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Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||
For the quarterly period ended |
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|||||||
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Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||
For the transition period from to |
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||||||||||
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.) |
||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
$0.01 par value per share |
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☒
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Accelerated filer |
☐
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||||||||
Non-accelerated filer |
☐
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Smaller reporting company |
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||||||||
Emerging growth company |
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Class | Number of Shares | |||||||
Class A Common Stock, par value $0.01 per share |
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Page | ||||||||
PART I. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Defined Term | Definition | |||||||
10b5-1 Plan
|
Trading plan adopted pursuant to Rule 10b5-1 under the Exchange Act
|
|||||||
Adjusted Diluted EPS | Adjusted diluted earnings per share | |||||||
AI
|
Artificial intelligence
|
|||||||
ASC | Accounting Standards Codification | |||||||
CC | Constant Currency | |||||||
CE | Continental Europe | |||||||
CITA | Commissioner of Income Tax (Appeals) in India | |||||||
CMT | Communications, Media and Technology | |||||||
CODM
|
Chief Operating Decision Maker
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|||||||
Credit Agreement |
Credit agreement with a commercial bank syndicate dated April 18, 2024, as amended
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|||||||
CTS India | Our principal operating subsidiary in India | |||||||
DOJ | United States Department of Justice | |||||||
DSO | Days Sales Outstanding | |||||||
DTSA | Defend Trade Secrets Act | |||||||
EPS | Earnings per share | |||||||
ESG
|
Environmental, social and corporate governance
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|||||||
EU | European Union | |||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||
FS | Financial Services | |||||||
GAAP | Generally Accepted Accounting Principles in the United States of America | |||||||
GenAI
|
Generative artificial intelligence
|
|||||||
HS | Health Sciences | |||||||
High Court | Madras, India High Court | |||||||
India Defined Contribution Obligation | Certain statutory defined contribution obligations of employees and employers in India | |||||||
IRS | Internal Revenue Service | |||||||
ITAT
|
Income Tax Appellate Tribunal in India
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|||||||
ITD | Indian Income Tax Department | |||||||
NA | North America | |||||||
NextGen program
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Our 2023-2024 program to simplify our operating model, optimize corporate functions and consolidate and realign office space
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|||||||
Ninth Circuit
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United States Court of Appeals for the Ninth Circuit
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|||||||
P&R | Products & Resources | |||||||
Recently completed acquisitions
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Acquisitions that were completed in the 12 months preceding the beginning of the reporting period (in order to identify the impact of such acquisitions for the first twelve months of ownership)
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|||||||
RoW | Rest of World | |||||||
SCI | Supreme Court of India | |||||||
SEC | United States Securities and Exchange Commission | |||||||
Second Circuit | United States Court of Appeals for the Second Circuit | |||||||
SG&A | Selling, general and administrative | |||||||
Syntel |
Syntel Sterling Best Shores Mauritius Ltd.
|
|||||||
Tax Reform Act | Tax Cuts and Jobs Act | |||||||
Term Loan | Unsecured term loan under the Credit Agreement | |||||||
Title VII
|
Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e
et seq.
|
|||||||
TriZetto |
The TriZetto Group, Inc., now known as Cognizant Technology Software Group, Inc.
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|||||||
UK | United Kingdom | |||||||
USDC-CDCA |
United States District Court for the Central District of California
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|||||||
USDC-NJ | United States District Court for the District of New Jersey | |||||||
USDC-SDNY
|
United States District Court for the Southern District of New York |
Cognizant Technology Solutions |
1
|
March 31, 2025 Form 10-Q
|
Forward Looking Statements |
Cognizant Technology Solutions |
2
|
March 31, 2025 Form 10-Q
|
Cognizant Technology Solutions |
3
|
March 31, 2025 Form 10-Q
|
(in millions, except par values) | March 31, 2025 | December 31, 2024 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ |
|
$ |
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|||||||
Short-term investments |
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|||||||||
Trade accounts receivable, net |
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|||||||||
Other current assets |
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|||||||||
Total current assets |
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|||||||||
Property and equipment, net |
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|||||||||
Operating lease assets, net |
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|||||||||
Goodwill |
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|||||||||
Intangible assets, net |
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Deferred income tax assets, net |
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|||||||||
Long-term investments |
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Other noncurrent assets |
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|||||||||
Total assets | $ |
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$ |
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|||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ |
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$ |
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|||||||
Deferred revenue |
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|||||||||
Short-term debt |
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Operating lease liabilities |
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|||||||||
Accrued expenses and other current liabilities |
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|||||||||
Total current liabilities |
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|||||||||
Deferred revenue, noncurrent |
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|||||||||
Operating lease liabilities, noncurrent |
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|||||||||
Deferred income tax liabilities, net |
