Press release
Cognizant Reports Second Quarter 2022 Results
Revenue of $4.9 billion grew 7.0% year-over-year, or 9.5% in constant currency1Operating Margin of 15.5%, up 30 basis points year-over-yearOver $1.0 billion
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[{"type":"text","content":"Revenue of $4.9 billion grew 7.0% year-over-year, or 9.5% in constant currency1Operating Margin of 15.5%, up 30 basis points year-over-yearOver $1.0 billion deployed on share repurchases and dividends year-to-dateOperating cash flow of $528 million and free cash flow1 of $485 millionFull-year 2022 revenue growth guidance 6.3% to 7.3%, or 8.5% to 9.5% in constant currencyTEANECK, N.J., July 27, 2022 /PRNewswire/ -- Cognizant (Nasdaq: CTSH), one of the world's leading professional services companies, today announced its second quarter 2022 financial results.\n\n \n \n\n\n\n\n\n\n \n\"In a period of unprecedented labor market conditions characterized by elevated attrition and significant wage inflation, we focused on our client commitments and delivered balanced financial results in the second quarter,\" said Brian Humphries, Chief Executive Officer. \"As we position the company for sustained success, we will continue to invest in our talented employees, our clients and our capabilities.\"\nQ2 2022\nQ2 2021\nRevenue (in billions)\n$4.9\n$4.6\nY/Y Growth\n7.0 %\n14.6 %\nY/Y Growth CC1\n9.5 %\n12.0 %\nGAAP and Adjusted Operating Margin1\n15.5 %\n15.2 %\nGAAP Diluted EPS\n$1.11\n$0.97\nAdjusted Diluted EPS1\n$1.14\n$0.99\n \nSecond Quarter 2022 Performance by Business Segment\nFinancial Services revenue grew 2.7% year-over-year, or 5.1% in constant currency, driven by growth in U.S. regional banking clients, strength in the United Kingdom and solid performance within insurance. The sale of the Samlink subsidiary, which closed on February 1, 2022, negatively impacted segment revenue growth by approximately 190 basis points.\nHealth Sciences2 revenue grew 6.3% year-over-year, or 7.6% in constant currency. Growth was driven by digital services among pharmaceutical clients and sustained demand for integrated software solutions among our healthcare clients.\nProducts and Resources revenue grew 8.1% year-over-year, or 11.6% in constant currency, driven in part by strength among automotive, logistics, retail and consumer goods clients. Segment growth includes the benefit of acquisitions closed in Q2 2021.\nCommunications, Media and Technology revenue grew 16.1% year-over-year, or 19.5% in constant currency, driven by strength among digital native companies.\nBookings\nQ2 bookings declined 3% year-over-year. This resulted in trailing 12-month...
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