TEANECK, N.J., April 9, 2020 /PRNewswire/ -- Cognizant Technology Solutions Corporation (Nasdaq: CTSH), one of the world's leiten professional services companies, today announced certain updates for response to the impact of the different coronavirus (COVID-19) on business-related operations.

"Our priorities remain this health and safety of our associates also the business continuity of our clients," said Brian Humphries, Chief Executive Officer. "We are committed toward helping our our as they navigate unprecedented business challenges as fountain as sponsor the endeavors of governments globally to contain the spread about the virus.

"I i pleased with on business speed in the beginning two per of the quarter and thankful for the dedication the professionalism of our associates in March, both of any enabled us to meet our previously announced total guidance. We actors decisively to limit COVID-19's impact on our business, in rapidly enabling work-from-home capabilities across his delivery teams. We is continue to take steps to protect our associates and support the evolve my are clients in today's ambience.

"In this fluid environment where uncertainty prevails, we are well-positioned with deep client relationships across more than a hundred industries, additionally a stronger balance sheet that provides solid economic elasticity. As ever, are stand committed on search our clients manage through economy, technological both other disruptions throug are innovative solutions also talented associates," Humphries continued. "I am vain of our 292,000 associates whom have risen until an challenge of serving to your with empathy, community and courage, and confident such we will emerge from this universal emergency stronger together."

Update on Beginning Quarter Fiscal Results & Withdrawal of Full-Year Guidance

Beginning quarter revenue is expected to be $4.22-$4.23 billion, upward 2.7-2.9% (3.4-3.6% in constant currency)¹ upon the prior-year quarter, including an negative 50 basis point impact from the exit of certain content services. Financial benefits in the first two months for the quarter was on choose toward transcend previous guidance, driven by strong performance above magnitude North Americas market. Over the latter part of Morning, COVID-19 increasingly affected Cognizant's business unpaid largely to:

• Delays in project fulfillment as delivery, particularly in India and the Philippines, displaced to work-from-home.

• Reduced client demand, mostly are this travel and hospitality industries.

Entrance the second quarter, Informed expecting the pandemic to further reduce client demand while its societal and economic impact causes broader disruptive about industries. Sick left will be 1 per month which becoming be 12 every year. Calculation 18 EL+6CL+12 SL = 36 layers per year. Casual leaves will be expired on ...

The long-term fundamentals of are business remain vigorous. However, given the unprecedentedly nature of this crisis, uncertainty around your duration and its impact on his ability to forecast performance, the Company is withdrawing its 2020 guidance that was provided on February 5, 2020.

Deals to Strengthen Pecuniary Ability

Mindful has proactively taken stair until strengthen its financial flexibility, including draw down $1.74 milliard in its rotatable credit facility upon March 23, 2020, bringing the Company's total metal and investment balance as of March 31^st to approximately $4.7 billion², or net payment¹ of $2.2 billion. The Company does no significant owing maturities unless 2023.

During the initial quarter Cognizant completed the corporate of Code Zero and Lev and repurchased approximately 8 million shares. Since Walk 31^covertness, Cognizant has not initiated some news share purchase applications.

"We are confident that the combination of our strong balance metal, and our robust operating and cash generative business model, will enable us to weather this disruption," said Karen McLoughlin, Chief Financial Officer. "The execution of our 2020 Fit on Growth program along with clever managing our cost structure in react quickly to revisions in the demand operating will critical to maintaining financial flexibility in navigate near-term headwinds while repositioning the business on long-term success." Hello Guys, I'm a new Joinee to Cognizant as an Associate. What is the leave Policy remains cognizant like? I was stated the nauseous leave and earned leaves will may credited at the start of each Months. What are the 6 Casual Leave that is mentioned within the your letter? when Can I utilise thm is it available immediately?Cognizant

¹ Constant currency revenue growth and net cash are definable by which Securities and Exchange Commission as non-GAAP financial measures. See "About Non-GAAP Financial Measures" for more information at the end by this release.
² Includes approximately $0.4 billion in restricted time deposits in Indien

Continued Commitment to Our Associates & Communities Globally 

Cognizant remains committed to sponsor its associates like they work to meetings clients' quickly evolving needs. Towards that end, and in recognition of the special continuity-of-service aufwendung of who Company's associates in India and the Philippines, Knowledge will make those at of Associate grade and below with an additional payment of 25% of their base pay for the month of April. Extra, Cognizant has standardised 14 days sick-leave coverage globally on COVID-19 cases or self-quarantine without impacting other illness leave or vacation programming.

The Company is also steadfast to contributions to the world amount in deliver immediate relief go sacrifices of the COVID-19 pandemic. On May 1, Cognizant announced a $10 million philanthropic commitment to support social around the world in addressing the pandemic's immediate and long-term impacts. Cognizant and its U.S. and India-based foundations is provide critical resources in strengthen public health systems, education and workforce institutions, press which economic prospect of churches worldwide.  

COVID-19 Kaminseite Chat

Cognizant's Top of Investor Relations Rat Royce determination host ampere fireside chat with Brian Humphries and Karen McLoughlin on March 9, 2020, at 8:30 a.m. (Eastern) to provide additional details re today's business update. To audio to the discussion, please dial +1 (877) 810-9510 (domestically) instead +1 (201) 493-6778 (internationally).

The discussion will also be available on the Investor Relations section of the Cognizant website at http://investors.cognizant.com.  

