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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 new reportable segments are as follows:


•	Operations Management


•	Analytics

The Company has restated the segment information for the all prior periods 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 and 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 the three months ended March 31, 2016 and 2015 for Operations Management and Analytics segments, respectively, are as follows:



	Three Months Ended March 31, 2016						Three Months Ended March 31, 2015
	Operations Management		Analytics		Total		Operations Management		Analytics		Total
	Operations Management		Analytics		Total		Operations Management		Analytics		Total
Revenues, net	$	128,070	$	38,966	$	167,036	$	123,853	$	19,657	$	143,510
Cost of revenues (exclusive of depreciation and amortization)	83,608		24,771		108,379		79,729		13,396		93,125
Gross profit	$	44,462	$	14,195	$	58,657	$	44,124	$	6,261	$	50,385
Operating expenses					42,205						36,917
Foreign exchange gain and other income, net					3,263						2,312
Income tax expense					5,895						6,213
Net income					$	13,820					$	9,567

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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Goodwill and Intangible Assets

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Goodwill

The following table sets forth details of the Company’s goodwill balance as of March 31, 2016:



	Operations Management			Analytics		Total
Balance at January 1, 2015	$	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
Currency translation adjustments	(37		)	—		(37		)
Balance at March 31, 2016	$	121,558		$	49,940	$	171,498

Intangible Assets

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



	As of March 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	64,815	$	(26,193	)	$	38,622
Developed technology	12,234		(4,866		)	7,368
Trade names and trademarks	5,670		(2,828		)	2,842
Leasehold benefits	2,785		(2,157		)	628
Non-compete agreements	2,045		(1,492		)	553
	$	87,549	$	(37,536	)	$	50,013



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

Amortization expense for the three months ended March 31, 2016 and 2015 was $2,715 and $2,059, respectively. The remaining weighted average life of intangible assets was 6.2 years for customer relationships, 3.2 years for leasehold benefits, 4.5 years for developed technology, 3.3 years for non-compete agreements and 6.0 years for trade names and trademarks excluding indefinite life trade names and trademarks. The Company has $900 of indefinite lived trade names and trademarks as of March 31, 2016 and December 31, 2015.



Estimated amortization of intangible assets during the year ending March 31,
2017	$	10,866
2018	$	10,731
2019	$	10,416
2020	$	8,354
2021	$	8,746

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

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were accounted for at fair value as of March 31, 2016 and December 31, 2015. The table excludes accounts receivable, accounts payable and accrued expenses for which fair values approximate their carrying amounts.



As of March 31, 2016	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds*	$	102,686	$	—	$	—	$	102,686
Derivative financial instruments	—		5,003		—		5,003
Total	$	102,686	$	5,003	$	—	$	107,689
Liabilities
Derivative financial instruments	$	—	$	981	$	—	$	981
Fair value of earn-out consideration	—		—		3,810		3,810
Total	$	—	$	981	$	3,810	$	4,791

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

* Includes short-term investments carried on fair value option under ASC 825 of $82,536 as of March 31, 2016.

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

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 March 2015 acquisition of RPM Direct, LLC and RPM Data Solutions, LLC (together "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. As of March 31, 2016 and December 31, 2015, the Company estimated the fair value of the earn out consideration to be $3,810 and $4,060, respectively, 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.

Derivatives and Hedge Accounting

3 Months Ended

Mar. 31, 2016

Derivatives and Hedge Accounting

The Company uses derivative instruments and hedging transactions to mitigate exposure to foreign currency fluctuation risks associated with forecasted transactions denominated in certain foreign currencies and to minimize earnings and cash flow volatility associated with changes in foreign currency exchange rates. The Company’s derivative financial instruments are largely forward foreign exchange contracts that are designated effective and that qualify as cash flow hedges under ASC 815. The Company had outstanding cash flow hedges totaling $218,365 as of March 31, 2016 and $230,894 as of December 31, 2015. The fair value of these cash flow hedges is included in the other comprehensive loss on the Company's unaudited 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 $59,290 and GBP 14,147 as of March 31, 2016 and amounted to $61,641 and GBP 13,256 as of December 31, 2015.

The Company estimates that approximately $3,257 of net derivative gains included in accumulated other comprehensive loss (“AOCI”) could be reclassified into earnings within the next twelve months based on exchange rates prevailing as of March 31, 2016. At March 31, 2016, 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 that were reclassified from AOCI into earnings during the three months ended March 31, 2016 and 2015.

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

Derivatives designated as hedging instruments:



	March 31, 2016		December 31, 2015
Other current assets:
Foreign currency exchange contracts	$	3,670	$	2,664
Other assets:
Foreign currency exchange contracts	$	1,172	$	1,175
Accrued expenses and other current liabilities:
Foreign currency exchange contracts	$	413	$	1,226
Other non current liabilities:
Foreign currency exchange contracts	$	568	$	1,132

Derivatives not designated as hedging instruments:



	March 31, 2016		December 31, 2015
Other current assets:
Foreign currency exchange contracts	$	161	$	345

The following tables set forth the effect of foreign currency exchange contracts on the unaudited consolidated statements of income for the three months ended March 31, 2016 and 2015:



Derivatives in Cash Flow Hedging Relationships	Amount of Gain/(Loss) Recognized in AOCI on Derivative (Effective Portion)				Location of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)					Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	2016		2015			2016		2015				2016		2015
Foreign exchange contracts	$	2,437	$	2,259	Foreign exchange gain/(loss)	$	57	$	(309	)	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	2016		2015
Foreign exchange contracts	Foreign exchange gain/(loss)	$	1,729	$	2,096

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.

