards which had a material impact on the Company’s consolidated financial position, results of operations, changes in stockholders’ equity and cash flows.
Pending Accounting Standards
From time to time, new accounting pronouncements are issued by the FASB or other standards-setting bodies that the Company will adopt according to the various timetables the FASB specifies. The Company believes the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position, results of operations and cash flows upon adoption.
2.    IMPACT OF THE INVASION OF UKRAINE
On February 24, 2022, Russian forces attacked Ukraine and its people and EPAM has repeatedly called for an immediate end to this unlawful and unconscionable attack. As of September 30, 2023, the Company had $65.3 million of Property and equipment, net in Ukraine consisting of a building classified as construction-in-progress located in Kyiv with a net book value of $51.5 million, laptops with a net book value of $7.6 million, most of which are in the possession of employees, various office furniture, equipment and supplies with a net book value of $4.8 million, and leasehold improvements located throughout Ukraine with a net book value of $1.4 million. Additionally, as of September 30, 2023, the Company had Operating lease right-of-use assets located throughout Ukraine with a net book value of $9.6 million. Through the issuance date of these interim financial statements, the Company is not aware of any damage to its long-lived assets in Ukraine and the Company expects to continue to use these assets as part of its global delivery model.
On March 4, 2022, the Company announced a $100.0 million humanitarian commitment to support its employees and their families in and displaced from Ukraine. This humanitarian commitment is in addition to donations from EPAM's customers and employees and the work of EPAM volunteers on the ground. During the three and nine months ended September 30, 2023, the Company expensed $3.6 million and $13.6 million, respectively, related to this commitment, which included special cash payments to support impacted employees, financial and medical support for impacted families, travel, meals and lodging expenses, and donations to third-party humanitarian organizations. Of the expensed amount for the three and nine months ended September 30, 2023, $3.0 million and $8.3 million, respectively, is classified in Cost of revenues (exclusive of depreciation and amortization), and $0.6 million and $5.3 million, respectively, is classified in Selling, general and administrative expenses on the condensed consolidated financial statements. During the three and nine months ended September 30, 2022, the Company expensed $4.5 million and $38.5 million, respectively, related to this commitment, which included special cash payments to support impacted employees, financial and medical support for impacted families, travel, meals and lodging expenses, and donations to third-party humanitarian organizations. Of this expensed amount for the three and nine months ended September 30, 2022, $2.9 million and $25.3 million, respectively, is classified in Cost of revenues (exclusive of depreciation and amortization), and $1.6 million and $13.2 million, respectively, is classified in Selling, general and administrative expenses on the condensed consolidated financial statements. As of September 30, 2023, the Company has $41.6 million remaining to be expensed under this humanitarian commitment.

