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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Oct. 24, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	ExlService Holdings, Inc.
Entity Central Index Key	0001297989
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Trading Symbol	EXLS
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		33,942,974

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 87,665	$ 213,155
Short-term investments	161,702	13,491
Restricted cash	1,913	3,846
Accounts receivable, net	133,862	113,067
Prepaid expenses	6,958	7,855
Advance income tax, net	8,821	6,242
Other current assets	22,333	21,168
Total current assets	423,254	378,824
Property, plant and equipment, net	63,729	49,029
Restricted cash	3,710	3,393
Deferred taxes, net	16,118	14,799
Intangible assets, net	43,568	53,770
Goodwill	187,953	186,770
Other assets	30,672	19,943
Total assets	769,004	706,528
Current liabilities:
Accounts payable	3,834	3,288
Short-term borrowings	0	10,000
Deferred revenue	8,662	16,615
Accrued employee cost	49,385	50,832
Accrued expenses and other current liabilities	49,040	43,264
Current portion of capital lease obligations	168	232
Total current liabilities	111,089	124,231
Long term borrowings	45,000	35,000
Capital lease obligations, less current portion	315	300
Non-current liabilities	16,234	14,819
Total liabilities	172,638	174,350
Commitments and contingencies (See Note 21)
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued	0	0
Stockholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized, 36,525,692 shares issued and 33,804,962 shares outstanding as of September 30, 2017 and 35,699,819 shares issued and 33,628,109 shares outstanding as of December 31, 2016	37	36
Additional paid-in capital	311,691	284,646
Retained earnings	436,419	382,722
Accumulated other comprehensive loss	(59,290)	(75,057)
Total including shares held in treasury	688,857	592,347
Less: 2,720,730 shares as of September 30, 2017 and 2,071,710 shares as of December 31, 2016, held in treasury, at cost	(92,698)	(60,362)
Stockholders’ equity	596,159	531,985
Non-controlling interest	207	193
Total equity	596,366	532,178
Total liabilities and equity	$ 769,004	$ 706,528

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	36,525,692	35,699,819
Common stock, shares outstanding	33,804,962	33,628,109
Treasury stock (in shares)	2,720,730	2,071,710

Unaudited Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenues, net	$ 192,345	$ 171,200	$ 564,435	$ 508,714
Cost of revenues (exclusive of depreciation and amortization)	124,890	111,767	370,458	332,172
Gross profit	67,455	59,433	193,977	176,542
Operating expenses:
General and administrative expenses	26,870	21,854	75,809	63,620
Selling and marketing expenses	12,222	11,623	38,711	37,875
Depreciation and amortization	9,708	8,597	28,771	25,000
Total operating expenses	48,800	42,074	143,291	126,495
Income from operations	18,655	17,359	50,686	50,047
Foreign exchange gain, net	2,801	1,741	7,267	3,573
Interest expense	(482)	(295)	(1,379)	(1,023)
Other income, net	2,922	2,891	8,871	12,197
Income before income tax expense	23,896	21,696	65,445	64,794
Income tax expense	2,819	5,646	7,202	18,549
Net income	$ 21,077	$ 16,050	$ 58,243	$ 46,245
Earnings per share:
Basic (in dollars per share)	$ 0.62	$ 0.48	$ 1.72	$ 1.38
Diluted (in dollars per share)	$ 0.60	$ 0.46	$ 1.66	$ 1.34
Weighted-average number of shares used in computing earnings per share:
Basic (in shares)	33,838,374	33,624,401	33,834,392	33,542,258
Diluted (in shares)	35,043,987	34,675,485	35,048,672	34,512,815

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

3 Months Ended

9 Months Ended

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2017

Sep. 30, 2016

Statement of Comprehensive Income [Abstract]

Net income

$ 21,077

$ 16,050

$ 58,243

$ 46,245

Other comprehensive income:

Unrealized (loss)/gain on effective cash flow hedges, net of taxes ($162), $1,067, $2,874 and $1,094, respectively

(557)

2,540

5,900

3,066

Foreign currency translation adjustment

(3,030)

1,716

10,813

(2,652)

Retirement benefits, net of taxes nil, $4, nil and $24, respectively

104

409

Reclassification adjustments

Realized gain on cash flow hedges, net of taxes ($129), ($205), ($476) and ($386), respectively(1)

^[1]

(294)

(261)

(1,081)

(486)

Retirement benefits, net of taxes $30, $1, $77 and $3, respectively(2)

^[2]

135

Total other comprehensive income/(loss)

(3,839)

4,121

15,767

401

Total comprehensive income

$ 17,238

$ 20,171

$ 74,010

$ 46,646

[1]	These are reclassified to net income and are included in the foreign exchange gain in the unaudited consolidated statements of income. See Note 13 to the unaudited consolidated financial statements.
[2]	These are reclassified to net income and are included in the computation of net periodic pension costs in the unaudited consolidated statements of income. See Note 16 to the unaudited consolidated financial statements.

Unaudited Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Unrealized (loss)/gain on effective cash flow hedges, taxes	$ (162)	$ 1,067	$ 2,874	$ 1,094
Retirement benefits, taxes	0	4	0	24
Realized gain on cash flow hedges, taxes	(129)	(205)	(476)	(386)
Retirement benefits, taxes	$ 30	$ 1	$ 77	$ 3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 58,243	$ 46,245
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,771	25,000
Stock-based compensation expense	16,771	14,743
Unrealized gain on short term investments	(4,437)	(4,955)
Change in fair value of earn-out consideration	0	(4,060)
Unrealized foreign exchange loss/(gain)	446	(147)
Deferred income tax (benefit)/expense	(5,417)	4,424
Allowances for doubtful accounts	2,706	37
Others, net	12	(84)
Change in operating assets and liabilities:
Restricted cash	1,757	(464)
Accounts receivable	(22,064)	(16,559)
Prepaid expenses and other current assets	5,194	(587)
Accounts payable	371	(2,518)
Deferred revenue	(8,155)	(1,485)
Accrued employee costs	(915)	(3,812)
Accrued expenses and other liabilities	267	5,688
Advance income tax, net	(2,607)	(4,748)
Other assets	1,241	(676)
Net cash provided by operating activities	72,184	56,042
Cash flows from investing activities:
Purchase of property, plant and equipment	(26,759)	(20,335)
Business acquisition (net of cash acquired)	(724)	(9,427)
Purchase of investments	(197,897)	(155,709)
Proceeds from redemption of investments	54,238	59,229
Net cash used for investing activities	(171,142)	(126,242)
Cash flows from financing activities:
Principal payments on capital lease obligations	(133)	(292)
Repayments of borrowings	0	(25,000)
Acquisition of treasury stock	(32,336)	(15,169)
Proceeds from exercise of stock options	4,275	6,226
Net cash used for financing activities	(28,194)	(34,235)
Effect of exchange rate changes on cash and cash equivalents	1,662	(2,514)
Net decrease in cash and cash equivalents	(125,490)	(106,949)
Cash and cash equivalents, beginning of period	213,155	205,323
Cash and cash equivalents, end of period	$ 87,665	$ 98,374

Organization	9 Months Ended
Organization	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization ExlService Holdings, Inc. (“ExlService Holdings”) is organized as a corporation under the laws of the state of Delaware. ExlService Holdings, together with its subsidiaries (collectively, the “Company”), operates in the Business Process Management (“BPM”) industry providing operations management services and analytics services that help businesses enhance growth and profitability. Using its proprietary platforms, methodologies and tools, the Company looks deeper to help its clients improve global operations, enhance data-driven insights, increase customer satisfaction, and manage risk and compliance. The Company’s clients are located principally in the U.S. and the U.K.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Basis of Preparation and Principles of Consolidation The unaudited interim consolidated financial statements have been prepared in accordance with United States 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, 2016. 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. 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. Non-controlling interest is the equity in a subsidiary not attributable, directly or indirectly, to the parent and it represents the minority partner’s interest in the operations of ExlService Colombia S.A.S. Non-controlling interest consists of the amount of such interest at the date of obtaining control over the subsidiary, and the non-controlling interest's share of changes in equity since that date. The non-controlling interest in the operations for all the periods presented were insignificant and are included under general and administrative expenses in the unaudited consolidated statements of income. (b) 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, recoverability of 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, assumptions used to calculate stock-based compensation expense, depreciation and amortization periods, purchase price allocation, recoverability of long-term assets including goodwill and intangibles, and estimates to complete fixed price contracts. (c) Share-Based Compensation 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. The Company adopted this ASU effective January 1, 2017. The following summarizes the effects of the adoption on the Company's unaudited consolidated financial statements: Income taxes - Upon adoption of this standard, all excess tax benefits and tax deficiencies are recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. The Company also recognizes excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. As a result, the Company recognized discrete adjustments to income tax expense for the three months ended September 30, 2017 in the amount of $3,488 and for the nine months ended September 30, 2017 in the amount of $7,169 related to excess tax benefits. No adjustment is recorded for any windfall benefits previously recorded in Additional Paid-In Capital. Forfeitures - Prior to adoption, share-based compensation expense was recognized on a straight line basis, net of estimated forfeitures, such that expense was recognized only for share-based awards that are expected to vest. A forfeiture rate was estimated annually and revised, if necessary, in subsequent periods if actual forfeitures differed from initial estimates. Upon adoption, the Company will no longer apply a forfeiture rate and instead will account for forfeitures as they occur. The Company has applied the modified retrospective adoption approach as of January 1, 2017 and has recognized a cumulative-effect adjustment to reduce additional paid-in-capital of $5,999 and retained earnings of $4,546 (net of deferred tax effect of $1,453). Statements of Cash Flows - The Company historically accounted for excess tax benefits on the Statement of Cash Flows as a financing activity. Upon adoption of this standard, excess tax benefits are classified along with other income tax cash flows as an operating activity. The Company has elected to adopt this portion of the standard on a prospective basis beginning in 2017 and accordingly prior periods have not been adjusted. Earnings Per Share - The Company uses the treasury stock method to compute diluted earnings per share, unless the effect would be anti-dilutive. The Company excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of diluted earnings per share. (d) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, “Revenue from Contracts with Customers”. This standard update along with subsequently issued updates, clarifies the principles for recognizing revenue and develops a common revenue standard for United States generally accepted accounting principles (GAAP) and is effective for reporting periods beginning after December 15, 2017. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services ("performance obligations") 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 ("transaction price"). Adoption of the new rules could impact the timing of revenue recognition for certain contracts. ASU 2014-09 is effective for the Company in the first quarter of fiscal 2018 using either one of two methods: (i) retrospectively to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09 (modified retrospective method). The Company is evaluating the impact of the new standard. The ultimate impact on revenue resulting from the application of the new standard will be subject to assessments that are dependent on many variables, including, but not limited to, the terms of the contractual arrangements and the mix of business. Upon adoption, the Company expect that variable consideration when present in a revenue arrangements will need to be estimated based on its achievability and recognized over the contractual period as compared to recognizing such revenue as the services are performed. The Company also expects a change in the manner that it recognizes certain incremental and fulfillment costs from expensing them as incurred to deferring and recognizing them over the contractual period. The Company intends to adopt the new standard, effective January 1, 2018, using the modified retrospective method. The Company's considerations include, but are not limited to, the comparability of its financial statements and the comparability within its industry from application of the new standard to its contractual arrangements. The Company has established an implementation team to implement the standard update related to the recognition of revenue from contracts with customers and continues to evaluate the changes to accounting system and processes, and additional disclosure requirements that may be necessary. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net). ASU 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, 2017. 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 2016-02, Leases (Topic 842). ASU 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 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 2016-02 must be calculated using the applicable incremental borrowing rate at the date of adoption. In addition, ASU 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 June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is to be deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The amendment should be applied through a modified retrospective approach. Early adoption as of the fiscal years beginning after December 15, 2018 is permitted. The adoption of ASU 2016-13 is not expected to have a material effect on the Company's consolidated financial statements. In August 2016, FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendments apply to all entities that are required to present a Statement of Cash Flows under Topic 230. The amendments are an improvement to GAAP because they provide guidance for each of eight issues identified therein, thereby reducing the current and potential future diversity in practice. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods and should be applied using a retrospective transition method to each period presented. The Company does not expect the adoption of this ASU to have a material effect on its financial position or results of operations. In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows - Restricted cash. The amendments apply to all entities that have restricted cash or restricted cash equivalents and are required to present a Statement of Cash Flows under Topic 230. The amendments in this update require that a Statement of Cash Flows should explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted with an adjustment reflected as of the beginning of the fiscal year in which the amendment is adoption. The Company does not expect the adoption of this ASU to have a material effect on its financial position or results of operations. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (Topic 350), which eliminates Step 2 from the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective for annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017 and should be applied prospectively. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In March, 2017, FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost. The ASU amends ASC 715, Compensation — Retirement Benefits, to require employers that present a measure of operating income in their statement of income to include only the service cost component of net periodic pension cost and net periodic post-retirement benefit cost in operating expenses (together with other employee compensation costs). The other components of net benefit cost, including amortization of prior service cost/credit, and settlement and curtailment effects, are to be included in non-operating expenses. The update also stipulates that only the service cost component of net benefit cost is eligible for capitalization. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In May 2017, FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. Modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In August 2017, FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in their financial statements. The amendments are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with early adoption being permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements.

