0001297989-20-000003 | 10-K | XBRL Viewer

$ 256,872

$ 251,392

$ 243,509

$ 239,573

$ 234,903

$ 231,124

$ 210,112

$ 206,973

$ 991,346

$ 883,112

$ 762,310

^[1]

655,490

584,855

495,142

88,610

83,850

81,063

82,333

79,955

78,967

70,463

68,872

335,856

^[1]

298,257

^[1]

267,168

^[1]

Foreign exchange gain, interest expense and other income, net

259,403

248,436

194,443

6,647

10,549

12,309

Income tax expense

15,172

3,397

36,146

Loss from equity-method investment

269

247

Net income attributable to ExlService Holdings, Inc. stockholders

$ 21,356

$ 19,044

$ 12,564

$ 14,695

$ 3,857

$ 15,249

$ 14,462

$ 23,158

$ 67,659

56,726

48,888

Number of operating segments, industry focused | operating_segment

Number of operating segments, finance and accounting | operating_segment

BPM and related services

Revenues and cost of revenues for Company's reportable segments [Line Items]

Revenues and cost of revenues for Company's reportable segments [Line Items]

$ 634,017

597,822

552,367

Analytics services

Revenues and cost of revenues for Company's reportable segments [Line Items]

357,329

285,290

209,943

Insurance

294,159

258,144

234,794

199,678

174,921

159,433

Revenues and cost of revenues for Company's reportable segments [Line Items]

94,481

83,223

75,361

Healthcare

90,589

84,391

77,013

73,650

66,768

49,412

Revenues and cost of revenues for Company's reportable segments [Line Items]

16,939

17,623

27,601

TT&L

68,010

70,237

70,951

38,736

41,066

41,337

Revenues and cost of revenues for Company's reportable segments [Line Items]

29,274

29,171

29,614

F&A

106,580

97,941

86,527

63,317

59,155

51,362

Revenues and cost of revenues for Company's reportable segments [Line Items]

43,263

38,786

35,165

All Other

74,679

87,109

83,082

48,864

58,341

56,638

Revenues and cost of revenues for Company's reportable segments [Line Items]

25,815

28,768

26,444

Analytics

357,329

285,290

209,943

231,245

184,604

136,960

Summary of Non-Current Liabilities

$ 126,084

$ 100,686

$ 72,983

[1]	Exclusive of depreciation and amortization expense.

Property and Equipment, net - Internally Developed Software Costs, Included under Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Cost	$ 15,784	$ 8,783
Less : Accumulated amortization	(4,989)	(2,393)
Net	10,795	6,390
Amortization expense	2,745	$ 1,417	$ 640
Impairment charges	$ 2,178

Other Non-Current liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Liabilities, Noncurrent [Abstract]

Other non-current liabilities consist of the following:



	As of
	December 31, 2019		December 31, 2018
Derivative instruments	$	1,250	$	3,075
Unrecognized tax benefits	1,047		804
Deferred rent	—		7,834
Retirement benefits	6,517		3,616
Deferred transition revenue	1,911		945
Others	987		247
Other non-current liabilities	$	11,712	$	16,521

Cash, Cash Equivalents and Restricted Cash

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

For the purpose of statements of cash flows, cash, cash equivalents and restricted cash comprise of the following:



	As of
	December 31, 2019		December 31, 2018		December 31, 2017
Cash and cash equivalents	$	119,165	$	95,881	$	86,795
Restricted cash (current)	5,453		5,608		3,674
Restricted cash (non-current)	2,426		2,642		3,808
Cash, cash equivalents and restricted cash	$	127,044	$	104,131	$	94,277

Effective January 1, 2018, the Company adopted ASU 2016-18, Statements of Cash Flows (Topic 230), Restricted Cash. Accordingly, restricted cash and restricted cash equivalents is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the consolidated statements of cash flows. Refer to Note 27 to the consolidated financial statements.

Summary of Significant Accounting Policies - Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Operating lease right-of-use assets	$ 86,396
Present value of lease liabilities	$ 98,857
Accounting Standards Update 2016-02
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Operating lease right-of-use assets		$ 80,328
Deferred rent		8,626
Present value of lease liabilities		$ 88,954

Business Combinations, Goodwill and Intangible Assets - Weighted Average Life of Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2019
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	7 years 7 months 28 days
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	3 years 7 months 20 days
Trade names and trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	2 years 4 months 17 days

Stock Based Compensation - Company's Stock Options Outstanding and Stock Options Vested and Exercisable (Detail)	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding (in shares) \| shares	98,161
Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 23.39
$15.00 to $21.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	15.00
Range of Exercise Prices, upper range limit (in dollars per share)	$ 21.00
Options Outstanding (in shares) \| shares	14,893
Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 18.89
$21.01 to $28.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	21.01
Range of Exercise Prices, upper range limit (in dollars per share)	$ 28.00
Options Outstanding (in shares) \| shares	83,268
Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 24.20

Other Non-Current liabilities - Summary of Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Liabilities, Noncurrent [Abstract]
Derivative instruments	$ 1,250	$ 3,075
Unrecognized tax benefits	1,047	804
Deferred rent	0	7,834
Retirement benefits	6,517	3,616
Deferred transition revenue	1,911	945
Others	987	247
Other non-current liabilities	$ 11,712	$ 16,521

Business Combinations, Goodwill and Intangible Assets - Summary of Company's Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Beginning Balance		$ 349,984	$ 204,481
Acquisitions			163,751
Measurement period adjustments			(1,728)
Currency translation adjustments		(455)	(2,291)
Impairment charges			(14,229)
Ending Balance	$ 349,984	349,529	349,984
Insurance
Goodwill [Roll Forward]
Beginning Balance		38,203	38,333
Acquisitions			0
Measurement period adjustments			0
Currency translation adjustments		73	(130)
Impairment charges			0
Ending Balance	38,203	38,276	38,203
Healthcare
Goodwill [Roll Forward]
Beginning Balance		19,276	35,233
Acquisitions			0
Measurement period adjustments			(1,728)
Currency translation adjustments		0	0
Impairment charges	14,229		(14,229)
Ending Balance	19,276	19,276	19,276
TT&L
Goodwill [Roll Forward]
Beginning Balance		12,697	13,679
Acquisitions			0
Measurement period adjustments			0
Currency translation adjustments		(240)	(982)
Impairment charges			0
Ending Balance	12,697	12,457	12,697
F&A
Goodwill [Roll Forward]
Beginning Balance		47,193	48,372
Acquisitions			0
Measurement period adjustments			0
Currency translation adjustments		(288)	(1,179)
Impairment charges			0
Ending Balance	47,193	46,905	47,193
All Other
Goodwill [Roll Forward]
Beginning Balance		5,326	5,326
Acquisitions			0
Measurement period adjustments			0
Currency translation adjustments		0	0
Impairment charges			0
Ending Balance	5,326	5,326	5,326
Analytics
Goodwill [Roll Forward]
Beginning Balance		227,289	63,538
Acquisitions			163,751
Measurement period adjustments			0
Currency translation adjustments		0	0
Impairment charges			0
Ending Balance	227,289	227,289	227,289
Health Integrated, Inc.
Goodwill [Roll Forward]
Beginning Balance		$ 0
Ending Balance	$ 0		$ 0

Stock Based Compensation - Restricted Stock Activity Under Company's Stock Plans (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares)	103,623
Number, granted (in shares)	0
Number, vested (in shares)	(76,239)
Number, forfeited (in shares)	0
Number, outstanding, ending balance (in shares)	27,384	103,623
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, beginning balance (in dollars per share)	$ 42.68
Weighted-average fair value, granted (in dollars per share)	0
Weighted-average fair value, vested (in dollars per share)	40.51
Weighted-average fair value, forfeited (in dollars per share)	0
Weighted-average fair value, outstanding, ending balance (in dollars per share)	$ 48.72	$ 42.68
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares)	953,578
Number, granted (in shares)	512,598
Number, vested (in shares)	(400,497)
Number, forfeited (in shares)	(151,386)
Number, outstanding, ending balance (in shares)	914,293	953,578
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, beginning balance (in dollars per share)	$ 51.81
Weighted-average fair value, granted (in dollars per share)	64.29
Weighted-average fair value, vested (in dollars per share)	47.43
Weighted-average fair value, forfeited (in dollars per share)	58.52
Weighted-average fair value, outstanding, ending balance (in dollars per share)	$ 59.62	$ 51.81
Restricted stock units vested for which underlying common stock to be issued (in shares)	10,318	9,641
Restricted stock units vested (in shares)	166,071	155,753

Income Taxes - Summary of Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Domestic	$ (16,685)	$ (24,442)	$ 4,626
Foreign	99,785	84,812	80,408
Income before income tax expense and earnings from equity affiliates	$ 83,100	$ 60,370	$ 85,034

Income Taxes - Summary of Components of Deferred Tax Balances (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Depreciation and amortization expense	$ 12,319	$ 3,731
Stock-based compensation	9,313	8,614
Accrued employee costs and other expenses	9,805	3,596
Net operating loss carry forward	2,896	1,113
Unrealized exchange loss	1,136	6,671
Deferred rent	4,503	2,255
Others	745	1,380
Deferred tax assets	40,717	27,360
Valuation allowance	(202)	(99)
Deferred tax assets	40,515	27,261
Deferred tax liabilities:
Unrealized exchange gain	505	115
Intangible assets	20,696	19,289
Unamortized discount on convertible senior notes	3,395	4,105
Others	5,030	5,595
Deferred tax liabilities	29,626	29,104
Net deferred tax assets/(liabilities)	$ 10,889
Net deferred tax assets/(liabilities)		$ (1,843)

