Intrinsic value of Cognizant Technology Solutions - CTSH

Previous Close

$77.96

  Intrinsic Value

$63.25

stock screener

  Rating & Target

hold

-19%

Previous close

$77.96

 
Intrinsic value

$63.25

 
Up/down potential

-19%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CTSH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.63
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  13,487
  14,714
  15,993
  17,324
  18,708
  20,146
  21,641
  23,195
  24,810
  26,488
  28,233
  30,048
  31,937
  33,904
  35,953
  38,088
  40,313
  42,635
  45,059
  47,589
  50,232
  52,994
  55,881
  58,901
  62,060
  65,366
  68,827
  72,450
  76,246
  80,222
  84,388
Variable operating expenses, $m
 
  12,145
  13,179
  14,254
  15,372
  16,535
  17,743
  18,998
  20,303
  21,659
  23,070
  24,281
  25,807
  27,397
  29,052
  30,777
  32,576
  34,452
  36,410
  38,455
  40,591
  42,822
  45,156
  47,596
  50,149
  52,820
  55,616
  58,545
  61,611
  64,824
  68,191
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  11,198
  12,145
  13,179
  14,254
  15,372
  16,535
  17,743
  18,998
  20,303
  21,659
  23,070
  24,281
  25,807
  27,397
  29,052
  30,777
  32,576
  34,452
  36,410
  38,455
  40,591
  42,822
  45,156
  47,596
  50,149
  52,820
  55,616
  58,545
  61,611
  64,824
  68,191
Operating income, $m
  2,289
  2,569
  2,814
  3,070
  3,335
  3,611
  3,898
  4,197
  4,506
  4,829
  5,164
  5,767
  6,130
  6,507
  6,901
  7,310
  7,738
  8,183
  8,648
  9,134
  9,641
  10,171
  10,726
  11,305
  11,912
  12,546
  13,210
  13,906
  14,634
  15,397
  16,197
EBITDA, $m
  2,668
  3,006
  3,267
  3,539
  3,821
  4,115
  4,421
  4,738
  5,068
  5,411
  5,767
  6,138
  6,524
  6,925
  7,344
  7,780
  8,235
  8,709
  9,204
  9,721
  10,261
  10,825
  11,415
  12,031
  12,677
  13,352
  14,059
  14,799
  15,574
  16,386
  17,237
Interest expense (income), $m
  16
  28
  39
  50
  62
  75
  88
  101
  115
  130
  145
  160
  177
  193
  211
  229
  249
  269
  289
  311
  334
  358
  382
  408
  435
  464
  493
  524
  557
  591
  626
Earnings before tax, $m
  2,357
  2,541
  2,775
  3,019
  3,273
  3,537
  3,811
  4,095
  4,391
  4,699
  5,019
  5,607
  5,953
  6,314
  6,690
  7,081
  7,489
  7,915
  8,359
  8,823
  9,308
  9,814
  10,343
  10,897
  11,476
  12,083
  12,717
  13,382
  14,078
  14,807
  15,571
Tax expense, $m
  805
  686
  749
  815
  884
  955
  1,029
  1,106
  1,186
  1,269
  1,355
  1,514
  1,607
  1,705
  1,806
  1,912
  2,022
  2,137
  2,257
  2,382
  2,513
  2,650
  2,793
  2,942
  3,099
  3,262
  3,434
  3,613
  3,801
  3,998
  4,204
Net income, $m
  1,553
  1,855
  2,026
  2,204
  2,389
  2,582
  2,782
  2,990
  3,206
  3,430
  3,664
  4,093
  4,346
  4,609
  4,883
  5,169
  5,467
  5,778
  6,102
  6,441
  6,794
  7,164
  7,551
  7,955
  8,378
  8,820
  9,284
  9,769
  10,277
  10,809
  11,367

