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Cognizant Technology Solutions Corporation  (CTSH)
Other Ticker:  
 
    Sector  Technology    Industry Software & Programming
   Industry Software & Programming
   Sector  Technology
 
Price: $67.1800 $-0.84 -1.235%
Day's High: $68.4 Week Perf: -0.46 %
Day's Low: $ 67.52 30 Day Perf: -9.07 %
Volume (M): 91 52 Wk High: $ 93.47
Volume (M$): $ 6,171 52 Wk Avg: $79.59
Open: $68.46 52 Wk Low: $65.24



 Market Capitalization (Millions $) 35,270
 Shares Outstanding (Millions) 525
 Employees 286,375
 Revenues (TTM) (Millions $) 19,090
 Net Income (TTM) (Millions $) 2,352
 Cash Flow (TTM) (Millions $) -523
 Capital Exp. (TTM) (Millions $) 1

Cognizant Technology Solutions Corporation
We are a leading provider of custom IT consulting and technology services as well as outsourcing services for Global 2000 companies located in North America, Europe and Asia. Our core competencies include Technology Strategy Consulting, Complex Systems Development, Enterprise Software Package Implementation and Maintenance, Data Warehousing & Business Intelligence, Application Testing, Application Maintenance, Infrastructure Management, and Vertically-Oriented Business Process Outsourcing (BPO). We tailor our services to specific industries, and utilize an integrated on-site/offshore business model. This seamless on-site/offshore business model combines technical and account management teams located on-site at the customer location and offshore at dedicated development centers located primarily in India.

Industry Background

Many companies today face intense competitive pressure and rapidly changing market dynamics, driven by such factors as changes in government regulations, globalization and technology innovation. In response to these challenges, many companies are focused on improving productivity, increasing service levels, lowering costs and accelerating delivery times. In order to achieve these goals, companies are focusing on a number of technology-centric areas, such as:

• Business and IT alignment and optimization;

• Advanced custom systems development;

• Data Warehousing and Business Intelligence;

• Enterprise Resource Planning;

• Customer and Supply Chain Management; and

• Middleware, Service-Oriented Architectures, Open Source and Radio Frequency Identification (RFID).

These approaches and technologies facilitate faster, more responsive, lower-cost business operations. However, their development, integration and on-going maintenance present major challenges and require a large number of highly skilled professionals trained in many diverse technologies. In addition, companies also require additional technical resources to maintain, enhance and re-engineer their core legacy IT systems and to address application maintenance projects. Increasingly, companies are relying on custom IT solutions providers, such as us, to provide these services.


In order to respond effectively to a changing and challenging business environment, IT departments of many companies have focused increasingly on improving returns on IT investments, lowering costs and accelerating the delivery of new systems and solutions. To accomplish these objectives, many IT departments have shifted all or a portion of their IT development, integration and maintenance requirements to outside service providers operating with on-site/offshore business models.

Global demand for high quality, lower cost IT services from outside providers has created a significant opportunity for IT service providers that can successfully leverage the benefits of, and address the challenges in using, an offshore talent pool. The effective use of offshore personnel can offer a variety of benefits, including lower costs, faster delivery of new IT solutions and innovations in vertical solutions, processes and technologies. Certain developing countries, particularly India, have a large talent pool of highly qualified technical professionals that can provide high quality IT and BPO services at a lower cost. India is a leader in IT services, and is regarded as having one of the largest and highest quality pools of talent in the world. Historically, IT service providers have used offshore labor pools primarily to supplement the internal staffing needs of customers. However, evolving customer demands have led to the increasing acceptance and use of offshore resources for higher value-added services. These services include application design, development, testing, integration and maintenance, as well as technology consulting and infrastructure management. India’s services and software exports continue to see significant growth. According to NASSCOM (India’s National Association of Software and Services Companies) and McKinsey & Company, the IT/BPO sector in India was a $17.2 billion industry in 2004, and is projected to grow to $50.0 billion by 2009.

