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  "documentTitle": "2025 Investor Day",
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      "text": "$2.9B returned through share repurchases and dividends in 2023 and 2024",
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      "text": "Expect to deploy ~100% of free cash flow annually. % of capital deployed. Target, 2024, 2023. Dividends, Share repurchases, Acquisitions.",
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      "kind": "disclaimer",
      "text": "1 See \"About Non-GAAP Financial Measures and Performance Metrics\" at the end of this presentation for more information. 2 Assumes no material change to tax rate and applicable tax laws and regulations. © 2025 Cognizant | Investor Day",
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      "text": "Robust cash flow generation: Annual free cash flow target of 90% to 100% of net income; Strong balance sheet and low leverage provides financial flexibility. Organic and inorganic investment to support growth: AI, cloud modernization and industry-specific digital solutions; Disciplined, value-enhancing M&A aligned with strategic priorities. Return of capital to shareholders: $2 billion increase to share repurchase authorization; Now expect to return $1.7 billion in 2025, including $1.1 billion in share repurchases, an increase of $500 million from prior expectation; Six consecutive years of dividend increases, +6% CAGR since 2019",
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