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Property, Plant and Equipment [Abstract]

Fixed Assets

3 Months Ended

Mar. 31, 2016

Fixed Assets

Fixed assets consist of the following:



	March 31, 2016			December 31, 2015
Owned Assets:
Network equipment, computers and software	$	98,600		$	95,245
Leasehold improvements	29,037			28,603
Office furniture and equipment	14,283			14,000
Capital work in progress	4,166			3,140
Buildings	1,200			1,202
Land	786			787
Motor vehicles	567			540
	148,639			143,517
Less: Accumulated depreciation and amortization	(101,583		)	(96,079		)
	$	47,056		$	47,438
Assets under capital leases:
Leasehold improvements	$	874		$	877
Office furniture and equipment	134			136
Motor vehicles	813			806
	1,821			1,819
Less: Accumulated depreciation and amortization	(1,337		)	(1,266		)
	$	484		$	553
Fixed assets, net	$	47,540		$	47,991

Depreciation and amortization expense excluding amortization of acquisition-related intangibles for the three months ended March 31, 2016 and 2015 was $5,418, and $4,994, 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	3 Months Ended
Capital Structure	Mar. 31, 2016
Equity [Abstract]
Capital Structure	Capital Structure Common Stock The Company has one class of common stock outstanding. During the three months ended March 31, 2016 and 2015, the Company acquired 14,548 and 12,866 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 $652 and $397, respectively. The weighted average purchase price of $44.83 and $30.83, respectively, was the average of the high and low price of a share of the Company’s 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. During the three months ended March 31, 2016, the Company purchased 138,638 shares of its common stock for an aggregate purchase price of approximately $6,202 including commissions, representing an average purchase price per share of $44.74 under the 2014 Repurchase program. There were no such shares of common stock purchased during the three months ended March 31, 2015. 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 10
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-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: 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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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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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	3 Months Ended
Borrowings	Mar. 31, 2016
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 provided 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 Facility may be used for working capital, general corporate purposes and for acquisitions. The Company has an outstanding debt of $65,000 and $70,000 as of March 31, 2016 and December 31, 2015, respectively, of which $10,000 is expected to be repaid within next twelve months and is included under “short-term borrowings” in the unaudited consolidated balance sheets. The Credit Facility carried an effective interest rate of 1.90% per annum and 1.56% per annum, respectively during the three months ended March 31, 2016 and 2015. In connection with the financing, the Company incurred certain debt issuance costs, which are deferred and amortized as an adjustment to interest expense over the term of the Credit Facility. The unamortized debt issuance costs as of March 31, 2016 and December 31, 2015 was $344 and $368, respectively and is included under "other current assets" and "other assets" in the unaudited consolidated balance sheets. The obligations under the Credit Agreement are secured by all or substantially all of the assets of the Company and its material domestic subsidiaries. The Credit Agreement contains certain covenants including a restriction on indebtedness of the Company. As of March 31, 2016, the Company was in compliance with all covenants.

Employee Benefit Plans

3 Months Ended

Mar. 31, 2016

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.

Net gratuity cost includes the following components:



	Three months ended March 31,
	2016			2015
Service cost	$	400		$	423
Interest cost	149			142
Expected return on plan assets	(104		)	(100		)
Actuarial loss	22			55
Net gratuity cost	$	467		$	520

The 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. The Company earned a return of approximately 9.0% on these Gratuity Plans for the year ended March 31, 2016.



Change in Plan Assets
Plan assets at January 1, 2016	$	4,923
Actual return	109
Benefits paid	(253		)
Effect of exchange rate changes	(10		)
Plan assets at March 31, 2016	$	4,769

The Company maintains the Exl Service 401(k) Plan (the “401(k) Plan”) under Section 401(k) of the Internal Revenue Code of 1986 (the “Code”), covering all eligible employees, as defined. The Company may make discretionary contributions of up to a maximum of 3% of employee compensation within certain limits. The Company has made provisions for contributions to the 401(k) Plan amounting to $932 and $768 during the three months ended March 31, 2016 and 2015, respectively.

During the three months ended March 31, 2016 and 2015, the Company contributed $1,466 and $1,465, respectively for various defined contribution plans on behalf of its employees in India, the Philippines, Romania, Bulgaria, Colombia and the Czech Republic.

