8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 3, 2021

Cognizant Technology Solutions Corporation

(Exact Name of Registrant as Specified in Charter)

Delaware	0-24429	13-3728359
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

300 Frank W. Burr Blvd.

Teaneck, New Jersey 07666

(Address of Principal Executive Offices including Zip Code)

(201) 801-0233

(Registrant’s telephone number, including area code)

Glenpoint Centre West, 500 Frank W. Burr Blvd., Teaneck, New Jersey, 07666

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share	CTSH	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).                                        

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.     Results of Operations and Financial Condition.

On February 3, 2021, Cognizant Technology Solutions Corporation (the “Company”), issued a press release to report the Company’s financial results for the quarter and year ended December 31, 2020. The full text of the press release and the infographic embedded in and part of such press release are attached to this current report on Form 8-K as Exhibits 99.1 and 99.2, respectively.*

Item 7.01.    Regulation FD Disclosure.

The Company’s investor presentation containing additional financial information for the quarter and year ended December 31, 2020 is attached to this current report on Form 8-K as Exhibit 99.3.*

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release of Cognizant Technology Solutions Corporation, dated February 3, 2021.
99.2	Investor Infographic, dated February 3, 2021.
99.3	Investor Presentation, dated February 3, 2021.
104	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

* The information in Item 2.02, Item 7.01, Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 of this current report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
By:	/s/ Jan Siegmund
Name:	Jan Siegmund
Title:	Chief Financial Officer

Date: February 3, 2021

EX-99.1

Exhibit 99.1

COGNIZANT REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS

•Q4 and full-year revenue of $4.2 billion and $16.7 billion, respectively, included the impact of the anticipated exit from a customer engagement and the exit from certain content services

•Full year operating cash flow of $3.3 billion and free cash flow1 of $2.9 billion

•2021 revenue growth guidance of 5.5% to 8.5% or 4.0% to 7.0% in constant currency (CC)1

•Quarterly dividend increased to $0.24 per share

TEANECK, N.J., February 3, 2021 - Cognizant (Nasdaq: CTSH), one of the world’s leading professional services companies, today announced its fourth quarter and full year 2020 financial results.

“We accomplished a great deal in the past year whilst keeping our clients and our talented associates foremost in mind,” said Brian Humphries, Chief Executive Officer. “Having strengthened our portfolio, and anticipating the exit of a large financial services engagement, we enter 2021 reinvigorated by our growing commercial momentum, investments in our future, and our vision to become the preeminent technology services partner to clients globally."

($ in billions)						Impact of the
	Revenue	Y/Y %		Y/Y CC %		Anticipated Exit from a Customer Engagement	Exit of Certain Content Services
Q4 2020	$4.2	(2.3	%)	(3.0	%)	(250 bps)	(120 bps)
Full Year 2020	$16.7	(0.8	%)	(0.7	%)	(70 bps)	(110 bps)

	Q4 2020		Impact of the Anticipated Exit from a Customer Engagement	Q4 2019		FY2020		Impact of the Anticipated Exit from a Customer Engagement	FY2019
GAAP operating margin	11.1	%	(300 bps)	14.6	%	12.7	%	(80 bps)	14.6	%
Adjusted Operating Margin1	12.3	%		17.0	%	14.4	%		16.6	%
GAAP diluted EPS	$0.59		($0.25)	$0.72		$2.57		($0.27)	$3.29
Adjusted Diluted EPS1	$0.67			$1.07		$3.42			$3.99

_____________

1 Free cash flow, constant currency ("CC") revenue growth, Adjusted Operating Margin and Adjusted Diluted Earnings Per Share ("Adjusted Diluted EPS") are not measures of financial performance prepared in accordance with GAAP. See “About Non-GAAP Financial Measures and Performance Metrics” for more information and, where applicable, reconciliations to the most directly comparable GAAP financial measures at the end of this release.

Fourth Quarter 2020 Performance by Business Segment

Financial Services (31.2% of revenues) revenue decreased 11.1% year-over-year, or 11.4% in constant currency, driven by declines in both banking and insurance. Growth in regional banks and retail banking was offset by the anticipated exit from a customer engagement, which negatively impacted our revenues in this segment by 730 basis points.

Cognizant made an offer in the fourth quarter to settle and exit a large customer engagement in the financial services segment in Continental Europe. The offer includes, among other terms, a proposed one-time payment and forgiveness of certain receivables. As a result of this offer, in the fourth quarter of 2020, we recorded a reduction of revenue of $107 million and additional expenses of $33 million, primarily related to the impairment of long-lived assets.

Healthcare (30.3% of revenues) revenue grew 4.0% year-over-year, or 3.3% in constant currency, driven by growth in both healthcare and life sciences. Performance in healthcare improved, driven by strength in payer clients and software license sales. Within life sciences, strength in pharmaceutical clients was partially offset by weakness in medical device clients.

Products and Resources (22.7% of revenues) revenue decreased 1.6% year-over-year, or 2.4% in constant currency. The decline was driven by retail, consumer goods, travel and hospitality clients that were particularly adversely affected by the pandemic, partially offset by double-digit constant currency growth in manufacturing, logistics, energy and utilities.

Communications, Media and Technology (15.8% of revenues) revenue increased 4.6% year-over-year, or 3.4% in constant currency, including a negative 790 basis point impact from our exit of certain content-related services, driven by double-digit constant currency growth in both technology and communications and media, which benefited from our recent acquisitions.

“We made good progress on our transformation program, delivering on our cost optimization initiatives to fund our strategic growth priorities,” said Jan Siegmund, Chief Financial Officer. “Another strong cash flow quarter supports our commitment to balanced capital allocation through an accelerated pace of acquisitions, continued share repurchases and today's announced dividend increase.”

First Quarter and Full Year 2021 Outlook

The Company is providing the following guidance:

•First quarter revenue expected to be $4.34-$4.38 billion, or growth of 2.8-3.8% (1.0-2.0% in CC). This assumes an estimated positive 180 basis points foreign exchange impact and a negative 85 basis points impact from the exit of certain content services

•Full year 2021 revenue expected to be $17.6-$18.1 billion, or growth of 5.5-8.5% (4.0-7.0% in CC). This assumes an estimated positive 150 basis points foreign exchange impact and a negative 30 basis points impact from the exit of certain content services

•Full year 2021 Adjusted Operating Margin2 15.2-16.2%

•Full year 2021 Adjusted Diluted EPS2 expected to be in the range of $3.90-$4.02

_______________

2A full reconciliation of Adjusted Operating Margin and Adjusted Diluted EPS guidance to the corresponding GAAP measure on a forward-looking basis cannot be provided without unreasonable efforts, as we are unable to provide reconciling information with respect to unusual items. See “About Non-GAAP Financial Measures and Performance Metrics” for more information and a partial reconciliation at the end of this release.

Return of Capital to Shareholders

In December 2020, as part of its ongoing balanced capital allocation strategy, the Company increased its share repurchase authorization by $2 billion. In February 2021, the Company declared a quarterly cash dividend of $0.24 per share, a 9% increase, for shareholders of record on February 18, 2021. This dividend will be payable on February 26, 2021.

Conference Call

Cognizant will host a conference call on February 3, 2021, at 5:00 p.m. (Eastern) to discuss the Company’s fourth quarter and full year 2020 results. To listen to the conference call, please dial (877) 810-9510 (domestically) or +1 (201) 493-6778(internationally) and provide the following conference passcode: “Cognizant Call.”

The conference call will also be available live on the Investor Relations section of the Cognizant website at http://investors.cognizant.com. An earnings supplement will also be available on the Cognizant website at the time of the conference call.

For those who cannot access the live broadcast, a replay will be available. To listen to the replay, please dial (877) 660-6853 (domestically) or (201) 612-7415 (internationally) and enter 13715007 from two hours after the end of the call until 11:59 p.m. (Eastern) on Wednesday, February 17, 2021. The replay will also be available at Cognizant’s website www.cognizant.com for 60 days following the call.

About Cognizant

Cognizant (Nasdaq-100: CTSH) is one of the world’s leading professional services companies, transforming clients’ business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquartered in the U.S., Cognizant is ranked 194 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant.

Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to our expectations regarding the impact of the COVID-19 pandemic on our business,

opportunities in the marketplace, our cost structure, investment in and growth of our business, our realignment plans, the impact of the 2020 Fit for Growth Plan, the likelihood and potential terms of any settlement of and exit from our referenced large customer engagement in the financial services segment, our and our clients’ shift to digital solutions and services and our anticipated financial performance. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, legal, reputational and financial risks resulting from cyberattacks, the impact of and effectiveness of business continuity plans during the COVID-19 pandemic, changes in the regulatory environment, including with respect to immigration and taxes, and the other factorsdiscussed in our most recent Annual Report on Form 10-K, as updated by our most recent Quarterly Report on Form 10-Q, and other filings with the Securities and Exchange Commission. Cognizant

undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

About Non-GAAP Financial Measures and Performance Metrics

To supplement our financial results presented in accordance with GAAP, this press release includes references to the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: Adjusted Income From Operations, Adjusted Operating Margin, Adjusted Diluted EPS, free cash flow, net cash and constant currency revenue growth. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of our non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated.

Our non-GAAP financial measures, Adjusted Operating Margin, Adjusted Income From Operations and Adjusted Diluted EPS exclude unusual items. Additionally, Adjusted Diluted EPS excludes net non-operating foreign currency exchange gains or losses and the tax impact of all the applicable adjustments. The income tax impact of each item is calculated by applying the statutory rate and local tax regulations in the jurisdiction in which the item was incurred. Free cash flow is defined as cash flows from operating activities net of purchases of property and equipment. Net cash is defined as cash and cash equivalents and short-term investments less short-term and long-term debt. Constant currency revenue growth is defined as revenues for a given period restated at the comparative period’s foreign currency exchange rates measured against the comparative period's reported revenues.

Management believes providing investors with an operating view consistent with how we manage the Company provides enhanced transparency into our operating results. For our internal management reporting and budgeting purposes, we use various GAAP and non-GAAP financial measures for financial and operational decision-making, to evaluate period-to-period comparisons, to determine portions of the compensation for our executive officers and for making comparisons of our operating results to those of our competitors. Therefore, it is our belief that the use of non-GAAP financial measures excluding certain costs provides a meaningful supplemental measure for investors to evaluate our financial performance. Accordingly, we believe that the presentation of our non-GAAP measures, when read in conjunction with our reported GAAP results, can provide useful supplemental information to our management and investors regarding financial and business trends relating to our financial condition and results of operations.

A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and may exclude costs that are recurring such as our net non-operating foreign currency exchange gains or losses. In addition, other companies may calculate non-GAAP financial measures differently than us, thereby limiting the usefulness of these non-GAAP financial measures as a comparative tool. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from our non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

Bookings are defined as total contract value (or TCV) of new contracts, including new contract sales as well as renewals and expansions of existing contracts. Bookings can vary significantly quarter to quarter depending in part on the timing of the signing of a small number of large contracts. Measuring bookings involves the use of estimates and judgments and there are no third-party standards or requirements governing the calculation of bookings. The extent and timing of conversion of bookings to revenues may

be impacted by, among other factors, the types of services and solutions sold, contract duration, the pace of client spending, actual volumes of services delivered as compared to the volumes anticipated at the time of sale, and contract modifications, including terminations, over the lifetime of a contract. The majority of our contracts are terminable by the client on short notice often without penalty, and some without notice. We do not update our bookings for material subsequent terminations or reductions related to bookings originally recorded in prior year periods or foreign currency exchange rate fluctuations. Information regarding our bookings is not comparable to, nor should it be substituted for, an analysis of our reported revenues. However, management believes that it is a key indicator of potential future revenues and provides a useful indicator of the volume of our business over time.

Investor Relations Contact:	Media Contact:
Katie Royce	Jeff DeMarrais
Global Head of Investor Relations	VP, Corporate Communications
201-679-2739	475-223-2298
Katie.Royce@cognizant.com	Jeff.DeMarrais@cognizant.com

- tables to follow -

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in millions, except per share data)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019
Revenues	$	4,184	$	4,284	$	16,652	$	16,783
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization expense shown separately below)	2,662		2,749		10,671		10,634
Selling, general and administrative expenses	874		676		3,100		2,972
Restructuring charges	38		101		215		217
Depreciation and amortization expense	145		132		552		507
Income from operations	465		626		2,114		2,453
Other income (expense), net:
Interest income	14		40		119		176
Interest expense	(3)		(6)		(24)		(26)
Foreign currency exchange gains (losses), net	(11)		(36)		(116)		(65)
Other, net	2		2		3		5
Total other income (expense), net	2		—		(18)		90
Income before provision for income taxes	467		626		2,096		2,543
Provision for income taxes	(152)		(174)		(704)		(643)
Income (loss) from equity method investment	1		(57)		—		(58)
Net income	$	316	$	395	$	1,392	$	1,842
Basic earnings per share	$	0.59	$	0.72	$	2.58	$	3.30
Diluted earnings per share	$	0.59	$	0.72	$	2.57	$	3.29
Weighted average number of common shares outstanding - Basic	533		548		540		559
Dilutive effect of shares issuable under stock-based compensation plans	1		—		1		1
Weighted average number of common shares outstanding - Diluted	534		548		541		560

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited)

(in millions, except par values)

	December 31, 2020		December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	2,680	$	2,645
Short-term investments	44		779
Trade accounts receivable, net	3,087		3,256
Other current assets	1,040		931
Total current assets	6,851		7,611
Property and equipment, net	1,251		1,309
Operating lease assets, net	1,013		926
Goodwill	5,031		3,979
Intangible assets, net	1,046		1,041
Deferred income tax assets, net	445		585
Long-term investments	440		17
Other noncurrent assets	846		736
Total assets	$	16,923	$	16,204
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	389	$	239
Deferred revenue	383		313
Short-term debt	38		38
Operating lease liabilities	211		202
Accrued expenses and other current liabilities	2,519		2,191
Total current liabilities	3,540		2,983
Deferred revenue, noncurrent	36		23
Operating lease liabilities, noncurrent	846		745
Deferred income tax liabilities, net	206		35
Long-term debt	663		700
Long-term income taxes payable	428		478
Other noncurrent liabilities	368		218
Total liabilities	6,087		5,182
Stockholders’ equity:
Preferred stock, $0.10 par value, 15 shares authorized, none issued	—		—
Class A common stock, $0.01 par value, 1,000 shares authorized, 530 and 548 shares issued and outstanding as of December 31, 2020 and 2019, respectively	5		5
Additional paid-in capital	32		33
Retained earnings	10,689		11,022
Accumulated other comprehensive income (loss)	110		(38)
Total stockholders’ equity	10,836		11,022
Total liabilities and stockholders’ equity	$	16,923	$	16,204

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION

Reconciliations of Non-GAAP Financial Measures

(Unaudited)

(dollars in millions, except per share amounts)

	Three Months Ended December 31,						Twelve Months Ended December 31,						Guidance
	2020			2019			2020			2019			Full Year 2021
GAAP income from operations	$	465		$	626		$	2,114		$	2,453
Realignment charges(a)	2			53			42			169
2020 Fit for Growth Plan restructuring charges(b)	36			48			173			48
COVID-19 charges(c)	13			—			65			—
Incremental accrual related to the India Defined Contribution Obligation(d)	—			—			—			117
Adjusted Income From Operations	$	516		$	727		$	2,394		$	2,787
GAAP operating margin	11.1		%	14.6		%	12.7		%	14.6		%
Realignment charges	—			1.3			0.3			1.0			—
2020 Fit for Growth Plan restructuring charges	0.9			1.1			1.0			0.3			—
COVID-19 charges	0.3			—			0.4			—			—
Incremental accrual related to the India Defined Contribution Obligation	—			—			—			0.7			(d)
Adjusted Operating Margin	12.3		%	17.0		%	14.4		%	16.6		%	15.2% - 16.2%
GAAP diluted earnings per share	$	0.59		$	0.72		$	2.57		$	3.29
Effect of above adjustments to income from operations, pre-tax	0.10			0.18			0.52			0.60			(d)
Non-operating foreign currency exchange (gains) losses, pre-tax(e)	0.02			0.08			0.22			0.11			(e)
Tax effect of above adjustments(f)	(0.04)			(0.05)			(0.15)			(0.15)			(d),(e)
Tax on Accumulated Indian Earnings(g)	—			—			0.26			—			—
Effect of the equity method investment impairment(h)	—			0.10			—			0.10			—
Effect of the India Tax Law(i)	—			0.04			—			0.04			—
Adjusted Diluted Earnings Per Share	$	0.67		$	1.07		$	3.42		$	3.99		$3.90 - $4.02

Notes:

(a)Realignment charges include:

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019
	(in millions)
Employee separation costs	$	—	$	4	$	—	$	64
Executive transition costs	—		—		—		22
Employee retention costs	—		27		15		45
Professional fees	2		22		27		38
Total realignment charges	$	2	$	53	$	42	$	169

Executive transition costs are costs associated with our CEO transition and the departure of our President in 2019. The total costs related to the realignment program are reported in "Restructuring charges" in our consolidated statement of operations. We do not expect to incur additional costs related to this plan.