Segment and Geographical Information

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Segment and Geographical Information

The Company operates in the BPM industry and is a provider of operations management and analytics services. The Company has eight operating segments, which are strategic business units that align its products and services with how it manages its business, approaches its key markets and interacts with its clients. Six of those operating segments provide BPM or “operations management” services, which the Company organizes into industry-focused operating segments (Insurance, Healthcare, Travel, Transportation and Logistics, Banking and Financial Services, and Utilities) and one “capability” operating segment (Finance and Accounting) that provides services to clients in industry-focused segments as well as clients across other industries. In each of these six operating segments, the Company provides operations management services, which typically involve transfer to the Company of select business operations of a client, after which it administers and manages those operations for its client on an ongoing basis. The remaining two operating segments are Consulting, which provides industry-specific transformational services related to operations management services, and the Analytics operating segment, which provides services that focus on driving improved business outcomes for clients by generating data-driven insights across all parts of their business.

In prior periods the Company presented two reportable segments: Operations Management (which included its Insurance, Healthcare, Travel, Transportation and Logistics, Finance and Accounting, Banking and Financial services, Utilities and Consulting operating segments) and Analytics. Effective for the quarter and year ended December 31, 2016, the Company presents information for the following reportable segments:

• Insurance

• Healthcare

• Travel, Transportation and Logistics (“TT&L”)

• Finance and Accounting (“F&A”), and

• Analytics

The remaining operating segments, which includes the banking and financial services, utilities and consulting operating segments have been included in a category called “All Other”. Segment information for all prior periods presented herein has been changed to conform to the current presentation. This change in segment presentation does not affect the Company's unaudited consolidated statements of income and comprehensive income, balance sheets or statements of cash flows.

The chief operating decision maker (“CODM”) generally reviews financial information such as revenues, cost of revenues and gross profit, disaggregated by the operating segments to allocate an overall budget among the operating segments.

The Company does not allocate and therefore the CODM does not evaluate other operating expenses, interest expense or income taxes by segment. Many of the Company’s assets are shared by multiple operating segments. The Company manages these 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 September 30, 2017 and 2016, respectively, for each of the reportable segments, are as follows:



	Three months ended September 30, 2017
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
Revenues, net	$	59,608	$	18,871	$	18,496	$	21,642	$	19,984	$	53,744	$	192,345
Cost of revenues (exclusive of depreciation and amortization)	39,699		11,966		10,135		13,310		13,629		36,151		124,890
Gross profit	$	19,909	$	6,905	$	8,361	$	8,332	$	6,355	$	17,593	$	67,455
Operating expenses													48,800
Foreign exchange gain, interest expense and other income, net													5,241
Income tax expense													2,819
Net income													$	21,077



	Three months ended September 30, 2016
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
Revenues, net	$	52,801	$	15,959	$	17,519	$	19,858	$	23,426	$	41,637	$	171,200
Cost of revenues (exclusive of depreciation and amortization)	37,797		10,887		10,637		12,012		14,655		25,779		111,767
Gross profit	$	15,004	$	5,072	$	6,882	$	7,846	$	8,771	$	15,858	$	59,433
Operating expenses													42,074
Foreign exchange gain, interest expense and other income, net													4,337
Income tax expense													5,646
Net income													$	16,050

Revenues and cost of revenues for the nine months ended September 30, 2017 and 2016, respectively, for each of the reportable segments, are as follows:



	Nine months ended September 30, 2017
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
Revenues, net	$	173,784	$	56,726	$	53,374	$	63,694	$	62,547	$	154,310	$	564,435
Cost of revenues (exclusive of depreciation and amortization)	119,004		36,402		30,832		39,163		42,770		102,287		370,458
Gross profit	$	54,780	$	20,324	$	22,542	$	24,531	$	19,777	$	52,023	$	193,977
Operating expenses													143,291
Foreign exchange gain, interest expense and other income, net													14,759
Income tax expense													7,202
Net income													$	58,243



	Nine months ended September 30, 2016
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
Revenues, net	$	151,696	$	49,788	$	52,623	$	58,961	$	75,434	$	120,212	$	508,714
Cost of revenues (exclusive of depreciation and amortization)	108,516		32,440		31,901		35,385		47,836		76,094		332,172
Gross profit	$	43,180	$	17,348	$	20,722	$	23,576	$	27,598	$	44,118	$	176,542
Operating expenses													126,495
Foreign exchange gain, interest expense and other income, net													14,747
Income tax expense													18,549
Net income													$	46,245

Net revenues of the Company by service type, were as follows:



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
BPM and related services ⁽¹⁾	$	138,601	$	129,563	$	410,125	$	388,502
Analytics services	53,744		41,637		154,310		120,212
Total	$	192,345	$	171,200	$	564,435	$	508,714

(1) BPM and related services include revenues of the Company's five industry-focused operating segments, one capability operating segment and consulting operating segment, which provides services related to operations management services. See reportable segment disclosure above.

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



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Revenues, net
United States	$	158,501	$	137,047	$	462,676	$	407,272
Non-United States
United Kingdom	26,824		27,993		81,857		84,284
Rest of World	7,020		6,160		19,902		17,158
Total Non-United States	33,844		34,153		101,759		101,442
	$	192,345	$	171,200	$	564,435	$	508,714

Property, plant and equipment by geographic area, were as follows:



	As of
	September 30, 2017		December 31, 2016
Property, plant and equipment, net
India	$	37,139	$	23,362
United States	14,829		10,809
Philippines	9,031		11,900
Rest of World	2,730		2,958
	$	63,729	$	49,029

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

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

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



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Numerators:
Net income	$	21,077	$	16,050	$	58,243	$	46,245
Denominators:
Basic weighted average common shares outstanding	33,838,374		33,624,401		33,834,392		33,542,258
Dilutive effect of share based awards	1,205,613		1,051,084		1,214,280		970,557
Diluted weighted average common shares outstanding	35,043,987		34,675,485		35,048,672		34,512,815
Earnings per share:
Basic	$	0.62	$	0.48	$	1.72	$	1.38
Diluted	$	0.60	$	0.46	$	1.66	$	1.34
Weighted average common shares considered anti-dilutive in computing diluted earnings per share	—		32,516		151,961		97,574

Other Income, net

9 Months Ended

Sep. 30, 2017

Other Income and Expenses [Abstract]

Other Income, net

Other income, net consists of the following:



	Three months ended September 30,					Nine months ended September 30,
	2017		2016			2017		2016
Interest and dividend income	$	322	$	354		$	1,317	$	1,208
Gain on mutual fund investments	2,556		2,562			6,777		6,191
Change in fair value of earn-out consideration	—		—			—		4,060
Other, net	44		(25		)	777		738
Other income, net	$	2,922	$	2,891		$	8,871	$	12,197

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment consist of the following:



	Estimated useful lives	As of
	(Years)	September 30, 2017			December 31, 2016
Owned Assets:
Network equipment and computers	3-5	$	73,728		$	65,381
Software	3-5	56,369			44,617
Leasehold improvements	3-8	36,741			31,192
Office furniture and equipment	3-8	18,397			15,426
Motor vehicles	2-5	645			580
Buildings	30	1,218			1,171
Land	—	797			766
Capital work in progress	—	9,624			4,964
		197,519			164,097
Less: Accumulated depreciation and amortization		(134,245		)	(115,568		)
		$	63,274		$	48,529
Assets under capital leases:
Leasehold improvements		$	889		$	854
Office furniture and equipment		138			133
Motor vehicles		644			810
		1,671			1,797
Less: Accumulated depreciation and amortization		(1,216		)	(1,297		)
		$	455		$	500
Property, Plant and Equipment, net		$	63,729		$	49,029

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

The depreciation and amortization expense excluding amortization of acquisition-related intangibles was as follows:



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Depreciation and amortization expense	$	6,221	$	5,749	$	18,279	$	16,719



Software - Internally developed:
	As of
	September 30, 2017		December 31, 2016
Cost	$	2,364	$	2,242
Less : Accumulated amortization expense	791		336
	$	1,573	$	1,906

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The following table sets forth details of the Company’s goodwill balance as of September 30, 2017:



	Insurance			Healthcare		TT&L			F&A			All Other		Analytics		Total
Balance as at January 1, 2016	$	35,824		$	19,276	$	13,278		$	47,891		$	5,326	$	49,940	$	171,535
Acquisitions	2,510			—		—			—			—		13,598		16,108
Currency translation adjustments	(224		)	—		(295		)	(354		)	—		—		(873		)
Balance as at December 31, 2016	$	38,110		$	19,276	$	12,983		$	47,537		$	5,326	$	63,538	$	186,770
Currency translation adjustments	204			—		445			534			—		—		1,183
Balance as at September 30, 2017	$	38,314		$	19,276	$	13,428		$	48,071		$	5,326	$	63,538	$	187,953

Intangible Assets

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



	As of September 30, 2017
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	75,372	$	(40,975	)	$	34,397
Leasehold benefits	2,826		(2,490		)	336
Developed technology	14,314		(8,177		)	6,137
Non-compete agreements	2,045		(1,739		)	306
Trade names and trademarks	5,379		(3,887		)	1,492
	$	99,936	$	(57,268	)	$	42,668
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—		$	900
Total intangible assets	$	100,836	$	(57,268	)	$	43,568



	As of December 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	75,181	$	(32,968	)	$	42,213
Leasehold benefits	2,715		(2,247		)	468
Developed technology	14,186		(6,468		)	7,718
Non-compete agreements	2,045		(1,612		)	433
Trade names and trademarks	5,360		(3,322		)	2,038
	$	99,487	$	(46,617	)	$	52,870
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—		$	900
Total intangible assets	$	100,387	$	(46,617	)	$	53,770

