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Posted On : 2014-02-23 00:33:52( TIMEZONE : IST )
Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of information technology, consulting, and business process outsourcing services, today announced its fourth quarter and full year 2013 financial results.
The Quarterly revenue (Q4) rose to $2.355 billion, up 2.2% sequentially and 20.9% from the year-ago quarter. The GAAP net profit was $324.3 million, up 16.3% from the year-ago quarter. The Non-GAAP operating margin was 20.7%, higher than the Company's targeted 19-20% range. The Net headcount addition for the quarter was approximately 5,000; year-end headcount was approximately 171,400.
Revenue for the fourth quarter of 2013 rose to $2.355 billion, up 20.9% from $1.948 billion in the fourth quarter of 2012. GAAP net income was $324.3 million, or $1.06 per diluted share, compared to $278.8 million, or $0.92 per diluted share, in the fourth quarter of 2012. Diluted EPS on a non-GAAP basis was $1.15, compared to $0.99 in the fourth quarter of 2012. GAAP operating margin for the quarter was 19.0%. Non-GAAP operating margin was 20.7%, higher than the Company's targeted 19-20% range. Reconciliations of non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.
"We are pleased to once again deliver industry-leading revenue growth in 2013," said Francisco D'Souza, Chief Executive Officer of Cognizant. "As we celebrate our 20 year anniversary, I would like to thank our clients who have placed their faith in us, our associates for their wonderful contribution to our growth and success, and our other stakeholders who have played a critical role in our accomplishments. Our strategy through these twenty years has been to challenge the status quo and constantly reinvent for the future, thus positioning us to help our clients build stronger businesses. We believe that we are well positioned to continue to do so in 2014 and beyond."
"Our growth during 2013 was broad-based across our industries, geographies and service lines," said Gordon Coburn, President of Cognizant. "This strong growth was fueled by our clients' on-going drive to 'run better' for more efficient and productive operations and to 'run different' to create the capabilities and business models they need for future success. Our strong portfolio of services coupled with our focus on new technologies and platform-based delivery models will help clients drive meaningful change as businesses become increasingly technology intensive. We anticipate that the healthy demand environment we witnessed in 2013 will continue into 2014 and we are well positioned to capture it."
Revenue for 2013 increased to $8.843 billion, up 20.4% from $7.346 billion for 2012. GAAP net income was $1.23 billion, or $4.03 per diluted share, compared to $1.05 billion, or $3.44 per diluted share, for 2012. Diluted EPS on a non-GAAP basis was $4.38. GAAP operating margin was 19.0%. Non-GAAP operating margin was 20.6%, higher than the company's targeted 19-20% range. Reconciliations of these non-GAAP financial measures to GAAP operating results and diluted EPS are included in the table at the end of this release.