Leases

3 Months Ended

Mar. 31, 2016

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 March 31, 2016 are as follows:



Year ending March 31,
2017	$	358
2018	168
2019	83
2020	41
Total minimum lease payments	650
Less: amount representing interest	86
Present value of minimum lease payments	564
Less: current portion	286
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 March 31, 2016 are set forth below:



Year ending March 31,
2017	$	7,729
2018	5,642
2019	4,506
2020	3,303
2021	1,986
2022 and thereafter	1,101
	$	24,267

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 $5,148 and $4,985 for the three months ended March 31, 2016 and 2015, respectively. Deferred rent as of March 31, 2016 and December 31, 2015 was $7,419 and $7,066, respectively, and is included under “Accrued expenses and other current liabilities” and “Non-current liabilities” in the consolidated balance sheets.

Income Taxes

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

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

The Company recorded income tax expense of $5,895 and $6,213 for the three months ended March 31, 2016 and 2015, respectively. The effective tax rate decreased from 39.4% during the three months ended March 31, 2015 to 29.9% during the three months ended March 31, 2016. The decrease was the result of a higher income tax expense during the three months ended March 31, 2015, primarily due to income tax expense of $1,818 related to immaterial errors for prior years. This decrease is partially offset by lower tax holiday benefits and an increase in the corporate tax rate applicable to certain foreign subsidiaries of the Company during the three months ended March 31, 2016 compared to the three months ended March 31, 2015.

The following table summarizes the activity related to the gross unrecognized tax benefits from January 1, 2016 through March 31, 2016:



Balance as of January 1, 2016	$	2,797
Increases related to prior year tax positions	—
Decreases related to prior year tax positions	—
Increases related to current year tax positions	—
Decreases related to current year tax positions	—
Effect of exchange rate changes	(4		)
Balance as of March 31, 2016	$	2,793

The unrecognized tax benefits as of March 31, 2016 of $2,793, if recognized, would impact the effective tax rate.

During the three months ended March 31, 2016 and 2015, the Company has recognized interest of $50 and $99, respectively, which are included in the income tax expense in the unaudited consolidated statements of income. As of March 31, 2016 and December 31, 2015, the Company has accrued approximately $1,319 and $1,269, respectively in interest relating to unrecognized tax benefits.

Stock Based Compensation

3 Months Ended

Mar. 31, 2016

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

Stock Based Compensation

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



	Three months ended March 31,
	2016		2015
Cost of revenue	$	1,265	$	1,103
General and administrative expenses	2,372		1,483
Selling and marketing expenses	2,172		1,669
Total	$	5,809	$	4,255

As of March 31, 2016, the Company had 1,968,977 shares available for grant under the 2015 Amendment and Restatement of the 2006 Omnibus Award Plan.

Stock Options

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



	Number of Options		Weighted- Average Exercise Price		Aggregate Intrinsic Value	Weighted- Average Remaining Contractual Life (Years)
Outstanding at December 31, 2015	1,210,141		$	16.31	34,638	3.50
Granted	—		—
Exercised	(163,788	)	12.27
Forfeited	—		—
Outstanding at March 31, 2016	1,046,353		$	16.94	36,477	3.68
Vested and exercisable at March 31, 2016	1,046,353		$	16.94	36,477	3.68

The unrecognized compensation cost for unvested options as of March 31, 2016 is nil. The Company did not grant any options during the three months ended March 31, 2016 and 2015. The total grant date fair value of options vested during the three months ended March 31, 2016 and 2015 was $706 and $1,126, respectively.

Restricted Stock and Restricted Stock Units

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



	Restricted Stock				Restricted Stock Units
	Number		Weighted- Average Intrinsic Value		Number		Weighted- Average Intrinsic Value
Outstanding at December 31, 2015*	129,638		$	35.53	1,228,287		$	30.06
Granted	—		—		377,294		48.54
Vested	(12,212	)	35.91		(300,821	)	28.31
Forfeited	—		—		(28,344	)	27.61
Outstanding at March 31, 2016*	117,426		$	35.49	1,276,416		$	35.98

* As of March 31, 2016 and December 31, 2015 restricted stock units vested for which the underlying common stock is yet to be issued are 154,973 and 149,364, respectively.

As of March 31, 2016, unrecognized compensation cost of $43,496 is expected to be expensed over a weighted average period of 3.01 years.

Performance Based Stock Awards

Performance restricted stock unit (the "PRSU's") 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, 2015	107,213		$	30.88	207,212		$	38.80
Granted	59,861		48.57		59,859		67.94
Vested	—		—		—		—
Forfeited	(3,750	)	34.75		(3,750	)	54.63
Outstanding at March 31, 2016	163,324		$	37.28	263,321		$	45.20

As of March 31, 2016, unrecognized compensation cost of $13,326 is expected to be expensed over a weighted average period of 2.18 years.