11

Table of Contents
The Company executed its business continuity plans following the invasion to assist relocating employees residing in Ukraine and the surrounding region impacted by the war and geopolitical uncertainty to other countries and to assign delivery personnel in locations outside of the region to serve in unbilled standby or backup capacities to ensure the continuity of delivery for its customers who have substantial delivery exposure to Ukraine or other delivery concerns resulting from the invasion and ongoing war. In addition to costs incurred as part of EPAM’s humanitarian commitment to Ukraine, during the three and nine months ended September 30, 2023 the Company incurred $0.0 million and $9.4 million of expenses, respectively, related to these standby resources, classified as Cost of revenues (exclusive of depreciation and amortization). Also, during the three and nine months ended September 30, 2023 the Company incurred expenses of $0.4 million and $0.9 million, respectively, related to its geographic repositioning efforts, classified as Selling, general and administrative expenses.
During the three and nine months ended September 30, 2022, the Company incurred expenses of $1.0 million and $12.9 million, respectively, related to the standby resources, classified as Cost of revenues (exclusive of depreciation and amortization) and $4.4 million and $37.5 million, respectively, related to its geographic repositioning efforts, classified as Selling, general and administrative expenses. During the nine months ended September 30, 2022, the Company also recorded an impairment charge of $1.3 million, classified as Interest and other income, net related to a financial asset in Ukraine which the Company believed to be unrealizable due to the events in Ukraine.
In response to the attacks on Ukraine, EPAM announced on March 4, 2022, it would discontinue services to customers located in Russia. Based on this change in facts and circumstances, the long-term cash flow forecast for the Company’s operations in Russia and its Russia reporting unit were significantly reduced. The reduction in the long-term cash flow forecasts indicated that the carrying amounts of goodwill and long-lived assets associated with the Company’s Russia reporting unit and operations in Russia may not be recoverable, and the carrying value of these assets was tested for impairment. The Company relied on the income approach to estimate the fair values of the Russia reporting unit and long-lived assets and considered multiple scenarios including the continuing operation and exit of operations in Russia. Reflecting the negative long-term cash flow forecasts that each of these scenarios produced for these assets, during the three months ended March 31, 2022, the Company recorded impairments of Property and equipment, net of $15.1 million, Operating lease right-of-use assets, net of $3.8 million, and Goodwill of $0.7 million. These asset impairment charges are included in Selling, general and administrative expenses in the condensed consolidated financial statements for the nine months ended September 30, 2022.
Additionally, the Company evaluated trade receivables and contract assets for estimated future credit losses from customers located in Russia and recorded a bad debt expense of $5.7 million reflecting the deterioration of creditworthiness of its customers in Russia during the nine months ended September 30, 2022. Amounts recorded to bad debt expense during the three and nine months ended September 30, 2023 and three months ended September 30, 2022 related to customers located in Russia were not material. Also, during the three and nine months ended September 30, 2022, the Company incurred employee separation costs of $0.7 million and $16.9 million, respectively, in connection with the decision to exit its operations in Russia, with no such costs incurred during the three and nine months ended September 30, 2023.
On July 26, 2023, the Company completed the sale of its remaining holdings in Russia to a third-party. The Company recorded a loss on sale of $25.9 million during the third quarter of 2023, including the recognition of the accumulated currency translation loss related to this foreign entity that was previously included in Accumulated other comprehensive loss in the condensed consolidated financial statements.
3.ACQUISITIONS
2022 Acquisitions — During the year ended December 31, 2022, the Company completed two acquisitions with a total purchase price of $13.6 million including contingent consideration with acquisition-date fair value of $2.6 million. These acquisitions expanded EPAM’s capabilities to deliver end-to-end solutions for designing and building sophisticated commerce platforms, provided opportunities for geographic expansion as well as added $3.4 million of intangible assets, consisting of customer relationships. Pro forma results of operations have not been presented because the effect of these acquisitions on the Company’s condensed consolidated financial statements was not material individually or in the aggregate.
2023 Acquisition — During the three months ended September 30, 2023, the Company completed one acquisition with a total purchase price of $28.9 million including contingent consideration with acquisition-date fair value of $14.9 million. This acquisition expanded EPAM’s capabilities in software design and product development, as well as added $8.3 million of intangible assets, consisting of customer relationships. Pro forma results of operations have not been presented because the effect of this acquisition on the Company’s condensed consolidated financial statements was not material.
12

Table of Contents
4.GOODWILL
Goodwill by reportable segment was as follows:
North AmericaEuropeTotal
Balance as of January 1, 2023
$216,960 $312,112 $529,072 
2023 Acquisition20,537  20,537 
2022 Acquisitions purchase accounting adjustments 87 87 
Effect of net foreign currency exchange rate changes(24)(1,495)(1,519)
Balance as of September 30, 2023
$237,473 $310,704 $548,177 
The Russia segment had accumulated goodwill impairment losses of $2.9 million as of September 30, 2023 and December 31, 2022. There were no accumulated impairment losses in the North America or Europe reportable segments as of September 30, 2023 or December 31, 2022.