(b)2020 Fit for Growth Plan restructuring charges include:

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019
	(in millions)
Employee separation costs	$	24	$	45	$	127	$	45
Employee retention costs	—		2		5		2
Facility exit costs and other charges	12		1		41		1
Total 2020 Fit For Growth charges	$	36	$	48	$	173	$	48

These charges include $3 million and $23 million for the three months and the year ended December 31, 2020, respectively, of costs incurred related to our exit from certain content-related services as compared to $5 million for both the three months and the year ended December 31, 2019. The total costs related to the 2020 Fit for Growth Plan are reported in "Restructuring charges" in our consolidated statements of operations. We do not expect to incur additional costs related to this plan.

(c)During 2020, we incurred costs in response to the COVID-19 pandemic, including a one-time bonus to our employees at the designation of associate and below in both India and the Philippines, certain costs to enable our employees to work remotely, and provide medical staff and extra cleaning services for our facilities. Most of the costs related to the pandemic are reported in "Cost of revenues" in our consolidated statement of operations.

(d)During the first quarter of 2019, a ruling of the Supreme Court of India interpreting certain statutory defined contribution obligations of employees and employers (the “India Defined Contribution Obligation”) altered historical understandings of such obligations, extending them to cover additional portions of the employee’s income. As a result, the ongoing contributions of our affected employees and the Company have increased. In the first quarter of 2019, we accrued $117 million with respect to prior periods, assuming retroactive application of the Supreme Court’s ruling. There is significant uncertainty as to how the liability should be calculated as it is impacted by multiple variables, including the period of assessment, the application with respect to certain current and former employees and whether interest and penalties may be assessed. Since the ruling, a variety of trade associations and industry groups have advocated to the Indian government, highlighting the harm to the information technology sector, other industries and job growth in India that would result from a retroactive application of the ruling. It is possible that the Indian government will review the matter and there is a substantial question as to whether the Indian government will apply the Supreme Court’s ruling on a retroactive basis. As such, the ultimate amount of our obligation may be materially different from the amount accrued. The incremental accrual related to the India Defined Contribution Obligation is reported in "Selling, general and administrative expenses" in our consolidated statement of operations.

(e)Non-operating foreign currency exchange gains and losses, inclusive of gains and losses on related foreign exchange forward contracts not designated as hedging instruments for accounting purposes, are reported in "Foreign currency exchange gains (losses), net" in our consolidated statements of operations. Non-operating foreign currency exchange gains and losses are subject to high variability and low visibility and therefore cannot be provided on a forward-looking basis without unreasonable efforts.

(f)Presented below are the tax impacts of each of our non-GAAP adjustments to pre-tax income:

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019
	(in millions)				(in millions)
Non-GAAP income tax benefit (expense) related to:
Realignment charges	$	1	$	13	$	11	$	43
2020 Fit For Growth plan restructuring charges	9		13		45		13
COVID-19 charges	3		—		17		—
Incremental accrual related to the India Defined Contribution Obligation	—		—		—		31
Foreign currency exchange gains and losses	9		—		6		(1)

The effective tax rate related to each of our non-GAAP adjustments varies depending on the jurisdictions in which such income and expenses are generated and the statutory rates applicable in those jurisdictions.

(g)During the third quarter of 2020, after a thorough analysis of the impact of several changes in tax law on the cost of earnings repatriation and considering our strategic decision to increase our investments to accelerate growth in various international markets and expandour global delivery footprint, we reversed our indefinite reinvestment assertion on Indian earnings accumulated in prior years and recorded a $140 million Tax on Accumulated Indian Earnings. The recorded income tax expense reflects the India withholding tax on unrepatriated Indian earnings, which were $5.2 billion as of December 31, 2019, net of applicable U.S. foreign tax credits.

(h)During the fourth quarter of 2019, we determined that the carrying value of one of our equity method investments exceeded its fair value and therefore recorded an impairment charge of $57 million within the caption "Income (loss) from equity method investments" in our consolidated statement of operations.

(i)During the fourth quarter of 2019, the Government of India enacted a new tax regime ("India Tax Law") effective retroactively to April 2019 that enables domestic companies to elect to be taxed at a lower income tax rate of 25.17%, as compared to the current income tax rate of 34.94%. Once a company elects into the lower income tax rate, a company may not benefit from any tax holidays associated with Special Economic Zones and certain other tax incentives, including Minimum Alternative Tax credit carryforwards, and may not reverse its election. As a result of the enactment of the India Tax Law, we recorded a one-time net income tax expense of $21 million due to the revaluation to the lower income tax rate of our India net deferred income tax assets that we expected to reverse after we expected to elect into the new tax regime.

Reconciliations of net cash

(in millions)

	December 31, 2020		December 31, 2019
Cash and cash equivalents	$	2,680	$	2,645
Short-term investments(a)	44		779
Less:
Short-term debt	38		38
Long-term debt	663		700
Net cash	$	2,023	$	2,686

Notes:

(a)As of December 31, 2019, $414 million in restricted time deposits were classified as short-term investments. As of December 31, 2020, the restricted deposits in the amount of $405 million were classified as long-term investments and therefore were not included in net cash as of that date.

The above tables serve to reconcile the Non-GAAP financial measures to the most directly comparable GAAP measures. Refer to the “About Non-GAAP Financial Measures” section of our press release for further information on the use of these Non-GAAP measures.

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION

Revenue by Business Segment and Geography

(Unaudited)

(dollars in millions)

	Three Months Ended December 31, 2020
					Year over Year
	$		% of total		% Change		Constant Currency % Change (a)
Revenues by Segment:
Financial Services (b)	$	1,305	31.2	%	(11.1)	%	(11.4)	%
Healthcare	1,270		30.3	%	4.0	%	3.3	%
Products and Resources	948		22.7	%	(1.6)	%	(2.4)	%
Communications, Media and Technology (c)	661		15.8	%	4.6	%	3.4	%
Total Revenues	$	4,184			(2.3)	%	(3.0)	%
Revenues by Geography:
North America	$	3,206	76.6	%	(1.1)	%	(1.1)	%
United Kingdom	339		8.1	%	0.6	%	(2.3)	%
Continental Europe (b)	360		8.6	%	(16.1)	%	(20.7)	%
Europe- Total	699		16.7	%	(8.7)	%	(12.6)	%
Rest of World	279		6.7	%	0.7	%	1.4	%
Total Revenues	$	4,184			(2.3)	%	(3.0)	%
	Twelve Months Ended December 31, 2020
					Year over Year
	$		% of total		% Change		Constant Currency % Change (a)
Revenues by Segment:
Financial Services (b)	$	5,621	33.8	%	(4.2)	%	(4.0)	%
Healthcare	4,852		29.1	%	3.3	%	3.1	%
Products and Resources	3,696		22.2	%	(2.0)	%	(1.7)	%
Communications, Media and Technology (c)	2,483		14.9	%	1.4	%	1.6	%
Total Revenues	$	16,652			(0.8)	%	(0.7)	%
Revenues by Geography:
North America	$	12,581	75.6	%	(1.1)	%	(1.1)	%
United Kingdom	1,335		8.0	%	1.7	%	1.0	%
Continental Europe (b)	1,653		9.9	%	(2.2)	%	(3.3)	%
Europe - Total	2,988		17.9	%	(0.5)	%	(1.4)	%
Rest of World	1,083		6.5	%	2.8	%	6.4	%
Total Revenues	$	16,652			(0.8)	%	(0.7)	%

Notes:

(a)Constant currency revenue growth is not a measure of financial performance prepared in accordance with GAAP. See “About Non-GAAP Financial Measures and Performance Metrics” for more information.