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|||||||||
Long-term debt |
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|||||||||
Other noncurrent liabilities |
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|||||||||
Total liabilities |
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|||||||||
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||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $
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|||||||||
Class A common stock, $
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|||||||||
Additional paid-in capital |
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|||||||||
Retained earnings |
|
|
|||||||||
Accumulated other comprehensive income (loss) |
(
|
(
|
|||||||||
Total stockholders’ equity |
|
|
|||||||||
Total liabilities and stockholders’ equity | $ |
|
$ |
|
Cognizant Technology Solutions |
4
|
March 31, 2025 Form 10-Q
|
(in millions, except per share data)
|
Three Months Ended
March 31, |
||||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
Revenues | $ |
|
$ |
|
|||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization expense shown separately below) |
|
|
|||||||||||||||||||||
Selling, general and administrative expenses |
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|||||||||||||||||||||
Restructuring charges |
|
|
|||||||||||||||||||||
Depreciation and amortization expense |
|
|
|||||||||||||||||||||
(Gain) on sale of property and equipment
|
(
|
|
|||||||||||||||||||||
Income from operations |
|
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|||||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest income |
|
|
|||||||||||||||||||||
Interest expense |
(
|
(
|
|||||||||||||||||||||
Foreign currency exchange gains (losses), net |
|
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|||||||||||||||||||||
Other, net |
(
|
|
|||||||||||||||||||||
Total other income (expense), net |
|
|
|||||||||||||||||||||
Income before provision for income taxes |
|
|
|||||||||||||||||||||
Provision for income taxes |
(
|
(
|
|||||||||||||||||||||
Income (loss) from equity method investments |
|
|
|||||||||||||||||||||
Net income | $ |
|
$ |
|
|||||||||||||||||||
Basic earnings per share | $ |
|
$ |
|
|||||||||||||||||||
Diluted earnings per share | $ |
|
$ |
|
|||||||||||||||||||
Weighted average number of common shares outstanding - Basic |
|
|
|||||||||||||||||||||
Dilutive effect of shares issuable under stock-based compensation plans |
|
|
|||||||||||||||||||||
Weighted average number of common shares outstanding - Diluted |
|
|
Cognizant Technology Solutions |
5
|
March 31, 2025 Form 10-Q
|
(in millions)
|
Three Months Ended
March 31, |
||||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
Net income | $ |
|
$ |
|
|||||||||||||||||||
Change in Accumulated other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments |
|
(
|
|||||||||||||||||||||
Unrealized gains and losses on cash flow hedges |
|
|
|||||||||||||||||||||
Other comprehensive income (loss) |
|
(
|
|||||||||||||||||||||
Comprehensive income | $ |
|
$ |
|
Cognizant Technology Solutions |
6
|
March 31, 2025 Form 10-Q
|
(in millions, except per share data)
|
Class A Common Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Total Stockholders' Equity
|
|||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2024
|
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
Net income | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||
Common stock issued, stock-based compensation plans |
|
— |
|
— | — |
|
||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — |
|
— | — |
|
||||||||||||||||||||||||||||||||
Repurchases of common stock |
(
|
— |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||
Dividends declared, $
|
— | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||
Balance, March 31, 2025
|
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
(in millions, except per share data)
|
Class A Common Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Total Stockholders' Equity
|
|||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023
|
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
Net income | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||
Common stock issued, stock-based compensation plans |
|
— |
|
— | — |
|
||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — |
|
— | — |
|
||||||||||||||||||||||||||||||||
Repurchases of common stock |
(
|
— |
(
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||
Dividends declared, $
|
— | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||
Balance, March 31, 2024
|
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
Cognizant Technology Solutions |
7
|
March 31, 2025 Form 10-Q
|
(in millions)
|
For the Three Months Ended
March 31, |
||||||||||
2025 | 2024 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ |
|
$ |
|
|||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization |
|
|
|||||||||
Deferred income taxes |
|
(
|
|||||||||
Stock-based compensation expense |
|
|
|||||||||
Gain on sale of property and equipment
|
(
|
|
|||||||||
Other, net
|
(
|
|
|||||||||
Changes in assets and liabilities, net of effects of businesses acquired:
|
|||||||||||
Trade accounts receivable, current |
(
|
|
|||||||||
Other current and noncurrent assets |
(
|
(
|
|||||||||
Accounts payable |
|
(
|
|||||||||
Deferred revenues, current and noncurrent |
|
|
|||||||||
Other current and noncurrent liabilities |
(
|
(
|
|||||||||
Net cash provided by operating activities |
|
|
|||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment |
(
|
(
|
|||||||||
Proceeds from sale of property and equipment
|
|
|
|||||||||
Proceeds from maturity of held-to-maturity investment securities |
|
|
|||||||||
Proceeds from maturity or sale of other investments |
|
|
|||||||||
Payments for business combinations, net of cash acquired |
|
(
|
|||||||||
Net cash (used in) investing activities |
(
|
(
|
|||||||||
Cash flows from financing activities: | |||||||||||
Issuance of common stock under stock-based compensation plans |
|
|
|||||||||
Repurchases of common stock |
(
|
(
|
|||||||||
Repayment of Term Loan borrowings and earnout and finance lease obligations
|
(
|
(
|
|||||||||
Repayment of notes outstanding under the revolving credit facility
|
(
|
|
|||||||||
Dividends paid |
(
|
(
|
|||||||||
Net cash (used in) financing activities |
(
|
(
|
|||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents
|
|
(
|
|||||||||
(Decrease) in cash, cash equivalents and restricted cash and cash equivalents
|
(
|
(
|
|||||||||
Cash, cash equivalents and restricted cash and cash equivalents beginning of year
|
|
|
|||||||||
Cash and cash equivalents, end of period | $ |
|
$ |
|
Cognizant Technology Solutions |
8
|
March 31, 2025 Form 10-Q
|
Note 1 — Interim Consolidated Financial Statements |
Date Issued and Topic |
Effective Date
|
Description | Impact | ||||||||
December 2023
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
|
Annual period starting in 2025
Prospective basis
|
The standard requires enhanced income tax disclosures primarily related to the income tax rate reconciliation and income taxes paid information.