Using a globally distributed workforce to provide value-added services presents a number of challenges to IT service providers. The offshore implementation of value-added IT services requires that IT service providers continually and effectively attract, train and retain highly skilled software development professionals with the advanced technical skills necessary to keep pace with continuing changes in information technology, evolving industry standards and changing customer preferences. These skills are necessary to design, develop and deploy high-quality technology solutions in a cost-effective and timely manner. In addition, IT service providers must have the methodologies, processes and communications capabilities to enable offshore workforces to be successfully integrated with on-site personnel. Service providers must also have strong research and development capabilities, technology competency centers and relationship management skills in order to compete effectively.

The Cognizant Approach

Our business is organized and managed primarily around our four vertically-oriented business segments:

• Financial Services;

• Healthcare;

• Manufacturing, Retail & Logistics; and

• Other – which includes Telecommunications, Information Services, Media and High Technology.

This vertical focus has been central to our revenue growth and high-customer satisfaction. As the IT Services industry continues to mature, clients are looking for service providers who understand their businesses, industry initiatives, culture and have solutions tailored to meet their individual business needs. We have continued to hire experts out of industry, establish a broad base of business analysts, invest in industry training for our staff, and build out industry-specific services and solutions. This approach is central to our high-levels of on-time delivery and customer satisfaction, as we understand the full context of our clients’ challenges and have deep experience in addressing them.

Our key service areas—IT Consulting and Technology Services, and Outsourcing Services—are delivered in a standardized, high-quality manner through a Global Delivery Model to our clients across our four business segments. These service areas include:

• IT Consulting and Technology Services

• Business Process Consulting

• IT Strategy Consulting

• Technology Consulting

• Application Design, Development, Integration and Re-engineering

• Complex Custom Systems Development

• DataWarehousing / Business Intelligence

• Customer Management Relationship (CRM) System implementation

• Enterprise Resource Planning (ERP) System implementation

• Software Testing Services

• Outsourcing Services

• Application Maintenance

• Custom Application Maintenance

• CRM and ERP Maintenance

• IT Infrastructure Outsourcing

• Business Process Outsourcing

Our Solution and Services

We believe that we have developed an effective integrated on-site/offshore business model, and that this business model will be a critical element of our continued growth. To support this business model, at December 31, 2005, we employed over 24,000 IT professionals and support staff globally. We have also established facilities, technology and communications infrastructure in order to support our business model.

Across each of our business segments, we provide a broad, and expanding, range of consulting, information technology and business processing outsourcing services, including:

IT Consulting and Technology Services

• IT Consulting. Consulting offerings that are based on rigorous and proven methodologies and scientifically driven frameworks. In the areas of business processes, technologies and offshoring, we analyze the existing environment, identify opportunities for optimization and provide a robust roadmap for significant cost savings and productivity improvement. The broad areas of coverage include: offshoring strategy, IT strategy, technology rationalization, business process rationalization, change management and IT solution strategy.

• Application Design, Development, Integration and Re-engineering. Define customer requirements, write specifications and design, develop, test and integrate software across multiple platforms including Internet technologies. Modify and test applications to enable systems to function in new operating environments. In addition, these services include DataWarehousing / Business Intelligence (BI), ERP and CRM implementation services, as well as testing services. We follow either of two alternative approaches to application development and integration:

• full life-cycle application development, in which we assume start-to-finish responsibility for analysis, design, implementation, testing and integration of systems; or

• cooperative development, in which our employees work with a customer’s in-house IT personnel to jointly analyze, design, implement, test and integrate new systems.

In both of these approaches, our on-site team members work closely and collaboratively with our clients. Detailed design, implementation and testing are generally performed offshore at our 27 IT development centers located in India and China, as well as our development centers in Chicago, Phoenix, Amsterdam and Toronto. In addition, we maintain an on-site presence at each customer location in order to address evolving customer needs and resulting changes to the project.

A key part of our application development and integration offering is a suite of services to help organizations build and integrate business applications with the rest of their operations. In this suite of services, we leverage our skills in business application development and enterprise application integration to build sophisticated business applications and to integrate these new applications and Web sites with client server and legacy systems. We build and deploy robust, scalable and extensible architectures for use in a wide range of industries. We maintain competency centers specializing in Microsoft, IBM, SAP and JAVA, among others, in order to be able to provide application development and integration services to a broad spectrum of customers.

