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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Oct. 26, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Trading Symbol	EXLS
Entity Registrant Name	ExlService Holdings, Inc.
Entity Central Index Key	0001297989
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		33,083,617

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 90,656	$ 176,499
Short-term investments	93,184	11,577
Restricted cash	2,547	1,395
Accounts receivable, net	98,272	80,244
Prepaid expenses	5,501	5,783
Deferred tax assets, net	4,738	4,455
Advance income tax, net	4,169	9,905
Other current assets	13,217	12,533
Total current assets	312,284	302,391
Fixed assets, net	47,071	45,369
Restricted cash	3,289	3,258
Deferred tax assets, net	7,996	11,985
Intangible assets, net	55,462	46,979
Goodwill	171,753	139,599
Other assets	22,083	23,975
Total assets	619,938	573,556
Current liabilities:
Accounts payable	3,637	4,663
Short-term borrowings	10,000
Deferred revenue	8,110	7,690
Accrued employee cost	36,788	37,606
Accrued expenses and other current liabilities	34,239	40,206
Current portion of capital lease obligations	481	803
Total current liabilities	93,255	90,968
Long term borrowings	60,000	50,000
Capital lease obligations, less current portion	304	560
Non-current liabilities	18,971	12,870
Total liabilities	172,530	154,398
Commitments and contingencies (See Note 16)
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued
Stockholders' equity:
Common stock, $0.001 par value; 100,000,000 shares authorized, 34,749,446 shares issued and 33,083,540 shares outstanding as of September 30, 2015 and 34,203,352 shares issued and 32,905,467 shares outstanding as of December 31, 2014	35	34
Additional paid-in-capital	248,614	233,173
Retained earnings	306,227	269,424
Accumulated other comprehensive loss	(66,250)	(55,509)
Total stockholders' equity including shares held in treasury	488,626	447,122
Less: 1,665,906 shares as of September 30, 2015 and 1,297,885 shares as of December 31, 2014, held in treasury, at cost	(41,218)	(27,964)
Total stockholders' equity	447,408	419,158
Total liabilities and stockholders' equity	$ 619,938	$ 573,556

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	34,749,446	34,203,352
Common stock, shares outstanding	33,083,540	32,905,467
Treasury stock, shares	1,665,906	1,297,885

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Revenues, net	$ 163,503	$ 122,457	$ 462,634	$ 363,992
Cost of revenues (exclusive of depreciation and amortization)	103,198	84,983	296,801	241,164
Gross profit	60,305	37,474	165,833	122,828
Operating expenses:
General and administrative expenses	18,817	15,952	57,428	46,992
Selling and marketing expenses	12,682	9,117	35,769	28,812
Depreciation and amortization	8,057	7,014	23,171	20,049
Total operating expenses	39,556	32,083	116,368	95,853
Income from operations	20,749	5,391	49,465	26,975
Other income/(expense):
Foreign exchange gain / (loss)	191	642	2,347	(328)
Interest and other income, net	1,787	1,044	4,300	2,861
Income before income taxes	22,727	7,077	56,112	29,508
Income tax expense	7,565	1,002	19,309	4,523
Net income	$ 15,162	$ 6,075	$ 36,803	$ 24,985
Earnings per share:
Basic	$ 0.46	$ 0.18	$ 1.10	$ 0.76
Diluted	$ 0.44	$ 0.18	$ 1.08	$ 0.74
Weighted-average number of shares used in computing earnings per share:
Basic	33,307,312	32,890,475	33,320,477	32,743,384
Diluted	34,180,635	33,676,665	34,147,120	33,594,304

Consolidated Statements of Comprehensive Income/(Loss) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Statement of Comprehensive Income [Abstract]

Net income

$ 15,162

$ 6,075

$ 36,803

$ 24,985

Other comprehensive income/(loss):

Unrealized gain/(loss) on effective cash flow hedges, net of taxes ($822), ($758), ($727) and $1,428, respectively

(2,704)

(2,844)

(2,014)

4,522

Foreign currency translation adjustment

(7,092)

(5,830)

(9,926)

(1,347)

Retirement benefits, net of taxes $71, $7, $81 and $7 respectively

172

(376)

501

(47)

Reclassification adjustments

Realized loss on cash flow hedges, net of taxes $175, $312, $393 and $1,293

^[1]

255

1,106

570

4,584

Retirement benefits, net of taxes $15, $6, $31 and $21, respectively

^[2]

128

Total other comprehensive (loss) / income

(9,333)

(7,921)

(10,741)

7,790

Total comprehensive income / (loss)

$ 5,829

$ (1,846)

$ 26,062

$ 32,775

[1]	These are reclassified to net income and are included in the foreign exchange income/(loss) in the unaudited consolidated statements of income. See Note 7 to our unaudited consolidated financial statements contained herein.
[2]	These are reclassified to net income and are included in the computation of net periodic pension costs in the unaudited consolidated statements of income. See Note 11 to our unaudited consolidated financial statements contained herein.

Consolidated Statements of Comprehensive Income/(Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Taxes on unrealized gain/(loss) on effective cash flow hedges	$ (822)	$ (758)	$ (727)	$ 1,428
Taxes on retirement benefits	71	7	81	7
Taxes on reclassification adjustments of realized loss on cash flow hedges	175	312	393	1,293
Taxes on reclassification adjustments of retirement benefits	$ 15	$ 6	$ 31	$ 21

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 36,803	$ 24,985
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,171	20,049
Stock-based compensation expense	12,280	8,518
Unrealized foreign exchange loss/(gain)	(2,850)	917
Unrealized gain on short term investments	(2,179)
Deferred income taxes	3,596	388
Others, net	(249)	(35)
Change in operating assets and liabilities:
Restricted cash	(1,313)	(368)
Accounts receivable	(14,647)	839
Prepaid expenses and other current assets	977	(1,891)
Accounts payable	(1,602)	(790)
Deferred revenue	(915)	(599)
Accrued employee cost	460	(2,598)
Accrued expenses and other liabilities	(3,973)	2,849
Advance income tax, net	5,751	(5,504)
Other assets	(760)	(2,455)
Net cash provided by operating activities	54,550	44,305
Cash flows from investing activities:
Purchase of fixed assets	(21,127)	(23,762)
Business acquisition (net of cash acquired)	(44,270)	(6,244)
Purchase of short-term investments	(109,162)	(7,601)
Proceeds from redemption of short-term investments	28,640	6,986
Net cash used for investing activities	(145,919)	(30,621)
Cash flows from financing activities:
Principal payments on capital lease obligations	(559)	(807)
Proceeds from borrowings	30,000
Repayments of borrowings	(10,000)
Payment of debt issuance costs	(74)
Acquisition of treasury stock	(13,015)	(3,322)
Proceeds from exercise of stock options	3,162	4,970
Net cash provided by financing activities	9,514	841
Effect of exchange rate changes on cash and cash equivalents	(3,988)	(1,162)
Net (decrease)/increase in cash and cash equivalents	(85,843)	13,363
Cash and cash equivalents, beginning of period	176,499	148,065
Cash and cash equivalents, end of period	$ 90,656	$ 161,428

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation *Organization* ExlService Holdings, Inc. (“ExlService Holdings”) is organized as a corporation under the laws of the state of Delaware. ExlService Holdings, together with its subsidiaries (collectively, the “Company”), is a leading provider of business process solutions that integrate operations management with analytics and business transformation to deliver actionable business insights and long-term business impact. The Company’s clients are located principally in the U.S. and the U.K. *Basis of Presentation* The unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. The unaudited interim consolidated financial statements reflect all adjustments (of a normal and recurring nature) that management considers necessary for a fair presentation of such statements for the interim periods presented. The unaudited consolidated statements of income for the interim periods presented are not necessarily indicative of the results for the full year or for any subsequent period.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying unaudited consolidated financial statements include the financial statements of ExlService Holdings and all of its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the unaudited consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the unaudited consolidated statements of income during the reporting period. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the financial statements include, but are not limited to, allowance for doubtful receivables, service tax receivables, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments, stock-based compensation expense, depreciation and amortization periods, purchase price allocation, recoverability of long-term assets including goodwill and intangibles, and estimates to complete the fixed price contracts.

In accordance with its policy, the Company reviews the estimated useful lives of its fixed assets on an ongoing basis. During the three months ended March 31, 2015, the review indicated that the actual lives of certain fixed assets were longer than the estimated useful lives used for depreciation purposes in the Company’s financial statements. As a result, effective January 1, 2015, the Company changed its estimates of the useful lives of its certain fixed assets to better reflect the estimated periods during which these assets will remain in service. The effect of change in estimated useful life of assets reduced depreciation expense by $468 and $1,403, increased net income by $281 and $842 and increased basic and diluted earnings per share by $0.01 and $0.02, respectively during the three months and nine months ended September 30, 2015.

Revenue Recognition

As part of reimbursing the Travelers Indemnity Company (“Travelers”) for certain of their transition related expenses (the “disentanglement costs”), the Company recognized $9,626 and $17,815 of such reimbursements as a reduction of our revenues during the three months and nine months ended September 30, 2014 respectively, in accordance with Accounting Standards Codification (“ASC”) topic 605-50-45, “Revenue Recognition (“ASC 605-50-45”).” The Company did not incur any reimbursements of disentanglement costs during the three months and nine months ended September 30, 2015 and also does not anticipate incurring any additional reimbursements of disentanglement costs related to Travelers going forward.

Revenue from analytical services including modeling, targeting and designing of campaigns and mail marketing including email marketing and other digital solutions is typically recognized on delivery of such campaigns. In respect of arrangements involving sub-contracting of part or whole of the assigned work, the Company evaluates revenue to be recognized under ASC 605-45 “Revenue recognition – Principal agent considerations”.

Investments

The Company’s investments consist primarily of time deposits and mutual funds and are in accordance with the Company’s risk management policies. Time deposits with financial institutions are valued at cost and approximate fair value. Interest earned on such investments is included in interest and other income. Investments with original maturities greater than ninety days but less than twelve months are classified as short-term investments. Investments with maturities greater than twelve months from the balance sheet date are classified as long-term investments.

The mutual fund investments are in debt and money market funds which invest in instruments of various maturities in India. The Company accounts for these investments in accordance with the fair value option under ASC topic 825-10 (“ASC 825-10”) and change in fair value is included in interest and other income. The fair value represents original cost (on the acquisition date) and the net asset value (“NAV”) as quoted, at each reporting period. Gain or loss on the disposal of these investments is calculated using the weighted average cost of the investments sold or disposed and is included in interest and other income.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	September 30, 2015		December 31, 2014
Accrued expenses	$	25,232	$	24,451
Derivative instruments		1,745		2,385
Client liability account		2,546		9,241
Other current liabilities		4,716		4,129

Accrued expenses and other current liabilities	$	34,239	$	40,206

Non-current liabilities

Non-current liabilities consist of the following:


	September 30, 2015		December 31, 2014
Derivative instruments	$	1,893	$	576
Unrecognized tax benefits		4,811		2,878
Deferred rent		6,277		5,977
Retirement benefits		1,477		1,544
Other non-current liabilities		4,513		1,895

Non-current liabilities	$	18,971	$	12,870

Interest and other income

Interest and other income (expense), net consists of the following:


	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Interest and dividend income*	$	2,085		$	920		$	4,997		$	2,709
Interest expense		(340	)		(52	)		(983	)		(240	)
Others, net		42			176			286			392

Other income, net	$	1,787		$	1,044		$	4,300		$	2,861

*	Includes unrealized gain of $1,419 and $2,179 and realized gain of $320 and $335, respectively for the three months and nine months ending September 30, 2015 on investments carried at fair value.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). Earlier the new standard was effective for reporting periods beginning after December 15, 2016. However, in April 2015, FASB deferred the effective date of the new standard. With this deferral, the new standard is effective for reporting periods beginning after December 15, 2017 and early adoption is not permitted. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions of the Company. ASU 2014-09 is effective for the Company in the first quarter of fiscal 2018 using either one of two methods: (i) retrospectively to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. The Company is currently evaluating the impact of adoption and the implementation approach to be used.

