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Segment Information

The Company's operating segments are significant strategic business units that align its products and services with how it manages its business, approach the key markets and interacts with its clients. Effective for the quarter and year ended December 31, 2015, the Company merged two of its operating segments (Operations Consulting and Finance Transformation, previously part of the Analytics and Business Transformation reportable segment) into the Consulting operating segment to reflect recent organizational changes. The Company has also revised its reportable segments to reflect management’s focus on the Analytics operating segment. All the other operating segments have been aggregated into the Operations Management reportable segment. The March 2015 acquisition of RPM is included in the Analytics operating segment.

The new reportable segments are as follows:


•	Operations Management


•	Analytics

The Company has restated the segment information for the all the prior years presented herein to conform to the current presentation. This change in segment presentation does not affect the Company's consolidated statements of income, balance sheets or statements of cash flows.

The chief operating decision maker (“CODM”) generally reviews operating segment revenues and cost of revenues. The Company does not allocate and therefore the CODM does not evaluate operating expenses, interest expense or income taxes by segment. The Company’s operating assets are shared by multiple segments. The Company manages assets on a total company basis, not by operating segment, and therefore asset information and capital expenditures by operating segment are not presented.

Revenues and cost of revenues for each of the years ended December 31, 2015, 2014 and 2013, for Operations Management and Analytics segments, respectively, are as follows:



	Year ended December 31, 2015						Year ended December 31, 2014
	Operations Management		Analytics		Total		Operations Management		Analytics		Total
	Operations Management		Analytics		Total		Operations Management		Analytics		Total
Revenues, net	$	506,341	$	122,151	$	628,492	$	433,663	$	65,615	$	499,278
Cost of revenues (exclusive of depreciation and amortization)	324,079		78,838		$	402,917	286,493		46,042		332,535
Gross profit	$	182,262	$	43,313	$	225,575	$	147,170	$	19,573	$	166,743
Operating expenses					158,232						132,703
Foreign exchange gain/(loss) and other income, net					8,433						3,598
Income tax expense					24,211						5,193
Net income					$	51,565					$	32,445



	Year ended December 31, 2013
	Operations Management		Analytics		Total
	Operations Management		Analytics		Total
Revenues, net	$	432,916	$	45,536	$	478,452
Cost of revenues (exclusive of depreciation and amortization)	260,241		30,701		290,942
Gross profit	$	172,675	$	14,835	$	187,510
Operating expenses					120,090
Foreign exchange gain/(loss) and other income, net					(2,443		)
Income tax expense					16,880
Net income					$	48,097

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.

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-Name Accounting Standards Codification
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Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

12 Months Ended

Dec. 31, 2015

Quarterly Financial Data

Quarterly Financial Data (Unaudited)

Summarized quarterly results for the years ended December 31, 2015 and 2014 are as follows:



	Three months ended 2015
	March 31		June 30		September 30		December 31		Full Year
Revenues, net
Operations Management	$	123,853	$	125,048	$	128,043	$	129,397	$	506,341
Analytics	19,657		30,573		35,460		36,461		122,151
Total Revenues, net	$	143,510	$	155,621	$	163,503	$	165,858	$	628,492
Gross profit
Operations Management	$	44,124	$	44,239	$	46,566	$	47,333	$	182,262
Analytics	6,261		10,904		13,739		12,409		43,313
Total Gross profit	$	50,385	$	55,143	$	60,305	$	59,742	$	225,575

Net income	$	9,567	$	12,074	$	15,162	$	14,762	$	51,565
Earnings Per Share:
Basic	$	0.29	$	0.36	$	0.46	$	0.44	$	1.55
Diluted	$	0.28	$	0.35	$	0.44	$	0.43	$	1.51
Weighted-average number of shares used in computing earnings per share:
Basic	33,236,259		33,417,079		33,307,312		33,231,716		33,298,104
Diluted	34,051,971		34,207,973		34,180,635		34,272,731		34,178,340
Note:
Stock compensation expense	$	4,255	$	3,553	$	4,471	$	3,768	$	16,047
Amortization of intangibles	$	2,059	$	2,808	$	2,642	$	2,717	$	10,226
	Three months ended 2014
	March 31		June 30		September 30		December 31		Full Year
Revenues, net
Operations Management	$	108,246	$	104,614	$	104,511	$	116,292	$	433,663
Analytics	13,551		15,124		17,946		18,994		65,615
Total Revenues, net	$	121,797	$	119,738	$	122,457	$	135,286	$	499,278
Gross profit
Operations Management	$	42,293	$	34,151	$	32,651	$	38,075	$	147,170
Analytics	4,582		4,328		4,823		5,840		19,573
Gross profit	$	46,875	$	38,479	$	37,474	$	43,915	$	166,743

Net income	$	11,147	$	7,762	$	6,075	$	7,461	$	32,445
Earnings Per Share:
Basic	$	0.34	$	0.24	$	0.18	$	0.23	$	0.99
Diluted	$	0.33	$	0.23	$	0.18	$	0.22	$	0.96
Weighted-average number of shares used in computing earnings per share:
Basic	32,523,490		32,812,155		32,890,475		32,986,276		32,804,606
Diluted	33,428,544		33,673,669		33,676,665		33,761,462		33,636,593
Note:
Stock compensation expense	$	4,176	$	1,966	$	2,376	$	2,493	$	11,011
Amortization of intangibles	$	1,536	$	1,489	$	1,441	$	2,157	$	6,623

Business Combinations, Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Business Combinations, Goodwill and Intangible Assets

RPM Direct LLC and RPM Data Solutions, LLC.

On March 20, 2015 the Company 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, the Company 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 the Target Companies for 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 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 Property & Casualty ("P&C"), life and health, since its inception in 2001. 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.

During the three months ended December 31, 2015, the Company finalized its purchase price allocation for the acquisition, which is as follows:



	Amount
	(In thousands)
Net tangible assets	$	1,790
Identifiable intangible assets:
Customer Relationships	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.

During the year ended December 31, 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 year ended December 31, 2015 includes revenues of $32,818 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 December 31, 2015:



	Operations Management			Analytics		Total
Balance at January 1, 2014	$	90,622		$	16,785	$	107,407
Goodwill arising from Blue Slate acquisition ⁽¹⁾	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 ⁽²⁾	(500		)	—		(500		)
Balance at December 31, 2014	$	122,814		$	16,785	$	139,599
Goodwill arising from RPM acquisition	—			33,155		33,155
Currency translation adjustments	(1,219		)	—		(1,219		)
Balance at December 31, 2015	$	121,595		$	49,940	$	171,535


(1)	Goodwill arising from the Company's acquisition of Blue Slate Solutions, LLC (“Blue Slate”) in 2014 was reclassified into Operations Management segment because of Company's change in segment reporting.


(2)	Relates to the sale of a business unit (acquired with the acquisition of Business Process Outsourcing Inc.). The net loss recognized from the sale of this business unit is $149 and is included under “other income, net” in the consolidated statements of income for the year ended December 31, 2014.

Based on the results of the impairment testing performed during the year ended December 31, 2015, the Company’s goodwill was not impaired. The Company makes every reasonable effort to ensure that it accurately estimates the fair value of the reporting units. However, future changes in the assumptions used to make these estimates could result in the recording of an impairment loss.

Intangible Assets

Information regarding the Company’s intangible assets is set forth below:



	As of December 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	64,816	$	(24,215	)	$	40,601
Leasehold benefits	2,789		(2,109		)	680
Developed technology	12,234		(4,363		)	7,871
Non-compete agreements	2,045		(1,451		)	594
Trade names and trademarks	5,670		(2,683		)	2,987
	$	87,554	$	(34,821	)	$	52,733



	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 years ended December 31, 2015, 2014 and 2013 was $10,226, $6,623 and $6,300, respectively. The remaining weighted average life of intangible assets was 6.3 years for customer relationships, 3.4 years for leasehold benefits, 4.5 years for developed technology, 3.5 years for non-compete agreements and 6.0 years for trade names and trademarks excluding indefinite life trade names and trademarks. The Company had $900 of indefinite lived trade names and trademarks as of December 31, 2015 and 2014.



Estimated amortization of intangible assets during the year ending December 31,
2016	$	10,869
2017	$	10,792
2018	$	10,469
2019	$	9,707
2020	$	9,996

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).

