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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cognizant Technology Solutions Corporation | NASDAQ:CTSH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 65.37 | 66.81 | 69.00 | 71 | 12:35:37 |
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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 | March 31, 2021 | |||||||
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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 |
Delaware | 13-3728359 | ||||||||||
(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 | ||||||
Class A Common Stock,
$0.01 par value per share |
CTSH | The Nasdaq Stock Market LLC |
Large Accelerated Filer |
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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 | 527,411,884 |
Page | ||||||||
PART I. | ||||||||
Item 1. | ||||||||
Consolidated Statements of Financial Position (Unaudited) as of March 31, 2021 and December 31, 2020
|
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Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Defined Term | Definition | ||||
10b5-1 Plan
|
Trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act | ||||
Adjusted Diluted EPS | Adjusted Diluted Earnings Per Share | ||||
AI | Artificial Intelligence | ||||
ASC | Accounting Standards Codification | ||||
ASR | Accelerated Stock Repurchase | ||||
CC | Constant Currency | ||||
COVID-19 | The novel coronavirus disease | ||||
COVID-19 Charges | Costs directly related to the COVID-19 pandemic | ||||
Credit Agreement | Credit agreement with a commercial bank syndicate dated November 5, 2018 | ||||
Credit Loss Standard | ASC Topic 326: "Financial Instruments - Credit Losses" | ||||
CTS India | Our principal operating subsidiary in India | ||||
DevOps | Agile relationship between development and IT operations | ||||
Division Bench | Division Bench of the Madras High Court | ||||
DOJ | United States Department of Justice | ||||
DSO | Days Sales Outstanding | ||||
EPS | Earnings Per Share | ||||
ESG Mobility | ESG Mobility GmbH | ||||
EU | European Union | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
GAAP | Generally Accepted Accounting Principles in the United States of America | ||||
High Court | Madras High Court | ||||
India Defined Contribution Obligation | Certain statutory defined contribution obligations of employees and employers in India | ||||
IoT | Internet of Things | ||||
IRS | Internal Revenue Service | ||||
ITD | Indian Income Tax Department | ||||
LIBOR | London Inter-bank Offered Rate | ||||
Linium | The ServiceNow business of Ness Digital Engineering | ||||
Magenic | Magenic Technologies, LLC | ||||
SCI | Supreme Court of India | ||||
SEC | United States Securities and Exchange Commission | ||||
Servian | SVN HoldCo Pty Limited | ||||
SG&A | Selling, general and administrative | ||||
SLP | Special Leave Petition | ||||
Syntel |
Syntel Sterling Best Shores Mauritius Ltd.
|
||||
Term Loan | Unsecured term loan | ||||
Third Circuit | United States Court of Appeals for the Third Circuit | ||||
TriZetto |
The TriZetto Group, Inc., now known as Cognizant Technology Software Group, Inc.
|
||||
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 |
1
|
March 31, 2021 Form 10-Q |
(in millions, except par values) | March 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,973 | $ | 2,680 | |||||||
Short-term investments | 185 | 44 | |||||||||
Trade accounts receivable, net | 3,232 | 3,087 | |||||||||
Other current assets | 1,205 | 1,040 | |||||||||
Total current assets | 6,595 | 6,851 | |||||||||
Property and equipment, net | 1,250 | 1,251 | |||||||||
Operating lease assets, net | 980 | 1,013 | |||||||||
Goodwill | 5,219 | 5,031 | |||||||||
Intangible assets, net | 1,110 | 1,046 | |||||||||
Deferred income tax assets, net | 307 | 445 | |||||||||
Long-term investments | 439 | 440 | |||||||||
Other noncurrent assets | 760 | 846 | |||||||||
Total assets | $ | 16,660 | $ | 16,923 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 349 | $ | 389 | |||||||
Deferred revenue | 403 | 383 | |||||||||
Short-term debt | 38 | 38 | |||||||||
Operating lease liabilities | 202 | 211 | |||||||||
Accrued expenses and other current liabilities | 2,158 | 2,519 | |||||||||
Total current liabilities | 3,150 | 3,540 | |||||||||
Deferred revenue, noncurrent | 32 | 36 | |||||||||
Operating lease liabilities, noncurrent | 821 | 846 | |||||||||
