| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Financial Services** | **1,481**  **[0001058290-23-000019_exhibit99112312022.htm:7]**  | **1,476**  **[0001058290-23-000132_exhibit9913312023.htm:8]**  | **1,463**  **[0001058290-23-000255_exhibit9916302023.htm:9]**  | **1,475**  **[0001058290-23-000330_ctsh-20230930.htm:29]**  | **1,395**  **[0001058290-24-000013_exhibit99112312023.htm:9]**  | **1,385**  **[0001058290-24-000116_ctsh-20240331.htm:25]**  | **1,447**  **[0001058290-24-000242_ctsh-20240630.htm:29]**  | **1,486**  **[0001058290-24-000325_exhibit9919302024.htm:10]**  |
| **Health Sciences** | **1,426**  **[0001058290-23-000019_exhibit99112312022.htm:7]**  | **1,433**  **[0001058290-23-000132_exhibit9913312023.htm:8]**  | **1,440**  **[0001058290-23-000255_exhibit9916302023.htm:9]**  | **1,405**  **[0001058290-23-000330_ctsh-20230930.htm:29]**  | **1,396**  **[0001058290-24-000013_exhibit99112312023.htm:9]**  | **1,416**  **[0001058290-24-000116_ctsh-20240331.htm:25]**  | **1,461**  **[0001058290-24-000242_ctsh-20240630.htm:29]**  | **1,514**  **[0001058290-24-000325_exhibit9919302024.htm:10]**  |
| **Products and Resources** | **1,148**  **[0001058290-23-000019_exhibit99112312022.htm:7]**  | **1,118**  **[0001058290-23-000132_exhibit9913312023.htm:8]**  | **1,177**  **[0001058290-23-000255_exhibit9916302023.htm:9]**  | **1,170**  **[0001058290-23-000330_ctsh-20230930.htm:29]**  | **1,163**  **[0001058290-24-000013_exhibit99112312023.htm:9]**  | **1,133**  **[0001058290-24-000116_ctsh-20240331.htm:25]**  | **1,126**  **[0001058290-24-000242_ctsh-20240630.htm:29]**  | **1,228**  **[0001058290-24-000325_exhibit9919302024.htm:10]**  |
| **Communications, Media and Technology** | **784**  **[0001058290-23-000019_exhibit99112312022.htm:7]**  | **785**  **[0001058290-23-000132_exhibit9913312023.htm:8]**  | **806**  **[0001058290-23-000255_exhibit9916302023.htm:9]**  | **847**  **[0001058290-23-000330_ctsh-20230930.htm:29]**  | **804**  **[0001058290-24-000013_exhibit99112312023.htm:9]**  | **826**  **[0001058290-24-000116_ctsh-20240331.htm:25]**  | **816**  **[0001058290-24-000242_ctsh-20240630.htm:29]**  | **816**  **[0001058290-24-000325_exhibit9919302024.htm:10]**  |

0e6229ac0518c0355719782be8b5aef4e27904325ed02f23659c0e4f0c65da68

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

d5c49b5bf59a8f1ccbab1a9cd17462116051665f4df93b076f7057aacee09d42

00f6932b2d62c0fb60040b32b3b6300781b5d4e4c6c9b74600bb50536e810867

Cognizant is a leading professional services company that focuses on engineering modern businesses and delivering strategic outcomes for clients. The company offers a wide range of services, including digital services and solutions, consulting, application development, systems integration, quality engineering and assurance, application maintenance, infrastructure and security, as well as business process services and automation **[0001058290-24-000017_ctsh-20231231.htm:7]** **[0001058290-24-000327_ctsh-20240930.htm:28]**. Cognizant's business is organized into four main segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology **[0001058290-24-000116_ctsh-20240331.htm:21]** **[0001058290-24-000327_ctsh-20240930.htm:27]**.

1. **Health Sciences** - Provides innovative solutions and services to enhance healthcare delivery and improve patient outcomes, focusing on digital transformation and data-driven insights.
2. **Financial Services** - Delivers comprehensive services to banking, insurance, and capital markets clients, emphasizing digital transformation and operational efficiency.
3. **Products and Resources** - Offers strategic solutions to manufacturing, logistics, energy, and retail sectors, aiming to optimize operations and drive growth through technology.
4. **Communications, Media and Technology** - Supports clients in the media, entertainment, and technology industries with services that enhance digital engagement and streamline operations.