Geographical Information

3 Months Ended

Mar. 31, 2016

Schedule of Other Current Assets

Geographical Information

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



	Three months ended March 31,
	2016		2015
Revenues, net
United States	$	134,074	$	111,865
United Kingdom	27,428		25,835
Rest of World	5,534		5,810
	$	167,036	$	143,510



	March 31, 2016		December 31, 2015
Fixed assets, net
India	$	23,511	$	23,415
United States	9,806		10,680
Philippines	11,461		11,285
Rest of World	2,762		2,611
	$	47,540	$	47,991

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Fixed Asset Commitments At March 31, 2016, the Company has committed to spend approximately $6,510 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 ExlService Philippines, Inc. 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 Indian tax authorities from the Company related to its transfer pricing issues for years ranging from tax years 2003 to 2013 and its permanent establishment issues ranging from tax years 2003 to 2007 as of March 31, 2016 and December 31, 2015 is $20,835 and $21,360, respectively, of which the Company has made payments or provided bank guarantee to the extent $14,342 and $14,668, respectively. Amounts paid as deposits in respect of such assessments aggregating to $12,342 and $12,665 as of March 31, 2016 and December 31, 2015, respectively, are included in “Other assets” and amounts deposited for bank guarantees aggregating to $2,000 and $2,003 as of March 31, 2016 and December 31, 2015, respectively, are included in “Restricted cash” in the non-current assets section of the Company’s consolidated balance sheets as of March 31, 2016 and December 31, 2015. 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)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Preparation	The unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The unaudited interim consolidated financial statements reflect all adjustments (of a normal and recurring nature) that management considers necessary for a fair presentation of such statements for the interim periods presented. The unaudited consolidated statements of income for the interim periods presented are not necessarily indicative of the results for the full year or for any subsequent period.
Principles of Consolidation	The accompanying unaudited consolidated financial statements include the financial statements of ExlService Holdings and all of its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of the unaudited consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the unaudited consolidated statements of income during the reporting period. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the financial statements include, but are not limited to, allowance for doubtful receivables, service tax receivables, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments, stock-based compensation expense, depreciation and amortization periods, purchase price allocation, recoverability of long-term assets including goodwill and intangibles, and estimates to complete the fixed price contracts.
Recent Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, “Revenue from Contracts with Customers”. The new standard is effective for reporting periods beginning after December 15, 2017 and early adoption is not permitted. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions of the Company. ASU No. 2014-09 is effective for the Company in the first quarter of fiscal 2018 using either one of two methods: (i) retrospectively to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU No. 2014-09; or (ii) retrospectively with the cumulative effect of initially applying ASU No. 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU No. 2014-09. The Company is currently evaluating the impact of adoption and the implementation approach to be used. In January 2016, FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities". This guidance makes targeted improvements to existing US GAAP for financial instruments, including requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; requiring entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset and requiring entities to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early adoption of the own credit provision is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). ASU No. 2016-02 requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelve month term, these arrangements must now be recognized as assets and liabilities on the balance sheet of the lessee. Under ASU No. 2016-02, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption of ASU No. 2016-02 must be calculated using the applicable incremental borrowing rate at the date of adoption. In addition, ASU No. 2016-02 requires the use of the modified retrospective method, which will require adjustment to all comparative periods presented in the consolidated financial statements. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and the implementation approach to be used. In March 2016, FASB issued ASU No. 2016-05, Derivatives and Hedging: Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The new guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. An entity has the option to apply ASU No. 2016-05 on either a prospective basis or a modified retrospective basis. Early adoption is permitted. The adoption of ASU No. 2016-05 is not expected to have a material effect on the Company's consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” Among other things, the amendments in ASU No. 2016-07 eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). ASU No. 2016-08 clarifies the implementation guidance on principal versus agent considerations. The guidance includes indicators to assist an entity in determining whether it controls a specified good or service before it is transferred to the customers. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). ASU No. 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted but all of the guidance must be adopted in the same period. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Other current assets consists of the following:



	March 31, 2016		December 31, 2015
Derivative instruments	$	3,831	$	3,009
Advances to suppliers	1,534		1,545
Receivables from statutory authorities	9,372		8,676
Others	5,009		1,989
Other current assets	$	19,746	$	15,219

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following:



	March 31, 2016		December 31, 2015
Accrued expenses	$	25,264	$	26,238
Derivative instruments	413		1,226
Client liability account	2,972		2,217
Other current liabilities	9,252		4,569
Accrued expenses and other current liabilities	$	37,901	$	34,250

Summary of Non-current Liabilities

Non-current liabilities consists of the following:



	March 31, 2016		December 31, 2015
Derivative instruments	$	568	$	1,132
Unrecognized tax benefits	3,112		3,066
Deferred rent	6,864		6,515
Retirement benefits	1,472		1,441
Other non-current liabilities	1,549		5,501
Non-current liabilities	$	13,565	$	17,655

Schedule of Accumulated Other Comprehensive Income (Loss)

The balances as of March 31, 2016 and December 31, 2015 are as follows:



	December 31, 2015			December 31, 2015
Cumulative currency translation adjustments	$	(67,030	)	$	(68,063	)
Unrealized gain on cash flow hedges, net of taxes of $1,035 and $657	2,826			824
Retirement benefits, net of taxes of ($194) and ($201)	117			(86		)
Accumulated other comprehensive loss	$	(64,087	)	$	(67,325	)

Summary of Other Income, net

Other income, net consists of the following:



	Three months ended March 31,
	2016			2015
Interest and dividend income*	$	2,222		$	1,402
Interest expense	(385		)	(283		)
Change in fair value of earn-out consideration**	250			—
Other, net	707			59
Other income, net	$	2,794		$	1,178

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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