Related Party Disclosures (Details) - USD ($)	3 Months Ended								12 Months Ended
Related Party Disclosures (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 01, 2018
Debt Instrument [Line Items]
Debt outstanding	$ 249,867,000								$ 249,867,000
Revenues from related party	256,872,000	$ 251,392,000	$ 243,509,000	$ 239,573,000	$ 234,903,000	$ 231,124,000	$ 210,112,000	$ 206,973,000	991,346,000	$ 883,112,000	$ 762,310,000
Accounts receivable from related party	0				5,000				0	5,000
Consulting Services \| Affiliated Entity
Debt Instrument [Line Items]
Revenues from related party									0	225,000	$ 1,748,000
Convertible Notes Payable \| 3.50% Convertible Senior Notes due October 1, 2024
Debt Instrument [Line Items]
Debt instrument face amount												$ 150,000,000
Debt outstanding	150,000,000				150,000				150,000,000	150,000
Interest accrued	$ 1,313,000				$ 1,313,000				$ 1,313,000	$ 1,313,000

Borrowings Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of principal maturities of borrowings

Future principal payments/maturities for all of the Company's borrowings as of December 31, 2019 were as follows:



	Notes		Revolver Credit		Structured Payables		Total
2020	$	—	$	40,000	$	867	$	40,867
2021	—		40,000		—		40,000
2022	—		19,000		—		19,000
2023	—		—		—		—
2024	150,000		—		—		150,000
Total	$	150,000	$	99,000	$	867	$	249,867

Quarterly Financial Data - Summary of Quarterly Results (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

$ 256,872

$ 251,392

$ 243,509

$ 239,573

$ 234,903

$ 231,124

$ 210,112

$ 206,973

$ 991,346

$ 883,112

$ 762,310

Basic (in dollars per share)

88,610

83,850

81,063

82,333

79,955

78,967

70,463

68,872

335,856

^[1]

298,257

^[1]

267,168

^[1]

Net income

$ 21,356

$ 19,044

$ 12,564

$ 14,695

$ 3,857

$ 15,249

$ 14,462

$ 23,158

$ 67,659

$ 56,726

$ 48,888

Earnings per share:

$ 0.62

$ 0.55

$ 0.36

$ 0.43

$ 0.11

$ 0.44

$ 0.42

$ 0.67

$ 1.97

$ 1.65

$ 1.44

Diluted (in dollars per share)

$ 0.62

$ 0.55

$ 0.36

$ 0.42

$ 0.11

$ 0.43

$ 0.41

$ 0.66

$ 1.95

$ 1.62

$ 1.39

Weighted-average number of shares used in computing earnings per share:

Basic (in shares)

34,253,308

34,322,449

34,451,671

34,374,815

34,388,025

34,458,520

34,511,777

34,446,265

34,350,150

34,451,008

33,897,916

Diluted (in shares)

34,696,896

34,699,497

34,702,547

34,833,435

34,921,388

35,207,991

35,142,388

35,302,926

34,732,683

35,030,984

35,110,210

Stock compensation expense

$ 4,532

$ 7,427

$ 7,155

$ 6,956

$ 6,590

$ 5,344

$ 6,893

$ 5,074

$ 26,070

$ 23,901

$ 23,041

Amortization of intangibles

$ 4,974

$ 5,502

$ 5,554

$ 5,528

$ 5,951

$ 6,718

$ 3,761

$ 3,947

$ 21,558

$ 20,377

$ 13,975

[1]	Exclusive of depreciation and amortization expense.

Derivatives and Hedge Accounting

12 Months Ended

Dec. 31, 2019

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 so as to minimize earnings and cash flow volatility associated with changes in foreign currency exchange rates. The Company’s derivative financial instruments are largely forward foreign exchange contracts that are designated as effective hedges and that qualify as cash flow hedges under ASC 815. The Company had outstanding cash flow hedges totaling $410,390 (including $4,300 of range forward contracts) as of December 31, 2019 and $362,435 (including $6,900 of range forward contracts) as of December 31, 2018.

Changes in the fair value of these cash flow hedges are recorded as a component of accumulated other comprehensive income/(loss), net of tax, until the hedged transactions occurs. The resultant foreign exchange gain/(loss) upon settlement of derivative financial instruments are recorded along with the underlying hedged item in the same line of consolidated statements of income as either a part of “Cost of revenues”, “General and administrative expenses”, “Selling and marketing expenses”, “Depreciation and amortization expense”, as applicable.

The Company evaluates hedge effectiveness at the time a contract is entered into as well as on an ongoing basis. 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 amounts recorded in equity are reclassified to earnings.

The Company estimates that approximately $2,421 of net derivative gains, excluding tax effects, included in AOCI, representing changes in the value of cash flow hedges, could be reclassified into earnings within the next twelve months based on exchange rates prevailing as of December 31, 2019. At December 31, 2019, the maximum outstanding term of the cash flow hedges was 45 months.

The Company 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, against the risk of foreign currency fluctuations associated with remeasurement of such assets and liabilities to functional currency. These derivatives do not qualify as fair value hedges under ASC 815. Changes in the fair value of these derivatives are recognized in the consolidated statements of income and are included in foreign exchange gain/(loss). The Company’s primary exchange rate exposure is with the Indian Rupee, the U.K. pound sterling and the Philippine peso. The Company also has exposure to Colombian pesos, Czech Koruna, the Euro, South African ZAR and other local currencies in which it operates. Outstanding foreign currency forward contracts amounted to $124,045, GBP 10,843 and EUR 1,289 as of December 31, 2019 and amounted to $125,503, GBP 15,616 and EUR 512 as of December 31, 2018.

The Company also uses forward contracts designated as net investment hedges to hedge foreign currency risks related to the Company's investment in foreign subsidiaries. Gains and losses on these forward contracts are recognized in AOCI as part of the foreign currency translation adjustment.

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



Derivatives designated as hedging instruments:	As of
Foreign currency exchange contracts	December 31, 2019		December 31, 2018
Other current assets	$	3,945	$	4,022
Other assets	$	3,433	$	1,971
Accrued expenses and other current liabilities	$	1,524	$	3,137
Other non-current liabilities	$	1,250	$	3,075

Derivatives not designated as hedging instruments:	As of
Foreign currency exchange contracts	December 31, 2019		December 31, 2018
Other current assets	$	131	$	37
Accrued expenses and other current liabilities	$	259	$	67



	Year ended December 31,
Forward Exchange Contracts:	2019		2018			2017
Unrealized gain/(loss) recognized in AOCI
Derivatives in cash flow hedging relationships	$	8,773	$	(13,919	)	$	19,802

Gain/(loss) recognized in consolidated statements of income
Derivatives not designated as hedging instruments	$	3,306	$	(3,224	)	$	5,056

Location and amount of gain/(loss) recognized in consolidated statements of income for cash flow hedging relationships and derivatives not designated as hedging instruments:



	Year ended December 31,
	2019				2018					2017
	As per consolidated statements of income		Gain on foreign currency exchange contracts		As per consolidated statements of income		Gain/(loss) on foreign currency exchange contracts			As per consolidated statements of income		Gain on foreign currency exchange contracts
Cash flow hedging relationships
Location in consolidated statements of income where gain was reclassed from AOCI

Cost of revenues	$	655,490	$	3,269	$	584,855	$	2,481		$	495,142	$	5,465
General and administrative expenses	$	126,909	$	424	$	116,202	$	443		$	102,515	$	960
Selling and marketing expenses	$	71,842	$	46	$	63,612	$	44		$	53,379	$	103
Depreciation and amortization expense	$	51,981	$	212	$	48,566	$	181		$	38,549	$	371
			$	3,951			$	3,149				$	6,899

Derivatives not designated as hedging instruments
Location in consolidated statements of income where gain/(loss) was recognized

Foreign exchange gain/(loss), net	$	3,752	$	3,306	$	4,787	$	(3,224	)	$	2,839	$	5,056
	$	3,752	$	3,306	$	4,787	$	(3,224	)	$	2,839	$	5,056

Effect of net investment hedges on accumulated other comprehensive loss:



	Year ended December 31,
	Amount of (loss) recognized in AOCI
Net investment hedging relationships	2019			2018		2017
Foreign exchange contracts	$	(580	)	$	—	$	—
	$	(580	)	$	—	$	—

Business Combinations, Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations, Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of allocation of purchase price to assets acquired and liabilities assumed

The Company’s purchase price allocation to net tangible and intangible assets of SCIO is as follows:



Assets:
Cash and cash equivalents	$	9,842
Restricted cash	2,790
Accounts receivable	19,924
Other current assets	2,076
Property and equipment	1,824
Other assets	1,751
Intangible assets
Customer relationships	47,800
Developed technology	21,400
Trade names and trademarks	3,700
	111,107
Liabilities:
Current liabilities	(12,482		)
Deferred tax liabilities, net	(17,132		)
Other non-current liabilities	(200		)
	(29,814		)

Net assets acquired	$	81,293
Goodwill	163,751
Total purchase consideration	$	245,044

Schedule of Goodwill

The following table sets forth details of changes in goodwill by reportable segment of the Company:



	Insurance			Healthcare			TT&L			F&A			All Other		Analytics		Total
Balance at January 1, 2018	$	38,333		$	35,233		$	13,679		$	48,372		$	5,326	$	63,538	$	204,481
Acquisitions	—			—			—			—			—		163,751		163,751
Measurement period adjustments	—			(1,728		)	—			—			—		—		(1,728		)
Currency translation adjustments	(130		)	—			(982		)	(1,179		)	—		—		(2,291		)
Impairment charges	—			(14,229		)	—			—			—		—		(14,229		)
Balance at December 31, 2018	$	38,203		$	19,276		$	12,697		$	47,193		$	5,326	$	227,289	$	349,984
Currency translation adjustments	73			—			(240		)	(288		)	—		—		(455		)
Balance at December 31, 2019	$	38,276		$	19,276		$	12,457		$	46,905		$	5,326	$	227,289	$	349,529

