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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 June 30, 2022
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-20220630_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 July 22, 2022:
Class Number of Shares
Class A Common Stock, par value $0.01 per share 517,784,927




COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
TABLE OF CONTENTS
 
  Page
PART I.
Item 1.
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
ASCAccounting Standards Codification
ASRAccelerated Stock Repurchase
CCConstant Currency
CITACommissioner of Income Tax (Appeals)
CMTCommunications, Media and Technology
COVID-19The novel coronavirus disease
Credit AgreementCredit agreement with a commercial bank syndicate, as amended
CTS IndiaOur principal operating subsidiary in India
DOJUnited States Department of Justice
DSODays Sales Outstanding
EPSEarnings Per Share
ESGEnvironmental, Social and Governance
EUEuropean Union
Exchange ActSecurities Exchange Act of 1934, as amended
GAAPGenerally Accepted Accounting Principles in the United States of America
High CourtMadras High Court
India Defined Contribution ObligationCertain statutory defined contribution obligations of employees and employers in India
IoTInternet of Things
ITDIndian Income Tax Department
SCISupreme Court of India
SECUnited States Securities and Exchange Commission
Second CircuitUnited States Court of Appeals for the Second Circuit
SG&ASelling, general and administrative
Syntel
Syntel Sterling Best Shores Mauritius Ltd.
Tax Reform ActTax Cuts and Jobs Act
Term LoanUnsecured term loan under the Credit Agreement
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 Technology Solutions
1
June 30, 2022 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)June 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$1,768 $1,792 
Short-term investments552 927 
Trade accounts receivable, net3,785 3,557 
Other current assets918 1,066 
Total current assets7,023 7,342 
Property and equipment, net1,121 1,171 
Operating lease assets, net907 933 
Goodwill5,517 5,620 
Intangible assets, net1,101 1,218 
Deferred income tax assets, net473 404 
Long-term investments443 463 
Other noncurrent assets673 701 
Total assets$17,258 $17,852 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$357 $361 
Deferred revenue408 403 
Short-term debt38 38 
Operating lease liabilities178 195 
Accrued expenses and other current liabilities2,172 2,532 
Total current liabilities3,153 3,529 
Deferred revenue, noncurrent24 40 
Operating lease liabilities, noncurrent747 783 
Deferred income tax liabilities, net207 218 
Long-term debt608 626 
Long-term income taxes payable283 378 
Other noncurrent liabilities286 287 
Total liabilities5,308 5,861 
Commitments and contingencies (See Note 10)
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, 518 and 525 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
5 5 
Additional paid-in capital21 27 
Retained earnings12,193 11,922 
Accumulated other comprehensive income (loss)(269)37 
Total stockholders’ equity11,950 11,991 
Total liabilities and stockholders’ equity$17,258 $17,852 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





Cognizant Technology Solutions
2
June 30, 2022 Form 10-Q
                        

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
 (in millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Revenues$4,906 $4,585 $9,732 $8,986 
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization expense shown separately below)3,119 2,863 6,216 5,627 
Selling, general and administrative expenses883 881 1,745 1,708 
Depreciation and amortization expense144 145 287 286 
Income from operations760 696 1,484 1,365 
Other income (expense), net:
Interest income9 7 15 16 
Interest expense(3)(2)(5)(4)
Foreign currency exchange gains (losses), net(4)(7)(4)(16)
Other, net(1)  (2)
Total other income (expense), net1 (2)6 (6)
Income before provision for income taxes761 694 1,490 1,359 
Provision for income taxes(184)(184)(354)(344)
Income (loss) from equity method investments 2 4 2 
Net income$577 $512 $1,140 $1,017 
Basic earnings per share$1.11 $0.97 $2.18 $1.93 
Diluted earnings per share$1.11 $0.97 $2.18 $1.92 
Weighted average number of common shares outstanding - Basic520 527 522 528 
Dilutive effect of shares issuable under stock-based compensation plans1 1 1 1 
Weighted average number of common shares outstanding - Diluted521 528 523 529 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





Cognizant Technology Solutions
3
June 30, 2022 Form 10-Q
                        

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

 
 (in millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Net income$577 $512 $1,140 $1,017 
Change in Accumulated other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(193)14 (230)(11)
Unrealized gains and losses on cash flow hedges(57)(13)(76)(17)
Other comprehensive income (loss)(250)1 (306)(28)
Comprehensive income$327 $513 $834 $989 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





Cognizant Technology Solutions
4
June 30, 2022 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, 2021525 $5 $27 $11,922 $37 $11,991 
Net income— — — 563 — 563 
Other comprehensive income (loss)— — — — (56)(56)
Common stock issued, stock-based compensation plans1 — 31 — — 31 
Stock-based compensation expense— — 56 — — 56 
Repurchases of common stock(5)— (83)(387)— (470)
Dividends declared, $0.27 per share
— — — (142)— (142)
Balance, March 31, 2022521 5 31 11,956 (19)11,973 
Net income— — — 577 — 577 
Other comprehensive income (loss)— — — — (250)(250)
Common stock issued, stock-based compensation plans1 — 21 — — 21 
Stock-based compensation expense— — 89 — — 89 
Repurchases of common stock(4)— (120)(198)— (318)
Dividends declared, $0.27 per share
— — — (142)— (142)
Balance, June 30, 2022518 $5 $21 $12,193 $(269)$11,950 
 (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 plans
1 — 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 

The accompanying notes are an integral part of the unaudited consolidated financial statements.





