About CognizantCognizant (Nasdaq-100: CTSH) is one of the world's leading professional services companies, transforming clients' business, operating and technology models for the digital era. English. See footnote 4 on page 26 for additional information. Segment revenue was driven by double-digit growth in life sciences, primarily from demand within Digital Operations, continued momentum within our industry-specific platform solutions and the contribution of Zenith Technologies, which we acquired in July 2019. Cognizant (Nasdaq-100: CTSH) is one of the world's leading professional . Please go to the website at least 15 minutes prior to the call to register and to download and install any necessary audio software. Additionally, during the first quarter of 2019 we incurred $2 million of Executive Transition Costs. See last years financial performance and case studies from our digital battlegrounds. PDF 2. Annual Report - Cognizant Foundation Additionally, Adjusted Diluted EPS excludes net non-operating foreign currency exchange gains or losses and the tax impact of all the applicable adjustments. Conference Call Constant currency revenue growth is not a measurement of financial performance prepared in accordance with GAAP. As a knowledge-driven business with unique technology solutions, our social efforts focus partly on education and the future of work to drive inclusion in technology. For our internal management reporting and budgeting purposes, we use various GAAP and non-GAAP financial measures for financial and operational decision-making, to evaluate period-to-period comparisons, to determine portions of the compensation for our executive officers and for making comparisons of our operating results to those of our competitors. << /Type /Font See "About Non-GAAP Financial Measures" for more information. PDF 2020 Proxy Statement - SEC And clients will need to quickly evolve into modern businesses that are able to stay relevant, on top of era-defining innovations, and sustain growth in the face of continuous technological change. /Count 108 So they get ahead. See "About Non-GAAP Financial Measures" for more information and reconciliations to the most directly comparable GAAP financial measures at the end of this release. First quarter 2020 year-over-year revenue growth in the range of 2.8-3.8% in constant currency. 2 Free cash flow is a non-GAAP financial measure. This cost is reported in "Selling, general and administrative expenses" in our unaudited consolidated statement of operations. Cognizant will host a conference call on July 31, 2019, at 5:00 p.m. (Eastern) to discuss the Company's second quarter 2019 results. Our strategy aims to protect and optimize our traditional business whilst winning in four strategic digital battlegrounds: AI and analytics, digital engineering, cloud and IoT. There is significant uncertainty as to how the liability should be calculated as it is impacted by multiple variables, including the period of assessment, the application with respect to certain current and former employees and whether interest and penalties may be assessed. /CreationDate The global solution provider giant has spent a whopping $2.5 billion on acquisitions since 2019. "Our steady progress against key initiatives is increasingly evident in our commercial and financial performance," said Brian Humphries, Chief Executive Officer. We help clients become data-enabled and data-driven, and prepare the US workforce for work in a new economy. In the first quarter of 2019, a ruling of the Supreme Court of India interpreting certain statutory defined contribution obligations of employees and employers (the "India Defined Contribution Obligation") altered historical understandings of such obligations, extending them to cover additional portions of the employee's income. As a result of the enactment of the India Tax Law, we recorded aone-time net income tax expense of$21 million due to the revaluation to the lower income tax rate of our India net deferred income tax assets that are expected to reverse after we elect into the new tax regime. Stock Repurchases under Board of Directors' authorized stock repurchase program: Reconciliation of Free Cash Flow Non-GAAP Financial Measure, Cognizant Reports Second Quarter 2019 Results, Second quarter 2019 revenue of $4.14 billion, up 3.4% (4.7% in constant currency) over 2018, Declares quarterly cash dividend of $0.20 per share, For further information: Investor Relations: Katie Royce, Global Head of Investor Relations, 201-679-2739, Katie.Royce@cognizant.com; Media: Rick Lacroix, VP, Corporate Communications, 201-470-8961, Richard.Lacroix@cognizant.com, Cost of revenues (exclusive of depreciation and amortization expense, ClassA common stock, $0.01 par value, 1,000 shares authorized, 552 and 577 shares issued. The effective tax rate related to each of our non-GAAP adjustments varies depending on the jurisdictions in which such income and expenses are generated and the statutory rates applicable in those jurisdictions. Our pioneering Evolutionary AITMsolution optimizes machine learning models and uncovers effective strategies automatically, based on historical data. Cognizant Reports First Quarter 2019 Results - May 2, 2019 April 18, 2019. COGNIZANT REPORTS THIRD QUARTER 2019 RESULTS . Teaneck, New Jersey 07666 phone: 201.801.0233 fax: 201.801.0243 toll free: 