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Cognizant Reports Fourth Quarter and Full Year 2009 Results

Annual Revenue of $3.279 billion, up 16% year-over-year Provides Guidance for 2010 Revenue Growth of at least 20%

TEANECK, N.J. - 09. February 2010

Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of information technology, consulting, and business process outsourcing services, today announced its fourth quarter and full year 2009 financial results.

Highlights – Fourth Quarter 2009

- Quarterly revenue rose to $902.7 million, up 20% from the year-ago quarter and 6% sequentially.
- Quarterly diluted EPS on a GAAP basis was $0.47, compared to $0.38 in the year-ago quarter.
- Quarterly diluted EPS on a non-GAAP basis, which excludes stock-based compensation expense, was $0.50, compared to $0.41 in the year-ago quarter.
- GAAP and non-GAAP diluted EPS includes the impact of $0.01 in net non-operating foreign currency exchange losses.
- Net headcount additions for the quarter exceeded 10,300; year-end headcount approximately 78,400.

Revenue for the fourth quarter of 2009 rose to $902.7 million, up 20% from $753.0 million in the fourth quarter of 2008. GAAP net income was $144.0 million, or $0.47 per diluted share, compared to $112.3 million, or $0.38 per diluted share, in the fourth quarter of 2008. Diluted earnings per share on a non-GAAP basis was $0.50. GAAP operating margin for the quarter was 18.5%. Excluding stock-based compensation expense of $12.8 million, non-GAAP operating margin was 19.9%, in line with the Company’s targeted 19 to 20% range. Earnings for the quarter included $4.5 million of net pre-tax non-operating foreign exchange losses. Reconciliations of non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.

Highlights – Full Year 2009

- Revenue increased to $3.279 billion, up 16% from the previous year.

- Diluted EPS on a GAAP basis was $1.78, compared to $1.44 in the previous year.
- Diluted EPS on a non-GAAP basis, which excludes $0.12 in stock-based compensation expense and stock-based Indian fringe benefit tax expenses, was $1.90, compared to $1.59 in the previous year.

Revenue for 2009 increased to $3.279 billion, up 16% from $2.816 billion for 2008. GAAP net income was $535.0 million, or $1.78 per diluted share, compared to $430.8 million, or $1.44 per diluted share, for 2008. Diluted earnings per share on a non-GAAP basis was $1.90. GAAP operating margin was 18.9%. Excluding stock-based compensation expense of $44.8 million and stock-based Indian fringe benefit tax expense of $0.9 million, non-GAAP operating margin was 20.3%. Reconciliations of these non-GAAP financial measures to GAAP operating results and diluted EPS are included in the table at the end of this release.

First Quarter & Full Year 2010 Outlook

The Company is providing the following guidance:
- First quarter 2010 revenue anticipated to be at least $935 million.
- First quarter 2010 diluted EPS expected to be $0.48 on a GAAP basis and $0.52 on a non-GAAP basis, which excludes $0.04 of estimated stock-based compensation expense.
- Fiscal 2010 revenue expected to be at least $3.935 billion, up at least 20% compared to 2009.
- Fiscal 2010 diluted EPS expected to be at least $2.03 on a GAAP basis, and $2.19 on a non-GAAP basis, which excludes $0.16 of estimated stock-based compensation expense.
- Due to continued volatility in the currency markets, EPS guidance excludes any non-operating foreign currency exchange gain or loss.

Zitat Unternehmensvertreter

"Despite a very difficult economy, Cognizant delivered strong results with 16% annual revenue growth. The investments we made in our business leave us in an even stronger position than when we entered 2009,” said Francisco D’Souza, President and CEO of Cognizant. "During the year, we grew our workforce by more than 16,700 people, improved our employee utilization, strengthened our client partnerships, and brought new services and capabilities to market. We believe Cognizant is set to deliver robust performance in 2010 and will continue to set new standards for our industry."

“Cognizant delivered exceptional performance in 2009. A continued focus on operational excellence, combined with aggressive hiring in the latter part of last year, leaves us well positioned for a strong 2010,” said Gordon Coburn, Chief Financial and Operating Officer. “In addition, we further strengthened our balance sheet in 2009 with our cash, short- and long-term investments increasing by over $210 million during the fourth quarter, and over $625 million for the full year, to a total of approximately $1.55 billion.”

Über das Unternehmen

Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services. Cognizant’s single-minded passion is to dedicate our global technology and innovation know-how, our industry expertise and worldwide resources to working together with clients to make their businesses stronger. With over 50 global delivery centers and approximately 78,400 employees as of December 31, 2009, we combine a unique onsite/offshore delivery model infused by a distinct culture of customer satisfaction. A member of the NASDAQ-100 Index and S&P 500 Index, Cognizant is a Forbes Global 2000 company and a member of the Fortune 1000 and is ranked among the top information technology companies in BusinessWeek’s Hot Growth and Top 50 Performers listings. Visit us online at www.cognizant.com.

Technorati tags: Cognizant | Revenue | 2009 | Outsourcing |

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Cognizant Reports Fourth Quarter and Full Year 2009 Results

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