|
We are currently evaluating the impact of the new standard on our disclosures.
|
||||||||
November 2024
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)
|
Annual period starting in 2027 and interim periods starting in 2028
Prospective basis
|
The standard is intended to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods.
|
We are currently evaluating the impact of the new standard on our disclosures.
|
||||||||
Cognizant Technology Solutions |
9
|
March 31, 2025 Form 10-Q
|
Note 2 — Revenues and Trade Accounts Receivable |
Three Months Ended
March 31, 2025 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
Health Sciences
|
Financial Services
|
Products and Resources
|
Communications, Media and Technology
|
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geography: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Service line: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consulting and technology services | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Outsourcing services |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of contract: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time and materials | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed-price |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction or volume-based |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Cognizant Technology Solutions |
10
|
March 31, 2025 Form 10-Q
|
Three Months Ended
March 31, 2024 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
Health Sciences
|
Financial Services
|
Products & Resources
|
Communications, Media and Technology
|
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geography: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Service line: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consulting and technology services | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Outsourcing services |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of contract: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time and materials | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed-price |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction or volume-based |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2025 | 2024 | ||||||||||||
Beginning balance | $ |
|
$ |
|
||||||||||
Costs capitalized |
|
|
||||||||||||
Amortization expense |
(
|
(
|
||||||||||||
Impairment charge |
(
|
(
|
||||||||||||
Ending balance | $ |
|
$ |
|
(in millions) | 2025 | 2024 | ||||||||||||
Beginning balance | $ |
|
$ |
|
||||||||||
Revenues recognized during the period but not billed |
|
|
||||||||||||
Amounts reclassified to trade accounts receivable |
(
|
(
|
||||||||||||
Ending balance | $ |
|
$ |
|
Cognizant Technology Solutions |
11
|
March 31, 2025 Form 10-Q
|
(in millions) | 2025 | 2024 | ||||||||||||
Beginning balance | $ |
|
$ |
|
||||||||||
Amounts billed but not recognized as revenues |
|
|
||||||||||||
Revenues recognized related to the beginning balance of deferred revenue |
(
|
(
|
||||||||||||
Amounts acquired in business combinations |
|
|
||||||||||||
Ending balance | $ |
|
$ |
|
(in millions) | 2025 | 2024 | ||||||||||||
Beginning balance | $ |
|
$ |
|
||||||||||
Credit loss expense
(1)
|
|
|
||||||||||||
Write-offs charged against the allowance |
(
|
(
|
||||||||||||
Ending balance | $ |
|
$ |
|
Note 3 — Restructuring Charges
|
Cognizant Technology Solutions |
12
|
March 31, 2025 Form 10-Q
|
(in millions) | 2025 | 2024 | ||||||||||||
Beginning balance | $ |
|
$ |
|
||||||||||
Employee separation costs accrued |
|
|
||||||||||||
Payments made |
(
|
(
|
||||||||||||
Ending balance | $ |
|
$ |
|
Note 4 — Accrued Expenses and Other Current Liabilities
|
(in millions) | March 31, 2025 | December 31, 2024 | |||||||||
Compensation and benefits | $ |
|
$ |
|
|||||||
Customer volume and other incentives |
|
|
|||||||||
Liabilities related to the resale of third-party products
|
|
|
|||||||||
Professional fees |
|
|
|||||||||
Income taxes |
|
|
|||||||||
Other |
|
|
|||||||||
Total accrued expenses and other current liabilities | $ |
|
$ |
|
Note 5 — Debt
|
Cognizant Technology Solutions |
13
|
March 31, 2025 Form 10-Q
|
(in millions) | March 31, 2025 | December 31, 2024 | |||||||||
Notes outstanding under revolving credit facility | $ |
|
$ |
|
|||||||
Term Loan |
|
|
|||||||||
Less: | |||||||||||
Current maturities - Term Loan
|
(
|
(
|
|||||||||
Unamortized deferred financing costs |
(
|
(
|
|||||||||
Long-term debt, net of current maturities | $ |