The amortization expenses is as follows:



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Amortization expense	$	3,487	$	2,848	$	10,492	$	8,281

The remaining weighted average life of intangible assets is as follows:



	(in years)
Customer relationships	5.15
Leasehold benefits	1.67
Developed technologies	3.77
Non-compete agreements	1.93
Trade names and trademarks (Finite lived)	5.23



Estimated amortization of intangible assets during the next twelve months ending September 30,
2018	$	12,667
2019	11,947
2020	5,705
2021	3,207
2022	2,461
2023 and thereafter	6,681
Total	$	42,668

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Other current assets

9 Months Ended

Sep. 30, 2017

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other current assets

Other current assets consists of the following:



	As of
	September 30, 2017		December 31, 2016
Derivative instruments	$	8,236	$	3,324
Advances to suppliers	3,681		1,091
Receivables from statutory authorities	5,784		11,870
Others	4,632		4,883
Other current assets	$	22,333	$	21,168

Accrued expenses and other current liabilities

9 Months Ended

Sep. 30, 2017

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consists of the following:



	As of
	September 30, 2017		December 31, 2016
Accrued expenses	$	39,250	$	30,690
Derivative instruments	1,330		1,430
Client liability account	2,090		4,005
Others	6,370		7,139
Accrued expenses and other current liabilities	$	49,040	$	43,264

Non-current liabilities

9 Months Ended

Sep. 30, 2017

Liabilities, Noncurrent [Abstract]

Non-current liabilities

Non-current liabilities consists of the following:



	As of
	September 30, 2017		December 31, 2016
Derivative instruments	$	1,553	$	828
Unrecognized tax benefits	692		3,640
Deferred rent	7,890		7,237
Retirement benefits	2,917		1,977
Others	3,182		1,137
Non-current liabilities	$	16,234	$	14,819

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2017

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of amortization of actuarial gain / (loss) on retirement benefits and changes in the cumulative foreign currency translation adjustments. In addition, the Company enters into foreign currency exchange contracts, which are designated as cash flow hedges in accordance with ASC topic 815 “Derivatives and Hedging” (“ASC No. 815”). Changes in the fair values of contracts that are deemed effective are recorded as a component of accumulated other comprehensive loss until the settlement of those contracts. The balances as of September 30, 2017 and December 31, 2016 are as follows:



	As of
	September 30, 2017			December 31, 2016
Cumulative currency translation adjustments	$	(66,486	)	$	(77,299	)
Unrealized gain on cash flow hedges, net of taxes of $3,605 and $1,207	7,559			2,740
Retirement benefits, net of taxes of ($265) and ($342)	(363		)	(498		)
Accumulated other comprehensive loss	$	(59,290	)	$	(75,057	)

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=66004124&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (SX 210.3-04)
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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
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2017

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 September 30, 2017 and December 31, 2016. The table excludes accounts receivable, accounts payable and accrued expenses for which fair values approximate their carrying amounts.



As of September 30, 2017	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds*	$	146,477	$	—	$	—	$	146,477
Derivative financial instruments	—		14,395		—		14,395
Total	$	146,477	$	14,395	$	—	$	160,872
Liabilities
Derivative financial instruments	$	—	$	2,883	$	—	$	2,883
Total	$	—	$	2,883	$	—	$	2,883

As of December 31, 2016	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds	$	—	$	—	$	—	$	—
Derivative financial instruments	—		6,318		—		6,318
Total	$	—	$	6,318	$	—	$	6,318
Liabilities
Derivative financial instruments	$	—	$	2,258	$	—	$	2,258
Total	$	—	$	2,258	$	—	$	2,258

* Represents short-term investments carried on fair value option under ASC 825 “Financial Instruments” as of September 30, 2017.

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 13 to the unaudited consolidated financial statements contained herein for further details on Derivatives and Hedge Accounting.

Derivatives and Hedge Accounting

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 foreign exchange forward contracts that are designated effective and that qualify as cash flow hedges under ASC 815. The Company had outstanding cash flow hedges totaling $297,643 (including $1,500 of range forward contracts) as of September 30, 2017 and $218,545 as of December 31, 2016. 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 815. Changes in the fair value of these derivatives are recognized in the unaudited 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 Rand and other local currencies in which it operates. Outstanding foreign currency forward contracts amounted to $91,523 and GBP 17,244 as of September 30, 2017 and amounted to $63,980 and GBP 17,974 as of December 31, 2016.

The Company estimates that approximately $6,839 of net derivative gains included in accumulated other comprehensive loss (“AOCL”) could be reclassified into earnings within the next twelve months based on exchange rates prevailing as of September 30, 2017. At September 30, 2017, 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 unaudited 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 AOCL into earnings during the three and nine months ended September 30, 2017 and 2016.

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:



	As of
	September 30, 2017		December 31, 2016
Other current assets:
Foreign currency exchange contracts	$	8,122	$	3,211
Other assets:
Foreign currency exchange contracts	$	6,159	$	2,994
Accrued expenses and other current liabilities:
Foreign currency exchange contracts	$	1,283	$	1,430
Non-current liabilities:
Foreign currency exchange contracts	$	1,553	$	828

Derivatives not designated as hedging instruments:



	As of
	September 30, 2017		December 31, 2016
Other current assets:
Foreign currency exchange contracts	$	114	$	113
Accrued expenses and other current liabilities:
Foreign currency exchange contracts	$	47	$	—

The following tables set forth the effect of foreign currency exchange contracts on the unaudited consolidated statements of income for the three and nine months ended September 30, 2017 and 2016:



	Three months ended September 30,					Nine months ended September 30,
	2017			2016		2017		2016
Derivatives in Cash flow hedging relationship
Gain/(loss) recognized in AOCL on derivative - Effective portion	$	(719	)	$	3,607	$	8,774	$	4,160
Gain/(loss) reclassified from AOCL to foreign exchange gain/(loss) - Effective portion	$	423		$	466	$	1,557	$	872
Gain/(loss) recognized in foreign exchange gain/(loss) - Ineffective portion	$	—		$	—	$	—	$	—

Derivatives not designated as hedging instruments
Gain/(loss) recognized in foreign exchange gain/(loss)	$	(678	)	$	1,382	$	2,095	$	4,110

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

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+ Details

Borrowings	9 Months Ended
Borrowings	Sep. 30, 2017
Debt Disclosure [Abstract]
Borrowings	Borrowings The Company has a revolving credit facility (the “Credit Facility”), including a letter of credit sub-facility, in the amount of $100,000. The Credit Facility has a maturity date of October 24, 2019 and is voluntarily pre-payable from time to time without premium or penalty. Borrowings under the Credit Facility may be used for working capital, general corporate purposes and for acquisitions. The amount outstanding as of September 30, 2017 is $45,000 which is included under “long-term borrowings” in the unaudited consolidated balance sheets. The Credit Facility carried an effective interest rate of 2.9% per annum and 2.2% per annum, during the three months ended September 30, 2017 and 2016, respectively, and for the nine months ended September 30, 2017 and 2016 it was 2.7% per annum and 2.0% per annum, respectively. 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 September 30, 2017 and December 31, 2016 was $200 and $272, respectively, and is included under “other current assets” and “other assets” in the unaudited consolidated balance sheets. The Credit Facility is guaranteed by the Company's domestic subsidiaries and material foreign subsidiaries and is secured by all or substantially all of the assets of the Company and its material domestic subsidiaries. The Credit Agreement governing the Credit Facility contains certain covenants including a restriction on our indebtedness, and a covenant to not permit the interest coverage ratio (the ratio of EBIT to cash interest expense) to be less than 3.5 to 1.0 or the leverage ratio (total funded indebtedness to EBITDA) to be greater than 2.5 to 1.0, for the four consecutive quarter period ending on the last day of each fiscal quarter. As of September 30, 2017, the Company was in compliance with the financial covenants listed above.

Capital Structure	9 Months Ended
Capital Structure	Sep. 30, 2017
Equity [Abstract]
Capital Structure	Capital Structure Common Stock The Company has one class of common stock outstanding. During the three months ended September 30, 2017 and 2016, the Company did not acquire any shares of common stock from employees in connection with withholding tax payments related to the vesting of restricted stock. During the nine months ended September 30, 2017 and 2016, the Company acquired 65,003 and 16,027 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 $3,016 and $728, respectively. The weighted average purchase price per share of $46.40 and $45.44, 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 a common stock repurchase program (the “2014 Repurchase Program”), under which shares were authorized to be purchased by the Company from time to time from the open market and through private transactions during each of the fiscal years 2015 through 2017 up to an annual amount of $20,000. On February 28, 2017, the Company’s Board of Directors authorized an additional common stock repurchase program (the “2017 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 2017 through 2019 up to an aggregate additional amount of $100,000. The approval increases the 2017 authorization from $20,000 to $40,000 and authorizes stock repurchases of up to $40,000 in each of 2018 and 2019. During the three and nine months ended September 30, 2017, the Company purchased 160,033 and 584,017 shares of its common stock, respectively, for an aggregate purchase price of approximately $9,004 and $29,320, respectively, including commissions, representing an average purchase price per share of $56.26 and $50.20, respectively, under the 2014 and 2017 Repurchase Program. During the three and nine months ended September 30, 2016, the Company purchased 108,143 and 302,953 shares of its common stock, respectively, for an aggregate purchase price of approximately $5,466 and $14,441, respectively, including commissions, representing an average purchase price per share of $50.54 and $47.67, respectively, under the 2014 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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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 FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Employee Benefit Plans

9 Months Ended

Sep. 30, 2017

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

The Company’s Gratuity Plans in India ("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.

In addition, the Company’s subsidiary operating in the Philippines conforms to the minimum regulatory benefit which provide for lump sum payment to vested employees on retirement from employment in an amount based on the respective employee’s salary and years of employment with the Company (the "Philippines Plan"). The benefit costs of the Philippines Plan for the year are calculated on an actuarial basis.

Net gratuity cost includes the following components:



	Three months ended September 30,						Nine months ended September 30,
	2017			2016			2017			2016
Service cost	$	491		$	402		$	1,469		$	1,203
Interest cost	166			150			494			449
Expected return on plan assets	(112		)	(104		)	(330		)	(312		)
Amortization of actuarial loss	72			23			212			67
Net gratuity cost	$	617		$	471		$	1,845		$	1,407

The Gratuity Plan in India is partially funded and the Philippines plan is unfunded. 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 8.0% on these Gratuity Plans for the period ended September 30, 2017.



Change in Plan Assets
Plan assets at January 1, 2017	$	5,640
Actual return	341
Employer contribution	1,694
Benefits paid	(896		)
Effect of exchange rate changes	227
Plan assets at September 30, 2017	$	7,006

The Company maintains several 401(k) plans under Section 401(k) of the Internal Revenue Code of 1986 (the “Code”), covering all eligible employees, as defined in the Code as a defined contribution plan. The Company may make discretionary contributions of up to a maximum of 4% of employee compensation within certain limits. Contributions to the 401(k) plans amounting to $487 and $554 were made during the three months ended September 30, 2017 and 2016, respectively, and $2,051 and $1,945 during the nine months ended September 30, 2017 and 2016, respectively.

During the three months ended September 30, 2017 and 2016, the Company contributed $1,845 and $1,608, respectively, and during the nine months ended September 30, 2017 and 2016, the Company contributed $5,350 and $4,619, respectively, for various defined contribution plans on behalf of its employees in India, the Philippines, Bulgaria, Romania, the Czech Republic, South Africa, Colombia, and Singapore.