Deferred income tax liabilities, net | 204 | 206 | |||||||||
Long-term debt | 654 | 663 | |||||||||
Long-term income taxes payable | 428 | 428 | |||||||||
Other noncurrent liabilities | 334 | 368 | |||||||||
Total liabilities | 5,623 | 6,087 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.10 par value, 15 shares authorized, none issued
|
— | — | |||||||||
Class A common stock, $0.01 par value, 1,000 shares authorized, 528 and 530 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
|
5 | 5 | |||||||||
Additional paid-in capital | 44 | 32 | |||||||||
Retained earnings | 10,907 | 10,689 | |||||||||
Accumulated other comprehensive income (loss) | 81 | 110 | |||||||||
Total stockholders’ equity | 11,037 | 10,836 | |||||||||
Total liabilities and stockholders’ equity | $ | 16,660 | $ | 16,923 |
Cognizant |
2
|
March 31, 2021 Form 10-Q |
(in millions, except per share data)
|
Three Months Ended
March 31, |
||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues | $ | 4,401 | $ | 4,225 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization expense shown separately below) | 2,764 | 2,747 | |||||||||||||||||||||
Selling, general and administrative expenses | 827 | 711 | |||||||||||||||||||||
Restructuring charges | — | 55 | |||||||||||||||||||||
Depreciation and amortization expense | 141 | 133 | |||||||||||||||||||||
Income from operations | 669 | 579 | |||||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest income | 9 | 41 | |||||||||||||||||||||
Interest expense | (2) | (6) | |||||||||||||||||||||
Foreign currency exchange gains (losses), net | (9) | (102) | |||||||||||||||||||||
Other, net | (2) | (2) | |||||||||||||||||||||
Total other income (expense), net | (4) | (69) | |||||||||||||||||||||
Income before provision for income taxes | 665 | 510 | |||||||||||||||||||||
Provision for income taxes | (160) | (142) | |||||||||||||||||||||
Income (loss) from equity method investments | — | (1) | |||||||||||||||||||||
Net income | $ | 505 | $ | 367 | |||||||||||||||||||
Basic earnings per share | $ | 0.95 | $ | 0.67 | |||||||||||||||||||
Diluted earnings per share | $ | 0.95 | $ | 0.67 | |||||||||||||||||||
Weighted average number of common shares outstanding - Basic | 530 | 546 | |||||||||||||||||||||
Dilutive effect of shares issuable under stock-based compensation plans | 1 | — | |||||||||||||||||||||
Weighted average number of common shares outstanding - Diluted | 531 | 546 |
Cognizant |
3
|
March 31, 2021 Form 10-Q |
(in millions)
|
Three Months Ended
March 31, |
||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income | $ | 505 | $ | 367 | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | (25) | (135) | |||||||||||||||||||||
Change in unrealized gains and losses on cash flow hedges | (4) | (91) | |||||||||||||||||||||
Other comprehensive income (loss) | (29) | (226) | |||||||||||||||||||||
Comprehensive income | $ | 476 | $ | 141 |
Cognizant |
4
|
March 31, 2021 Form 10-Q |
(in millions)
|
Class A Common Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Total | |||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 530 | $ | 5 | $ | 32 | $ | 10,689 | $ | 110 | $ | 10,836 | |||||||||||||||||||||||||||
Net income | — | — | — | 505 | — | 505 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (29) | (29) | ||||||||||||||||||||||||||||||||
Common stock issued, stock-based compensation plans | 1 | — | 43 | — | — | 43 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 62 | — | — | 62 | ||||||||||||||||||||||||||||||||
Repurchases of common stock | (3) | — | (93) | (159) | — | (252) | ||||||||||||||||||||||||||||||||
Dividends declared, $0.24 per share | — | — | — | (128) | — | (128) | ||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 528 | $ | 5 | $ | 44 | $ | 10,907 | $ | 81 | $ | 11,037 | |||||||||||||||||||||||||||
(in millions)
|
Class A Common Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Total | |||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 548 | $ | 5 | $ | 33 | $ | 11,022 | $ | (38) | $ | 11,022 | |||||||||||||||||||||||||||
Cumulative effect of changes in accounting principle(1)
|
— | — | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | 367 | — | 367 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (226) | (226) | ||||||||||||||||||||||||||||||||
Common stock issued, stock-based compensation plans | 2 | — | 40 | — | — | 40 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 55 | — | — | 55 | ||||||||||||||||||||||||||||||||
