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  "documentTitle": "Cognizant Technology Solutions (CTSH)",
  "authorId": "02_Elliott_Management",
  "authorName": "Jesse Cohn",
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  "presentationDate": "2016-11-28 00:00:00",
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  "notes": "This is a page from an activist investor letter (Elliott Management) proposing a 'Value-Enhancement Plan' for Cognizant.",
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      "text": "Accelerated Share Repurchase: The Cognizant Value-Enhancement Plan calls for a $2.5 billion share repurchase to be completed over the first half of FY17E...",
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      "text": "Ongoing Capital Return: Cognizant should immediately institute a long-term capital return program with a commitment to return 75% of U.S. free cash flow to shareholders.",
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      "text": "M&A: Cognizant operates in a dynamic environment in which it must continually enhance its portfolio to adapt to the changing landscape of client demand.",
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      "text": "change concerns speculated-about modifications to skilled labor visa regulation... the degree of conservatism built into the Cognizant Value-Enhancement Plan provides the Company with ample room to respond to a wide range of hypotheticals while still achieving plan targets.",
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      "text": "2) Capital Allocation: Cognizant today suffers from a highly inefficient capital structure... We believe that the following measures should be introduced:",
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