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC topic 820, “Fair Value Measurements and Disclosures ” ("ASC No. 820") defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk.

ASC No. 820 establishes a three-level hierarchy of fair value measurements based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The fair-value hierarchy requires the use of observable market data when available and consists of the following levels:


•	Level 1—Quoted prices for identical instruments in active markets;


•	Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and


•	Level 3—Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

The following table sets forth the Company’s assets and liabilities that were accounted for at fair value as of December 31, 2015 and 2014. The table excludes short-term investments, accounts receivable, accounts payable and accrued expenses for which fair values approximate their carrying amounts.

Assets and Liabilities Measured at Fair Value

The assets and liabilities measured at fair value on recurring basis are summarized below:



As of December 31, 2015	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds	$	118,478	$	—	$	—	$	118,478
Derivative financial instruments	—		4,184		—		4,184
Total	$	118,478	$	4,184	$	—	$	122,662
Liabilities
Derivative financial instruments	$	—	$	2,358	$	—	$	2,358
Fair value of earn-out consideration	—		—		4,060		4,060
Total	$	—	$	2,358	$	4,060	$	6,418

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

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 for further details.

Fair value of earn-out consideration: The fair value measurement of earn-out consideration is determined using Level 3 inputs. The Company’s earn-out consideration represents a component of the total purchase consideration for its acquisition of RPM. The measurement is calculated using unobservable inputs based on the Company’s own assessment of achievement of certain performance goals by RPM during the 2015 and 2016 calendar years. The Company estimated the fair value of the earn out consideration to be $4,060, utilizing a Monte Carlo simulation. The Monte-Carlo simulation model simulates a range of possible performance levels and estimates the probabilities of the potential payouts. This model also incorporates a range of assumptions like discount rate, risk-free rate, assumed cost of debt, etc. See Note 5 for further details.

Derivatives and Hedge Accounting

12 Months Ended

Dec. 31, 2015

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 exchanges 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 No. 815. The Company had outstanding cash flow hedges totaling $230,894 as of December 31, 2015 and $218,036 as of December 31, 2014. The fair value of these cash flow hedges is included in the other comprehensive loss on the Company's consolidated balance sheet.

The Company also enters into foreign currency forward contracts to economically hedge its intercompany balances and other monetary assets and liabilities denominated in currencies other than functional currencies. These derivatives do not qualify as fair value hedges under ASC No. 815. Changes in the fair value of these derivatives are recognized in the consolidated statements of income and are included in foreign exchange gain/loss. 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 to Colombian pesos, Czech Koruna, Euro, South African ZAR and other local currencies in which it operates. Outstanding foreign currency forward contracts amounted to $61,641 and GBP 13,256 as of December 31, 2015 and amounted to $57,982 and GBP 10,889 as of December 31, 2014.

The Company estimates that approximately $1,438 of net derivative losses included in accumulated other comprehensive loss (“AOCI”) could be reclassified into earnings within the next twelve months based on exchange rates prevailing as of December 31, 2015. At December 31, 2015, the maximum outstanding term of the cash flow hedges was forty-five months.

The Company evaluates 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 consolidated statements of income and is included in foreign exchange gain/(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. There were no such significant amounts of gains or losses were reclassified from AOCI into earnings during the years ended December 31, 2015 and 2014.

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

Derivatives designated as hedging instruments:



	December 31, 2015		December 31, 2014
Other current assets:
Foreign currency exchange contracts	$	2,664	$	1,243
Other assets:
Foreign currency exchange contracts	$	1,175	$	3,193
Accrued expenses and other current liabilities:
Foreign currency exchange contracts	$	1,226	$	2,385
Other non current liabilities:
Foreign currency exchange contracts	$	1,132	$	576

Derivatives not designated as hedging instruments:



	December 31, 2015		December 31, 2014
Other current assets:
Foreign currency exchange contracts	$	345	$	143

The following tables set forth the effect of foreign currency exchange contracts on the consolidated statements of income for the years ended December 31, 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 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	$	(1,111	)	$	6,770	Foreign exchange gain/(loss)	$	(1,117	)	$	(7,140	)	Foreign exchange gain/(loss)	$	—	$	—



Derivatives not designated as Hedging Instruments		Amount of Gain/(Loss) Recognized in Income on Derivatives
Derivatives not designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivatives	2015		2014
Foreign exchange contracts	Foreign exchange gain/(loss)	$	862	$	3,685

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Property, Plant and Equipment [Abstract]

Fixed Assets

12 Months Ended

Dec. 31, 2015

Fixed Assets

Fixed assets consist of the following:



	December 31, 2015			December 31, 2014
Owned Assets:
Network equipment, computers and software	$	95,245		$	83,140
Leasehold improvements	28,603			26,416
Office furniture and equipment	14,000			12,218
Capital work in progress	3,140			3,029
Buildings	1,202			1,262
Land	787			826
Motor vehicles	540			542
	143,517			127,433
Less: Accumulated depreciation and amortization	(96,079		)	(82,947		)
	$	47,438		$	44,486
Assets under capital leases:
Leasehold improvements	$	877		$	961
Office furniture and equipment	136			219
Motor vehicles	806			848
	1,819			2,028
Less: Accumulated depreciation and amortization	(1,266		)	(1,145		)
	$	553		$	883
Fixed assets, net	$	47,991		$	45,369

Depreciation and amortization expense excluding amortization of acquisition related intangibles for the year ended December 31, 2015, 2014 and 2013 was $21,239, $21,405 and $18,617, respectively.

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

Capital Structure	12 Months Ended
Capital Structure	Dec. 31, 2015
Equity [Abstract]
Capital Structure	Capital Structure Common Stock The Company has one class of common stock outstanding. During the years ended December 31, 2015 and 2014, the Company acquired 15,078 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 $484 and $459, respectively. The weighted average purchase price of $32.10 and $25.14, respectively, was the average of the high and low price of the Company’s share 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 up to an annual $20,000 common stock repurchase program (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. On November 7, 2013, the Company had announced a similar program, pursuant to which the Board of Directors authorized a $25,000 common stock repurchase program (the “2013 Repurchase Program”), under which shares may be purchased by the Company from time to time from the open market and through private transactions. During the year ended December 31, 2015, the Company purchased 377,015 shares of its common stock for an aggregate purchase price of approximately $13,711 including commissions, representing an average purchase price per share of $36.37 under the 2014 Repurchase program. During the year ended December 31, 2014, the Company purchased 109,500 shares of its common stock for an aggregate purchase price of approximately $2,863 including commissions, representing an average purchase price per share of $26.14 under the 2013 Repurchase program. Repurchased shares have been recorded as treasury shares and will be held until the Board of Directors designates that these shares be retired or used for other purposes.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Compensation and Retirement Disclosure [Abstract]

Borrowings	12 Months Ended
Borrowings	Dec. 31, 2015
Debt Disclosure [Abstract]
Borrowings	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 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 Agreement bear interest at a rate equal to the specified prime rate (alternate base rate) or adjusted LIBO rate, plus, an applicable margin. The applicable margin is tied to the Company’s leverage ratio and ranges from 0.25% to 0.75% per annum with respect to loans pegged to the specified prime rate, and 1.25% to 1.75% per annum on loans pegged to the adjusted LIBO rate. The revolving credit commitments under the Credit Agreement are subject to a commitment fee. The commitment fee is also tied to the Company’s leverage ratio, and ranges from 0.20% to 0.30% per annum on the average daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations. The Credit Facility carried an effective interest rate of 1.60% per annum during the year ended December 31, 2015. 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 of which $10,000 is expected to be repaid within next twelve months and is included under “short-term borrowings” in the consolidated balance sheet. 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 as of December 31, 2015 and December 31, 2014 was $368 and $460, respectively and is included under "other current assets" and “other assets” in the consolidated balance sheets. The Credit Facility is guaranteed by our domestic subsidiaries and material foreign subsidiaries and 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. At December 31, 2015, the Company was in compliance with all covenants.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2015

Employee Benefit Plans

The Company’s Gratuity Plans in India and the Philippines ("Gratuity Plan") provide for lump sum payment to vested employees on 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 Plan 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.

