Press release
COGNIZANT REPORTS SECOND QUARTER 2023 RESULTS
Revenue of $4.9 billion declined 0.4% year-over-year, declined 0.1% in constant currency1Q2 bookings growth of 17% year-over-year; record trailing 12-month
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[{"type":"text","content":"Revenue of $4.9 billion declined 0.4% year-over-year, declined 0.1% in constant currency1Q2 bookings growth of 17% year-over-year; record trailing 12-month bookings of $26.4 billionYear-to-date operating cash flow of $765 million and free cash flow1 of $599 millionYear-to-date $700 million returned to shareholders through share repurchases and dividendsCFO Jan Siegmund to retire in early 2024; expected to remain in role until Company identifies successor and completes transition periodReaffirms full-year 2023 revenue growth and Adjusted Operating Margin1 guidanceTEANECK, N.J., Aug. 2, 2023 /PRNewswire/ -- Cognizant (Nasdaq: CTSH), one of the world's leading professional services companies, today announced its second quarter 2023 financial results.\n\n \n \n \n \n \n \n\n \n\"We made continued progress during the quarter amid an uncertain economic backdrop,\" said Ravi Kumar S, Chief Executive Officer. \"We maintained our commercial momentum, with strong bookings growth of 17% year over year, including roughly a third of in-quarter bookings from large deals. We also saw a return to sequential revenue growth, and our initial investment in the Cognizant Neuro AI platform has helped drive more than 100 early engagements as clients embrace generative AI. The continued reduction in our voluntary attrition, improved employee engagement and higher customer satisfaction scores reflect the interdependence of our client and employee experience.\"\n\"We also announced that our CFO Jan Siegmund intends to retire in early 2024. As we begin the search for the Company's next CFO, we appreciate Jan's many contributions to Cognizant over the past three years. I would also like to personally thank Jan for his partnership since I joined the team in January, and his willingness to work collaboratively with his eventual successor to ensure a smooth transition.\"\nQ2 2023\nQ2 2022\nRevenue (in billions)\n$4.9\n$4.9\nY/Y Change\n(0.4 %)\n7.0 %\nY/Y Change CC1\n(0.1 %)\n9.5 %\nGAAP Operating Margin\n11.8 %\n15.5 %\nAdjusted Operating Margin1\n14.2 %\n15.5 %\nGAAP Diluted EPS\n$0.91\n$1.11\nAdjusted Diluted EPS1\n$1.10\n$1.14\n1 Constant currency (\"CC\") revenue growth, Adjusted Operating Margin, Adjusted Diluted Earnings Per Share (\"Adjusted Diluted EPS\") and free cash flow are not measures of financial performance prepared in accordance with GAAP. A...
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