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Full Bio. Even in the midst of the Covid pandemic, there was one thing on his mind though. It was that the technology industry, and therefore the tech services sector, was going through some profound changes. And history had taught him that when the industry goes through periods of significant transitions, almost inevitably, there will be a new generation of winners.

The plan is to identify the next generation of tech services companies early in the game, and get in with operational control, offering the prospect of tremendous growth in return. The Opportunity The timing seems perfect. Even before Covid, technology was advancing and changing at a never-seen-before pace. And the pandemic permanently changed the way companies needed to do business and how individual employees worked. Related stories. Inside TCS's cloud strategy: How the IT giant is consolidating its hyperscaler alliances to tap an 'unbounded opportunity'.

Get the latest stories, videos, and podcasts from Forbes India directly in your inbox every Saturday. We recently engaged the financial services client I mentioned a few minutes ago in a custom workshop at the Collaboratory for their business and technology leaders.

We jointly identified a set of potential opportunities and long-term strategic initiatives that digital is presenting to this customer's business. Second, consulting is a critical component of our services portfolio.

Our matrix structure deeply integrates our consulting team with our technology and business process services delivery organization. This synergy between our consulting and delivery organizations helps the teams work closely together, driving business model change, the re-engineering of business processes, and organizational change management for our clients' businesses.

We continue to invest in both people and capabilities to deepen our industry strength and have over 5, consultants globally as of today. For the financial service client that I talked about, our consulting practice played a critical role in driving thought leadership into the year deal. Our consultants worked with the client to identify existing assets that could be extended to address significant business opportunities in an adjacent industry where they currently don't have a presence.

This will potentially drive substantial revenue upside for the client. Third, we are optimizing traditional services to enable our clients to achieve higher levels of operational efficiency. Today digital technologies are driving changes in the traditional outsourcing business. The focus in core traditional IT services business, what we call our Horizon 1 services, has shifted from people and processes to people, process, and automation. These services are important, because clients rely upon them each day to run their businesses.

These services are also integral to our ability to drive digital transformation and legacy integration for clients. This means we have to solve today's problems differently by applying innovation and creativity to reorganize and run core processes at an enterprise-wide scale. Sometimes it also means moving clients to radically different operating models to improve their cost and at the same time ensure a high-quality accelerated delivery.

For the financial services client that I've been talking about, we will convert our existing arrangement to an end-to-end managed services engagement to streamline their various customer-facing platforms and processes. At the same time we will transform and digitally enable their core platforms, processes, and infrastructure to support digital business while managing their existing IT platform for optimal efficiency. And fourth, we are building platform-based solutions and industry utilities that enable clients to achieve new levels of efficiency, and at the same time deploy digital technologies more quickly.

Last year we took a very definitive step toward strengthening our platform-based solutions portfolio by acquiring TriZetto. We're pleased with the pace of integration of TriZetto and Cognizant capabilities. The combined stack of software products and services from TriZetto and Cognizant has helped open new market segments, allowing Cognizant to bring an integrated solution to the healthcare market.

We've also seen good traction with our internally developed platform solutions. One such example is a cloud-based big data analytics platform called BigDecisions that brings together our clients' traditional enterprise data and digital data, such as voice, device, sensor, social, and mobile, under a single umbrella.

BigDecisions includes business applications across multiple industries, which help our clients use analytics when making key business decisions. In the case of the financial services client referenced so far, we anticipate leveraging BigDecisions to enable this client to monetize their data assets by delivering actionable insights to their clients.

In closing I'd like to say that Cognizant's culture of innovation and adaptability, coupled with our commitment to continuous investment in the business, has positioned us to be the partner of choice for our clients as they navigate this tremendous period of change. With that, let me hand the call over to Gordon to discuss our performance and then to Karen to provide more financial details.

I'll be back later as always to take your questions. Gordon James Coburn - President. Thank you, Francisco. We had another solid quarter and saw strong demand across the business, with particular strength in consulting and technology services, as clients continue to focus on implementing digital technologies to drive business transformation.