65c30525a0e31acdaa723424db1494a9d88a1d5e975a949d3b6d847c3d91451b

2769b91eb446be4a33ce9e398d9701d186f4e9568a4fcc3daa397f0cce94fee2

| Geographical Segment | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **North America** ($ million) | **3,589**  **[0001058290-23-000019_exhibit99212312022.htm:0]**  | **3,545**  **[0001058290-23-000132_exhibit9913312023.htm:8]**  | **3,589**  **[0001058290-23-000255_exhibit9916302023.htm:9]**  | **3,599**  **[0001058290-23-000329_exhibit9919302023.htm:9]**  | **3,530**  **[0001058290-24-000013_exhibit99112312023.htm:9]**  | **3,521**  **[0001058290-24-000115_exhibit9913312024.htm:9]**  | **3,620**  **[0001058290-24-000241_exhibit9916302024.htm:10]**  | **3,735**  **[0001058290-24-000325_exhibit9919302024.htm:10]**  |
| **United Kingdom** ($ million) | **453**  **[0001058290-23-000019_exhibit99112312022.htm:7]**  | **478**  **[0001058290-23-000132_exhibit9913312023.htm:8]**  | **473**  **[0001058290-23-000255_exhibit9916302023.htm:9]**  | **486**  **[0001058290-23-000329_exhibit9919302023.htm:9]**  | **448**  **[0001058290-24-000013_exhibit99112312023.htm:9]**  | **456**  **[0001058290-24-000115_exhibit9913312024.htm:9]**  | **444**  **[0001058290-24-000241_exhibit9916302024.htm:10]**  | **482**  **[0001058290-24-000325_exhibit9919302024.htm:10]**  |
| **Continental Europe** ($ million) | **453**  **[0001058290-23-000019_exhibit99112312022.htm:7]**  | **461**  **[0001058290-23-000132_exhibit9913312023.htm:8]**  | **494**  **[0001058290-23-000255_exhibit9916302023.htm:9]**  | **484**  **[0001058290-23-000329_exhibit9919302023.htm:9]**  | **470**  **[0001058290-24-000013_exhibit99112312023.htm:9]**  | **483**  **[0001058290-24-000115_exhibit9913312024.htm:9]**  | **470**  **[0001058290-24-000241_exhibit9916302024.htm:10]**  | **485**  **[0001058290-24-000325_exhibit9919302024.htm:10]**  |
| **Europe - Total** ($ million) | **906**  **[0001058290-23-000019_exhibit99112312022.htm:7]**  | **939**  **[0001058290-23-000132_exhibit9913312023.htm:8]**  | **967**  **[0001058290-23-000255_exhibit9916302023.htm:9]**  | **970**  **[0001058290-23-000329_exhibit9919302023.htm:9]**  | **918**  **[0001058290-24-000013_exhibit99112312023.htm:9]**  | **939**  **[0001058290-24-000115_exhibit9913312024.htm:9]**  | **914**  **[0001058290-24-000241_exhibit9916302024.htm:10]**  | **967**  **[0001058290-24-000325_exhibit9919302024.htm:10]**  |
| **Rest of World** ($ million) | **344**  **[0001058290-23-000019_exhibit99112312022.htm:7]**  | **328**  **[0001058290-23-000132_exhibit9913312023.htm:8]**  | **330**  **[0001058290-23-000255_exhibit9916302023.htm:9]**  | **328**  **[0001058290-23-000329_exhibit9919302023.htm:9]**  | **310**  **[0001058290-24-000013_exhibit99112312023.htm:9]**  | **300**  **[0001058290-24-000115_exhibit9913312024.htm:9]**  | **316**  **[0001058290-24-000241_exhibit9916302024.htm:10]**  | **342**  **[0001058290-24-000325_exhibit9919302024.htm:10]**  |

02dcc8320bae56c8c43b4af7ae08e412c257f14cb16ae8aba42706dbf8b0cfa3

| Metric                                       | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Performance Obligations ($ million)           | **3,361**  **[0001058290-23-000027_ctsh-20221231.htm:110]**  | **3,680**  **[0001058290-23-000133_ctsh-20230331.htm:8]**  | **3,841**  **[0001058290-23-000258_ctsh-20230630.htm:10]**  | **3,883**  **[0001058290-23-000330_ctsh-20230930.htm:10]**  | **4,007**  **[0001058290-24-000017_ctsh-20231231.htm:110]**  | **4,263**  **[0001058290-24-000116_ctsh-20240331.htm:8]**  | **4,442**  **[0001058290-24-000242_ctsh-20240630.htm:11]**  | **4,700**  **[0001058290-24-000327_ctsh-20240930.htm:12]**  |
| Voluntary Attrition (%)                       | **19%**  **[0001058290-23-000019_exhibit99112312022.htm:1]**  | **23%**  **[0001058290-23-000132_exhibit9933312023.htm:2]**  | **19.9%**  **[0001058290-23-000258_ctsh-20230630.htm:27]**  | **16.2%**  **[0001058290-23-000330_ctsh-20230930.htm:27]**  | **13.8%**  **[0001058290-24-000013_exhibit99112312023.htm:1]**  | **13.1%**  **[0001058290-24-000116_ctsh-20240331.htm:23]**  | **13.6%**  **[0001058290-24-000242_ctsh-20240630.htm:27]**  | **14.6%**  **[0001058290-24-000327_ctsh-20240930.htm:29]**  |

47a1c2b26ae38c5edba3ce6eeaefa17fecb00d70b2030f448679075edee387cb

1. With the acquisition of **Belcan** expected to expand your ER&D capabilities and diversify into the high-growth aerospace and defense sectors, how do you plan to integrate this new business, and what challenges do you foresee in achieving synergy with your existing operations?  **[CTSH_3395368_1]** ,  **[CTSH_3395368_2]** 

2. Given that **Financial Services and Healthcare together account for 60% of your business**, how are you addressing the risk of over-reliance on these two sectors, and what strategies are in place to diversify your revenue streams?  **[CTSH_3395368_11]** 

3. You mentioned that **clients' discretionary spending behavior remains unchanged from recent quarters and the demand environment remains challenging**; how do you plan to drive growth in this environment, and what specific actions are you taking to stimulate demand?  **[CTSH_3395368_1]** 

4. Despite strong bookings, the **conversion of these bookings into revenue appears to be taking longer due to extended contract durations**; how is this affecting your revenue growth expectations, and what measures are you implementing to improve the revenue conversion timing?  **[CTSH_3395368_1]** ,  **[CTSH_3395368_6]** 

5. With the implementation of your **NextGen program** and overall cost discipline, **adjusted operating margin increased to 15.2%**. Do you see further opportunities for margin expansion, and what potential headwinds could impact your operating margins in the coming quarters?  **[CTSH_3395368_1]** ,  **[CTSH_3395368_5]** 