Leases

9 Months Ended

Sep. 30, 2017

Leases [Abstract]

Leases

The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. Future minimum lease payments under these capital leases as of September 30, 2017 are as follows:



During the next twelve months ending September 30,
2018	$	227
2019	173
2020	128
2021	72
Total minimum lease payments	600
Less: amount representing interest	117
Present value of minimum lease payments	483
Less: current portion	168
Long term capital lease obligation	$	315

The Company conducts its operations using facilities leased under non-cancelable operating lease agreements that expire at various dates. Future minimum lease payments under non-cancelable agreements expiring after September 30, 2017 are set forth below:



During the next twelve months ending September 30,
2018	$	10,477
2019	8,470
2020	4,795
2021	3,189
2022	1,064
2023 and thereafter	933
	$	28,928

Rent expense

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 cancelable and non-cancelable lease period determined under ASC topic 840, "Leases":



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Rent expense	$	6,362	$	5,445	$	18,168	$	15,871

Deferred rent



	As of
	September 30, 2017		December 31, 2016
Cancelable and non - cancelable operating leases	$	8,763	$	7,915

Deferred rent is included under “Accrued expenses and other current liabilities” and “Non-current liabilities” in the unaudited consolidated balance sheets.

Income Taxes

9 Months Ended

Sep. 30, 2017

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 $2,819 and $5,646 for the three months ended September 30, 2017 and 2016, respectively. The effective tax rate decreased from 26.0% during the three months ended September 30, 2016 to 11.8% as a result of (i) excess tax benefit related to stock awards of $3,488 pursuant to ASU No. 2016-09 during the three months ended September 30, 2017, (ii) higher earnings from foreign subsidiaries and lower domestic profit in the U.S., partially offset by higher tax expense on account of the expiration of a tax holiday for some of the operating centers in India.

The Company recorded income tax expense of $7,202 and $18,549 for the nine months ended September 30, 2017 and 2016, respectively. The effective tax rate decreased from 28.6% during the nine months ended September 30, 2016 to 11.0% as a result of (i) excess tax benefit related to stock awards of $7,169 pursuant to ASU No. 2016-09 during the nine months ended September 30, 2017, (ii) conclusion of an uncertain tax position of $3,153 (including interest of $1,433), (iii) higher earnings from foreign subsidiaries and lower domestic profit in the U.S., partially offset by higher tax expense on account of the expiration of a tax holiday for some of the operating centers in India.

The following table summarizes the activity related to the gross unrecognized tax benefits from January 1, 2017 through September 30, 2017:



Balance as of January 1, 2017	$	3,087
Increases related to prior year tax positions	—
Decreases related to prior year tax positions	(1,720		)
Increases related to current year tax positions	—
Decreases related to current year tax positions	—
Effect of exchange rate changes	85
Balance as of September 30, 2017	$	1,452

The unrecognized tax benefits as of September 30, 2017 of $1,452, if recognized, would impact the effective tax rate.

During the three months ended September 30, 2017 and 2016, the Company has recognized interest of nil and $50, respectively, which are included in the income tax expense in the unaudited consolidated statements of income. As of September 30, 2017 and December 31, 2016, the Company has accrued interest and penalties of $240 and $1,553, relating to unrecognized tax benefits.

Stock Based Compensation

9 Months Ended

Sep. 30, 2017

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

Stock Based Compensation

Stock-Based Compensation

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



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Cost of revenue	$	1,109	$	795	$	3,448	$	2,848
General and administrative expenses	2,601		1,905		7,541		6,241
Selling and marketing expenses	1,998		1,784		5,782		5,654
Total	$	5,708	$	4,484	$	16,771	$	14,743

As of September 30, 2017, the Company had 1,492,097 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 Avg Exercise Price		Aggregate Intrinsic Value		Weighted Avg Remaining Contractual Life (Years)
Outstanding at December 31, 2016	811,902		$	16.31	$	27,718	2.96
Granted	—		—
Exercised	(349,880	)	12.22
Forfeited	—		—
Outstanding at September 30, 2017	462,022		$	19.40	$	17,980	2.97
Vested and exercisable at September 30, 2017	462,022		$	19.40	$	17,980	2.97

The unrecognized compensation cost for outstanding options as of September 30, 2017 is nil. The Company did not grant any options during the three and nine months ended September 30, 2017 and 2016. There were no options that vested during the three months ended September 30, 2017 and 2016. The total grant date fair value of options vested during the nine months ended September 30, 2017 and 2016 was nil and $706, 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 Avg Grant Date Fair Value		Number		Weighted Avg Grant Date Fair Value
Outstanding at December 31, 2016*	246,940		$	42.42	1,256,288		$	37.38
Granted	—		—		391,927		48.02
Vested	(36,767	)	38.74		(449,977	)	34.69
Forfeited	(4,505	)	35.11		(96,140	)	41.03
Outstanding at September 30, 2017*	205,668		$	43.24	1,102,098		$	41.94

* As of September 30, 2017 and December 31, 2016 restricted stock units vested for which the underlying common stock is yet to be issued are 146,112 and 135,054, respectively.

As of September 30, 2017, unrecognized compensation cost of $39,553 is expected to be expensed over a weighted average period of 2.66 years.

Performance Based Stock Awards

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



	Revenue Based PRSUs				Market Condition Based PRSUs
	Number		Weighted Avg Grant Date Fair Value		Number		Weighted Avg Grant Date Fair Value
Outstanding at December 31, 2016	115,174		$	41.70	215,171		$	47.42
Granted	62,113		47.73		62,100		54.10
Vested	—		—		—		—
Forfeited	(8,595	)	43.96		(8,595	)	59.40
Outstanding at September 30, 2017	168,692		$	43.81	268,676		$	48.58

As of September 30, 2017, unrecognized compensation cost of $7,095 is expected to be expensed over a weighted average period of 1.83 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Related Party Disclosures	9 Months Ended
Related Party Disclosures	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Disclosures	Related Party Disclosures The Company provides consulting services to PharmaCord, LLC. One of the Company’s directors, Nitin Sahney, is the member-manager and chief executive officer of PharmaCord, LLC. The Company recognized revenue of approximately $701 and $1,506 in the three months and nine months ended September 30, 2017, respectively, for services provided. At September 30, 2017 and December 31, 2016, the Company had an account receivable of $379 and nil, respectively, related to these services.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Fixed Asset Commitments At September 30, 2017, the Company has committed to spend approximately $7,407 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 primarily related to its transfer pricing issues for years ranging from tax years 2003 to 2014 and its permanent establishment issues ranging from tax years 2003 to 2007 as of September 30, 2017 and December 31, 2016 is $16,075 and $17,963, respectively, of which the Company has made payments or provided bank guarantee to the extent $8,418 and $8,640, respectively. Amounts paid as deposits in respect of such assessments aggregating to $6,389 and $6,690 as of September 30, 2017 and December 31, 2016, respectively, are included in “Other assets” and amounts deposited for bank guarantees aggregating to $2,029 and $1,950 as of September 30, 2017 and December 31, 2016, respectively, are included in “Restricted cash” in the non-current assets section of the Company’s consolidated balance sheets as of September 30, 2017 and December 31, 2016. 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.

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 24, 2017, a wholly owned subsidiary of the Company entered into a definitive purchase agreement to acquire substantially all the assets of Health Integrated, Inc. Based in Tampa, Florida, Health Integrated is a care management company that provides end-to-end technology and analytics-enabled care management services including case management, utilization management, disease management, special needs programs, and multichronic care management on behalf of health plans. Health Integrated currently serves over five million lives in the Medicaid, Medicare, and dual eligible populations. It is known for its strong capabilities in improving member health status through behavioral change. The acquisition is expected to close in the first quarter of 2018, subject to the fulfillment of certain closing conditions, including regulatory and other consents.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Preparation	The unaudited interim consolidated financial statements have been prepared in accordance with United States 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, 2016. 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. Non-controlling interest is the equity in a subsidiary not attributable, directly or indirectly, to the parent and it represents the minority partner’s interest in the operations of ExlService Colombia S.A.S. Non-controlling interest consists of the amount of such interest at the date of obtaining control over the subsidiary, and the non-controlling interest's share of changes in equity since that date. The non-controlling interest in the operations for all the periods presented were insignificant and are included under general and administrative expenses in the unaudited consolidated statements of income.
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, recoverability of 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, assumptions used to calculate stock-based compensation expense, depreciation and amortization periods, purchase price allocation, recoverability of long-term assets including goodwill and intangibles, and estimates to complete fixed price contracts.
Share-Based Compensation and Recent Accounting Pronouncements	(c) Share-Based Compensation 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. The Company adopted this ASU effective January 1, 2017. The following summarizes the effects of the adoption on the Company's unaudited consolidated financial statements: Income taxes - Upon adoption of this standard, all excess tax benefits and tax deficiencies are recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. The Company also recognizes excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. As a result, the Company recognized discrete adjustments to income tax expense for the three months ended September 30, 2017 in the amount of $3,488 and for the nine months ended September 30, 2017 in the amount of $7,169 related to excess tax benefits. No adjustment is recorded for any windfall benefits previously recorded in Additional Paid-In Capital. Forfeitures - Prior to adoption, share-based compensation expense was recognized on a straight line basis, net of estimated forfeitures, such that expense was recognized only for share-based awards that are expected to vest. A forfeiture rate was estimated annually and revised, if necessary, in subsequent periods if actual forfeitures differed from initial estimates. Upon adoption, the Company will no longer apply a forfeiture rate and instead will account for forfeitures as they occur. The Company has applied the modified retrospective adoption approach as of January 1, 2017 and has recognized a cumulative-effect adjustment to reduce additional paid-in-capital of $5,999 and retained earnings of $4,546 (net of deferred tax effect of $1,453). Statements of Cash Flows - The Company historically accounted for excess tax benefits on the Statement of Cash Flows as a financing activity. Upon adoption of this standard, excess tax benefits are classified along with other income tax cash flows as an operating activity. The Company has elected to adopt this portion of the standard on a prospective basis beginning in 2017 and accordingly prior periods have not been adjusted. Earnings Per Share - The Company uses the treasury stock method to compute diluted earnings per share, unless the effect would be anti-dilutive. The Company excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of diluted earnings per share. (d) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, “Revenue from Contracts with Customers”. This standard update along with subsequently issued updates, clarifies the principles for recognizing revenue and develops a common revenue standard for United States generally accepted accounting principles (GAAP) and is effective for reporting periods beginning after December 15, 2017. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services ("performance obligations") 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 ("transaction price"). Adoption of the new rules could impact the timing of revenue recognition for certain contracts. ASU 2014-09 is effective for the Company in the first quarter of fiscal 2018 using either one of two methods: (i) retrospectively to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09 (modified retrospective method). The Company is evaluating the impact of the new standard. The ultimate impact on revenue resulting from the application of the new standard will be subject to assessments that are dependent on many variables, including, but not limited to, the terms of the contractual arrangements and the mix of business. Upon adoption, the Company expect that variable consideration when present in a revenue arrangements will need to be estimated based on its achievability and recognized over the contractual period as compared to recognizing such revenue as the services are performed. The Company also expects a change in the manner that it recognizes certain incremental and fulfillment costs from expensing them as incurred to deferring and recognizing them over the contractual period. The Company intends to adopt the new standard, effective January 1, 2018, using the modified retrospective method. The Company's considerations include, but are not limited to, the comparability of its financial statements and the comparability within its industry from application of the new standard to its contractual arrangements. The Company has established an implementation team to implement the standard update related to the recognition of revenue from contracts with customers and continues to evaluate the changes to accounting system and processes, and additional disclosure requirements that may be necessary. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net). ASU 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, 2017. 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 2016-02, Leases (Topic 842). ASU 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 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 2016-02 must be calculated using the applicable incremental borrowing rate at the date of adoption. In addition, ASU 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 June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is to be deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The amendment should be applied through a modified retrospective approach. Early adoption as of the fiscal years beginning after December 15, 2018 is permitted. The adoption of ASU 2016-13 is not expected to have a material effect on the Company's consolidated financial statements. In August 2016, FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendments apply to all entities that are required to present a Statement of Cash Flows under Topic 230. The amendments are an improvement to GAAP because they provide guidance for each of eight issues identified therein, thereby reducing the current and potential future diversity in practice. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods and should be applied using a retrospective transition method to each period presented. The Company does not expect the adoption of this ASU to have a material effect on its financial position or results of operations. In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows - Restricted cash. The amendments apply to all entities that have restricted cash or restricted cash equivalents and are required to present a Statement of Cash Flows under Topic 230. The amendments in this update require that a Statement of Cash Flows should explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted with an adjustment reflected as of the beginning of the fiscal year in which the amendment is adoption. The Company does not expect the adoption of this ASU to have a material effect on its financial position or results of operations. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (Topic 350), which eliminates Step 2 from the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective for annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017 and should be applied prospectively. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In March, 2017, FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost. The ASU amends ASC 715, Compensation — Retirement Benefits, to require employers that present a measure of operating income in their statement of income to include only the service cost component of net periodic pension cost and net periodic post-retirement benefit cost in operating expenses (together with other employee compensation costs). The other components of net benefit cost, including amortization of prior service cost/credit, and settlement and curtailment effects, are to be included in non-operating expenses. The update also stipulates that only the service cost component of net benefit cost is eligible for capitalization. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In May 2017, FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. Modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In August 2017, FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in their financial statements. The amendments are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with early adoption being permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements.