Repurchases of common stock | (9) | — | (87) | (439) | — | (526) | ||||||||||||||||||||||||||||||||
Dividends declared, $0.22 per share | — | — | — | (120) | — | (120) | ||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 541 | $ | 5 | $ | 41 | $ | 10,831 | $ | (264) | $ | 10,613 | |||||||||||||||||||||||||||
Cognizant |
5
|
March 31, 2021 Form 10-Q |
(in millions)
|
For the Three Months Ended
March 31, |
||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 505 | $ | 367 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 141 | 136 | |||||||||
Deferred income taxes | 122 | (19) | |||||||||
Stock-based compensation expense | 62 | 55 | |||||||||
Other | — | 144 | |||||||||
Changes in assets and liabilities: | |||||||||||
Trade accounts receivable | (131) | 13 | |||||||||
Other current and noncurrent assets | (36) | 26 | |||||||||
Accounts payable | 61 | 44 | |||||||||
Deferred revenues, current and noncurrent | 15 | 59 | |||||||||
Other current and noncurrent liabilities | (558) | (328) | |||||||||
Net cash provided by operating activities | 181 | 497 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (88) | (112) | |||||||||
Purchases of held-to-maturity investment securities | (82) | (202) | |||||||||
Proceeds from maturity of held-to-maturity investment securities | 62 | 154 | |||||||||
Purchases of other investments | (150) | (54) | |||||||||
Proceeds from maturity or sale of other investments | 30 | 28 | |||||||||
Payments for business combinations, net of cash acquired | (310) | (86) | |||||||||
Net cash (used in) investing activities | (538) | (272) | |||||||||
Cash flows from financing activities: | |||||||||||
Issuance of common stock under stock-based compensation plans | 43 | 40 | |||||||||
Repurchases of common stock | (240) | (511) | |||||||||
Repayment of Term Loan borrowings and finance lease and earnout obligations | (15) | (13) | |||||||||
Proceeds from borrowings under the revolving credit facility | — | 1,740 | |||||||||
Dividends paid | (128) | (121) | |||||||||
Net cash (used in) provided by financing activities | (340) | 1,135 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (10) | (119) | |||||||||
(Decrease) increase in cash and cash equivalents | (707) | 1,241 | |||||||||
Cash and cash equivalents, beginning of year | 2,680 | 2,645 | |||||||||
Cash and cash equivalents, end of period | $ | 1,973 | $ | 3,886 |
Cognizant |
6
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March 31, 2021 Form 10-Q |
Note 1 — Interim Consolidated Financial Statements |
Note 2 — Revenues and Trade Accounts Receivable |
Three Months Ended
March 31, 2021 |
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(in millions) | Financial Services | Healthcare | Products and Resources | Communications, Media and Technology | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geography: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 1,013 | $ | 1,101 | $ | 718 | $ | 451 | $ | 3,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | 125 | 40 | 106 | 99 | 370 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe | 192 | 118 | 103 | 43 | 456 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total | 317 | 158 | 209 | 142 | 826 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World | 128 | 29 | 71 | 64 | 292 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,458 | $ | 1,288 | $ | 998 | $ | 657 | $ | 4,401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service line: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consulting and technology services | $ | 967 | $ | 745 | $ | 616 | $ | 396 | $ | 2,724 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Outsourcing services | 491 | 543 | 382 | 261 | 1,677 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,458 | $ | 1,288 | $ | 998 | $ | 657 | $ | 4,401 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of contract: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time and materials | $ | 899 | $ | 519 | $ | 418 | $ | 397 | $ | 2,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed-price | 471 | 499 | 481 | 230 | 1,681 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction or volume-based | 88 | 270 | 99 | 30 | 487 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,458 | $ | 1,288 | $ | 998 | $ | 657 | $ | 4,401 |
Cognizant |
7
|
March 31, 2021 Form 10-Q |
Three Months Ended