Let me now provide additional color on our performance across industries, Horizon 2 businesses, and geographies. Our Banking and Financial Services segment grew 2. Growth continues to be broad-based across our banking clients, who remain focused on cost optimization, vendor consolidation, regulatory compliance, and cyber security.

We're seeing increased interest in managed services deals with both banking and insurance clients, as they continue to look for ways to increase efficiencies in their operations. In addition there is an increased focus on automation and digital, particularly in areas that improve customer experience and customer self-service, often through harnessing data and analytics to drive real-time decisions.

For example, during Q3 Cognizant was chosen to help one of Asia's largest private banks manage the future roadmap for a consolidated digital platform to sell personal loans, credit cards, auto loans, and mortgages, all of which are currently being managed on separate platforms.

The consolidated platform is expected to significantly increase conversion, reduce platform costs and empower the bank with better customer insights. Another good example is the work we're doing for the National Stock Exchange in India, one of the world's largest exchanges by transaction volumes, to transform its futures and options derivatives trading platform.

Given the complex nature of exchange environments, new regulations and business requirements must be quickly absorbed and integrated to eliminate failures in transaction processing.

The platform that Cognizant developed and deployed for tasks such as order matching and message transfers allowed the exchange to successfully process an unprecedented 1 billion orders in a single day. Our Healthcare segment, which consists of payer, provider, pharmaceutical, biotech, and medical device clients, grew 4.

As the healthcare industry shifts from fee-for-service to value-based care models, healthcare organizations are looking for new ways to deliver customer centric care, while simultaneously looking for ways to drive operational efficiency.

NEHEN consists of over 55 hospitals, eight health insurance plans, and tens of thousands of practitioners. Cognizant and TriZetto are enabling NEHEN to deploy an infrastructure that allows members to share costs and improvement administrative and clinical processes.

This win highlights the synergy opportunities brought by the combination of Cognizant and TriZetto. Together we've won a number of similar deals across payers and providers combining TriZetto's products and platforms with Cognizant's capabilities in IT, BPO, and hosting.

As we approach the 1-year anniversary of the TriZetto acquisition, we could not be more pleased with how the integration is progressing. TriZetto employee retention remains high. And we have a strong pipeline of opportunities leveraging the synergies between Cognizant and TriZetto. Moving on to our Life Sciences business. We had a strong quarter as drug pipelines and product launches have improved for pharmaceutical and biotech companies. Additionally we saw continued strong demand among our medical device clients.

We see an increasing interest in deals which combine cloud technologies and platforms, including our proprietary MedVantage, a cloud-based integrated complaint management solution we built on the Force. We've had a number of our medical device clients implement MedVantage this year to improve efficiency, reporting, and overall service level for their customers.

Our retail manufacturing segment was up 4. Clients are focused on modernizing their technology environment, particularly around supply chain and omni-channel commerce solutions. On the manufacturing side in particular we're seeing strong demand around product transformation. For example we're helping a global packaging equipment manufacturer to transform the packaging equipment they're manufacturing to smart and connected products, leveraging sensors and the Internet of Things and connecting them with a big data analytics platform.

This engagement involves organizational change management, business model innovation, and machine-to-machine connectivity. And will help our client reduce operating costs and deliver new value to their customers. Our Other segment, which includes high-tech, communications, and information media and entertainment clients was down 0.

Let me now turn to our Horizon 2 service lines. We continue to be pleased with the above company average growth we're seeing across these three businesses, Cognizant Business Consulting, Cognizant Infrastructure Services, and Cognizant Business Process Services. As Frank mentioned earlier Cognizant Business Consulting continues to be a critical, competitive differentiator for us.

As clients undergo enterprise-wide transformation, our consulting practice plays an important role through capabilities such as technology, business and digital strategy, operational improvement, program and change management, and process redesign. Cognizant Infrastructure Services continues to see strong growth, primarily solutions that drive simplification, predictable operations, and accelerated delivery.