Schedule of indefinite lived Intangible Assets

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



	As of December 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	97,602	$	(43,330	)	$	—	$	54,272
Developed technology	26,976		(10,687		)	—		16,289
Trade names and trademarks	5,100		(2,579		)	—		2,521
	$	129,678	$	(56,596	)	$	—	$	73,082
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—		$	—	$	900
Total intangible assets	$	130,578	$	(56,596	)	$	—	$	73,982



	As of December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment			Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	129,790	$	(56,367	)	$	(5,549	)	$	67,874
Leasehold benefits	2,644		(2,567		)	—			77
Developed technology	37,154		(14,653		)	—			22,501
Non-compete agreements	2,045		(1,937		)	—			108
Trade names and trademarks	9,639		(5,326		)	(278		)	4,035
	$	181,272	$	(80,850	)	$	(5,827	)	$	94,595
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—		$	—		$	900
Total intangible assets	$	182,172	$	(80,850	)	$	(5,827	)	$	95,495

Schedule of amortization of Intangible Assets

The amortization expense for the year is as follows:



	Year ended December 31,
	2019		2018		2017
Amortization expense	$	21,558	$	20,377	$	13,975

Schedule of finite lived Intangible Assets useful lives

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



	(in years)
Customer relationships	7.66
Developed technology	3.64
Trade names and trademarks (Finite lived)	2.38

Schedule of estimated future amortization of Intangible Assets



Estimated future amortization expense related to intangible assets as of December 31, 2019 is as follows:
2020	$	14,458
2021	12,753
2022	11,335
2023	9,046
2024	6,704
2025 and thereafter	18,786
Total	$	73,082

Segment and Geographical Information - Narrative (Detail)	12 Months Ended
	Dec. 31, 2019 operating_segment
Segment Reporting [Abstract]
Number of operating segments	8
Number of operating segments, operations management	5
Number of operating segments, finance and accounting	1
Number of operating segments, company provides operations management services	6
Number of operating segments, non-operations management services	2
Number of operating segments, industry focused	5

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC Topic 820, “Fair Value Measurements and Disclosures” ("ASC 820") defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability as against assumptions specific to the

entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk.

ASC 820 establishes a three-level hierarchy of fair value measurements based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The fair-value hierarchy requires the use of observable market data when available and consists of the following levels:


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


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


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

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 December 31, 2019 and 2018.



As of December 31, 2019	Level 1		Level 2		Level 3		Total
Assets
Mutual funds*	$	166,330	$	—	$	—	$	166,330
Derivative financial instruments	—		7,509		—		7,509
Total	$	166,330	$	7,509	$	—	$	173,839
Liabilities
Derivative financial instruments	$	—	$	3,033	$	—	$	3,033
Total	$	—	$	3,033	$	—	$	3,033

As of December 31, 2018	Level 1		Level 2		Level 3		Total
Assets
Mutual funds*	$	142,408	$	—	$	—	$	142,408
Derivative financial instruments	—		6,030		—		6,030
Total	$	142,408	$	6,030	$	—	$	148,438
Liabilities
Derivative financial instruments	$	—	$	6,279	$	—	$	6,279
Total	$	—	$	6,279	$	—	$	6,279

* Represents those short-term investments which are carried at the fair value option under ASC 825 "Financial Instruments" as of December 31, 2019 and 2018.

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. Refer to Note 17 to the consolidated financial statements for further details.

Financial instruments not carried at fair value:

The Company’s other financial instruments not carried at fair value consist primarily of cash and cash equivalents, short-term investments (except investment in mutual funds, as disclosed above), restricted cash, accounts receivable, accounts payable, and accrued expenses for which fair values approximate their carrying amounts due to their short-term nature. The carrying value of the Company’s outstanding revolver credit approximates its fair value because the Company’s interest rate yield is near current

market rates for comparable debt instruments. Lease obligations are recognized based on the present value of lease payments over the lease term which approximates fair value

Convertible Senior Notes:

The total estimated fair value of the convertible senior notes as of December 31, 2019 and 2018 was $149,934 and $130,510, respectively. The fair value was determined based on the market yields for similar Notes as of December 31, 2019 and 2018, respectively. The Company considers the fair value of the Notes to be a Level 2 measurement due to the limited inputs available for its fair valuation.

Non-recurring fair value measurements of assets:

Non-recurring fair value measurements include impairment tests conducted by the Company during the year ended December 31, 2019 of its long-lived assets and ROU assets related to its Health Integrated business. The fair value determination for ROU assets was based on third party quotes, which are Level 2 inputs, and for other long-lived assets, it was based on Company’s internal assessment, which are Level 3 inputs. During the year ended December 31, 2019, the Company recognized impairment charges on and long-lived assets and ROU assets to write down the carrying value to their fair values. Refer to Notes 9 and 21 to the consolidated financial statements for further details.

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The balances as of December 31, 2019 and 2018 are as follows:



	As of
	December 31, 2019			December 31, 2018
Cumulative foreign currency translation loss	$	(87,591	)	$	(84,105	)
Unrealized gain/(loss) on cash flow hedges	4,604			(218		)
Retirement benefits	(1,780		)	918
Income tax expense relating to above ⁽¹⁾	(125		)	(62		)
Accumulated other comprehensive loss	$	(84,892	)	$	(83,467	)

⁽¹⁾These are income tax expense recognized on cash flow hedges and retirement benefits. Refer to Note 22 to the consolidated financial statements.

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of supplemental balance sheet information

Supplemental balance sheet information



	As of
	December 31, 2019
Operating Lease
Operating lease right-of-use assets	$	86,396

Operating lease liabilities - Current	$	24,148
Operating lease liabilities - Non-current	74,709
Total operating lease liabilities	$	98,857

Finance Lease
Property and equipment, gross	$	1,757
Accumulated depreciation	(1,120		)
Property and equipment, net	$	637

Finance lease liabilities - Current	$	253
Finance lease liabilities - Non-current	430
Total finance lease liabilities	$	683

Schedule of components of lease cost

The components of lease cost, which are included in the Company's consolidated statements of income, are as follows:



Lease cost	Year ended December 31, 2019
Finance lease:
Amortization of right-of-use assets	$	255
Interest on lease liabilities	93
Operating lease^(a)	27,335
Sublease income	(146		)
Total lease cost	$	27,537

Schedule of supplemental cash flow informaton related to leases

Supplemental cash flow and other information related to leases are as follows:



	Year ended December 31, 2019
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	24,813
Operating cash outflows for finance leases	$	93
Financing cash outflows for finance leases	$	336
Right-of-use assets obtained in exchange for new operating lease liabilities	$	36,473
Right-of-use assets obtained in exchange for new finance lease liabilities	$	506
Weighted-average remaining lease term
Finance lease	2.3 years
Operating lease	6.0 years
Weighted-average discount rate
Finance lease	9.9		%
Operating lease	7.6		%

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of December 31, 2019 are as follows:



	Operating Leases		Finance Leases
2020	$	26,932	$	325
2021	23,783		251
2022	21,526		157
2023	19,381		86
2024	14,865		22
2025 and thereafter	23,983		—
Total lease payments	$	130,470	$	841
Less: Imputed interest	31,613		158
Present value of lease liabilities	$	98,857	$	683

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of December 31, 2019 are as follows:



	Operating Leases		Finance Leases
2020	$	26,932	$	325
2021	23,783		251
2022	21,526		157
2023	19,381		86
2024	14,865		22
2025 and thereafter	23,983		—
Total lease payments	$	130,470	$	841
Less: Imputed interest	31,613		158
Present value of lease liabilities	$	98,857	$	683

Schedule of future minimum lease payments for capital leases



	Operating Leases		Finance Leases
2020	$	26,932	$	325
2021	23,783		251
2022	21,526		157
2023	19,381		86
2024	14,865		22
2025 and thereafter	23,983		—
Total lease payments	$	130,470	$	841
Less: Imputed interest	31,613		158
Present value of lease liabilities	$	98,857	$	683

Maturities of minimum lease payments as of December 31, 2018 are as follows:

Schedule of future minimum rental payments for operating leases



	Operating Leases		Finance Leases
2020	$	26,932	$	325
2021	23,783		251
2022	21,526		157
2023	19,381		86
2024	14,865		22
2025 and thereafter	23,983		—
Total lease payments	$	130,470	$	841
Less: Imputed interest	31,613		158
Present value of lease liabilities	$	98,857	$	683

Maturities of minimum lease payments as of December 31, 2018 are as follows:

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in consolidated statements of income	$ (3,752)	$ (4,787)	$ (2,839)
Derivatives in cash flow hedging relationships \| Derivative designated as hedging instruments \| Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) recognized in AOCI	8,773	(13,919)	19,802
Reclassification out of Accumulated Other Comprehensive Income \| Fair value hedge \| Derivative designated as hedging instruments \| Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in consolidated statements of income	$ 3,306	$ (3,224)	$ 5,056

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Components of Income Before Income Taxes

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



	Year ended December 31,
	2019			2018			2017
Domestic	$	(16,685	)	$	(24,442	)	$	4,626
Foreign	99,785			84,812			80,408
	$	83,100		$	60,370		$	85,034

Summary of Income Tax Expense

The income tax expense consists of the following:



	Year ended December 31,
	2019			2018			2017
Current provision/(benefit):
Domestic	$	10,823		$	(13,249	)	$	17,407
Foreign	16,694			17,271			18,008
	$	27,517		$	4,022		$	35,415
Deferred provision/(benefit):
Domestic	$	(13,912	)	$	(1,999	)	$	2,618
Foreign	1,567			1,374			(1,887		)
	$	(12,345	)	$	(625	)	$	731
Income tax expense	$	15,172		$	3,397		$	36,146

Schedule of Income Tax (Benefit) Recognized in Other Comprehensive Income

Income taxes recognized in other comprehensive income are as follows:



	Year ended December 31,
	2019			2018			2017
Deferred taxes (expense)/benefit :
Unrealized gain/(loss) on cash flow hedges	$	(391	)	$	4,803		$	(3,711	)
Retirement benefits	328			(21		)	(268		)
Total Income tax (expense)/benefit recognized in other comprehensive income	$	(63	)	$	4,782		$	(3,979	)

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

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



	Year ended December 31,
	2019			2018			2017
Expected tax expense	$	17,451		$	12,678		$	29,762
Change in valuation allowance	—			—			(21		)
Impact of tax holiday	(5,920		)	(5,448		)	(4,396		)
Foreign tax rate differential	1,660			5,014			(2,616		)
Deferred tax provision/(benefit)	3,026			(3,915		)	(1,887		)
Unrecognized tax benefits and interest	174			(88		)	(3,905		)
State taxes, net of Federal taxes	2,137			2,201			339
Non-deductible expenses	1,329			3,066			825
US Tax Reform Act impact	—			176			29,185
Excess tax benefit on stock-based compensation	(2,306		)	(7,227		)	(9,797		)
Research & Development credit	(1,650		)	(1,500		)	(844		)
Prior period items	(143		)	(1,466		)	—
Others	(586		)	(94		)	(499		)
Tax expense	$	15,172		$	3,397		$	36,146

Summary of Components of Deferred Tax Balances

The components of the deferred tax balances as of December 31, 2019 and 2018 are as follows:



	As of
	December 31, 2019			December 31, 2018
Deferred tax assets:
Depreciation and amortization expense	$	12,319		$	3,731
Stock-based compensation	9,313			8,614
Accrued employee costs and other expenses	9,805			3,596
Net operating loss carry forward	2,896			1,113
Unrealized exchange loss	1,136			6,671
Deferred rent	4,503			2,255
Others	745			1,380
	$	40,717		$	27,360
Valuation allowance	(202		)	(99		)
Deferred tax assets	$	40,515		$	27,261

Deferred tax liabilities:
Unrealized exchange gain	$	505		$	115
Intangible assets	20,696			19,289
Unamortized discount on convertible senior notes	3,395			4,105
Others	5,030			5,595
Deferred tax liabilities	$	29,626		$	29,104
Net deferred tax assets/(liabilities)	$	10,889		$	(1,843	)

Summary of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to the unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017.



	2019			2018			2017
Balance as of January 1	$	804		$	824		$	3,087
Increases related to prior year tax positions	69			—			—
Decreases related to prior year tax positions	(156		)	(320		)	(2,520		)
Increases related to current year tax positions	330			300			169
Effect of exchange rate changes	—			—			88
Balance as of December 31	$	1,047		$	804		$	824

Other Assets (Tables)

12 Months Ended

Dec. 31, 2019

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

Schedule of Other Assets

Other assets consist of the following:



	As of
	December 31, 2019		December 31, 2018
Lease deposits	$	9,983	$	8,891
Derivative instruments	3,433		1,971
Deposits with statutory authorities	6,252		6,273
Term deposits	1,983		315
Contract assets	3,977		4,244
Deferred contract fulfillment costs	5,582		2,815
Others	4,806		6,506
Other assets	$	36,016	$	31,015

Summary of Significant Accounting Policies - Schedule of Property and Equipment, Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2019
Buildings
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Minimum \| Network equipment and computers
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Minimum \| Software
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Minimum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Minimum \| Office furniture and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Minimum \| Motor vehicles
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Maximum \| Network equipment and computers
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Maximum \| Software
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Maximum \| Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Maximum \| Office furniture and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Maximum \| Motor vehicles
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Revenues, net - Contract Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Contract Acquisition Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Balance as of January 1	$ 713	$ 454
Addition	1,222	567
Amortization	(628)	(308)
Balance as of December 31	1,307	713
Contract Fulfillment Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Balance as of January 1	4,051	2,769
Addition	4,652	2,216
Amortization	(1,448)	(934)
Balance as of December 31	$ 7,255	$ 4,051

Employee Benefit Plans - Summary of Components Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax [Abstract]
Net actuarial (loss)/gain	$ (1,762)	$ 940	$ 697
Net prior service cost	(18)	(22)	(8)
Accumulated other comprehensive (loss)/gain, excluding tax effects	$ (1,780)	$ 918	$ 689

Other Current Assets

12 Months Ended

Dec. 31, 2019

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

Other Current Assets

Other current assets consist of the following:



	As of
	December 31, 2019		December 31, 2018
Derivative instruments	$	4,076	$	4,059
Advances to suppliers	1,581		2,910
Receivables from statutory authorities	12,608		14,145
Contract assets	1,414		1,201
Deferred contract fulfillment costs	1,673		1,236
Others	3,242		4,689
Other current assets	$	24,594	$	28,240

Business Combinations, Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 129,678	$ 181,272
Accumulated Amortization	(56,596)	(80,850)
Accumulated Impairment	0	(5,827)
Total	73,082	94,595
Intangible assets, gross	130,578	182,172
Intangible assets, net	73,982	95,495
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	97,602	129,790
Accumulated Amortization	(43,330)	(56,367)
Accumulated Impairment	0	(5,549)
Total	54,272	67,874
Leasehold benefits
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		2,644
Accumulated Amortization		(2,567)
Accumulated Impairment		0
Total		77
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	26,976	37,154
Accumulated Amortization	(10,687)	(14,653)
Accumulated Impairment	0	0
Total	16,289	22,501
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		2,045
Accumulated Amortization		(1,937)
Accumulated Impairment		0
Total		108
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	5,100	9,639
Accumulated Amortization	(2,579)	(5,326)
Accumulated Impairment	0	(278)
Total	2,521	4,035
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, trade names and trademarks	$ 900	$ 900

Income Taxes - Summary of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current provision/(benefit):
Domestic	$ 10,823	$ (13,249)	$ 17,407
Foreign	16,694	17,271	18,008
Total	27,517	4,022	35,415
Deferred provision/(benefit):
Domestic	(13,912)	(1,999)	2,618
Foreign	1,567	1,374	(1,887)
Total	(12,345)	(625)	731
Income tax expense	$ 15,172	$ 3,397	$ 36,146

Employee Benefit Plans - Change in Plan Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at the beginning of the year	$ 7,420	$ 6,915
Business acquisition		231
Actual return	606	779
Employer contribution	1,905	1,175
Benefits paid	(957)	(1,059)
Effect of exchange rate changes	(190)	(621)
Plan assets at the ending of the year	$ 8,784	$ 7,420

Stock Based Compensation - Stock Based Compensation Stock Option Activity (Detail) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options, outstanding, beginning balance (in shares)	162,475
Number of options, granted (in shares)	0
Number of options, exercised (in shares)	(64,314)
Number of options, forfeited (in shares)	0
Number of options, outstanding, ending balance (in shares)	98,161	162,475
Vested and exercisable at December 31, 2019	98,161
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average exercise price, outstanding, beginning balance (in dollars per share)	$ 20.21
Weighted-average exercise price, granted (in dollars per share)	0
Weighted-average exercise price, exercised (in dollars per share)	15.33
Weighted-average exercise price, forfeited (in dollars per share)	0
Weighted-average exercise price, outstanding, ending balance (in dollars per share)	23.39	$ 20.21
Weighted average exercise price, vested and exercisable at December 31, 2019 (in dollars per share)	$ 23.39
Aggregate intrinsic value, outstanding	$ 4,522	$ 5,267
Aggregate intrinsic value, exercised	3,187	$ 4,446	$ 23,027
Vested and exercisable at December 31, 2019	$ 4,522
Weighted-average remaining contractual life, outstanding, ending balance	1 year 10 months 9 days	2 years 2 months 26 days
Vested and exercisable at December 31, 2019	1 year 10 months 9 days

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 533,631,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	600,499,000
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(75,057,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(45,710,000)
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	36,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 37,000
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	35,699,819
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	36,790,751
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 193,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	224,000
Treasury Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(60,362,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ (103,816,000)
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	2,071,710
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	2,902,018
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 378,176,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	427,518,000
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	290,645,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	322,246,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 5,999,000

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:



	As of
	December 31, 2019		December 31, 2018
Accrued expenses	$	53,139	$	44,711
Derivative instruments	1,783		3,204
Client liabilities	6,378		6,933
Other current liabilities	9,723		9,321
Accrued expenses and other current liabilities	$	71,023	$	64,169

Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Derivative instruments	$ 4,076	$ 4,059
Advances to suppliers	1,581	2,910
Receivables from statutory authorities	12,608	14,145
Contract assets	1,414	1,201
Deferred contract fulfillment costs	1,673	1,236
Others	3,242	4,689
Other current assets	$ 24,594	$ 28,240

Stock Based Compensation - Performance Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Revenue Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares) \| shares	100,353
Number, granted (in shares) \| shares	54,062
Adjustment upon final determination of level of performance goal achievement (in shares) \| shares	11,285
Number, vested (in shares) \| shares	(54,456)
Number, forfeited (in shares) \| shares	(23,559)
Number, outstanding, ending balance (in shares) \| shares	87,685
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, beginning balance (in dollars per share) \| $ / shares	$ 54.07
Weighted-average fair value, granted (in dollars per share) \| $ / shares	64.33
Weighted-average fair value, adjustment upon final determination of level of performance goal achievement (in dollars per share) \| $ / shares	47.73
Weighted-average fair value, vested (in dollars per share) \| $ / shares	47.73
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	57.69
Weighted-average fair value, outstanding, ending balance (in dollars per share) \| $ / shares	$ 62.54
Market Condition Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares) \| shares	100,336
Number, granted (in shares) \| shares	54,053
Number, additionally issued due to achievement of higher-than-target performance (in shares) \| shares	1,759
Number, vested (in shares) \| shares	(44,922)
Number, forfeited (in shares) \| shares	(23,556)
Number, outstanding, ending balance (in shares) \| shares	87,670
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, beginning balance (in dollars per share) \| $ / shares	$ 62.43
Weighted-average fair value, granted (in dollars per share) \| $ / shares	92.13
Weighted-average fair value, adjustment upon final determination of level of performance goal achievement (in dollars per share) \| $ / shares	54.10
Weighted-average fair value, vested (in dollars per share) \| $ / shares	54.10
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	72.65
Weighted-average fair value, outstanding, ending balance (in dollars per share) \| $ / shares	$ 82.10

