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  "documentTitle": "Cognizant Technology Solutions (CTSH)",
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  "authorName": "Jesse Cohn",
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  "presentationDate": "2016-11-28 00:00:00",
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      "text": "Beyond the clearly negative value implications, this lack of operating leverage is damaging from a business perspective because it masks inefficiency while impairing the Company’s flexibility to make sound investments in R&D and M&A.",
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      "text": "Adjusted Operating Margin and Revenue - Since IPO",
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      "text": "We said to our investors, in return for the privilege of having slightly lower but stable margins, you should expect some very strong, industry-leading revenue growth.",
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      "text": "evolving business conditions no longer makes sense and is a prime contributor to the Company’s underperformance.",
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