In April 2015, FASB issued ASU No. 2015-05, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” (“ASU 2015-05”). The amendments add guidance to Subtopic 350-40, Intangibles – Goodwill and Other – Internal-Use Software, which will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The amendments will be effective for fiscal years beginning after December 15, 2015. The Company is currently evaluating the method of adoption and impact this standard will have on its consolidated financial statements and related disclosures.

In April 2015, FASB issued ASU No. 2015-03, “Interest—Imputation of Interest” (“ASU 2015-03”), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance of debt issuance costs are not affected by the amendments in that update. The standard will be effective for the Company beginning in the first quarter of fiscal year 2016 and requires the Company to apply the new guidance on a retrospective basis on adoption. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

In May 2015, FASB issued ASU No. 2015-08, “Business Combinations (Topic 805): Pushdown Accounting—Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115” (“ASU 2015-08”). The amendments in ASU 2015-08 amend various SEC paragraphs included in FASB’s Accounting Standards Codification to reflect the issuance of Staff Accounting Bulletin No. 115 (“SAB 115”). SAB 115 rescinds portions of the interpretive guidance included in the SEC’s Staff Accounting Bulletins series and brings existing guidance into conformity with ASU No. 2014-17, “Business Combinations (Topic 805): Pushdown Accounting,” which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The adoption of this guidance does not have a material impact on the Company’s consolidated financial statements.

In August 2015, FASB issued ASU No. 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements” (“ASU 2015-15”). This ASU indicates that the guidance in ASU 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line of credit arrangements. Given the absence of authoritative guidance within ASU 2015-03, the SEC staff has indicated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The Company does not expect the adoption of ASU 2015-15 to have any effect on the Company’s financial position or results of operations.

In September 2015, FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement Period Adjustments” (“ASU 2015-16”). ASU 2015-16 require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in ASU 2015-16 require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in ASU 2015-16 require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the amendments in ASU 2015-16 are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in ASU 2015-16 should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not been issued. The Company is currently evaluating the impact of adoption of ASU 2015-16 on its consolidated financial position or results of operations.

Earnings Per Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

3. Earnings Per Share

Basic earnings per share is computed by dividing net income to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed using the weighted average number of common shares plus the potentially dilutive effect of common stock equivalents issued and outstanding at the reporting date, using the treasury stock method. Stock options, restricted stock and restricted stock units that are anti-dilutive are excluded from the computation of weighted average shares outstanding.

The following table sets forth the computation of basic and diluted earnings per share:


	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Numerators:
Net income	$	15,162	$	6,075	$	36,803	$	24,985
Denominators:
Basic weighted average common shares outstanding		33,307,312		32,890,475		33,320,477		32,743,384
Dilutive effect of share based awards		873,323		786,190		826,643		850,920

Diluted weighted average common shares outstanding		34,180,635		33,676,665		34,147,120		33,594,304

Earnings per share:
Basic	$	0.46	$	0.18	$	1.10	$	0.76
Diluted	$	0.44	$	0.18	$	1.08	$	0.74
Weighted average common shares considered anti-dilutive in computing diluted earnings per share		61,738		43,950		98,527		143,096

Segment Information

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Information

4. Segment Information

The Company’s business is divided into two reporting segments: Operations Management (previously called Outsourcing Services) and Analytics and Business Transformation (previously called Transformation Services). The Company changed its reporting segment nomenclature in 2014 in order to reflect the changing nature of its engagements with the clients more accurately. For comparability with the prior periods, the business composition of each segment remains unchanged.

The Company provides various types of business process solutions utilizing operations management, analytics and technology. These services are provided in an integrated manner to clients in various industries. The chief operating decision maker (“CODM”) generally reviews financial information at the consolidated statement of income level disaggregated by our two segments, but does not review any information except for revenues and cost of revenues of these individual segments. Therefore, the Company does not allocate or evaluate operating expenses, interest expense or income, capital expenditures, and income taxes to its reporting segments. Consequently, it is not practical to show assets, capital expenditures, depreciation or amortization by segment. The recent acquisition of RPM Direct, LLC and RPM Data Solutions, LLC (collectively, “RPM”) by the Company’s subsidiary ExlService.com, LLC (“ExlService.com”) is classified within the Analytics and Business Transformation segment.

Revenues and cost of revenues for each of the three months ended September 30, 2015 and 2014 for the Company’s Operations Management and Analytics and Business Transformation segments, respectively, are as follows:


	Three months ended September 30, 2015						Three months ended September 30, 2014
	Operations Management		Analytics and Business Transformation		Total		Operations Management		Analytics and Business Transformation		Total
Revenues, net	$	113,977	$	49,526	$	163,503	$	91,155	$	31,302	$	122,457
Cost of revenues (exclusive of depreciation and amortization)		72,032		31,166		103,198		62,870		22,113		84,983

Gross profit	$	41,945	$	18,360	$	60,305	$	28,285	$	9,189	$	37,474

Operating expenses						39,556						32,083
Other income/(expense)						1,978						1,686
Income tax expense						7,565						1,002

Net income					$	15,162					$	6,075

Revenues and cost of revenues for each of the nine months ended September 30, 2015 and 2014 for the Company’s Operations Management and Analytics and Business Transformation segments, respectively, are as follows:


	Nine months ended September 30, 2015						Nine months ended September 30, 2014
	Operations Management		Analytics and Business Transformation		Total		Operations Management		Analytics and Business Transformation		Total
Revenues, net	$	337,244	$	125,390	$	462,634	$	285,560	$	78,432	$	363,992
Cost of revenues (exclusive of depreciation and amortization)		214,032		82,769		296,801		184,263		56,901		241,164

Gross profit	$	123,212	$	42,621	$	165,833	$	101,297	$	21,531	$	122,828

Operating expenses						116,368						95,853
Other income/(expense)						6,647						2,533
Income tax expense						19,309						4,523

Net income					$	36,803					$	24,985

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

Business Combinations, Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Business Combinations, Goodwill and Intangible Assets

5. Business Combinations, Goodwill and Intangible Assets

RPM Direct LLC and RPM Data Solutions, LLC.

On March 20, 2015 ExlService.com completed its acquisition of RPM Direct LLC and RPM Data Solutions, LLC (each a “Target Company” and together the “Target Companies” or “RPM”), pursuant to a Securities Purchase Agreement dated February 23, 2015 (the “Purchase Agreement”). Under the terms of the Purchase Agreement ExlService.com acquired all of the issued and outstanding limited liability company membership interests of the Target Companies (the “Securities”) from the security holders of each of the Target Companies.

The initial purchase consideration consisted of $46,925 in cash including working capital adjustments of $75, contingent cash consideration of up to $23,000, as described below, and 122,131 restricted shares of common stock of the Company and certain adjustments related to the financial performance of the Target Companies for 2014. There are no adjustments to the purchase price related to the financial performance of 2014.

The purchase agreement allows sellers the ability to earn up to an additional $23,000 (the “earn-out”) based on the achievement of certain performance goals by the Target Companies during the 2015 and 2016 calendar years. The earn-out has an estimated fair value of $4,060. As noted above, the Company issued 122,131 restricted shares of common stock with an aggregate fair value of $4,150 to certain key members of the Target Companies, each of whom have accepted employment positions with the Company upon consummation of the combination. The Company also granted 113,302 restricted stock units with an aggregate fair value of $3,850 to certain employees of Target Companies, who have also accepted employment with the Company. The fair value of these grants will be recognized as compensation expense over the vesting period.

RPM, now as a subsidiary of the Company, specializes in analyzing large consumer data sets to segment populations, predict response rates, forecast customer lifetime value and design targeted, multi-channel marketing campaigns. RPM has focused on the insurance industry, including P&C, life and health, since its inception in 2001. RPM maintains its own database and supports data on over 250 million consumers and 120 million U.S. households. The quantity and combination of data attributes managed by RPM drives optimal, data-driven decision-making and enables it to build models that analyze prospects individually. RPM employs proprietary predictive analytics and domain-specific pattern recognition algorithms to deliver results through a flexible, on-demand service model. Accordingly, the Company paid a premium for the acquisition which is being reflected in the goodwill recognized from the purchase price allocation of the total consideration paid by the Company.

The Company made a preliminary allocation of the purchase price to the net tangible and intangible assets based on their fair values as mentioned below:


	Amount
	(In thousands)
Net tangible assets	$	1,790
Identifiable intangible assets:
Customer Relationship		13,260
Trade Names		680
Developed Technology		1,420
Non-Compete Agreements		680
Goodwill		33,155

Total purchase price*	$	50,985

*	Includes amount of $4,125 deposited in escrow accounts in connection with the acquisition.

The customer relationships from the RPM acquisition are being amortized over the weighted average useful life of 5.7 years. Similarly, trade-names are being amortized over a useful life of 3 years, developed technology are being amortized over a useful life of 5 years and non-compete agreements are being amortized over a useful life of 4.6 years.

Under ASC topic 805, “Business Combinations,” the preliminary allocation of the purchase price to the tangible and intangible assets and liabilities acquired may change up to a period of one year from the date of the acquisition. The Company’s purchase accounting as of September 30, 2015 was incomplete and the Company expects to complete its valuation of the tangible assets, intangible assets and liabilities assumed as of the acquisition date during the fourth quarter of 2015. Accordingly, the Company may adjust the amounts recorded as of September 30, 2015 to reflect the final valuations of the assets acquired or liabilities assumed.

During the nine months ended September 30, 2015 the Company recognized $303 of acquisition related costs. Such amounts are included in general and administrative expenses in the consolidated statements of income. The Company’s results of operations for the three and nine months ended September 30, 2015 includes revenues of $11,557 and $23,068, respectively for RPM since March 20, 2015, the date on which the acquisition was consummated. It is not practicable to disclose the net earnings since management does not allocate or evaluate operating expenses and income taxes to its domestic entities.

The amount of goodwill recognized from the RPM acquisition is deductible for tax purposes.

Goodwill

The following table sets forth details of the Company’s goodwill balance as of September 30, 2015:


	Operations Management			Analytics and Business Transformation		Total
Balance at January 1, 2014	$	90,622		$	16,785	$	107,407
Goodwill arising from Blue Slate acquisition		—			4,554		4,554
Goodwill arising from Overland acquisition		28,667			—		28,667
Currency translation adjustments		(529	)		—		(529	)
Allocation on sale of a business unit ⁽¹⁾		(500	)		—		(500	)

Balance at December 31, 2014	$	118,260		$	21,339	$	139,599
Goodwill arising from RPM acquisition		—			33,155		33,155
Currency translation adjustments		(1,001	)		—		(1,001	)

Balance at September 30, 2015	$	117,259		$	54,494	$	171,753

(1)

Relates to the sale of a business unit (acquired with the Business Process Outsourcing, Inc. acquisition) during the year ended December 31, 2014. The net loss recognized from the sale of this business unit was $149 and was included under “other income/ (expense)” in the consolidated statements of income included in the Company’s annual report on Form 10-K for the year ended December 31, 2014.