Cognizant Technology Solutions
5
June 30, 2022 Form 10-Q
                        

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

 (in millions)
For the Six Months Ended
June 30,
 20222021
Cash flows from operating activities:
Net income$1,140 $1,017 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization287 286 
Deferred income taxes(74)119 
Stock-based compensation expense145 129 
Other51 (2)
Changes in assets and liabilities:
Trade accounts receivable(251)(279)
Other current and noncurrent assets131 60 
Accounts payable(9)17 
Deferred revenues, current and noncurrent(8)(34)
Other current and noncurrent liabilities(578)(591)
Net cash provided by operating activities834 722 
Cash flows from investing activities:
Purchases of property and equipment(163)(163)
Purchases of available-for-sale investment securities(513)(105)
Proceeds from maturity or sale of available-for-sale investment securities375  
Purchases of held-to-maturity investment securities(32)(89)
Proceeds from maturity of held-to-maturity investment securities30 76 
Purchases of other investments(256)(642)
Proceeds from maturity or sale of other investments769 322 
Proceeds from sales of businesses19  
Payments for business combinations, net of cash acquired (658)
Net cash provided by (used in) investing activities229 (1,259)
Cash flows from financing activities:
Issuance of common stock under stock-based compensation plans52 75 
Repurchases of common stock(792)(560)
Repayment of Term Loan borrowings and finance lease and earnout obligations(26)(28)
Dividends paid(284)(255)
Net cash (used in) financing activities(1,050)(768)
Effect of exchange rate changes on cash and cash equivalents(37)(7)
(Decrease) in cash and cash equivalents(24)(1,312)
Cash and cash equivalents, beginning of year1,792 2,680 
Cash and cash equivalents, end of period$1,768 $1,368 
The accompanying notes are an integral part of the unaudited consolidated financial statements.





Cognizant Technology Solutions
6
June 30, 2022 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, 2021. 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 the business segments. We believe this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors. Our consulting and technology services include consulting, application development, systems integration, and application testing services as well as software solutions and related services while our outsourcing services include application maintenance, infrastructure and business process services. Revenues are attributed to geographic regions based upon client location, which is the client's billing address. Substantially all revenues in the North America region relate to clients in the United States.

We have defined our Financial Services, Health Sciences (previously referred to as Healthcare), Products and Resources and Communications, Media and Technology segments as ("FS"), ("HS"), ("P&R"), and ("CMT"), respectively, in our disaggregation of revenues tables.
Three Months Ended
June 30, 2022
Six Months Ended
June 30, 2022
(in millions)FSHSP&RCMTTotalFSHSP&RCMTTotal
Revenues
Geography:
North America$1,104 $1,210 $770 $572 $3,656 $2,184 $2,405 $1,531 $1,105 $7,225 
United Kingdom147 44 134 133 458 298 88 266 259 911 
Continental Europe143 126 143 33 445 300 246 288 70 904 
Europe - Total290 170 277 166 903 598 334 554 329 1,815 
Rest of World 148 28 93 78 347 288 61 185 158 692 
Total$1,542 $1,408 $1,140 $816 $4,906 $3,070 $2,800 $2,270 $1,592 $9,732 
Service line:
Consulting and technology services$1,078 $805 $753 $465 $3,101 $2,135 $1,609 $1,507 $913 $6,164 
Outsourcing services464 603 387 351 1,805 935 1,191 763 679 3,568 
Total$1,542 $1,408 $1,140 $816 $4,906 $3,070 $2,800 $2,270 $1,592 $9,732 
Type of contract:
Time and materials$894 $505 $471 $471 $2,341 $1,784 $999 $938 $919 $4,640 
Fixed-price578 617 581 309 2,085 1,135 1,235 1,153 601 4,124 
Transaction or volume-based70 286 88 36 480 151 566 179 72 968 
Total$1,542 $1,408 $1,140 $816 $4,906 $3,070 $2,800 $2,270 $1,592 $9,732 






Cognizant Technology Solutions
7
June 30, 2022 Form 10-Q
                        

Three Months Ended
June 30, 2021
Six Months Ended
June 30, 2021
(in millions)FSHSP&RCMTTotalFSHSP&RCMTTotal
Revenues
Geography:
North America$1,049 $1,131 $723 $469 $3,372 $2,062 $2,232 $1,441 $920 $6,655 
United Kingdom130 45 116 112 403 255 85 222 211 773 
Continental Europe186 120 132 44 482 378 238