March 31, 2020 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Financial Services | Healthcare | Products and Resources | Communications, Media and Technology | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geography: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 1,012 | $ | 1,038 | $ | 689 | $ | 451 | $ | 3,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | 120 | 40 | 93 | 84 | 337 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe | 191 | 99 | 109 | 38 | 437 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total | 311 | 139 | 202 | 122 | 774 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World | 128 | 17 | 63 | 53 | 261 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,451 | $ | 1,194 | $ | 954 | $ | 626 | $ | 4,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service line: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consulting and technology services | $ | 947 | $ | 662 | $ | 590 | $ | 348 | $ | 2,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Outsourcing services | 504 | 532 | 364 | 278 | 1,678 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,451 | $ | 1,194 | $ | 954 | $ | 626 | $ | 4,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of contract: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time and materials | $ | 884 | $ | 475 | $ | 409 | $ | 383 | $ | 2,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed-price | 483 | 409 | 443 | 219 | 1,554 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction or volume-based | 84 | 310 | 102 | 24 | 520 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,451 | $ | 1,194 | $ | 954 | $ | 626 | $ | 4,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Beginning balance | $ | 467 | $ | 485 | ||||||||||
Amortization expense | (29) | (22) | ||||||||||||
Costs capitalized | 14 | 35 | ||||||||||||
Impairment | (9) | — | ||||||||||||
Ending balance | $ | 443 | $ | 498 |
(in millions) | 2021 | 2020 | ||||||||||||
Beginning balance | $ | 315 | $ | 334 | ||||||||||
Revenues recognized during the period but not billed | 183 | 219 | ||||||||||||
Amounts reclassified to trade accounts receivable | (162) | (194) | ||||||||||||
Ending balance | $ | 336 | $ | 359 |
Cognizant |
8
|
March 31, 2021 Form 10-Q |
(in millions) | 2021 | 2020 | ||||||||||||
Beginning balance | $ | 419 | $ | 336 | ||||||||||
Amounts billed but not recognized as revenues | 341 | 257 | ||||||||||||
Revenues recognized related to the opening balance of deferred revenue | (325) | (197) | ||||||||||||
Ending balance | $ | 435 | $ | 396 |
(in millions) | 2021 | 2020 | ||||||||||||
Beginning balance | $ | 57 | $ | 67 | ||||||||||
Impact of adoption of the Credit Loss Standard | — | (1) | ||||||||||||
Credit loss (reversal) expense | (5) | 10 | ||||||||||||
Write-offs charged against the allowance | (6) | (2) | ||||||||||||
Ending balance | $ | 46 | $ | 74 |
Note 3 — Business Combinations |
Cognizant |
9
|
March 31, 2021 Form 10-Q |
(in millions) | Linium | Magenic | Total | Weighted Average Useful Life | |||||||||||||||||||
Cash | $ | — | $ | 13 | $ | 13 | |||||||||||||||||
Trade accounts receivable | 5 | 17 | 22 | ||||||||||||||||||||
Property and equipment and other assets | 1 | 4 | 5 | ||||||||||||||||||||
Operating lease assets, net | — | 8 | 8 | ||||||||||||||||||||
Non-deductible goodwill | — | 34 | 34 | ||||||||||||||||||||
Tax-deductible goodwill | 57 | 112 | 169 | ||||||||||||||||||||
Customer relationship assets | 24 | 90 | 114 | 8.4 years | |||||||||||||||||||
Other intangible assets | — | 1 | 1 | 1.0 year | |||||||||||||||||||
Current liabilities | (2) | (29) | (31) | ||||||||||||||||||||
Noncurrent liabilities | — | (5) | (5) | ||||||||||||||||||||
Purchase price, inclusive of contingent consideration | $ | 85 | $ | 245 | $ | 330 |
Note 4 — Restructuring Charges |
Note 5 — Investments |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Short-term investments: | |||||||||||
Equity investment security | $ | 27 | $ | 27 | |||||||
Held-to-maturity investment securities | 34 | 14 | |||||||||
Time deposits | 124 | 3 | |||||||||
Total short-term investments | $ | 185 | $ | 44 |
Long-term investments: | |||||||||||
Equity and cost method investments | $ | 35 | $ | 35 | |||||||
Restricted time deposits(1)
|
404 | 405 | |||||||||
Total long-term investments | $ | 439 | $ | 440 |
Cognizant |
10
|
March 31, 2021 Form 10-Q |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
Amortized
Cost |
Fair
Value |
Amortized
Cost |
Fair
Value |
||||||||||||||||||||||||||||||||
Short-term investments, maturing within one year: | |||||||||||||||||||||||||||||||||||