fa8c9384012ee7afdadb497ea1342900449e4be75e251a3af69ca7e63511f56e

North America

Europe

- United Kingdom

- Continental Europe

- Rest of Europe

Rest of World

Total Revenue

baea12436c793781d8bf40bfc3f41b1bb01cd202e22c217db4a7f02565f370e0

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue Growth**: Flat to up **1.5% year-over-year** in constant currency for Q3; full year revenue of **$19.3 billion to $19.5 billion**.
  2. **Inorganic Contribution**: Approximately **70 basis points**.
  3. **Adjusted Operating Margin**: **15.3% to 15.5%** for the full year.
  4. **Net Interest Income**: Approximately **$80 million** for the full year.
  5. **Adjusted Tax Rate**: **24% to 25%**.
  6. **Free Cash Flow**: **80% of net income** for the full year.
  7. **Shares Outstanding**: Approximately **497 million**.
  8. **Adjusted EPS**: **$4.62 to $4.70**.
  9. **Capital Return to Shareholders**: Approximately **$1 billion** for the full year.
  10. **Belcan Acquisition**: Not included in guidance  **[CTSH_3395368_6]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024 and FY 2024
- **Guidance**:
  1. **Revenue Guidance**: Flat to up **1.5% year-over-year** in constant currency for Q3; full year revenue of **$19.3 billion to $19.5 billion**.
  2. **Inorganic Contribution**: Approximately **70 basis points**.
  3. **Adjusted Operating Margin**: **15.3% to 15.5%** for the full year.
  4. **Net Interest Income**: Approximately **$80 million** for the full year.
  5. **Adjusted Tax Rate**: **24% to 25%**.
  6. **Free Cash Flow**: **80% of net income**.
  7. **Shares Outstanding**: Approximately **497 million**.
  8. **Adjusted EPS**: **$4.62 to $4.70**  **[CTSH_3395368_6]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024 and FY 2024
- **Guidance**:
  1. **Revenue Guidance**: Flat to growth of **1.5% sequentially** for Q2; full year revenue of **$18.9 billion to $19.7 billion**.
  2. **Adjusted Operating Margin**: **15.3% to 15.5%** for the full year.
  3. **Net Interest Income**: Approximately **$60 million** for the full year.
  4. **Adjusted Tax Rate**: **24% to 25%**.
  5. **Free Cash Flow**: **80% of net income**.
  6. **Adjusted EPS**: **$4.50 to $4.68**.
  7. **Shares Outstanding**: Approximately **497 million**.
  8. **Shareholder Returns**: Over **$1 billion**  **[CTSH_3381915_7]** **[CTSH_3381915_8]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: Q1 2024 and FY 2024
- **Guidance**:
  1. **Revenue**: **$4.68 billion to $4.76 billion** for Q1; full year revenue of **$19 billion to $19.8 billion**.
  2. **Operating Margin**: **15.3% to 15.5%** for the full year.
  3. **Net Interest Income**: Approximately **$40 million** for the full year.
  4. **Adjusted Tax Rate**: **24% to 25%**.
  5. **Free Cash Flow**: **80% of net income**.
  6. **Capital Allocation**: Over **$1 billion** to shareholders.
  7. **Shares Outstanding**: Approximately **497 million**.
  8. **Adjusted EPS**: **$4.5 to $4.68**  **[CTSH_3372100_7]** .

adef47889909ba40d2fdd7d43bc456d482e6a9a5fc53bca90c5fee3db77c89a8

Performance Obligations ($ million)

Voluntary Attrition (%)

f32ba516e76baabda607a30bade726a252ee27d2ef39a6d5d7e0530dbbf55aa7

- Accenture
- Atos
- Capgemini
- Deloitte Digital
- DXC Technology
- EPAM Systems
- Genpact
- HCL Technologies
- IBM Consulting
- Infosys Technologies
- Tata Consultancy Services
- Wipro

These companies are mentioned as direct competitors in the markets for Cognizant's services, which are highly competitive and characterized by a large number of participants and subject to rapid change  **[0001058290-24-000017_ctsh-20231231.htm:12]** .

12f8bd5224be8ed5707975f291fe49466dcf7e0ef4871b5973ea1e05cb953ef2

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

fbf2b2e2da4c29318c9b1ebb5b610ddd04126e600bb34d330fe87c79c58513e7

a5a35bd4ac5d49b0e62a92b129efab340b30d77efbfb0adcdd6486a41deacbc5

| Name               | Position                                                                 | Start Date        | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ravi Kumar S       | Chief Executive Officer                                                  | January 2023      | Ravi Kumar S has been the **Chief Executive Officer** of Cognizant since **January 2023**. Previously, he was the President of Infosys, leading the Infosys Global Services Organization. He holds a bachelor's degree in Engineering from Shivaji University and an MBA from Xavier Institute of Management, India  **[0001058290-24-000017_ctsh-20231231.htm:17]** **[0001308179-24-000541_lctsh2024_def14a.htm:21]** **[0001058290-23-000027_ctsh-20221231.htm:19]** .                |
| Jatin Dalal        | Chief Financial Officer                                                  | December 4, 2023  | Jatin Dalal has been serving as the **Chief Financial Officer** of Cognizant since **December 4, 2023**. Before joining Cognizant, he was the President and CFO of Wipro Limited. He is a Chartered Accountant, Cost Accountant, Chartered Management Accountant, and Chartered Financial Analyst  **[0001058290-24-000017_ctsh-20231231.htm:17]** **[0001058290-23-000316_ctsh-20230928.htm:1]** **[0001058290-23-000355_ctsh-20230928.htm:0]** .                                    |
| Balu Ganesh Ayyar  | EVP and President, Intuitive Operations and Automation and Industry Solutions | July 2022         | Balu Ganesh Ayyar has been serving as the **Executive Vice President and President, Intuitive Operations and Automation and Industry Solutions** at Cognizant since **July 2022**. He assumed additional responsibilities for Industry Solutions in **April 2023**. Previously, he was the CEO of Mphasis  **[0001058290-24-000017_ctsh-20231231.htm:18]** **[0001058290-24-000017_ctsh-20231231.htm:17]** **[0001308179-24-000541_lctsh2024_def14a.htm:67]** **[0001058290-23-000027_ctsh-20221231.htm:21]** .                      |
| Kathryn Diaz       | EVP, Chief People Officer                                                | September 2023    | Kathryn Diaz has been the **Executive Vice President and Chief People Officer** at Cognizant since **September 2023**. She initially held the role on an interim basis from **May 2023**. Before this, she was the Head of Global Total Rewards at Cognizant  **[0001058290-24-000017_ctsh-20231231.htm:18]** .                                                                                                               |
| Surya Gummadi      | EVP and President, Americas                                              | January 2023      | Surya Gummadi has been serving as the **Executive Vice President and President, Americas** at Cognizant since **January 2023**. He held the role on an interim basis from late June 2022. He has held various leadership roles during his 25-year tenure with the company  **[0001058290-24-000017_ctsh-20231231.htm:18]** **[0001308179-24-000510_lctsh2024_pre14a.htm:64]** **[0001308179-23-000721_lctsh2023_def14a.htm:62]** .                                                                                              |
| John Kim           | EVP, Chief Legal Officer, Chief Administrative Officer, and Corporate Secretary | February 2024     | John Kim has been serving as the **Executive Vice President, Chief Legal Officer, Chief Administrative Officer, and Corporate Secretary** at Cognizant since **February 2024**. Previously, he was the EVP, General Counsel, Chief Corporate Affairs Officer, and Secretary from **March 2021**  **[0001308179-24-000541_lctsh2024_def14a.htm:66]** **[0001058290-23-000027_ctsh-20221231.htm:20]** **[0001058290-24-000017_ctsh-20231231.htm:18]** .                                 |
| Robert Telesmanic  | SVP, Controller, and Chief Accounting Officer                            | January 2017      | Robert Telesmanic has been serving as the **Senior Vice President, Controller, and Chief Accounting Officer** at Cognizant since **January 2017**. He has been with the company in various roles since 2003. Before joining Cognizant, he spent over 14 years with Deloitte & Touche LLP  **[0001058290-24-000017_ctsh-20231231.htm:19]** **[0001058290-23-000027_ctsh-20221231.htm:19]** .                                                                               |

