Teaneck N.J. - Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of information technology, consulting, and business process services, today announced its second quarter 2016 financial results.
Highlights-Second Quarter 2016
Second quarter revenue of $3.37 billion was up 9.2% from the year-ago period and up 5.2% sequentially. GAAP diluted EPS was $0.41 vs. $0.68 in the year-ago period. Q2 2016 GAAP diluted EPS was negatively impacted by $0.31 per share of incremental taxes associated with a one-time remittance of cash from India to the U.S. Non-GAAP diluted EPS[1] was $0.87, up from $0.79 in the year-ago period. Net headcount addition for the quarter was approximately 11,300.Revenue for the second quarter of 2016 was $3.37 billion, up 9.2% from $3.09 billion in the second quarter of 2015. GAAP net income was $252.4 million, or $0.41 per diluted share, compared to $420.1 million, or $0.68 per diluted share, in the second quarter of 2015. Non-GAAP diluted EPS1 was $0.87 compared to $0.79 in the second quarter of 2015. GAAP operating margin for the quarter was 17.5%. Non-GAAP operating margin1 for the quarter was 20.3%, slightly higher than the Company's target range of 19-20%.
In May 2016, our principal operating subsidiary in India repurchased shares from its shareholders, which are non-Indian Cognizant entities, resulting in a one-time remittance of $2.8 billion of cash from India. $1.2 billion, or $1.0 billion net of taxes, was transferred to the U.S. with the other $1.6 billion remaining overseas. As a result of this transaction, we will incur an incremental 2016 income tax expense of $237.5 million, of which $190.0 million was recognized in the quarter ended June 30, 2016 and approximately $23.7 million will be recognized in each of the quarters ending September 30, 2016 and December 31, 2016.
"Our second quarter ...
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