(b)The anticipated exit from a customer engagement in the Financial Services segment in Continental Europe negatively impacted our revenues by $107 million and $118 million for the quarter and year ended December 31, 2020, respectively. The impact on Financial Services revenue growth was 730 basis points and 200 basis points for the quarter and year ended December 31, 2020, respectively. The impact on Continental Europe revenue growth was 2,490 basis points and 700 basis points for the quarter and year ended December 31, 2020, respectively.

(c)Revenues in our Communications, Media and Technology segment were negatively impacted by $50 million, or 790 basis points of growth, for the quarter ended December 31, 2020 and $178 million, or 730 basis points of growth, for the year ended December 31, 2020 by our exit of certain content-related services.

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in millions)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019
Cash flows from operating activities:
Net income	$	316	$	395	$	1,392	$	1,842
Adjustments for non-cash income and expenses	108		155		1,094		556
Changes in assets and liabilities	474		388		813		101
Net cash provided by operating activities	898		938		3,299		2,499
Cash flows from investing activities:
Purchases of property and equipment	(89)		(93)		(398)		(392)
Net sales (purchases) of investments	94		(43)		283		2,597
Payments for business combinations, net of cash acquired	(54)		(239)		(1,123)		(617)
Net cash (used in) provided by investing activities	(49)		(375)		(1,238)		1,588
Cash flows from financing activities:
Repurchases of common stock	(788)		(163)		(1,621)		(2,247)
Repayment of term loan borrowings and finance lease and earnout obligations	(13)		(12)		(50)		(28)
Net change in notes outstanding under the revolving credit facility	(1,740)		—		—		—
Dividends paid	(118)		(110)		(480)		(453)
Issuance of common stock under stock-based compensation plans	33		32		142		159
Net cash (used in) financing activities	(2,626)		(253)		(2,009)		(2,569)
Effect of exchange rate changes on cash and cash equivalents	21		(8)		(17)		(34)
(Decrease) increase in cash and cash equivalents	(1,756)		302		35		1,484
Cash and cash equivalents, beginning of period	4,436		2,343		2,645		1,161
Cash and cash equivalents, end of period	$	2,680	$	2,645	$	2,680	$	2,645

SUPPLEMENTAL CASH FLOW INFORMATION

(in millions)

	Three Months Ended
Stock Repurchases under Board of Directors' authorized stock repurchase program:	December 31, 2020		December 31, 2019
Number of shares repurchased	9.6		2.5
Remaining authorized balance	$	2,815

Reconciliation of Free Cash Flow Non-GAAP Financial Measure

(in millions)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2020		2019		2020		2019
Net cash provided by operating activities	$	898	$	938	$	3,299	$	2,499
Purchases of property and equipment	(89)		(93)		(398)		(392)
Free cash flow	$	809	$	845	$	2,901	$	2,107

EX-99.2

We accomplished a great deal in the past year whilst keeping our clients and our talented associates foremost in mind. Having strengthened our portfolio, and anticipating the exit of a large financial services engagement, we enter 2021 reinvigorated by our growing commercial momentum, investments in our future, and our vision to become the preeminent technology services partner to clients globally. “ ”Brian Humphries | Chief Executive Ocer 1 Cognizant made an oer in the fourth quarter to settle and exit a large customer engagement in the Financial Services segment in Continental Europe ("Anticipated Engagement Exit"). As a result of this oer, in the fourth quarter of 2020, we recorded a reduction of revenue of $107 million and additional expenses of $33 million, primarily related to the impairment of long-lived assets. For full financial data and non-GAAP financial reconciliations please, refer to Cognizant's 2020 fourth quarter earnings release issued on February 3, 2021, which accompanies this presentation, and is available at investors.cognizant.com. Q4 2020 Voluntary Attrition 16% Total Attrition 19% Total Employees 289,500 Acquisitions Announced in Q4 2020 North America United Kingdom HEADQUARTERS IoT AI & Analytics DIGITAL BATTLEGROUNDCOMPANY Revenue by Segment Reported | Constant Currency YoY ($ IN BILLIONS) 16% 23% 30% 31% $1.3 $0.7 $0.9 $1.3 Healthcare 4.0% 3.3% Products & Resources (1.6%) (2.4%) CMT 4.6% 3.4% Financial Services (11.1%) (11.4%) Revenue by Geography Reported | Constant Currency YoY ($ IN BILLIONS) 7% 17% 77% $0.7 $0.3 $3.2 Rest of World 0.7% 1.4% Europe (8.7%) (12.6%) North America (1.1%) (1.1%) Cash Flow Cash Flow From Operations $898M Free Cash Flow $809M Capital Return Q4 2020 Dividend $118M $0.22/share Q4 2020 Share Repurchases $788M Revenue $4.2 billion Reported YoY (2.3%) Constant Currency YoY (3.0%) Q4 2020 includes -250bps impact from the oer made to settle and exit a large customer engagement¹ and -120bps impact from exit of certain content services Q4 2020 includes -300bps impact from Anticipated Engagement Exit GAAP Operating Margin | 11.1% Adjusted Operating Margin | 12.3% Q4 2020 includes -$0.25 per share impact from Anticipated Engagement Exit GAAP Diluted EPS | $0.59 Adjusted Diluted EPS | $0.67 Exhibit 99.2

Acquisitions Announced in FY 2020 DIGITAL BATTLEGROUND IoT Software Engineering Cloud Cloud AI & Analytics Cloud Cloud Cloud HEADQUARTERS North America North America North America North America United Kingdom North America France North America North America Cloud COMPANY ¹ Cognizant made an offer in the fourth quarter to settle and exit a large customer engagement in the Financial Services segment in Continental Europe ("Anticipated Engagement Exit"). The 2020 impact of Anticipated Engagement Exit was a reduction of revenues of $118 million and additional expenses of $33 million, primarily related to the impairment of long-lived assets. For full financial data and non-GAAP financial reconciliations please, refer to Cognizant's 2020 fourth quarter earnings release issued on February 3, 2021, which accompanies this presentation, and is available at investors.cognizant.com. “ ” We made good progress on our transformation program, delivering on our cost optimization initiatives to fund our strategic growth priorities. Another strong cash flow quarter supports our commitment to balanced capital allocation through an accelerated pace of acquisitions, continued share repurchases and today's announced dividend increase. Jan Siegmund | Chief Financial Ocer FY 2020 Revenue by Segment Reported | Constant Currency YoY ($ IN BILLIONS) 15% 22% 29% 34% $5.6 $2.5 $3.7 $4.9 Healthcare 3.3% 3.1% Products & Resources (2.0%) (1.7%) CMT 1.4% 1.6% Financial Services (4.2%) (4.0%) Revenue by Geography Reported | Constant Currency YoY ($ IN BILLIONS) 7% 18% 76% $3.0 $1.1 $12.6 Rest of World 2.8% 6.4% Europe (0.5%) (1.4%) North America (1.1%) (1.1%) 2020 includes -70bps impact from the oer made to settle and exit a large customer engagement¹ and -110bps impact from exit of certain content services Reported YoY (0.8%) Constant Currency YoY (0.7%) Cash Flow Cash Flow From Operations $3.3B Free Cash Flow $2.9B Capital Return 2020 Dividends $480M $0.88/share 2020 Share Repurchases ~$1.6B FY2020 includes -80bps impact from Anticipated Engagement Exit GAAP Operating Margin | 12.7% Adjusted Operating Margin | 14.4% FY2020 includes -$0.27 per share impact from Anticipated Engagement Exit GAAP Diluted EPS | $2.57 Adjusted Diluted EPS | $3.42 Revenue $16.7 billion Digital 42% of revenue ~13% Y/Y Growth

EX-99.3

Fourth Quarter 2020 Financial Results and Highlights February 3, 2021 Exhibit 99.3

Forward-Looking Statements This earnings supplement includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to our expectations regarding the impact of the COVID-19 pandemic on our business, opportunities in the marketplace, our cost structure, investment in and growth of our business, our realignment plans, the impact of the 2020 Fit for Growth Plan, the likelihood and potential terms of any settlement of and exit from our referenced large customer engagement in the financial services segment, our and our clients’ shift to digital solutions and services and our anticipated financial performance. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, legal, reputational and financial risks resulting from cyberattacks, the effectiveness of business continuity plans during the COVID-19 pandemic, the impact of the COVID-19 pandemic, changes in the regulatory environment, including with respect to immigration and taxes, and the other factors discussed in our most recent Annual Report on Form 10-K, as updated by our most recent Quarterly Report on Form 10-Q, and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law. 2