The benefit obligation has been measured as of December 31, 2015. The following table sets forth the activity and the funded status of the Gratuity Plans and the amounts recognized in the Company’s consolidated financial statements at the end of the relevant periods:



	December 31,
	2015			2014
Change in projected benefit obligation:
Benefit obligation at the beginning of the year	$	7,563		$	6,567
Service cost	1,638			1,523
Interest cost	550			559
Benefits paid	(851		)	(749		)
Actuarial (gain)/loss	(609		)	161
Divestiture	—			(350		)
Effect of exchange rate changes	(382		)	(148		)

Projected benefit obligation at the end of the year	$	7,909		$	7,563
Unfunded amount–non-current	$	1,441		$	1,544
Unfunded amount–current	1,545			1,267
Total accrued liability	$	2,986		$	2,811

Accumulated benefit obligation	$	5,537		$	5,034

Net gratuity cost includes the following components:



	Year ended December 31,
	2015			2014			2013
Service cost	$	1,638		$	1,523		$	1,341
Interest cost	550			559			444
Expected return on plan assets	(385		)	(172		)	(164		)
Actuarial loss	211			149			139
Net gratuity cost	$	2,014		$	2,059		$	1,760

The amount in accumulated other comprehensive loss that is expected to be recognized as a component of net periodic benefit cost over the next fiscal year is $92. The components of accumulated other comprehensive loss that have not been recognized as components of net gratuity cost in the statement of income as of December 31, 2015 and 2014 is as follows:



	December 31,
	2015		2014
Net actuarial loss	$	77	$	819
Net prior service cost	9		9
Accumulated other comprehensive loss, net of tax	$	86	$	828

The weighted average actuarial assumptions used to determine benefit obligations and net periodic gratuity cost are:



	December 31,
	2015		2014		2013
Discount rate	7.8	%	8.0	%	8.3	%
Rate of increase in compensation levels	8.4	%	8.2	%	8.2	%
Expected long term rate of return on plan assets per annum	9.0	%	9.0	%	9.0	%

The Company evaluates these assumptions annually based on its long-term plans of growth and industry standards. The discount rates are based on current market yields on government securities adjusted for a suitable risk premium.



Expected benefit payments during the year ending December 31,
2016	$	2,129
2017	$	1,632
2018	$	1,291
2019	$	971
2020	$	736
2021 to 2025	$	2,000

The Company's gratuity plan in India is partially funded. The Company makes annual contributions to the employees’ gratuity fund established with 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.



Change in Plan Assets
Plan assets at January 1, 2014	$	2,156
Actual return	259
Employer contribution	2,567
Benefits paid*	(105		)
Effect of exchange rate changes	(125		)
Plan assets December 31, 2014	$	4,752
Actual return	355
Employer contribution	903
Benefits paid*	(851		)
Effect of exchange rate changes	(236		)
Plan assets December 31, 2015	$	4,923

* All Benefits payments were made through the plan assets during the year ended December 31, 2015. During the year ended December 31, 2014, benefits payment of $644 were made directly by the Company and benefit payments of $105 were made through the plan assets.

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 in the Code is a defined contribution plan. The Company may make discretionary contributions of up to a maximum of 3% of employee compensation within certain limits. Contributions to the 401(k) Plan amounted to $1,907, $1,503 and $1,147 during the years ended December 31, 2015, 2014 and 2013, respectively.

During the years ended December 31, 2015, 2014 and 2013, the Company contributed $5,753, $5,802 and $5,448 for the years ended December 31, 2015, 2014 and 2013, respectively for various defined contribution plans on behalf of its employees in India, the Philippines, Romania, Bulgaria and the Czech Republic.

Leases

12 Months Ended

Dec. 31, 2015

Leases [Abstract]

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 December 31, 2015 are as follows:



Year ending December 31,
2016	$	444
2017	190
2018	89
2019	28
Total minimum lease payments	751
Less: amount representing interest	89
Present value of minimum lease payments	662
Less: current portion	384
Long term capital lease obligation	$	278

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 December 31, 2015 are set forth below:



Year ending December 31,
2016	$	7,681
2017	4,782
2018	3,277
2019	2,249
2020	1,521
2021 and thereafter	1,298
	$	20,808

The operating leases are subject to renewal periodically and have scheduled rent increases. The Company recognizes rent on such leases on a straight line basis over the non-cancelable lease period determined under ASC topic 840, “Leases”. Rent expense under both cancelable and non-cancelable operating leases was $19,943, $18,884 and $17,384 for the years ended December 31, 2015, 2014 and 2013, respectively. Deferred rent as of December 31, 2015 and 2014 was $7,066 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

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes consist of the following:



	Year ended December 31,
	2015		2014			2013
Domestic	$	25,045	$	(4,785	)	$	24,056
Foreign	50,731		42,423			40,921
	$	75,776	$	37,638		$	64,977

The income tax expense consists of the following:



	Year ended December 31,
	2015			2014			2013
Current provision/(benefit):
Domestic	$	9,951		$	(1,069	)	$	3,466
Foreign	12,022			6,186			10,930
	$	21,973		$	5,117		$	14,396
Deferred provision/(benefit):
Domestic	$	3,041		$	535		$	4,183
Foreign	(803		)	(459		)	(1,699		)
	$	2,238		$	76		$	2,484
Income tax expense	$	24,211		$	5,193		$	16,880

The effective income tax rate differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes approximately as follows:



	December 31,
	2015			2014			2013
Expected tax expense	$	26,521		$	12,797		$	22,742
Change in valuation allowance	19			64			—
Impact of tax holiday	(2,991		)	(3,208		)	(5,531		)
Foreign tax rate differential	(2,797		)	(3,327		)	(1,412		)
Deferred tax (benefit)/provision	(803		)	(459		)	(433		)
Unrecognized tax benefits and interest	324			(1,846		)	2,399
State taxes, net of Federal taxes	1,327			593			601
Non-deductible expenses	26			15			310
Prior year tax expense/(benefit)	2,450			—			(875		)
Other	135			564			(921		)
Tax expense	$	24,211		$	5,193		$	16,880

The effective tax rate increased from 13.8% for the year ended December 31, 2014 to 32.0% for the year ended December 31, 2015. The increase in 2015 was primarily due to a lower income tax expense during the year ended December 31, 2014, which was due to the reversal of an unrecognized tax benefit of $2,173 and lower income in the U.S. (versus other jurisdictions in which we incur taxes at a lower rate). The lower income in the U.S. was due to reimbursement of disentanglement costs to Travelers during the year ended December 31, 2014. The effective tax rate further increased in 2015 due to an income tax expense which related to immaterial errors from prior years of approximately $2,450, lower tax holiday benefits of $217 and increase in corporate tax rate in certain foreign subsidiaries of the Company during the year ended December 31, 2015 compared to the year ended December 31, 2014. The Company evaluated qualitative and quantitative factors in accordance with ASC Topic 250, Accounting Changes and Error Corrections, in determining that the income tax expense recorded in 2015 related to prior years was not material to the results of operations for the year ended December 31, 2015 or any of the prior years.

The Company derives income tax benefits from a corporate tax holiday in the Philippines for its operations centers established there over the last several years. The tax holiday expired for one of its centers in 2014 and will expire over the next few years for other centers. Following the expiry of the tax exemption, income generated from centers in Philippines will be taxed at the prevailing annual tax rate, which is currently 5% on gross income.

Certain operations centers in India, which were established in Special Economic Zones (“SEZs”), are eligible for tax incentives until 2025. These operations centers are eligible for a 100% income tax exemption for first five years of operations and 50% exemption for a period of five years thereafter.

The diluted earnings per share effect of the tax holiday is $0.09, $0.10 and $0.16 for the years ended December 31, 2015, 2014 and 2013, respectively.