Increasingly there's a strong focus on automation and IT operations driving business agility through deploying cloud solutions. Cognizant Business Process Services saw continued success during the quarter led by work with our high-tech insurance and banking clients.

Infusing technology and automation in core business processes is critical to helping clients achieve greater levels of operational efficiencies, while also enhancing business outcomes through data analytics.

Let me now shift to geographies. From a geographic standpoint North America grew 3. Europe was up 1. The U. Finally, we saw continued strong traction in the Rest of the World, which was up 5. Growth was driven primarily by strength in our key markets in Asia, such as Singapore and Australia. I'll now provide some color on our business operations. We're committed to improving our retention levels through various employee engagement initiatives.

Faster company growth, well-defined career paths, unique learning and reskilling opportunities, and our practice of sharing the rewards of our strong company performance with our employees continues to make Cognizant a very highly-attractive employer. Delivering strong revenue performance this year, combined with our continued success in driving higher operational efficiency, was only possible through the efforts of our incredible staff around the globe.

And we believe that they should share in these accomplishments. Our performance during the quarter enabled us to increase our year-to-date bonus accrual to levels well above last year. In fact our brand, which is a reflection of our attractiveness as an employer, has never been stronger. This was validated by the success we've seen in our global campus recruiting program this year.

We've extended our campus footprint, recruiting now from over 30 leading universities and business schools in the United States, as well as another 30 top schools across Europe. This campus hiring program has helped us expand our in-country and near source centers.

In India this year we saw tremendous success in our campus hiring across premium engineering campuses. Throughout this call we've highlighted how we're winning in digital, driving leadership in industries and markets we serve, and how we are seeing good traction for our platforms and as a service models. We're proud of our performance and are pleased that this is being recognized by leading industry analysts, sourcing advisors, and other influencers.

In the past few weeks Cognizant has been recognized by these industry analysts as a leader in Internet of Things, business intelligence consulting, robotic process automation, and Insurance as a Service. With that let me turn the call over to Karen to review our financial results.

Thank you, Gordon, and good morning, everyone. As Frank mentioned we are pleased to have delivered another strong quarter. Non-GAAP operating margin, which excludes stock-based compensation expense and acquisition-related expenses was As expected the non-GAAP operating margin declined from Q2, as we absorbed the impact of compensation increases beginning July 1. Consulting and technology services increased 4.

Outsourcing services were up 1. During Q3 we saw a continuation of the trend we have seen in recent quarters, whereby clients are shifting spend from legacy application maintenance towards project-based work, including digital and other transformational programs. And as expected overall pricing was stable.

During the quarter we had approximately 1, net employee additions, and we ended the quarter with approximately , employees globally. Approximately , of our employees were service-delivery staff. As expected utilization was up on a sequential basis. Our balance sheet remains very healthy.

And we finished the quarter with a DSO including unbilled receivables of This is down from The increase in unbilled receivables was primarily due to the timing of certain milestone deliverables and ramp-up of certain fixed bid contracts. Turning to cash flow. During the third quarter we repurchased 2. And our fully diluted share count decreased approximately 1 million shares to To date we have repurchased approximately I would now like to comment on our outlook for Q4 and the full year.

As Frank mentioned we are increasing our full year revenue and non-GAAP EPS guidance to reflect the healthy demand environment and the over performance during quarter three. Our guidance is based on the current exchange rates at the time at which we are providing the guidance and does not include additional potential currency fluctuations over the remainder of the year.

As is the typical pattern in the fourth quarter, client furloughs, seasonality of our retail practice, and fewer billing days will have an impact on sequential revenue growth. Non-GAAP EPS excludes net non-operating foreign currency exchange gains and losses, stock-based compensation, and acquisition related expenses and amortization.

This guidance anticipates a share count of approximately million shares. This guidance anticipates a share count of approximately million shares and a tax rate of approximately Now we would like to open the call for questions.