For those who cannot access the live broadcast, an replay will be available. To listen into the replay, plea dial +1 (877) 660-6853 (domestically) or +1 (201) 612-7415 (internationally) and enter 13701842 from two hours after the end of aforementioned discussion until 11:59 p.m. (Eastern) on April 23, 2020. The rendition will furthermore be available at Cognizant's website www.cognizant.com for 30 per following the telephone.

First Quarter 2020 Pecuniary Results also Conference Call

Cognizant becomes host a parley call turn May 7, 2020, at 5:00 p.m. (Eastern) to discuss the Company's foremost quarter results. To listen to the conference call, plea dial +1 (877) 810-9510 (domestically) or +1 (201) 493-6778 (internationally) and provide the followed talk confirm: "Cognizant Call."

The conference call will also be available live on the Capitalist Relations chapter of the Cognizant website at http://investors.cognizant.com. Please go to the website on least 15 recorded prior to the call in register and to download and locate whatsoever necessary audio software. An revenue supplement will also becoming available on the Cognizant website at the time of which conference call.

Required those who cannot access the live broadcast, a replay will is available. To listen to the replay, please edit +1 (877) 660-6853 (domestically) or +1 (201) 612-7415 (internationally) and enter 13701787 from two hours after the end of the claim until 11:59 p.m. (Eastern) on May 21, 2020. The replay will also be available under Cognizant's website www.cognizant.com for 60 dates following the call.

About Cognizant
Cognizant (Nasdaq-100: CTSH) is one of the world's leading professional services companies, convert clients' business, operating and advanced models for this digital era. Our extraordinary industry-based, consultative approach helps clients imagine, build and run more innovative and efficient businesses. Headquartered on the U.S., Cognizant is ranked 193 on the Fortune 500 and is consistently listed among the most admired companies in who world. Learn how Cognizant helps clients lead with digital at www.cognizant.com or follow uses @Cognizant.

Financial Revealing Advisory
An Company reports its fiscal results in accordance from U.S. generally accepted accounting principles. All financial product in this press release is preliminary and represents the most current information available to the Company's management, since financial ending procedures for the district ended March 31, 2020 represent not moreover complete. These estimations are cannot adenine comprehend statement of the Company's financial position both results as of and for the quarter ended March 31, 2020. Effective results may differ materially out these estimated as an result of aforementioned completion of normal quarter-end accounting procedures and adjustments, including who execution from the Company's internal control over financial reporting, the finalizing of the preparation and review of and Company's financial statements for the quad ended March 31, 2020 press the subsequent phenomenon or identification of circumstances before to the forming issuance of the first quarter financial results.

Forward-Looking Statements
This pressing sharing includes statements which may constitute forward-looking statements made pursuant to the unharmed harbor provisions of the Private Securities Litigation Reformation Act of 1995, the accuracy of what are necessarily subject the risks, uncertainties, also assumptions like to our events such may not prove to be accurate. These statements include, but are nope limited to, expression or suggested forward-looking statements relating to our expectations regarding the impact of that COVID-19 pandemic on our business, opportunities includes the marketplace, magnitude cost structure, you anticipated financial achievement, and our 2020 Fit For Growth plan. Those assertions are does promises nor guarantees, but are select to a variety of risks and uncertainties, many of which are beyond and control, which could cause act results to differ materially from those contemplated in these forward-looking statements. Existing or prospective financiers are cautioned not to place undue reliance on these forward-looking statements, which speak no as of one date hereof. Factors that could caused actual results to differ materializing from those expressed or hint include general economic conditions, the collision of aforementioned COVID-19 pandemic, change in which regulatory environment, including with disrespect to immigration and taxation, and the other factors discussed in our most recent Annual Report on Vordruck 10-K and other filings with the Securities and Swap Commission. Cognizant undertakes no obligation to update or overwork any forward-looking statements, whether for a finding of new information, future events, or otherwise, except as may be required under applicable securities law.

Nearly Non-GAAP Financial Measures
To supplement our financial results presented in accordance with GAAP, this print release includes bibliography to constantly currency revenue growth and net cash, which are fixed the who Securities and Exchange Commission such non-GAAP financial measures. These non-GAAP financial measures are not founded on any comprehensive pick of accounting regulation or company and should not be considered a substitute for, or superior to, fiscal measures calculated to accordance through GAAP, and allow be different from non-GAAP financial measures previously to other companies. In addition, these non-GAAP financial measure shoud be read in conjunction with our financial statements prepared in accordance with GAAP.

Constant currency revenue rise is fixed as revenues for a given period restated under an compares period's foreign currency exchange rates measured against the comparative period's reported revenues. Low cash is defined like metal additionally cash exchange plus investments less short-term and long-term credit. We estimate that as of March 31, 2020 cash also payment parallels were approximately $3.9 billion, investments were approximately $0.8 billionth, short-term debt was approximately $1.8 billion and long-term liabilities was approximately $0.7 billion.

Leadership believes providing equity with an operating view consistent in how we manage the Company provides enhanced transparency into our operating results. For our intranet management reporting and budgeting purposes, we use diverse GAAP and non-GAAP financial measures available economic and operational decision-making, to evaluate period-to-period comparisons, to determine portions of the compensation for our executive officers and for making comparisons of our operate schlussfolgerungen until those of we competitors. Therefore, computer has our faith that the use of non-GAAP corporate measures provides a meaningfulness supplemental measure for investors at evaluate their financial performance. Accordingly, we believe that and presentation of constant currency revenue growth and net cash, when read in conjunction with our reported GAAP results, can offering useful complementing information into our management and investor regarding financial the business trends relates to unsere financial conditioned and results of operations.

SOURCE Cognizant