The components of the deferred tax balances as of December 31, 2015 and 2014 are as follows:



	December 31,
	2015			2014
Deferred tax assets:
Tax credit carry forward	$	5,164		$	4,442
Depreciation and amortization	3,777			4,371
Share-based compensation	8,099			5,595
Accrued employee costs and other expenses	3,079			2,715
Net operating loss carry forwards	3,746			9,889
Unrealized exchange loss	1,136			859
Deferred rent	1,292			1,268
Others	62			670
	$	26,355		$	29,809
Valuation allowance	(595		)	(729		)
Deferred tax assets	$	25,760		$	29,080
Deferred tax liabilities:
Unrealized exchange gain	$	848		$	667
Intangible assets	11,163			11,973
Deferred tax liabilities:	$	12,011		$	12,640
Net deferred tax assets	$	13,749		$	16,440

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying values of assets and liabilities and their respective tax bases and operating loss carry forwards. At December 31, 2015 and 2014, the Company performed an analysis of the deferred tax asset valuation allowance for net operating loss carry forward for its domestic entities. Based on this analysis, the Company continues to carry a valuation allowance on the deferred tax assets on certain net operating loss carry forwards. Accordingly, the Company had recorded a valuation allowance of $512 and $665 as of December 31, 2015 and 2014, respectively. The Company also recorded a valuation allowance of $83 and $64 related to tax credit carry forward as of December 31, 2015 and 2014, respectively.

As a result of the multiple acquisitions over the last few years, the Company acquired federal and state net operating losses in the United States. Thus, as of December 31, 2015 and 2014, the Company has federal net operating loss carry forwards of approximately $9,063 and $25,300 respectively, which expire through various years until 2032. The Company’s federal net operating loss carry forwards are subject to certain annual utilization limitations under Section 382 of the United States Internal Revenue Code. The Company also has state and local net operating loss carry forwards of varying amounts, which are subject to limitations under the applicable rules and regulations of those taxing jurisdictions. The Company estimates that it will be able to utilize all of the losses before their expiration.

At December 31, 2015 and 2014, no deferred income taxes have been provided for the Company’s share of undistributed net earnings of foreign operations due to management’s intent to reinvest such amounts indefinitely. Such earnings totaled approximately $261,804 and $222,292 as of December 31, 2015 and 2014, respectively. The determination of the amount of such unrecognized deferred taxes is not practicable.

The Company’s income tax expense also includes the impact of provisions established for uncertain income tax positions determined in accordance with ASC topic 740, “Income Taxes”, as well as the related net interest. Tax exposures can involve complex issues and may require an extended resolution period. Although the Company believes that it has adequately reserved for its uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters differs from the amounts recorded, such differences will impact the income tax expense in the period in which such determination is made.

The following table summarizes the activity related to the gross unrecognized tax benefits from January 1, 2015 through December 31, 2015



Balance as of January 1, 2015	$	2,761
Increases related to prior year tax positions*	1,937
Decreases related to prior year tax positions*	(1,818		)
Increases related to current year tax positions	—
Decreases related to current year tax positions	—
Effect of exchange rate changes	(83		)
Balance as of December 31, 2015	$	2,797

* Unrecognized tax benefits of $1,818 related to immaterial errors related to prior years which were recorded and regularized during the year ended December 31, 2015.

The unrecognized tax benefits as of December 31, 2015 of $2,797, if recognized, would impact the effective tax rate.

The Company has recognized interest of $205 and $276 during the years ended December 31, 2015 and 2014, respectively, which is included in the income tax expense in the consolidated statements of income. As of December 31, 2015 and 2014, the Company has accrued interest and penalties of $1,269 and $1,117 relating to unrecognized tax benefits.

Stock Based Compensation

12 Months Ended

Dec. 31, 2015

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

Stock Based Compensation

On June 19, 2015, at the Company’s 2015 Annual Meeting of Stockholders, the Company's stockholders 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, increased the total number of shares reserved for grants of awards under the 2015 Plan by 1,700,000 shares. As of December 31, 2015, the Company had 2,430,147 shares available for grant under the 2015 Plan.

Under the 2015 Plan, the Compensation Committee (“the Committee”) may grant awards of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, stock bonus awards, performance based compensation awards (including cash bonus awards and market condition based awards) or any combination of the foregoing.

The Committee determines which employees are eligible to receive the equity awards, the number of equity awards to be granted, the exercise price, the vesting period and the exercise period. The vesting period for the equity award issued is determined on the date of the grant and is non-transferable during the life of the equity award. The majority of options expire ten years from the date of grant and generally vest incrementally over a period of four years from the date of grant with 10% vesting at the end of year one, 20% vesting at the end of year two, 30% vesting at the end of year three and 40% vesting at the end of year four.

The Company applies the provisions of ASC 718, to account for its stock based compensation, using the modified prospective method of transition. Under the provisions of this guidance, the estimated fair value of share-based awards granted under stock incentive plans is recognized as compensation expense over the vesting period.

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



	Year ended December 31,
	2015		2014		2013
Cost of revenue	$	2,895	$	2,290	$	2,413
General and administrative expenses	6,077		4,350		5,077
Selling and marketing expenses	7,075		4,371		4,342
Total	$	16,047	$	11,011	$	11,832

Stock Options

The fair value of each stock option granted to employees is estimated on the date of grant using the Black-Scholes option-pricing model. There were no options granted by the Company during the year ended December 31, 2015.

The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. The Company is required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting option forfeitures and records stock-based compensation expense only for those awards that are expected to vest. All stock-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods.

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, 2012	2,454,634		$	15.30
Granted	14,301		26.76
Exercised	(485,141	)	11.32
Forfeited	(27,279	)	24.13
Outstanding at December 31, 2013	1,956,515		$	16.25
Granted	9,794		27.62
Exercised	(440,380	)	14.67
Forfeited	(92,750	)	25.20
Outstanding at December 31, 2014	1,433,179		$	16.23
Granted	—		—
Exercised	(216,980	)	15.55
Forfeited	(6,058	)	24.77
Outstanding at December 31, 2015	1,210,141		$	16.31	$	34,638	3.50
Vested and exercisable at December 31, 2015	1,135,278		$	15.75	$	33,130	3.33

The unrecognized compensation cost for unvested options as of December 31, 2015 is $148 which is expected to be expensed over a weighted average period of 0.11 years. The weighted-average fair value of options granted during the years ended December 31, 2014 and 2013 was $9.77 and $10.07, respectively. The total grant date fair value of options vested during the years ended December 31, 2015, 2014 and 2013 was $1,228, $2,112 and $3,061, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013 was $4,413, $5,757 and $8,960, respectively.

The following table summarizes the status of the Company’s stock options outstanding and stock options vested and exercisable at December 31, 2015:



	Options Outstanding			Options Vested and Exercisable
Range of Exercise Prices	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
$8.00 to $15.00	546,543	$	10.06	546,543	$	10.06
$15.01 to $21.00	322,661	18.33		322,661	18.33
$21.01 to $28.00	340,937	24.41		266,074	24.30
Total	1,210,141	$	16.31	1,135,278	$	15.75

Restricted Stock and Restricted Stock Units

An award of restricted stock is a grant of shares subject to conditions and restrictions set by the Committee. The grant or the vesting of an award of restricted stock may be conditioned upon service to the Company or its affiliates or upon the attainment of performance goals or other factors, as determined in the discretion of the Committee. The Committee may also, in its discretion, provide for the lapse of restrictions imposed upon an award of restricted stock. Holders of an award of restricted stock may have, with respect to the restricted stock granted, all of the rights of a stockholder, including the right to vote and to receive dividends.

The Committee is authorized to award restricted stock units to participants. The Committee establishes the terms, conditions and restrictions applicable to each award of restricted stock units, including the time or times at which restricted stock units will be granted or vested and the number of units to be covered by each award. The terms and conditions of each restricted stock award will be reflected in a restricted stock unit agreement.

Any cash or in-kind dividends paid with respect to unvested shares of restricted stock and restricted stock units are withheld by the Company and paid to the holder of such shares of restricted stock, without interest, only if and when such shares of restricted stock and restricted stock units vest. Any unvested shares of restricted stock and restricted stock units are immediately forfeited without consideration upon the termination of holder’s employment with the Company or its affiliates. Accordingly, the Company’s unvested restricted stock and restricted stock units do not include non-forfeitable rights to dividends or dividend equivalents and are therefore not considered as participating securities for purposes of earnings per share calculations pursuant to the two-class method.