|
$ |
|
Note 6 — Income Taxes
|
Three Months Ended
March 31, |
|||||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
Effective income tax rate |
|
% |
|
% |
Cognizant Technology Solutions |
14
|
March 31, 2025 Form 10-Q
|
Note 7 — Derivative Financial Instruments
|
(in millions) | March 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||
Designation of Derivatives |
Location on Statement of
Financial Position |
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments | Other current assets | $ |
|
$ | — | $ |
|
$ | — | |||||||||||||||||||||||
Other noncurrent assets |
|
— |
|
— | ||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | — |
|
— |
|
||||||||||||||||||||||||||||
Other noncurrent liabilities | — |
|
— |
|
||||||||||||||||||||||||||||
Total |
|
|
|
|
||||||||||||||||||||||||||||
Foreign exchange forward contracts – Not designated as hedging instruments | Other current assets |
|
— |
|
— | |||||||||||||||||||||||||||
Accrued expenses and other current liabilities | — |
|
— |
|
||||||||||||||||||||||||||||
Total |
|
|
|
|
||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
Cognizant Technology Solutions |
15
|
March 31, 2025 Form 10-Q
|
(in millions) | March 31, 2025 | December 31, 2024 | |||||||||
2025 |
|
$ |
|
||||||||
2026 |
|
|
|||||||||
2027 |
|
|
|||||||||
Total notional value of contracts outstanding
(1)
|
$ |
|
$ |
|
|||||||
(in millions) | March 31, 2025 | December 31, 2024 | |||||||||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||||||||||
Contracts outstanding | $ |
|
$ |
|
$ |
|
$ |
(
|
Location of Net Gains (Losses) on Derivative Instruments
|
Amount of Net Gains (Losses) on Derivative Instruments | ||||||||||||||||||||||||||||
(in millions) | 2025 | 2024 | |||||||||||||||||||||||||||
Foreign exchange forward contracts – Not designated as hedging instruments | Foreign currency exchange gains (losses), net | $ |
(
|
$ |
|
Cognizant Technology Solutions |
16
|
March 31, 2025 Form 10-Q
|
Note 8 — Fair Value Measurements
|
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ |
|
$ | — | $ | — | $ |
|
|||||||||||||||
Time deposits | — |
|
— |
|
|||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Time deposits |
|
|
|
|
|||||||||||||||||||
Equity investment security |
|
|
|
|
|||||||||||||||||||
Other current assets: | |||||||||||||||||||||||
Foreign exchange forward and option contracts
|
|
|
|
|
|||||||||||||||||||
Other noncurrent assets:
|
|||||||||||||||||||||||
Foreign exchange forward contracts |
|
|
|
|
|||||||||||||||||||
Accrued expenses and other current liabilities:
|
|||||||||||||||||||||||
Foreign exchange forward contracts
|
|
(
|
|
(
|
|||||||||||||||||||
Other noncurrent liabilities:
|
|||||||||||||||||||||||
Foreign exchange forward contracts |
|
(
|
|
(
|
|||||||||||||||||||
Cognizant Technology Solutions |
17
|
March 31, 2025 Form 10-Q
|
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ |
|
$ | — | $ | — | $ |
|
|||||||||||||||
Time deposits | — |
|
— |
|
|||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Time deposits |
|
|
|
|
|||||||||||||||||||
Equity investment security |
|
|
|
|
|||||||||||||||||||
Other current assets: | |||||||||||||||||||||||
Foreign exchange forward contracts |
|
|
|
|
|||||||||||||||||||
Accrued expenses and other current liabilities: | |||||||||||||||||||||||
Foreign exchange forward contracts |
|
(
|
|
(
|
|||||||||||||||||||
Other noncurrent liabilities: | |||||||||||||||||||||||
Foreign exchange forward contracts |
|
(
|
|
(
|
|||||||||||||||||||
Cognizant Technology Solutions |
18
|
March 31, 2025 Form 10-Q
|
Note 9 — Accumulated Other Comprehensive Income (Loss)
|
(in millions) |
Before Tax
Amount |
Tax
Effect |
Net of Tax
Amount |
|||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||
Change in foreign currency translation adjustments |
|
|
|
|||||||||||||||||||||||||||||||||||
Ending balance | $ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||
Unrealized gains and losses on cash flow hedges:
|
||||||||||||||||||||||||||||||||||||||
Beginning balance | $ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||
Unrealized gains arising during the period
|
|
(
|
|
|||||||||||||||||||||||||||||||||||
Reclassifications of net losses to:
|
||||||||||||||||||||||||||||||||||||||
Cost of revenues |
|
(
|
|
|||||||||||||||||||||||||||||||||||
SG&A expenses |
|
|
|
|||||||||||||||||||||||||||||||||||
Net change |
|
(
|
|
|||||||||||||||||||||||||||||||||||