Results Summary: Q4 2020 1 See “About Non-GAAP Financial Measures” at the end of this earnings supplement for more information and reconciliations to the most directly comparable GAAP financial measures, as applicable. 2 Cognizant made an offer in the fourth quarter to settle and exit a large customer engagement in the financial services segment in Continental Europe ("Anticipated Engagement Exit"). As a result of this offer, in the fourth quarter of 2020, we recorded a reduction of revenue of $107 million and additional expenses of $33 million, primarily related to the impairment of long-lived assets. REVENUE Down -2.3% Y/Y as reported and -3.0% Y/Y constant currency1 Q4 2020 includes -250bps impact from the offer made to settle and exit a large customer engagement2 and -120bps impact from exit of certain content services OPERATING MARGIN Q4 2020 includes -300bps impact from Anticipated Engagement Exit CASH FLOW 3 $4,284 $4,184 Q4 2019 Q4 2020 DILUTED EARNINGS PER SHARE Q4 2020 includes -$0.25 per share impact from Anticipated Engagement Exit 14.6% 11.1% Q4 2019 Q4 2020 17.0% 12.3% Q4 2019 Q4 2020 $938 $898 Q4 2019 Q4 2020 $845 $809 Q4 2019 Q4 2020 $0.72 $0.59 Q4 2019 Q4 2020 $1.07 $0.67 Q4 2019 Q4 2020 GAAP Operating Margin Adjusted Operating Margin1 GAAP Diluted EPS Adjusted Diluted EPS1 Operating Cash Flow Free Cash Flow1

Results Summary: FY2020 REVENUE Down -0.8% Y/Y as reported and down -0.7% Y/Y constant currency 2020 includes -70bps impact from the offer made to settle and exit a large customer engagement1 and -110bps impact from exit of certain content services OPERATING MARGIN 2020 includes -80bps impact from Anticipated Engagement Exit CASH FLOW 4 $16,783 $16,652 2019 2020 DILUTED EARNINGS PER SHARE 2020 includes -$0.27 per share impact from Anticipated Engagement Exit 14.6% 12.7% 2019 2020 16.6% 14.4% 2019 2020 $2,499 $3,299 2019 2020 $2,107 $2,901 2019 2020 $3.29 $2.57 2019 2020 $3.99 $3.42 2019 2020 GAAP Operating Margin Adjusted Operating Margin GAAP Diluted EPS Adjusted Diluted EPS Operating Cash Flow Free Cash Flow 1 Cognizant made an offer in the fourth quarter to settle and exit a large customer engagement in the financial services segment in Continental Europe ("Anticipated Engagement Exit"). The 2020 impact of the Anticipated Engagement Exit was a reduction of revenues of $118 million and additional expenses of $33 million, primarily related to the impairment of long-lived assets.

$3,912 $4,006 $4,078 $4,129 $4,110 $4,141 $4,248 $4,284 $4,225 $4,000 $4,243 $4,184 $0.94 $1.05 $1.05 $0.98 $0.91 $0.94 $1.08 $1.07 $0.96 $0.82 $0.97 $0.67 Revenue Adjusted Diluted EPS Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 $ In Millions Except Per Share Amounts Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 ’19 Q3 ’19 Q4 ’19 Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Y/Y 10.3% 9.2% 8.3% 7.9% 5.1% 3.4% 4.2% 3.8% 2.8% (3.4%) (0.1%) (2.3%) Y/Y CC 8.2% 8.2% 9.0% 8.8% 6.8% 4.7% 5.1% 4.2% 3.5% (2.5%) (0.7%) (3.0%) GAAP DILUTED EPS $0.88 $0.78 $0.82 $1.12 $0.77 $0.90 $0.90 $0.72 $0.67 $0.67 $0.64 $0.59 ADJUSTED DILUTED EPS $0.94 $1.05 $1.05 $0.98 $0.91 $0.94 $ 1.08 $1.07 $0.96 $0.82 $0.97 $0.67 Revenue and GAAP & Adjusted Diluted EPS Revenue Growth and EPS 1 In Q4 2020 we recorded a reduction of revenue of $107 million, or -2.5 percentage points impact Y/Y, and additional expenses of $33 million, primarily related to the impairment of long-lived assets related to the Anticipated Engagement Exit. This impacted GAAP and Adjusted Diluted EPS by -$0.25. 1 1 5

$3,206 $699 $279 $1,305 $1,270 $948 $661 Revenue Performance: Q4 2020 PRODUCTS & RESOURCES COMMUNICATIONS, MEDIA & TECHNOLOGY 1 HEALTHCARE FINANCIAL SERVICES 2 NORTH AMERICA EUROPE 2 REST OF WORLD Segments $ IN MILLIONS Geography $ IN MILLIONS +4.6% Y/Y +3.4% Y/Y CC (1.6%) Y/Y (2.4%) Y/Y CC +4.0% Y/Y +3.3% Y/Y CC (11.1%) Y/Y (11.4%) Y/Y CC (8.7%) Y/Y (12.6%) Y/Y CC +0.7% Y/Y +1.4% Y/Y CC (1.1%) Y/Y and CC 1 Our exit from certain content-related services negatively impacted Q4 2020 CMT revenue by approximately $50 million representing a negative ~7.9 percentage point impact to Y/Y growth in that segment. 2 The Q4 2020 impact of the Anticipated Engagement Exit was a reduction of revenues of $107 million, which negatively impacted our Financial Services revenue by ~7.3 percentage points Y/Y and our Europe revenue by ~14.0 percentage points Y/Y 6

$12,581 $2,988 $1,083 $5,621 $4,852 $3,696 $2,483 Revenue Performance: FY 2020 PRODUCTS & RESOURCES COMMUNICATIONS, MEDIA & TECHNOLOGY 1 HEALTHCARE NORTH AMERICA EUROPE 2 REST OF WORLD Segments $ IN MILLIONS Geography $ IN MILLIONS +1.4% Y/Y +1.6% Y/Y CC (2.0%) Y/Y (1.7%) Y/Y CC +3.3% Y/Y +3.1% Y/Y CC (4.2%) Y/Y (4.0%) Y/Y CC (0.5%) Y/Y (1.4%) Y/Y CC +2.8% Y/Y +6.4% Y/Y CC (1.1%) Y/Y and CC 1 Our exit from certain content-related services negatively impacted Q4 2020 CMT revenue by approximately $178 million representing a negative ~7.3 percentage point impact to Y/Y growth in that segment. 2 The 2020 impact of the Anticipated Engagement Exit was a reduction of revenues of $118 million, which negatively impacted our Financial Services revenue by ~2.0 percentage points Y/Y and our Europe revenue by ~3.9 percentage points Y/Y. FINANCIAL SERVICES 2 7

17.7% 16.7% 18.3% 16.8% 13.1% 14.9% 15.7% 14.6% 13.7% 11.7% 14.2% 11.1% 17.7% 19.2% 18.5% 17.0% 16.0% 16.1% 17.3% 17.0% 15.1% 14.1% 15.9% 12.3% GAAP Operating Margin Adjusted Operating Margin Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 GAAP & Adjusted Operating Margin 1 Q4 2020 GAAP and Adjusted Operating Margin include a negative ~3.0 percentage point impact related to the Anticipated Engagement Exit. 1 8

$990 $185 $130 Financial Services NORTH AMERICA EUROPE1 REST OF WORLD Q1 ‘18 Q2 ‘18 Q3 ‘18 Q4 ‘18 Q1 ‘19 Q2 ‘19 Q3 ‘19 Q4 ‘19 Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Y/Y 6.2% 4.5% 2.6% 1.7% (1.7%) 0.3% 1.9% 1.2% 1.0% (5.2%) (1.5%) (11.1%) Y/Y CC 3.9% 3.5% 3.5% 2.8% 0.2% 1.7% 3.0% 1.5% 1.8% (4.3%) (2.2%) (11.4%) (5.1%) Y/Y (5.2%) Y/Y CC (38.1%) Y/Y (39.3%) Y/Y CC Revenue Revenue Growth $ IN MILLIONS $ IN MILLIONS Q4 '20 Geography (4.1%) Y/Y and CC $1,461 $1,469 $1,464 $1,451 $1,436 $1,473 $1,492 $1,468 $1,451 $1,396 $1,469 $1,305 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 The Anticipated Engagement Exit impacted total segment revenue growth by ~7.3 percentage points. In addition to this impact, we experienced declines in both banking and insurance. Growth in regional banks and retail banking was offset by continued softness within select global banking and insurance accounts. 1 Cognizant made an offer in the fourth quarter to settle and exit a large customer engagement in the financial services segment in Continental Europe ("Anticipated Engagement Exit"). As a result of this offer, in the fourth quarter of 2020, we recorded a reduction of revenue of $107 million. This negatively impacted the Y/Y growth rate for Financial Services by approximately 7.3 percentage points Y/Y and Financial Services revenue in Europe by approximately 35.8 percentage points Y/Y. 1 1 9