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Detail) - Foreign currency exchange contracts - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivative designated as hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	$ 3,945	$ 4,022
Derivative designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	3,433	1,971
Derivative designated as hedging instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	1,524	3,137
Derivative designated as hedging instruments \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	1,250	3,075
Derivative not designated as hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	131	37
Derivative not designated as hedging instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	$ 259	$ 67

Other Income, net

12 Months Ended

Dec. 31, 2019

Other Nonoperating Income (Expense) [Abstract]

Other Income, net

Other income, net consists of the following:



	Year ended December 31,
	2019		2018		2017
Gain on sale and mark-to-market of mutual funds	$	12,965	$	9,970	$	8,766
Interest and dividend income	2,399		1,873		1,625
Others, net	1,143		1,146		968
Other income, net	$	16,507	$	12,989	$	11,359

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Lease deposits	$ 9,983	$ 8,891
Derivative instruments	3,433	1,971
Deposits with statutory authorities	6,252	6,273
Term deposits	1,983	315
Contract assets	3,977	4,244
Deferred contract fulfillment costs	5,582	2,815
Others	4,806	6,506
Other assets	$ 36,016	$ 31,015

Business Combinations, Goodwill and Intangible Assets - Purchase Price Allocation - SCIO (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Jul. 01, 2018	Dec. 31, 2017
Liabilities:
Goodwill	$ 349,529	$ 349,984		$ 204,481
SCIO
Assets:
Cash and cash equivalents			$ 9,842
Restricted cash			2,790
Accounts receivable			19,924
Other current assets			2,076
Property and equipment			1,824
Other assets			1,751
Assets acquired, excluding goodwill			111,107
Liabilities:
Current liabilities			(12,482)
Deferred tax liabilities, net			(17,132)
Other non-current liabilities			(200)
Liabilities			(29,814)
Net assets acquired			81,293
Goodwill			163,751
Total purchase consideration			245,044
Customer relationships \| SCIO
Assets:
Intangible assets			47,800
Developed technology \| SCIO
Assets:
Intangible assets			21,400
Trade names and trademarks \| SCIO
Assets:
Intangible assets			$ 3,700

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2019

Liabilities, Noncurrent [Abstract]

Other Non-Current liabilities

Other Non-Current Liabilities

Other non-current liabilities consist of the following:



	As of
	December 31, 2019		December 31, 2018
Derivative instruments	$	1,250	$	3,075
Unrecognized tax benefits	1,047		804
Deferred rent	—		7,834
Retirement benefits	6,517		3,616
Deferred transition revenue	1,911		945
Others	987		247
Other non-current liabilities	$	11,712	$	16,521

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense relating to above	$ (125)	$ (62)
Accumulated other comprehensive loss	(84,892)	(83,467)
Cumulative foreign currency translation loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI before tax	(87,591)	(84,105)
Unrealized gain/(loss) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI before tax	4,604	(218)
Retirement benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI before tax	$ (1,780)	$ 918

Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding, adjusted for outstanding shares that are subject to repurchase 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 (outstanding stock options, restricted stock and restricted stock units) issued and outstanding at the reporting date, using the treasury stock method. Common stock equivalents that are anti-dilutive are excluded from the computation of weighted average shares outstanding. The Company includes performance stock unit awards in dilutive potential common shares when they become contingently issuable and have a dilutive impact per authoritative guidance and excludes such awards when they are not contingently issuable.

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



	Year ended December 31,
	2019		2018		2017
Numerators:
Net income	$	67,659	$	56,726	$	48,888
Denominators:
Basic weighted average common shares outstanding	34,350,150		34,451,008		33,897,916
Dilutive effect of share based awards	382,533		579,976		1,212,294
Diluted weighted average common shares outstanding	34,732,683		35,030,984		35,110,210
Earnings per share attributable to ExlService Holdings Inc. stockholders:
Basic	$	1.97	$	1.65	$	1.44
Diluted	$	1.95	$	1.62	$	1.39
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	106,375		121,344		151,961

Property and Equipment, net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Owned assets:
Owned assets, gross	$ 257,836	$ 228,850
Less: Accumulated depreciation and amortization	(179,331)	(155,798)
Owned assets, net	78,505	73,052
Right-of-use assets under finance leases:
Assets under capital leases, gross	1,757	1,459
Less: Accumulated depreciation and amortization	(1,120)	(1,001)
Assets under capital leases, net	637	458
Property and equipment, net	79,142	73,510
Network equipment and computers
Owned assets:
Owned assets, gross	$ 98,309	85,921
Network equipment and computers \| Minimum
Owned assets:
Estimated useful life	3 years
Network equipment and computers \| Maximum
Owned assets:
Estimated useful life	5 years
Software
Owned assets:
Owned assets, gross	$ 79,746	69,752
Software \| Minimum
Owned assets:
Estimated useful life	3 years
Software \| Maximum
Owned assets:
Estimated useful life	5 years
Leasehold improvements
Owned assets:
Owned assets, gross	$ 44,982	39,533
Right-of-use assets under finance leases:
Assets under capital leases, gross	$ 738	778
Leasehold improvements \| Minimum
Owned assets:
Estimated useful life	3 years
Leasehold improvements \| Maximum
Owned assets:
Estimated useful life	8 years
Office furniture and equipment
Owned assets:
Owned assets, gross	$ 22,046	20,097
Right-of-use assets under finance leases:
Assets under capital leases, gross	$ 308	53
Office furniture and equipment \| Minimum
Owned assets:
Estimated useful life	3 years
Office furniture and equipment \| Maximum
Owned assets:
Estimated useful life	8 years
Motor vehicles
Owned assets:
Owned assets, gross	$ 601	635
Right-of-use assets under finance leases:
Assets under capital leases, gross	$ 711	628
Motor vehicles \| Minimum
Owned assets:
Estimated useful life	2 years
Motor vehicles \| Maximum
Owned assets:
Estimated useful life	5 years
Buildings
Owned assets:
Estimated useful life	30 years
Owned assets, gross	$ 1,114	1,140
Land
Owned assets:
Owned assets, gross	729	746
Capital work in progress
Owned assets:
Owned assets, gross	$ 10,309	$ 11,026

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finance lease:
Amortization of right-of-use assets	$ 255
Interest on lease liabilities	93
Operating lease	27,335
Sublease income	(146)
Total lease cost	$ 27,537
Operating lease costs for leases classified as such under Topic 840		$ 25,573	$ 24,015

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Summary of Change in Projected Benefit Obligation

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



	2019			2018
Change in projected benefit obligation:
Projected benefit obligation as of January 1	$	11,044		$	10,305
Business acquisition	—			326
Service cost	1,953			1,735
Interest cost	875			714
Benefits paid	(960		)	(1,066		)
Actuarial loss/(gain)	2,577			(134		)
Effect of exchange rate changes	(178		)	(836		)
Projected benefit obligation as of December 31	$	15,311		$	11,044
Unfunded amount-non-current	$	6,517		$	3,616
Unfunded amount-current	10			8
Total accrued liability	$	6,527		$	3,624
Accumulated benefit obligation	$	10,743		$	7,239

Components of Net Periodic Benefit Cost

Components of net periodic benefit costs:



	Year ended December 31,
	2019			2018			2017
Service cost	$	1,953		$	1,735		$	1,933
Interest cost	875			714			645
Expected return on plan assets	(568		)	(514		)	(401		)
Amortization of actuarial (gain)/loss	(159		)	(153		)	256
Net periodic benefit cost	$	2,101		$	1,782		$	2,433

Summary of Components Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive (loss)/gain, excluding tax effects, as of December 31, 2019, 2018 and 2017 are as follows:



	December 31,
	2019			2018			2017
Net actuarial (loss)/gain	$	(1,762	)	$	940		$	697
Net prior service cost	(18		)	(22		)	(8		)
Accumulated other comprehensive (loss)/gain, excluding tax effects	$	(1,780	)	$	918		$	689

Summary of Weighted Average Actuarial Assumptions

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



	December 31,
	2019		2018		2017
Discount rate	6.5	%	7.5	%	7.0	%
Rate of increase in compensation levels	6.0	%	8.2	%	9.1	%
Expected long term rate of return on plan assets per annum	7.5	%	7.3	%	8.3	%

Summary of Expected Benefit Payments



Expected benefit payments during the year ending December 31,
2020	$	2,408
2021	$	2,234
2022	$	1,969
2023	$	1,812
2024	$	1,563
2025 to 2029	$	5,712

Change in Plan Assets



Change in Plan Assets
Plan assets at January 1, 2018	$	6,915
Business acquisition	231
Actual return	779
Employer contribution	1,175
Benefits paid*	(1,059		)
Effect of exchange rate changes	(621		)
Plan assets at December 31, 2018	$	7,420
Actual return	606
Employer contribution	1,905
Benefits paid*	(957		)
Effect of exchange rate changes	(190		)
Plan assets at December 31, 2019	$	8,784

* Benefits payments were substantially made through the plan assets during the year ended December 31, 2019 and 2018.

