Cognizant (CTSH) Announces Accelerated $600M Share Buyback Plan

Cognizant Technology Solutions Corporation (NASDAQ: CTSH), today announced that it has entered into an accelerated share repurchase ("ASR") agreement with Morgan Stanley & Co. LLC to repurchase an aggregate of $600 million of Cognizant's Class A common stock. In February 2017, the Company announced a plan to return $3.4 billion to stockholders by the end of 2018 through a combination of $2.7 billion in stock repurchases and $0.7 billion in dividends. With the ASR announced today, the Company will deliver early on its commitment as to stock repurchases with the anticipated final settlement of the ASR during the third quarter of 2018.

Under the terms of the ASR agreement, approximately 6.49 million of the shares to be repurchased will be received by Cognizant on June 15, 2018. The final number of shares to be repurchased will be based on the volume-weighted average stock price of Cognizant's Class A common stock less a discount and subject to potential adjustments pursuant to the terms of the ASR agreement. Cognizant will fund the ASR program on June 15, 2018 from cash on hand.

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