Our re-engineering service offerings assist customers migrating from systems based on legacy computing environments to newer, open systems-based platforms and client/server architectures, often in response to the more stringent demands of business. Our re-engineering tools automate many of the processes required to implement advanced client/server technologies. We believe that this automation substantially reduces the time and cost to perform re-engineering services, savings that benefit both us and our customers. These tools also enable us to perform source code analysis and to re-design target databases and convert certain programming languages. If necessary, our programmers also help customers re-design and convert user interfaces.

• Software Testing Service. Our Software Testing service offering has experienced significant growth in the past year. Through this practice, we provide an independent verification and validation service focused exclusively on supporting the software testing needs of our clients. Our testing service has four key offerings: 1.) Independent Functional Testing, 2.) Test Automation, 3.) Test Process Consulting, and 4.) Performance Testing. We utilize our own Managed Test Center process model to ensure our client’s receive the highest quality code possible after it has been tested by us. We focus our Managed Test Centers on specific domains (e.g., specific industries and software solutions), ensuring we tailor our testing solutions to the particular needs of our clients.

Outsourcing

• Application Maintenance. Support some or all of a customer’s applications ensuring that systems remain operational and responsive to changing user requirements, and to provide on-going enhancement as required by the customer. In addition, our maintenance services include infrastructure management.

We provide services to help ensure that a customer’s core operational systems are free of defects and responsive to the customer’s changing needs. As part of this process, we are often able to introduce product and process enhancements and improve service levels to customers requesting modifications and on-going support.

Our on-site/offshore business model enables us to provide a range of rapid response and cost-effective support services to our customers. Our on-site team members often provide help-desk services at the customer’s facility. These team members typically carry pagers in the event of an emergency service request and are available to quickly resolve customer problems from remote locations. In the case of more complex maintenance services, including modifications, enhancements and documentation, which typically have longer turnaround times, we take full advantage of our offshore resources to develop solutions more cost-effectively than would be possible relying on higher cost local professionals. The services provided by our offshore team members are delivered to customers using satellite and fiber-optic telecommunications.


As part of our application maintenance services, we assist customers in renovating their core systems to meet the requirements imposed by new regulations, new standards or other external events. These services include, or have previously included, Year 2000 compliance, Eurocurrency compliance, decimalization within the securities industry and compliance with the Health Insurance Portability and Accountability Act for the healthcare industry.

Application maintenance service contracts are usually long term in nature and, at times, can include an element of application development.

We seek to anticipate the operational environment of customer’s IT systems as we design and develop such systems. We also offer diagnostic services to customers to assist them in identifying shortcomings in their IT systems and optimizing the performance of their systems.

• IT Infrastructure Services. We provide IT Infrastructure Management Outsourcing services. This is a newer service at Cognizant, but one where we anticipate growing demand in the coming years. Through our Global Operations Center, we are able to provide significant scale, quality and cost savings to our clients in IT Infrastructure Services. We focus on a number of key areas, including such key areas of infrastructure management as: Networks, Servers, Middleware, Security, Vendors, Storage, Messaging, Databases, and Desktops. We can provide these through an IT Service Desk model, focusing on such areas as IT Operations and IT Help Desk.

• Vertical Business Process Outsourcing (V-BPO). We provide Vertically-Oriented BPO to our clients. This is a newer service at Cognizant, but one in which we anticipate future growth. At Cognizant, we made a strategic decision to stay out of more generic, horizontally-based BPO markets (i.e., call centers) and instead have focused on value-added processes that are specific to clients in our key industry segments (particularly in Financial Services, Healthcare and Manufacturing / Logistics / Retail). Our BPO practice focuses on core back office services covering: Transaction Processing, Voice Processes, Data Administration, Data Management and Data Analytics.