Revenues, net (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Contract with Customer, Receivables and Liabilities

The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers:



	As of
	December 31, 2019		December 31, 2018
Accounts receivable, net	$	171,864	$	164,752
Contract assets	$	5,391	$	5,445
Contract liabilities:
Deferred revenue (consideration received in advance)	$	11,259	$	6,345
Consideration received for process transition activities	$	3,036	$	1,669

Contract Acquisition and Contract Fulfillment Costs

The following table provides details of the Company’s contract acquisition and fulfillment costs:



	2019						2018
	Contract acquisition cost			Contract fulfillment cost			Contract acquisition cost			Contract fulfillment cost
Balance as of January 1	$	713		$	4,051		$	454		$	2,769
Addition	1,222			4,652			567			2,216
Amortization	(628		)	(1,448		)	(308		)	(934		)
Balance as of December 31	$	1,307		$	7,255		$	713		$	4,051

Employee Benefit Plans - Net Period Benefit Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Service cost	$ 1,953	$ 1,735	$ 1,933
Interest cost	875	714	645
Expected return on plan assets	(568)	(514)	(401)
Amortization of actuarial (gain)/loss	(159)	(153)	256
Net periodic benefit cost	$ 2,101	$ 1,782	$ 2,433

Impact of adoption of accounting guidance on prior year’s presentation and disclosures

12 Months Ended

Dec. 31, 2019

Accounting Changes and Error Corrections [Abstract]

Impact of adoption of accounting guidance on prior years’ presentation and disclosures

Impact of adoption of accounting guidance on prior year’s presentation and disclosures

Effective January 1, 2018, the Company adopted ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post Retirement Benefit Cost. Accordingly, the Company retrospectively included only the service cost component of the net periodic benefit cost in the same line item or items on the consolidated statements of income as other compensation costs arising from services rendered by the respective employees during the period. The other components of net periodic benefit cost, which included interest cost, expected return on plan assets and amortization of actuarial gains/loss, were reclassified from “Cost of revenues”, “General and administrative expenses” and “Selling and marketing expenses” to “Other income, net”.

The effect of the adoption of ASU No. 2017-07 (Topic 715) on 2017 financial information is summarized as follows:



	Year ended December 31,
	2017
	Previously reported		As revised		Effect of change increase/(decrease)
Location in consolidated statements of income
Cost of revenues	$	495,586	$	495,142	$	(444	)
General and administrative expenses	$	102,567	$	102,515	$	(52	)
Selling and marketing expenses	$	53,383	$	53,379	$	(4	)
Other income, net	$	11,859	$	11,359	$	(500	)



	Year ended December 31,
	2017
	Cost of revenues previously reported		Cost of revenues as revised		Effect of change increase/(decrease)
Segment information (refer Note 3)
Insurance	$	159,529	$	159,433	$	(96	)
Healthcare	$	49,483	$	49,412	$	(71	)
TT&L	$	41,409	$	41,337	$	(72	)
F&A	$	51,445	$	51,362	$	(83	)
All Other	$	56,697	$	56,638	$	(59	)
Analytics	$	137,023	$	136,960	$	(63	)
Operating Expenses	$	194,499	$	194,443	$	(56	)
Foreign exchange gain, interest expense and other income, net	$	12,809	$	12,309	$	(500	)

Effective January 1, 2018, the Company adopted ASU 2016-18, Statements of Cash Flows (Topic 230), Restricted Cash. Accordingly, for 2017, restricted cash and restricted cash equivalents is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the consolidated statements of cash flows.

The effect of the adoption of ASU No. 2016-18 (Topic 230) on 2017 financial information is summarized as follows:



	Year ended December 31,
	2017
	Previously reported			As revised			Effect of change increase/(decrease)
Consolidated statements of cash flows
Net cash provided by operating activities	$	113,140		$	113,159		$	19
Effect of exchange rate changes on cash, cash equivalents and restricted cash	$	3,711		$	3,935		$	224
Net increase/(decrease) in cash, cash equivalents and restricted cash	$	(126,360	)	$	(126,117	)	$	243
Cash, cash equivalents and restricted cash - beginning of year	$	213,155		$	220,394		$	7,239
Cash, cash equivalents and restricted cash - end of year	$	86,795		$	94,277		$	7,482

Employee Benefit Plans - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Accumulated other comprehensive loss, expected to be recognized over the next fiscal year	$ (558)
Percentage of expected return on plan assets	7.50%
Percentage of discretionary contributions towards 401(k) Plan, maximum	4.00%
Company's contribution to the 401(k) Plan	$ 3,617	$ 3,423	$ 2,709
Contribution to various defined contribution plans	$ 10,395	$ 7,614	$ 7,116

Business Combinations, Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Combinations, Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 4,974	$ 5,502	$ 5,554	$ 5,528	$ 5,951	$ 6,718	$ 3,761	$ 3,947	$ 21,558	$ 20,377	$ 13,975

Employee Benefit Plans - Summary of Change in Projected Benefit Obligation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in projected benefit obligation:
Projected benefit obligation at the beginning of the year	$ 11,044	$ 10,305
Business acquisition	0	326
Service cost	1,953	1,735	$ 1,933
Interest cost	875	714	645
Benefits paid	(960)	(1,066)
Actuarial loss/(gain)	2,577	(134)
Effect of exchange rate changes	(178)	(836)
Projected benefit obligation at the end of the year	15,311	11,044	$ 10,305
Unfunded amount–non-current	6,517	3,616
Unfunded amount–current	10	8
Total accrued liability	6,527	3,624
Accumulated benefit obligation	$ 10,743	$ 7,239

Borrowings Principle - Maturities of Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Credit Facilities [Line Items]
2020	$ 40,867
2021	40,000
2022	19,000
2023	0
2024	150,000
Total	249,867
Revolver Credit
Credit Facilities [Line Items]
2020	40,000
2021	40,000
2022	19,000
2023	0
2024	0
Total	99,000
Notes \| 3.50% Convertible Senior Notes due October 1, 2024
Credit Facilities [Line Items]
2020	0
2021	0
2022	0
2023	0
2024	150,000
Total	150,000	$ 150
Structured Payables
Credit Facilities [Line Items]
2020	867
2021	0
2022	0
2023	0
2024	0
Total	$ 867	$ 2,114

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

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:



	Year ended December 31,
	2019		2018		2017
Numerators:
Net income	$	67,659	$	56,726	$	48,888
Denominators:
Basic weighted average common shares outstanding	34,350,150		34,451,008		33,897,916
Dilutive effect of share based awards	382,533		579,976		1,212,294
Diluted weighted average common shares outstanding	34,732,683		35,030,984		35,110,210
Earnings per share attributable to ExlService Holdings Inc. stockholders:
Basic	$	1.97	$	1.65	$	1.44
Diluted	$	1.95	$	1.62	$	1.39
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	106,375		121,344		151,961

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2019	Feb. 25, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-33089
Entity Registrant Name	EXLSERVICE HOLDINGS, INC.
Entity Central Index Key	0001297989
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0572194
Entity Address, Address Line One	320 Park Avenue,
Entity Address, Address Line Two	29th Floor,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	277-7100
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	EXLS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 2,189,025,465
Entity Common Stock, Shares Outstanding		34,364,691
Documents Incorporated by Reference	Part III incorporates information from certain portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the fiscal year end of December 31, 2019.

Impairment and Restructuring Charges

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Impairment and Restructuring Charges

On December 31, 2019, the Company completed substantially the previously announced wind down of the operations of the Health Integrated business, which is reported within the Healthcare reportable segment. The operating results of this business were significantly below the Company's estimates and actual cash flows were impacted due to loss of customer contracts and cost pressures, and the Company incurred losses from this business. The commencement of the process of winding down the Health Integrated business was previously disclosed by the Company in the Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on April 4, 2019 as amended by a Current Report on Form 8-K/A filed with the SEC on July 16, 2019. In connection with the wind down process, the Company recorded pre-tax costs in the consolidated statements of income under “Impairment and restructuring charges”.

The following table summarizes the activity related to the restructuring costs incurred and paid for the wind down during the year ended December 31, 2019:



	Contract Termination Costs			Employee-Related Costs			Other Associated Costs			Total
Balance as of January 1, 2019	$	—		$	—		$	—		$	—
Costs incurred during the year	2,597			1,375			1,072			5,044
Payments during the year	(1,000		)	(269		)	(701		)	(1,970		)
Balance as of December 31, 2019	$	1,597		$	1,106		$	371		$	3,074

Additionally, the Company recognized impairment of ROU assets and long-lived assets of $3,627 during the year ended December 31, 2019 in the consolidated statements of income under "Impairment and restructuring charges".

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2019

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:



	As of
	December 31, 2019		December 31, 2018
Accrued expenses	$	53,139	$	44,711
Derivative instruments	1,783		3,204
Client liabilities	6,378		6,933
Other current liabilities	9,723		9,321
Accrued expenses and other current liabilities	$	71,023	$	64,169

Stock Based Compensation Share-based Compensation - Summary of Weighted Average Valuation Assumptions for Market Condition Performance Restricted Stock Units (Details) - Market Condition Based PRSUs	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected life (years)	2 years 10 months 9 days	2 years 10 months 9 days	2 years 10 months 9 days
Risk free interest rate	2.46%	2.38%	1.40%
Volatility	20.52%	21.79%	23.78%

Stock Based Compensation - Narrative (Detail) - shares		2 Months Ended
Stock Based Compensation - Narrative (Detail) - shares	Jun. 19, 2015	Feb. 27, 2020	Dec. 31, 2019	Jun. 15, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiring period of equity options to employees	10 years
Vesting period	4 years
2018 Stock Options Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares available for grant (in shares)				3,175,000
Number of shares available for grant (in shares)			2,785,763
Subsequent Event \| 2018 Stock Options Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued, stock-based compensation plans (in shares)		99,378

Property and Equipment, net - Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 30,423	$ 28,189	$ 24,574
Depreciation & amortization
Property, Plant and Equipment [Line Items]
Effect of the foreign exchange gains upon settlement of cash flow hedges	$ 212	$ 153	$ 435