7c37d73636e400f697a4a7c2a1cffca3cc642b182a572ba0069dd95b9a69c42f

| Program Details           | Program 1          |
|---------------------------|--------------------|
| Approval Date             | N/A                |
| End Date/Duration         | No expiration date  **[0001058290-24-000327_ctsh-20240930.htm:50]**  |
| Total additional amount   | N/A                |
| Remaining authorization amount | **$1,377 million**  **[0001058290-24-000327_ctsh-20240930.htm:50]**  |
| Details                   | Allows repurchase of up to **$11.5 billion** of Class A common stock through open market purchases or private transactions.  **[0001058290-24-000327_ctsh-20240930.htm:50]** **[0001058290-23-000258_ctsh-20230630.htm:49]** **[0001058290-23-000133_ctsh-20230331.htm:39]** **[0001058290-22-000321_ctsh-20220930.htm:52]** **[0001058290-24-000116_ctsh-20240331.htm:39]** **[0001058290-23-000330_ctsh-20230930.htm:50]** **[0001058290-24-000242_ctsh-20240630.htm:48]**  |

878902875c2188346c06329b8ac994fd08e34c7c25b820ad3c258331df62de37

**Quarterly guidance for Q3 2024:**
- **Revenue Growth**: Flat to up 1.5% year-over-year in constant currency    (no change from prior guidance  **[CTSH_3395368_6]** )

**Annual guidance for FY 2024:**
- **Revenue**: $19.3 billion to $19.5 billion    (no change from prior guidance  **[CTSH_3395368_6]** )  
- **Inorganic Contribution**: Approximately 70 basis points    (no change from prior guidance  **[CTSH_3395368_6]** )  
- **Adjusted Operating Margin**: 15.3% to 15.5%    (no change from prior guidance  **[CTSH_3395368_6]** )  
- **Net Interest Income**: Approximately $80 million    (no change from prior guidance  **[CTSH_3395368_6]** )  
- **Adjusted Tax Rate**: 24% to 25%    (no change from prior guidance  **[CTSH_3395368_6]** )  
- **Free Cash Flow**: 80% of net income    (no change from prior guidance  **[CTSH_3395368_6]** )  
- **Shares Outstanding**: Approximately 497 million    (no change from prior guidance  **[CTSH_3395368_6]** )  
- **Adjusted EPS**: $4.62 to $4.70    (no change from prior guidance  **[CTSH_3395368_6]** )  
- **Capital Return to Shareholders**: Approximately $1 billion    (no prior guidance)  
- **Belcan Acquisition**: Not included in guidance    (no prior guidance)

ec3c975c6090e0a3613502a9ff7401ea0aa088203ecfee24b1bee9427ed50a20

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 1997  **[0001058290-24-000017_ctsh-20231231.htm:88]**    | Present  | Current auditor   |

f921db8a9b50dd4196049b91b40943f38fafb4af3d908dd05d9e06aed7fdef88

e4db1259593e6a2a26049882c43e49d378e1ce5caaebc7eeb497616712d5c3ca

- Total Revenue: $5,044 million (+3% YoY)  **[0001058290-23-000330_ctsh-20230930.htm:8]** **[0001058290-24-000327_ctsh-20240930.htm:10]**   
- Health Sciences: $1,514 million (**+8% YoY**)  **[0001058290-23-000330_ctsh-20230930.htm:8]** **[0001058290-24-000327_ctsh-20240930.htm:10]**   
- Consulting & Technology Services: $3,226 million (**+7% YoY**)  **[0001058290-23-000330_ctsh-20230930.htm:8]** **[0001058290-24-000327_ctsh-20240930.htm:10]**   
- Operating Income: $738 million (**+8% YoY**)  **[0001058290-23-000330_ctsh-20230930.htm:5]** **[0001058290-23-000330_ctsh-20230930.htm:36]** **[0001058290-24-000327_ctsh-20240930.htm:6]** **[0001058290-24-000327_ctsh-20240930.htm:37]**   
- Net Income: $582 million (**+11% YoY**)  **[0001058290-23-000330_ctsh-20230930.htm:7]** **[0001058290-24-000327_ctsh-20240930.htm:6]** **[0001058290-24-000327_ctsh-20240930.htm:37]**   
- EPS (Basic): $1.17 (**+12% YoY**)  **[0001058290-23-000330_ctsh-20230930.htm:5]** **[0001058290-24-000327_ctsh-20240930.htm:6]** **[0001058290-24-000327_ctsh-20240930.htm:37]**   

6d5af519d026cf5791b00ac4df3e49b9fe2869e4126da598cfe04273e605b318

3249144f967694e96b111823cea4ef0be986a954aafbd7b086794bb7d08b02a2

Days Sales Outstanding (days)

Voluntary Attrition - Tech Services (percentage)

Total employees (count)