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, 2012	5,207		$	17.58	1,025,911		$	21.36
Granted	—		—		522,130		29.37
Vested	(4,807	)	17.56		(300,316	)	20.35
Forfeited	(400	)	17.72		(103,283	)	25.04
Outstanding at December 31, 2013	—		$	—	1,144,442		$	24.95
Granted	46,950		29.29		634,054		26.26
Vested	—		—		(436,660	)	22.04
Forfeited	—		—		(152,145	)	26.28
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		(348,086	)	25.24
Forfeited	(5,296	)	29.29		(84,478	)	27.89
Outstanding at December 31, 2015*	129,638		$	35.53	1,228,287		$	30.06

* Excludes 21,364 and 28,000 restricted stock units vested during the years ended December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014 restricted stock units vested for which the underlying common stock is yet to be issued are 149,364 and 128,000, respectively.

The fair value of restricted stock and restricted stock units is generally the market price of the Company’s shares on the date of grant. As of December 31, 2015, unrecognized compensation cost of $30,661 is expected to be expensed over a weighted average period of 2.53 years. The weighted-average fair value of restricted stock and restricted stock units granted during the years ended December 31, 2015, 2014 and 2013 was $35.18, $26.47 and $29.37, respectively. The total grant date fair value of restricted stock and restricted stock units vested during the years ended December 31, 2015, 2014 and 2013 was $12,620, $11,393 and $9,126, respectively.

During the year ended December 31, 2015, the Company granted 122,131 restricted stock units in connection with its RPM acquisition. The fair value of these grants will be recognized as compensation expense over the vesting period.

Performance Based Stock Awards

Under the 2015 Plan, the Company grants performance-based restricted stock units (“PRSUs”) to executive officers and other specified employees. 50% of the PRSUs cliff vest at the end of a three-year period based on a revenue target for the third year (“PUs”). However, up to one-third of the PUs may be earned based on the Company’s revenue performance in each of first two years against annual revenue targets in those years. The total amount of PUs that the recipient earns based on these performance criteria, will be the greater of (i) the PUs earned in the year of vesting and (ii) the sum of the earned PUs during the first two years. The other 50% is based on a market condition (“MUs”) that is contingent on meeting or exceeding the total shareholder return relative to a group of peer companies specified under the program, measured over a three-year performance period. The award recipient may earn up to two hundred percent (200%) of the PRSUs granted based on the actual performance for both kinds of PRSUs.

The grant date fair value for the MUs was determined using a Monte Carlo simulation model and the related compensation expense will be expensed on a straight-line basis over the vesting period. All compensation expense related to the MUs will be recognized if the requisite performance period is fulfilled, even if the market condition is not achieved.

The Monte-Carlo simulation model simulates a range of possible future stock prices and estimates the probabilities of the potential payouts. This model also incorporates the following ranges of assumptions:


•	The historical volatilities are used over the most recent three-year period for the components of the peer group.


•	The risk-free interest rate is based on the U.S. Treasury rate assumption commensurate with the three-year performance period


•	Since the plan stipulates that the awards are based upon the TSR of the Company and the components of the peer group, it is assumed that the dividends get reinvested in the issuing entity on a continuous basis.


•	The correlation coefficients are used to model the way in which each entity tends to move in relation to each other are based upon the price data used to calculate the historical volatilities.

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



	Revenue Based PRSUs				Market Condition Based PRSUs
	Number		Weighted Avg Fair Value		Number		Weighted Avg Fair Value
Outstanding at December 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 December 31, 2015	107,213		$	30.88	207,212		$	38.80

As of December 31, 2015, unrecognized compensation cost of $7,661 is expected to be expensed over a weighted average period of 1.85 years.

Subsequent to December 31, 2015, the Company granted approximately 125,000 PRSUs and 380,000 restricted stock units to its employees.

Geographical Information

12 Months Ended

Dec. 31, 2015

Basis of Preparation and Principles of Consolidation

Geographical Information

15. Geographical Information

The Company attributes the revenues to regions based upon location of its customers.



	Year ended December 31,
	2015		2014		2013
Revenues, net
United States	$	496,418	$	368,870	$	353,274
United Kingdom	108,868		101,789		92,601
Rest of World	23,206		28,619		32,577
	$	628,492	$	499,278	$	478,452



	December 31, 2015		December 31, 2014
Fixed assets, net
India	$	23,415	$	24,186
United States	10,680		8,293
Philippines	11,285		12,391
Rest of World	2,611		499
	$	47,991	$	45,369

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Fixed Asset Commitments At December 31, 2015, the Company has committed to spend approximately $5,800 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 a U.S. subsidiary are engaged in tax litigation with the income-tax authorities in India on the issue of permanent establishment. The aggregate disputed amount demanded by Income tax authorities from the Company related to its transfer pricing issues for years ranging from tax years 2003 to 2012 and its permanent establishment issues ranging from tax years 2003 to 2007 as of December 31, 2015 and 2014 is $21,360 and $22,866, respectively of which the Company has made payments or provided bank guarantee to the extent $14,668 and $14,666, respectively. Amounts paid as deposits in respect of such assessments aggregating to $12,665 and $12,564 as of December 31, 2015 and 2014, respectively, are included in “Other assets” and amounts deposited for bank guarantees aggregating to $2,003 and $2,102 as of December 31, 2015 and 2014, respectively, are included in “Restricted cash” in the non-current assets section of the Company’s consolidated balance sheets as of December 31, 2015 and 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.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

The Company’s reportable segments are as follows:


•	Operations Management, and


•	Analytics.

Use of Estimates

Foreign Currency Translation

Revenue Recognition

Cash and Cash Equivalents and Restricted Cash

Investments

Accounts Receivable

Fixed Assets

The estimated lives used in determining depreciation are as follows:



	Estimated Useful Life (Years)
Network equipment, computers and software	3-5
Buildings	30
Leasehold improvements	3-8
Office furniture and equipment	3-8
Motor vehicles	2-5

Software Development Costs

Business Combinations, Goodwill and Other Intangible Assets

The Company’s definite lived intangible assets are amortized over their estimated useful lives as listed below using a straight-line method:



Customer relationships	3-15 years
Leasehold benefits	3-8 years
Developed technology	5-10 years
Non-compete agreements	1-2 years
Trade names and trademarks	3-5 years

Derivative Financial Instruments

Derivative Financial Instruments.

Employee Benefits

Share-Based Compensation

Income Taxes

Financial Instruments and Concentration of Credit Risk

Earnings Per Share

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



	Year ended December 31,
	2015		2014		2013
Numerators:
Net income	$	51,565	$	32,445	$	48,097
Denominators:
Basic weighted average common shares outstanding	33,298,104		32,804,606		32,750,178
Dilutive effect of share based awards	880,236		831,987		1,092,760
Diluted weighted average common shares outstanding	34,178,340		33,636,593		33,842,938
Earnings per share:
Basic	$	1.55	$	0.99	$	1.47
Diluted	$	1.51	$	0.96	$	1.42
Weighted average common shares considered anti-dilutive in computing diluted earnings per share	73,896		114,395		268,219

Accumulated Other Comprehensive Loss



	December 31, 2015			December 31, 2014
Cumulative currency translation adjustments	$	(68,063	)	$	(55,553	)
Unrealized gain on cash flow hedges, net of taxes of $662 and $603	824			872
Retirement benefits, net of taxes of ($201) and ($277)	(86		)	(828		)
Accumulated other comprehensive loss	$	(67,325	)	$	(55,509	)

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Summary of Estimated Lives Used in Determining Depreciation

The estimated lives used in determining depreciation are as follows:



	Estimated Useful Life (Years)
Network equipment, computers and software	3-5
Buildings	30
Leasehold improvements	3-8
Office furniture and equipment	3-8
Motor vehicles	2-5

Summary of Lived Intangible Assets Amortized over their Estimated Useful Lives

The Company’s definite lived intangible assets are amortized over their estimated useful lives as listed below using a straight-line method:



Customer relationships	3-15 years
Leasehold benefits	3-8 years
Developed technology	5-10 years
Non-compete agreements	1-2 years
Trade names and trademarks	3-5 years

Computation of Basic and Diluted Earnings per Share

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



	Year ended December 31,
	2015		2014		2013
Numerators:
Net income	$	51,565	$	32,445	$	48,097
Denominators:
Basic weighted average common shares outstanding	33,298,104		32,804,606		32,750,178
Dilutive effect of share based awards	880,236		831,987		1,092,760
Diluted weighted average common shares outstanding	34,178,340		33,636,593		33,842,938
Earnings per share:
Basic	$	1.55	$	0.99	$	1.47
Diluted	$	1.51	$	0.96	$	1.42
Weighted average common shares considered anti-dilutive in computing diluted earnings per share	73,896		114,395		268,219

