Cognizant Technology Solutions Corporation (Nasdaq: CTSH), today announced that it has entered into accelerated share repurchase agreements with HSBC Bank USA, National Association and Societe Generale to repurchase an aggregate of $600 million of Cognizant's Class A common stock. The ASR announced today is part of the Company's previously announced capital return plan to utilize approximately 50% of its global free cash flow1 on an annual basis for share repurchases and dividends.

Under the terms of the ASR agreements, approximately 7.1 million of the shares to be repurchased will be received by Cognizant on March 7, 2019. 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 agreements. Cognizant will fund the ASR program on March 7, 2019 from cash on hand.

1 Free cash flow is not a measurement of financial performance prepared in accordance with generally accepted accounting principles and is defined as cash flows from operating activities net of purchases of property and equipment. Refer to our most recent Annual Report on Form 10K for more information.

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 195 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.