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5,169
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  14,262
  9,922
  10,784
  11,682
  12,615
  13,585
  14,593
  15,641
  16,729
  17,861
  19,038
  20,262
  21,536
  22,862
  24,243
  25,683
  27,184
  28,749
  30,383
  32,090
  33,872
  35,734
  37,681
  39,718
  41,848
  44,077
  46,411
  48,854
  51,413
  54,094
  56,903
Adjusted assets (=assets-cash), $m
  9,093
  9,922
  10,784
  11,682
  12,615
  13,585
  14,593
  15,641
  16,729
  17,861
  19,038
  20,262
  21,536
  22,862
  24,243
  25,683
  27,184
  28,749
  30,383
  32,090
  33,872
  35,734
  37,681
  39,718
  41,848
  44,077
  46,411
  48,854
  51,413
  54,094
  56,903
Revenue / Adjusted assets
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
  1.483
Average production assets, $m
  1,934
  2,104
  2,287
  2,477
  2,675
  2,881
  3,095
  3,317
  3,548
  3,788
  4,037
  4,297
  4,567
  4,848
  5,141
  5,447
  5,765
  6,097
  6,443
  6,805
  7,183
  7,578
  7,991
  8,423
  8,875
  9,347
  9,842
  10,360
  10,903
  11,472
  12,067
Working capital, $m
  6,182
  1,192
  1,295
  1,403
  1,515
  1,632
  1,753
  1,879
  2,010
  2,146
  2,287
  2,434
  2,587
  2,746
  2,912
  3,085
  3,265
  3,453
  3,650
  3,855
  4,069
  4,293
  4,526
  4,771
  5,027
  5,295
  5,575
  5,868
  6,176
  6,498
  6,835
Total debt, $m
  878
  1,114
  1,442
  1,783
  2,138
  2,506
  2,889
  3,287
  3,701
  4,131
  4,578
  5,044
  5,528
  6,032
  6,556
  7,103
  7,674
  8,269
  8,890
  9,538
  10,215
  10,923
  11,663
  12,437
  13,246
  14,093
  14,980
  15,909
  16,881
  17,900
  18,967
Total liabilities, $m
  3,534
  3,770
  4,098
  4,439
  4,794
  5,162
  5,545
  5,943
  6,357
  6,787
  7,234
  7,700
  8,184
  8,688
  9,212
  9,759
  10,330
  10,925
  11,546
  12,194
  12,871
  13,579
  14,319
  15,093
  15,902
  16,749
  17,636
  18,565
  19,537
  20,556
  21,623
Total equity, $m
  10,728
  6,152
  6,686
  7,243
  7,821
  8,423
  9,048
  9,697
  10,372
  11,074
  11,803
  12,562
  13,352
  14,174
  15,031
  15,923
  16,854
  17,825
  18,838
  19,896
  21,001
  22,155
  23,362
  24,625
  25,946
  27,328
  28,775
  30,289
  31,876
  33,538
  35,280
Total liabilities and equity, $m
  14,262
  9,922
  10,784
  11,682
  12,615
  13,585
  14,593
  15,640
  16,729
  17,861
  19,037
  20,262
  21,536
  22,862
  24,243
  25,682
  27,184
  28,750
  30,384
  32,090
  33,872
  35,734
  37,681
  39,718
  41,848
  44,077
  46,411
  48,854
  51,413
  54,094
  56,903
Debt-to-equity ratio
  0.082
  0.180
  0.220
  0.250
  0.270
  0.300
  0.320
  0.340
  0.360
  0.370
  0.390
  0.400
  0.410
  0.430
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.490
  0.490
  0.500
  0.510
  0.510
  0.520
  0.520
  0.530
  0.530
  0.530
  0.540
Adjusted equity ratio
  0.611
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,553
  1,855
  2,026
  2,204
  2,389
  2,582
  2,782
  2,990
  3,206
  3,430
  3,664
  4,093
  4,346
  4,609
  4,883
  5,169
  5,467
  5,778
  6,102
  6,441
  6,794
  7,164
  7,551
  7,955
  8,378
  8,820
  9,284
  9,769
  10,277
  10,809
  11,367