Summary of Accumulated Other Comprehensive Loss

The balances as of December 31, 2015 and 2014 are as follows:



	December 31, 2015			December 31, 2014
Cumulative currency translation adjustments	$	(68,063	)	$	(55,553	)
Unrealized gain on cash flow hedges, net of taxes of $662 and $603	824			872
Retirement benefits, net of taxes of ($201) and ($277)	(86		)	(828		)
Accumulated other comprehensive loss	$	(67,325	)	$	(55,509	)

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consists of the following:



	December 31, 2015		December 31, 2014
Accrued expenses	$	26,238	$	24,451
Derivative instruments	1,226		2,385
Client liability account	2,217		9,241
Other current liabilities	4,569		4,129
Accrued expenses and other current liabilities	$	34,250	$	40,206

Summary of Non-current Liabilities

Non-current liabilities

Non-current liabilities consists of the following:



	December 31, 2015		December 31, 2014
Derivative instruments	$	1,132	$	576
Unrecognized tax benefits	3,066		2,878
Deferred rent	6,515		5,977
Retirement benefits	1,441		1,544
Other non-current liabilities	5,501		1,895
Non-current liabilities	$	17,655	$	12,870

Summary of Other Income, net

Other Income, net

Other Income, net consists of the following:



	Year ended December 31,
	2015			2014			2013
Interest and dividend income	$	6,806		$	3,709		$	3,169
Interest expense	(1,338		)	(369		)	(564		)
Other, net	221			263			(58		)
Other income, net	$	5,689		$	3,603		$	2,547

Segment Information (Tables)

12 Months Ended

Dec. 31, 2015

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

Revenues and cost of revenues for each of the years ended December 31, 2015, 2014 and 2013, for Operations Management and Analytics segments, respectively, are as follows:



	Year ended December 31, 2015						Year ended December 31, 2014
	Operations Management		Analytics		Total		Operations Management		Analytics		Total
	Operations Management		Analytics		Total		Operations Management		Analytics		Total
Revenues, net	$	506,341	$	122,151	$	628,492	$	433,663	$	65,615	$	499,278
Cost of revenues (exclusive of depreciation and amortization)	324,079		78,838		$	402,917	286,493		46,042		332,535
Gross profit	$	182,262	$	43,313	$	225,575	$	147,170	$	19,573	$	166,743
Operating expenses					158,232						132,703
Foreign exchange gain/(loss) and other income, net					8,433						3,598
Income tax expense					24,211						5,193
Net income					$	51,565					$	32,445



	Year ended December 31, 2013
	Operations Management		Analytics		Total
	Operations Management		Analytics		Total
Revenues, net	$	432,916	$	45,536	$	478,452
Cost of revenues (exclusive of depreciation and amortization)	260,241		30,701		290,942
Gross profit	$	172,675	$	14,835	$	187,510
Operating expenses					120,090
Foreign exchange gain/(loss) and other income, net					(2,443		)
Income tax expense					16,880
Net income					$	48,097

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results

Summarized quarterly results for the years ended December 31, 2015 and 2014 are as follows:



	Three months ended 2015
	March 31		June 30		September 30		December 31		Full Year
Revenues, net
Operations Management	$	123,853	$	125,048	$	128,043	$	129,397	$	506,341
Analytics	19,657		30,573		35,460		36,461		122,151
Total Revenues, net	$	143,510	$	155,621	$	163,503	$	165,858	$	628,492
Gross profit
Operations Management	$	44,124	$	44,239	$	46,566	$	47,333	$	182,262
Analytics	6,261		10,904		13,739		12,409		43,313
Total Gross profit	$	50,385	$	55,143	$	60,305	$	59,742	$	225,575

Net income	$	9,567	$	12,074	$	15,162	$	14,762	$	51,565
Earnings Per Share:
Basic	$	0.29	$	0.36	$	0.46	$	0.44	$	1.55
Diluted	$	0.28	$	0.35	$	0.44	$	0.43	$	1.51
Weighted-average number of shares used in computing earnings per share:
Basic	33,236,259		33,417,079		33,307,312		33,231,716		33,298,104
Diluted	34,051,971		34,207,973		34,180,635		34,272,731		34,178,340
Note:
Stock compensation expense	$	4,255	$	3,553	$	4,471	$	3,768	$	16,047
Amortization of intangibles	$	2,059	$	2,808	$	2,642	$	2,717	$	10,226
	Three months ended 2014
	March 31		June 30		September 30		December 31		Full Year
Revenues, net
Operations Management	$	108,246	$	104,614	$	104,511	$	116,292	$	433,663
Analytics	13,551		15,124		17,946		18,994		65,615
Total Revenues, net	$	121,797	$	119,738	$	122,457	$	135,286	$	499,278
Gross profit
Operations Management	$	42,293	$	34,151	$	32,651	$	38,075	$	147,170
Analytics	4,582		4,328		4,823		5,840		19,573
Gross profit	$	46,875	$	38,479	$	37,474	$	43,915	$	166,743

Net income	$	11,147	$	7,762	$	6,075	$	7,461	$	32,445
Earnings Per Share:
Basic	$	0.34	$	0.24	$	0.18	$	0.23	$	0.99
Diluted	$	0.33	$	0.23	$	0.18	$	0.22	$	0.96
Weighted-average number of shares used in computing earnings per share:
Basic	32,523,490		32,812,155		32,890,475		32,986,276		32,804,606
Diluted	33,428,544		33,673,669		33,676,665		33,761,462		33,636,593
Note:
Stock compensation expense	$	4,176	$	1,966	$	2,376	$	2,493	$	11,011
Amortization of intangibles	$	1,536	$	1,489	$	1,441	$	2,157	$	6,623

Business Combinations, Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Summary of Purchase Price Allocation for Acquisitions

During the three months ended December 31, 2015, the Company finalized its purchase price allocation for the acquisition, which is as follows:



	Amount
	(In thousands)
Net tangible assets	$	1,790
Identifiable intangible assets:
Customer Relationships	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.

Summary of Company's Goodwill

The following table sets forth details of the Company’s goodwill balance as of December 31, 2015:



	Operations Management			Analytics		Total
Balance at January 1, 2014	$	90,622		$	16,785	$	107,407
Goodwill arising from Blue Slate acquisition ⁽¹⁾	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 ⁽²⁾	(500		)	—		(500		)
Balance at December 31, 2014	$	122,814		$	16,785	$	139,599
Goodwill arising from RPM acquisition	—			33,155		33,155
Currency translation adjustments	(1,219		)	—		(1,219		)
Balance at December 31, 2015	$	121,595		$	49,940	$	171,535


(1)	Goodwill arising from the Company's acquisition of Blue Slate Solutions, LLC (“Blue Slate”) in 2014 was reclassified into Operations Management segment because of Company's change in segment reporting.


(2)	Relates to the sale of a business unit (acquired with the acquisition of Business Process Outsourcing Inc.). The net loss recognized from the sale of this business unit is $149 and is included under “other income, net” in the consolidated statements of income for the year ended December 31, 2014.

Summary of Company's Intangible Assets

Information regarding the Company’s intangible assets is set forth below:



	As of December 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	64,816	$	(24,215	)	$	40,601
Leasehold benefits	2,789		(2,109		)	680
Developed technology	12,234		(4,363		)	7,871
Non-compete agreements	2,045		(1,451		)	594
Trade names and trademarks	5,670		(2,683		)	2,987
	$	87,554	$	(34,821	)	$	52,733



	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

The Company had $900 of indefinite lived trade names and trademarks as of December 31, 2015 and 2014.



