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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2021
Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission File Number 0-24429
ctsh-20210930_g1.jpg
 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware 13-3728359
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
300 Frank W. Burr Blvd.
Teaneck, New Jersey 07666
(Address of Principal Executive Offices including Zip Code)
Registrant’s telephone number, including area code: (201801-0233
N/A
(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock,
$0.01 par value per share
CTSHThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No:  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No:  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of October 22, 2021:
Class Number of Shares
Class A Common Stock, par value $0.01 per share 525,251,734




COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
TABLE OF CONTENTS
 
  Page
PART I.
Item 1.
Consolidated Statements of Financial Position (Unaudited) as of September 30, 2021 and December 31, 2020
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 6.




GLOSSARY
Defined TermDefinition
10b5-1 Plan
Trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act
Adjusted Diluted EPSAdjusted Diluted Earnings Per Share
AIArtificial Intelligence
ASCAccounting Standards Codification
ASRAccelerated Stock Repurchase
CCConstant Currency
Class Action Settlement Loss
Loss recorded in connection with the filing of a settlement agreement that, subject to the approval of the USDC-NJ, would resolve the consolidated putative securities class action against us and certain of our former officers
CMTCommunications, Media and Technology
COVID-19The novel coronavirus disease
COVID-19 ChargesCosts directly related to the COVID-19 pandemic
Credit AgreementCredit agreement with a commercial bank syndicate dated November 5, 2018
Credit Loss StandardASC Topic 326: "Financial Instruments - Credit Losses"
CTS IndiaOur principal operating subsidiary in India
DevOpsAgile relationship between development and IT operations
Division BenchDivision Bench of the Madras High Court
DOJUnited States Department of Justice
DSODays Sales Outstanding
EPSEarnings Per Share
ESG MobilityESG Mobility GmbH
EUEuropean Union
Exchange ActSecurities Exchange Act of 1934, as amended
GAAPGenerally Accepted Accounting Principles in the United States of America
High CourtMadras High Court
HunterCertain net assets of Hunter Technical Resources, LLC
India Defined Contribution ObligationCertain statutory defined contribution obligations of employees and employers in India
IoTInternet of Things
IRSInternal Revenue Service
ITInformation Technology
ITDIndian Income Tax Department
LIBORLondon Inter-Bank Offered Rate
LiniumThe ServiceNow business of Ness Digital Engineering
MagenicMagenic Technologies, LLC
SCISupreme Court of India
SECUnited States Securities and Exchange Commission
ServianSVN HoldCo Pty Limited
SG&ASelling, general and administrative
SLPSpecial Leave Petition
Syntel
Syntel Sterling Best Shores Mauritius Ltd.
Tax on Accumulated Indian EarningsThe income tax expense related to the reversal of our indefinite reinvestment assertion on Indian earnings accumulated in prior years
Term LoanUnsecured term loan





Cognizant
1
September 30, 2021 Form 10-Q
                        

Third CircuitUnited States Court of Appeals for the Third Circuit
TQSTQS Integration Limited
TriZetto
The TriZetto Group, Inc., now known as Cognizant Technology Software Group, Inc.
USDC-NJUnited States District Court for the District of New Jersey
USDC-SDNY
United States District Court for the Southern District of New York






Cognizant
2
September 30, 2021 Form 10-Q
                        

PART I. FINANCIAL INFORMATION
 
Item 1.     Consolidated Financial Statements (Unaudited).
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(in millions, except par values)September 30, 2021December 31,
2020
Assets
Current assets:
Cash and cash equivalents$1,664 $2,680 
Short-term investments749 44 
Trade accounts receivable, net3,510 3,087 
Other current assets1,072 1,040 
Total current assets6,995 6,851 
Property and equipment, net1,179 1,251 
Operating lease assets, net956 1,013 
Goodwill5,451 5,031 
Intangible assets, net1,198 1,046 
Deferred income tax assets, net282 445 
Long-term investments466 440 
Other noncurrent assets705 846 
Total assets$17,232 $16,923 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$351 $389 
Deferred revenue312 383 
Short-term debt38 38 
Operating lease liabilities200 211 
Accrued expenses and other current liabilities2,418 2,519 
Total current liabilities3,319 3,540 
Deferred revenue, noncurrent37 36 
Operating lease liabilities, noncurrent804 846 
Deferred income tax liabilities, net214 206 
Long-term debt636 663 
Long-term income taxes payable378 428 
Other noncurrent liabilities298 368 
Total liabilities5,686 6,087 
Commitments and contingencies (See Note 12)
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, 525 and 530 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
5 5 
Additional paid-in capital29 32 
Retained earnings11,479 10,689 
Accumulated other comprehensive income (loss)33 110 
Total stockholders’ equity11,546 10,836 
Total liabilities and stockholders’ equity$17,232 $16,923 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