Intangible Assets

Information regarding the Company’s intangible assets is as follows:


	As of September 30, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	64,823	$	(22,240	)	$	42,583
Leasehold benefits		2,814		(2,077	)		737
Developed technology		12,234		(3,859	)		8,375
Non-compete agreements		2,045		(1,411	)		634
Trade names and trademarks		5,670		(2,537	)		3,133

	$	87,586	$	(32,124	)	$	55,462


	As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	51,598	$	(16,836	)	$	34,762
Leasehold benefits		2,927		(2,004	)		923
Developed technology		10,814		(2,402	)		8,412
Non-compete agreements		1,365		(1,323	)		42
Trade names and trademarks		4,990		(2,150	)		2,840

	$	71,694	$	(24,715	)	$	46,979

Amortization expense for the three months ended September 30, 2015 and 2014 was $2,642 and $1,441, respectively. Amortization expense for the nine months ended September 30, 2015 and 2014 was $7,509 and $4,467, respectively. The weighted average life of intangible assets was 8.8 years for customer relationships, 8.0 years for leasehold benefits, 6.5 years for developed technology, 4.5 years for non-compete agreements and 6.7 years for trade names and trademarks excluding indefinite life trade names and trademarks. The Company had $900 of indefinite life trade names and trademarks as of September 30, 2015 and December 31, 2014.


Estimated amortization of intangible assets during the year ending September 30,
2016	$	10,874
2017	$	10,843
2018	$	10,536
2019	$	10,308
2020	$	4,236
2021 and thereafter	$	7,765

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2015 and December 31, 2014. The table excludes accounts receivable, accounts payable and accrued expenses for which fair values approximate their carrying amounts.


As of September 30, 2015	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds*	$	113,138	$	—	$	—	$	113,138
Derivative financial instruments		—		3,600		—		3,600

Total	$	113,138	$	3,600	$	—	$	116,738

Liabilities
Derivative financial instruments	$	—	$	3,638	$	—	$	3,638
Fair value of earn-out consideration		—		—		4,060		4,060

Total	$	—	$	3,638	$	4,060	$	7,698


As of December 31, 2014	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds*	$	127,347	$	—	$	—	$	127,347
Derivative financial instruments		—		4,579		—		4,579

Total	$	127,347	$	4,579	$	—	$	131,926

Liabilities
Derivative financial instruments	$	—	$	2,961	$	—	$	2,961

Total	$	—	$	2,961	$	—	$	2,961

*	Included in cash and cash equivalents and short-term investments in the Consolidated Balance Sheet. As of September 30, 2015 mutual funds includes investments carried at fair value of $79,174.

Derivative Financial Instruments: The Company’s derivative financial instruments consist of foreign currency forward exchange contracts. Fair values for derivative financial instruments are based on independent sources including highly rated financial institutions and are classified as Level 2. See Note 7 to our unaudited consolidated financial statements contained herein for further details on Derivatives and Hedge Accounting.

Derivatives and Hedge Accounting

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedge Accounting

7. Derivatives and Hedge Accounting

The Company uses derivative instruments and hedging transactions to mitigate exposure to foreign currency fluctuation risks associated with forecasted transactions denominated in certain foreign currencies and to minimize earnings and cash flow volatility associated with changes in foreign currency exchange rates. The Company’s derivative financial instruments are largely forward foreign exchange contracts that are designated effective and that qualify as cash flow hedges under ASC topic 815, “Derivatives and hedging “ (ASC 815). The Company also uses derivatives consisting of foreign currency exchange contracts not designated as hedging instruments under ASC 815 to hedge intercompany balances and other monetary assets or liabilities denominated in currencies other than the Company’s functional currency (“fair value hedges”). The Company’s primary exchange rate exposure is with the Indian Rupee, the U.K. pound sterling and the Philippine peso. The Company also has exposure in other local currencies in which it operates.

The Company had outstanding foreign exchange contracts totaling $295,777 and GBP 13,936 as of September 30, 2015 and totaling $276,018 and GBP 10,889 as of December 31, 2014. The Company estimates that approximately $242 of net derivative gains included in accumulated other comprehensive loss (“AOCI”) could be reclassified into earnings within the next twelve months based on exchange rates prevailing as of September 30, 2015. As of September 30, 2015, the maximum outstanding term of derivative instruments that hedge forecasted transactions was forty-five months.

The Company evaluates the hedge effectiveness at the time a contract is entered into as well as on an ongoing basis. If during this time a contract is deemed ineffective, the change in the fair value is recorded in the unaudited consolidated statements of income and is included in foreign exchange loss. For hedging positions that are discontinued because the forecasted transaction is not expected to occur by the end of the originally specified period, any related derivative amounts recorded in equity are reclassified to earnings. No significant amounts of gains or losses were reclassified from AOCI into earnings during the three and nine months ended September 30, 2015 and 2014.

The following tables set forth the fair value of the foreign currency exchange contracts and their location on the unaudited consolidated financial statements:

Derivatives designated as hedging instruments


	September 30, 2015		December 31, 2014
Other current assets:
Foreign currency exchange contracts	$	1,987	$	1,243
Other assets:
Foreign currency exchange contracts	$	1,348	$	3,193
Accrued expenses and other current liabilities:
Foreign currency exchange contracts	$	1,745	$	2,385
Other non current liabilities:
Foreign currency exchange contracts	$	1,893	$	576

Derivatives not designated as hedging instruments:


	September 30, 2015		December 31, 2014
Other current assets:
Foreign currency exchange contracts	$	265	$	143

The following tables set forth the effect of foreign currency exchange contracts on the unaudited consolidated statements of income for the three months ended September 30, 2015 and 2014:


Derivatives in Cash Flow Hedging Relationships	Amount of Gain/ (Loss) Recognized in AOCI on Derivative (Effective Portion)						Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion)						Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain/ (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	2015			2014				2015			2014				2015		2014
Foreign exchange contracts	$	(3,526	)	$	(3,602	)	Foreign exchange loss	$	(430	)	$	(1,418	)	Foreign exchange loss	$	—	$	—

								Amount of Gain/(Loss)
								Recognized in Income on
Derivatives not designated				Location of Gain/(Loss)				Derivatives
as Hedging Instruments				Recognized in Income on Derivatives				2015			2014
Foreign exchange contracts					Foreign exchange income			$	705		$	(9	)

The following tables set forth the effect of foreign currency exchange contracts on the unaudited consolidated statements of income for the nine months ended September 30, 2015 and 2014:


Derivatives in Cash Flow Hedging Relationships	Amount of Gain/ (Loss) Recognized in AOCI on Derivative (Effective Portion)					Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion)						Location of Gain/ (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain/ (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	2015			2014			2015			2014				2015		2014
Foreign exchange contracts	$	(2,741	)	$	5,950	Foreign exchange loss	$	(963	)	$	(5,877	)	Foreign exchange loss	$	—	$	—

							Amount of Gain/(Loss)
Derivatives not							Recognized in Income on
designated				Location of Gain or (Loss)			Derivatives
as Hedging Instruments				Recognized in Income on Derivatives			2015			2014
Foreign exchange contracts					Foreign exchange income		$	94		$	3,442

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Fixed Assets

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment [Abstract]

Fixed Assets

8. Fixed Assets

Fixed assets consist of the following:


	September 30, 2015			December 31, 2014
Owned Assets:
Network equipment, computers and software	$	91,091		$	83,140
Buildings		1,213			1,262
Land		794			826
Leasehold improvements		27,390			26,416
Office furniture and equipment		13,397			12,218
Motor vehicles		531			542
Capital work in progress		4,050			3,029

		138,466			127,433
Less: Accumulated depreciation and amortization		(91,985	)		(82,947	)

	$	46,481		$	44,486

Assets under capital leases:
Leasehold improvements	$	893		$	961
Office furniture and equipment		148			219
Motor vehicles		761			848

		1,802			2,028
Less: Accumulated depreciation and amortization		(1,212	)		(1,145	)

	$	590		$	883

Fixed assets, net	$	47,071		$	45,369

Depreciation and amortization expense excluding amortization of acquisition-related intangibles for the three months ended September 30, 2015 and 2014 was $5,415 and $5,573, respectively, and $15,662 and $15,582 for the nine months ended September 30, 2015 and 2014, respectively.

Capital work in progress represents advances paid towards acquisition of fixed assets, the cost of fixed assets and internally generated software costs not yet ready to be placed in service.

Capital Structure	9 Months Ended
Capital Structure	Sep. 30, 2015
Text Block [Abstract]
Capital Structure	9. Capital Structure The Company has one class of common stock outstanding. During the three months ended September 30, 2015 and 2014, the Company did not acquire any shares of common stock from employees in connection with withholding tax payments related to the vesting of restricted stock. During the nine months ended September 30, 2015 and 2014, the Company acquired 13,573 and 18,256 shares of common stock, respectively, from employees in connection with withholding tax payments related to the vesting of restricted stock for a total consideration of $421 and $459. The weighted average purchase price of $30.99 and $25.14, respectively, was the average of the high and low price of the Company’s shares of common stock on the Nasdaq Global Select Market on the trading day prior to the vesting date of the shares of restricted stock. On December 30, 2014, the Company’s Board of Directors authorized a common stock repurchase program of up to $20,000 annually (the “2014 Repurchase Program”), under which shares may be purchased by the Company from time to time from the open market and through private transactions during each of the fiscal years 2015 to 2017. During the three months and nine months ended September 30, 2015, the Company purchased 220,579 and 354,448 shares of its common stock for an aggregate purchase price of approximately $8,149 and $12,834 including commissions, representing an average purchase price per share of $36.94 and $36.21, respectively under the 2014 Repurchase Program. Repurchased shares have been recorded as treasury shares and will be held until the Company’s board of directors designates that these shares be retired or used for other purposes.

Borrowings	9 Months Ended
Borrowings	Sep. 30, 2015
Debt Disclosure [Abstract]
Borrowings	10. Borrowings On October 24, 2014, the Company entered into a credit agreement (as amended, the “Credit Agreement”) with certain lenders and JPMorgan Chase Bank, N.A., as Administrative Agent. The Credit Agreement provides for a $50,000 revolving credit facility (the “Credit Facility”), including a letter of credit sub-facility, for a period of five years. The Company had an option to increase the commitments under the Credit Facility by up to an additional $50,000, subject to certain approvals and conditions as set forth in the Credit Agreement. On February 23, 2015, via an amendment to the Credit Agreement the Company exercised its option to increase credit commitments by another $50,000 upon the same terms and conditions which were available in the Credit Agreement. The Credit Facility has a maturity date of October 24, 2019 and is voluntarily pre-payable from time to time without premium or penalty. The Credit Facility carried an effective interest rate of 1.56% per annum during the three and nine months ended September 30, 2015. The Company entered into a second amendment to the Credit Agreement effective as of September 28, 2015 to address a minor clarification to the definition of change of control. Borrowings under the Credit Facility may be used for working capital, general corporate purposes and for acquisitions. The Company has an outstanding debt of $70,000 ($10,000, expected to be repaid within next twelve months included under “short-term borrowings” in the consolidated balance sheet) and $50,000 under the Credit Facility as of September 30, 2015 and December 31, 2014, respectively. The Company borrowed an additional $30,000 and repaid $10,000 during the nine months ended September 30, 2015. In connection with the financing, the Company incurred certain debt issuance costs, which are deferred and amortized as an adjustment to interest expense over the term of the Credit Facility. The unamortized debt issuance costs of $392 and $460 as of September 30, 2015 and December 31, 2014, respectively are included in the “other assets” in the consolidated balance sheet. The obligations under the Credit Agreement are secured by all or substantially all of the assets of the Company and its material domestic subsidiaries. The Credit Agreement contains certain covenants including a restriction on indebtedness of the Company.

Employee Benefit Plans

9 Months Ended

Sep. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

11. Employee Benefit Plans

The Company’s Gratuity Plans in India and the Philippines provide a lump-sum payment to its vested employees upon retirement or upon termination of employment in an amount based on the respective employee’s salary and years of employment with the Company. Liabilities with regard to the Gratuity Plans are determined by actuarial valuation using the projected unit credit method. Current service costs for the Gratuity Plans are accrued in the year to which they relate. Actuarial gains or losses or prior service costs, if any, resulting from amendments to the plans are recognized and amortized over the remaining period of service of the employees.