Ending balance | $ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||||||||
Losses on defined benefit plans:
|
||||||||||||||||||||||||||||||||||||||
Beginning balance | $ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||
Losses on defined benefit plans
|
|
|
|
|||||||||||||||||||||||||||||||||||
Ending balance | $ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||
Other comprehensive income (loss) |
|
(
|
|
|||||||||||||||||||||||||||||||||||
Ending balance | $ |
(
|
$ |
|
$ |
(
|
(in millions) |
Before Tax
Amount |
Tax
Effect |
Net of Tax
Amount |
|||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||
Change in foreign currency translation adjustments |
(
|
|
(
|
|||||||||||||||||||||||||||||||||||
Ending balance | $ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||
Unrealized gains and losses on cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||||||||
Unrealized gains arising during the period
|
|
(
|
|
|||||||||||||||||||||||||||||||||||
Ending balance | $ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||||||||
Other comprehensive income (loss) |
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||
Ending balance | $ |
(
|
$ |
(
|
$ |
(
|
Cognizant Technology Solutions |
19
|
March 31, 2025 Form 10-Q
|
Note 10— Commitments and Contingencies
|
Cognizant Technology Solutions |
20
|
March 31, 2025 Form 10-Q
|
Cognizant Technology Solutions |
21
|
March 31, 2025 Form 10-Q
|
Note 11 — Segment Information
|
Cognizant Technology Solutions |
22
|
March 31, 2025 Form 10-Q
|
Three Months Ended March 31, 2025
|
|||||||||||||||||||||||||||||
(in millions) |
HS
|
FS
|
P&R
|
CMT
|
Total
|
||||||||||||||||||||||||
Revenues
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
Less: other segment items
|
|
|
|
|
|
||||||||||||||||||||||||
Segment operating profit |
|
|
|
|
|
||||||||||||||||||||||||
Less: unallocated costs |
|
||||||||||||||||||||||||||||
Income from operations | $ |
|
Three Months Ended March 31, 2024
|
|||||||||||||||||||||||||||||
(in millions) |
HS
|
FS
|
P&R
|
CMT
|
Total
|
||||||||||||||||||||||||
Revenues
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
Less: other segment items
|
|
|
|
|
|
||||||||||||||||||||||||
Segment operating profit |
|
|
|
|
|
||||||||||||||||||||||||
Less: unallocated costs |
|
||||||||||||||||||||||||||||
Income from operations | $ |
|
As of | |||||||||||
(in millions) | March 31, 2025 | December 31, 2024 | |||||||||
Long-lived Assets:
(1)
|
|||||||||||
North America
(2)
|
$ |
|
$ |
|
|||||||
Europe |
|
|
|||||||||
Rest of World
(3)
|
|
|
|||||||||
Total | $ |
|
$ |
|
Cognizant Technology Solutions |
23
|
March 31, 2025 Form 10-Q
|
Note 12 — Subsequent Events
|
Cognizant Technology Solutions |
24
|
March 31, 2025 Form 10-Q
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Executive Summary |
Revenue |
Income from Operations |
Operating Margin |
Diluted EPS |
GAAP |
Adjusted
1
|
GAAP |
Adjusted
1
|
GAAP |
Adjusted
1
|
Revenue up $355 million or 7.5% from Q1 2024; an increase of 8.2% in constant currency
1
|
Income from Operations up $158 million or 22.7% from Q1 2024
Adjusted Income from Operations
1
up $73 million or 10.2% from Q1 2024
|
Operating margin up 210 bps from Q1 2024
Adjusted Operating Margin
1
up 40 bps from Q1 2024
|
Diluted EPS up $0.24 or 21.8% from Q1 2024
Adjusted Diluted EPS
1
up $0.11 or 9.8% from Q1 2024
|
|||||||||||||||||||||||||||||||||||
Cognizant Technology Solutions |
25
|
March 31, 2025 Form 10-Q
|
Cognizant Technology Solutions |
26
|
March 31, 2025 Form 10-Q
|
Results of Operations |
% of | % of | Increase / Decrease | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share data) | 2025 | Revenues | 2024 | Revenues | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 5,115 | 100.0 | $ | 4,760 | 100.0 | $ | 355 | 7.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues
(a)
|
3,397 | 66.4 | 3,146 | 66.1 | 251 | 8.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses
(a)
|
791 | 15.5 | 765 | 16.1 | 26 | 3.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | — | — | 23 | 0.5 | (23) | (100.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 136 | 2.7 | 131 | 2.8 | 5 | 3.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gain) on sale of property and equipment
|