Cognizant
3
September 30, 2021 Form 10-Q
                        

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
 (in millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Revenues$4,744 $4,243 $13,730 $12,468 
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization expense shown separately below)2,947 2,647 8,574 8,009 
Selling, general and administrative expenses924 804 2,632 2,226 
Restructuring charges 51  177 
Depreciation and amortization expense144 138 430 407 
Income from operations729 603 2,094 1,649 
Other income (expense), net:
Interest income7 27 23 105 
Interest expense(3)(6)(7)(21)
Foreign currency exchange gains (losses), net(3)(1)(19)(105)
Other, net1 1 (1)1 
Total other income (expense), net2 21 (4)(20)
Income before provision for income taxes731 624 2,090 1,629 
Provision for income taxes(187)(276)(531)(552)
Income (loss) from equity method investments  2 (1)
Net income$544 $348 $1,561 $1,076 
Basic earnings per share$1.04 $0.64 $2.96 $1.98 
Diluted earnings per share$1.03 $0.64 $2.96 $1.98 
Weighted average number of common shares outstanding - Basic525 542 527 543 
Dilutive effect of shares issuable under stock-based compensation plans1 1 1  
Weighted average number of common shares outstanding - Diluted526 543 528 543 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





Cognizant
4
September 30, 2021 Form 10-Q
                        

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 
 (in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Net income$544 $348 $1,561 $1,076 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(63)90 (74)(7)
Change in unrealized gains and losses on cash flow hedges14 58 (3)5 
Other comprehensive income (loss)(49)148 (77)(2)
Comprehensive income$495 $496 $1,484 $1,074 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





Cognizant
5
September 30, 2021 Form 10-Q
                        

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 (in millions)
Class A Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
 Total
Shares    Amount
Balance, December 31, 2020530 $5 $32 $10,689 $110 $10,836 
Net income— — — 505 — 505 
Other comprehensive income (loss)— — — — (29)(29)
Common stock issued, stock-based compensation plans1 — 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, 2021528 5 44 10,907 81 11,037 
Net income— — — 512 — 512 
Other comprehensive income (loss)— — — — 1 1 
Common stock issued, stock-based compensation plans1 — 32 — — 32 
Stock-based compensation expense— — 67 — — 67 
Repurchases of common stock(4)— (111)(205)— (316)
Dividends declared, $0.24 per share
— — — (128)— (128)
Balance, June 30, 2021525 5 32 11,086 82 11,205 
Net income— — — 544 — 544 
Other comprehensive income (loss)— — — — (49)(49)
Common stock issued, stock-based compensation plans2 — 29 — — 29 
Stock-based compensation expense— — 65 — — 65 
Repurchases of common stock(2)— (97)(24)— (121)
Dividends declared, $0.24 per share
— — — (127)— (127)
Balance, September 30, 2021525 $5 $29 $11,479 $33 $11,546 





Cognizant
6
September 30, 2021 Form 10-Q
                        

 (in millions)
Class A Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
 Total
Shares    Amount
Balance, December 31, 2019548 $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 plans2 — 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, 2020541 5 41 10,831 (264)10,613 
Net income— — — 361 — 361 
Other comprehensive income (loss)— — — — 76 76 
Common stock issued, stock-based compensation plans
2 — 36 — — 36 
Stock-based compensation expense— — 65 — — 65 
Repurchases of common stock(1)— (59) — (59)
Dividends declared, $0.22 per share
— — — (120)— (120)
Balance, June 30, 2020542 5 83 11,072 (188)10,972 
Net income— — — 348 — 348 
Other comprehensive income (loss)— — — — 148 148 
Common stock issued, stock-based compensation plans1 — 33 — — 33 
Stock-based compensation expense— — 58 — — 58 
Repurchases of common stock(4)— (141)(156)— (297)
Dividends declared, $0.22 per share
— — — (122)— (122)
Balance, September 30, 2020539 $5 $33 $11,142 $(40)$11,140 
(1)Reflects    the adoption of the Credit Loss Standard on January 1, 2020. Refer to the notes in the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020.
The accompanying notes are an integral part of the unaudited consolidated financial statements.