Net gratuity cost includes the following components:


	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Service cost	$	403		$	355		$	1,241		$	1,083
Interest cost		135			125			417			385
Expected return on plan assets		(94	)		(43	)		(291	)		(130	)
Actuarial loss		51			29			159			99

Net gratuity cost	$	495		$	466		$	1,526		$	1,437

The Gratuity Plans in India are partially funded and are managed and administered by Life Insurance Corporation of India and HDFC Standard Life Insurance Company. They calculate the annual contribution required to be made by the Company and manage the Gratuity Plans, including any required payouts. Fund managers manage these funds on a cash accumulation basis and declare interest retrospectively on March 31 of each year. The Company earned a return of approximately 9.0% on these Gratuity Plans for the year ended March 31, 2015.


Change in Plan Assets
Plan assets at January 1, 2015	$	4,752
Actual return		317
Benefits Paid		(624	)
Effect of exchange rate changes		(175	)

Plan assets at September 30, 2015	$	4,270

The Company maintains the Exl Service 401(k) Plan (the “401(k) Plan”) under Section 401(k) of the Internal Revenue Code of 1986 (the “Code”), covering all eligible employees, as defined. The Company may make discretionary contributions of up to a maximum of 3% of employee compensation within certain limits. The Company has made provisions for contributions to the 401(k) Plan amounting to $400 and $192 during the three month periods ended September 30, 2015 and 2014, respectively, and $1,551 and $1,037 during the nine month periods ended September 30, 2015 and 2014, respectively.

During the three and nine month periods ended September 30, 2015 and 2014, the Company contributed the following amounts to various defined contribution plans on behalf of its employees in India, the Philippines, Romania, Bulgaria and the Czech Republic:


Three months ended September 30, 2015	$	1,463
Three months ended September 30, 2014	$	1,418
Nine months ended September 30, 2015	$	4,393
Nine months ended September 30, 2014	$	4,279

Leases

9 Months Ended

Sep. 30, 2015

Leases [Abstract]

Leases

12. Leases

The Company finances its use of certain leasehold improvements, furniture, fixtures, office equipment and motor vehicles under various lease arrangements provided by financial institutions. Future minimum lease payments under these capital leases as of September 30, 2015 are as follows:


Year ending September 30,
2016	$	541
2017		236
2018		90
2019		10

Total minimum lease payments		877
Less: amount representing interest		92

Present value of minimum lease payments		785
Less: current portion		481

Long term capital lease obligation	$	304

The Company conducts its operations using facilities leased under non-cancelable operating lease agreements that expire at various dates. Future minimum lease payments under non-cancelable agreements expiring after September 30, 2015 are set forth below:


Year ending September 30,
2016	$	8,684
2017		4,987
2018		3,311
2019		2,239
2020		1,273
2021 and thereafter		1,106

	$	21,600

The operating leases are subject to renewal periodically and have scheduled rent increases. The Company accounts for scheduled rent on such leases on a straight line basis over the non-cancelable lease period determined under ASC Topic 840 Lease Accounting (“ASC 840”). Rent expense under both cancelable and non-cancelable operating leases was $4,994 and $4,897 for the three months ended September 30, 2015 and 2014, respectively, and $15,089 and $14,153 for the nine months ended September 30, 2015 and 2014, respectively. Deferred rent as of September 30, 2015 and December 31, 2014 was $6,789 and $6,544, respectively, and is included under “Accrued expenses and other current liabilities” and “Non-current liabilities” in the consolidated balance sheets.

Income Taxes

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company determines the tax provision for interim periods using an estimate of its annual effective tax rate adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the Company updates its estimate of annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment.

The Company recorded income tax expense of $7,565 and $1,002 for the three months ended September 30, 2015 and 2014, respectively. Income tax expense for the nine months ended September 30, 2015 and 2014 was $19,309 and $4,523, respectively.

The effective tax rate increased from 14.2% during the three months ended September 30, 2014 to 33.3% during the three months ended September 30, 2015. The increase in effective tax rate is primarily due to higher income in the U.S. due to reimbursement of disentanglement costs to Travelers during the three months ended September 30, 2014 and due to expiration of a tax holiday in some of our operating centers in India. Further, the effective tax rate increased due to a tax expense related to the taxability of certain foreign income in prior years during the three months ended September 30, 2015.

The effective rate of taxes increased from 15.3% during the nine months ended September 30, 2014 to 34.4% during the nine months ended September 30, 2015. The increase in effective tax rate was primarily due to immaterial errors related to prior years (individually as well as when aggregated) which were recorded during the nine months ended September 30, 2015, and resulted in an increase in income tax expense of approximately $2,400 (including approximately $1,900 related to the taxability of certain foreign income in prior years for which the Company recorded a reserve for an unrecognized tax benefit). The effective tax rate further increased during the nine months ended September 30, 2015 due to reversal of an unrecognized tax benefit of $2,173 and higher income in the U.S. due to reimbursement of disentanglement costs to Travelers during the nine months ended September 30, 2014 and the expiration of a tax holiday in some of the Company’s operating centers in the Philippines and India.

In accordance with ASC Topic 250, Accounting Changes and Error Corrections, the Company evaluated the effects of the errors on its financial statements for those prior years and the expected full year financial results for the year ending December 31, 2015 and concluded that the results of operations for these periods are not materially misstated. In reaching its conclusion, the Company considered qualitative and quantitative factors.

The following table summarizes the activity related to the gross unrecognized tax benefits from January 1, 2015 through September 30, 2015:


Balance as of January 1, 2015	$	2,761
Increases related to prior year tax positions		1,818
Decreases related to prior year tax positions		—
Increases related to current year tax positions		—
Decreases related to current year tax positions		—
Effect of exchange rate changes		(68	)

Balance as of September 30, 2015	$	4,511

The unrecognized tax benefits as of September 30, 2015 of $4,511, if recognized, would impact the effective tax rate.

During the three months ended September 30, 2015 and 2014, the Company has recognized interest of $74 and $54 respectively, which are included in the income tax expense in the unaudited consolidated statements of income. As of September 30, 2015 and December 31, 2014, the Company has accrued approximately $1,300 and $1,117, respectively in interest relating to unrecognized tax benefits.

The unrecognized tax benefits may increase or decrease in the next twelve months depending on the Company’s tax position.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

14. Stock-Based Compensation

The following costs related to the Company’s stock-based compensation plan are included in the unaudited consolidated statements of income:


	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Cost of revenue	$	740	$	410	$	2,394	$	1,873
General and administrative expenses		1,613		985		4,482		3,285
Selling and marketing expenses		2,118		981		5,404		3,360

Total	$	4,471	$	2,376	$	12,280	$	8,518

On June 19, 2015, at the Company’s 2015 Annual Meeting of Stockholders (the “Annual Meeting”), the stockholders of ExlService Holdings, Inc. (the “Company”) approved the 2015 Amendment and Restatement of the 2006 Omnibus Award Plan (the “2015 Plan”), which amended and restated the 2006 Omnibus Award Plan to, among other things, increase the total number of shares reserved for grants of awards under the 2015 Plan by 1,700,000 shares. As of September 30, 2015, the Company had 2,418,055 shares available for grant under the 2015 Plan.

Stock Options

Stock option activity under the Company’s stock plans is shown below:


	Number of Options			Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Life (Years)
Outstanding at December 31, 2014		1,433,179		$	16.23	$	17,889		4.47
Granted		—			—
Exercised		(207,122	)		15.26
Forfeited/Expired		(6,058	)		24.77

Outstanding at September 30, 2015		1,219,999		$	16.35	$	25,108		3.77

Vested and exercisable at September 30, 2015		1,138,136		$	15.74	$	24,113		3.58

The unrecognized compensation cost for unvested options as of September 30, 2015 is $292 which is expected to be expensed over a weighted average period of 0.34 years. The weighted-average fair value of options granted during the nine months ended September 30, 2015 and 2014 was $0 and $9.77 respectively. The total grant date fair value of options vested during the three months ended September 30, 2015 and 2014 was $0 and $693 respectively. The total grant date fair value of options vested during the nine months ended September 30, 2015 and 2014 was $1,170 and $1,917 respectively.

Restricted Stock and Restricted Stock Units

Restricted stock and restricted stock unit activity under the Company’s stock plans is shown below:


	Restricted Stock					Restricted Stock Units
	Number			Weighted-Average Intrinsic Value		Number			Weighted-Average Intrinsic Value
Outstanding at December 31, 2014*		46,950		$	29.29		1,189,691		$	26.54
Granted		122,131			35.91		471,160			34.99
Vested		(34,147	)		29.29		(320,049	)		25.15
Forfeited		(5,296	)		29.29		(72,386	)		27.32

Outstanding at September 30, 2015*		129,638		$	35.53		1,268,416		$	29.98

*	Excludes 143,224 and 128,000 vested restricted stock units as of September 30, 2015 and December 31, 2014, respectively for which the underlying common stock is yet to be issued.

As of September 30, 2015, unrecognized compensation cost of $33,834 is expected to be expensed over a weighted average period of 2.74 years.

Performance Based Stock Awards

Performance restricted stock unit (the “PRSU’s”) activity under the Company’s stock plans is shown below:


	Revenue Based PRSU’s					Market Condition Based PRSU’s
	Number			Weighted Avg Intrinsic Value		Number			Weighted Avg Intrinsic Value
Outstanding at Dec 31, 2014		47,725		$	25.63		47,725		$	33.60
Granted		62,788			34.75		162,787			40.36
Vested		—			—		—			—
Forfeited		(3,300	)		28.53		(3,300	)		40.29

Outstanding at September 30, 2015		107,213		$	30.88		207,212		$	38.80

As of September 30, 2015, unrecognized compensation cost of $8,570 is expected to be expensed over a weighted average period of 2.09 years.

Geographical Information

9 Months Ended

Sep. 30, 2015

Text Block [Abstract]

Geographical Information

15. Geographical Information


	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Revenues, net
United States	$	129,886	$	89,337	$	364,591	$	267,638
United Kingdom		28,262		26,060		81,550		74,215
Rest of World		5,355		7,060		16,493		22,139

	$	163,503	$	122,457	$	462,634	$	363,992


	September 30,		December 31,
	2015		2014
Fixed assets, net
India	$	24,383	$	24,186
United States		8,930		8,293
Philippines		12,338		12,391
Rest of World		1,420		499

	$	47,071	$	45,369

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies *Fixed Asset Commitments* As of September 30, 2015, the Company had committed to spend approximately $3,404 under agreements to purchase fixed assets. This amount is net of capital advances paid in respect of these purchases. *Other Commitments* Certain units of the Company’s Indian subsidiaries were established as 100% export-oriented units or under the Software Technology Parks of India (“STPI”) scheme promulgated by the Government of India. These units are exempt from customs, central excise duties, and levies on imported and indigenous capital goods, stores, and spares. The Company has undertaken to pay custom duties, service taxes, levies, and liquidated damages payable, if any, in respect of imported and indigenous capital goods, stores and spares consumed duty free, in the event that certain terms and conditions are not fulfilled. The Company’s management believes, however, that these units have in the past satisfied and will continue to satisfy the required conditions. The Company’s operations centers in the Philippines are registered with the Philippine Economic Zone Authority (“PEZA”). The registration provides the Company with certain fiscal incentives on the import of capital goods and requires Exl Philippines to meet certain performance and investment criteria. The Company’s management believes that these centers have in the past satisfied and will continue to satisfy the required criteria. *Contingencies* U.S. and Indian transfer pricing regulations require that any international transaction involving associated enterprises be at an arm’s length price. Accordingly, the Company determines the appropriate pricing for the international transactions among its associated enterprises on the basis of a detailed functional and economic analysis involving benchmarking against transactions among entities that are not under common control. The tax authorities have jurisdiction to review this arrangement and in the event that they determine that the transfer price applied was not appropriate, the Company may incur increased tax liability, including accrued interest and penalties. The Company is currently involved in disputes with the Indian tax authorities over the application of some of its transfer pricing policies for some of its subsidiaries. Further, the Company and its U.S. subsidiary, ExlService.com LLC are engaged in tax litigation with the income-tax authorities in India on the issue of permanent establishment. The aggregate disputed amount demanded by Indian tax authorities from the Company related to its transfer pricing issues for various years ranging from tax years 2003 to 2011 and its permanent establishment issues ranging from tax years 2003 to 2011 as of September 30, 2015 and December 31, 2014 is $19,265 and $22,866, respectively, of which the Company has already made payments or provided bank guarantees to the extent of $14,703 and $14,666, respectively. Amounts paid as deposits in respect of such assessments aggregating to $12,683 and $12,564 as of September 30, 2015 and December 31, 2014, respectively, are included in “Other assets” and amounts deposited for bank guarantees aggregating to $2,020 and $2,102 as of September 30, 2015 and December 31, 2014, respectively, are included in “Restricted cash” in the non-current assets section of the Company’s unaudited consolidated balance sheet as of September 30, 2015 and consolidated balance sheet as of December 31, 2014. Based on advice from its Indian tax advisors, the facts underlying the Company’s position and its experience with these types of assessments, the Company believes that the probability that it will ultimately be found liable for these assessments is remote and accordingly has not accrued any amount with respect to these matters in its consolidated financial statements. The Company does not expect any impact from these assessments on its future income tax expense. It is possible that the Company might receive similar orders or assessments from tax authorities for subsequent years. Accordingly even if these disputes are resolved, the Indian tax authorities may still serve additional orders or assessments.

