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Delivered 4.1% year-over-year constant currency revenue growth, led by strong performance in North America as large deals signed over the past year moved into full execution.

Financial services grew 12% year-over-year, marking the second consecutive quarter of double-digit growth and serving as a leading indicator for broader AI adoption across other industries.

Accelerated the transition from a traditional systems integrator to an 'AI builder' by launching a dedicated AI market unit and the Cognizant AI delivery operating system to bridge the gap between AI experimentation and measurable enterprise value.

Reported that over 40% of software development is now AI-assisted, contributing to a 7.1% increase in adjusted operating income per associate.

Expanded the BPO practice through 'agentic' business operations, shifting the focus from labor-intensive tasks to embedding AI intelligence directly into business processes and industry-specific platforms like TriZetto.

Completed the acquisition of Astreya to strengthen data center infrastructure and digital workplace capabilities, specifically targeting the growing demand for AI infrastructure buildouts.

Shifted economic models toward fixed-price and transaction-based work to capture productivity gains from AI and move toward underwriting business results rather than just delivering projects.

Revised full-year revenue guidance to 4% to 5.5% growth in constant currency, reflecting persistent macro uncertainty and cautious discretionary spending at the midpoint.

Guidance assumes a superior sequential growth ramp in Q4 compared to historical trends, driven by the conversion of large deal bookings into billable volumes and an expected lower proportion of year-end furloughs.

Maintained adjusted operating margin guidance of 16% to 16.2%, supported by Project LEAP efficiencies which are expected to deliver full-year benefits in 2027.

Plans to scale the 'Cognizant Forward' team to 5,000 Frontier-certified engineers and 10,000 Frontier business operators to manage blended human-digital delivery teams.

Anticipates continued momentum in large deals ($50M-$100M range) and expansion into 'physical AI' for industrial clients, leveraging expertise in model training and robotics infrastructure.

Recorded an $81 million one-time benefit from a partial reversal of India defined contribution liabilities following new government regulations, which partially offset $84 million in Project LEAP restructuring costs.

Noted that while AI capability is growing, one in four enterprises have paused deployments due to unrealized productivity gains, representing a significant 'value gap' the company aims to address.

Increased interest expense following a $1 billion drawdown on the revolving credit facility to fund the Astreya acquisition and aggressive share repurchases.

DSO increased to 88 days, up five days year-over-year, which management attributed to changes in the business mix rather than collection issues.

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Management noted that while TTM bookings growth was 5%, the first half saw a 10% increase in the mix of new business, which will translate to incremental revenue in the second half.

Confirmed that $50 million to $100 million deals have seen a 'massive bump' in volume, providing a more diversified pipeline beyond mega-deals.

Ravi Kumar explained that the market is shifting from 'token consumption' to 'token economics,' where clients seek to optimize costs by using open-weight models for simple tasks and reserving expensive frontier models for advanced reasoning.

Cognizant is increasingly bundling pre-training and inference costs into outcome-based rate cards to simplify AI adoption for enterprises.

CFO Jatin Dalal stated that headcount is expected to remain 'range-bound' rather than increasing, as Project LEAP efficiencies offset the hiring of 20,000 recent college graduates.

Management expects gross margins to continue showing sequential improvement throughout the year as operational efficiencies take hold.

Management estimated they are roughly halfway through the cycle of embedding AI efficiencies into the fixed-price book of business, which typically has 24-36 month contract durations.

The goal is to use AI-led productivity to outbid competitors while remaining margin-accretive by capturing the 'non-linearity' of digital labor.