	Three months ended March 31,
	2016		2015
Numerators:
Net income	$	13,820	$	9,567
Denominators:
Basic weighted average common shares outstanding	33,380,028		33,236,259
Dilutive effect of share based awards	971,629		815,712
Diluted weighted average common shares outstanding	34,351,657		34,051,971
Earnings per share:
Basic	$	0.41	$	0.29
Diluted	$	0.40	$	0.28
Weighted average common shares considered anti-dilutive in computing diluted earnings per share	200,752		188,044

Segment Information (Tables)

3 Months Ended

Mar. 31, 2016

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

Revenues and cost of revenues for the three months ended March 31, 2016 and 2015 for Operations Management and Analytics segments, respectively, are as follows:



	Three Months Ended March 31, 2016						Three Months Ended March 31, 2015
	Operations Management		Analytics		Total		Operations Management		Analytics		Total
	Operations Management		Analytics		Total		Operations Management		Analytics		Total
Revenues, net	$	128,070	$	38,966	$	167,036	$	123,853	$	19,657	$	143,510
Cost of revenues (exclusive of depreciation and amortization)	83,608		24,771		108,379		79,729		13,396		93,125
Gross profit	$	44,462	$	14,195	$	58,657	$	44,124	$	6,261	$	50,385
Operating expenses					42,205						36,917
Foreign exchange gain and other income, net					3,263						2,312
Income tax expense					5,895						6,213
Net income					$	13,820					$	9,567

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2016

Business Combinations [Abstract]

Summary of Company's Goodwill

The following table sets forth details of the Company’s goodwill balance as of March 31, 2016:



	Operations Management			Analytics		Total
Balance at January 1, 2015	$	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
Currency translation adjustments	(37		)	—		(37		)
Balance at March 31, 2016	$	121,558		$	49,940	$	171,498

Summary of Company's Intangible Assets

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



	As of March 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	64,815	$	(26,193	)	$	38,622
Developed technology	12,234		(4,866		)	7,368
Trade names and trademarks	5,670		(2,828		)	2,842
Leasehold benefits	2,785		(2,157		)	628
Non-compete agreements	2,045		(1,492		)	553
	$	87,549	$	(37,536	)	$	50,013



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

Estimated Amortization of Intangible Assets

The Company has $900 of indefinite lived trade names and trademarks as of March 31, 2016 and December 31, 2015.



Estimated amortization of intangible assets during the year ending March 31,
2017	$	10,866
2018	$	10,731
2019	$	10,416
2020	$	8,354
2021	$	8,746

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value



As of March 31, 2016	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds*	$	102,686	$	—	$	—	$	102,686
Derivative financial instruments	—		5,003		—		5,003
Total	$	102,686	$	5,003	$	—	$	107,689
Liabilities
Derivative financial instruments	$	—	$	981	$	—	$	981
Fair value of earn-out consideration	—		—		3,810		3,810
Total	$	—	$	981	$	3,810	$	4,791

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

* Includes short-term investments carried on fair value option under ASC 825 of $82,536 as of March 31, 2016.

Derivatives and Hedge Accounting (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Foreign Currency Exchange Contracts

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

Derivatives designated as hedging instruments:



	March 31, 2016		December 31, 2015
Other current assets:
Foreign currency exchange contracts	$	3,670	$	2,664
Other assets:
Foreign currency exchange contracts	$	1,172	$	1,175
Accrued expenses and other current liabilities:
Foreign currency exchange contracts	$	413	$	1,226
Other non current liabilities:
Foreign currency exchange contracts	$	568	$	1,132

Derivatives not designated as hedging instruments:



	March 31, 2016		December 31, 2015
Other current assets:
Foreign currency exchange contracts	$	161	$	345

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

The following tables set forth the effect of foreign currency exchange contracts on the unaudited consolidated statements of income for the three months ended March 31, 2016 and 2015:



Derivatives in Cash Flow Hedging Relationships	Amount of Gain/(Loss) Recognized in AOCI on Derivative (Effective Portion)				Location of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)					Location of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	2016		2015			2016		2015				2016		2015
Foreign exchange contracts	$	2,437	$	2,259	Foreign exchange gain/(loss)	$	57	$	(309	)	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	2016		2015
Foreign exchange contracts	Foreign exchange gain/(loss)	$	1,729	$	2,096

Fixed Assets (Tables)

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets consist of the following:



	March 31, 2016			December 31, 2015
Owned Assets:
Network equipment, computers and software	$	98,600		$	95,245
Leasehold improvements	29,037			28,603
Office furniture and equipment	14,283			14,000
Capital work in progress	4,166			3,140
Buildings	1,200			1,202
Land	786			787
Motor vehicles	567			540
	148,639			143,517
Less: Accumulated depreciation and amortization	(101,583		)	(96,079		)
	$	47,056		$	47,438
Assets under capital leases:
Leasehold improvements	$	874		$	877
Office furniture and equipment	134			136
Motor vehicles	813			806
	1,821			1,819
Less: Accumulated depreciation and amortization	(1,337		)	(1,266		)
	$	484		$	553
Fixed assets, net	$	47,540		$	47,991