Estimated amortization of intangible assets during the year ending December 31,
2016	$	10,869
2017	$	10,792
2018	$	10,469
2019	$	9,707
2020	$	9,996

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

The assets and liabilities measured at fair value on recurring basis are summarized below:



As of December 31, 2015	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds	$	118,478	$	—	$	—	$	118,478
Derivative financial instruments	—		4,184		—		4,184
Total	$	118,478	$	4,184	$	—	$	122,662
Liabilities
Derivative financial instruments	$	—	$	2,358	$	—	$	2,358
Fair value of earn-out consideration	—		—		4,060		4,060
Total	$	—	$	2,358	$	4,060	$	6,418

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

Derivatives and Hedge Accounting (Tables)

12 Months Ended

Dec. 31, 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 consolidated financial statements:

Derivatives designated as hedging instruments:



	December 31, 2015		December 31, 2014
Other current assets:
Foreign currency exchange contracts	$	2,664	$	1,243
Other assets:
Foreign currency exchange contracts	$	1,175	$	3,193
Accrued expenses and other current liabilities:
Foreign currency exchange contracts	$	1,226	$	2,385
Other non current liabilities:
Foreign currency exchange contracts	$	1,132	$	576

Derivatives not designated as hedging instruments:



	December 31, 2015		December 31, 2014
Other current assets:
Foreign currency exchange contracts	$	345	$	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 consolidated statements of income for the years ended December 31, 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 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	$	(1,111	)	$	6,770	Foreign exchange gain/(loss)	$	(1,117	)	$	(7,140	)	Foreign exchange gain/(loss)	$	—	$	—



Derivatives not designated as Hedging Instruments		Amount of Gain/(Loss) Recognized in Income on Derivatives
Derivatives not designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivatives	2015		2014
Foreign exchange contracts	Foreign exchange gain/(loss)	$	862	$	3,685

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets consist of the following:



	December 31, 2015			December 31, 2014
Owned Assets:
Network equipment, computers and software	$	95,245		$	83,140
Leasehold improvements	28,603			26,416
Office furniture and equipment	14,000			12,218
Capital work in progress	3,140			3,029
Buildings	1,202			1,262
Land	787			826
Motor vehicles	540			542
	143,517			127,433
Less: Accumulated depreciation and amortization	(96,079		)	(82,947		)
	$	47,438		$	44,486
Assets under capital leases:
Leasehold improvements	$	877		$	961
Office furniture and equipment	136			219
Motor vehicles	806			848
	1,819			2,028
Less: Accumulated depreciation and amortization	(1,266		)	(1,145		)
	$	553		$	883
Fixed assets, net	$	47,991		$	45,369

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Summary of Change in Projected Benefit Obligation

The following table sets forth the activity and the funded status of the Gratuity Plans and the amounts recognized in the Company’s consolidated financial statements at the end of the relevant periods:



	December 31,
	2015			2014
Change in projected benefit obligation:
Benefit obligation at the beginning of the year	$	7,563		$	6,567
Service cost	1,638			1,523
Interest cost	550			559
Benefits paid	(851		)	(749		)
Actuarial (gain)/loss	(609		)	161
Divestiture	—			(350		)
Effect of exchange rate changes	(382		)	(148		)

Projected benefit obligation at the end of the year	$	7,909		$	7,563
Unfunded amount–non-current	$	1,441		$	1,544
Unfunded amount–current	1,545			1,267
Total accrued liability	$	2,986		$	2,811

Accumulated benefit obligation	$	5,537		$	5,034

Net Gratuity Cost

Net gratuity cost includes the following components:



	Year ended December 31,
	2015			2014			2013
Service cost	$	1,638		$	1,523		$	1,341
Interest cost	550			559			444
Expected return on plan assets	(385		)	(172		)	(164		)
Actuarial loss	211			149			139
Net gratuity cost	$	2,014		$	2,059		$	1,760

Summary of Components Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss that have not been recognized as components of net gratuity cost in the statement of income as of December 31, 2015 and 2014 is as follows:



	December 31,
	2015		2014
Net actuarial loss	$	77	$	819
Net prior service cost	9		9
Accumulated other comprehensive loss, net of tax	$	86	$	828

Summary of Weighted Average Actuarial Assumptions

The weighted average actuarial assumptions used to determine benefit obligations and net periodic gratuity cost are:



	December 31,
	2015		2014		2013
Discount rate	7.8	%	8.0	%	8.3	%
Rate of increase in compensation levels	8.4	%	8.2	%	8.2	%
Expected long term rate of return on plan assets per annum	9.0	%	9.0	%	9.0	%

Summary of Expected Benefit Payments



Expected benefit payments during the year ending December 31,
2016	$	2,129
2017	$	1,632
2018	$	1,291
2019	$	971
2020	$	736
2021 to 2025	$	2,000

Change in Plan Assets



Change in Plan Assets
Plan assets at January 1, 2014	$	2,156
Actual return	259
Employer contribution	2,567
Benefits paid*	(105		)
Effect of exchange rate changes	(125		)
Plan assets December 31, 2014	$	4,752
Actual return	355
Employer contribution	903
Benefits paid*	(851		)
Effect of exchange rate changes	(236		)
Plan assets December 31, 2015	$	4,923

Leases (Tables)

12 Months Ended

Dec. 31, 2015

Leases [Abstract]

Future Minimum Lease Payments under Capital Leases



Year ending December 31,
2016	$	444
2017	190
2018	89
2019	28
Total minimum lease payments	751
Less: amount representing interest	89
Present value of minimum lease payments	662
Less: current portion	384
Long term capital lease obligation	$	278

Future Minimum Lease Payments under Non-Cancelable Operating Lease Agreements Expiring After December 31, 2015



Year ending December 31,
2016	$	7,681
2017	4,782
2018	3,277
2019	2,249
2020	1,521
2021 and thereafter	1,298
	$	20,808

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Summary of Components of Income Before Income Taxes

The components of income before income taxes consist of the following:



	Year ended December 31,
	2015		2014			2013
Domestic	$	25,045	$	(4,785	)	$	24,056
Foreign	50,731		42,423			40,921
	$	75,776	$	37,638		$	64,977

Summary of Income Tax Provision/(Benefit) Relating to Continuing Operations

The income tax expense consists of the following:



	Year ended December 31,
	2015			2014			2013
Current provision/(benefit):
Domestic	$	9,951		$	(1,069	)	$	3,466
Foreign	12,022			6,186			10,930
	$	21,973		$	5,117		$	14,396
Deferred provision/(benefit):
Domestic	$	3,041		$	535		$	4,183
Foreign	(803		)	(459		)	(1,699		)
	$	2,238		$	76		$	2,484
Income tax expense	$	24,211		$	5,193		$	16,880

Summary of Effective Income Tax Rate Differs from Amount Computed by Applying U.S. Federal Statutory Income Tax Rate to Income Before Income Taxes

The effective income tax rate differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes approximately as follows:



	December 31,
	2015			2014			2013
Expected tax expense	$	26,521		$	12,797		$	22,742
Change in valuation allowance	19			64			—
Impact of tax holiday	(2,991		)	(3,208		)	(5,531		)
Foreign tax rate differential	(2,797		)	(3,327		)	(1,412		)
Deferred tax (benefit)/provision	(803		)	(459		)	(433		)
Unrecognized tax benefits and interest	324			(1,846		)	2,399
State taxes, net of Federal taxes	1,327			593			601
Non-deductible expenses	26			15			310
Prior year tax expense/(benefit)	2,450			—			(875		)
Other	135			564			(921		)
Tax expense	$	24,211		$	5,193		$	16,880

Summary of Components of Deferred Tax Balances

The components of the deferred tax balances as of December 31, 2015 and 2014 are as follows:



	December 31,
	2015			2014
Deferred tax assets:
Tax credit carry forward	$	5,164		$	4,442
Depreciation and amortization	3,777			4,371
Share-based compensation	8,099			5,595
Accrued employee costs and other expenses	3,079			2,715
Net operating loss carry forwards	3,746			9,889
Unrealized exchange loss	1,136			859
Deferred rent	1,292			1,268
Others	62			670
	$	26,355		$	29,809
Valuation allowance	(595		)	(729		)
Deferred tax assets	$	25,760		$	29,080
Deferred tax liabilities:
Unrealized exchange gain	$	848		$	667
Intangible assets	11,163			11,973
Deferred tax liabilities:	$	12,011		$	12,640
Net deferred tax assets	$	13,749		$	16,440

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 December 31, 2015



Balance as of January 1, 2015	$	2,761
Increases related to prior year tax positions*	1,937
Decreases related to prior year tax positions*	(1,818		)
Increases related to current year tax positions	—
Decreases related to current year tax positions	—
Effect of exchange rate changes	(83		)
Balance as of December 31, 2015	$	2,797

* Unrecognized tax benefits of $1,818 related to immaterial errors related to prior years which were recorded and regularized during the year ended December 31, 2015.

