- Highlights of News Release Issued: Feb 6, 2024
- Full-year revenue of $19.4 billion declined 0.4% year-over-year, or declined 0.3% in constant currency1, which was within our guidance range
- Full-year operating margin of 13.9% and Adjusted Operating Margin1 of 15.1%, which was 40 basis points above our guidance
- Full-year operating cash flow of $2.3 billion; free cash flow1 of $2.0 billion was 95% of net income
- Trailing 12-month bookings of $26.3 billion, up 9% year-over-year
- $1.7 billion returned to shareholders through share repurchases and dividends in 2023
- Cash dividend increased 3% to $0.30 per share for Q1 2024
- 2024 revenue growth guidance of (2%) to 2% in constant currency
- 2024 Adjusted Operating Margin guidance 15.3-15.5%, an expansion of 20 to 40 basis points
FlowSource TM
FlowSource TM is the new AI Solution from Cognizant.
Cognizant (Nasdaq: CTSH) today announced a generative AI (gen AI)-enabled platform, Cognizant Flowsource™️, that aims to fuel the next generation of software engineering for enterprises. Cognizant Flowsource integrates all stages of the software development lifecycle and incorporates digital assets and tools to help cross-functional engineering teams deliver high quality code faster, with increased control and transparency.
As every business becomes a technology business, market dynamics are evolving rapidly. Emerging technology, new competitive entrants and new customer demands are requiring organizations to achieve a pace of change that is often unattainable due to the complexity of their technology estates, fractured use of modern engineering processes, and legacy debt and costs.
“In the gen AI era, the pursuit of innovation is creating a hotbed of opportunity for organizations to work faster – but working faster must be sustainable, and ‘more speed’ shouldn’t mean ‘more problems,'” said Prasad Sankaran, EVP of Cognizant’s Software and Platform Engineering. “Cognizant Flowsource addresses this growing need and helps organizations improve throughput, quality and consistency across development. The result is better time to market for new and innovative products and services, as well as improvements in scale that can enable these enterprises to stay ahead of competition.”
Cognizant Flowsource provides a unified engineering platform connecting the work of all software delivery stakeholders and the development community. Gen AI-enabled tooling and process orchestration is woven throughout the developer experience, allowing team members to work faster and with more focus in a measurable and quantifiable manner. For example, teams can self-service with templates to provision code and environments, automate testing and documentation, leverage enterprise knowledge bases to drive code and component re-use, and speed coding processes with trained copilots.
“Cognizant Flowsource goes beyond productivity increases to ensure high quality code output through embedded, well architected practices and multiple levels of quality checks,” said Mukesh Dialani, IDC Research Vice President, Digital Engineering and Operational Technology Services. “With Cognizant Flowsource, talent can focus on what matters rather than repeatable, non-value add work. If I were a client, I would appreciate how Cognizant Flowsource allows me to move past technical debt and get rid of those issues faster, so we can focus on what matters to my business.”
With Cognizant Flowsource, business and engineering stakeholders can gain more transparency into the organization’s software engineering ecosystem. Problems can be solved faster, impact can be better understood, and strategy can be delivered more seamlessly. Cognizant Flowsource also works as an extendable platform that allows enterprises to add third party plugins to further accelerate work processes.
Cognizant Flowsource joins other platform offerings Cognizant has recently rolled out, including Cognizant Neuro® AI, Cognizant Neuro® IT Operations and Cognizant Skygrade™, to help enterprises manage the complexity of their IT environments and modernize towards a cloud-native architecture.
For more information on how to get started with Cognizant Flowsource
Source on FlowSource: Press Release from Cognizant on 1st February 2024.