Question-and-Answer Session. We will now be conducting a question and answer session. One moment please, while we poll for questions. Our first question comes from the line of Edward Caso with Wells Fargo. Please proceed with your question.

Edward S. Good morning. Can you just clarify for us what the organic growth was in the quarter when you back out TriZetto and the ODC acquisition, and also both the impact on the quarter year over year and the benefit to the full year for ? So, Ed, on a quarter-over-quarter basis TriZetto is about 7 points of growth — or year over year rather, sorry, year-over-year basis for the quarter. And what was your second question regarding full year?

Then the same question but for the full year. Hey, Ed, just as a reminder, there was a small portion of TriZetto revenue last year as well, so be sure to adjust for that. Good quarter here, no big surprises. I guess just the fourth quarter, I know fourth quarter is a little tricky. Karen, you mentioned a few things like the client furloughs and the billing days.

Maybe can you quantify some of those factors on what makes 4Q unique? And any considerations around budget flush, et cetera? So the big thing is really the billing days, Tien-tsin, so it's about — almost 3. That's the biggest component. And then obviously as you mentioned some furloughs on top of that.

And then the typical seasonal pullback in retail. But those are less impactful than the bill day impact. So it was really just the billing days. And just maybe as a quick follow up, just thinking about visibility in general. I know we're all going to be thinking about here pretty soon.

Just given the bigger mix of consulting versus outsourcing, do you feel like the visibility has changed or improved or gotten tougher?

Hey, Tien-tsin. This is Frank. I would say it's about the same. We're going through clients' budget cycles at the moment. We feel like those conversations are right about where they would typically and traditionally be at this time of the year. So we don't either quantitatively or qualitatively feel like there's any difference in that process this year. Our next question comes from the line of Ashwin Shirvaikar with Citi. Congratulations on the solid results. So we've had this view for some time that the two-speed economy, which translates to your mandate has an inherent assumption that a large portion of the growth initiatives are partially paid for by savings on the cost optimization side.

So while companies indicate a good growth on the digital side, you have got to temper that optimism with what needs to be done to deliver productivity gains. The question really is, what sort of pressure are you seeing on revenue growth on the traditional side? Can your Horizon 2 and 3 traction, which is great, continue to safely offset Horizon 1 pressure, if there's any?

And how does it change your notion of revenue visibility and impact on margins? Hey, Ashwin. It's Gordon. I think you're right that clients are trying to fund spending on innovation and on digital by optimizing the cost on run the business, which a lot of that is the traditional outsourcing. And you've seen that in our numbers now for many quarters, where our technology and consulting business is growing faster than the outsourcing business.

But let's be clear. We continue to do very well and take market share on the maintenance side. What customers are looking for is they're interested in how can we become more efficient, lower their cost of ownership on maintenance, so they can free up those dollars to move elsewhere.

And we — Cognizant just has this incredible track record of delivering very high quality services, while continuously delivering productivity and efficiency. So I think we're probably better positioned than most others in the market in terms of lowering cost of ownership on maintenance, while delivering high quality services.

And then capturing — because we can assert both sides of the dual mandate, and capturing that freed up spend over on the technology and innovation side. And so when you lower the cost are you using new tools like RPA? And what impact does that have? Hey, Ashwin, it's Frank. I would say that there's a lot of conversation right now about these — what I would bucket together in sort of the category of advanced automation kinds of tools. But I would say that the bulk of the productivity that we drive in the core business is through traditional means of driving productivity and efficiency that includes process kinds of things like Lean and Six Sigma and so on, and also more traditional tools in automation.

I think that the promise of artificial intelligence and machine learning and robotic process automation is certainly substantial, but it's early days in that area. And I think we are making very solid investments. I think you heard Gordon say in his prepared remarks that we've been recognized by industry analysts in areas like robotic process automation as being leaders. So we continue to drive that aggressively.

But I think this is a longer-term journey to really see the impact of that — of those technologies on a broad basis across our business. Thank you for the comments. Our next question comes from the line of Brian Essex with Morgan Stanley.

