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Cognizant Reports Record Second Quarter 2010 Results

Revenue up 15% sequentially and 42% year-over-year Guidance for FY 2010 revenue growth revised to at least 36%

Teaneck, NJ - 04. August 2010

Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of information technology, consulting and business process outsourcing services, today announced its second quarter 2010 financial results.

Highlights – Second Quarter 2010

Quarterly revenue rose to $1.105 billion, up 15% sequentially and 42% from the year-ago quarter
Quarterly diluted EPS on a GAAP basis was $0.56, compared to $0.47 in the year-ago quarter
Quarterly diluted EPS on a non-GAAP basis, which excludes stock-based compensation expense, was $0.59, compared to $0.50 in the year-ago quarter.
GAAP and non-GAAP diluted EPS includes the impact of $0.02 in net non-operating foreign currency exchange losses.

Revenue for the second quarter of 2010 rose to $1.105 billion, up 42% from $776.6 million in the second quarter of 2009. GAAP net income was $172.2 million, or $0.56 per diluted share, compared to $141.3 million, or $0.47 per diluted share, in the second quarter of 2009. Diluted earnings per share on a non-GAAP basis was $0.59. GAAP operating margin for the quarter was 18.6%. Excluding stock-based compensation expense of $14.0 million, non-GAAP operating margin was 19.9%, within the Company’s targeted 19-20% range. Earnings for the quarter included $4.6 million, or $0.02 per share, of net non-operating foreign currency exchange losses. Reconciliations of non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.

“Second quarter results further substantiate the strength of the Cognizant model and the continued importance of investing in deep industry expertise, expanded geographic reach and emerging technologies,” said Francisco D’Souza, President and CEO of Cognizant. “During the quarter, spending levels were very strong across clients in all our business segments and geographies. Our clients are investing again in discretionary programs to foster growth and innovation. We saw particular strength in our financial services segment, which had previously been hard hit by the global credit crisis.”

2010 Outlook - Third Quarter & Full Year

The Company is providing the following guidance:

Third quarter 2010 revenue anticipated to be at least $1.175 billion.
Third quarter 2010 diluted EPS expected to be $0.59 on a GAAP basis and $0.63 on a non-GAAP basis, which excludes $0.04 of estimated stock-based compensation expense.
Fiscal 2010 revenue expected to be at least $4.46 billion, up at least 36% compared to 2009.
Fiscal 2010 diluted EPS expected to be at least $2.26 on a GAAP basis, and at least $2.42 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 the impact of any future net non-operating foreign currency exchange gain or loss.

“We benefited from a surge in the initiation of discretionary projects over the past several months – in part due to pent-up demand created by the deferment of discretionary spending last year,” said Gordon Coburn, Chief Financial and Operating Officer. “We remain focused on ensuring we have the infrastructure, people and processes necessary to support our strong growth while maintaining industry-leading quality and client satisfaction – and we believe we are succeeding in this goal.”

Conference Call

Cognizant will host a conference call August 3, 2010 at 8:00 a.m. (ET) to discuss operating performance for the quarter. To participate in the conference call, domestic callers can dial (800) 374-0467 and international callers can dial (706) 679-3288 and provide the following conference ID number: 87305592.

The conference call will also be available live via the Internet by accessing the Cognizant web site at www.cognizant.com. Please go to the web site at least 15 minutes prior to the call to register and to download and install any necessary audio software.

For those who cannot access the live broadcast, a replay will be available by dialing (800) 642-1687 for domestic callers or (706) 645-9291 for international callers and entering 87305592 from a half hour after the end of the call until 11:59 p.m. (ET) on Wednesday, August 11, 2010. The replay will also be available at Cognizant’s web site www.cognizant.com. for 60 days following the call.

Zitat Unternehmensvertreter

Über das Unternehmen

Über Cognizant

Cognizant (NASDAQ: CTSH) ist ein führender Anbieter von Informationstechnologie, Beratungsleistungen und Geschäftsprozess-Outsourcing (BPO). Cognizant richtet sein globales Technologie- und Innovations-Know-how, sein Branchenwissen und seine weltweiten Ressourcen konsequent darauf aus, Kunden in deren Kerngeschäft zu stärken.

Mit über 50 Niederlassungen weltweit und mehr als 88.700 Mitarbeitern (Stand: Ende Juni 2010) bietet das Unternehmen ein einzigartiges globales Liefermodell, in dessen Mittelpunkt eine ausgeprägte Kundenorientierung steht. Als Mitglied der Indizes NASDAQ-100 und S&P 500 gehört Cognizant zu den Forbes Global 2000- und Fortune 1000-Unternehmen. Cognizant ist laut Business Week eines der wachstumsstärksten Top IT-Unternehmen sowie unter den Top 50 Performern platziert. In Deutschland hat Cognizant seinen Sitz in Frankfurt am Main. Mehr erfahren Sie unter http://www.cognizant.com

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.

Kontaktdaten

LEWIS PR
Carolin Nillert
+49 (0)69 3085 5856
cognizant_germany@lewispr.com

Links

www.cognizant.com

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