Capital Structure (Detail)	12 Months Ended
Capital Structure (Detail)	Dec. 31, 2019 USD ($) ClassOfCommonStock $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 16, 2019 USD ($)	Feb. 28, 2017 USD ($)	Dec. 30, 2014 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of classes of common stock outstanding \| ClassOfCommonStock	1
Acquisition of restricted stock from employees in connection with withholding tax payments (in shares) \| shares	23,859	51,446
Withholding tax payments related to the vesting of restricted stock for total consideration	$ 1,490,000	$ 3,122,000
Weighted average purchase price per share prior to the vesting date (in dollars per share) \| $ / shares	$ 62.47	$ 60.68
2014 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
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		674,604
Common stock aggregate purchase price including commissions		$ 39,987,000
Common stock average purchase price per share (in dollars per share) \| $ / shares		$ 59.27
2014 Repurchase Program \| Minimum
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors up to					$ 20,000,000
2017 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
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 \| Maximum
Equity, Class of Treasury Stock [Line Items]
Authorized increase in repurchase amount				$ 40,000,000
2019 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors up to			$ 200,000,000
2014 and 2017 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Common stock shares purchased under the repurchase program (in shares) \| shares	643,486
Common stock aggregate purchase price including commissions	$ 39,874,000
Common stock average purchase price per share (in dollars per share) \| $ / shares	$ 61.96

Income Taxes - Summary of Effective Income Tax Rate Differs from Amount Computed by Applying U.S. Federal Statutory Income Tax Rate to Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Expected tax expense	$ 17,451	$ 12,678	$ 29,762
Change in valuation allowance	0		(21)
Impact of tax holiday	(5,920)	(5,448)	(4,396)
Foreign tax rate differential	1,660	5,014	(2,616)
Deferred tax provision/(benefit)	3,026	(3,915)	(1,887)
Unrecognized tax benefits and interest	174	(88)	(3,905)
State taxes, net of Federal taxes	2,137	2,201	339
Non-deductible expenses	1,329	3,066	825
US Tax Reform Act impact	0	176	29,185
Excess tax benefit on stock-based compensation	(2,306)	(7,227)	(9,797)
Research & Development credit	(1,650)	(1,500)	(844)
Prior period items	(143)	(1,466)	0
Other	(586)	(94)	(499)
Income tax expense	$ 15,172	$ 3,397	$ 36,146

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock shares authorized (in shares)	15,000,000	15,000,000
Preferred stock shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	38,480,626	37,850,544
Common stock shares outstanding (in shares)	34,185,213	34,222,476
Held in treasury at cost (in shares)	4,295,413	3,628,068

Income Taxes - Summary of Activity Related to Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance as of January 1	$ 804	$ 824	$ 3,087
Increases related to prior year tax positions	69	0	0
Decreases related to prior year tax positions	(156)	(320)	(2,520)
Increases related to current year tax positions	330	300	169
Effect of exchange rate changes, increase	0	0	88
Balance as of December 31	$ 1,047	$ 804	$ 824

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 67,659	$ 56,726	$ 48,888
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	52,193	48,719	38,984
Stock-based compensation expense	26,070	23,901	23,041
Amortization of operating lease right-of-use assets	27,335	0	0
Unrealized gain on short term investments	(10,116)	(7,696)	0
Unrealized foreign exchange (gain)/loss, net	(321)	(8,620)	1,523
Deferred income tax (benefit)/expense	(12,345)	(625)	731
Allowance for doubtful accounts receivable	614	(573)	2,816
Loss from equity-method investment	269	247	0
Amortization of non-cash interest expense related to convertible senior notes	2,472	0	0
Impairment charges	3,627	20,056	0
Others, net	(1,205)	903	252
Change in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(7,093)	(10,046)	(20,482)
Prepaid expenses and other current assets	1,215	(4,509)	218
Advance income tax, net	7,194	(14,147)	11,037
Other assets	(2,204)	(6,800)	(2,224)
Accounts payable	134	(360)	1,706
Deferred revenue	6,679	(4,929)	(6,625)
Accrued employee costs	16,915	1,272	6,391
Accrued expenses and other liabilities	14,141	(1,084)	6,903
Operating lease liabilities	(24,813)	0	0
Net cash provided by operating activities	168,420	92,435	113,159
Cash flows from investing activities:
Purchases of property and equipment	(40,138)	(40,437)	(35,154)
Investment in equity affiliate	0	0	(3,000)
Purchase of non-controlling interest	(241)	0	0
Business acquisition (net of cash acquired)	0	(231,829)	(23,300)
Purchase of investments	(187,974)	(133,434)	(402,721)
Proceeds from redemption of investments	176,968	128,208	241,439
Net cash used for investing activities	(51,385)	(277,492)	(222,736)
Cash flows from financing activities:
Principal payments of finance lease liabilities	(336)	(152)	(174)
Proceeds from borrowings	46,000	246,614	60,574
Repayments of borrowings	(98,247)	(155,209)	(45,192)
Proceeds from convertible notes	0	149,000	0
Payment of debt issuance costs	(117)	(762)	(790)
Acquisition of treasury stock	(41,364)	(43,109)	(43,454)
Proceeds from exercise of stock options	987	1,397	8,561
Net cash (used for)/provided by financing activities	(93,077)	197,779	(20,475)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,045)	(2,868)	3,935
Net increase/(decrease) in cash, cash equivalents and restricted cash	22,913	9,854	(126,117)
Cash, cash equivalents and restricted cash at the beginning of the period	104,131	94,277	220,394
Cash, cash equivalents and restricted cash at the end of the period	127,044	104,131	94,277
Supplemental disclosure of cash flow information:
Restricted common stock issued for business acquisition	0	4,080	0
Cash paid for interest	10,649	4,725	1,122
Cash paid for taxes, net of refund	19,087	18,508	19,128
Assets acquired under finance lease	$ 506	$ 277	$ 301

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results

Summarized quarterly results for the years ended December 31, 2019 and 2018 are as follows:



	Three months ended 2019 (Unaudited)								Year ended (Audited)
	March 31		June 30		September 30		December 31		December 31, 2019

Revenues, net	$	239,573	$	243,509	$	251,392	$	256,872	$	991,346
Gross profit⁽¹⁾	$	82,333	$	81,063	$	83,850	$	88,610	$	335,856
Net income	$	14,695	$	12,564	$	19,044	$	21,356	$	67,659
Earnings per share:
Basic⁽²⁾	$	0.43	$	0.36	$	0.55	$	0.62	$	1.97
Diluted⁽²⁾	$	0.42	$	0.36	$	0.55	$	0.62	$	1.95
Weighted-average number of shares used in computing earnings per share:
Basic⁽²⁾	34,374,815		34,451,671		34,322,449		34,253,308		34,350,150
Diluted⁽²⁾	34,833,435		34,702,547		34,699,497		34,696,896		34,732,683

Stock compensation expense	$	6,956	$	7,155	$	7,427	$	4,532	$	26,070
Amortization of intangibles	$	5,528	$	5,554	$	5,502	$	4,974	$	21,558

	Three months ended 2018 (Unaudited)								Year ended (Audited)
	March 31		June 30		September 30		December 31		December 31, 2018

Revenues, net	$	206,973	$	210,112	$	231,124	$	234,903	$	883,112
Gross profit⁽¹⁾	$	68,872	$	70,463	$	78,967	$	79,955	$	298,257
Net income	$	23,158	$	14,462	$	15,249	$	3,857	$	56,726
Earnings per share:
Basic⁽²⁾	$	0.67	$	0.42	$	0.44	$	0.11	$	1.65
Diluted⁽²⁾	$	0.66	$	0.41	$	0.43	$	0.11	$	1.62
Weighted-average number of shares used in computing earnings per share:
Basic⁽²⁾	34,446,265		34,511,777		34,458,520		34,388,025		34,451,008
Diluted⁽²⁾	35,302,926		35,142,388		35,207,991		34,921,388		35,030,984

Stock compensation expense	$	5,074	$	6,893	$	5,344	$	6,590	$	23,901
Amortization of intangibles	$	3,947	$	3,761	$	6,718	$	5,951	$	20,377

⁽¹⁾Exclusive of depreciation and amortization expense.

⁽²⁾ Total of quarterly basic and diluted earnings per share and weighted average number of shares used in computing earnings per share will not be equal to year end basic and diluted earnings per share and weighted average number of shares used in computing earnings per share, respectively.

Borrowings

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Borrowings

Revolver Credit Agreement

On November 21, 2017, the Company and each of the Company’s wholly owned material domestic subsidiaries entered into a Credit Agreement with certain lenders, and Citibank, N.A. as Administrative Agent (the “Credit Agreement”). The Credit Agreement provides for a $200,000 revolving credit facility (the “Credit Facility”) with an option to increase the commitments by up to $100,000, subject to certain approvals and conditions as set forth in the Credit Agreement. The Credit Agreement also includes a letter of credit sub facility. The Credit Facility has a maturity date of November 21, 2022 and is voluntarily pre-payable from time to time without premium or penalty. Borrowings under the Credit Agreement may be used for working capital and general corporate purposes, including permitted acquisitions. On July 2, 2018, the Company exercised its option under the Credit Agreement to increase the commitments by $100,000 thereby utilizing the entire revolver under the Credit Facility of $300,000, to fund the SCIO acquisition. The incremental commitments were made pursuant to (and constitute part of) the existing commitments and are subject to the terms and conditions applicable to the existing commitments as set forth in the Credit Agreement.

Depending on the type of borrowing, loans under the Credit Agreement bear interest at a rate equal to the specified prime rate (alternate base rate) or adjusted LIBOR rate, plus, in each case, an applicable margin. The applicable margin is tied to the Company’s total net leverage ratio and ranges from 0% to 0.75% per annum with respect to loans pegged to the specified prime rate, and 1.00% to 1.75% per annum on loans pegged to the adjusted LIBO rate. The revolving credit commitments under the Credit Agreement are subject to a commitment fee which is also tied to the Company’s total net leverage ratio, and ranges from 0.15% to 0.30% per annum on the average daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations. The Credit Facility carried an effective interest rate of 4.0% per annum and 3.4% per annum, respectively, during the years ended December 31, 2019 and 2018.

