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Cognizant Q4 revenue up 41%
26
Feb '08
Cognizant Technology Solutions Corporation, a leading provider of IT and business process outsourcing services announced its financial results for the three and twelve months ended December 31, 2007. All share and per share amounts for the prior year periods presented have been adjusted to reflect the 2-for-1 stock split, effective October 16, 2007.

Highlights – Fourth Quarter 2007:
•Quarterly revenue increased to $600.0 million, up 41% from the year-ago quarter.
•Quarterly diluted EPS on a GAAP basis was $0.32, compared to $0.23 in the year-ago quarter.
•Quarterly diluted EPS on a non-GAAP basis was $0.36, excluding stock-based compensation expense of $0.02 and a non-cash stock-based Indian fringe benefit tax expense of approximately $0.02, compared to $0.25, excluding stock-based compensation expense of $0.02, in the year ago quarter.

Revenue for the fourth quarter of 2007 increased to $600.0 million, up 7% sequentially from $558.8 million in the third quarter of 2007, and up 41% from $424.4 million in the fourth quarter of 2006. GAAP net income was $96.3 million, or $0.32 per diluted share, compared to $69.5 million, or $0.23 per diluted share, in the fourth quarter of 2006. Diluted earnings per share on a non-GAAP basis were $0.36. GAAP operating margin for the quarter was 17.7%.

Excluding stock based compensation expense of $9.8 million and a $5.9 million non-cash operating expense charge resulting from the nine-month impact of the recently enacted and clarified fringe benefit tax on the exercise of stock options in India, non-GAAP operating margin was 20.3%, above the Company's targeted 19-20% range. Reconciliations of these non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.


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