Organization and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

The unaudited interim consolidated financial statements reflect all adjustments (of a normal and recurring nature) that management considers necessary for a fair presentation of such statements for the interim periods presented. The unaudited consolidated statements of income for the interim periods presented are not necessarily indicative of the results for the full year or for any subsequent period.

Principles of Consolidation

Principles of Consolidation

Use of Estimates

Use of Estimates

Revenue Recognition

Revenue Recognition

Investments

Investments

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	September 30, 2015		December 31, 2014
Accrued expenses	$	25,232	$	24,451
Derivative instruments		1,745		2,385
Client liability account		2,546		9,241
Other current liabilities		4,716		4,129

Accrued expenses and other current liabilities	$	34,239	$	40,206

Non-current liabilities

Non-current liabilities

Non-current liabilities consist of the following:


	September 30, 2015		December 31, 2014
Derivative instruments	$	1,893	$	576
Unrecognized tax benefits		4,811		2,878
Deferred rent		6,277		5,977
Retirement benefits		1,477		1,544
Other non-current liabilities		4,513		1,895

Non-current liabilities	$	18,971	$	12,870

Interest and other income

Interest and other income

Interest and other income (expense), net consists of the following:


	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Interest and dividend income*	$	2,085		$	920		$	4,997		$	2,709
Interest expense		(340	)		(52	)		(983	)		(240	)
Others, net		42			176			286			392
Other income, net	$	1,787		$	1,044		$	4,300		$	2,861

*	Includes unrealized gain of $1,419 and $2,179 and realized gain of $320 and $335, respectively for the three months and nine months ending September 30, 2015 on investments carried at fair value.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Business Combinations, Goodwill and Intangible Assets

RPM Direct LLC and RPM Data Solutions, LLC.

The Company made a preliminary allocation of the purchase price to the net tangible and intangible assets based on their fair values as mentioned below:


	Amount
	(In thousands)
Net tangible assets	$	1,790
Identifiable intangible assets:
Customer Relationship		13,260
Trade Names		680
Developed Technology		1,420
Non-Compete Agreements		680
Goodwill		33,155

Total purchase price*	$	50,985

*	Includes amount of $4,125 deposited in escrow accounts in connection with the acquisition.

The amount of goodwill recognized from the RPM acquisition is deductible for tax purposes.

Goodwill

The following table sets forth details of the Company’s goodwill balance as of September 30, 2015:


	Operations Management			Analytics and Business Transformation		Total
Balance at January 1, 2014	$	90,622		$	16,785	$	107,407
Goodwill arising from Blue Slate acquisition		—			4,554		4,554
Goodwill arising from Overland acquisition		28,667			—		28,667
Currency translation adjustments		(529	)		—		(529	)
Allocation on sale of a business unit ⁽¹⁾		(500	)		—		(500	)

Balance at December 31, 2014	$	118,260		$	21,339	$	139,599
Goodwill arising from RPM acquisition		—			33,155		33,155
Currency translation adjustments		(1,001	)		—		(1,001	)

Balance at September 30, 2015	$	117,259		$	54,494	$	171,753

(1)

Intangible Assets

Information regarding the Company’s intangible assets is as follows:


	As of September 30, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	64,823	$	(22,240	)	$	42,583
Leasehold benefits		2,814		(2,077	)		737
Developed technology		12,234		(3,859	)		8,375
Non-compete agreements		2,045		(1,411	)		634
Trade names and trademarks		5,670		(2,537	)		3,133

	$	87,586	$	(32,124	)	$	55,462


	As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	51,598	$	(16,836	)	$	34,762
Leasehold benefits		2,927		(2,004	)		923
Developed technology		10,814		(2,402	)		8,412
Non-compete agreements		1,365		(1,323	)		42
Trade names and trademarks		4,990		(2,150	)		2,840

	$	71,694	$	(24,715	)	$	46,979


Estimated amortization of intangible assets during the year ending September 30,
2016	$	10,874
2017	$	10,843
2018	$	10,536
2019	$	10,308
2020	$	4,236
2021 and thereafter	$	7,765

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	September 30, 2015		December 31, 2014
Accrued expenses	$	25,232	$	24,451
Derivative instruments		1,745		2,385
Client liability account		2,546		9,241
Other current liabilities		4,716		4,129

Accrued expenses and other current liabilities	$	34,239	$	40,206

Summary of Non-current Liabilities

Non-current liabilities consist of the following:


	September 30, 2015		December 31, 2014
Derivative instruments	$	1,893	$	576
Unrecognized tax benefits		4,811		2,878
Deferred rent		6,277		5,977
Retirement benefits		1,477		1,544
Other non-current liabilities		4,513		1,895

Non-current liabilities	$	18,971	$	12,870

Summary of Interest and Other Income (Expense), Net

Interest and other income (expense), net consists of the following:


	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Interest and dividend income*	$	2,085		$	920		$	4,997		$	2,709
Interest expense		(340	)		(52	)		(983	)		(240	)
Others, net		42			176			286			392

Other income, net	$	1,787		$	1,044		$	4,300		$	2,861

*	Includes unrealized gain of $1,419 and $2,179 and realized gain of $320 and $335, respectively for the three months and nine months ending September 30, 2015 on investments carried at fair value.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Numerators:
Net income	$	15,162	$	6,075	$	36,803	$	24,985
Denominators:
Basic weighted average common shares outstanding		33,307,312		32,890,475		33,320,477		32,743,384
Dilutive effect of share based awards		873,323		786,190		826,643		850,920

Diluted weighted average common shares outstanding		34,180,635		33,676,665		34,147,120		33,594,304

Earnings per share:
Basic	$	0.46	$	0.18	$	1.10	$	0.76
Diluted	$	0.44	$	0.18	$	1.08	$	0.74
Weighted average common shares considered anti-dilutive in computing diluted earnings per share		61,738		43,950		98,527		143,096

Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Revenues and Cost of Revenues for Company's Operations Management and Analytics and Business Transformation Segments


	Three months ended September 30, 2015						Three months ended September 30, 2014
	Operations Management		Analytics and Business Transformation		Total		Operations Management		Analytics and Business Transformation		Total
Revenues, net	$	113,977	$	49,526	$	163,503	$	91,155	$	31,302	$	122,457
Cost of revenues (exclusive of depreciation and amortization)		72,032		31,166		103,198		62,870		22,113		84,983

Gross profit	$	41,945	$	18,360	$	60,305	$	28,285	$	9,189	$	37,474

Operating expenses						39,556						32,083
Other income/(expense)						1,978						1,686
Income tax expense						7,565						1,002

Net income					$	15,162					$	6,075


	Nine months ended September 30, 2015						Nine months ended September 30, 2014
	Operations Management		Analytics and Business Transformation		Total		Operations Management		Analytics and Business Transformation		Total
Revenues, net	$	337,244	$	125,390	$	462,634	$	285,560	$	78,432	$	363,992
Cost of revenues (exclusive of depreciation and amortization)		214,032		82,769		296,801		184,263		56,901		241,164

Gross profit	$	123,212	$	42,621	$	165,833	$	101,297	$	21,531	$	122,828

Operating expenses						116,368						95,853
Other income/(expense)						6,647						2,533
Income tax expense						19,309						4,523

Net income					$	36,803					$	24,985

Business Combinations, Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2015

Summary of Company's Goodwill

The following table sets forth details of the Company’s goodwill balance as of September 30, 2015:


	Operations Management			Analytics and Business Transformation		Total
Balance at January 1, 2014	$	90,622		$	16,785	$	107,407
Goodwill arising from Blue Slate acquisition		—			4,554		4,554
Goodwill arising from Overland acquisition		28,667			—		28,667
Currency translation adjustments		(529	)		—		(529	)
Allocation on sale of a business unit ⁽¹⁾		(500	)		—		(500	)

Balance at December 31, 2014	$	118,260		$	21,339	$	139,599
Goodwill arising from RPM acquisition		—			33,155		33,155
Currency translation adjustments		(1,001	)		—		(1,001	)

Balance at September 30, 2015	$	117,259		$	54,494	$	171,753

(1)

Summary of Company's Intangible Assets

Information regarding the Company’s intangible assets is as follows:


	As of September 30, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	64,823	$	(22,240	)	$	42,583
Leasehold benefits		2,814		(2,077	)		737
Developed technology		12,234		(3,859	)		8,375
Non-compete agreements		2,045		(1,411	)		634
Trade names and trademarks		5,670		(2,537	)		3,133

	$	87,586	$	(32,124	)	$	55,462


	As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	51,598	$	(16,836	)	$	34,762
Leasehold benefits		2,927		(2,004	)		923
Developed technology		10,814		(2,402	)		8,412
Non-compete agreements		1,365		(1,323	)		42
Trade names and trademarks		4,990		(2,150	)		2,840

	$	71,694	$	(24,715	)	$	46,979

Estimated Amortization of Intangible Assets


Estimated amortization of intangible assets during the year ending September 30,
2016	$	10,874
2017	$	10,843
2018	$	10,536
2019	$	10,308
2020	$	4,236
2021 and thereafter	$	7,765

RPM Direct LLC and RPM Data Solutions LLC [Member]

Summary of Preliminary Allocation of Purchase Price to Net Tangible and Intangible Assets

The Company made a preliminary allocation of the purchase price to the net tangible and intangible assets based on their fair values as mentioned below:


	Amount
	(In thousands)
Net tangible assets	$	1,790
Identifiable intangible assets:
Customer Relationship		13,260
Trade Names		680
Developed Technology		1,420
Non-Compete Agreements		680
Goodwill		33,155

Total purchase price*	$	50,985

*	Includes amount of $4,125 deposited in escrow accounts in connection with the acquisition.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value


As of September 30, 2015	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds*	$	113,138	$	—	$	—	$	113,138
Derivative financial instruments		—		3,600		—		3,600

Total	$	113,138	$	3,600	$	—	$	116,738

Liabilities
Derivative financial instruments	$	—	$	3,638	$	—	$	3,638
Fair value of earn-out consideration		—		—		4,060		4,060

Total	$	—	$	3,638	$	4,060	$	7,698


As of December 31, 2014	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds*	$	127,347	$	—	$	—	$	127,347
Derivative financial instruments		—		4,579		—		4,579

Total	$	127,347	$	4,579	$	—	$	131,926

Liabilities
Derivative financial instruments	$	—	$	2,961	$	—	$	2,961

Total	$	—	$	2,961	$	—	$	2,961

*	Included in cash and cash equivalents and short-term investments in the Consolidated Balance Sheet. As of September 30, 2015 mutual funds includes investments carried at fair value of $79,174.