Corporate and other debt securities | $ | 14 | $ | 14 | $ | 14 | $ | 14 | |||||||||||||||||||||||||||
Commercial paper | 20 | 20 | — | — | |||||||||||||||||||||||||||||||
Total short-term held-to-maturity investments | $ | 34 | $ | 34 | $ | 14 | $ | 14 |
Note 6 — Accrued Expenses and Other Current Liabilities |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Compensation and benefits | $ | 1,359 | $ | 1,607 | |||||||
Customer volume and other incentives | 264 | 266 | |||||||||
Income taxes | 11 | 34 | |||||||||
Professional fees | 148 | 143 | |||||||||
Other | 376 | 469 | |||||||||
Total accrued expenses and other current liabilities | $ | 2,158 | $ | 2,519 |
Note 7 — Debt |
Cognizant |
11
|
March 31, 2021 Form 10-Q |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Term Loan | $ | 694 | $ | 703 | |||||||
Less: | |||||||||||
Current maturities - Term Loan | (38) | (38) | |||||||||
Deferred financing costs | (2) | (2) | |||||||||
Long-term debt, net of current maturities | $ | 654 | $ | 663 |
Note 8 — Income Taxes |
2021 | 2020 | ||||||||||||||||||||||
Effective income tax rate | 24.1 | % | 27.8 | % |
Cognizant |
12
|
March 31, 2021 Form 10-Q |
Note 9 — Derivative Financial Instruments |
(in millions) | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||
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 | $ | 45 | $ | — | $ | 45 | $ | — | |||||||||||||||||||||||
Other noncurrent assets | 18 | — | 26 | — | ||||||||||||||||||||||||||||
Total | 63 | — | 71 | — | ||||||||||||||||||||||||||||
Foreign exchange forward contracts – Not designated as hedging instruments | Other current assets | 2 | — | 1 | — | |||||||||||||||||||||||||||
Accrued expenses and other current liabilities | — | — | — | 1 | ||||||||||||||||||||||||||||
Total | 2 | — | 1 | 1 | ||||||||||||||||||||||||||||
Total | $ | 65 | $ | — | $ | 72 | $ | 1 |
Cognizant |
13
|
March 31, 2021 Form 10-Q |
(in millions) |
March 31,
2021 |
December 31, 2020 | |||||||||
2021 | $ | 1,125 | $ | 1,470 | |||||||
2022 | 920 | 803 | |||||||||
2023 | 140 | — | |||||||||
Total notional value of contracts outstanding (1)
|
$ | 2,185 | $ | 2,273 | |||||||
(in millions) |
Change in
Derivative Gains (Losses) Recognized in Accumulated Other Comprehensive Income (Loss) (effective portion) |
Location of Net Gains (Losses) Reclassified
from Accumulated Other Comprehensive Income (Loss) into Income (effective portion) |
Net Gains (Losses) Reclassified
from Accumulated Other Comprehensive Income (Loss) into Income (effective portion) |
||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Foreign exchange forward and option contracts – Designated as cash flow hedging instruments | $ | 17 | $ | (113) | Cost of revenues | $ | 18 | $ | (3) | ||||||||||||||||||||
SG&A expenses
|
3 | — | |||||||||||||||||||||||||||
Total | $ | 21 | $ | (3) |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||||||||||
Contracts outstanding | $ | 574 | $ | 2 | $ | 637 | $ | — |
Cognizant |
14
|
March 31, 2021 Form 10-Q |
Location of Net Gains on
Derivative Instruments |
Amount of Net Gains on Derivative Instruments | ||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||||||||
Foreign exchange forward contracts – Not designated as hedging instruments | Foreign currency exchange gains (losses), net | $ | 3 | $ | 6 |
Note 10 — Fair Value Measurements |
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | 272 | $ | — | $ | — | $ | 272 | |||||||||||||||
Time deposits | — | 53 | — | 53 | |||||||||||||||||||
Commercial paper | — | 310 | — | 310 | |||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Time deposits | — | 124 | — | 124 | |||||||||||||||||||
Equity investment security | 27 | — | — | 27 | |||||||||||||||||||
Other current assets: | |||||||||||||||||||||||
Foreign exchange forward and option contracts | — | 47 | — | 47 | |||||||||||||||||||
Long-term investments: | |||||||||||||||||||||||
Restricted time deposits(1)
|
— | 404 | — | 404 | |||||||||||||||||||
Other noncurrent assets
|
|||||||||||||||||||||||
Foreign exchange forward and option contracts
|
— | 18 | — | 18 | |||||||||||||||||||
Accrued expenses and other current liabilities:
|
|||||||||||||||||||||||
Contingent consideration liabilities
|
— | — | (11) | (11) | |||||||||||||||||||
Other noncurrent liabilities:
|
|||||||||||||||||||||||
Contingent consideration liabilities | — | — | (46) | (46) |
Cognizant |
15
|
March 31, 2021 Form 10-Q |