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Net Gratuity Cost

Net gratuity cost includes the following components:



	Three months ended March 31,
	2016			2015
Service cost	$	400		$	423
Interest cost	149			142
Expected return on plan assets	(104		)	(100		)
Actuarial loss	22			55
Net gratuity cost	$	467		$	520

Change in Plan Assets



Change in Plan Assets
Plan assets at January 1, 2016	$	4,923
Actual return	109
Benefits paid	(253		)
Effect of exchange rate changes	(10		)
Plan assets at March 31, 2016	$	4,769

Leases (Tables)

3 Months Ended

Mar. 31, 2016

Leases [Abstract]

Future Minimum Lease Payments under Capital Leases

Future minimum lease payments under these capital leases as of March 31, 2016 are as follows:



Year ending March 31,
2017	$	358
2018	168
2019	83
2020	41
Total minimum lease payments	650
Less: amount representing interest	86
Present value of minimum lease payments	564
Less: current portion	286
Long term capital lease obligation	$	278

Future Minimum Lease Payments under Non-Cancelable Operating Lease Agreements

Future minimum lease payments under non-cancelable agreements expiring after March 31, 2016 are set forth below:



Year ending March 31,
2017	$	7,729
2018	5,642
2019	4,506
2020	3,303
2021	1,986
2022 and thereafter	1,101
	$	24,267

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Summary of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to the gross unrecognized tax benefits from January 1, 2016 through March 31, 2016:



Balance as of January 1, 2016	$	2,797
Increases related to prior year tax positions	—
Decreases related to prior year tax positions	—
Increases related to current year tax positions	—
Decreases related to current year tax positions	—
Effect of exchange rate changes	(4		)
Balance as of March 31, 2016	$	2,793

Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

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 unaudited consolidated statements of income:



	Three months ended March 31,
	2016		2015
Cost of revenue	$	1,265	$	1,103
General and administrative expenses	2,372		1,483
Selling and marketing expenses	2,172		1,669
Total	$	5,809	$	4,255

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, 2015	1,210,141		$	16.31	34,638	3.50
Granted	—		—
Exercised	(163,788	)	12.27
Forfeited	—		—
Outstanding at March 31, 2016	1,046,353		$	16.94	36,477	3.68
Vested and exercisable at March 31, 2016	1,046,353		$	16.94	36,477	3.68

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, 2015*	129,638		$	35.53	1,228,287		$	30.06
Granted	—		—		377,294		48.54
Vested	(12,212	)	35.91		(300,821	)	28.31
Forfeited	—		—		(28,344	)	27.61
Outstanding at March 31, 2016*	117,426		$	35.49	1,276,416		$	35.98

* As of March 31, 2016 and December 31, 2015 restricted stock units vested for which the underlying common stock is yet to be issued are 154,973 and 149,364, respectively.

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 (the "PRSU's") 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, 2015	107,213		$	30.88	207,212		$	38.80
Granted	59,861		48.57		59,859		67.94
Vested	—		—		—		—
Forfeited	(3,750	)	34.75		(3,750	)	54.63
Outstanding at March 31, 2016	163,324		$	37.28	263,321		$	45.20

Geographical Information (Tables)

3 Months Ended

Mar. 31, 2016

Revenues Based on Geographical Information

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



	Three months ended March 31,
	2016		2015
Revenues, net
United States	$	134,074	$	111,865
United Kingdom	27,428		25,835
Rest of World	5,534		5,810
	$	167,036	$	143,510

Fixed Assets, Net Based on Geographical Information



	March 31, 2016		December 31, 2015
Fixed assets, net
India	$	23,511	$	23,415
United States	9,806		10,680
Philippines	11,461		11,285
Rest of World	2,762		2,611
	$	47,540	$	47,991

Organization and Basis of Presentation Organization and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2015 operating_segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments merged	2

Summary of Significant Accounting Policies - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Prepaid Expense and Other Assets, Current [Abstract]
Derivative instruments	$ 3,831	$ 3,009
Advances to suppliers	1,534	1,545
Receivables from statutory authorities	9,372	8,676
Others	5,009	1,989
Other Assets, Current	$ 19,746	$ 15,219

Summary of Significant Accounting Policies - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued expenses	$ 25,264	$ 26,238
Derivative instruments	413	1,226
Client liability account	2,972	2,217
Other current liabilities	9,252	4,569
Accrued expenses and other current liabilities	$ 37,901	$ 34,250

Summary of Significant Accounting Policies - Summary of Non-current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Derivative instruments	$ 568	$ 1,132
Unrecognized tax benefits	3,112	3,066
Deferred rent	6,864	6,515
Retirement benefits	1,472	1,441
Other non-current liabilities	1,549	5,501
Non-current liabilities	$ 13,565	$ 17,655