Derivatives and Hedge Accounting (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Foreign Currency Exchange Contracts

The following tables set forth the fair value of the foreign currency exchange contracts and their location on the unaudited consolidated financial statements:

Derivatives designated as hedging instruments


	September 30, 2015		December 31, 2014
Other current assets:
Foreign currency exchange contracts	$	1,987	$	1,243
Other assets:
Foreign currency exchange contracts	$	1,348	$	3,193
Accrued expenses and other current liabilities:
Foreign currency exchange contracts	$	1,745	$	2,385
Other non current liabilities:
Foreign currency exchange contracts	$	1,893	$	576

Derivatives not designated as hedging instruments:


	September 30, 2015		December 31, 2014
Other current assets:
Foreign currency exchange contracts	$	265	$	143

Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income

The following tables set forth the effect of foreign currency exchange contracts on the unaudited consolidated statements of income for the three months ended September 30, 2015 and 2014:


Derivatives in Cash Flow Hedging Relationships	Amount of Gain/ (Loss) Recognized in AOCI on Derivative (Effective Portion)						Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion)						Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain/ (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	2015			2014				2015			2014				2015		2014
Foreign exchange contracts	$	(3,526	)	$	(3,602	)	Foreign exchange loss	$	(430	)	$	(1,418	)	Foreign exchange loss	$	—	$	—

								Amount of Gain/(Loss)
								Recognized in Income on
Derivatives not designated				Location of Gain/(Loss)				Derivatives
as Hedging Instruments				Recognized in Income on Derivatives				2015			2014
Foreign exchange contracts					Foreign exchange income			$	705		$	(9	)

The following tables set forth the effect of foreign currency exchange contracts on the unaudited consolidated statements of income for the nine months ended September 30, 2015 and 2014:


Derivatives in Cash Flow Hedging Relationships	Amount of Gain/ (Loss) Recognized in AOCI on Derivative (Effective Portion)					Location of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain/ (Loss) Reclassified from AOCI into Income (Effective Portion)						Location of Gain/ (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain/ (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	2015			2014			2015			2014				2015		2014
Foreign exchange contracts	$	(2,741	)	$	5,950	Foreign exchange loss	$	(963	)	$	(5,877	)	Foreign exchange loss	$	—	$	—

							Amount of Gain/(Loss)
Derivatives not							Recognized in Income on
designated				Location of Gain or (Loss)			Derivatives
as Hedging Instruments				Recognized in Income on Derivatives			2015			2014
Foreign exchange contracts					Foreign exchange income		$	94		$	3,442

Fixed Assets (Tables)

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets consist of the following:


	September 30, 2015			December 31, 2014
Owned Assets:
Network equipment, computers and software	$	91,091		$	83,140
Buildings		1,213			1,262
Land		794			826
Leasehold improvements		27,390			26,416
Office furniture and equipment		13,397			12,218
Motor vehicles		531			542
Capital work in progress		4,050			3,029

		138,466			127,433
Less: Accumulated depreciation and amortization		(91,985	)		(82,947	)

	$	46,481		$	44,486

Assets under capital leases:
Leasehold improvements	$	893		$	961
Office furniture and equipment		148			219
Motor vehicles		761			848

		1,802			2,028
Less: Accumulated depreciation and amortization		(1,212	)		(1,145	)

	$	590		$	883

Fixed assets, net	$	47,071		$	45,369

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Net Gratuity Cost

Net gratuity cost includes the following components:


	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014
Service cost	$	403		$	355		$	1,241		$	1,083
Interest cost		135			125			417			385
Expected return on plan assets		(94	)		(43	)		(291	)		(130	)
Actuarial loss		51			29			159			99

Net gratuity cost	$	495		$	466		$	1,526		$	1,437

Change in Plan Assets

Change in Plan Assets
Plan assets at January 1, 2015	$	4,752
Actual return		317
Benefits Paid		(624	)
Effect of exchange rate changes		(175	)

Plan assets at September 30, 2015	$	4,270

Contribution to Various Defined Contribution Plans


Three months ended September 30, 2015	$	1,463
Three months ended September 30, 2014	$	1,418
Nine months ended September 30, 2015	$	4,393
Nine months ended September 30, 2014	$	4,279

Leases (Tables)

9 Months Ended

Sep. 30, 2015

Leases [Abstract]

Future Minimum Lease Payments under Capital Leases

Future minimum lease payments under these capital leases as of September 30, 2015 are as follows:


Year ending September 30,
2016	$	541
2017		236
2018		90
2019		10

Total minimum lease payments		877
Less: amount representing interest		92

Present value of minimum lease payments		785
Less: current portion		481

Long term capital lease obligation	$	304

Future Minimum Lease Payments under Non-Cancelable Operating Lease Agreements Expiring after September 30, 2015

Future minimum lease payments under non-cancelable agreements expiring after September 30, 2015 are set forth below:


Year ending September 30,
2016	$	8,684
2017		4,987
2018		3,311
2019		2,239
2020		1,273
2021 and thereafter		1,106

	$	21,600

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Summary of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to the gross unrecognized tax benefits from January 1, 2015 through September 30, 2015:


Balance as of January 1, 2015	$	2,761
Increases related to prior year tax positions		1,818
Decreases related to prior year tax positions		—
Increases related to current year tax positions		—
Decreases related to current year tax positions		—
Effect of exchange rate changes		(68	)

Balance as of September 30, 2015	$	4,511

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

The following costs related to the Company’s stock-based compensation plan are included in the unaudited consolidated statements of income:


	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Cost of revenue	$	740	$	410	$	2,394	$	1,873
General and administrative expenses		1,613		985		4,482		3,285
Selling and marketing expenses		2,118		981		5,404		3,360

Total	$	4,471	$	2,376	$	12,280	$	8,518

Stock Based Compensation Stock Option Activity

Stock option activity under the Company’s stock plans is shown below:


	Number of Options			Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Life (Years)
Outstanding at December 31, 2014		1,433,179		$	16.23	$	17,889		4.47
Granted		—			—
Exercised		(207,122	)		15.26
Forfeited/Expired		(6,058	)		24.77

Outstanding at September 30, 2015		1,219,999		$	16.35	$	25,108		3.77

Vested and exercisable at September 30, 2015		1,138,136		$	15.74	$	24,113		3.58

Restricted Stock Units [Member]

Restricted Stock Activity Under Company's Stock Plans

Restricted stock and restricted stock unit activity under the Company’s stock plans is shown below:


	Restricted Stock					Restricted Stock Units
	Number			Weighted-Average Intrinsic Value		Number			Weighted-Average Intrinsic Value
Outstanding at December 31, 2014*		46,950		$	29.29		1,189,691		$	26.54
Granted		122,131			35.91		471,160			34.99
Vested		(34,147	)		29.29		(320,049	)		25.15
Forfeited		(5,296	)		29.29		(72,386	)		27.32

Outstanding at September 30, 2015*		129,638		$	35.53		1,268,416		$	29.98

*	Excludes 143,224 and 128,000 vested restricted stock units as of September 30, 2015 and December 31, 2014, respectively for which the underlying common stock is yet to be issued.

Performance Based Stock Awards [Member]

Restricted Stock Activity Under Company's Stock Plans

Performance restricted stock unit (the “PRSU’s”) activity under the Company’s stock plans is shown below:


	Revenue Based PRSU’s					Market Condition Based PRSU’s
	Number			Weighted Avg Intrinsic Value		Number			Weighted Avg Intrinsic Value
Outstanding at Dec 31, 2014		47,725		$	25.63		47,725		$	33.60
Granted		62,788			34.75		162,787			40.36
Vested		—			—		—			—
Forfeited		(3,300	)		28.53		(3,300	)		40.29

Outstanding at September 30, 2015		107,213		$	30.88		207,212		$	38.80

Geographical Information (Tables)

9 Months Ended

Sep. 30, 2015

Text Block [Abstract]

Revenues Based on Geographical Information


	Three months ended September 30,				Nine months ended September 30,
	2015		2014		2015		2014
Revenues, net
United States	$	129,886	$	89,337	$	364,591	$	267,638
United Kingdom		28,262		26,060		81,550		74,215
Rest of World		5,355		7,060		16,493		22,139

	$	163,503	$	122,457	$	462,634	$	363,992

Fixed Assets, Net Based on Geographical Information


	September 30,		December 31,
	2015		2014
Fixed assets, net
India	$	24,383	$	24,186
United States		8,930		8,293
Philippines		12,338		12,391
Rest of World		1,420		499

	$	47,071	$	45,369

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Line Items]
Reduction in revenues related to reimbursement of transition related costs	$ 0	$ 9,626	$ 0	$ 17,815
Investments maturity period			Investments with original maturities greater than ninety days but less than twelve months are classified as short-term investments. Investments with maturities greater than twelve months from the balance sheet date are classified as long-term investments.
Service Life [Member]
Accounting Policies [Line Items]
Reduction in depreciation expense due to effect of change in estimated useful life of assets	468		$ 1,403
Increase in net income due to effect of change in estimated useful life of assets	$ 281		$ 842
Increase in basic and diluted earnings per share due to effect of change in estimated useful life of assets	$ 0.01		$ 0.02
Effect of change in accounting estimate description			The effect of change in estimated useful life of assets reduced depreciation expense by $468 and $1,403, increased net income by $281 and $842 and increased basic and diluted earnings per share by $0.01 and $0.02, respectively during the three months and nine months ended September 30, 2015.

Summary of Significant Accounting Policies - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued expenses	$ 25,232	$ 24,451
Derivative instruments	1,745	2,385
Client liability account	2,546	9,241
Other current liabilities	4,716	4,129
Accrued expenses and other current liabilities	$ 34,239	$ 40,206

Summary of Significant Accounting Policies - Summary of Non-current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Summary of non-current liabilities
Derivative instruments	$ 1,893	$ 576
Unrecognized tax benefits	4,811	2,878
Deferred rent	6,277	5,977
Retirement benefits	1,477	1,544
Other non-current liabilities	4,513	1,895
Non-current liabilities	$ 18,971	$ 12,870

Summary of Significant Accounting Policies - Summary of Interest and Other Income (Expense), Net (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Other Nonoperating Income (Expense) [Abstract]
Interest and dividend income	$ 2,085	$ 920	$ 4,997	$ 2,709
Interest expense	(340)	(52)	(983)	(240)
Others, net	42	176	286	392
Other income, net	$ 1,787	$ 1,044	$ 4,300	$ 2,861

Summary of Significant Accounting Policies - Summary of Interest and Other Income (Expense), Net (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Other Nonoperating Income (Expense) [Abstract]
Unrealized gain on investments carried at fair value	$ 1,419	$ 2,179
Realized gain on investments carried at fair value	$ 320	$ 335

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerators:
Net income	$ 15,162	$ 6,075	$ 36,803	$ 24,985
Denominators:
Basic weighted average common shares outstanding	33,307,312	32,890,475	33,320,477	32,743,384
Dilutive effect of share based awards	873,323	786,190	826,643	850,920
Diluted weighted average common shares outstanding	34,180,635	33,676,665	34,147,120	33,594,304
Earnings per share:
Basic	$ 0.46	$ 0.18	$ 1.10	$ 0.76
Diluted	$ 0.44	$ 0.18	$ 1.08	$ 0.74
Weighted average common shares considered anti-dilutive in computing diluted earnings per share	61,738	43,950	98,527	143,096