In addition to our industry-specific expertise and focus, our strengths, which we believe differentiate us from other IT service providers, include the following:

Established and Scalable Proprietary Processes. We have developed proprietary methodologies for integrating on-site and offshore teams to facilitate cost-effective, on-time delivery of high-quality projects. These methodologies comprise our proprietary Q*VIEW software engineering process, which is available to all on-site and offshore programmers. We use this ISO 9001:2000 certified process to define and implement projects from the design, development and deployment stages through on-going application maintenance. For most projects, Q*VIEW is used as part of an initial setting up of processes that allows us to define the scope and risks of the project and subdivide the project into smaller phases with frequent deliverables and feedback from customers. We also use our Q*VIEW process to detect, mitigate and correct possible quality defects and to establish appropriate contingencies for each project. In order to ensure implementation of the quality process, we assign a quality facilitator to each project who reports to a centralized quality assurance and software engineering group. This group performs, on a sample basis, quality audits, deliverables verifications, metrics collection and analysis, which are used to improve processes and methodologies. These processes and methodologies have proven to be scalable, as we have significantly increased the number of offshore development centers, customers and projects. In addition, all of our principal development centers have been assessed by KPMG at Level 5 (the highest possible rating) of both the Capability Maturity Model and the Capability Maturity Model Integration of the Software Engineering Institute at Carnegie Mellon University, which are widely recognized means of measuring the quality and maturity of an organization’s software development and maintenance processes.

Customers

The number of customers served by us has increased significantly in recent years.

We provide services either on a time-and-material basis or on the basis of an agreed fixed bid. The volume of work performed for specific customers is likely to vary from year to year, and a significant customer in one year may not use our services in a subsequent year.


Our customers include:

ACNielsen Corporation, First Data Corporation, ADP Incorporated, IMS Health Incorporated, Brinker International Incorporated, JPMorgan Chase, CCC Information Services Incorporated, Metropolitan Life Insurance Company, Computer Sciences Corporation, Royal & SunAlliance USA, The Dun & Bradstreet Corporation, United Healthcare

Competition

The intensely competitive IT services market includes a large number of participants and is subject to rapid change. This market includes participants from a variety of market segments, including:

• systems integration firms;

• contract programming companies;

• application software companies;

• Internet solutions providers;

• the professional services groups of computer equipment companies; and

• facilities management and outsourcing companies.

Our most direct competitors include, among others, Infosys Technologies, Tata Consultancy Services and WIPRO, which utilize an integrated on-site/offshore business model comparable to that used by us. We also compete with large IT service providers with greater resources, such as Accenture, Computer Sciences Corporation, Electronic Data Systems and IBM Global Services. In addition, we compete with numerous smaller local companies in the various geographic markets in which we operate.


Many of our competitors have significantly greater financial, technical and marketing resources and greater name recognition than we do. The principal competitive factors affecting the markets for our services include:

• performance and reliability;

• quality of technical support, training and services;

• responsiveness to customer needs;

• reputation, experience and financial stability; and

• competitive pricing of services.

We rely on the following to compete effectively:

• a well developed recruiting, training and retention model;

• a successful service delivery model;

• a broad referral base;

• continual investment in process improvement and knowledge capture;

• investment in research and development;

• continued focus on responsiveness to customer needs, quality of services, competitive prices; and

• project management capabilities and technical expertise.



   Company Address: 300 Frank W. Burr Blvd. Teaneck 7666 NJ
   Company Phone Number: 801-0233   Stock Exchange / Ticker: NASDAQ CTSH
   CTSH is expected to report next financial results on July 27, 2022.


Customers Net Income fell by CTSH's Customers Net Profit Margin fell to

-18.54 %

9.68 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

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Cognizant Technology Solutions's Segments
 
Financial services
 Segment    40.29 % of total Revenue
Healthcare
 Segment    29.47 % of total Revenue
Manufacturing, retail, logistics
 Segment    19.02 % of total Revenue
Other
 Segment    11.22 % of total Revenue
 
• View Complete Report
  Company Estimates  
  Revenue Outlook
Cognizant Technology Solutions does not provide revenue guidance.

Earnings Outlook
Aerkomm Inc. does not provide earnings estimates.

 
Geographic Revenue Dispersion
North America 35.08 %
Europe 38.93 %
Asia 25.99 %


       
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