$1,090 $158 $22 Healthcare NORTH AMERICA EUROPE REST OF WORLD (8.3%) Y/Y (9.0%) Y/Y CC +17.9% Y/Y +11.6% Y/Y CC +2.5% Y/Y and CC Revenue Revenue Growth $ IN MILLIONS $ IN MILLIONS Q1 ‘18 Q2 ‘18 Q3 ‘18 Q4 ‘18 Q1 ‘19 Q2 ‘19 Q3 ‘19 Q4 ‘19 Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Y/Y 11.8% 10.1% 9.6% 6.8% 3.9% (1.9%) (1.2%) 1.6% 2.5% 2.0% 4.8% 4.0% Y/Y CC 11.1% 9.8% 9.7% 7.0% 4.6% (1.5%) (0.9%) 1.8% 2.7% 2.2% 4.2% 3.3% Q4 '20 Geography $1,121 $1,156 $1,189 $1,202 $1,165 $1,134 $1,175 $1,221 $1,194 $1,157 $1,231 $1,270 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Performance in healthcare improved, driven by strength in payer clients and software license sales. Within life sciences, strength in pharmaceutical clients was partially offset by weakness in medical device clients. 10

$675 $206 $67 NORTH AMERICA EUROPE Products & Resources The decline was driven by retail, consumer goods, travel and hospitality clients that were particularly adversely affected by the pandemic, partially offset by double-digit constant currency growth in manufacturing, logistics, energy and utilities. (2.5%) Y/Y (2.6%) Y/Y CC (0.5%) Y/Y (4.6%) Y/Y CC 4.7% Y/Y 6.0% Y/Y CC REST OF WORLD Revenue Revenue Growth $ IN MILLIONS $ IN MILLIONS Q1 ‘18 Q2 ‘18 Q3 ‘18 Q4 ‘18 Q1 ‘19 Q2 ‘19 Q3 ‘19 Q4 ‘19 Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Y/Y 11.4% 12.4% 11.5% 13.9% 11.3% 10.4% 11.9% 8.1% 4.4% (6.5%) (4.0%) (1.6%) Y/Y CC 8.2% 10.7% 12.3% 15.4% 13.8% 12.3% 13.4% 8.6% 5.3% (5.0%) (4.6%) (2.4%) Q4 '20 Geography $821 $840 $863 $891 $914 $927 $966 $963 $954 $867 $927 $948 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 11

$451 $150 $60$509 $541 $562 $585 $595 $607 $615 $632 $626 $580 $616 $661 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Communications, Media & Technology NORTH AMERICA REST OF WORLD +15.4% Y/Y +18.0% Y/Y CC +19.0% Y/Y +12.1% Y/Y CC (0.7%) Y/Y and CC EUROPE Revenue Revenue Growth $ IN MILLIONS Q1 ‘18 Q2 ‘18 Q3 ‘18 Q4 ‘18 Q1 ‘19 Q2 ‘19 Q3 ‘19 Q4 ‘19 Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Y/Y 18.4% 15.8% 17.1% 18.4% 16.9% 12.2% 9.4% 8.0% 5.2% (4.4%) 0.2% 4.6% Y/Y CC 15.1% 14.5% 18.1% 20.1% 19.6% 14.1% 10.6% 9.0% 6.3% (3.2%) (0.2%) 3.4% Impact from exit of certain content services ~(2.0%) ~(3.9%) ~(7.9%) ~(9.2%) ~(7.9%) Q4 '20 Geography Excluding the impact from the exit of certain content services, Communications, Media and Technology increased approximately 11.3% in constant currency, driven by double-digit constant currency growth in both technology and communications and media, which benefited from our recent acquisitions. 12

83% 83% 83% 83% 83% 83% 84% 85% 83% 80% 85% 87% 92% 93% 93% 92% 91% 92% 92% 92% 91% 91% 93% 91% Offshore, Excluding Trainees % Onsite % Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Employee Metrics Headcount and Annualized Attrition NUMBER OF EMPLOYEES IN THOUSANDS Utilization 261.4 268.9 274.2 281.6 285.8 288.2 289.9 292.5 291.7 281.2 283.1 289.5 20% 23% 22% 19% 19% 23% 24% 21% 22% 24% 18% 19% 16% 19% 18% 16% 13% 11% 10% 16% Headcount (in thousands) Quarterly Annualized Attrition Quarterly Annualized Voluntary Attrition Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 13

$468 $453 $480 $1,111 $617 $1,123 $1,261 $2,247 $1,621 FY2018 FY2019 FY2020 Cash Flow, Balance Sheet & Capital Allocation $ IN MILLIONS Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 ’20 Q2 ’20 Q3 ’20 Q4 ’20 OPERATING CASH FLOW $388 $640 $862 $702 $269 $575 $717 $938 $497 $979 $925 $898 FREE CASH FLOW $292 $549 $768 $606 $163 $479 $620 $845 $385 $886 $821 $809 CASH AND SHORT-TERM INVESTMENTS1 $4,989 $4,247 $4,763 $4,511 $3,668 $3,003 $3,077 $3,424 $4,282 $4,582 $4,575 $2,724 TOTAL DEBT $773 $749 $724 $745 $746 $746 $747 $738 $2,468 $2,459 $2,450 $701 $ IN MILLIONS 1 Q1 ’18 to Q4 ’19 cash and short-term investments included restricted time deposits in India. Beginning in 2020 these restricted time deposits were classified as long- term investments and therefore are no longer included in cash and short-term investments. $ 74 $121 $121 $120 $118 $86 $403 $580$511 $248 $788 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Annual Quarterly Acquisitions Share Repurchases Dividends $74 $54 14

REVENUE BY… Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 ’20 Q2 ’20 Q3 ’20 Q4 ’20 OUTSOURCING 42% 43% 42% 42% 41% 41% 40% 40% 40% 39% 38% 39% CONSULTING & TECH SERVICES 58% 57% 58% 58% 59% 59% 60% 60% 60% 61% 62% 61% FIXED BID 39% 36% 36% 37% 36% 36% 36% 37% 37% 37% 37% 37% TIME & MATERIAL 53% 53% 53% 52% 52% 52% 52% 51% 51% 52% 52% 51% TRANSACTION BASED 9% 11% 11% 11% 12% 13% 12% 12% 12% 12% 11% 12% TOP 5 9% 9% 9% 9% 9% 8% 8% 8% 8% 8% 8% 9% TOP 10 16% 15% 16% 16% 16% 15% 14% 14% 14% 14% 14% 15% Revenue & Operating Metrics CUSTOMER CONCENTRATION CONTRACT TYPE SERVICE LINE 15

2020 Fit for Growth Protect and optimize the core Drive efficiency, tooling, delivery optimization, protect renewals, strengthen industry mix and scale internationally Reduce duplication and simplify delivery Reinvest in sales, branding, talent and automation tools Eliminate costs to fund growth investment Streamline operating model Drive efficiency, scalability and empowerment Improve role clarity and accountability Invest and reskill to accelerate momentum in data, digital engineering, cloud and IoT Leverage core business to win in digital battlegrounds 2020 Fit for Growth Plan Updates Initial Q4 2019 Estimate Program Update as of Sep 30 Total restructuring charges $150-200M ~$200M Gross Annualized savings $500-550M $520-550M Transformation actions # of employees impacted 10-12K ~14-15K Targeted reskilling and training ~5K ~4-5K Net headcount exits 5-7K ~10-11K Content services actions Headcount exit ~6K 4.5K Annualized revenue loss $240-270M $225M1 Final Program Achievement $220M ~$530M ~16K ~5K ~11K Complete Complete 1 The work associated with our decision to exit certain portions of our content related business is now complete. This decision will impact our Y/Y metrics through Q2 2021.16