Segment and Geographical Information (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Revenues and Cost of Revenues for Company's Reportable Segments

Revenues and cost of revenues for the three months ended September 30, 2017 and 2016, respectively, for each of the reportable segments, are as follows:



	Three months ended September 30, 2017
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
Revenues, net	$	59,608	$	18,871	$	18,496	$	21,642	$	19,984	$	53,744	$	192,345
Cost of revenues (exclusive of depreciation and amortization)	39,699		11,966		10,135		13,310		13,629		36,151		124,890
Gross profit	$	19,909	$	6,905	$	8,361	$	8,332	$	6,355	$	17,593	$	67,455
Operating expenses													48,800
Foreign exchange gain, interest expense and other income, net													5,241
Income tax expense													2,819
Net income													$	21,077



	Three months ended September 30, 2016
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
Revenues, net	$	52,801	$	15,959	$	17,519	$	19,858	$	23,426	$	41,637	$	171,200
Cost of revenues (exclusive of depreciation and amortization)	37,797		10,887		10,637		12,012		14,655		25,779		111,767
Gross profit	$	15,004	$	5,072	$	6,882	$	7,846	$	8,771	$	15,858	$	59,433
Operating expenses													42,074
Foreign exchange gain, interest expense and other income, net													4,337
Income tax expense													5,646
Net income													$	16,050

Revenues and cost of revenues for the nine months ended September 30, 2017 and 2016, respectively, for each of the reportable segments, are as follows:



	Nine months ended September 30, 2017
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
Revenues, net	$	173,784	$	56,726	$	53,374	$	63,694	$	62,547	$	154,310	$	564,435
Cost of revenues (exclusive of depreciation and amortization)	119,004		36,402		30,832		39,163		42,770		102,287		370,458
Gross profit	$	54,780	$	20,324	$	22,542	$	24,531	$	19,777	$	52,023	$	193,977
Operating expenses													143,291
Foreign exchange gain, interest expense and other income, net													14,759
Income tax expense													7,202
Net income													$	58,243



	Nine months ended September 30, 2016
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total
Revenues, net	$	151,696	$	49,788	$	52,623	$	58,961	$	75,434	$	120,212	$	508,714
Cost of revenues (exclusive of depreciation and amortization)	108,516		32,440		31,901		35,385		47,836		76,094		332,172
Gross profit	$	43,180	$	17,348	$	20,722	$	23,576	$	27,598	$	44,118	$	176,542
Operating expenses													126,495
Foreign exchange gain, interest expense and other income, net													14,747
Income tax expense													18,549
Net income													$	46,245

Net revenues of the Company by service type, were as follows:



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
BPM and related services ⁽¹⁾	$	138,601	$	129,563	$	410,125	$	388,502
Analytics services	53,744		41,637		154,310		120,212
Total	$	192,345	$	171,200	$	564,435	$	508,714

Revenues Based on Geographical Information

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



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Revenues, net
United States	$	158,501	$	137,047	$	462,676	$	407,272
Non-United States
United Kingdom	26,824		27,993		81,857		84,284
Rest of World	7,020		6,160		19,902		17,158
Total Non-United States	33,844		34,153		101,759		101,442
	$	192,345	$	171,200	$	564,435	$	508,714

Property, Plant and Equipment based on Geographical Information

Property, plant and equipment by geographic area, were as follows:



	As of
	September 30, 2017		December 31, 2016
Property, plant and equipment, net
India	$	37,139	$	23,362
United States	14,829		10,809
Philippines	9,031		11,900
Rest of World	2,730		2,958
	$	63,729	$	49,029

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2017

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 September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Numerators:
Net income	$	21,077	$	16,050	$	58,243	$	46,245
Denominators:
Basic weighted average common shares outstanding	33,838,374		33,624,401		33,834,392		33,542,258
Dilutive effect of share based awards	1,205,613		1,051,084		1,214,280		970,557
Diluted weighted average common shares outstanding	35,043,987		34,675,485		35,048,672		34,512,815
Earnings per share:
Basic	$	0.62	$	0.48	$	1.72	$	1.38
Diluted	$	0.60	$	0.46	$	1.66	$	1.34
Weighted average common shares considered anti-dilutive in computing diluted earnings per share	—		32,516		151,961		97,574

Other Income, net (Tables)

9 Months Ended

Sep. 30, 2017

Other Income and Expenses [Abstract]

Summary of Other Income, net

Other income, net consists of the following:



	Three months ended September 30,					Nine months ended September 30,
	2017		2016			2017		2016
Interest and dividend income	$	322	$	354		$	1,317	$	1,208
Gain on mutual fund investments	2,556		2,562			6,777		6,191
Change in fair value of earn-out consideration	—		—			—		4,060
Other, net	44		(25		)	777		738
Other income, net	$	2,922	$	2,891		$	8,871	$	12,197

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The depreciation and amortization expense excluding amortization of acquisition-related intangibles was as follows:



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Depreciation and amortization expense	$	6,221	$	5,749	$	18,279	$	16,719



Software - Internally developed:
	As of
	September 30, 2017		December 31, 2016
Cost	$	2,364	$	2,242
Less : Accumulated amortization expense	791		336
	$	1,573	$	1,906

Property, Plant and Equipment consist of the following:



	Estimated useful lives	As of
	(Years)	September 30, 2017			December 31, 2016
Owned Assets:
Network equipment and computers	3-5	$	73,728		$	65,381
Software	3-5	56,369			44,617
Leasehold improvements	3-8	36,741			31,192
Office furniture and equipment	3-8	18,397			15,426
Motor vehicles	2-5	645			580
Buildings	30	1,218			1,171
Land	—	797			766
Capital work in progress	—	9,624			4,964
		197,519			164,097
Less: Accumulated depreciation and amortization		(134,245		)	(115,568		)
		$	63,274		$	48,529
Assets under capital leases:
Leasehold improvements		$	889		$	854
Office furniture and equipment		138			133
Motor vehicles		644			810
		1,671			1,797
Less: Accumulated depreciation and amortization		(1,216		)	(1,297		)
		$	455		$	500
Property, Plant and Equipment, net		$	63,729		$	49,029

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Company's Goodwill

The following table sets forth details of the Company’s goodwill balance as of September 30, 2017:



	Insurance			Healthcare		TT&L			F&A			All Other		Analytics		Total
Balance as at January 1, 2016	$	35,824		$	19,276	$	13,278		$	47,891		$	5,326	$	49,940	$	171,535
Acquisitions	2,510			—		—			—			—		13,598		16,108
Currency translation adjustments	(224		)	—		(295		)	(354		)	—		—		(873		)
Balance as at December 31, 2016	$	38,110		$	19,276	$	12,983		$	47,537		$	5,326	$	63,538	$	186,770
Currency translation adjustments	204			—		445			534			—		—		1,183
Balance as at September 30, 2017	$	38,314		$	19,276	$	13,428		$	48,071		$	5,326	$	63,538	$	187,953

Schedule of Finite and Indefinite-Lived Intangible Assets

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



	As of September 30, 2017
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	75,372	$	(40,975	)	$	34,397
Leasehold benefits	2,826		(2,490		)	336
Developed technology	14,314		(8,177		)	6,137
Non-compete agreements	2,045		(1,739		)	306
Trade names and trademarks	5,379		(3,887		)	1,492
	$	99,936	$	(57,268	)	$	42,668
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—		$	900
Total intangible assets	$	100,836	$	(57,268	)	$	43,568



	As of December 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	75,181	$	(32,968	)	$	42,213
Leasehold benefits	2,715		(2,247		)	468
Developed technology	14,186		(6,468		)	7,718
Non-compete agreements	2,045		(1,612		)	433
Trade names and trademarks	5,360		(3,322		)	2,038
	$	99,487	$	(46,617	)	$	52,870
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—		$	900
Total intangible assets	$	100,387	$	(46,617	)	$	53,770

Schedule of Finite Lived Intangibles Assets and Weighted Average Life

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



	As of September 30, 2017
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	75,372	$	(40,975	)	$	34,397
Leasehold benefits	2,826		(2,490		)	336
Developed technology	14,314		(8,177		)	6,137
Non-compete agreements	2,045		(1,739		)	306
Trade names and trademarks	5,379		(3,887		)	1,492
	$	99,936	$	(57,268	)	$	42,668
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—		$	900
Total intangible assets	$	100,836	$	(57,268	)	$	43,568



	As of December 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	75,181	$	(32,968	)	$	42,213
Leasehold benefits	2,715		(2,247		)	468
Developed technology	14,186		(6,468		)	7,718
Non-compete agreements	2,045		(1,612		)	433
Trade names and trademarks	5,360		(3,322		)	2,038
	$	99,487	$	(46,617	)	$	52,870
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—		$	900
Total intangible assets	$	100,387	$	(46,617	)	$	53,770

The remaining weighted average life of intangible assets is as follows:



	(in years)
Customer relationships	5.15
Leasehold benefits	1.67
Developed technologies	3.77
Non-compete agreements	1.93
Trade names and trademarks (Finite lived)	5.23

Amortization of Intangible Assets

The amortization expenses is as follows:



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Amortization expense	$	3,487	$	2,848	$	10,492	$	8,281

Estimated Future Amortization of Intangible Assets



Estimated amortization of intangible assets during the next twelve months ending September 30,
2018	$	12,667
2019	11,947
2020	5,705
2021	3,207
2022	2,461
2023 and thereafter	6,681
Total	$	42,668