Brian L. Good morning, and thank you for taking the question. I was wondering if you could touch on a little bit in terms of capital allocation? And how you think about growing the businesses, particularly in areas of focus, such as Healthcare and Digital? And with that in mind, perhaps with competitors in mind, as we've seen quite a bit of capital markets activity ramping this year. So from the perspective of investing organically versus perhaps pursuing acquisitions, how you think about growing the business?

And what you expect heading into next year? Hey, Brian. We're going to continue with the strategy that we've been executing successfully on, which is making long-term organic investments is the key — the core of our business. We reinvest everything above that. And as a result of that we should deliver revenue growth well above industry average. And we've delivered that year-in and year out. And so that's working. We will always supplement our organic growth with acquisitions, either to strengthen a geographic presence, industry strength, or technology and service line.

These largely are tuck-under acquisitions. Obviously the TriZetto acquisition was a outlier. But we continue to look at tuck-under acquisitions to supplement that. We'll continue to target share neutrality. One of our challenges is the majority of our cash is overseas, so we have a little — we have some limitations here.

But we're going to — the capital allocation strategy we're doing is resulting in industry-leading results, so we're going to stick with it. Is that pipeline accelerating? Or might we see more activity as we head into next year and you digest the TriZetto acquisition?

It's Frank. I would say the pipeline is as robust as it has ever been, maybe even a little stronger. We're looking at different kinds of deals.

There's a lot of digital stuff we're looking at. We're looking at some geographic stuff in other parts of the world to give us presence in markets — geographic markets where we feel like we need a stronger presence. But we haven't slowed down. We continue to look at as many if not more transactions. And I would say that if you look over a long period of time, I wouldn't expect to see any material slowdown.

Maybe a little bit of an acceleration in the pace of us doing things, as we become bigger and we're able to move faster on multiple fronts as we — particularly in the area of tuck-ins. Helpful color. Thank you for the insight. Our next question comes from the line of Jim Schneider with Goldman Sachs.

Thanks for taking my question. Gordon, I was wondering if you could maybe comment on the bookings environment over the past couple months? And specifically address the financials vertical? I think you talked about banking being relatively strong for you.

But is that you think still the case in the next couple quarters? And especially relative to what some of your peers have called out in terms of incremental weakness in financials? I was wondering if you could also maybe address any of kind of the incremental sub-verticals, where you've got more strength or more weakness relative to what you've seen the past couple quarters? So the bookings across the business are solid.

We're seeing solid interest in banking. And a lot of that is because we can serve the dual mandate, because we have deep expertise in banking, we feel good about that.

There will always be an anomaly here and there. But when I look at the overall portfolio of our Financial Services segment, we certainly feel good. I don't know if I would point to that has greater strength than other business units, because I think — and you saw it this quarter, other than a little bit of weakness in the communication sector, solid growth. So it's very well-balanced right now. And I think we are pleased with the bookings.

And particularly on the technology and innovation side, because there's really only a handful of companies that can serve that dual mandate. So there's a lot of people fighting for the maintenance side of the business. But on the development side there's only a few of us who can really deliver. And I think we're very well-positioned there, and our investments have paid off. That's helpful. And then maybe as a follow-up, could you maybe address your hiring plans short term over the next quarter or two?

And what you plan to do specifically to kind of address the attrition rate and kind of get the head count back up to the extent you think it needs to over the next couple quarters? So the slow growth in net head count is not driven by attrition. That's driven by a very conscious decision we had this year to significantly improve our operational excellence and take our utilization up, which we successfully did while maintaining customer satisfaction.

So and we're largely done with that process. I think we're pretty — I mean give or take pretty much at the utilization levels that we want as we go into So we don't guide to quarter-to-quarter head count growth. Still, I think we still have a little bit of room offshore on utilization, which you might see in the Q — in Q4.

But then it starts to level out over that. On attrition.

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