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2015 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Revenues and Cost of Revenues for Company's Operations Management and Analytics and Business Transformation Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues and cost of revenues for Company's operations management and analytics and business transformation segments [Line Items]
Revenues, net	$ 163,503	$ 122,457	$ 462,634	$ 363,992
Cost of revenues (exclusive of depreciation and amortization)	103,198	84,983	296,801	241,164
Gross profit	60,305	37,474	165,833	122,828
Operating expenses	39,556	32,083	116,368	95,853
Other income/(expense)	1,978	1,686	6,647	2,533
Income tax expense	7,565	1,002	19,309	4,523
Net income	15,162	6,075	36,803	24,985
Operations Management [Member]
Revenues and cost of revenues for Company's operations management and analytics and business transformation segments [Line Items]
Revenues, net	113,977	91,155	337,244	285,560
Cost of revenues (exclusive of depreciation and amortization)	72,032	62,870	214,032	184,263
Gross profit	41,945	28,285	123,212	101,297
Analytics and Business Transformation [Member]
Revenues and cost of revenues for Company's operations management and analytics and business transformation segments [Line Items]
Revenues, net	49,526	31,302	125,390	78,432
Cost of revenues (exclusive of depreciation and amortization)	31,166	22,113	82,769	56,901
Gross profit	$ 18,360	$ 9,189	$ 42,621	$ 21,531

Business Combinations, Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 20, 2015 USD ($) Customer shares	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Revenues		$ 163,503	$ 122,457	$ 462,634	$ 363,992
Amortization expense		2,642	1,441	7,509	4,467
Indefinite lived trade names and trademarks		900		900		$ 900
United States [Member]
Business Acquisition [Line Items]
Revenues		129,886	$ 89,337	$ 364,591	$ 267,638
RPM Direct LLC and RPM Data Solutions LLC [Member]
Business Acquisition [Line Items]
Business acquisition, Agreement date				Mar. 20, 2015
Business acquisition, cash consideration	$ 46,925
Working capital adjustments included in business acquisitions cash consideration	75
Adjustments to purchase price related to financial performance of the Target Companies for 2014	0
Fair value of earn-out payment	$ 4,060
Business acquisition, Number of restricted shares of common stock issued \| shares	122,131
Business acquisition, aggregate fair value amount of restricted shares of common stock	$ 4,150
Aggregate fair value of restricted stock units granted	$ 3,850
Restricted stock units granted \| shares	113,302
Number of consumers \| Customer	250,000,000
Acquisition related costs				$ 303
Revenues		$ 11,557		$ 23,068
RPM Direct LLC and RPM Data Solutions LLC [Member] \| United States [Member]
Business Acquisition [Line Items]
Number of consumers \| Customer	120,000,000
RPM Direct LLC and RPM Data Solutions LLC [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Earn out consideration payable	$ 23,000
Customer Relationships [Member]
Business Acquisition [Line Items]
Weighted average life of intangible assets				8 years 9 months 18 days
Customer Relationships [Member] \| RPM Direct LLC and RPM Data Solutions LLC [Member]
Business Acquisition [Line Items]
Useful life				5 years 8 months 12 days
Trade Names [Member] \| RPM Direct LLC and RPM Data Solutions LLC [Member]
Business Acquisition [Line Items]
Useful life				3 years
Developed Technology [Member]
Business Acquisition [Line Items]
Weighted average life of intangible assets				6 years 6 months
Developed Technology [Member] \| RPM Direct LLC and RPM Data Solutions LLC [Member]
Business Acquisition [Line Items]
Useful life				5 years
Non-compete Agreements [Member]
Business Acquisition [Line Items]
Weighted average life of intangible assets				4 years 6 months
Non-compete Agreements [Member] \| RPM Direct LLC and RPM Data Solutions LLC [Member]
Business Acquisition [Line Items]
Useful life				4 years 7 months 6 days
Leasehold Benefits [Member]
Business Acquisition [Line Items]
Weighted average life of intangible assets				8 years
Trade Names and Trademarks [Member]
Business Acquisition [Line Items]
Weighted average life of intangible assets				6 years 8 months 12 days

Business Combinations, Goodwill and Intangible Assets - Summary of Preliminary Allocation of Purchase Price to Net Tangible and Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 20, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Goodwill	$ 171,753		$ 139,599	$ 107,407
RPM Direct LLC and RPM Data Solutions LLC [Member]
Business Acquisition [Line Items]
Net tangible assets		$ 1,790
Goodwill		33,155
Total purchase price		50,985
RPM Direct LLC and RPM Data Solutions LLC [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Identifiable intangible assets		13,260
RPM Direct LLC and RPM Data Solutions LLC [Member] \| Trade Names [Member]
Business Acquisition [Line Items]
Identifiable intangible assets		680
RPM Direct LLC and RPM Data Solutions LLC [Member] \| Developed Technology [Member]
Business Acquisition [Line Items]
Identifiable intangible assets		1,420
RPM Direct LLC and RPM Data Solutions LLC [Member] \| Non-compete Agreements [Member]
Business Acquisition [Line Items]
Identifiable intangible assets		$ 680

Business Combinations, Goodwill and Intangible Assets - Summary of Preliminary Allocation of Purchase Price to Net Tangible and Intangible Assets (Parenthetical) (Detail) $ in Thousands	Mar. 20, 2015 USD ($)
RPM Direct LLC and RPM Data Solutions LLC [Member]
Business Acquisition [Line Items]
Deposit in escrow accounts in connection with acquisition	$ 4,125

Business Combinations, Goodwill and Intangible Assets - Summary of Company's Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Goodwill [Line Items]
Beginning Balance	$ 139,599	$ 107,407
Currency translation adjustments	(1,001)	(529)
Allocation on sale of a business unit		(500)
Ending Balance	171,753	139,599
Blue Slate Solutions [Member]
Goodwill [Line Items]
Goodwill arising from acquisition		4,554
Overland Solutions Inc [Member]
Goodwill [Line Items]
Goodwill arising from acquisition		28,667
RPM Direct LLC and RPM Data Solutions LLC [Member]
Goodwill [Line Items]
Goodwill arising from acquisition	33,155
Operations Management [Member]
Goodwill [Line Items]
Beginning Balance	118,260	90,622
Currency translation adjustments	(1,001)	(529)
Allocation on sale of a business unit		(500)
Ending Balance	117,259	118,260
Operations Management [Member] \| Overland Solutions Inc [Member]
Goodwill [Line Items]
Goodwill arising from acquisition		28,667
Analytics and Business Transformation [Member]
Goodwill [Line Items]
Beginning Balance	21,339	16,785
Ending Balance	54,494	21,339
Analytics and Business Transformation [Member] \| Blue Slate Solutions [Member]
Goodwill [Line Items]
Goodwill arising from acquisition		$ 4,554
Analytics and Business Transformation [Member] \| RPM Direct LLC and RPM Data Solutions LLC [Member]
Goodwill [Line Items]
Goodwill arising from acquisition	$ 33,155

Business Combinations, Goodwill and Intangible Assets - Summary of Company's Goodwill (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Net loss recognized from the sale of business unit	$ 149

Business Combinations, Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 87,586	$ 71,694
Accumulated Amortization	(32,124)	(24,715)
Net Carrying Amount	55,462	46,979
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	64,823	51,598
Accumulated Amortization	(22,240)	(16,836)
Net Carrying Amount	42,583	34,762
Leasehold Benefits [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,814	2,927
Accumulated Amortization	(2,077)	(2,004)
Net Carrying Amount	737	923
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,234	10,814
Accumulated Amortization	(3,859)	(2,402)
Net Carrying Amount	8,375	8,412
Non-compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,045	1,365
Accumulated Amortization	(1,411)	(1,323)
Net Carrying Amount	634	42
Trade Names and Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,670	4,990
Accumulated Amortization	(2,537)	(2,150)
Net Carrying Amount	$ 3,133	$ 2,840

Business Combinations, Goodwill and Intangible Assets - Estimated Amortization of Intangible Assets (Detail) $ in Thousands	Sep. 30, 2015 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2016	$ 10,874
2017	10,843
2018	10,536
2019	10,308
2020	4,236
2021 and thereafter	$ 7,765

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Money market and mutual funds	$ 113,138	$ 127,347
Derivative financial instruments	3,600	4,579
Total	116,738	131,926
Liabilities
Derivative financial instruments	3,638	2,961
Fair value of earn-out consideration	4,060
Total	7,698	2,961
Level 1 [Member]
Assets
Money market and mutual funds	113,138	127,347
Total	113,138	127,347
Level 2 [Member]
Assets
Derivative financial instruments	3,600	4,579
Total	3,600	4,579
Liabilities
Derivative financial instruments	3,638	2,961
Total	3,638	$ 2,961
Level 3 [Member]
Liabilities
Fair value of earn-out consideration	4,060
Total	$ 4,060

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Parenthetical) (Detail) $ in Thousands	Sep. 30, 2015 USD ($)
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments carried at fair value	$ 79,174

Derivatives and Hedge Accounting - Additional Information (Detail) £ in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 GBP (£)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 GBP (£)
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains which could be reclassified into earnings within the next 12 months			$ 242
Maximum outstanding term of cash flow hedges			45 months
Gain/(Losses) that reclassified from AOCI into earning for discontinued hedging transactions	$ 0	$ 0	$ 0	$ 0
Foreign Currency Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 295,777		$ 295,777		£ 13,936	$ 276,018	£ 10,889

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Detail) - Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives Designated as Hedging Instruments [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, Asset	$ 1,987	$ 1,243
Derivatives Designated as Hedging Instruments [Member] \| Other Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, Asset	1,348	3,193
Derivatives Designated as Hedging Instruments [Member] \| Accrued Expenses and Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, Liability	1,745	2,385
Derivatives Designated as Hedging Instruments [Member] \| Other Non Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, Liability	1,893	576
Derivatives not Designated as Hedging Instruments [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, Asset	$ 265	$ 143

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income (Detail) - Foreign Currency Exchange Contracts [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivatives Designated as Hedging Instruments [Member] \| Derivatives in Cash Flow Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in AOCI on Derivative (Effective Portion)	$ (3,526)	$ (3,602)	$ (2,741)	$ 5,950
Foreign Exchange Gain/(Loss) [Member] \| Derivatives not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivatives	705	(9)	94	3,442
Foreign Exchange Gain/(Loss) [Member] \| Derivatives Designated as Hedging Instruments [Member] \| Derivatives in Cash Flow Hedging Relationships [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)	(430)	(1,418)	(963)	(5,877)
Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ 0	$ 0	$ 0	$ 0

Fixed Assets - Schedule of Fixed Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Owned Assets:
Owned Assets, Gross	$ 138,466	$ 127,433
Less: Accumulated depreciation and amortization	(91,985)	(82,947)
Owned Assets, net	46,481	44,486
Assets under capital leases:
Assets under capital leases, Gross	1,802	2,028
Less: Accumulated depreciation and amortization	(1,212)	(1,145)
Assets under capital leases, net	590	883
Fixed assets, net	47,071	45,369
Network Equipment, Computers and Software [Member]
Owned Assets:
Owned Assets, Gross	91,091	83,140
Buildings [Member]
Owned Assets:
Owned Assets, Gross	1,213	1,262
Land [Member]
Owned Assets:
Owned Assets, Gross	794	826
Leasehold Improvements [Member]
Owned Assets:
Owned Assets, Gross	27,390	26,416
Assets under capital leases:
Assets under capital leases, Gross	893	961
Office Furniture and Equipment [Member]
Owned Assets:
Owned Assets, Gross	13,397	12,218
Assets under capital leases:
Assets under capital leases, Gross	148	219
Motor Vehicles [Member]
Owned Assets:
Owned Assets, Gross	531	542
Assets under capital leases:
Assets under capital leases, Gross	761	848
Capital Work in Progress [Member]
Owned Assets:
Owned Assets, Gross	$ 4,050	$ 3,029