Other current assets (Tables)

9 Months Ended

Sep. 30, 2017

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consists of the following:



	As of
	September 30, 2017		December 31, 2016
Derivative instruments	$	8,236	$	3,324
Advances to suppliers	3,681		1,091
Receivables from statutory authorities	5,784		11,870
Others	4,632		4,883
Other current assets	$	22,333	$	21,168

Accrued expenses and other current liabilities (Tables)

9 Months Ended

Sep. 30, 2017

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following:



	As of
	September 30, 2017		December 31, 2016
Accrued expenses	$	39,250	$	30,690
Derivative instruments	1,330		1,430
Client liability account	2,090		4,005
Others	6,370		7,139
Accrued expenses and other current liabilities	$	49,040	$	43,264

Non-current liabilities (Tables)

9 Months Ended

Sep. 30, 2017

Liabilities, Noncurrent [Abstract]

Summary of Non-Current Liabilities

Non-current liabilities consists of the following:



	As of
	September 30, 2017		December 31, 2016
Derivative instruments	$	1,553	$	828
Unrecognized tax benefits	692		3,640
Deferred rent	7,890		7,237
Retirement benefits	2,917		1,977
Others	3,182		1,137
Non-current liabilities	$	16,234	$	14,819

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2017

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The balances as of September 30, 2017 and December 31, 2016 are as follows:



	As of
	September 30, 2017			December 31, 2016
Cumulative currency translation adjustments	$	(66,486	)	$	(77,299	)
Unrealized gain on cash flow hedges, net of taxes of $3,605 and $1,207	7,559			2,740
Retirement benefits, net of taxes of ($265) and ($342)	(363		)	(498		)
Accumulated other comprehensive loss	$	(59,290	)	$	(75,057	)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value



As of September 30, 2017	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds*	$	146,477	$	—	$	—	$	146,477
Derivative financial instruments	—		14,395		—		14,395
Total	$	146,477	$	14,395	$	—	$	160,872
Liabilities
Derivative financial instruments	$	—	$	2,883	$	—	$	2,883
Total	$	—	$	2,883	$	—	$	2,883

As of December 31, 2016	Level 1		Level 2		Level 3		Total
Assets
Money market and mutual funds	$	—	$	—	$	—	$	—
Derivative financial instruments	—		6,318		—		6,318
Total	$	—	$	6,318	$	—	$	6,318
Liabilities
Derivative financial instruments	$	—	$	2,258	$	—	$	2,258
Total	$	—	$	2,258	$	—	$	2,258

* Represents short-term investments carried on fair value option under ASC 825 “Financial Instruments” as of September 30, 2017.

Derivatives and Hedge Accounting (Tables)

9 Months Ended

Sep. 30, 2017

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:



	As of
	September 30, 2017		December 31, 2016
Other current assets:
Foreign currency exchange contracts	$	8,122	$	3,211
Other assets:
Foreign currency exchange contracts	$	6,159	$	2,994
Accrued expenses and other current liabilities:
Foreign currency exchange contracts	$	1,283	$	1,430
Non-current liabilities:
Foreign currency exchange contracts	$	1,553	$	828

Derivatives not designated as hedging instruments:



	As of
	September 30, 2017		December 31, 2016
Other current assets:
Foreign currency exchange contracts	$	114	$	113
Accrued expenses and other current liabilities:
Foreign currency exchange contracts	$	47	$	—

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 and nine months ended September 30, 2017 and 2016:



	Three months ended September 30,					Nine months ended September 30,
	2017			2016		2017		2016
Derivatives in Cash flow hedging relationship
Gain/(loss) recognized in AOCL on derivative - Effective portion	$	(719	)	$	3,607	$	8,774	$	4,160
Gain/(loss) reclassified from AOCL to foreign exchange gain/(loss) - Effective portion	$	423		$	466	$	1,557	$	872
Gain/(loss) recognized in foreign exchange gain/(loss) - Ineffective portion	$	—		$	—	$	—	$	—

Derivatives not designated as hedging instruments
Gain/(loss) recognized in foreign exchange gain/(loss)	$	(678	)	$	1,382	$	2,095	$	4,110

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2017

Compensation and Retirement Disclosure [Abstract]

Net Gratuity Cost

Net gratuity cost includes the following components:



	Three months ended September 30,						Nine months ended September 30,
	2017			2016			2017			2016
Service cost	$	491		$	402		$	1,469		$	1,203
Interest cost	166			150			494			449
Expected return on plan assets	(112		)	(104		)	(330		)	(312		)
Amortization of actuarial loss	72			23			212			67
Net gratuity cost	$	617		$	471		$	1,845		$	1,407

Change in Plan Assets



Change in Plan Assets
Plan assets at January 1, 2017	$	5,640
Actual return	341
Employer contribution	1,694
Benefits paid	(896		)
Effect of exchange rate changes	227
Plan assets at September 30, 2017	$	7,006

Leases (Tables)

9 Months Ended

Sep. 30, 2017

Leases [Abstract]

Future Minimum Lease Payments under Capital Leases

Future minimum lease payments under these capital leases as of September 30, 2017 are as follows:



During the next twelve months ending September 30,
2018	$	227
2019	173
2020	128
2021	72
Total minimum lease payments	600
Less: amount representing interest	117
Present value of minimum lease payments	483
Less: current portion	168
Long term capital lease obligation	$	315

Future Minimum Lease Payments under Non-Cancelable Operating Lease Agreements

Future minimum lease payments under non-cancelable agreements expiring after September 30, 2017 are set forth below:



During the next twelve months ending September 30,
2018	$	10,477
2019	8,470
2020	4,795
2021	3,189
2022	1,064
2023 and thereafter	933
	$	28,928

Schedule of Rent Expense

The Company recognizes rent on such leases on a straight-line basis over cancelable and non-cancelable lease period determined under ASC topic 840, "Leases":



	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Rent expense	$	6,362	$	5,445	$	18,168	$	15,871

Schedule of Deferred Rent



	As of
	September 30, 2017		December 31, 2016
Cancelable and non - cancelable operating leases	$	8,763	$	7,915

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017 through September 30, 2017:



Balance as of January 1, 2017	$	3,087
Increases related to prior year tax positions	—
Decreases related to prior year tax positions	(1,720		)
Increases related to current year tax positions	—
Decreases related to current year tax positions	—
Effect of exchange rate changes	85
Balance as of September 30, 2017	$	1,452

Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2017

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 September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Cost of revenue	$	1,109	$	795	$	3,448	$	2,848
General and administrative expenses	2,601		1,905		7,541		6,241
Selling and marketing expenses	1,998		1,784		5,782		5,654
Total	$	5,708	$	4,484	$	16,771	$	14,743

Stock Based Compensation Stock Option Activity

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



	Number of Options		Weighted Avg Exercise Price		Aggregate Intrinsic Value		Weighted Avg Remaining Contractual Life (Years)
Outstanding at December 31, 2016	811,902		$	16.31	$	27,718	2.96
Granted	—		—
Exercised	(349,880	)	12.22
Forfeited	—		—
Outstanding at September 30, 2017	462,022		$	19.40	$	17,980	2.97
Vested and exercisable at September 30, 2017	462,022		$	19.40	$	17,980	2.97

Restricted Stock and 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 Avg Grant Date Fair Value		Number		Weighted Avg Grant Date Fair Value
Outstanding at December 31, 2016*	246,940		$	42.42	1,256,288		$	37.38
Granted	—		—		391,927		48.02
Vested	(36,767	)	38.74		(449,977	)	34.69
Forfeited	(4,505	)	35.11		(96,140	)	41.03
Outstanding at September 30, 2017*	205,668		$	43.24	1,102,098		$	41.94

* As of September 30, 2017 and December 31, 2016 restricted stock units vested for which the underlying common stock is yet to be issued are 146,112 and 135,054, 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 “PRSUs”) activity under the Company’s stock plans is shown below:



	Revenue Based PRSUs				Market Condition Based PRSUs
	Number		Weighted Avg Grant Date Fair Value		Number		Weighted Avg Grant Date Fair Value
Outstanding at December 31, 2016	115,174		$	41.70	215,171		$	47.42
Granted	62,113		47.73		62,100		54.10
Vested	—		—		—		—
Forfeited	(8,595	)	43.96		(8,595	)	59.40
Outstanding at September 30, 2017	168,692		$	43.81	268,676		$	48.58

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefit	$ 3,488	$ 7,169
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax effect			$ 1,453
Accounting Standards Update 2016-09 \| Additional Paid-in Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment			5,999
Accounting Standards Update 2016-09 \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment			$ 4,546

Segment and Geographical Information - Additional Information (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2017 operating_segment	Dec. 31, 2015 Segment
Segment Reporting [Abstract]
Number of operating segments	8
Number of operating segments, operations management	6
Number of operating segments, finance and accounting	1
Number of operating segments, company provides operations management services	6
Number of non-operations management services	2
Number of reportable segments in prior periods \| Segment		2

Segment and Geographical Information - Revenues and Cost of Revenues for Company's Reportable Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($) operating_segment	Sep. 30, 2016 USD ($)
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	$ 192,345	$ 171,200	$ 564,435	$ 508,714
Cost of revenues (exclusive of depreciation and amortization)	124,890	111,767	370,458	332,172
Gross profit	67,455	59,433	193,977	176,542
Operating expenses	48,800	42,074	143,291	126,495
Foreign exchange gain, interest expense and other income, net	5,241	4,337	14,759	14,747
Income tax expense	2,819	5,646	7,202	18,549
Net income	21,077	16,050	$ 58,243	46,245
Number of operating segments, industry focused \| operating_segment			5
Number of capability operating segments \| operating_segment			1
BPM and related services
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	138,601	129,563	$ 410,125	388,502
Analytics services
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	53,744	41,637	154,310	120,212
Insurance
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	59,608	52,801	173,784	151,696
Cost of revenues (exclusive of depreciation and amortization)	39,699	37,797	119,004	108,516
Gross profit	19,909	15,004	54,780	43,180
Healthcare
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	18,871	15,959	56,726	49,788
Cost of revenues (exclusive of depreciation and amortization)	11,966	10,887	36,402	32,440
Gross profit	6,905	5,072	20,324	17,348
TT&L
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	18,496	17,519	53,374	52,623
Cost of revenues (exclusive of depreciation and amortization)	10,135	10,637	30,832	31,901
Gross profit	8,361	6,882	22,542	20,722
F&A
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	21,642	19,858	63,694	58,961
Cost of revenues (exclusive of depreciation and amortization)	13,310	12,012	39,163	35,385
Gross profit	8,332	7,846	24,531	23,576
All Other
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	19,984	23,426	62,547	75,434
Cost of revenues (exclusive of depreciation and amortization)	13,629	14,655	42,770	47,836
Gross profit	6,355	8,771	19,777	27,598
Analytics
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	53,744	41,637	154,310	120,212
Cost of revenues (exclusive of depreciation and amortization)	36,151	25,779	102,287	76,094
Gross profit	$ 17,593	$ 15,858	$ 52,023	$ 44,118

Segment and Geographical Information - Revenues based on Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 192,345	$ 171,200	$ 564,435	$ 508,714
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	158,501	137,047	462,676	407,272
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	26,824	27,993	81,857	84,284
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	7,020	6,160	19,902	17,158
Total Non-United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 33,844	$ 34,153	$ 101,759	$ 101,442