(62) | (1.2) | — | — | (62) | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from operations | 853 | 16.7 | 695 | 14.6 | 158 | 22.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 19 | 27 | (8) | (29.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 872 | 17.0 | 722 | 15.2 | 150 | 20.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | (213) | (179) | (34) | 19.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from equity method investments | 4 | 3 | 1 | 33.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 663 | 13.0 | $ | 546 | 11.5 | $ | 117 | 21.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS
|
$ | 1.34 | $ | 1.10 | $ | 0.24 | 21.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Information
2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Income from Operations and Adjusted Operating Margin | $ | 791 | 15.5 | $ | 718 | 15.1 | $ | 73 | 10.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Diluted EPS | $ | 1.23 | $ | 1.12 | $ | 0.11 | 9.8 |
Cognizant Technology Solutions |
27
|
March 31, 2025 Form 10-Q
|
Revenues - Reportable Business Segments and Geographic Markets
|
Q1 2025 as compared to Q1 2024
|
Increase / (Decrease) | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | $ | % |
CC %
3
|
||||||||||||||||||||||||||||||||
Health Sciences | 155 | 10.9 | 11.4 | ||||||||||||||||||||||||||||||||
Financial Services | 77 | 5.6 | 6.5 | ||||||||||||||||||||||||||||||||
Products and Resources | 145 | 12.8 | 13.6 | ||||||||||||||||||||||||||||||||
CMT | (22) | (2.7) | (1.9) | ||||||||||||||||||||||||||||||||
Total revenues | $ | 355 | 7.5 | 8.2 |
Q1 2025 as compared to Q1 2024
|
Increase / (Decrease) | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | $ | % |
CC %
3
|
||||||||||||||||||||||||||||||||
North America | $ | 333 | 9.5 | 9.7 | |||||||||||||||||||||||||||||||
United Kingdom | 1 | 0.2 | 1.0 | ||||||||||||||||||||||||||||||||
Continental Europe | 10 | 2.1 | 5.0 | ||||||||||||||||||||||||||||||||
Europe - Total | 11 | 1.2 | 3.0 | ||||||||||||||||||||||||||||||||
Rest of World | 11 | 3.7 | 7.1 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 355 | 7.5 | 8.2 |
Cognizant Technology Solutions |
28
|
March 31, 2025 Form 10-Q
|
Cost of Revenues (Exclusive of Depreciation and Amortization Expense)
|
é |
$251M
|
|||||||||||||
é |
0.3% as a % of revenues
|
|||||||||||||
¡ | % of Revenues | |||||||||||||
SG&A Expenses (Exclusive of Depreciation and Amortization Expense)
|
é |
$26M
|
|||||||||||||
ê |
0.6% as a % of revenues
|
|||||||||||||
¡ | % of Revenues | |||||||||||||
Depreciation and Amortization Expense
|
Gain on Sale of Property and Equipment
|
Operating Margin and Adjusted Operating Margin
4
- Overall
|
Cognizant Technology Solutions |
29
|
March 31, 2025 Form 10-Q
|
Segment Operating Profit
|
Segment operating profit | % | Segment operating margin |
(Dollars in millions) | 2025 | % of Revenues | 2024 | % of Revenues |
Increase/(Decrease)
|
|||||||||||||||||||||||||||
Total segment operating profit | $ | 857 | 16.8 | $ | 741 | 15.6 | $ | 116 | ||||||||||||||||||||||||
Less: unallocated costs | 4 | 0.1 | 46 | 1.0 | (42) | |||||||||||||||||||||||||||
Income from operations | $ | 853 | 16.7 | $ | 695 | 14.6 | $ | 158 | ||||||||||||||||||||||||
Cognizant Technology Solutions |
30
|
March 31, 2025 Form 10-Q
|
Other Income (Expense), Net
|
(in millions) | 2025 | 2024 |
Increase/
Decrease |
||||||||||||||||||||
Foreign currency exchange gains (losses) | $ | 3 | $ | (25) | $ | 28 | |||||||||||||||||
(Losses) gains on foreign exchange forward contracts not designated as hedging instruments | (1) | 31 | (32) | ||||||||||||||||||||
Foreign currency exchange gains (losses), net | 2 | 6 | (4) | ||||||||||||||||||||
Interest income | 30 | 30 | — | ||||||||||||||||||||
Interest expense | (12) | (11) | (1) | ||||||||||||||||||||
Other, net | (1) | 2 | (3) | ||||||||||||||||||||
Total other income (expense), net | $ | 19 | $ | 27 | $ | (8) |
Provision for Income Taxes
|
é |
$34M
|
|||||||||||||
¡
Effective Income Tax Rate
ê
0.4%
|
||||||||||||||
Net Income
|
é |
$117M
|
|||||||||||||
¡
é
1.5% of Revenue
s
|
||||||||||||||
Cognizant Technology Solutions |
31
|
March 31, 2025 Form 10-Q
|
2025 |
% of
Revenues |
2024 |
% of
Revenues |
||||||||||||||||||||
GAAP income from operations and operating margin | $ | 853 | 16.7 | $ | 695 | 14.6 | |||||||||||||||||
(Gain) on sale of property and equipment
(1)
|
(62) | (1.2) | — | — | |||||||||||||||||||
NextGen charges
(2)
|
— | — | 23 | 0.5 | |||||||||||||||||||
Adjusted Income from Operations and Adjusted Operating Margin | $ | 791 | 15.5 | $ | 718 | 15.1 | |||||||||||||||||
GAAP diluted EPS | $ | 1.34 | $ | 1.10 | |||||||||||||||||||
Effect of above adjustments, pre-tax
|
