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Datum:
dinsdag 3 mei 2011 • 14:13
(15 jaar en 68 dagen geleden)
Bedrijf:
Cognizant
PR:
TEAM LEWIS
Cognizant Reports First Quarter 2011 Results
First quarter revenue up 4.6% sequentially and 43% year-over-year
Guidance for Full Year 2011 revenue growth increased to at least 29%
Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of information technology, consulting, and business process outsourcing services, today announced its first quarter 2011 financial results.
Highlights – First Quarter 2011
* Quarterly revenue rose to $1.37 billion, up 42.9% from the year-ago quarter and 4.6% sequentially.
* Quarterly diluted EPS on a GAAP basis was $0.67, compared to $0.49 in the year-ago quarter.
* Quarterly diluted EPS on a non-GAAP basis, which excludes stock-based compensation expense, was $0.71, compared to $0.53 in the year-ago quarter.
* GAAP and non-GAAP diluted EPS includes the impact of $0.02 in net non-operating foreign currency exchange gains.
* Net headcount addition for the quarter exceeded 7,200.
Revenue for the first quarter of 2011 rose to $1.37 billion, up 42.9% from $959.7 million in the first quarter of 2010. GAAP net income was $208.3 million, or $0.67 perdiluted share, compared to $151.5 million, or $0.49 per diluted share, in the first quarter of 2010. Diluted earnings per share on a non-GAAP basis was $0.71. GAAP operating margin for the quarter was 19.4%. Excluding stock-based compensation expense of $16.1 million, non-GAAP operating margin was 20.5%,slightly higher than the Company's targeted 19-20% range. Reconciliations of non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.
"We are pleased with yet another quarter of solid growth as we continue to benefit from a strong demand environment," said Francisco D'Souza, President and Chief Executive Officer of Cognizant. "During this time of significant secular change impacting our clients, we continue to enhance our competitive differentiation, namely our trusted client relationships, our deep domain expertise, and our 'born global' delivery network. Cognizant is uniquely positioned to help clients both operate and improve existing processes and infrastructure as well as transform their businesses to adapt to new virtualized business models, new mobile and social technologies and a new generation of 'born digital' workers and consumers."
2011 Outlook – Second Quarter and Full Year
The Company is providing the following guidance:
* Second quarter 2011 revenue anticipated to be at least $1.45 billion.
* Second quarter 2011 diluted EPS expected to be $0.65 on a GAAP basis and $0.70 on a non-GAAP basis, which excludes $0.05 of estimated stock-based compensation expense.
* Fiscal 2011 revenue expected to be at least $5.925 billion, up at least 29% compared to 2010.
* Fiscal 2011 diluted EPS expected to be at least $2.72 on a GAAP basis, and $2.91 on a non-GAAP basis, which excludes $0.19 of estimated stock-based compensation expense.
* Due to continued volatility in the currency markets, EPS guidance excludes any future non-operating foreign currency exchange gain or loss.
"We are particularly pleased with our continued success in recruiting talent throughout the world to position Cognizant for continued industry-leading growth," said Gordon Coburn, Chief Financial and Operating Officer. "Our strong financial model continues to provide the resources to drive our long-term competitive differentiation. We remain confident in our strategy of maintaining our non-GAAP operating margins within a targeted range of 19-20% while allowing for strong and consistent investment in new service and delivery capabilities as well as in the best global talent."
Over Cognizant
Cognizant (Nasdaq: CTSH) is een vooraanstaande dienstverlener in IT-consultancy, technologie en Business Process Outsourcing (BPO). Cognizant werkt samen met klanten om hun bedrijfspositie sterker te maken. Het hoofdkantoor is gevestigd in Teaneck, New Jersey (VS). Cognizant combineert een passie voor klanttevredenheid, technologische innovatie en expertise in de markt en zakelijke processen. De organisatie heeft meer dan 50 locaties wereldwijd en zo’n 104.000 medewerkers per 31 december 2010. Cognizant is opgenomen in de NASDAQ-100 en de S&P 500. Verder is Cognizant een Forbes Global 2000-organisatie, lid van de Fortune 1000 en wordt het bedrijf genoemd als een van de beste en snelst groeiende bedrijven ter wereld. Bezoek ons online op www.cognizant.com
of volg ons via Twitter: Cognizant
Forward-Looking Statements
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
About Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in accordance with GAAP, this press release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: non-GAAP operating margin and non-GAAP diluted earnings per share. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures, the financial statements prepared in accordance with GAAP and reconciliations of Cognizant's GAAP financial statements to such non-GAAP measures should be carefully evaluated.
We seek to manage the company to a targeted operating margin, excluding stock-based compensation costs, of 19% to 20% of revenues. Accordingly, we believe that non-GAAP operating margin and non-GAAP diluted earnings per share, excluding stock-based compensation costs, are meaningful measures for investors to evaluate our financial performance. For our internal management reporting and budgeting purposes, we use financial statements that do not include stock-based compensation expense for financial and operational decision making, to evaluate period-to-period comparisons and for making comparisons of our operating results to those of our competitors. Moreover, because of varying available valuation methodologies permitted under U.S. GAAP and the variety of award types that companies can use, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows investors to make additional comparisons between our operating results to those of other companies. Accordingly, we believe that the presentation of non-GAAP operating margin and non-GAAP diluted earnings per share, when read in conjunction with our reported GAAP results, can provide useful supplemental information to our management and investors regarding financial and business trends relating to our financial condition and results of operations.
A limitation of using non-GAAP operating margin and non-GAAP diluted earnings per share versus operating margin and diluted earnings per share calculated in accordance with GAAP is that non-GAAP operating margin and non-GAAP diluted earnings per share exclude costs, namely stock-based compensation, that are recurring. Stock-based compensation will continue to be for the foreseeable future a significant recurring expense in our business. In addition, other companies may calculate non-GAAP financial measures differently than us, thereby limiting the usefulness of these non-GAAP financial measures as a comparative tool. We compensate for this limitation by providing specific information regarding the GAAP amounts excluded from non-GAAP operating margin and non-GAAP diluted earnings per share and evaluating such non-GAAP financial measures with financial measures calculated in accordance with GAAP.
Voor meer persinformatie kunt u contact opnemen met:
Tel: +31 (0)40 266 1130
E-mail:
cognizantnl@octanepr.com
http://www.octanepr.nl
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Dinsdag 3 mei 2011 • 14:13
Verstreken tijd: 15 jaar en 68 dagen
Cognizant contact
+31 20 524 7700
infonl@cognizant.com
www.cognizant.com/nl/nl
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