Remaining performance obligations (USD millions)

ba5001039394c949a97c938b745ac5118cbec22b4bfae5afcaa74fcc143f9a8c

| Year | Amount Due (Millions) | Debt Type | Interest Rate (%) | % of Total Debt |
|------|-----------------------|-----------|-------------------|-----------------|
| 2024 | 33 **[0001058290-24-000327_ctsh-20240930.htm:15]** | Current maturities of the Term Loan **[0001058290-24-000327_ctsh-20240930.htm:15]** | 0.875 **[0001058290-24-000327_ctsh-20240930.htm:15]** | 2.7% = (33 / 1,218) * 100 **[0001058290-24-000327_ctsh-20240930.htm:15]** **[0001058290-24-000327_ctsh-20240930.htm:15]** |
| 2027 | 650 **[0001058290-24-000327_ctsh-20240930.htm:15]** | Term Loan **[0001058290-24-000327_ctsh-20240930.htm:15]** | 0.75 - 1.125 **[0001058290-24-000327_ctsh-20240930.htm:15]** | 53.4% = (650 / 1,218) * 100 **[0001058290-24-000327_ctsh-20240930.htm:15]** **[0001058290-24-000327_ctsh-20240930.htm:15]** |
| 2027 | 1,850 **[0001058290-24-000327_ctsh-20240930.htm:15]** | Unsecured revolving credit facility **[0001058290-24-000327_ctsh-20240930.htm:15]** | 0.75 - 1.125 **[0001058290-24-000327_ctsh-20240930.htm:15]** | 151.9% = (1,850 / 1,218) * 100 **[0001058290-24-000327_ctsh-20240930.htm:15]** **[0001058290-24-000327_ctsh-20240930.htm:15]** |

15c22b7eae4b16535fc58e93d5e8fa8d550f310480764311b633f9c35e91105b

- **Downward pressure on pricing** due to the current demand environment, which may impact profitability.  **[CTSH_3381915_12]**
- **Uncertainty around the timing of discretionary spending recovery**, with no improvement since last quarter, potentially hindering revenue growth.  **[CTSH_3381915_10]**
- **Risk of underperformance if market conditions worsen**, as achieving higher-end guidance depends on strong Q3 performance; declining markets could lead to lower-end results.  **[CTSH_3381915_17]** **[CTSH_3381915_20]**

ad36ad6cf50a82494f74eaac568f45551201f6285812db3a4f67c6b68607fb8c

- Cognizant is experiencing **strong large deal momentum and bookings**, with **large deals contributing significantly** to the pipeline, indicating robust future revenue growth potential.  **[CTSH_3363341_19]** **[CTSH_3363341_9]**
- **Net Promoter Scores have reached historic highs**, reflecting improved client satisfaction and stronger relationships, which positions the company to capture increased discretionary spending when it returns.  **[CTSH_3363341_11]**
- The company is confident in expanding its adjusted operating margin by **20 to 40 basis points** next year, demonstrating commitment to improving profitability.  **[CTSH_3363341_9]**

53e853d31443c917c8fe0663933734cf5f44012078de68423d8a902bdc6905fc

- **Cognizant is winning large deals with a differentiated value proposition driven by automation and AI, maintaining pricing and strong margins, which is expected to continue the momentum in 2024.**  **[CTSH_3372100_15]**
- **The company is ahead of the curve in leveraging generative AI tooling, investing in AI and automation to drive productivity and operational efficiencies, contributing to operating margin growth.**  **[CTSH_3372100_10]**
- **Cognizant has a strong position in the healthcare sector with its TriZetto platform, processing over 250 million claims annually and serving more than 60% of the U.S. insured population, and is investing to enhance this platform with generative AI, positioning for future growth.**  **[CTSH_3372100_12]**

408fd23f18860cc76e2022a4d8ee77630c2aacfcc8caa69319388cfb47453391

- **Management expresses uncertainty about the return of discretionary spending in 2024, which may negatively impact revenue growth.** They acknowledge that if discretionary spending remains soft, it could offset the contributions from large deal wins, leading to unpredictability in revenue performance.  **[CTSH_3372100_11]** **[CTSH_3372100_9]** **[CTSH_3372100_8]**
- **The company's guidance reflects limited visibility and a "slower start to the year," indicating potential challenges ahead.** Management admits that the environment remains uncertain, and they are entering the year without full visibility, resulting in a broader guidance range.  **[CTSH_3372100_17]** **[CTSH_3372100_10]** **[CTSH_3372100_8]**
- **Despite a potential revenue decline of up to **2%**, the company is increasing headcount, which could pressure margins if anticipated growth does not materialize.** They are adding headcount to be prepared for a possible return of discretionary spending, but there is uncertainty whether this will happen.  **[CTSH_3372100_16]**

86fd09fd6a5a426905d350606322457ece90fde596dad464e6d5cd4500bcab1e

1. **Revenue Growth Outlook**  
   **Q:** When will we see an inflection point in revenue growth as deals start ramping?  
   **A:** The company expects the large deals won in **2023** to contribute more significantly to revenue in **2024** and beyond.  **[CTSH_3372100_11]**  These deals have a partial benefit in the first year and more in subsequent years. However, discretionary spending remains an unknown factor that could neutralize growth if it remains soft.  **[CTSH_3372100_11]** 

2. **Discretionary Spending Uncertainty**  
   **Q:** How much more can clients pull back on discretionary spending, and what's holding them back despite economic resilience?  
   **A:** Discretionary spending, especially in **banking, financial services, and insurance** sectors, is impacted by **high interest rates**, causing a pause in spending.  **[CTSH_3372100_14]**  A reduction in interest rates could trigger a comeback in discretionary spending. Clients are cautious due to uncertainty, and transformational work may resume once there's more certainty.  **[CTSH_3372100_14]** 

3. **Margin Outlook and Dynamics**  
   **Q:** Can you provide more detail on gross margin versus operating margin outlook?  
   **A:** There are opportunities to improve both **gross** and **operating margins**.  **[CTSH_3372100_10]**  Gross margin improvements will come from operational efficiencies like better **utilization** and **AI-driven automation**. Operating margin will benefit from the **NextGen program's** cost takeout measures, providing upside in **SG&A expenses**.  **[CTSH_3372100_10]** 

4. **AI Opportunities and Monetization Strategy**  
   **Q:** How are you pricing AI products and services, and are clients prepared to embrace generative AI?  
   **A:** The company is capitalizing on AI in three areas: making foundation models **enterprise-grade**, applying AI to improve **productivity**, and offering AI-driven solutions to clients.  **[CTSH_3372100_13]** **[CTSH_3372100_18]**  They see immediate opportunities in **employee productivity** and **customer service**.  **[CTSH_3372100_18]**  Pricing involves sharing productivity benefits with clients and proposing **provocative** AI-driven solutions.  **[CTSH_3372100_13]** 

