During the six months ended June 30, 2024, the Company completed three acquisitions with a total purchase price of $74.2 million. These acquisitions expanded EPAM's geographical reach across Latin America and Europe and enhanced its capabilities in Life Sciences analytics.

The Company initiated the 2024 Cost Optimization Program to streamline operations and optimize corporate functions. This program is expected to include workforce reductions and contract terminations, with additional charges of approximately $20.0 million expected.

The Americas segment now accounts for 60.3% of total revenues, an increase from 58.0% in the prior year, indicating a shift in revenue concentration. EMEA revenues decreased 7.3% YoY.

The vast majority of Ukraine employees are in safe locations and operating at levels of productivity consistent with those achieved prior to the attack. Ukraine continues to be the largest delivery location.

The company continues to emphasize specialization in focused verticals and strategic partnerships to deliver technology transformation from start to finish.

Management concluded that disclosure controls and procedures are effective to provide reasonable assurance that information is recorded, processed, summarized, and reported within specified time periods.

The war in Ukraine has had and could continue to have a material adverse effect on operations, personnel, and physical assets. This includes potential disruptions to client work, restrictions on project engagement, and negative impacts on personnel, operations, financial results, and business outlook.

The company has cash in Ukraine and Belarus, where the banking sector remains subject to periodic instability. New restrictions on distributing dividends from Belarus to shareholders in certain countries, including the U.S., may prevent EPAM from distributing excess funds, if any, out of Belarus.

Approximately 33.0% of consolidated revenues and 57.9% of consolidated operating expenses were denominated in currencies other than the U.S. dollar, exposing the company to adverse fluctuations in foreign currency exchange rates.

The company's revenue decline is attributed to uneven demand for its services, indicating potential shifts in market preferences or increased competitive pressure.

North America segment revenues increased 2.7% YoY, suggesting a strong competitive position in this key market.

Revenues in the EMEA region decreased 7.3% YoY, suggesting potential competitive challenges or market saturation in the region.

The Cost Optimization Programs initiated in Q2 2024 and Q3 2023 resulted in a 6.4% decrease in the average number of production professionals, indicating improved operational efficiency through workforce management.

Selling, general, and administrative expenses decreased 0.2% YoY, driven by a reduction in facilities and infrastructure expenses and bad debt expense.

Operating activities were negatively impacted by a larger increase in days sales outstanding compared to the first six months of 2023, suggesting potential inefficiencies in accounts receivable management.

The 10-Q does not provide specific details on R&D investments or technological advancements made during the reporting period, making it difficult to assess the company's innovation efforts.

Acquisitions completed during the period expanded EPAM's capabilities in software design and product development, as well as Life Sciences analytics.

The company continues to position itself as a leader in digital transformation, cloud, and AI-enabled services, indicating a strategic focus on innovation and technology.

The company repurchased $335.1 million of common stock during the first six months of 2024, demonstrating a commitment to returning capital to shareholders.

Cash used in investing activities was primarily attributable to $11.5 million used for capital expenditures and $56.7 million used for the acquisitions of businesses, net of cash acquired.

On August 1, 2024, the Board of Directors authorized a new repurchase program for up to $500.0 million of the Company's outstanding common stock.

EPAM has maintained its $100 million humanitarian aid commitment to its people in Ukraine, demonstrating a continued focus on social responsibility.

The 10-Q does not provide specific details on environmental or governance initiatives, making it difficult to assess the company's ESG performance in these areas.

The Board of Directors continues its oversight of strategic, geopolitical, and cybersecurity risks and the risks related to geographic expansion.

The war in Ukraine and related sanctions continue to pose significant risks to the company's operations, personnel, and financial condition.

The company's revenue decline is attributed to uneven demand for its services, indicating potential shifts in market preferences or increased competitive pressure.

Economies in many countries where EPAM operates have periodically experienced high rates of inflation, which may increase the cost of doing business.