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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  "notes": "Uses analyst quotes to frame management's strategy as outdated compared to market expectations.",
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      "text": "These quotes provide a highly representative picture of investor sentiment towards Cognizant and its operational strategy.",
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      "kind": "chart",
      "text": "Cognizant - Last 15 Years: Market Cap, Revenue, and Adj. Operating Margin growth from FY2001 to FY2015.",
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      "text": "Investor quotes from Oppenheimer, JP Morgan, Bank of America, Deutsche Bank, and BMO questioning Cognizant's margin and capital allocation strategy.",
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      "text": "Adj. Operating Margin: 19.7%",
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      "text": "These quotes provide a highly representative picture of investor sentiment towards Cognizant and its operational strategy. The good news is that Cognizant can take clear, actionable steps to re-evaluate its dated operational and capital strategies.",
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      "kind": "quote",
      "text": "our margins are 19-20%. Many of our competitors historically have been running at margins well above that...[We] have taken the philosophy of reinvesting anything back into the business above 20%",
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      "kind": "quote",
      "text": "as you know, when we went public 18 years ago, we made a decision to keep our margins lower than others so we can reinvest.",
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      "kind": "quote",
      "text": "“The question that we're getting a lot from investors is how to think about EPS growth and should EPS growth just follow and marry revenue growth, or is there opportunity and would management and the Board come off their 19% and 20% margin range or even perhaps get more aggressive on share repurchases or get more aggressive on M&A.” — Oppenheimer, Aug. 2016",
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      "kind": "source-note",
      "text": "Source: Company filings, CapitalIQ, Bloomberg.",
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      "kind": "title",
      "text": "Cognizant and Its Markets Have Changed, But Its Approach to Profitability Has Not",
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