5.FAIR VALUE MEASUREMENTS
The Company carries certain assets and liabilities at fair value on a recurring basis on its condensed consolidated balance sheets. The following tables present the fair values of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022:
As of September 30, 2023
BalanceLevel 1Level 2Level 3
Foreign exchange derivative assets$2,136 $ $2,136 $ 
Total assets measured at fair value on a recurring basis$2,136 $ $2,136 $ 
Foreign exchange derivative liabilities$5,789 $ $5,789 $ 
Contingent consideration28,150   28,150 
Total liabilities measured at fair value on a recurring basis
$33,939 $ $5,789 $28,150 
As of December 31, 2022
BalanceLevel 1Level 2Level 3
Foreign exchange derivative assets$12,191 $ $12,191 $ 
Rights to acquire noncontrolling interest in consolidated subsidiaries334   334 
Total assets measured at fair value on a recurring basis$12,525 $ $12,191 $334 
Foreign exchange derivative liabilities$9,350 $ $9,350 $ 
Contingent consideration24,308   24,308 
Total liabilities measured at fair value on a recurring basis
$33,658 $ $9,350 $24,308 
The foreign exchange derivatives are valued using pricing models and discounted cash flow methodologies based on observable foreign exchange data at the measurement date. See Note 6 “Derivative Financial Instruments” in the condensed consolidated interim financial statements for additional information regarding derivative financial instruments.

13

Table of Contents
The fair value of the contingent consideration was determined using a probability-weighted expected return method and is based on the expected future payments to be made to the sellers of the acquired businesses in accordance with the provisions outlined in the respective purchase agreements. Although there is significant judgment involved, the Company believes its estimates and assumptions are reasonable. In determining fair value, the Company considered a variety of factors, including future performance of the acquired businesses using financial projections developed by the Company and market risk assumptions that were derived for revenue growth and earnings before interest and taxes. The Company estimated future payments using the earnout formula and performance targets specified in the purchase agreements and adjusted those estimates to reflect the probability of their achievement. Those weighted-average estimated future payments were then discounted to present value using a rate based on the weighted-average cost of capital of guideline companies. The discount rates used to determine the fair value of contingent consideration both as of September 30, 2023 and December 31, 2022, were at a maximum of 20.0%, if a rate was applied. Changes in financial projections, market risk assumptions, discount rates or probability assumptions related to achieving the various earnout criteria would result in a change in the fair value of the recorded contingent liabilities. Such changes, if any, are recorded within Interest and other income, net in the Company’s condensed consolidated statement of income.
A reconciliation of the beginning and ending balances of Level 3 contingent consideration using significant unobservable inputs for the nine months ended September 30, 2023 is as follows:
Amount
Contingent consideration as of January 1, 2023
$24,308 
2023 Acquisition14,850 
Changes in fair value of contingent consideration included in Interest and other income, net1,814 
Payment of contingent consideration for previously acquired businesses(12,844)
Effect of foreign currency exchange rate changes, net22 
Contingent consideration as of September 30, 2023
$28,150 
Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis
Estimates of fair value of financial instruments not carried at fair value on a recurring basis on the Company’s condensed consolidated balance sheets are generally subjective in nature and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information. The generally short maturities of certain assets and liabilities result in a number of assets and liabilities for which fair value equals or closely approximates the amount recorded on the Company’s condensed consolidated balance sheets. The following tables present the estimated fair values of the Company’s financial assets and liabilities not measured at fair value on a recurring basis as of the dates indicated:
Fair Value Hierarchy
BalanceEstimated Fair ValueLevel 1Level 2Level 3
September 30, 2023
Financial Assets:
Cash equivalents:
Money market funds$154,147 $154,147 $154,147 $ $ 
Time deposits199,678 199,678  199,678  
Total cash equivalents$353,825 $353,825 $154,147 $199,678 $ 
Restricted cash$6,804 $6,804 $6,804 $ $ 
Time deposits included in Short-term investments$60,431 $60,431 $ $60,431 $ 
Financial Liabilities:
Borrowings under the 2021 Credit Agreement$25,000 $25,000 $ $25,000 $ 
Deferred consideration for asset acquisition$55,501 $55,501 $ $55,501 $ 
14

Table of Contents
Fair Value Hierarchy
BalanceEstimated Fair ValueLevel 1Level 2Level 3
December 31, 2022
Financial Assets:
Cash equivalents:
Money market funds$312,321 $312,321 $312,321 $ $ 
Total cash equivalents$312,321 $312,321 $312,321