Cognizant said revenue for Q1 2024 was $4.76 billion, down 1.1% year over year, or down 1.2% in constant currency. GAAP operating margin was 14.6%, flat year over year, and Adjusted Operating Margin was 15.1%.

1. 01

   Cognizant said revenue for Q1 2024 was $4.76 billion, down 1.1% year over year, or down 1.2% in constant currency. GAAP operating margin was 14.6%, flat year over year, and Adjusted Operating Margin was 15.1%.

2. 02

   The company said it recorded $23 million of NextGen charges in Q1 2024, consisting of employee separation costs of $8 million, facility exit costs of $14 million and third-party and other costs of $1 million. It said it expects to incur about $70 million of costs for the NextGen program in 2024.

3. 03

   The company said operating cash flow for Q1 2024 fell to $95 million from $729 million a year earlier. Free cash flow, which is operating cash flow net of purchases of property and equipment of $79 million, was $16 million, compared with $631 million a year earlier.

4. 04

   Cognizant gave its revenue outlook for 2024 as $18.9 billion to $19.7 billion, or a decline of 2.0% to growth of 2.0% in constant currency. It projected Adjusted Operating Margin of 15.3% to 15.5% and Adjusted EPS of $4.50 to $4.68, and said its full-year revenue and Adjusted Operating Margin outlook was unchanged.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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