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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": "Relative to both peers and optimal business practices, Cognizant's lack of an appropriate capital return policy has long made it a distant outlier. Cognizant possesses a $13.5 billion (and growing) revenue base, $2 billion of cash flow per year, $4 billion of net cash, a meaningful margin expansion opportunity and a strong franchise. Despite these attributes, Cognizant has no dividend, only repurchases shares to offset dilution and clings to the flawed belief that growth and capital allocation are somehow at odds.",
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      "text": "Though we expect Cognizant to return to above-market growth in the near term, the overall market has matured, and revenue growth rates are lower than they have been in the past. In any scenario, there is no argument against operating with improved efficiency, cash flow and margins.",
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      "text": "Relative Revenue Growth Rates Since 2005",
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