The following is a summary of the Cognizant Technology Solutions Corporation (CTSH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cognizant reported Q1 revenue of $4.8 billion, showing a decline of 1% year-over-year.

• Adjusted operating margin expanded 50 basis points to 15.1%, driven by cost optimization strategy.

• Attrition in technology services improved to 13.1%, a decline of 10% YoY.

• Q1 bookings on a trailing 12-month basis were $25.9 billion, an increase of 1% year-over-year.

• The company signed 8 contracts, each with a total contract value of over $100 million.

Business Progress:

• Cognizant has seen increased demand for AI services across customer and employee experience, content summarization insights, and content generation.

• Cognizant continues to invest in its Synapse skilling program with 25,000 developers being trained on the use of GitHub Copilot.

• Promotion of responsible AI usage marked by the awarding of $70 million in philanthropic funds since 2018 to global scaling programs for underrepresented communities.

• Reported strong deal momentum in Q1 2024, with contracts signed with global retail brands and flavor leader McCormick & Company.

• Cognizant anticipates continuous momentum with large deals throughout 2024, backed by the strong pipeline built in 2023.

• Actively tracking total contract value, size and duration of the deals, ACV for this year and the next year, as well as the pyramid and capability set attached.

• The company noted potential growth in the Banking and Financial Services industry based on their restructured teams and new offerings.

More details: Cognizant IR

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