5. **Competitiveness in Large Deals**  
   **Q:** How competitive are you in winning large deals, and what's driving your success?  
   **A:** The company is successfully winning large deals by unifying efforts, maintaining pricing, and offering a **differentiated value proposition**, including **AI-led productivity**.  **[CTSH_3372100_15]**  Their ability to execute with **velocity** and provide provocative, bold ideas has strengthened competitiveness.  **[CTSH_3372100_15]** 

6. **Guidance and Fiscal '24 Visibility**  
   **Q:** How much visibility do you have into fiscal '24, and is there more conservatism in guidance?  
   **A:** While the company has assumed sequential growth, the environment remains **uncertain** with a **slower start** to the year.  **[CTSH_3372100_17]**  The guidance range is broader due to unknown factors like discretionary spending and macroeconomic conditions.  **[CTSH_3372100_17]** 

7. **TriZetto and Healthcare Strategy**  
   **Q:** Are you taking actions to revive the TriZetto business within your healthcare practice?  
   **A:** TriZetto is integral to the company's **healthcare strategy**.  **[CTSH_3372100_12]**  They are investing and doubling down on its capabilities, embedding **generative AI** into the platform, and leveraging its strong position in the healthcare ecosystem.  **[CTSH_3372100_12]** 

8. **Managing Headcount Amid Growth Projections**  
   **Q:** How are you managing headcount given growth projections and increasing net headcount?  
   **A:** The company is retaining flexibility for potential growth by maintaining sufficient **bench strength** and adding skills in certain areas.  **[CTSH_3372100_16]**  Improved **attrition rates** position them to seize opportunities if discretionary spending returns.  **[CTSH_3372100_16]** 

e52042da3485d7ea9137d1d7e1e3f2e297e645840a5c87f65fda68822e89a4fe

1. **Revenue Guidance and Factors Influencing It**  
   **Q:** What needs to happen to reach the high end of revenue guidance?  
   **A:** To reach the high end of our guidance range, we would need some improvement in **discretionary spending** in the later part of the year, upside from **committed business** in large deals if we fulfill well, execution on **M&A opportunities** (we have **30–40 basis points** potential), and possibly rapid ramp-up from **rebadge deals**. Currently, we're staying true to our original guidance but are watching these factors closely.  **[CTSH_3381915_13]** 

2. **Pricing Pressure in Current Environment**  
   **Q:** Are you seeing pressure on pricing due to low demand?  
   **A:** Yes, there's **downward pressure on pricing** as clients focus on consolidation, cost management, and productivity improvement. Deals come with expectations of better pricing than current work, but this is expected and nothing out of the ordinary in the current demand environment.  **[CTSH_3381915_12]** 

3. **Impact of AI on Software Development**  
   **Q:** How will generative AI change the role of human software developers?  
   **A:** Generative AI will enhance developer productivity by handling **repetitive tasks**, allowing developers to focus more on innovation. This is our second significant productivity boost after cloud adoption. AI will reduce backlog, improve throughput to clients, and increase tech intensity at a lower cost. We see this as a significant **opportunity** rather than a threat.  **[CTSH_3381915_15]** 

4. **Bookings and Large Deal Momentum**  
   **Q:** What are the expectations for bookings ahead and the nature of deals?  
   **A:** We continue to see strong momentum in **large deals**, mainly focused on cost takeout, consolidation, productivity, and efficiency. While smaller **discretionary deals** remain soft and hard to predict, we're pleased with our progress, including expansion into **Europe and Asia Pacific**. The duration of large deals is longer, and revenue realization happens over time.  **[CTSH_3381915_11]** 

5. **Margin Outlook and SG&A Reduction**  
   **Q:** Will the trend of gross margin contraction and strong SG&A reduction continue?  
   **A:** Directionally, **G&A** should continue to show improvement, but not as significantly as in **2023** when we took large actions. The **NextGen program** will act through the SG&A line during the rest of the year, and SG&A will also benefit from growth leverage.  **[CTSH_3381915_10]** 

6. **Discretionary Spending and Deal Leakage**  
   **Q:** Have you seen any deal leakage or cancellations in recent months?  
   **A:** Discretionary spending remains uncertain, but we haven't experienced **structural leakage** where others are taking our business. While discretionary spend is unpredictable, our client relationships are stable, with increasing **Net Promoter Scores** and significantly reduced **attrition rates**.  **[CTSH_3381915_14]** 

7. **BFSI Sector Performance**  
   **Q:** Can you elaborate on the 'green shoots' in BFSI?  
   **A:** The sequential drop in **BFSI revenue** from Q4 to Q1 was only **$10 million**, indicating some improvement. We've reorganized our BFSI vertical, energized teams, and developed offerings in areas like **mainframe modernization** in insurance, customer service transformation in banking, and **AI projects** in insurance. We're seeing progress despite market challenges.  **[CTSH_3381915_9]** **[CTSH_3381915_21]** 

8. **Hiring and Skills Strategy Amid Demand Environment**  
   **Q:** Is the current environment impacting your hiring or skilling plans?  
   **A:** Yes, the nature of projects influences our hiring strategy. Discretionary projects typically require experienced **lateral hires**, while managed services deals benefit from building up the **pyramid** with various skill levels. We've improved **utilization** from Q4 to Q1 and continue to keep our fulfillment engine agile to respond to demand changes.  **[CTSH_3381915_18]** 

9. **Revenue Shape and Sequential Growth Expectations**  
   **Q:** Is a **2.5%** sequential growth in Q3 reasonable to assume?  
   **A:** Qualitatively, yes. We'll need a strong **Q3** and a flattish **Q4** to reach the higher end of our guidance range.  **[CTSH_3381915_20]** 