Cognizant
7
September 30, 2021 Form 10-Q
                        

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 (in millions)
For the Nine Months Ended
September 30,
 20212020
Cash flows from operating activities:
Net income$1,561 $1,076 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization430 411 
Deferred income taxes146 290 
Stock-based compensation expense194 178 
Other(1)107 
Changes in assets and liabilities:
Trade accounts receivable(371)212 
Other current and noncurrent assets257 96 
Accounts payable(39)83 
Deferred revenues, current and noncurrent(75)(36)
Other current and noncurrent liabilities(432)(16)
Net cash provided by operating activities1,670 2,401 
Cash flows from investing activities:
Purchases of property and equipment(214)(309)
Purchases of available-for-sale investment securities(400) 
Proceeds from maturity or sale of available-for-sale investment securities105  
Purchases of held-to-maturity investment securities(160)(202)
Proceeds from maturity of held-to-maturity investment securities150 373 
Purchases of other investments(1,192)(446)
Proceeds from maturity or sale of other investments760 464 
Payments for business combinations, net of cash acquired(715)(1,069)
Net cash (used in) investing activities(1,666)(1,189)
Cash flows from financing activities:
Issuance of common stock under stock-based compensation plans104 109 
Repurchases of common stock(689)(833)
Repayment of Term Loan borrowings and finance lease and earnout obligations(40)(37)
Proceeds from borrowings under the revolving credit facility 1,740 
Dividends paid(382)(362)
Net cash (used in) provided by financing activities(1,007)617 
Effect of exchange rate changes on cash and cash equivalents(13)(38)
(Decrease) increase in cash and cash equivalents(1,016)1,791 
Cash and cash equivalents, beginning of year2,680 2,645 
Cash and cash equivalents, end of period$1,664 $4,436 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





Cognizant
8
September 30, 2021 Form 10-Q
                        

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — Interim Consolidated Financial Statements
The terms “Cognizant,” “we,” “our,” “us” and “the Company” refer to Cognizant Technology Solutions Corporation and its subsidiaries unless the context indicates otherwise. We have prepared the accompanying unaudited consolidated financial statements included herein in accordance with GAAP and the Exchange Act. The accompanying unaudited consolidated financial statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) included in our Annual Report on Form 10-K for the year ended December 31, 2020. In our opinion, all adjustments considered necessary for a fair statement of the accompanying unaudited consolidated financial statements have been included and all adjustments are of a normal and recurring nature. Operating results for the interim periods are not necessarily indicative of results that may be expected to occur for the entire year.
Note 2 — Revenues and Trade Accounts Receivable
Disaggregation of Revenues

The tables below present disaggregated revenues from contracts with clients by client location, service line and contract type for each of our business segments. We believe this disaggregation best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by industry, market and other economic factors. Revenues are attributed to geographic regions based upon client location, which is the client's billing address. Substantially all revenues in our North America region relate to operations in the United States.

We have defined our Financial Services, Healthcare, Products and Resources and Communications, Media and Technology segments as ("FS"), ("HC"), ("P&R"), and ("CMT"), respectively, in our disaggregation of revenues tables.
Three Months Ended
September 30, 2021
Nine Months Ended
September 30, 2021
(in millions)FSHCP&RCMTTotalFSHCP&RCMTTotal
Geography:
North America$1,075 $1,162 $749 $500 $3,486 $3,137 $3,394 $2,190 $1,420 $10,141 
United Kingdom140 44 125 121 430 395 129 347 332 1,203 
Continental Europe187 118 145 34 484 565 356 380 121 1,422 
Europe - Total327 162 270 155 914 960 485 727 453 2,625 
Rest of World 142 30 88 84 344 407 88 243 226 964 
Total$1,544 $1,354 $1,107 $739 $4,744 $4,504 $3,967 $3,160 $2,099 $13,730 
Service line:
Consulting and technology services$1,049 $785 $715 $441 $2,990 $3,028 $2,299 $1,999 $1,259 $8,585 
Outsourcing services495 569 392 298 1,754 1,476 1,668 1,161 840 5,145 
Total$1,544 $1,354 $1,107 $739 $4,744 $4,504 $3,967 $3,160 $2,099 $13,730