888.937.3277 www.cognizant.com 61748 Covers 4/19/07 2:14 PM Page 1. Leader in IDC MarketScape Worldwide Artificial Intelligence Services 2019 Vendor Assessment, Q2 2019 This was partially offset by a decline in revenue within healthcare as results were negatively impacted by industry consolidation and the movement of work to a captive at a large North American client. (gains) losses, pre-tax(d). Third quarter 2019 year-over-year revenue growth in the range of 3.8-4.8% in constant currency. Because we know requirements differ dramatically across IT environments, we build the right cloud to support employees and processes, enhance products and drive transformative change. As a result, the ongoing contributions of our affected employees and the Company are required to be increased. PDF. Social. Cognizant Reports Fourth Quarter And Full Year 2020 Results Cognizant will host a conference call on February 6, 2019 at 8:00 a.m. (Eastern) to discuss the Company's fourth quarter 2018 results. CAGR (5-yr): 5%, In 2019, we expanded our digital, geographic and industry capabilities. Please visit the COVID-19 response page for resources and advice on managing through the crisis today and beyond. The total costs related to the 2020 Fit for Growth Plan are reported in "Restructuring charges" in our unaudited consolidated statements of operations. Cognizant Technology Solutions Corp (CTSH) 10-K Annual Report February 2019 For those who cannot access the live broadcast, a replay will be available. Free cash flow is defined as cash flows from operating activities net of purchases of property and equipment. Our pioneering Evolutionary AI, A Leader in Everest Group DevOps Services PEAK Matrix. << /Author Cognizant's full-year 2019 revenue grew 4.1%, or 5.2% in constant currency, to $16.8 billion ( read more in the annual report ). In the third quarter of 2018, we finalized our calculation of the one-time net income tax expense related to the enactment of the Tax Cuts and Jobs Act ("Tax Reform Act") and recognized a $5 million income tax benefit, which reduced our provision for income taxes. For the past 26 years, client centricity has remained a Cognizant guiding value. For our internal management reporting and budgeting purposes, we use various GAAP and non-GAAP financial measures for financial and operational decision-making, to evaluate period-to-period comparisons, to determine portions of the compensation for our executive officers and for making comparisons of our operating results to those of our competitors. We anticipate the Indian government will review the matter and believe there is a substantial question as to whether the Indian government will apply the Supreme Court's ruling on a retroactive basis. We are the partner our clients turn to for IoT, AI, digital engineering and cloudthe technologies that are changing how business gets done. To listen to the conference call, please dial (877) 810-9510 (domestically) or (201) 493-6778 (internationally) and provide the following conference passcode: " Cognizant Call ." We rapidly enabled work-from home capabilities to help protect the health and safety of our associates and maintain continuity of service for our clients, while reinforcing protocols to safeguard their data and systems. 1Constant currency revenue growth, Adjusted Operating Margin and Adjusted Diluted Earnings Per Share ("Adjusted Diluted EPS") are not measurements of financial performance prepared in accordance with GAAP. /Encoding /Identity#2DH 2 Free cash flow is a non-GAAP financial measure. 2.11 MB. endobj Modern businesses use cloud to fuel performance and drive opportunities. TEANECK, N.J., March 7, 2019 /PRNewswire/ -- Cognizant Technology Solutions Corporation (Nasdaq: CTSH), today announced that it has entered into accelerated share repurchase . TEANECK, N.J., February 6, 2019 - Cognizant Technology Solutions Corporation (Nasdaq: CTSH), one of the world's leading professional services companies . Certain terms used in this Annual Report on Form 10-K are defined in the Glossary included at the end of Item 7. As a preferred IoT partner to leaders across industries, Cognizant is bringing instrumentation to the physical world, gathering data, extracting insights and creating new value for our clients. See "About Non-GAAP Financial Measures" for more information. /Subject <870B6ECC> Our non-GAAP financial measures, Adjusted Operating Margin and Adjusted Income From Operations, exclude unusual items and Adjusted Diluted EPS additionally excludes net non-operating foreign currency exchange gains or losses and the tax impact of all the applicable adjustments. The Company has filed its Annual Report on Form 10-K with the Securities and Exchange Commission. View the most recent and previous annual reports of Cognizant Technology Solutions at Annreports.com. All companies; . TEANECK, N.J., July 31, 2019 /PRNewswire/ --Cognizant Technology Solutions Corporation (Nasdaq: CTSH), one of the world's leading professional services companies, today announced its second quarter 2019 financial results. Presented below are the tax impacts of each of our non-GAAP adjustments to pre-tax income: Non-GAAP income tax benefit (expense) related to: Incremental accrual related to the India Defined Contribution Obligation, Foreign currency exchange gains and losses. Please refer to the "About Non-GAAP Financial Measures" section