Cognizant Technology Solutions Corporation (NASDAQ:CTSH) Q2 2024 Earnings Conference Call July 31, 2024 5:00 PM ET

Company Participants

Tyler Scott - Vice President, Investor Relations
Ravi Kumar - Chief Executive Officer
Jatin Dalal - Chief Financial Officer

Conference Call Participants

Jim Schneider - Goldman Sachs
Bryan Bergin - Cowen
Jonathan Lee - Guggenheim Partners
Rod Bourgeois - DeepDive Equity Research
James Faucette - Morgan Stanley
Tien-Tsin Huang - JPMorgan
Dan Dolev - Mizuho

Operator

Ladies and gentlemen, welcome to the Cognizant Technology Solutions Second Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

I would now like to turn the conference over to Mr. Tyler Scott, Vice President, Investor Relations. Please go ahead, sir.

Tyler Scott

Thank you, operator, and good afternoon, everyone.

By now, you should have received a copy of the earnings release and the investor supplement for the company's second quarter 2024 results. If you have not, copies are available on our website, cognizant.com.

The speakers we have on today's call are Ravi Kumar, Chief Executive Officer; and Jatin Dalal, Chief Financial Officer.

Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risks and uncertainties as described in the company's earnings release and other filings with the SEC.

Additionally, during our call today, we will provide certain non-GAAP financial measures that we believe provide useful information for our investors. Reconciliations of non-GAAP financial measures where appropriate to the corresponding GAAP measures can be found in the company's earnings release and other filings with the SEC.

With that, I'd now like to turn the call over to Ravi. Please go ahead.

Ravi Kumar

Thank you, Tyler, and good afternoon, everyone. Thank you for joining our second quarter 2024 earnings call.

I'm pleased with our strong execution and results in what remains a challenging market. We delivered revenue above the high end of our guidance range, expanded our adjusted operating margin both quarter-over-quarter and year-over-year, sustained our large deal momentum by signing five deals each with total contract value of $100 million or more, and announced an agreement to acquire Belcan, which is expected to expand our ER&D capabilities, while diversifying into the high-growth aerospace and defense sectors. Although the demand environment remains challenging and clients' discretionary spending behavior is unchanged from recent quarters, we believe these results demonstrate our rigorous execution against the strategic priorities we set forth last year.