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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



	Year ended December 31,
	2015		2014		2013
Cost of revenue	$	2,895	$	2,290	$	2,413
General and administrative expenses	6,077		4,350		5,077
Selling and marketing expenses	7,075		4,371		4,342
Total	$	16,047	$	11,011	$	11,832

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, 2012	2,454,634		$	15.30
Granted	14,301		26.76
Exercised	(485,141	)	11.32
Forfeited	(27,279	)	24.13
Outstanding at December 31, 2013	1,956,515		$	16.25
Granted	9,794		27.62
Exercised	(440,380	)	14.67
Forfeited	(92,750	)	25.20
Outstanding at December 31, 2014	1,433,179		$	16.23
Granted	—		—
Exercised	(216,980	)	15.55
Forfeited	(6,058	)	24.77
Outstanding at December 31, 2015	1,210,141		$	16.31	$	34,638	3.50
Vested and exercisable at December 31, 2015	1,135,278		$	15.75	$	33,130	3.33

Company's Stock Options Outstanding and Stock Options Vested and Exercisable

The following table summarizes the status of the Company’s stock options outstanding and stock options vested and exercisable at December 31, 2015:



	Options Outstanding			Options Vested and Exercisable
Range of Exercise Prices	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
$8.00 to $15.00	546,543	$	10.06	546,543	$	10.06
$15.01 to $21.00	322,661	18.33		322,661	18.33
$21.01 to $28.00	340,937	24.41		266,074	24.30
Total	1,210,141	$	16.31	1,135,278	$	15.75

Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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, 2012	5,207		$	17.58	1,025,911		$	21.36
Granted	—		—		522,130		29.37
Vested	(4,807	)	17.56		(300,316	)	20.35
Forfeited	(400	)	17.72		(103,283	)	25.04
Outstanding at December 31, 2013	—		$	—	1,144,442		$	24.95
Granted	46,950		29.29		634,054		26.26
Vested	—		—		(436,660	)	22.04
Forfeited	—		—		(152,145	)	26.28
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		(348,086	)	25.24
Forfeited	(5,296	)	29.29		(84,478	)	27.89
Outstanding at December 31, 2015*	129,638		$	35.53	1,228,287		$	30.06

Performance Based Stock Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted Stock Activity Under Company's Stock Plans

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



	Revenue Based PRSUs				Market Condition Based PRSUs
	Number		Weighted Avg Fair Value		Number		Weighted Avg Fair Value
Outstanding at December 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 December 31, 2015	107,213		$	30.88	207,212		$	38.80

Geographical Information (Tables)

12 Months Ended

Dec. 31, 2015

Revenues Based on Geographical Information

The Company attributes the revenues to regions based upon location of its customers.



	Year ended December 31,
	2015		2014		2013
Revenues, net
United States	$	496,418	$	368,870	$	353,274
United Kingdom	108,868		101,789		92,601
Rest of World	23,206		28,619		32,577
	$	628,492	$	499,278	$	478,452

Fixed Assets, Net Based on Geographical Information



	December 31, 2015		December 31, 2014
Fixed assets, net
India	$	23,415	$	24,186
United States	10,680		8,293
Philippines	11,285		12,391
Rest of World	2,611		499
	$	47,991	$	45,369

Summary of Significant Accounting Policies - Use of Estimates Additional Information (Details) - Service Life $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares
Change in Accounting Estimate [Line Items]
Change in accounting estimate, effect on depreciation and amortization	$ (1,690)
Change in accounting estimate, effect on net income	$ 1,016
Change in accounting estimate, increase (decrease) in earning per share basic and diluted (in dollars per share) \| $ / shares	$ 0.03

Summary of Significant Accounting Policies - Summary of Revenues and Reimbursements Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Reduction in revenues related to reimbursement of transition related costs		$ 26,347
Revenues and reimbursements	$ 18,848	$ 19,606	$ 18,621

Summary of Significant Accounting Policies - Investments Additional Information (Details)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
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.

Summary of Significant Accounting Policies - Accounts Receivable Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 154	$ 120
Unbilled accounts receivable	$ 29,589	$ 16,735

Summary of Significant Accounting Policies - Summary of Estimated Lives Used in Determining Depreciation (Detail)	12 Months Ended
	Dec. 31, 2015
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life of intangible assets (in years)	30 years
Minimum \| Network equipment, computers and software
Property, Plant and Equipment [Line Items]
Estimated useful life of intangible assets (in years)	3 years
Minimum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life of intangible assets (in years)	3 years
Minimum \| Office furniture and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life of intangible assets (in years)	3 years
Minimum \| Motor vehicles
Property, Plant and Equipment [Line Items]
Estimated useful life of intangible assets (in years)	2 years
Maximum \| Network equipment, computers and software
Property, Plant and Equipment [Line Items]
Estimated useful life of intangible assets (in years)	5 years
Maximum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life of intangible assets (in years)	8 years
Maximum \| Office furniture and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life of intangible assets (in years)	8 years
Maximum \| Motor vehicles
Property, Plant and Equipment [Line Items]
Estimated useful life of intangible assets (in years)	5 years

Summary of Significant Accounting Policies - Summary of Lived Intangible Assets Amortized over their Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2015
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (in years)	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (in years)	15 years
Leasehold benefits \| Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (in years)	3 years
Leasehold benefits \| Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (in years)	8 years
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (in years)	5 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (in years)	10 years
Non-compete agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (in years)	1 year
Non-compete agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (in years)	2 years
Trade names and trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (in years)	3 years
Trade names and trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets (in years)	5 years

Summary of Significant Accounting Policies - Share-Based Compensation Additional Information (Details)	12 Months Ended
	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Revenue Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares an employee can earn (as a percent)	200.00%
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage (as a percent)	100.00%
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan) \| Revenue Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage (as a percent)	50.00%
Vesting period (in years)	3 years
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan) \| Market Condition Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage (as a percent)	50.00%
Vesting period (in years)	3 years
Maximum \| Revenue Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares an employee can earn (as a percent)	200.00%
Maximum \| Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan) \| Market Condition Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares an employee can earn (as a percent)	200.00%

Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerators:
Net income	$ 14,762	$ 15,162	$ 12,074	$ 9,567	$ 7,461	$ 6,075	$ 7,762	$ 11,147	$ 51,565	$ 32,445	$ 48,097
Denominators:
Basic weighted average common shares outstanding (in shares)	33,231,716	33,307,312	33,417,079	33,236,259	32,986,276	32,890,475	32,812,155	32,523,490	33,298,104	32,804,606	32,750,178
Dilutive effect of share based awards (in shares)									880,236	831,987	1,092,760
Diluted weighted average common shares outstanding (in shares)	34,272,731	34,180,635	34,207,973	34,051,971	33,761,462	33,676,665	33,673,669	33,428,544	34,178,340	33,636,593	33,842,938
Earnings Per Share:
Basic (in dollars per share)	$ 0.44	$ 0.46	$ 0.36	$ 0.29	$ 0.23	$ 0.18	$ 0.24	$ 0.34	$ 1.55	$ 0.99	$ 1.47
Diluted (in dollars per share)	$ 0.43	$ 0.44	$ 0.35	$ 0.28	$ 0.22	$ 0.18	$ 0.23	$ 0.33	$ 1.51	$ 0.96	$ 1.42
Weighted average common shares considered anti-dilutive in computing diluted earnings per share (in shares)									73,896	114,395	268,219

Summary of Significant Accounting Policies - Summary of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Cumulative currency translation adjustments	$ (68,063)	$ (55,553)
Unrealized gain on cash flow hedges, net of taxes of $662 and $603	824	872
Retirement benefits, net of taxes of ($201) and ($277)	(86)	(828)
Accumulated other comprehensive loss	(67,325)	(55,509)
Unrealized gain / (loss) on cash flow hedges, taxes	662	603
Retirement benefits, taxes	$ (201)	$ (277)