Summary of Significant Accounting Policies - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Cumulative currency translation adjustments	$ (67,030)	$ (68,063)
Unrealized gain on cash flow hedges, net of taxes of $1,035 and $657	2,826	824
Retirement benefits, net of taxes of ($194) and ($201)	117	(86)
Accumulated other comprehensive loss	(64,087)	(67,325)
Unrealized gain / (loss) on cash flow hedges, taxes	1,035	657
Retirement benefits, taxes	$ (194)	$ (201)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Summary of Significant Accounting Policies - Summary of Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Other Nonoperating Income (Expense) [Abstract]
Interest and dividend income	$ 2,222	$ 1,402
Interest expense	(385)	(283)
Change in fair value of earn-out consideration	250	0
Other, net	707	59
Other income, net	2,794	1,178
Unrealized gain on investments	1,525	$ 42
Fair value of earn-out consideration	$ 3,810		$ 4,060

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerators:
Net income	$ 13,820	$ 9,567
Denominators:
Basic weighted average common shares outstanding (in shares)	33,380,028	33,236,259
Dilutive effect of share based awards (in shares)	971,629	815,712
Diluted weighted average common shares outstanding (in shares)	34,351,657	34,051,971
Earnings Per Share:
Basic (in dollars per share)	$ 0.41	$ 0.29
Diluted (in dollars per share)	$ 0.40	$ 0.28
Weighted average common shares considered anti-dilutive in computing diluted earnings per share (in shares)	200,752	188,044

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2015 operating_segment
Segment Reporting [Abstract]
Number of operating segments merged	2

Segment Information - Revenues and Cost of Revenues for Company's Operations Management and Analytics and Business Transformation Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues and cost of revenues for Company's outsourcing services and transformation services segments [Line Items]
Revenues, net	$ 167,036	$ 143,510
Cost of revenues (exclusive of depreciation and amortization)	108,379	93,125
Gross profit	58,657	50,385
Operating expenses	42,205	36,917
Foreign exchange gain and other income, net	3,263	2,312
Income tax expense	5,895	6,213
Net income	13,820	9,567
Operations Management
Revenues and cost of revenues for Company's outsourcing services and transformation services segments [Line Items]
Revenues, net	128,070	123,853
Cost of revenues (exclusive of depreciation and amortization)	83,608	79,729
Gross profit	44,462	44,124
Analytics
Revenues and cost of revenues for Company's outsourcing services and transformation services segments [Line Items]
Revenues, net	38,966	19,657
Cost of revenues (exclusive of depreciation and amortization)	24,771	13,396
Gross profit	$ 14,195	$ 6,261

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 2,715	$ 2,059
Indefinite lived trade names and trademarks	$ 900		$ 900
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining amortization period (in years)	6 years 2 months 2 days
Leasehold benefits
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining amortization period (in years)	3 years 2 months 24 days
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining amortization period (in years)	4 years 6 months
Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining amortization period (in years)	3 years 3 months
Trade names and trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Remaining amortization period (in years)	6 years

Goodwill and Intangible Assets - Summary of Company's Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Beginning Balance	$ 171,535	$ 139,599
Currency translation adjustments	(37)	(1,219)
Ending Balance	171,498	171,535
RPM Direct LLC and RPM Data Solutions LLC
Goodwill [Roll Forward]
Goodwill arising from acquisition		33,155
Operations Management
Goodwill [Roll Forward]
Beginning Balance	121,595	122,814
Currency translation adjustments	(37)	(1,219)
Ending Balance	121,558	121,595
Operations Management \| RPM Direct LLC and RPM Data Solutions LLC
Goodwill [Roll Forward]
Goodwill arising from acquisition		0
Analytics
Goodwill [Roll Forward]
Beginning Balance	49,940	16,785
Ending Balance	$ 49,940	49,940
Analytics \| RPM Direct LLC and RPM Data Solutions LLC
Goodwill [Roll Forward]
Goodwill arising from acquisition		$ 33,155

Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 87,549	$ 87,554
Accumulated Amortization	(37,536)	(34,821)
Net Carrying Amount	50,013	52,733
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	64,815	64,816
Accumulated Amortization	(26,193)	(24,215)
Net Carrying Amount	38,622	40,601
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,234	12,234
Accumulated Amortization	(4,866)	(4,363)
Net Carrying Amount	7,368	7,871
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,670	5,670
Accumulated Amortization	(2,828)	(2,683)
Net Carrying Amount	2,842	2,987
Leasehold benefits
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,785	2,789
Accumulated Amortization	(2,157)	(2,109)
Net Carrying Amount	628	680
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,045	2,045
Accumulated Amortization	(1,492)	(1,451)
Net Carrying Amount	$ 553	$ 594

Goodwill and Intangible Assets - Estimated Amortization of Intangible Assets (Detail) $ in Thousands	Mar. 31, 2016 USD ($)
Business Combinations [Abstract]
2017	$ 10,866
2018	10,731
2019	10,416
2020	8,354
2021	$ 8,746

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Liabilities
Fair value of earn-out consideration	$ 3,810	$ 4,060
Investments carried at fair value	82,536
Recurring
Assets
Money market and mutual funds	102,686	118,478
Derivative financial instruments	5,003	4,184
Total	107,689	122,662
Liabilities
Derivative financial instruments	981	2,358
Fair value of earn-out consideration	3,810	4,060
Total	4,791	6,418
Recurring \| Level 1
Assets
Money market and mutual funds	102,686	118,478
Total	102,686	118,478
Recurring \| Level 2
Assets
Money market and mutual funds	0
Derivative financial instruments	5,003	4,184
Total	5,003	4,184
Liabilities
Derivative financial instruments	981	2,358
Total	981	2,358
Recurring \| Level 3
Assets
Money market and mutual funds	0
Liabilities
Derivative financial instruments	0	0
Fair value of earn-out consideration	3,810	4,060
Total	$ 3,810	$ 4,060