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | 209 | $ | — | $ | — | $ | 209 | |||||||||||||||
Time deposits | — | 203 | — | 203 | |||||||||||||||||||
Commercial paper | — | 200 | — | 200 | |||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Time deposits | — | 3 | — | 3 | |||||||||||||||||||
Equity investment security | 27 | — | — | 27 | |||||||||||||||||||
Other current assets: | |||||||||||||||||||||||
Foreign exchange forward and option contracts | — | 46 | — | 46 | |||||||||||||||||||
Long-term investments: | |||||||||||||||||||||||
Restricted time deposits(1)
|
— | 405 | — | 405 | |||||||||||||||||||
Other noncurrent assets: | |||||||||||||||||||||||
Foreign exchange forward and option contracts | — | 26 | — | 26 | |||||||||||||||||||
Accrued expenses and other current liabilities: | |||||||||||||||||||||||
Foreign exchange forward and option contracts | — | (1) | — | (1) | |||||||||||||||||||
Contingent consideration liabilities | — | — | (11) | (11) | |||||||||||||||||||
Other noncurrent liabilities: | |||||||||||||||||||||||
Contingent consideration liabilities | — | — | (43) | (43) |
(in millions) | 2021 | 2020 | ||||||||||||
Beginning balance | $ | 54 | $ | 38 | ||||||||||
Initial measurement recognized at acquisition | 8 | 4 | ||||||||||||
Change in fair value recognized in SG&A expenses | (3) | (22) | ||||||||||||
Payments | (2) | — | ||||||||||||
Ending balance | $ | 57 | $ | 20 |
Cognizant |
16
|
March 31, 2021 Form 10-Q |
Note 11 — Accumulated Other Comprehensive Income (Loss) |
(in millions) |
Before Tax
Amount |
Tax
Effect |
Net of Tax
Amount |
||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 56 | $ | (1) | $ | 55 | |||||||||||||||||||||||||||||
Change in foreign currency translation adjustments | (27) | 2 | (25) | ||||||||||||||||||||||||||||||||
Ending balance | $ | 29 | $ | 1 | $ | 30 | |||||||||||||||||||||||||||||
Unrealized gains on cash flow hedges: | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 67 | $ | (12) | $ | 55 | |||||||||||||||||||||||||||||
Unrealized gains arising during the period | 17 | (3) | 14 | ||||||||||||||||||||||||||||||||
Reclassifications of net (gains) to: | |||||||||||||||||||||||||||||||||||
Cost of revenues | (18) | 3 | (15) | ||||||||||||||||||||||||||||||||
SG&A expenses | (3) | — | (3) | ||||||||||||||||||||||||||||||||
Net change | (4) | — | (4) | ||||||||||||||||||||||||||||||||
Ending balance | $ | 63 | $ | (12) | $ | 51 | |||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 123 | $ | (13) | $ | 110 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | (31) | 2 | (29) | ||||||||||||||||||||||||||||||||
Ending balance | $ | 92 | $ | (11) | $ | 81 |
(in millions) |
Before Tax
Amount |
Tax
Effect |
Net of Tax
Amount |
||||||||||||||||||||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | (63) | $ | (1) | $ | (64) | |||||||||||||||||||||||||||||
Change in foreign currency translation adjustments | (139) | 4 | (135) | ||||||||||||||||||||||||||||||||
Ending balance | $ | (202) | $ | 3 | $ | (199) | |||||||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges: | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 31 | $ | (5) | $ | 26 | |||||||||||||||||||||||||||||
Unrealized (losses) arising during the period | (113) | 19 | (94) | ||||||||||||||||||||||||||||||||
Reclassifications of net losses to: | |||||||||||||||||||||||||||||||||||
Cost of revenues | 3 | — | 3 | ||||||||||||||||||||||||||||||||
SG&A expenses | — | — | — | ||||||||||||||||||||||||||||||||
Net change | (110) | 19 | (91) | ||||||||||||||||||||||||||||||||
Ending balance | $ | (79) | $ | 14 | $ | (65) | |||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | (32) | $ | (6) | $ | (38) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | (249) | 23 | (226) | ||||||||||||||||||||||||||||||||
Ending balance | $ | (281) | $ | 17 | $ | (264) |
Cognizant |
17
|
March 31, 2021 Form 10-Q |
Note 12— Commitments and Contingencies |
Cognizant |
18
|
March 31, 2021 Form 10-Q |
Cognizant |
19
|
March 31, 2021 Form 10-Q |
Note 13 — Segment Information |
Cognizant |
20
|
March 31, 2021 Form 10-Q |
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Financial Services | $ | 406 | 381 | ||||||||||||||||||||
Healthcare | 411 | 321 | |||||||||||||||||||||
Products and Resources | 308 | 261 | |||||||||||||||||||||
Communications, Media and Technology | 215 | 190 | |||||||||||||||||||||
Total segment operating profit | 1,340 | 1,153 | |||||||||||||||||||||
