Actionable news
All posts from Actionable news
Actionable news in CTSH: Cognizant Technology Solutions Corporation,

Cognizant Technology Solutions: 500 Frank W. Burr Blvd

The following excerpt is from the company's SEC filing.

Teaneck, NJ 07666



Third quarter revenue up 3.3% sequentially and 23.5% year-over-year

Raises full year revenue and EPS guidance

TEANECK, N.J., November 4, 2015-Cognizant Technology Solutions Corporation (NASDAQ: CTSH) today announced its third quarter 2015 financial results.

Highlights-Third Quarter 2015

Third quarter revenue of $3.19 billion was up 23.5% from the year-ago period and up 3.3% sequentially.

GAAP diluted EPS was $0.65, up from $0.58 in the year-ago period.

Non-GAAP dil uted EPS was $0.76, up from $0.66 in the year-ago period.

Revenue for the third quarter of 2015 rose to $3.19 billion, up 23.5% from $2.58 billion in the third quarter of 2014. GAAP net income was $397.2 million, or $0.65 per diluted share, compared to $355.6 million, or $0.58 per diluted share, in the third quarter of 2014. Non-GAAP diluted earnings per share was $0.76 compared to $0.66 in the third quarter of 2014. GAAP operating margin for the quarter was 17.0%. Non-GAAP operating margin was 19.4%, within the Company’s target range of 19-20%. Reconciliations of non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.

“We experienced another quarter of strong performance, building on our solid momentum in the first half of the year with continued broad-based demand across key industries and geographies we serve,” said Francisco D’Souza, Chief Executive Officer of Cognizant. “As clients worldwide shift spending toward investments that drive innovation and growth in the digital era, our portfolio of services is well positioned to meet their needs and capture a disproportionate share of the market.”

“Our third quarter results, and increased guidance for the full year, clearly demonstrate that clients are turning to Cognizant to help them transition into digital enterprises while optimizing their traditional investments in technology and business processes,” said Gordon Coburn, President. “Large scale business transformations require a partner that brings a consultative approach to client engagement -- combining deep domain knowledge, understanding of clients’ legacy systems, expertise in digital design and technologies, and ability to scale at an enterprise level. These are areas where we have invested significantly and have critical competitive differentiation to meet the changing demands of clients in a new digital world.”

2015 Outlook-Fourth Quarter and Full Year

The Company is providing the following guidance:

Fourth quarter 2015 revenue expected to be at least $3.23 billion.

Fourth quarter 2015 non-GAAP diluted EPS expected to be at least $0.77.

Fiscal 2015 revenue expected to be at least $12.41 billion, up at least 21% compared to 2014.

Fiscal 2015 non-GAAP diluted EPS expected to be at least $3.03.

“Our balance sheet remains very healthy.

Cognizant recorded another quarter of strong cash generation, resulting in an increase of almost $500 million in cash and short term investments,” said Karen McLoughlin, Chief Financial Officer. “Additionally, during the quarter, we repaid the $100 million balance of our revolving credit facility and repurchased over $156 million of shares under our existing stock repurchase program. Year-to-date, we have repurchased 5.3 million shares for $334 million, reflecting the confidence in our business, commitment to drive shareholder value and ability to generate strong cash flows.”

Conference Call

Cognizant will host a conference call on November 4, 2015 at 8:00 a.m. (Eastern) to discuss the Company’s third quarter 2015 results. To listen to the conference call, please dial (877) 810-9510 (domestic) and (201) 493-6778

(international) and provide conference passcode: Cognizant Call.

The conference call will also be webcast via the Cognizant website at

. Please access the website at least 15 minutes prior to the call to register and download/install any necessary audio software.

A replay of the conference call will be available by dialing (877) 660-6853 (domestic) or (201) 612-7415 (international) and entering 13621265 from two hours after the end of the call until 11:59 p.m. (Eastern) on Wednesday, November 18, 2015. The replay will also be available at Cognizant’s website

for 60 days following the call.

About Cognizant

Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world’s leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 100 development and delivery centers worldwide and approximately 219,300 employees as of September 30, 2015, Cognizant is a...