of our press release for further information on the use of these Non-GAAP measures. Cognizant 2018 Annual Report / 11 Cognizant combines the creativity of an agency with the expertise of a global technology company, developing In the first quarter of 2019, we accrued $117 million with respect to prior periods, assuming retroactive application of the Supreme Court's ruling. In addition, other companies may calculate non-GAAP financial measures differently than us, thereby limiting the usefulness of these non-GAAP financial measures as a comparative tool. 1 See "Non-GAAP Financial Measures" on pages 27-29 of the Annual Report on Form 10-K, which is included in this Annual Report. See notes (a) and (c) in our "Reconciliations of Non-GAAP Financial Measures" for more information. PDF. Cognizant Makes 20th Acquisition Since 2019 With Devbridge Buy Cognizant Technology Solutions (NASDAQ: COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION, Cost of revenues (exclusive of depreciation and amortization expense Our purpose is activated through our clients organizations. Are Swedish businesses prepared for a disruptive future? Remote access to work will be made stronger and more secure. 2019 Annual Report pages: / 128 FlippingBook Demo. A Leader in the Forrester WaveTM: AI Consultancies, Q3 2019, Leader in IDC MarketScape Worldwide Artificial Intelligence Services 2019 Vendor Assessment, Q2 2019. % Cognizant Investor RelationsSEC Filings | Cognizant Constant currency revenue growth is not a measurement of financial performance prepared in accordance with GAAP. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law. To listen to the conference call, please dial (877) 810-9510 (domestically) or (201) 493-6778 (internationally) and provide the following conference passcode: " Cognizant Call ." Meeting these challenges head on, Cognizant is propelling clients through times of progress and during crisis. Conference Call. Here, you can read more about our take on Covid-19 from both a health and a business perspective. To listen to the conference call, please dial (877) 810-9510 (domestically) or (201) 493-6778 (internationally) and provide the following conference passcode: "Cognizant Call." Data drives continuous change, powered by IoT, AI, digital engineering and cloud. Sense change before it happensand act at superhuman speed. Successful businesses are turning raw data into informed action. Results reflect demand for core modernization services of enterprise applications and for services within Digital Business. Type in a topic service or offering and then hit Enter to search. /Producer Revenue growth in technology was negatively impacted by our previously announced decision to exit certain portions of our content services business. At Cognizant, we promise to treat your data with respect and will not share your information with any third party. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION, Accrued expenses and other current liabilities (a), Preferred stock, $0.10 par value, 15.0 shares authorized, none issued, ClassA common stock, $0.01 par value, 1,000 shares authorized, 548 and 577 shares issued and outstanding at December 31, 2019 and 2018, respectively, Accumulated other comprehensive income (loss), Total liabilities and stockholders' equity. GAAP operating margin was 14.6% compared to 16.8% in the year-ago quarter. We make shopping smarter and drugs safer, keep trains on schedule and small business grants flowing. We partner with schools and community learning programs worldwide to help transform new capabilities and to reduce our carbon footprint, water consumption and waste generation. In order to ensure that we continue to retain top talent to serve our customers and manage our business, in July 2019 we offered retention awards to certain key employees, which will result in additional realignment charges of approximately $48 million during the remainder of 2019. The Company declared a quarterly cash dividend of $0.22 per share on Cognizant Class A common stock for shareholders of record at the close of business on February 18, 2020. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Digitalization as an enabler of cost reductions within offshore wind, Cognizant Finland is moving forward to pursue strategic priorities and lead with digital capabilities, Technology and sustainability: ongoing Norwegian projects. View CTSH financial statements in full. The reconciliations of our non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated. For organizations to remain relevant now and into the future, we believe an intuition-like capacity is more than desirable, it's . Helping organizations engage people and uncover insight from data to shape the products, services and experiences they offer, How unlocking sustainability propels benefits that exceed expectations. PDF Engineering Modern Businesses /ModDate Constant currency revenue growth is defined as revenues for a given period restated at the comparative period's foreign currency exchange rates measured against the comparative period's reported revenues. To listen to the conference call, please dial (877) 810-9510 (domestically) or (201) 493-6778 (internationally) and provide the following conference passcode: " Cognizant Call ." Healthcare(28.5% of revenues) revenue grew 1.6% year-over-year, or 1.8% in constant currency. These statements include, but are not limited to, express or implied forward-looking statements relating to our expectations regarding opportunities in the marketplace, our cost structure, investment in and growth of our business, our shift to digital solutions and services, our anticipated financial performance, our capital deployment plan and clarification, if any, by the Indian government as to the application of the Supreme Court's ruling related to the India Defined Contribution Obligation. Fourth Quarter 2020 Performance by Business Segment. 