Less: unallocated costs | 671 | 574 | |||||||||||||||||||||
Income from operations | $ | 669 | $ | 579 |
As of | |||||||||||
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Long-lived Assets: (1)
|
|||||||||||
North America(2)
|
$ | 407 | $ | 399 | |||||||
Europe | 80 | 88 | |||||||||
Rest of World (3)
|
763 | 764 | |||||||||
Total | $ | 1,250 | $ | 1,251 |
Note 14 — Subsequent Events |
Cognizant |
21
|
March 31, 2021 Form 10-Q |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Executive Summary |
Cognizant |
22
|
March 31, 2021 Form 10-Q |
Cognizant |
23
|
March 31, 2021 Form 10-Q |
Results of Operations |
% of | % of | Increase / Decrease | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share data) | 2021 | Revenues | 2020 | Revenues | $ | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 4,401 | 100.0 | $ | 4,225 | 100.0 | $ | 176 | 4.2 | ||||||||||||||||||||||||||||||||||||||
Cost of revenues(1)
|
2,764 | 62.8 | 2,747 | 65.0 | 17 | 0.6 | |||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses(1)
|
827 | 18.8 | 711 | 16.8 | 116 | 16.3 | |||||||||||||||||||||||||||||||||||||||||
Restructuring charges | — | — | 55 | 1.3 | (55) | (100.0) | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 141 | 3.2 | 133 | 3.1 | 8 | 6.0 | |||||||||||||||||||||||||||||||||||||||||
Income from operations | 669 | 15.2 | 579 | 13.7 | 90 | 15.5 | |||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | (4) | (69) | 65 | (94.2) | |||||||||||||||||||||||||||||||||||||||||||
Income before provision for income taxes | 665 | 15.1 | 510 | 12.1 | 155 | 30.4 | |||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | (160) | (142) | (18) | 12.7 | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) from equity method investments | — | (1) | 1 | (100.0) | |||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 505 | 11.5 | $ | 367 | 8.7 | $ | 138 | 37.6 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.95 | $ | 0.67 | $ | 0.28 | 41.8 | ||||||||||||||||||||||||||||||||||||||||
Other Financial Information2
|
|||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Income from Operations and Adjusted Operating Margin | $ | 669 | 15.2 | $ | 640 | 15.1 | $ | 29 | 4.5 | ||||||||||||||||||||||||||||||||||||||
Adjusted Diluted EPS | $ | 0.97 | $ | 0.96 | $ | 0.01 | 1.0 |
Cognizant |
24
|
March 31, 2021 Form 10-Q |
Financial Services | Healthcare | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase / (Decrease) | Increase / (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions | Revenues | $ | % |
CC %3
|
Revenues | $ | % |
CC %3
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 1,013 | 1 | 0.1 | (0.3) | $ | 1,101 | 63 | 6.1 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | 125 | 5 | 4.2 | (1.7) | 40 | — | — | (5.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe | 192 | 1 | 0.5 | (7.2) | 118 | 19 | 19.2 | 11.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total | 317 | 6 | 1.9 | (5.1) | 158 | 19 | 13.7 | 6.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World | 128 | — | — | (3.8) | 29 | 12 | 70.6 | 68.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,458 | 7 | 0.5 | (1.7) | $ | 1,288 | 94 | 7.9 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Products and Resources | Communications, Media and Technology | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase / (Decrease) | Increase / (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions | Revenues | $ | % |
CC %3
|
Revenues | $ | % |
CC %3
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | 718 | 29 | 4.2 | 3.8 | $ | 451 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Kingdom | 106 | 13 | 14.0 | 6.0 | 99 | 15 | 17.9 | 9.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Europe | 103 | (6) | (5.5) | (13.8) | 43 | 5 | 13.2 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe - Total | 209 | 7 | 3.5 | (4.7) | 142 | 20 | 16.4 | 7.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest of World | 71 | 8 | 12.7 | 9.8 | 64 | 11 | 20.8 | 19.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 998 | 44 | 4.6 | 2.4 | $ | 657 | 31 | 5.0 | 3.1 |
Cognizant |
25
|
March 31, 2021 Form 10-Q |
Cognizant |
26
|
March 31, 2021 Form 10-Q |
(Dollars in millions) | 2021 | Operating Margin % | 2020 | Operating Margin % | Increase / (Decrease) | ||||||||||||||||||||||||
Financial Services | $ | 406 | 27.8 | $ | 381 | 26.3 | $ | 25 | |||||||||||||||||||||
Healthcare | 411 | 31.9 | 321 | 26.9 | 90 | ||||||||||||||||||||||||