Segment and Geographical Information - Property, Plant and Equipment, Net Based On Geographical Information (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 63,729	$ 49,029
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	37,139	23,362
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	14,829	10,809
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	9,031	11,900
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 2,730	$ 2,958

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerators:
Net income	$ 21,077	$ 16,050	$ 58,243	$ 46,245
Denominators:
Basic weighted average common shares outstanding	33,838,374	33,624,401	33,834,392	33,542,258
Dilutive effect of share based awards (in shares)	1,205,613	1,051,084	1,214,280	970,557
Diluted weighted average common shares outstanding	35,043,987	34,675,485	35,048,672	34,512,815
Earnings Per Share:
Basic (in dollars per share)	$ 0.62	$ 0.48	$ 1.72	$ 1.38
Diluted (in dollars per share)	$ 0.60	$ 0.46	$ 1.66	$ 1.34
Weighted average common shares considered anti-dilutive in computing diluted earnings per share	0	32,516	151,961	97,574

Other Income, net - Summary of Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Other Income and Expenses [Abstract]
Interest and dividend income	$ 322	$ 354	$ 1,317	$ 1,208
Gain on mutual fund investments	2,556	2,562	6,777	6,191
Change in fair value of earn-out consideration	0	0	0	4,060
Other, net	44	(25)	777	738
Other income, net	$ 2,922	$ 2,891	$ 8,871	$ 12,197

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

+ References + Details

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Owned Assets:
Owned assets, gross	$ 197,519	$ 164,097
Less: Accumulated depreciation and amortization	(134,245)	(115,568)
Owned Assets, net	63,274	48,529
Assets under capital leases:
Capital leased assets, gross	1,671	1,797
Less: Accumulated depreciation and amortization	(1,216)	(1,297)
Assets under capital leases, net	455	500
Property, Plant and Equipment, net	63,729	49,029
Network equipment and computers
Owned Assets:
Owned assets, gross	73,728	65,381
Software
Owned Assets:
Owned assets, gross	56,369	44,617
Leasehold improvements
Owned Assets:
Owned assets, gross	36,741	31,192
Assets under capital leases:
Capital leased assets, gross	889	854
Office furniture and equipment
Owned Assets:
Owned assets, gross	18,397	15,426
Assets under capital leases:
Capital leased assets, gross	138	133
Motor vehicles
Owned Assets:
Owned assets, gross	645	580
Assets under capital leases:
Capital leased assets, gross	644	810
Buildings
Owned Assets:
Owned assets, gross	$ 1,218	1,171
Estimated useful lives	30 years
Land
Owned Assets:
Owned assets, gross	$ 797	766
Capital work in progress
Owned Assets:
Owned assets, gross	$ 9,624	$ 4,964
Minimum \| Network equipment and computers
Owned Assets:
Estimated useful lives	3 years
Minimum \| Software
Owned Assets:
Estimated useful lives	3 years
Minimum \| Leasehold improvements
Owned Assets:
Estimated useful lives	3 years
Minimum \| Office furniture and equipment
Owned Assets:
Estimated useful lives	3 years
Minimum \| Motor vehicles
Owned Assets:
Estimated useful lives	2 years
Maximum \| Network equipment and computers
Owned Assets:
Estimated useful lives	5 years
Maximum \| Software
Owned Assets:
Estimated useful lives	5 years
Maximum \| Leasehold improvements
Owned Assets:
Estimated useful lives	8 years
Maximum \| Office furniture and equipment
Owned Assets:
Estimated useful lives	8 years
Maximum \| Motor vehicles
Owned Assets:
Estimated useful lives	5 years

Property, Plant and Equipment Property, Plant and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 6,221	$ 5,749	$ 18,279	$ 16,719
Cost	2,364		2,364		$ 2,242
Less : Accumulated amortization expense	791		791		336
Capitalized Computer Software, Net	$ 1,573		$ 1,573		$ 1,906

Goodwill and Intangible Assets - Summary of Company's Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Beginning Balance	$ 186,770	$ 171,535
Acquisitions		16,108
Currency translation adjustments	1,183	(873)
Ending Balance	187,953	186,770
Insurance
Goodwill [Roll Forward]
Beginning Balance	38,110	35,824
Acquisitions		2,510
Currency translation adjustments	204	(224)
Ending Balance	38,314	38,110
Healthcare
Goodwill [Roll Forward]
Beginning Balance	19,276	19,276
Acquisitions		0
Currency translation adjustments	0	0
Ending Balance	19,276	19,276
TT&L
Goodwill [Roll Forward]
Beginning Balance	12,983	13,278
Acquisitions		0
Currency translation adjustments	445	(295)
Ending Balance	13,428	12,983
F&A
Goodwill [Roll Forward]
Beginning Balance	47,537	47,891
Acquisitions		0
Currency translation adjustments	534	(354)
Ending Balance	48,071	47,537
All Other
Goodwill [Roll Forward]
Beginning Balance	5,326	5,326
Acquisitions		0
Currency translation adjustments	0	0
Ending Balance	5,326	5,326
Analytics
Goodwill [Roll Forward]
Beginning Balance	63,538	49,940
Acquisitions		13,598
Currency translation adjustments	0	0
Ending Balance	$ 63,538	$ 63,538

Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 99,936	$ 99,487
Accumulated Amortization	(57,268)	(46,617)
Total	42,668	52,870
Total intangible assets, gross carrying amount	100,836	100,387
Total intangible assets, net carrying amount	43,568	53,770
Trade names and trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, trade names and trademarks	900	900
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	75,372	75,181
Accumulated Amortization	(40,975)	(32,968)
Total	34,397	42,213
Leasehold benefits
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	2,826	2,715
Accumulated Amortization	(2,490)	(2,247)
Total	336	468
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	14,314	14,186
Accumulated Amortization	(8,177)	(6,468)
Total	6,137	7,718
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	2,045	2,045
Accumulated Amortization	(1,739)	(1,612)
Total	306	433
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	5,379	5,360
Accumulated Amortization	(3,887)	(3,322)
Total	$ 1,492	$ 2,038

Goodwill and Intangible Assets Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,487	$ 2,848	$ 10,492	$ 8,281

Goodwill and Intangible Assets Goodwill and Intangible Assets - Weighted Average Life of Intangible Assets (Details)	9 Months Ended
	Sep. 30, 2017
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Life of Intangible Assets	5 years 1 month 24 days
Leasehold benefits
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Life of Intangible Assets	1 year 8 months 1 day
Developed technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Life of Intangible Assets	3 years 9 months 7 days
Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Life of Intangible Assets	1 year 11 months 5 days
Trade names and trademarks (Finite lived)
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Life of Intangible Assets	5 years 2 months 23 days

Goodwill and Intangible Assets - Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
2018	$ 12,667
2019	11,947
2020	5,705
2021	3,207
2022	2,461
2023 and thereafter	6,681
Total	$ 42,668	$ 52,870

Other current assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Derivative instruments	$ 8,236	$ 3,324
Advances to suppliers	3,681	1,091
Receivables from statutory authorities	5,784	11,870
Others	4,632	4,883
Other current assets	$ 22,333	$ 21,168

Accrued expenses and other current liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Accrued expenses	$ 39,250	$ 30,690
Derivative instruments	1,330	1,430
Client liability account	2,090	4,005
Others	6,370	7,139
Accrued expenses and other current liabilities	$ 49,040	$ 43,264

Non-current liabilities - Summary of Non-Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Liabilities, Noncurrent [Abstract]
Derivative instruments	$ 1,553	$ 828
Unrecognized tax benefits	692	3,640
Deferred rent	7,890	7,237
Retirement benefits	2,917	1,977
Others	3,182	1,137
Non-current liabilities	$ 16,234	$ 14,819

Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Cumulative currency translation adjustments	$ (66,486)	$ (77,299)
Unrealized gain on cash flow hedges, net of taxes of $3,605 and $1,207	7,559	2,740
Retirement benefits, net of taxes of ($265) and ($342)	(363)	(498)
Accumulated other comprehensive loss	(59,290)	(75,057)
Unrealized gain on cash flow hedges, taxes	3,605	1,207
Retirement benefits, taxes	$ (265)	$ (342)

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets
Money market and mutual funds	$ 146,477	$ 0
Derivative financial instruments	14,395	6,318
Total	160,872	6,318
Liabilities
Derivative financial instruments	2,883	2,258
Total	2,883	2,258
Level 1
Assets
Money market and mutual funds	146,477	0
Derivative financial instruments	0	0
Total	146,477	0
Liabilities
Derivative financial instruments	0	0
Total	0	0
Level 2
Assets
Money market and mutual funds	0	0
Derivative financial instruments	14,395	6,318
Total	14,395	6,318
Liabilities
Derivative financial instruments	2,883	2,258
Total	2,883	2,258
Level 3
Assets
Money market and mutual funds	0	0
Derivative financial instruments	0	0
Total	0	0
Liabilities
Derivative financial instruments	0	0
Total	$ 0	$ 0

Derivatives and Hedge Accounting - Additional Information (Details) £ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2017 GBP (£)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 GBP (£)
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative losses which could be reclassified into earnings within the next 12 months			$ 6,839,000
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	$ 0	$ 0
Derivatives Designated as Hedging Instruments \| Derivatives in Cash Flow Hedging Relationships \| Foreign Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	297,643,000		297,643,000			$ 218,545,000
Derivatives Designated as Hedging Instruments \| Derivatives in Cash Flow Hedging Relationships \| Foreign Exchange Range Forward Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	1,500,000		1,500,000
Derivatives not Designated as Hedging Instruments \| Foreign Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 91,523,000		$ 91,523,000		£ 17,244	$ 63,980,000	£ 17,974

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Details) - Foreign Exchange Contracts - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Derivatives Designated as Hedging Instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	$ 8,122	$ 3,211
Derivatives Designated as Hedging Instruments \| Other assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	6,159	2,994
Derivatives Designated as Hedging Instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	1,283	1,430
Derivatives Designated as Hedging Instruments \| Non-current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	1,553	828
Derivatives not Designated as Hedging Instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	114	113
Derivatives not Designated as Hedging Instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	$ 47	$ 0

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income (Details) - Foreign Exchange Contracts - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivatives Designated as Hedging Instruments \| Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in AOCL on derivative - Effective portion	$ (719)	$ 3,607	$ 8,774	$ 4,160
Foreign exchange gain/(loss) \| Derivatives Designated as Hedging Instruments \| Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) reclassified from AOCL to foreign exchange gain/(loss) - Effective portion	423	466	1,557	872
Gain/(loss) recognized in foreign exchange gain/(loss) - Ineffective portion	0	0	0	0
Foreign exchange gain/(loss) \| Derivatives not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in foreign exchange gain/(loss)	$ (678)	$ 1,382	$ 2,095	$ 4,110

Borrowings - Additional Information (Details) - Revolving Credit Facility	3 Months Ended		9 Months Ended
	Sep. 30, 2017 USD ($)	Sep. 30, 2016	Sep. 30, 2017 USD ($)	Sep. 30, 2016	Dec. 31, 2016 USD ($)
Credit Facilities [Line Items]
Credit facility capacity	$ 100,000,000		$ 100,000,000
Credit facility expiration date			Oct. 24, 2019
Credit facility capacity, outstanding	$ 45,000,000		$ 45,000,000
Line of credit interest rate during period	2.90%	2.20%	2.70%	2.00%
Unamortized debt issuance costs	$ 200,000		$ 200,000		$ 272,000
Interest coverage ratio, minimum	3.5		3.5
Leverage ratio, maximum	2.5		2.5