Fixed Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 5,415	$ 5,573	$ 15,662	$ 15,582

Capital Structure - Additional Information (Detail) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Dec. 31, 2014	Sep. 30, 2015 USD ($) $ / shares shares	Sep. 30, 2014 shares	Sep. 30, 2015 USD ($) ClassOfCommonStock $ / shares shares	Sep. 30, 2014 USD ($) $ / shares shares	Dec. 30, 2014 USD ($)
Equity, Class of Treasury Stock [Line Items]
Class of common stock outstanding \| ClassOfCommonStock				1
Acquisition of common stock from employees in connection with withholding tax payments \| shares		0	0	13,573	18,256
Withholding tax payments related to the vesting of restricted stock for total consideration				$ 421	$ 459
Weighted average purchase price per share prior to the vesting date \| $ / shares				$ 30.99	$ 25.14
2014 Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, period start	2015
Stock repurchase program, period end	2017
Common stock shares purchased under the repurchase program \| shares		220,579		354,448
Common stock aggregate purchase price including commissions		$ 8,149		$ 12,834
Common stock average purchase price per share \| $ / shares		$ 36.94		$ 36.21
2014 Repurchase Program [Member] \| Maximum [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors						$ 20,000

Borrowings - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Oct. 24, 2014	Sep. 30, 2015	Sep. 30, 2015	Feb. 23, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Short-term borrowings		$ 10,000	$ 10,000
Additional borrowings during period			30,000
Repayments of borrowings			10,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility	$ 50,000	$ 70,000	$ 70,000		$ 50,000
Term of revolving credit facility	5 years
Option to increase additional credit facility	$ 50,000			$ 50,000
Credit facility expiration date			Oct. 24, 2019
Interest rate during the period		1.56%	1.56%
Unamortized deferred finance cost		$ 392	$ 392		$ 460
Short-term borrowings		$ 10,000	10,000
Additional borrowings during period			30,000
Repayments of borrowings			$ 10,000

Employee Benefit Plans - Net Gratuity Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]
Service cost	$ 403	$ 355	$ 1,241	$ 1,083
Interest cost	135	125	417	385
Expected return on plan assets	(94)	(43)	(291)	(130)
Actuarial loss	51	29	159	99
Net gratuity cost	$ 495	$ 466	$ 1,526	$ 1,437

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Percentage of actual return on the Gratuity Plans					9.00%
Percentage of discretionary contributions towards 401(k) Plan, Maximum	3.00%	3.00%	3.00%	3.00%
Company's contribution to the 401(k) Plan	$ 400	$ 192	$ 1,551	$ 1,037

Employee Benefit Plans - Change in Plan Assets (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015 USD ($)
Compensation and Retirement Disclosure [Abstract]
Plan assets at January 1, 2015	$ 4,752
Actual return	317
Benefits Paid	(624)
Effect of exchange rate changes	(175)
Plan assets at September 30, 2015	$ 4,270

Employee Benefit Plans - Contribution to Various Defined Contribution Plans (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]
Contribution to various defined contribution plans	$ 1,463	$ 1,418	$ 4,393	$ 4,279

Leases - Future Minimum Lease Payments under Capital Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Leases [Abstract]
2016	$ 541
2017	236
2018	90
2019	10
Total minimum lease payments	877
Less: amount representing interest	92
Present value of minimum lease payments	785
Less: current portion	481	$ 803
Long term capital lease obligation	304	$ 560
Present value of minimum lease payments	$ 785

Leases - Future Minimum Lease Payments under Non-Cancelable Operating Lease Agreements Expiring after September 30, 2015 (Detail) $ in Thousands	Sep. 30, 2015 USD ($)
Leases [Abstract]
2016	$ 8,684
2017	4,987
2018	3,311
2019	2,239
2020	1,273
2021 and thereafter	1,106
Total operating lease payments	$ 21,600

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Leases [Abstract]
Rent expense under both cancelable and non-cancelable operating leases	$ 4,994	$ 4,897	$ 15,089	$ 14,153
Deferred rent	$ 6,789		$ 6,789		$ 6,544

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Effective tax rates	33.30%	14.20%	34.40%	15.30%
Income tax expense	$ 7,565	$ 1,002	$ 19,309	$ 4,523
Increase in unrecognized tax benefit			2,400
Increases in unrecognized tax benefit related to taxability of income by certain foreign income			1,900
Increase in effective tax rate due to reversal of an unrecognized tax benefit				$ 2,173
Unrecognized tax benefits	4,511		4,511		$ 2,761
Recognized interest and penalties	74	$ 54
Accrued interest on unrecognized tax benefits	$ 1,300		$ 1,300		$ 1,117

Income Taxes - Summary of Activity Related to Gross Unrecognized Tax Benefits (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015 USD ($)
Income Tax Disclosure [Abstract]
Balance as of January 1, 2015	$ 2,761
Increases related to prior year tax positions	1,818
Decreases related to prior year tax positions	0
Increases related to current year tax positions	0
Decreases related to current year tax positions	0
Effect of exchange rate changes	(68)
Balance as of September 30, 2015	$ 4,511

Stock-Based Compensation - Costs Related to Company's Stock-Based Compensation Plan (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	$ 4,471	$ 2,376	$ 12,280	$ 8,518
Cost of Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	740	410	2,394	1,873
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	1,613	985	4,482	3,285
Selling and Marketing Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	$ 2,118	$ 981	$ 5,404	$ 3,360

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jun. 19, 2015
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for unvested options	$ 292		$ 292
Expected to be expensed over weighted average period			4 months 2 days
Weighted-average fair value of options granted			$ 0.00	$ 9.77
Total grant date fair value of options vested	0	$ 693	$ 1,170	$ 1,917
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for unvested Stock Units	33,834		$ 33,834
Expected to be expensed over weighted average period			2 years 8 months 27 days
Performance Based Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for unvested Stock Units	$ 8,570		$ 8,570
Expected to be expensed over weighted average period			2 years 1 month 2 days
2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares reserved for grants					1,700,000
Shares available for grant	2,418,055		2,418,055

Stock-Based Compensation - Stock Based Compensation Stock Option Activity (Detail) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Outstanding, Beginning Balance	1,433,179
Number of Options, Granted	0
Number of Options, Exercised	(207,122)
Number of Options, Forfeited/Expired	(6,058)
Number of Options, Outstanding, Ending Balance	1,219,999	1,433,179
Number of Options, Vested and exercisable at September 30, 2015	1,138,136
Weighted-Average Exercise Price, Outstanding, Beginning Balance	$ 16.23
Weighted-Average Exercise Price, Granted	0
Weighted-Average Exercise Price, Exercised	15.26
Weighted-Average Exercise Price, Forfeited/Expired	24.77
Weighted-Average Exercise Price, Outstanding, Ending Balance	16.35	$ 16.23
Weighted Average Exercise Price, Vested and exercisable	$ 15.74
Aggregate Intrinsic Value, Outstanding, Beginning Balance	$ 17,889
Aggregate Intrinsic Value, Outstanding, Ending Balance	25,108	$ 17,889
Aggregate Intrinsic Value, Vested and exercisable at September 30, 2015	$ 24,113
Weighted-Average Remaining Contractual Life (Years), Outstanding	3 years 9 months 7 days	4 years 5 months 19 days
Weighted-Average Remaining Contractual Life (Years), Vested and exercisable at September 30, 2015	3 years 6 months 29 days

Stock-Based Compensation - Restricted Stock Activity Under Company's Stock Plans (Detail)	9 Months Ended
	Sep. 30, 2015 $ / shares shares
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number, Outstanding, Beginning Balance \| shares	1,189,691
Number, Granted \| shares	471,160
Number, Vested \| shares	(320,049)
Number, Forfeited \| shares	(72,386)
Number, Outstanding, Ending Balance \| shares	1,268,416
Weighted-Average Intrinsic Value, Outstanding, Beginning Balance \| $ / shares	$ 26.54
Weighted-Average Intrinsic Value, Granted \| $ / shares	34.99
Weighted-Average Intrinsic Value, Vested \| $ / shares	25.15
Weighted-Average Intrinsic Value, Forfeited \| $ / shares	27.32
Weighted-Average Intrinsic Value, Outstanding, Ending Balance \| $ / shares	$ 29.98
Revenue Based Performance Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number, Outstanding, Beginning Balance \| shares	47,725
Number, Granted \| shares	62,788
Number, Forfeited \| shares	(3,300)
Number, Outstanding, Ending Balance \| shares	107,213
Weighted-Average Intrinsic Value, Outstanding, Beginning Balance \| $ / shares	$ 25.63
Weighted-Average Intrinsic Value, Granted \| $ / shares	34.75
Weighted-Average Intrinsic Value, Forfeited \| $ / shares	28.53
Weighted-Average Intrinsic Value, Outstanding, Ending Balance \| $ / shares	$ 30.88
Market Condition Based Performance Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number, Outstanding, Beginning Balance \| shares	47,725
Number, Granted \| shares	162,787
Number, Forfeited \| shares	(3,300)
Number, Outstanding, Ending Balance \| shares	207,212
Weighted-Average Intrinsic Value, Outstanding, Beginning Balance \| $ / shares	$ 33.60
Weighted-Average Intrinsic Value, Granted \| $ / shares	40.36
Weighted-Average Intrinsic Value, Forfeited \| $ / shares	40.29
Weighted-Average Intrinsic Value, Outstanding, Ending Balance \| $ / shares	$ 38.80
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number, Outstanding, Beginning Balance \| shares	46,950
Number, Granted \| shares	122,131
Number, Vested \| shares	(34,147)
Number, Forfeited \| shares	(5,296)
Number, Outstanding, Ending Balance \| shares	129,638
Weighted-Average Intrinsic Value, Outstanding, Beginning Balance \| $ / shares	$ 29.29
Weighted-Average Intrinsic Value, Granted \| $ / shares	35.91
Weighted-Average Intrinsic Value, Vested \| $ / shares	29.29
Weighted-Average Intrinsic Value, Forfeited \| $ / shares	29.29
Weighted-Average Intrinsic Value, Outstanding, Ending Balance \| $ / shares	$ 35.53

Stock-Based Compensation - Restricted Stock Activity Under Company's Stock Plans (Parenthetical) (Detail) - shares	Sep. 30, 2015	Dec. 31, 2014
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units vested for which underlying common stock to be issued	143,224	128,000

Geographical Information - Revenues Based on Geographical Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues, net
Revenues, net	$ 163,503	$ 122,457	$ 462,634	$ 363,992
United States [Member]
Revenues, net
Revenues, net	129,886	89,337	364,591	267,638
United Kingdom [Member]
Revenues, net
Revenues, net	28,262	26,060	81,550	74,215
Rest of World [Member]
Revenues, net
Revenues, net	$ 5,355	$ 7,060	$ 16,493	$ 22,139

Geographical Information - Fixed Assets, Net Based on Geographical Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fixed assets, net
Total Fixed assets	$ 47,071	$ 45,369
India [Member]
Fixed assets, net
Total Fixed assets	24,383	24,186
United States [Member]
Fixed assets, net
Total Fixed assets	8,930	8,293
Philippines [Member]
Fixed assets, net
Total Fixed assets	12,338	12,391
Rest of World [Member]
Fixed assets, net
Total Fixed assets	$ 1,420	$ 499

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments, net of advances	$ 3,404
Export-oriented units established percentage	100.00%
Transfer pricing issues starting period	2003
Transfer pricing issues ending period	2011
Permanent establishment issues starting period	2003
Permanent establishment issues ending period	2011
Aggregate disputed amount	$ 19,265	$ 22,866
Payments or bank guarantees provided	14,703	14,666
Amounts paid as deposits in respect of contingencies	12,683	12,564
Deposited amounts for bank guarantees	$ 2,020	$ 2,102