Products and Resources | 308 | 30.9 | 261 | 27.4 | 47 | ||||||||||||||||||||||||
Communications, Media and Technology | 215 | 32.7 | 190 | 30.4 | 25 | ||||||||||||||||||||||||
Total segment operating profit | 1,340 | 30.4 | 1,153 | 27.3 | 187 | ||||||||||||||||||||||||
Less: unallocated costs | 671 | 574 | 97 | ||||||||||||||||||||||||||
Income from operations | $ | 669 | 15.2 | $ | 579 | 13.7 | $ | 90 | |||||||||||||||||||||
Cognizant |
27
|
March 31, 2021 Form 10-Q |
(in millions) | 2021 | 2020 |
Increase/
Decrease |
||||||||||||||||||||
Foreign currency exchange (losses) | $ | (12) | $ | (108) | $ | 96 | |||||||||||||||||
Gains on foreign exchange forward contracts not designated as hedging instruments | 3 | 6 | (3) | ||||||||||||||||||||
Foreign currency exchange gains (losses), net | (9) | (102) | 93 | ||||||||||||||||||||
Interest income | 9 | 41 | (32) | ||||||||||||||||||||
Interest expense | (2) | (6) | 4 | ||||||||||||||||||||
Other, net | (2) | (2) | — | ||||||||||||||||||||
Total other income (expense), net | $ | (4) | $ | (69) | $ | 65 |
Cognizant |
28
|
March 31, 2021 Form 10-Q |
(Dollars in millions, except per share amounts) | 2021 |
% of
Revenues |
2020 |
% of
Revenues |
|||||||||||||||||||
GAAP income from operations and operating margin | $ | 669 | 15.2 | $ | 579 | 13.7 | |||||||||||||||||
Realignment charges (1)
|
— | — | 20 | 0.5 | |||||||||||||||||||
2020 Fit for Growth Plan restructuring charges (2)
|
— | — | 35 | 0.8 | |||||||||||||||||||
COVID-19 Charges (3)
|
— | — | 6 | 0.1 | |||||||||||||||||||
Adjusted Income from Operations and Adjusted Operating Margin | $ | 669 | 15.2 | $ | 640 | 15.1 | |||||||||||||||||
GAAP diluted EPS | $ | 0.95 | $ | 0.67 | |||||||||||||||||||
Effect of above adjustments, pre-tax | — | 0.11 | |||||||||||||||||||||
Non-operating foreign currency exchange (gains) losses, pre-tax (4)
|
0.02 | 0.19 | |||||||||||||||||||||
Tax effect of above adjustments (5)
|
— | (0.01) | |||||||||||||||||||||
Adjusted Diluted EPS | $ | 0.97 | $ | 0.96 | |||||||||||||||||||
Three Months Ended
March 31, |
|||||||||||
(in millions) | 2021 | 2020 | |||||||||
Non-GAAP income tax benefit (expense) related to: | |||||||||||
Realignment charges | $ | — | $ | 5 | |||||||
2020 Fit for Growth Plan restructuring charges | — | 9 | |||||||||
COVID-19 Charges | — | 2 | |||||||||
Foreign currency exchange gains and losses | — | (10) |
Cognizant |
29
|
March 31, 2021 Form 10-Q |
Liquidity and Capital Resources |
(in millions) | 2021 | 2020 | Increase / Decrease | |||||||||||||||||||||||
Net cash provided by (used in): | ||||||||||||||||||||||||||
Operating activities | $ | 181 | $ | 497 | $ | (316) | ||||||||||||||||||||
Investing activities | (538) | (272) | (266) | |||||||||||||||||||||||
Financing activities | (340) | 1,135 | (1,475) |
Cognizant |
30
|
March 31, 2021 Form 10-Q |
Commitments and Contingencies |
Off-Balance Sheet Arrangements |
Critical Accounting Estimates |
Recently Adopted and New Accounting Pronouncements |
Forward Looking Statements |
Cognizant |
31
|
March 31, 2021 Form 10-Q |
Cognizant |
32
|
March 31, 2021 Form 10-Q |
Item 3. Quantitative and Qualitative Disclosures about Market Risk. |
Item 4. Controls and Procedures. |
Cognizant |
33
|
March 31, 2021 Form 10-Q |
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, 2021 - January 31, 2021 | — | $ | — | — | $ | 2,815 | ||||||||||||||||||||
February 1, 2021 - February 28, 2021 | 1,190,000 | 74.94 | 1,190,000 | 2,726 | ||||||||||||||||||||||
March 1, 2021 - March 31, 2021 | 1,900,000 | 76.34 | 1,900,000 | 2,581 | ||||||||||||||||||||||
Total | 3,090,000 | $ | 75.80 | 3,090,000 |
Cognizant |
34
|
March 31, 2021 Form 10-Q |
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 | 6/7/2018 | ||||||||||||||||||||||||||||||||||
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 |
35
|
March 31, 2021 Form 10-Q |
Cognizant Technology Solutions Corporation | ||||||||||||||||||||
Date: | May 5, 2021 | By: |
/s/ BRIAN HUMPHRIES
|
|||||||||||||||||
Brian Humphries, | ||||||||||||||||||||
Chief Executive Officer | ||||||||||||||||||||
(Principal Executive Officer) |
Date: | May 5, 2021 | By: |
/s/ JAN SIEGMUND
|
|||||||||||||||||
Jan Siegmund, | ||||||||||||||||||||
Chief Financial Officer | ||||||||||||||||||||
(Principal Financial Officer) |
Cognizant |
36
|
March 31, 2021 Form 10-Q |
1 Year Cognizant Technology Sol... Chart |
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