(0.13) | 0.05 | |||||||||||||||||||||
Non-operating foreign currency exchange (gains) losses, pre-tax
(3)
|
— | (0.01) | |||||||||||||||||||||
Tax effect of above adjustments
(4)
|
0.02 | (0.02) | |||||||||||||||||||||
Adjusted Diluted EPS | $ | 1.23 | $ | 1.12 | |||||||||||||||||||
Three Months Ended
March 31, |
|||||||||||
(in millions) | 2025 | 2024 | |||||||||
Non-GAAP income tax benefit (expense) related to: | |||||||||||
Gain on sale of property and equipment
|
$ | (9) | $ | — | |||||||
NextGen charges | — | 5 | |||||||||
Foreign currency exchange gains and losses | (3) | (1) |
Cognizant Technology Solutions |
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|
March 31, 2025 Form 10-Q
|
Liquidity and Capital Resources |
(in millions) | 2025 | 2024 | Increase / Decrease | ||||||||||||||||||||||||||
Net cash provided by (used in): | |||||||||||||||||||||||||||||
Operating activities | $ | 400 | $ | 95 | $ | 305 | |||||||||||||||||||||||
Investing activities | (7) | (238) | 231 | ||||||||||||||||||||||||||
Financing activities | (657) | (304) | (353) | ||||||||||||||||||||||||||
Acquisitions | |||||
Share Repurchases | |||||
Dividend payments | |||||
Cognizant Technology Solutions |
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March 31, 2025 Form 10-Q
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Commitments and Contingencies |
Critical Accounting Estimates |
Recently Adopted and New Accounting Pronouncements |
Item 3. Quantitative and Qualitative Disclosures about Market Risk. |
Cognizant Technology Solutions |
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|
March 31, 2025 Form 10-Q
|
Item 4. Controls and Procedures. |
Cognizant Technology Solutions |
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March 31, 2025 Form 10-Q
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Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Month |
Total Number
of Shares Purchased |
Average
Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs
(in millions) |
||||||||||||||||||||||
January 1, 2025 - January 31, 2025
|
— | $ | — | — | $ | 1,237 | ||||||||||||||||||||
February 1, 2025 -February 28, 2025
|
1,647,388 | 84.98 | 1,647,388 | 1,097 | ||||||||||||||||||||||
March 1, 2025 - March 31, 2025
|
632,811 | 79.01 | 632,811 | 3,047 | ||||||||||||||||||||||
Total | 2,280,199 | $ | 83.33 | 2,280,199 |
Item 5. Other Information |
Cognizant Technology Solutions |
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March 31, 2025 Form 10-Q
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Item 6. Exhibit Index |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Number | Exhibit Description | Form | File No. | Exhibit | Date | Filed or Furnished Herewith | ||||||||||||||||||||||||||||||||
3.1 | 8-K | 000-24429 | 3.1 | 6/7/2024 | ||||||||||||||||||||||||||||||||||
3.2 | 8-K | 000-24429 | 3.1 | 9/20/2018 | ||||||||||||||||||||||||||||||||||
31.1 | Filed | |||||||||||||||||||||||||||||||||||||
31.2 | Filed | |||||||||||||||||||||||||||||||||||||
32.1 | Furnished | |||||||||||||||||||||||||||||||||||||
32.2 | Furnished | |||||||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed | ||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed | ||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed | ||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed | ||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Filed | ||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Filed |
Cognizant Technology Solutions |
37
|
March 31, 2025 Form 10-Q
|
Cognizant Technology Solutions Corporation | ||||||||||||||||||||
Date: | April 30, 2025 | By: |
/s/ R
AVI
K
UMAR
S
|
|||||||||||||||||
Ravi Kumar S, | ||||||||||||||||||||
Chief Executive Officer | ||||||||||||||||||||
(Principal Executive Officer) |
Date: | April 30, 2025 | By: |
/s/ J
ATIN
D
ALAL
|
|||||||||||||||||
Jatin Dalal,
|
||||||||||||||||||||
Chief Financial Officer | ||||||||||||||||||||
(Principal Financial Officer) |
Cognizant Technology Solutions |
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March 31, 2025 Form 10-Q
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No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Zein Abdalla, 66 Former President of PepsiCo Independent director since 2015 | |||
Ms. Bali brings experience to the Cognizant Board of Directors gained through leading large multinationals in CEO and senior marketing and sales roles around the globe, having worked for over three decades with companies like Britannia Industries, The Coca-Cola Company and Cadbury Schweppes plc. | |||