Depreciation, amort., depletion, $m
  379
  437
  453
  469
  486
  504
  522
  541
  561
  582
  603
  370
  394
  418
  443
  470
  497
  526
  555
  587
  619
  653
  689
  726
  765
  806
  848
  893
  940
  989
  1,040
Funds from operations, $m
  1,150
  2,292
  2,478
  2,673
  2,875
  3,085
  3,304
  3,531
  3,767
  4,012
  4,267
  4,464
  4,740
  5,027
  5,327
  5,639
  5,964
  6,303
  6,658
  7,027
  7,414
  7,817
  8,240
  8,681
  9,143
  9,626
  10,132
  10,662
  11,217
  11,798
  12,407
Change in working capital, $m
  -471
  99
  104
  108
  112
  117
  121
  126
  131
  136
  141
  147
  153
  159
  166
  173
  180
  188
  196
  205
  214
  224
  234
  245
  256
  268
  280
  294
  307
  322
  337
Cash from operations, $m
  1,621
  2,192
  2,375
  2,565
  2,763
  2,969
  3,183
  3,405
  3,636
  3,876
  4,126
  4,317
  4,587
  4,868
  5,161
  5,466
  5,784
  6,115
  6,461
  6,822
  7,200
  7,594
  8,006
  8,436
  8,887
  9,358
  9,852
  10,368
  10,909
  11,476
  12,069
Maintenance CAPEX, $m
  0
  -167
  -181
  -197
  -214
  -231
  -248
  -267
  -286
  -306
  -327
  -348
  -370
  -394
  -418
  -443
  -470
  -497
  -526
  -555
  -587
  -619
  -653
  -689
  -726
  -765
  -806
  -848
  -893
  -940
  -989
New CAPEX, $m
  -300
  -170
  -183
  -190
  -198
  -206
  -214
  -222
  -231
  -240
  -250
  -260
  -270
  -281
  -293
  -305
  -318
  -332
  -347
  -362
  -378
  -395
  -413
  -432
  -452
  -473
  -495
  -518
  -543
  -569
  -596
Cash from investing activities, $m
  -963
  -337
  -364
  -387
  -412
  -437
  -462
  -489
  -517
  -546
  -577
  -608
  -640
  -675
  -711
  -748
  -788
  -829
  -873
  -917
  -965
  -1,014
  -1,066
  -1,121
  -1,178
  -1,238
  -1,301
  -1,366
  -1,436
  -1,509
  -1,585
Free cash flow, $m
  658
  1,855
  2,011
  2,178
  2,352
  2,533
  2,721
  2,916
  3,119
  3,330
  3,550
  3,709
  3,946
  4,193
  4,450
  4,717
  4,996
  5,286
  5,589
  5,905
  6,235
  6,580
  6,939
  7,316
  7,709
  8,120
  8,551
  9,002
  9,473
  9,967
  10,485
Issuance/(repayment) of debt, $m
  -407
  317
  328
  341
  355
  369
  383
  398
  414
  430
  447
  465
  484
  504
  525
  547
  570
  595
  621
  648
  677
  708
  740
  774
  809
  847
  887
  929
  972
  1,019
  1,067
Issuance/(repurchase) of shares, $m
  -336
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -719
  317
  328
  341
  355
  369
  383
  398
  414
  430
  447
  465
  484
  504
  525
  547
  570
  595
  621
  648
  677
  708
  740
  774
  809
  847
  887
  929
  972
  1,019
  1,067
Total cash flow (excl. dividends), $m
  -91
  2,173
  2,338
  2,519
  2,706
  2,901
  3,104
  3,314
  3,533
  3,761
  3,997
  4,174
  4,430
  4,697
  4,975
  5,264
  5,566
  5,881
  6,210
  6,553
  6,912
  7,287
  7,679
  8,089
  8,519
  8,968
  9,438
  9,930
  10,446
  10,986
  11,552
Retained Cash Flow (-), $m
  -1,450
  -512
  -535
  -556
  -579
  -601
  -625
  -650
  -675
  -702
  -730
  -759
  -790
  -822
  -856
  -893
  -931
  -971
  -1,013
  -1,058
  -1,105
  -1,155
  -1,207
  -1,262
  -1,321
  -1,382
  -1,447
  -1,515
  -1,587
  -1,662
  -1,742
Prev. year cash balance distribution, $m
 