2021 Guidance1 1 Guidance is as of February 3, 2021 and does not account for any potential impact from events such as changes to tax and immigration policies. 2 A full reconciliation of Adjusted Operating Margin, Adjusted Diluted EPS and Adjusted effective tax rate guidance to the corresponding GAAP measures on a forward- looking basis cannot be provided without unreasonable efforts as we are unable to provide reconciling information with respect to unusual items, net non-operating foreign currency exchange gains or losses, and the tax effects of these adjustments. See “About Non-GAAP Financial Measures” for more information, the definition of Adjusted effective tax rate and a partial reconciliation to the most directly comparable GAAP financial measure at the end of this release. $ in millions except EPS FY2020 FY2021 Outlook Assumptions Revenue $16,652 ~$17.6 - $18.1B 5.5-8.5% Y/Y 4.0-7.0% Y/Y CC • Includes assumption of ~150bps benefit from foreign exchange • Includes negative ~30bps from exit of certain content services Adjusted Operating Margin2 14.4% 15.2-16.2% • Q1 2021 expected to be at low-end of range• Each quarter expected to be within range Interest Income $119 $20-30 • Reflects lower interest income and recent M&A and repurchase activity Adjusted effective tax rate2 25.8% 25-26% • FY2021 outlook assumes same GAAP and Adjusted effective tax rate Share Count (in millions) 541 ~530 Adjusted Diluted EPS2 $3.42 $3.90-4.02 Q1 2020 Q1 2021 Assumptions Revenue $4,225 ~$4.34 - $4.38B 2.8-3.8% Y/Y 1.0-2.0% Y/Y CC • Includes assumption of ~180bps benefit from foreign exchange • Includes negative ~85bps from exit of certain content services 17

APPENDIX: About Non-GAAP Financial Measures

To supplement our financial results presented in accordance with GAAP, this earnings supplement includes references to the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: Adjusted Income From Operations, Adjusted Operating Margin, Adjusted Diluted EPS, free cash flow, Adjusted effective tax rate, and constant currency revenue growth. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of our non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated. Our non-GAAP financial measures, Adjusted Operating Margin, Adjusted Income From Operations and Adjusted Diluted EPS exclude unusual items. Additionally, Adjusted Diluted EPS excludes net non-operating foreign currency exchange gains or losses and the tax impact of all the applicable adjustments. The income tax impact of each item is calculated by applying the statutory rate and local tax regulations in the jurisdiction in which the item was incurred. Free cash flow is defined as cash flows from operating activities net of purchases of property and equipment. Constant currency revenue growth is defined as revenues for a given period restated at the comparative period’s foreign currency exchange rates measured against the comparative period's reported revenues. Adjusted effective tax rate reflects a tax rate commensurate with our non-GAAP Adjusted EPS. We believe providing investors with an operating view consistent with how we manage the Company provides enhanced transparency into our operating results. For our internal management reporting and budgeting purposes, we use various GAAP and non-GAAP financial measures for financial and operational decision- making, to evaluate period-to-period comparisons, to determine portions of the compensation for our executive officers and for making comparisons of our operating results to those of our competitors. Therefore, it is our belief that the use of non-GAAP financial measures excluding certain costs provides a meaningful supplemental measure for investors to evaluate our financial performance. Accordingly, we believe that the presentation of our non-GAAP measures, when read in conjunction with our reported GAAP results, can provide useful supplemental information to our management and investors regarding financial and business trends relating to our financial condition and results of operations. A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and may exclude costs that are recurring such as our net non-operating foreign currency exchange gains or losses. In addition, other companies may calculate non-GAAP financial measures differently than us, thereby limiting the usefulness of these non-GAAP financial measures as a comparative tool. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from our non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures. About Non-GAAP Financial Measures 19

Reconciliations of Non-GAAP Financial Measures Please refer to page 22, 23 and 24 of this earnings supplement for corresponding Non-GAAP notes. (in millions, except per share amounts) Three Months Ended: Mar 31, 2018 Jun 30, 2018 Sep 30, 2018 Dec 31, 2018 Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 GAAP income from operations $ 693 $ 670 $ 745 $ 693 $ 539 $ 619 $ 669 $ 626 $ 579 $ 467 $ 603 $ 465 Realignment charges(a) 1 — 11 7 2 49 65 53 20 12 8 2 2020 Fit for Growth Plan restructuring charges(b) — — — — — — — 48 35 59 43 36 COVID-19 charges(c) — — — — — — — — 6 25 21 13 Incremental accrual related to the India Defined Contribution Obligation(d) — — — — 117 — — — — — — — Initial funding of Cognizant U.S. Foundation(e) — 100 — — — — — — — — — — Adjusted income from operations $ 694 $ 770 $ 756 $ 700 $ 658 $ 668 $ 734 $ 727 $ 640 $ 563 $ 675 $ 516 GAAP operating margin 17.7 % 16.7 % 18.3 % 16.8 % 13.1 % 14.9 % 15.7 % 14.6 % 13.7 % 11.7 % 14.2 % 11.1 % Realignment charges — — 0.2 0.2 — 1.2 1.6 1.3 0.5 0.3 0.2 — 2020 Fit for Growth Plan restructuring charges — — — — — — — 1.1 0.8 1.5 1.0 0.9 COVID-19 charges — — — — — — — — 0.1 0.6 0.5 0.3 Incremental accrual related to the India Contribution Obligation — — — — 2.9 — — — — — — — Initial funding of Cognizant U.S. Foundation — 2.5 — — — — — — — — — — Adjusted operating margin 17.7 % 19.2 % 18.5 % 17.0 % 16.0 % 16.1 % 17.3 % 17.0 % 15.1 % 14.1 % 15.9 % 12.3 % GAAP diluted earnings per share $ 0.88 $ 0.78 $ 0.82 $ 1.12 $ 0.77 $ 0.90 $ 0.90 $ 0.72 $ 0.67 $ 0.67 $ 0.64 $ 0.59 Effect of above adjustments, pre-tax — 0.17 0.02 0.01 0.20 0.09 0.12 0.18 0.11 0.18 0.13 0.10 Effect of non-operating foreign currency exchange (gains) loss, pre-tax(f) 0.06 0.14 0.21 (0.14) (0.01) (0.03) 0.09 0.08 0.19 — — 0.02 Tax effect of above adjustments(g) — (0.04) 0.01 (0.01) (0.05) (0.02) (0.03) (0.05) (0.01) (0.03) (0.06) (0.04) Tax on Accumulated Indian Earnings (h) — — — — — — — — — — 0.26 — Effect of the equity method investment impairment(i) — — — — — — — 0.10 — — — — Effect of the India Tax Law(j) — — — — — — — 0.04 — — — — Effect of net incremental income tax expense related to the Tax Reform Act(k) — — (0.01) — — — — — — — — — Adjusted diluted earnings per share $ 0.94 $ 1.05 $ 1.05 $ 0.98 $ 0.91 $ 0.94 $ 1.08 $ 1.07 $ 0.96 $ 0.82 $ 0.97 $ 0.67 20

Reconciliations of Non-GAAP Financial Measures Please refer to page 22, 23 and 24 of this earnings supplement for corresponding Non-GAAP notes. (in millions, except per share amounts) Year Ended: Dec 31, 2019 Dec 31, 2020 Guidance Full Year 2021 GAAP income from operations $ 2,453 $ 2,114 Realignment charges(a) 169 42 2020 Fit for Growth Plan restructuring charges(b) 48 173 COVID-19 charges(c) — 65 Incremental accrual related to the India Defined Contribution Obligation(d) 117 — Adjusted income from operations $ 2,787 $ 2,394 GAAP operating margin 14.6 % 12.7 % Realignment charges 1.0 0.3 — 2020 Fit for Growth Plan restructuring charges 0.3 1.0 — COVID-19 charges — 0.4 — Incremental accrual related to the India Contribution Obligation 0.7 — (d) Adjusted operating margin 16.6 % 14.4 % 15.2% - 16.2% GAAP diluted earnings per share $ 3.29 $ 2.57 Effect of above adjustments, pre-tax 0.60 0.52 (d) Effect of non-operating foreign currency exchange (gains) loss, pre-tax(f) 0.11 0.22 (f) Tax effect of above adjustments(g) (0.15) (0.15) (d), (f) Tax on Accumulated Indian Earnings (h) — 0.26 — Effect of the equity method investment impairment(i) 0.10 — — Effect of the India Tax Law(j) 0.04 — — Adjusted diluted earnings per share $ 3.99 $ 3.42 $3.90 - $4.02 21