Derivatives and Hedge Accounting - Additional Information (Detail) £ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2016 GBP (£)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 GBP (£)
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative losses which could be reclassified into earnings within the next 12 months	$ 3,257
Maximum outstanding term of cash flow hedges (in months)	45 months
Gain/(losses) that reclassified from AOCI into earning for discontinued hedging transactions	$ 0	$ 0
Derivatives Designated as Hedging Instruments \| Derivatives in Cash Flow Hedging Relationships \| Foreign Currency Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	218,365			$ 230,894
Derivatives not Designated as Hedging Instruments \| Foreign Currency Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 59,290		£ 14,147	$ 61,641	£ 13,256

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Detail) - Foreign Currency Exchange Contracts - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivatives Designated as Hedging Instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	$ 3,670	$ 2,664
Derivatives Designated as Hedging Instruments \| Other assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	1,172	1,175
Derivatives Designated as Hedging Instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	413	1,226
Derivatives Designated as Hedging Instruments \| Other non current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	568	1,132
Derivatives not Designated as Hedging Instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	$ 161	$ 345

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income (Detail) - Foreign Currency Exchange Contracts - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivatives Designated as Hedging Instruments \| Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in AOCI on Derivative (Effective Portion)	$ 2,437	$ 2,259
Foreign exchange gain/(loss) \| Derivatives Designated as Hedging Instruments \| Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)	57	(309)
Amount of Gain/(Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	0	0
Foreign exchange gain/(loss) \| Derivatives not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivatives	$ 1,729	$ 2,096

Fixed Assets - Schedule of Fixed Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Owned Assets:
Owned Assets, Gross	$ 148,639	$ 143,517
Less: Accumulated depreciation and amortization	(101,583)	(96,079)
Owned Assets, net	47,056	47,438
Assets under capital leases:
Capital leased assets, gross	1,821	1,819
Less: Accumulated depreciation and amortization	(1,337)	(1,266)
Assets under capital leases, net	484	553
Fixed assets, net	47,540	47,991
Network equipment, computers and software
Owned Assets:
Owned Assets, Gross	98,600	95,245
Leasehold improvements
Owned Assets:
Owned Assets, Gross	29,037	28,603
Assets under capital leases:
Capital leased assets, gross	874	877
Office furniture and equipment
Owned Assets:
Owned Assets, Gross	14,283	14,000
Assets under capital leases:
Capital leased assets, gross	134	136
Capital work in progress
Owned Assets:
Owned Assets, Gross	4,166	3,140
Buildings
Owned Assets:
Owned Assets, Gross	1,200	1,202
Land
Owned Assets:
Owned Assets, Gross	786	787
Motor vehicles
Owned Assets:
Owned Assets, Gross	567	540
Assets under capital leases:
Capital leased assets, gross	$ 813	$ 806

Fixed Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 5,418	$ 4,994

Capital Structure - Additional Information (Detail)	3 Months Ended
Capital Structure - Additional Information (Detail)	Mar. 31, 2016 USD ($) ClassOfCommonStock $ / shares shares	Mar. 31, 2015 USD ($) $ / shares shares	Dec. 30, 2014 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of classes of common stock outstanding \| ClassOfCommonStock	1
Acquisition of restricted stock from employees in connection with withholding tax payments (in shares) \| shares	14,548	12,866
Withholding tax payments related to the vesting of restricted stock for total consideration	$ 652,000	$ 397,000
Weighted average purchase price per share prior to the vesting date (in dollars per share) \| $ / shares	$ 44.83	$ 30.83
2014 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors up to			$ 20,000,000
Stock repurchase program, period start (year)	2015
Stock repurchase program, period end (year)	2017
Common stock shares purchased under the repurchase program (in shares) \| shares	138,638	0
Common stock aggregate purchase price including commissions	$ 6,202,000
Common stock average purchase price per share (in dollars per share) \| $ / shares	$ 44.74

Borrowings - Additional Information (Detail) - USD ($)		3 Months Ended
Borrowings - Additional Information (Detail) - USD ($)	Oct. 24, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Feb. 23, 2015
Credit Facilities [Line Items]
Other short-term borrowings		$ 10,000,000		$ 10,000,000
Revolving Credit Facility
Credit Facilities [Line Items]
Revolving credit facility	$ 50,000,000	$ 65,000,000		70,000,000
Debt instrument, term (in years)	5 years
Option to increase additional credit facility	$ 50,000,000				$ 50,000,000
Credit facility expiration date		Oct. 24, 2019
Other short-term borrowings		$ 10,000,000
Line of credit interest rate during period (as a percent)		1.90%	1.56%
Unamortized debt issuance costs		$ 344,000		$ 368,000