10. **New Logos and ACV Metrics**  
    **Q:** Can you break down bookings metrics by new logos versus renewals?  
    **A:** While we track metrics like **TCV**, deal size, duration, and **ACV** internally, we haven't published these details externally. We have a healthy **new logo program** with specific targets and are actively ramping up new clients, but we haven't disclosed the mix of new logos to renewals publicly.  **[CTSH_3381915_19]** 

dc06c8738523a9cc05dab27cb1412e8125f5966ebc244d9df3981daf3b7c2c10

- Despite having over **750 early client engagements** in Generative AI, only a **"small number of projects are going into production work"** due to inhibitors such as data architecture, cloud infrastructure, cost of compute, and talent availability. This suggests that revenue generation from these projects may be limited in the near term.  **[CTSH_3395368_7]**
- The company acknowledges limited remaining capacity in utilization rates, with **"some head space"** but **"not a significant space"**, indicating they may be nearing maximum capacity. This could hinder future growth unless they increase hiring, which may raise costs.  **[CTSH_3395368_11]**
- Market conditions remain uncertain and unchanged, which may limit growth opportunities. The company stated, **"We don't see deterioration or improvement. We see the market unchanged."**  **[CTSH_3395368_19]**

57c0c6640801fe3ef8453f1ec033deff2eb57bd63fae8a6d60377fe72eb0b2f4

- **Uncertainty around discretionary spending recovery**: The company acknowledges that discretionary spending has significantly fallen over the last three quarters and remains uncertain about when it will recover, which could impact future revenue growth.  **[CTSH_3363341_16]** **[CTSH_3363341_9]** **[CTSH_3363341_13]**
- **Economic headwinds may hinder growth**: The CEO expressed concerns about the economic environment and overall uncertainty, noting that if these challenges persist into next year, clients may not resume discretionary spending, limiting Cognizant's growth prospects.  **[CTSH_3363341_16]** **[CTSH_3363341_9]** **[CTSH_3363341_13]**
- **Increased client in-sourcing could reduce demand**: Clients are building their own technology capabilities ("technology muscle"), which may reduce demand for Cognizant's outsourcing services, posing a risk to future revenues despite the company's efforts to position itself as a partner in this trend.  **[CTSH_3363341_19]**

ed0735c1a3ee743dbcb3047f1cc02220c7adabea449200143cf8c3b9cccb9bdd

1. **Bookings and New Business**  
   **Q:** How are bookings trending, and what's driving them?  
   **A:** Bookings have returned to growth, with **new business significantly higher than renewals in 2024 versus 2023**.  **[CTSH_3395368_9]**  They secured **five large deals over $100 million** and **two deals over $90 million**, all including expansion in new business.  **[CTSH_3395368_9]**  The increasing duration of larger deals adds stickiness but delays revenue realization.  **[CTSH_3395368_9]** 

2. **Gross Margin Outlook**  
   **Q:** What's affecting gross margins, and can they expand soon?  
   **A:** Despite a **2% sequential revenue growth** and reducing headcount by **8,000 sequentially** and **9,000 year-over-year**  **[CTSH_3395368_8]** , gross margins remained flat between Q1 and Q2 due to the ramp-up of large deals with initial lower margins.  **[CTSH_3395368_8]**  Optimistic about Q3 and Q4, they expect better gross margin performance as these deals mature.  **[CTSH_3395368_8]** 

3. **Generative AI Impact**  
   **Q:** What's the progress with Generative AI projects and revenue impact?  
   **A:** They increased Generative AI engagements to **750 projects this quarter from 450 last quarter**, with **600 more in the pipeline**.  **[CTSH_3395368_7]**  Only a small number are moving into production due to inhibitors like data architecture and cloud infrastructure.  **[CTSH_3395368_7]**  Providing dollar values for AI projects is challenging due to AI's pervasive integration into services.  **[CTSH_3395368_20]** 

4. **Belcan Acquisition**  
   **Q:** What's the expected impact of the Belcan acquisition?  
   **A:** The acquisition is estimated to cause a **40 basis point margin dilution** with over **$100 million in revenue synergies over three years**, to be detailed upon closing.  **[CTSH_3395368_10]**  Despite sector concerns, they see strength in automotive and believe digitizing industries like manufacturing offers significant growth potential.  **[CTSH_3395368_14]** 

5. **Financial Services Performance**  
   **Q:** How is the Financial Services segment performing and what's changed?  
   **A:** After stabilizing teams in 2023, they're now **gaining market share** during consolidation.  **[CTSH_3395368_15]**  By focusing on industry solutions and expanding capabilities, their Americas banking business has performed well for two consecutive quarters, aiming to replicate this success internationally.  **[CTSH_3395368_15]** 

6. **IT Services Spending Outlook**  
   **Q:** Has IT services spending bottomed out?  
   **A:** They observe an uptick with a positive growth trajectory as the year progresses.  **[CTSH_3395368_19]**  While the overall market remains uncertain and unchanged, they continue to win wallet share through strong execution and win rates.  **[CTSH_3395368_19]** 

7. **Utilization and Hiring Plans**  
   **Q:** Is there room to increase utilization, and what's the hiring outlook?  
   **A:** There's some headspace left in utilization but not significantly so.  **[CTSH_3395368_11]**  Confident in managing demand, they see sufficient talent availability and are preparing for high demand situations.  **[CTSH_3395368_11]** 

8. **Large Deal Margins**  
   **Q:** Will margins on large deals stabilize, and how is staffing structured?  
   **A:** Large deals have upfront costs and initially lower margins due to transitions.  **[CTSH_3395368_12]**  Over time, margins improve by optimizing the staffing pyramid with fresh talent and leveraging automation, enhancing efficiency as deals mature.  **[CTSH_3395368_12]** 

9. **Q4 Guidance Deceleration**  
   **Q:** Does guidance imply a Q4 deceleration beyond seasonality?  
   **A:** The implied deceleration in Q4 is attributed to **seasonality**, with no other specific factors noted.  **[CTSH_3395368_18]** 

10. **ACV vs. TCV Dynamics**  
    **Q:** How are ACV and TCV trends, and where is new work coming from?  
    **A:** ACV remains relatively unchanged, but longer deal durations cause slightly slower ACV growth.  **[CTSH_3395368_17]**  They're winning market share, with **new work outpacing renewals in 2024**, coming from new accounts and expanding services in existing ones.  **[CTSH_3395368_17]** 