1 See "Non-GAAP Financial Measures" on pages 27-29 of the Annual Report on Form 10-K, which is included in this Annual Report. 7.23 MB. 1 0 obj As such, the ultimate amount of our obligation may be materially different from the amount accrued and therefore, the amount and timing of an adjustment to this accrual, if any, cannot be provided on a forward-looking basis without unreasonable efforts. In July 2019, we completed the acquisition of Zenith Technologies, which will expand our IoT portfolio, enabling us to become a single-source provider of end-to-end smart factory capabilities, a key driver in Industry 4.0. You can unsubscribe to any of the investor alerts you are subscribed to by . Our guidance anticipates pre-tax charges in the range of $0.17 to $0.27 per diluted share for the full year 2020. Cognizant Technology Solutions Corp (CTSH) 10-Q Quarterly Report uvo 2nrepm? These statements include, but are not limited to, express or implied forward-looking statements relating to our expectations regarding opportunities in the marketplace, our cost structure, investment in and growth of our business, our realignment plans, the timing, cost and impact of the 2020 Fit for Growth Plan, our shift to digital solutions and services, our anticipated financial performance, our capital deployment plan and clarification, if any, by the Indian government as to the application of the Supreme Court's ruling related to the India Defined Contribution Obligation. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. PDF Cognizant Annual Report 2004 Defined Contribution Obligation(b), Initial funding of Cognizant U.S. Governance. Cognizant Technology Solutions Corp - 10K - Annual Report - Fintel Fast-learning businesses combine data and intelligence to boost productivity, cut costs and create dynamic customer experiences. endobj Cognizant helped a global pharmaceuticals company migrate 150 terabytes of data10 times the amount of material in the Library of Congressto an Amazon Web Services cloud platform, improving retrieval speeds by up to 50%. The above tables serve to reconcile the Non-GAAP financial measures to the most directly comparable GAAP measures. Communications, Media and Technology (14.6% of revenues) revenue grew 12.2% year-over-year and 14.1% in constant currency, led by growth in Technology. At Cognizant, we help established businesses adapt to this new reality at enterprise scale, designing and deploying software that makes them better banks, better insurers, better retailers. Forward-Looking Statements By sensing and reacting to anomalies in refrigerator temperatures, Cognizant helped a large U.S.-based retailer reduce its $2 billion of food waste by 40% while improving food safety. It is possible that the Indian government will review the matter and there is a substantial question as to whether the Indian government will apply the Supreme Court's ruling on a retroactive basis. PDF Engineering Modern Businesses - cognizant.q4cdn.com Management believes providing investors with an operating view consistent with how we manage the Company provides enhanced transparency into our operating results. At Cognizant, we are developing a global greenhouse gas reduction strategy, which we address in detail in our 2020 ESG report. Modern businessesare creating software that keeps them invaluable to their customers over the long term. The income tax impact of each item is calculated by applying the statutory rate and local tax regulations in the jurisdiction in which the item was incurred. Cognizant Annual Report 2019 | The Cognizant Nordic Blog As such, the ultimate amount of our obligation may be materially different from the amount accrued and therefore, the amount and timing of an adjustment to this accrual, if any, cannot be provided on a forward-looking basis without unreasonable efforts. PDF Cognizant Technology Solutions Corporation By focusing on what is important to our clients, we enhance the lives of customers, consumers and citizens around the world. The incremental accrual related to the India Defined Contribution Obligation is reported in "Selling, general and administrative expenses" in our unaudited consolidated statement of operations. "We take great pleasure in sharing Cognizant Foundation's Annual Report for 2019/20, along with a special report on our journey over the last 15 years which has impacted over 3.5 million lives across India." . 1Constant currency revenue growth, Adjusted Operating Margin and Adjusted Diluted Earnings Per Share ("Adjusted Diluted EPS") are not measurements of financial performance prepared in accordance with GAAP. Revenue of $4.2 billion, down 0.1% (0.7% in constant currency 1 ) including a negative 130 basis points impact from the exit of certain content services GAAP operating margin was 14.2% vs. 15.7% in the prior year period while GAAP diluted EPS was $0.64 . Proxy Statement & Notice of Annual Meeting, Form 10-Q for period ending March 31, 2020. Business Segments . Refer to our most recent Annual Report on Form 10K for more information. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Cognizant Reports Third Quarter 2020 Results | Cognizant In 2019, we changed our policy with regard to the presentation of certain amounts due to customers, such as discounts and rebates. Cognizant has helped clients convert data from a liability into an asset in as little as four weeks, so they can improve decision-making and use data more effectively. In the second quarter of 2018, we provided $100 million of initial funding to Cognizant U.S. Foundation. Life Sciences delivered double-digit growth, driven by large enterprise deals and momentum with our industry specific platforms. As communities and institutions modernize for today and what lies ahead, we are laying the foundation for future growth with a new purpose to guide and inspire our actions as individuals, teams and an enterprise. Second Quarter 2019 Performance by Business Segment. Annual revenue of $16.13 billion, up 8.9% over 2017. To supplement our financial results presented in accordance with GAAP, this press release includes references to the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: Adjusted Income From Operations, Adjusted Operating Margin, Adjusted Diluted EPS, free cash flow and constant currency revenue growth. CTSH | Cognizant Technology Solutions Corp. Financial Statements - WSJ For those who cannot access the live broadcast, a replay will be available. English. HFS Winners Circle: Software Product Engineering. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Please refer to the "About Non-GAAP Financial Measures" section of our press release for further information on the use of these Non-GAAP measures. The reconciliations of our non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated. This cost is reported in "Selling, general and administrative expenses" in our unaudited consolidated statement of operations. Cognizant associates volunteered more than 600,000 hours of their time and talents in 2019, making an immediate difference in neighborhoods and nations around the globe. Forward-Looking StatementsThis press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Cognizant Investor RelationsAnnual Report Download | Cognizant As we currently weather this crisis, including taking actions to strengthen our financial flexibility, we are also preparing for the post-Covid-19 world, which will require differentiated solutions for our clients . Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, changes in the regulatory environment, including with respect to immigration and taxes, and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant (Nasdaq: CTSH), one of the world's leading professional services companies, today announced its third quarter 2020 financial results. Healthcare (27.4% of revenues) revenue declined 1.9% year-over-year and 1.5% in constant currency. PDF World Headquarters www.cognizant During the three months and year ended December 31, 2019, we incurred $48 million in restructuring charges, as part of our 2020 Fit for Growth Plan, that include $45 million in employee separation costs, $2 million in employee retention costs and $1 million in third party costs. The replay will also be available at Cognizant's website www.cognizant.comfor 60 days following the call. Fourth Quarter 2019 Performance by Business Segment. The power of cloud is realized when the right migration and integration aligns with precise requirements. Software helps organizations slow the spread of disease. About Cognizant As a result, in 2019, we reduced "Trade accounts receivable, net" by $99 million for amounts due to customers, which under our previous policy would have been included in the caption "Accrued expenses and other current liabilities". The income tax impact of each item is calculated by applying the statutory rate and local tax regulations in the jurisdiction in which the item was incurred. We take pride in helping our clients stay relevant and responsive to their customers, working relentlessly to earn and keep their trust. 2019 Annual Report - cognizant.q4cdn.com Stock Repurchases under Board of Directors' authorized stock repurchase program: Reconciliation of Free Cash Flow Non-GAAP Financial Measure, Cognizant Reports Fourth Quarter And Full Year 2019 Results, Annual revenue of $16.8 billion, up 4.1% (5.2% in constant currency) over 2018, Increases quarterly dividend by 10% to $0.22 per share and share repurchase authorization by $2 billion, For further information: Investor Relations Contact: Katie Royce, Global Head of Investor Relations, 201-679-2739, Katie.Royce@cognizant.com; Media Contact: Rick Lacroix, VP, Corporate Communications, 201-470-8961, Richard.Lacroix@cognizant.com, Cost of revenues (exclusive of depreciation and amortization expense, Accrued expenses and other current liabilities, ClassA common stock, $0.01 par value, 1,000 shares authorized, 548 and 577 shares issued, Incremental accrual related to the India Defined, Non-operating foreign currency exchange (gains), Effect of the equity method investment impairment, Effect of adjustment to the one-time income tax. 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