Item 7.01 Regulation FD Disclosure
On February 24, 2022, Russian forces launched significant military action
against Ukraine, and sustained conflict and disruption in the region is likely.
Impact to Ukraine as well as actions taken by other countries, including new and
stricter sanctions by Canada, the United Kingdom, the European Union and the
U.S. against officials, individuals, regions, and industries in Russia, Ukraine,
and Belarus, and each country's potential response to such sanctions, tensions,
and military actions could have a material adverse effect on our operations. Any
such material adverse effect from the conflict and enhanced sanctions activity
may disrupt our delivery of services, cause us to shift all or portions of our
work occurring in the region to other countries, and may restrict our ability to
engage in certain projects in the region or involving certain customers in the
region.
EPAM has approximately 14,000 personnel in Ukraine (including approximately
13,000 delivery personnel) in addition to personnel in Russia and Belarus. EPAM
is actively monitoring the security of our people and the stability of our
infrastructure, including communications and internet availability. EPAM is
executing its business continuity plan, adapting to developments in real time to
protect the safety of our people and handling potential impacts to our delivery
infrastructure, including reallocating work to other geographies within our
global footprint.
We have no way to predict the progress or outcome of the situation, as the
conflict and government reactions are rapidly developing and beyond our control.
Prolonged unrest, military activities, or broad-based sanctions, should they be
implemented, could have a material adverse effect on our operations and business
outlook.
The information in this report, including all exhibits, is being furnished
pursuant to Item 7.01 of Form 8-K and shall not be deemed "filed" for purposes
of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or
otherwise be subject to the liability of that section, nor shall it be deemed
incorporated by reference in any filing under the Exchange Act or the Securities
Act of 1933, except as expressly stated by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
101 Cover Page Interactive Data File - the cover page XBRL tags are embedded
within the Inline XBRL document.
104 The cover page from this Current Report on Form 8-K, formatted as Inline
XBRL.
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