  5,088
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  6,749
  1,804
  1,962
  2,128
  2,300
  2,479
  2,665
  2,858
  3,059
  3,267
  3,415
  3,640
  3,875
  4,118
  4,372
  4,636
  4,910
  5,197
  5,496
  5,807
  6,133
  6,472
  6,827
  7,198
  7,585
  7,991
  8,415
  8,859
  9,324
  9,811
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  6,471
  1,651
  1,708
  1,752
  1,783
  1,799
  1,800
  1,786
  1,757
  1,713
  1,622
  1,554
  1,473
  1,383
  1,283
  1,178
  1,068
  957
  846
  738
  634
  537
  447
  367
  295
  233
  181
  137
  102
  74
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services. The Healthcare segment includes healthcare providers and payers, as well as life sciences customers, including pharmaceutical, biotech and medical device companies. The Manufacturing/Retail/Logistics segment includes manufacturers, retailers, travel and other hospitality customers, as well as customers providing logistics services. The Other segment includes its information, media and entertainment services, communications and high technology operating segments. Its services include consulting and technology services and outsourcing services. Its outsourcing services include application maintenance, IT infrastructure services and business process services.

FINANCIAL RATIOS  of  Cognizant Technology Solutions (CTSH)

Valuation Ratios
P/E Ratio 30.5
Price to Sales 3.5
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 29.2
Price to Free Cash Flow 35.9
Growth Rates
Sales Growth Rate 8.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.9%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 64
Current Ratio 0.2
LT Debt to Equity 7.4%
Total Debt to Equity 8.2%
Interest Coverage 148
Management Effectiveness
Return On Assets 11.4%
Ret/ On Assets - 3 Yr. Avg. 13.1%
Return On Total Capital 14%
Ret/ On T. Cap. - 3 Yr. Avg. 16.3%
Return On Equity 15.5%
Return On Equity - 3 Yr. Avg. 18.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 40.5%
Gross Margin - 3 Yr. Avg. 40.7%
EBITDA Margin 20.4%
EBITDA Margin - 3 Yr. Avg. 20.5%
Operating Margin 17%
Oper. Margin - 3 Yr. Avg. 17.5%
Pre-Tax Margin 17.5%
Pre-Tax Margin - 3 Yr. Avg. 17.9%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 12.9%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 0%

CTSH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTSH stock intrinsic value calculation we used $13487 million for the last fiscal year's total revenue generated by Cognizant Technology Solutions. The default revenue input number comes from 2016 income statement of Cognizant Technology Solutions. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CTSH stock valuation model: a) initial revenue growth rate of 9.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CTSH is calculated based on our internal credit rating of Cognizant Technology Solutions, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cognizant Technology Solutions.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CTSH stock the variable cost ratio is equal to 82.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CTSH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Cognizant Technology Solutions.

Corporate tax rate of 27% is the nominal tax rate for Cognizant Technology Solutions. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CTSH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CTSH are equal to 14.3%.

Life of production assets of 11.6 years is the average useful life of capital assets used in Cognizant Technology Solutions operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CTSH is equal to 8.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $10728 million for Cognizant Technology Solutions - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 592.65 million for Cognizant Technology Solutions is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cognizant Technology Solutions at the current share price and the inputted number of shares is $46.2 billion.

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Financial statements of CTSH
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