Reconciliations of Non-GAAP Financial Measures Notes: (a) During the fourth quarter of 2020, we incurred $2 million of realignment charges, solely related to professional fees. For the full year 2020, we incurred $42 million of realignment charges that include $27 million of professional fees and $15 million in employee retention costs. The total costs related to the realignment are reported in "Restructuring charges" in our consolidated statements of operations. We do not expect to incur additional costs related to this plan. (b) During the fourth quarter of 2020, we incurred restructuring charges as part of our 2020 Fit for Growth Plan that includes $24 million in employee separation costs and $12 million in facility exit costs and other charges. For the full year 2020, we incurred $127 million in employee separation costs, $41 million in facility exit and other costs, and $5 million in employee retention costs. These charges include $3 million and $23 million of costs incurred related to our exit from certain content-related services for the fourth quarter of 2020 and full year 2020, respectively. The total costs related to the 2020 Fit for Growth Plan are reported in "Restructuring charges" in our consolidated statement of operations. We do not expect to incur additional costs related to this plan. (c) During 2020, we incurred costs in response to the COVID-19 pandemic, including a one-time bonus to our employees at the designation of associate and below in both India and the Philippines, costs to enable our employees to work remotely and provide medical staff and extra cleaning services for our facilities. Most of the costs related to the pandemic are reported in "Cost of revenues" in our consolidated statement of operations. (d) During the first quarter of 2019, a ruling of the Supreme Court of India in interpreting certain statutory defined contribution obligations of employees and employers (the "India Defined Contribution Obligation") altered historical understandings of such obligations, extending them to cover additional portions of the employee's income. As a result, the ongoing contributions of our affected employees and the Company have increased. In the first quarter of 2019, we accrued $117 million with respect to prior periods, assuming retroactive application of the Supreme Court's ruling. There is significant uncertainty as to how the liability should be calculated as it is impacted by multiple variables, including the period of assessment, the application with respect to certain current and former employees and whether interest and penalties may be assessed. Since the ruling, a variety of trade associations and industry groups have advocated to the Indian government, highlighting the harm to the information technology sector, other industries and job growth in India that would result from a retroactive application of the ruling. It is possible that the Indian government will review the matter and there is a substantial question as to whether the Indian government will apply the Supreme Court's ruling on a retroactive basis. As such, the ultimate amount of our obligation may be materially different from the amount accrued. The incremental accrual related to the India Defined Contribution Obligation is reported in "Selling, general, and administrative expenses" in our consolidated statement of operations. (e) During the second quarter of 2018, we provided $100 million of initial funding to Cognizant U.S. Foundation. This cost is reported in "Selling, general, and administrative expenses" in our consolidated statement of operations. (f) Non-operating foreign currency exchange gains and losses, inclusive of gains and losses related to foreign exchange forward contracts not designated as hedging instruments for accounting purposes, are reported in "Foreign currency exchange gains (losses), net" in our consolidated statement of operations.Non-operating foreign currency exchange gains and losses are subject to high variability and low visibility and therefore cannot be provided on a forward-looking basis without unreasonable efforts. 22

Reconciliations of Non-GAAP Financial Measures (g) Presented below are the tax impacts of each of our non-GAAP adjustments to pre-tax income: Three Months Ended Mar 31, 2018 Jun 30, 2018 Sep 30, 2018 Dec 31, 2018 Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Tax impacts of non-GAAP adjustments: Realignment charges $ — $ — $ 3 $ 2 $ — $ 13 $ 17 $ 13 $ 5 $ 3 $ 2 $ 1 2020 Fit for Growth restructuring charges — — — — — — — 13 9 16 11 9 COVID-19 charges — — — — — — — — 2 6 6 3 Incremental accrual related to the India Defined Contribution Obligation — — — — 31 — — — — — — — Cognizant U.S. Foundation funding — 28 — — — — — — — — — — Foreign currency exchange gain and losses (1) (8) (6) 3 1 — (2) — (10) (8) 15 9 The effective tax rate related to each of our non-GAAP adjustments varies depending on the jurisdiction in which such income and expenses are generated and the statutory rates applicable in those jurisdictions. Year Ended Dec 31, 2019 Dec 31, 2020 Tax impacts of non-GAAP adjustments: Realignment charges $ 43 $ 11 2020 Fit for Growth restructuring charges 13 45 COVID-19 charges — 17 Incremental accrual related to the India Defined Contribution Obligation 31 — Foreign currency exchange gain and losses (1) 6 Year Ended Guidance Dec 31, 2020 FY 2021 GAAP effective tax rate 33.6 % Effect of adjustments to income from operations, pre-tax (4.0) (d) Effect of non-operating foreign currency exchange (gains) losses, pre-tax (1.3) (f) Tax effect of above adjustments 3.1 (d), (f) Tax on Accumulated Indian Earnings (5.6) — Adjusted effective tax rate 25.8 % 25% - 26% 23

Reconciliations of Non-GAAP Financial Measures (h) During the third quarter of 2020, after a thorough analysis of the impact of several changes in tax law on the cost of earnings repatriation and considering our strategic decision to increase our investments to accelerate growth in various international markets and expand our global delivery footprint, we reversed our indefinite reinvestment assertion on Indian earnings accumulated in prior years and recorded a $140 million tax on Accumulated Indian Earnings. The recorded income tax expense reflects the India withholding tax on unrepatriated Indian earnings, which were $5.2 billion as of December 31, 2019, net of applicable U.S. foreign tax credits. (i) During the fourth quarter of 2019, we determined that the carrying value of one of our equity method investments exceeded its fair value and therefore recorded an impairment charge of $57 million within the caption "Income (loss) from equity method investments" in our consolidated statement of operations. (j) During the fourth quarter of 2019, the Government of India enacted a new tax regime ("India Tax Law") effective retroactively to April, 2019 that enables domestic companies to elect to be taxed at a lower income tax rate of 25.17%, as compared to the current income tax rate of 34.94%. Once a company elects into the lower income tax rate, a company may not benefit from any tax holidays associated with Special Economic Zones and certain other tax incentives, including Minimum Alternative Tax credit carryforwards, and may not reverse its election. As a result of the enactment of the India Tax Law, we recorded a one-time net income tax expense of $21 million due to the revaluation to the lower income tax rate of our India net deferred income tax assets that we expected to reverse after we elected into the new tax regime. (k) During the third quarter of 2018, we finalized our calculation of the one-time tax expense related to the enactment of the Tax Cuts and Jobs Act ("Tax Reform Act") and recognized a $5 million income tax benefit, which reduced our provision for income taxes. Reconciliation of free cash flow Three Months Ended (in millions) Mar 31, 2018 Jun 30, 2018 Sep 30, 2018 Dec 31, 2018 Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Net cash provided by operating activities $ 388 $ 640 $ 862 $ 702 $ 269 $ 575 $ 717 $ 938 $ 497 $ 979 $ 925 $ 898 Purchases of property and equipment (96) (91) (94) (96) (106) (96) (97) (93) (112) (93) (104) (89) Free cash flow $ 292 $ 549 $ 768 $ 606 $ 163 $ 479 $ 620 $ 845 $ 385 $ 886 $ 821 $ 809 Year Ended (in millions) Dec 31, 2019 Dec 31, 2020 Net cash provided by operating activities $ 2,499 $ 3,299 Purchases of property and equipment (392) (398) Free cash flow $ 2,107 $ 2,901 24

XML

Cover	Feb. 03, 2021	Oct. 28, 2020
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Document Type	8-K
Document Period End Date	Feb. 03, 2021
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Entity Address, Address Line One	300 Frank W. Burr Blvd.
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Security Exchange Name	NASDAQ
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Name Change Event [Line Items]
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Cover [Abstract]
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Entity Address, Address Line Two	500 Frank W. Burr Blvd.
Entity Address, City or Town	Teaneck
Entity Address, State or Province	NJ
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Name Change Event [Line Items]
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Entity Address, City or Town	Teaneck
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07666