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Cognizant Reports First Quarter 2019 Results

First quarter 2019 revenue of $4.11 billion, up 5.1% (6.8% in constant currency) over 2018

Declares quarterly cash dividend of $0.20 per share

TEANECK, N.J., May 6 2019 - Cognizant Technology Solutions Corporation (Nasdaq: CTSH), one of the world's leading professional services companies, today announced its first quarter 2019 financial results. Highlights - First Quarter 2019
  • Quarterly revenue rose to $4.11 billion, up 5.1% (6.8% in constant currency¹) from the year-ago quarter.
  • GAAP operating margin was 13.1% compared to 17.7% in the year-ago quarter.
  • Adjusted Operating Margin¹ was 16.0% compared to 17.7% in the year-ago quarter.
  • Net income was $441 million compared to $520 million in the year-ago quarter.
  • Quarterly GAAP diluted EPS was $0.77, compared to $0.88 in the year-ago quarter.
  • Quarterly Adjusted Diluted EPS¹ was $0.91, compared to $0.94 in the year-ago quarter.
  • First quarter 2019 GAAP operating results include the $117 million incremental accrual related to the India Defined Contribution Obligation².
"Cognizant's growth and performance in the quarter leaves room for improvement," said Brian Humphries, Chief Executive Officer. "While I am encouraged by our client centricity, our employees' winning spirit and our innovation, we are not yet delivering against the market opportunity. We are committed to strengthening our execution to invest in growth and drive shareholder value."

First Quarter 2019 Performance by Business Segment

Financial Services (34.9% of revenues) revenue declined 1.7% year-over-year and was flat in constant currency. Segment revenue was primarily impacted by continued softness in our business with a few of our largest banking clients and several insurance and North American regional banking clients. During the quarter the company made progress in furthering its platforms and solutions strategy for banking clients through the acquisition of MeritSoft.

Healthcare(28.3% of revenues) revenue grew 3.9% year-over-year and 4.6% in constant currency. Segment revenue was negatively impacted by continued industry consolidation as well as the accelerated movement of work to a captive at a large North American client. Life Sciences delivered above company average growth, driven by large enterprise deals and momentum with our industry specific platforms.

Products and Resources (22.2% of revenues) revenue grew 11.3% year-over-year and 13.8% in constant currency, driven by double digit growth across key industries including retail and consumer goods, travel and hospitality, and manufacturing, logistics, energy and utilities. Results reflect continued strength in cloud and digital engineering services and increased demand for interactive, IoT and analytics solutions across clients.

Communications, Media and Technology (14.5% of revenues) revenue grew 16.9% year-over-year and 19.6% in constant currency, led by growth among technology clients. Within media and communications, growth was driven primarily by digital services for media and entertainment clients to accelerate their transformation to modern media companies, partially offset by slower growth with communications clients involved in industry consolidation. Technology delivered double digit growth driven primarily by our digital content solutions.

Second Quarter & Full Year 2019 Outlook

The Company is providing the following guidance:
  • Second quarter 2019 year-over-year revenue growth in the range of 3.9-4.9% in constant currency.³
  • Full year 2019 year-over-year revenue growth in the range of 3.6-5.1% in constant currency.³
  • Full year 2019 Adjusted Operating Margin (4) expected to be approximately 17.0%.
  • Full year 2019 Adjusted Diluted EPS (4) expected to be in the range of $3.87-$3.95.
"Our revised full-year outlook reflects the first-quarter underperformance and expectations of slower growth in Financial Services and Healthcare for the remainder of 2019," said Karen McLoughlin, Chief Financial Officer."Over the coming quarters we intend to bring our cost structure closer in line with our revised revenue expectations while continuing to invest in growth, talent, and our portfolio of innovative solutions to speed our pivot to digital. Our strong balance sheet enables us to maintain financial flexibility while returning capital to shareholders."

¹ Constant currency revenue growth, Adjusted Diluted EPS and Adjusted Operating Margin are not measurements of financial performance prepared in accordance with GAAP. Adjusted Diluted EPSand Adjusted Operating Margin exclude unusual items, and Adjusted Diluted EPS additionally excludes net non-operating foreign currency exchange gains or losses and the tax impact of all the applicable adjustments. Constant currency revenue growth is defined as revenues for a given period restated at the comparative period's foreign currency exchange rates measured against the comparative period's reported revenues. See "About Non-GAAP Financial Measures" for more information about our non-GAAP measures. Reconciliations of Adjusted Diluted EPS and Adjusted Operating Margin to the corresponding GAAP measures are included at the end of this release.
²For more information on the incremental accrual related to the India Defined Contribution Obligation see note (b) in the "Reconciliations of Non-GAAP Financial Measures" table included at the end of this release.
³Based on current foreign exchange rates, we expect second quarter and full year 2019 revenue growth to be negatively impacted by 130 basis points and 90 basis points, respectively, translating to growth of 2.6-3.6% ($4.11-$4.15 billion) and 2.7-4.2% ($16.55-$16.80 billion).
(4) A full reconciliation of Adjusted Operating Margin and Adjusted Diluted EPS guidance to the corresponding GAAP measures on a forward-looking basis cannot be provided without unreasonable efforts, as we are unable to provide reconciling information with respect to unusual items, net non-operating foreign currency exchange gains or losses, and the tax effects of these adjustments.



Over Cognizant
Cognizant (Nasdaq-100: CTSH) is een van 's werelds grootsteprofessioneledienstverleners. De organisatie helpt klanten hun business-, operationele en technologiemodellen te transformeren voor het digitale tijdperk. De unieke marktgerichte en adviserende benadering van Cognizant ondersteunt klanten bij het creëren en implementeren van een innovatievere en efficiëntere bedrijfsvoering. Cognizant heeft zijn hoofdkantoor in de VS, staat in de Fortune 500-lijst op nummer 195en wordt gezien als een van de meest bewonderde bedrijven ter wereld. Lees meer over hoe Cognizant organisaties begeleidt bij het bereiken van digitaal leiderschap op www.cognizant.com of volg ons via @Cognizant.



Voor meer persinformatie kunt u contact opnemen met:
LEWIS
Tel:+31 40 235 46 00
E-mail:cognizantNL@teamlewis.com
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