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Capital Structure - Additional Information (Details)			3 Months Ended		9 Months Ended
Capital Structure - Additional Information (Details)	Feb. 28, 2017 USD ($)	Dec. 30, 2014 USD ($)	Sep. 30, 2017 USD ($) $ / shares shares	Sep. 30, 2016 USD ($) $ / shares shares	Sep. 30, 2017 USD ($) ClassOfCommonStock $ / shares shares	Sep. 30, 2016 USD ($) $ / shares shares
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			0	0	65,003	16,027
Withholding tax payments related to the vesting of restricted stock for total consideration					$ 3,016,000	$ 728,000
Weighted average purchase price prior to the vesting date (in dollars per share) \| $ / shares					$ 46.40	$ 45.44
2014 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, period start (year)		2015
Stock repurchase program, period end (year)		2017
Repurchase of common stock authorized by board of directors up to		$ 20,000,000
Common stock shares purchased under the repurchase program (in shares) \| shares				108,143		302,953
Common stock aggregate purchase price including commissions				$ 5,466,000		$ 14,441,000
Common stock average purchase price per share (in dollars per share) \| $ / shares				$ 50.54		$ 47.67
2017 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, period start (year)	2017
Stock repurchase program, period end (year)	2019
Additional authorized amount	$ 100,000,000
Authorized increase in repurchase amount, 2018	40,000,000
Authorized increase in repurchase amount, 2019	40,000,000
2017 Repurchase Program \| Minimum
Equity, Class of Treasury Stock [Line Items]
Authorized increase in repurchase amount	20,000,000
2017 Repurchase Program \| Maximum
Equity, Class of Treasury Stock [Line Items]
Authorized increase in repurchase amount	$ 40,000,000
2014 and 2017 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Common stock shares purchased under the repurchase program (in shares) \| shares			160,033		584,017
Common stock aggregate purchase price including commissions			$ 9,004,000		$ 29,320,000
Common stock average purchase price per share (in dollars per share) \| $ / shares			$ 56.26		$ 50.20

Employee Benefit Plans - Net Gratuity Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Service cost	$ 491	$ 402	$ 1,469	$ 1,203
Interest cost	166	150	494	449
Expected return on plan assets	(112)	(104)	(330)	(312)
Amortization of actuarial loss	72	23	212	67
Net gratuity cost	$ 617	$ 471	$ 1,845	$ 1,407

Employee Benefit Plans - Change in Plan Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at January 1, 2017	$ 5,640
Actual return	341
Employer contribution	1,694
Benefits paid	(896)
Effect of exchange rate changes	227
Plan assets at September 30, 2017	$ 7,006

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Expected return on plan assets (as a percent)			8.00%
Discretionary contributions towards 401(k) Plan, maximum (as a percent)			4.00%	4.00%
Discretionary contributions to 401 (k) plans	$ 487	$ 554	$ 2,051	$ 1,945
Contributions to various defined contribution plans	$ 1,845	$ 1,608	$ 5,350	$ 4,619

Leases - Future Minimum Lease Payments under Capital Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Leases [Abstract]
2018	$ 227
2019	173
2020	128
2021	72
Total minimum lease payments	600
Less: amount representing interest	117
Present value of minimum lease payments	483
Less: current portion	168	$ 232
Long term capital lease obligation	$ 315	$ 300

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2017 USD ($)
Leases [Abstract]
2018	$ 10,477
2019	8,470
2020	4,795
2021	3,189
2022	1,064
2023 and thereafter	933
Total operating lease payments	$ 28,928

Leases - Rent Expense and Deferred Rent (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Leases [Abstract]
Rent expense under both cancelable and non-cancelable operating leases	$ 6,362	$ 5,445	$ 18,168	$ 15,871
Deferred rent under both cancelable and non-cancelable operating leases	$ 8,763		$ 8,763		$ 7,915

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax expense	$ 2,819	$ 5,646	$ 7,202	$ 18,549
Effective tax rate	11.80%	26.00%	11.00%	28.60%
Discrete item	$ 3,488		$ 7,169
Uncertain tax position			3,153
Uncertain tax position, interest amount, tax expense (benefit)			1,433
Unrecognized tax benefits	1,452		1,452		$ 3,087
Interest expense	0	$ 50
Accrued interest and penalties	$ 240		$ 240		$ 1,553

Income Taxes - Summary of Activity Related to Gross Unrecognized Tax Benefits (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance as of January 1, 2017	$ 3,087
Increases related to prior year tax positions	0
Decreases related to prior year tax positions	(1,720)
Increases related to current year tax positions	0
Decreases related to current year tax positions	0
Effect of exchange rate changes	85
Balance as of September 30, 2017	$ 1,452

Stock Based Compensation - Costs Related to Company's Stock-Based Compensation Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	$ 5,708	$ 4,484	$ 16,771	$ 14,743
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	1,109	795	3,448	2,848
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	2,601	1,905	7,541	6,241
Selling and marketing expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	$ 1,998	$ 1,784	$ 5,782	$ 5,654

Stock Based Compensation - Costs Related to Company's Stock-Based Compensation Plan Additional Information (Details)	Sep. 30, 2017 shares
2015 Stock Options Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	1,492,097

Stock Based Compensation - Stock Based Compensation Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Options, Granted (in shares)	0	0	0	0
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Options, Outstanding, at December 31, 2016 (in shares)			811,902
Number of Options, Granted (in shares)			0
Number of Options, Exercised (in shares)			(349,880)
Number of Options, Forfeited (in shares)			0
Number of Options, Outstanding, at September 30, 2017 (in shares)	462,022		462,022		811,902
Number of Options, Vested and exercisable at September 30, 2017 (in shares)	462,022		462,022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-Average Exercise Price, Outstanding, at December 31, 2016 (in dollars per share)			$ 16.31
Weighted-Average Exercise Price, Granted (in dollars per share)			0.00
Weighted-Average Exercise Price, Exercised (in dollars per share)			12.22
Weighted-Average Exercise Price, Forfeited (in dollars per share)			0.00
Weighted-Average Exercise Price, Outstanding, at September 30, 2017 (in dollars per share)	$ 19.40		19.40		$ 16.31
Weighted Average Exercise Price, Vested and exercisable at September 30, 2017 (in dollars per share)	$ 19.40		$ 19.40
Aggregate Intrinsic Value, Outstanding	$ 17,980		$ 17,980		$ 27,718
Weighted-Average Remaining Contractual Life			2 years 11 months 19 days		2 years 11 months 15 days
Aggregate Intrinsic Value, Vested and exercisable at September 30, 2017	$ 17,980		$ 17,980
Weighted-Average Remaining Contractual Life, Vested and exercisable at September 30, 2017			2 years 11 months 19 days

Stock Based Compensation - Stock Options Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, granted (in shares)	0	0	0	0
Number of options, vested (in shares)	0	0
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, unvested options	$ 0		$ 0
Number of options, granted (in shares)			0
Total grant date fair value of option vested in period			$ 0	$ 706

Stock Based Compensation - Restricted Stock Activity Under Company's Stock Plans (Details) - $ / shares	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, Outstanding, at December 31, 2016 (in shares)	246,940
Number, Granted (in shares)	0
Number, Vested (in shares)	(36,767)
Number, Forfeited (in shares)	(4,505)
Number, Outstanding, at September 31, 2017 (in shares)	205,668
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Fair Value, Outstanding, at December 31, 2016 (in dollars per share)	$ 42.42
Weighted-Average Fair Value, Granted (in dollars per share)	0.00
Weighted-Average Fair Value, Vested (in dollars per share)	38.74
Weighted-Average Fair Value, Forfeited (in dollars per share)	35.11
Weighted-Average Fair Value, Outstanding, at September 30, 2017 (in dollars per share)	$ 43.24
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, Outstanding, at December 31, 2016 (in shares)	1,256,288
Number, Granted (in shares)	391,927
Number, Vested (in shares)	(449,977)
Number, Forfeited (in shares)	(96,140)
Number, Outstanding, at September 31, 2017 (in shares)	1,102,098
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Fair Value, Outstanding, at December 31, 2016 (in dollars per share)	$ 37.38
Weighted-Average Fair Value, Granted (in dollars per share)	48.02
Weighted-Average Fair Value, Vested (in dollars per share)	34.69
Weighted-Average Fair Value, Forfeited (in dollars per share)	41.03
Weighted-Average Fair Value, Outstanding, at September 30, 2017 (in dollars per share)	$ 41.94
Restricted stock units vested (in shares)	146,112	135,054

Stock Based Compensation - Restricted Stock Additional Information (Details) - Restricted Stock and Restricted Stock Units $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 39,553
Cost not yet recognized, period for recognition	2 years 7 months 28 days

Stock Based Compensation - Performance Restricted Stock Activity (Details)	9 Months Ended
	Sep. 30, 2017 $ / shares shares
Revenue Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, Outstanding, at December 31, 2016 (in shares) \| shares	115,174
Number, Granted (in shares) \| shares	62,113
Number, Vested (in shares) \| shares	0
Number, Forfeited (in shares) \| shares	(8,595)
Number, Outstanding, at September 31, 2017 (in shares) \| shares	168,692
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Fair Value, Outstanding, at December 31, 2016 (in dollars per share) \| $ / shares	$ 41.70
Weighted-Average Fair Value, Granted (in dollars per share) \| $ / shares	47.73
Weighted-Average Fair Value, Vested (in dollars per share) \| $ / shares	0.00
Weighted-Average Fair Value, Forfeited (in dollars per share) \| $ / shares	43.96
Weighted-Average Fair Value, Outstanding, at September 30, 2017 (in dollars per share) \| $ / shares	$ 43.81
Market Condition Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, Outstanding, at December 31, 2016 (in shares) \| shares	215,171
Number, Granted (in shares) \| shares	62,100
Number, Vested (in shares) \| shares	0
Number, Forfeited (in shares) \| shares	(8,595)
Number, Outstanding, at September 31, 2017 (in shares) \| shares	268,676
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Fair Value, Outstanding, at December 31, 2016 (in dollars per share) \| $ / shares	$ 47.42
Weighted-Average Fair Value, Granted (in dollars per share) \| $ / shares	54.10
Weighted-Average Fair Value, Vested (in dollars per share) \| $ / shares	0.00
Weighted-Average Fair Value, Forfeited (in dollars per share) \| $ / shares	59.40
Weighted-Average Fair Value, Outstanding, at September 30, 2017 (in dollars per share) \| $ / shares	$ 48.58

Stock Based Compensation - Performance Based Stock Awards Additional Information (Details) - Performance Based Stock Awards $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 7,095
Cost not yet recognized, period for recognition	1 year 9 months 29 days

Related Party Disclosures - (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
Related Party Transactions [Abstract]
Revenue from related party	$ 701	$ 1,506
Accounts receivable from related party	$ 379	$ 379	$ 0

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments, net of advances	$ 7,407
Export-oriented units established (as a percent)	100.00%
Transfer pricing issues starting period (year)	2003
Transfer pricing issues ending period (year)	2014
Permanent establishment issues starting period (year)	2003
Permanent establishment issues ending period (year)	2007
Aggregate disputed amount amount related to transfer pricing and permanent establishment	$ 16,075	$ 17,963
Total bank guarantees and deposits in respect of contingencies	8,418	8,640
Amounts paid as deposits in respect of contingencies	6,389	6,690
Bank guarantee issued	$ 2,029	$ 1,950