9995aa547d169d7ae5bd2dbc717fb675274c694333958323cf5e197e9e141ca5

1. **2025 Outlook and Q4 Guidance**  
   **Q:** Is Q4 organic growth a floor for 2025 acceleration?  
   **A:** Ravi Kumar confirmed that in Q4, they are starting to build an organic year-over-year positive movement, with a midpoint of **1%** and upper end of **2%** organic growth.  **[CTSH_3404767_9]**  He noted it's a good tailwind heading into 2025.  **[CTSH_3404767_9]** 

2. **AI Productivity and Margins**  
   **Q:** How much productivity improvement from AI coding efforts?  
   **A:** Ravi Kumar explained that their developers have accepted **2 million lines of code annually** aided by AI, and this number is increasing.  **[CTSH_3404767_10]**  By sharing productivity benefits with clients, they become more competitive and can avoid revenue cannibalization by doing more for less.  **[CTSH_3404767_10]**  This approach helps win large deals and protects revenue.  **[CTSH_3404767_10]** 

3. **Large Deal Pipeline Sustainability**  
   **Q:** Can you replenish the large deal pipeline?  
   **A:** Ravi Kumar expressed confidence in sustaining momentum, noting they have signed **19 deals over $100 million** so far this year, surpassing last year's **17 deals**.  **[CTSH_3404767_11]**  Expansion is coming from more industries, regions beyond the Americas, and a broader services landscape including engineering services due to the Belcan acquisition.  **[CTSH_3404767_11]** 

4. **Growth in Key Verticals**  
   **Q:** Which verticals will outperform in 2025?  
   **A:** Financial services and healthcare will lead growth.  **[CTSH_3404767_13]**  They aim to rebuild momentum in communications, media, and telecom (CMT) next year, while manufacturing has been slow but is expected to improve.  **[CTSH_3404767_13]** 

5. **Gross Margin Levers**  
   **Q:** How sustainable are gross margin gains into Q4 and beyond?  
   **A:** The main levers are utilization, automation and productivity led by AI, pyramid optimization, and pricing.  **[CTSH_3404767_14]**  Utilization has been increasing each quarter, with some flexibility remaining for Q4.  **[CTSH_3404767_14]**  The Belcan acquisition will not materially impact gross margins as it operates at a similar range.  **[CTSH_3404767_14]** 

6. **Financial Services Recovery**  
   **Q:** Is financial services leading IT spend trends?  
   **A:** Ravi Kumar stated that company-specific issues in financial services have been resolved, and they're gaining wallet share.  **[CTSH_3404767_15]**  Optimistic about a return to a high discretionary environment, they are well-positioned to seize opportunities as the market rebounds.  **[CTSH_3404767_15]** 

7. **Healthcare Segment Dynamics**  
   **Q:** How do end-market changes impact healthcare demand?  
   **A:** Life Sciences is a standout, with clients using technology at the core.  **[CTSH_3404767_17]**  They've applied Generative AI to their TriZetto platform, reducing costs by **30%** for case managers and users processing claims.  **[CTSH_3404767_17]**  This cost takeout leads to transformation opportunities across payer and provider segments.  **[CTSH_3404767_17]** 

8. **Discretionary Spending Return**  
   **Q:** Are you seeing changes in sales cycles and conversion rates?  
   **A:** Smaller discretionary deals are gaining momentum.  **[CTSH_3404767_16]**  Clients seek to "do more for less," and AI tools help reduce costs, allowing savings to be redirected to innovation and clearing backlogs.  **[CTSH_3404767_16]** 

9. **Utilization and Margins**  
   **Q:** Can you lean more on utilization to improve margins?  
   **A:** Utilization has reached **84%**, with a little more flexibility but not much.  **[CTSH_3404767_21]** 

10. **Belcan Acquisition Impact**  
    **Q:** How does Belcan affect growth and margins?  
    **A:** Belcan has expanded their capabilities into engineering services, making them a top 5 player.  **[CTSH_3404767_11]**  It won't materially impact gross margins as it operates similarly.  **[CTSH_3404767_14]** 

11. **Diversification into New Verticals**  
    **Q:** Progress on expanding into under-indexed verticals?  
    **A:** Healthcare has grown **7.6%** year-over-year.  **[CTSH_3404767_12]**  They are leveraging Belcan to build opportunities in industrial and manufacturing, and are working to improve presence in energy, oil, and gas.  **[CTSH_3404767_12]** 

12. **AI to Displace Incumbents**  
    **Q:** Are you pricing below peers using GenAI?  
    **A:** Their AI and automation-led productivity allows them to share benefits with clients, making them more competitive.  **[CTSH_3404767_18]**  By reducing run costs, clients can invest more in innovation, and technology spend is elastic.  **[CTSH_3404767_19]** 

b8fbfb035cf603ecb433d759c1956d81adaf8e303097accb4d917fed6d07afe8

- **Cognizant is gaining market share in a market that remains unchanged**, with strong execution, fulfillment rates, and win ratios leading to increased wallet share.  **[CTSH_3395368_19]** **[CTSH_3395368_17]**
- **Significant growth in Generative AI engagements**, with over **750 active client engagements**, up from 450 last quarter, and over **200 clients on AI-led platforms**, positioning the company favorably in this high-demand area.  **[CTSH_3395368_7]**
- **Improved performance in Financial Services**, with sequential growth, stabilizing teams, capturing market share during consolidation, and strong results in the Banking and Financial Services Industries (BFSI) verticals.  **[CTSH_3395368_15]**

187c83b8992d7a9c5776d5940ac1e197d174ce48eab9213a5fce1011796fa87a

- **Strong large deal momentum**, with the company signing 8 large deals in the quarter, **doubling from the prior year**, including expansion into **Europe and Asia Pacific**, indicating growth potential in new markets.  **[CTSH_3381915_11]** ,  **[CTSH_3381915_9]**
- **Signs of improvement in the Banking and Financial Services segment**, with reorganization, new hires, and strong offerings leading to **"green shoots"**, positioning the company for growth in a challenging market.  **[CTSH_3381915_21]**
- **Healthy pipeline and contributions from 2023 deal wins** are expected to positively impact **2024 revenues**, overcoming previous backlog challenges.  **[CTSH_3381915_16]**

fbe3d5f94494fa13d3144c01b12d097344c80d4c9a7014f86e6afb6558974dbd

Cognizant Technology Solutions Corp (CTSH)

Financials