Mr. Rohleder brings decades of experience overseeing operations, developing strategy, counseling clients and developing teams in the technology space to Cognizant’s Board of Directors, gained from his 35-year tenure in senior roles with Accenture and his roles as a board member and later CEO of GTY Technology Holdings. | |||
Sandra S. Wijnberg, 68 Former CFO of Marsh & McLennan Companies and Former CAO of Aquiline Holdings Independent director since 2019 | |||
Michael Patsalos - Fox, 72 Former Chairman, the Americas of McKinsey & Company and Former CEO of Stroz Friedberg Independent director since 2012 | |||
Leo S. Mackay, Jr., 63 SVP, Ethics and Enterprise Assurance of Lockheed Martin Independent director since 2012 | |||
Ms. Silvent brings to Cognizant’s Board of Directors over two decades of human resources and talent management experience, including developing and executing human capital strategies, as well as extensive public policy and government affairs expertise in employment and social inclusion issues, gained from her service at various private and public sector institutions. | |||
Mr. Velli brings experience to Cognizant’s Board of Directors in creating, building and leading global large-scale technology, processing and software platform businesses as well as M&A experience as a Senior EVP and member of the Policy Committee of The Bank of New York and as CEO of ConvergEx Group. | |||
John M. Dineen, 62 Former President and CEO of GE Healthcare Independent director since 2017 | |||
Eric Branderiz, 60 Former EVP and CFO of Enphase Energy Independent director since 2023 | |||
Bram Schot, 63 Former Chairman and CEO of Audi AG Independent director since 2023 | |||
Archana Deskus, 59 Former EVP and Chief Technology Officer of PayPal Independent director since 2020 |
Name and Principal Position | Year | Salary | Bonus | Stock Awards |
Non-Equity
Incentive Plan Comp. |
All Other
Comp. |
SEC Total | |||||||||||||
Ravi Kumar CEO |
2024 | $ | 1,199,990 | — | $ | 13,012,147 | $ | 2,575,920 | $ | 13,650 | $ | 16,801,707 | ||||||||
2023 | $ | 966,036 | $ | 750,000 | $ | 20,252,245 | $ | 585,224 | $ | 9,900 | $ | 22,563,405 | ||||||||
Jatin Dalal CFO |
2024 | $ | 750,000 | $ | 150,000 | $ | 7,742,990 | $ | 804,975 | $ | 664,034 | $ | 10,111,999 | |||||||
2023 | $ | 60,096 | $ | 150,000 | $ | 3,077,457 | $ | 18,203 | $ | 47,958 | $ | 3,353,714 | ||||||||
John Kim Chief Legal Officer, Chief Administrative Officer and Corporate Secretary |
2024 | $ | 800,000 | — | $ | 3,862,541 | $ | 858,640 | $ | 18,236 | $ | 5,539,417 | ||||||||
2023 | $ | 700,000 | — | $ | 3,220,248 | $ | 212,030 | $ | 12,950 | $ | 4,145,228 | |||||||||
2022 | $ | 650,000 | — | $ | 2,103,059 | $ | 501,891 | $ | 9,150 | $ | 3,264,100 | |||||||||
Surya Gummadi President, Americas |
2024 | $ | 725,011 | — | $ | 3,195,505 | $ | 569,343 | $ | 11,300 | $ | 4,501,159 | ||||||||
2023 | $ | 650,000 | $ | 750,000 | $ | 2,787,355 | $ | 102,960 | $ | 10,050 | $ | 4,300,365 | ||||||||
2022 | $ | 522,417 | $ | 647,989 | $ | 3,256,748 | — | $ | 7,000 | $ | 4,434,154 | |||||||||
Ganesh Ayyar President, Intuitive Operations and Automation and Industry Solutions |
2024 | $ | 716,860 | — | $ | 1,757,936 | $ | 693,276 | $ | 8,781 | $ | 3,176,853 | ||||||||
2023 | $ | 713,264 | — | $ | 1,817,442 | $ | 320,184 | $ | 8,459 | $ | 2,859,349 | |||||||||
2022 | $ | 641,636 | — | $ | 1,947,476 | $ | 938,041 | $ | 7,403 | $ | 3,534,556 |
Customers
Customer name | Ticker |
---|---|
KeyCorp | KEY |
KeyCorp | KEY |
Microsoft Corporation | MSFT |
UnitedHealth Group Incorporated | UNH |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
Ayyar Balu Ganesh | - | 87,601 | 0 |
Singisetti Ravi Kumar | - | 60,034 | 0 |
Ayyar Balu Ganesh | - | 59,748 | 0 |
Patsalos-Fox Michael | - | 58,277 | 6,775 |
Gummadi Surya | - | 43,026 | 0 |
Kim John Sunshin | - | 35,182 | 0 |
Singisetti Ravi Kumar | - | 32,353 | 0 |
Mackay Leo S. Jr. | - | 29,376 | 0 |
Schmitt Becky | - | 29,235 | 0 |
Telesmanic Robert | - | 25,874 | 800 |
Kim John Sunshin | - | 23,924 | 0 |
Telesmanic Robert | - | 18,378 | 800 |
Gummadi Surya | - | 18,141 | 0 |
Abdalla Zein | - | 15,575 | 0 |
Dalal Jatin P | - | 15,486 | 0 |
Diaz Kathryn | - | 14,353 | 0 |
Walker Robert C. | - | 9,859 | 0 |
Diaz Kathryn | - | 7,385 | 0 |
Breakiron-Evans Maureen | - | 3,063 | 0 |
Schot Abraham | - | 2,826 | 0 |
Dineen John M. | - | 1,827 | 0 |
Varrier Rajesh | - | 955 | 0 |