Obligations under the Credit Agreement are guaranteed by the Company’s material domestic subsidiaries and are secured by all or substantially all of the assets of the Company and our material domestic subsidiaries. The Credit Agreement contains customary affirmative and negative covenants, including, but not limited to, restrictions on the ability to incur indebtedness, create liens, make certain investments, make certain dividends and related distributions, enter into, or undertake, certain liquidations, mergers, consolidations or acquisitions and dispose of assets or subsidiaries. In addition, the Credit Agreement contains a covenant to not permit the interest coverage ratio (the ratio of EBITDA to cash interest expense) or the total net leverage ratio (total funded indebtedness, less unrestricted domestic cash and cash equivalents not to exceed $50,000 to EBITDA) for the four consecutive quarter period ending on the last day of each fiscal quarter, to be less than 3.5 to 1.0 or more than 3.0 to 1.0, respectively. As of December 31, 2019, the Company was in compliance with all financial and non-financial covenants listed under the Credit Agreement.

The Company entered into a second amendment (the “Amendment”) to its Credit Agreement, as amended, among the Company, as borrower, with certain lenders, and Citibank, N.A. as Administrative Agent to, among other things, permit the issuance by the Company of the convertible notes, and settlement upon maturity or conversion thereof, in accordance with the Investment Agreement, the indenture dated as of October 4, 2018 and the other documents entered into in connection therewith.

As of December 31, 2019, the Company had outstanding indebtedness under the credit facility of $99,000 of which $40,000 is expected to be repaid within the next twelve months and is included under “current portion of long-term borrowings” and of which $59,000 is included under “long-term borrowings, less current portion” in the consolidated balance sheets. As of December 31, 2018, the Company had an outstanding indebtedness under the credit facility of $150,000, of which $20,000 was

included under “current portion of long-term borrowings,” and the balance of $130,000 was included under “long-term borrowings, less current portion” in the consolidated balance sheets.

The Company incurred certain debt issuance costs, which are deferred and amortized as an adjustment to interest expense over the term of the credit facility. The unamortized debt issuance costs as of December 31, 2019 and 2018 was $748 and $1,006, respectively and is included under “other current assets” and “other assets” in the consolidated balance sheets.

Convertible Senior Notes

On October 1, 2018, the Company entered into an investment agreement (the “Investment Agreement”) with Orogen Echo LLC (the “Purchaser”), an affiliate of The Orogen Group LLC, relating to the issuance to the Purchaser of $150,000 in an aggregate principal amount of 3.50% per annum Convertible Senior Notes due October 1, 2024 (the “Notes”). The transactions contemplated by the Investment Agreement, including the issuance of the Notes, closed on October 4, 2018. The Notes bear interest at a rate of 3.50% per annum, payable semi-annually in arrears in cash on April 1 and October 1 of each year. During the year ended December 31, 2019 and 2018, the Company recognized interest expense of $5,206 and $1,313, respectively, on the Notes. The Notes are convertible at an initial conversion rate of 13.3333 shares of the common stock per one thousand dollar principal amount of the Notes (which represents an initial conversion price of approximately $75 per share). With certain exceptions, upon a fundamental change, as defined in the Indenture, the holders of the Notes may require that the Company to repurchase all or part of the principal amount of the Notes at a purchase price equal to the principal amount plus accrued and unpaid interest. The Company may redeem the principal amount of the Notes, at its option, in whole but not in part, at a purchase price equal to the principal amount plus accrued and unpaid interest on or after October 1, 2021, if the closing sale price of the common stock exceeds 150% of the then-current conversion price for 20 or more trading days in the 30 consecutive trading day period preceding the Company’s exercise of this redemption right (including the trading day immediately prior to the date of the notice of redemption).The Company may elect to settle conversions of the Notes by paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock. The Company used the proceeds from the issuance of the Notes to repay $150,000 of its outstanding borrowings under the Credit Facility.

The net proceeds from the issuance of the Notes were approximately $149,000, after deducting debt issuance costs of $1,000 and offering expenses of approximately $442 paid by the Company. These transaction and debt issuance costs were allocated between the liability and equity components based on their relative values. The transaction costs and debt issuance costs allocated to the liability and equity components were $1,279 and $163, respectively. The debt issuance costs allocated to the liability component are deferred and amortized as an adjustment to interest expense over the term of the Notes. The unamortized debt issuance costs is presented as a direct reduction from the Notes in the consolidated balance sheets. The unamortized debt issuance costs as of December 31, 2019 and 2018 was $1,018 and $1,127, respectively.

The Company accounted for the liability and equity components of the Notes separately to reflect its non-convertible debt borrowing rate. The estimated fair value of the liability component at issuance of $133,077 was determined using a discounted cash flow technique, which considered debt issuances with similar features of the Company’s debt, excluding the conversion feature. The resulting effective interest rate for the Notes was 5.75% per annum. The excess of the gross proceeds received over the estimated fair value of the liability component totaling $16,923 was allocated to the conversion feature (equity component, recorded as additional paid-in capital) with a corresponding offset recognized as a discount to reduce the net carrying value of the Notes. The discount is being amortized to interest expense over a six-year period ending October 1, 2024 (the expected life of the liability component) using the effective interest method. During the year ended December 31, 2019 and 2018, the Company amortized $2,472 and $600 respectively of the discount to interest expense, on the Notes. The unamortized debt discount on the Notes as of December 31, 2019 and 2018 was $13,851 and $16,323, respectively.

Borrowings also includes structured payables which are in the nature of debt, amounting to $867 and $2,114 as of December 31, 2019 and 2018, respectively, of which $867 and $1,423 is included under “current portion of long-term borrowings”, $nil and $691, respectively, included under “long-term borrowings, less current portion ” in the consolidated balance sheets.

Future principal payments/maturities for all of the Company's borrowings as of December 31, 2019 were as follows:



	Notes		Revolver Credit		Structured Payables		Total
2020	$	—	$	40,000	$	867	$	40,867
2021	—		40,000		—		40,000
2022	—		19,000		—		19,000
2023	—		—		—		—
2024	150,000		—		—		150,000
Total	$	150,000	$	99,000	$	867	$	249,867

Letters of Credit

In the ordinary course of business, the Company provides standby letters of credit to third parties primarily for facility leases. As of December 31, 2019 and 2018, the Company had outstanding letters of credit of $461 and $nil, respectively, that were not recognized in the consolidated balance sheets.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Commitments At December 31, 2019 and 2018, the Company has committed to spend approximately $6,500 and $6,300, respectively under agreements to purchase property and equipment. This amount is net of capital advances paid which are recognized in consolidated balance sheets as property and equipment. 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”) or Special Economic Zone (“SEZ”) 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 local purchase of services and materials 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. In March 2017, the Company was named as a defendant in a putative class action lawsuit filed in California, which challenged the classification of independent contractors. The parties participated in a mediation in early 2018. As the result of the mediation, a settlement was reached pursuant to which the Company agreed, without admission of wrongdoing, to pay a total of $2,400, of which $1,200 was paid in 2018 and the remainder was paid in 2019. 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 Company is subject to taxation in the United States and various states and foreign jurisdictions. For the U.S., the Philippines and India, tax year 2016 and subsequent tax years remain open for examination by the tax authorities as of December 31, 2019. The aggregate amount demanded by Income tax authorities (net of advance payments, if any) from the Company related to its transfer pricing issues for tax years 2003 to 2015 and its permanent establishment issues for tax years 2003 to 2007 as of December 31, 2019 and 2018 is $16,220 and $18,177, respectively, of which the Company has made payments and/or provided bank guarantees to the extent $8,108 and $8,171, respectively. Amounts paid as deposits in respect of such assessments aggregating to $6,252 and $6,273 as of December 31, 2019 and 2018, respectively, are included in “Other assets” and amounts deposited for bank guarantees aggregating to $1,856 and $1,899 as of December 31, 2019 and 2018, respectively, are included in “Restricted cash” in the non-current assets section of the Company’s consolidated balance sheets. Based on the facts underlying the Company’s position and its experience with these types of assessments, the Company believes that its position will more likely than not be sustained upon final examination by the tax authorities based on its technical merits as of the reporting date 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. During the quarter ended March 31, 2019, there was a judicial pronouncement in India with respect to defined contribution benefits payments interpreting certain statutory defined contribution obligations of employees and employers. Currently some of the Company's subsidiaries in India are undergoing assessment with the statutory authorities. As of the reporting date, it is unclear whether the interpretation set out in the pronouncement has retrospective application. If applied retrospectively, the interpretation may result in a significant increase in contributions payable by the Company for past periods for certain of its India-based employees. There are numerous interpretative challenges concerning the retrospective application of the judgment. Due to such challenges and a lack of interpretive guidance, and based on legal advice, the Company believes it is currently impracticable to reliably estimate the timing and amount of any payments the Company may be required to make. Accordingly, the Company will re-evaluate the amount of a potential provision, if any, upon further developments. From time to time, the Company and/or its present officers or directors, on individual basis, may be or have been, named as a defendant in litigation matters, including employment-related claims. The plaintiffs in those cases seek damages, including, where applicable, compensatory damages, punitive damages and attorney’s fees. With respect to pending litigation matters as of the reporting date, the Company believes that the damages amounts claimed in such cases are not meaningful indicators of the potential liabilities of the Company, that these matters are without merit, and that the Company intends to vigorously defend each of them. The outcomes of legal actions are unpredictable and subject to significant uncertainties, and thus it is inherently difficult to determine the likelihood of the Company incurring a material loss or quantification of any such loss. With respect to pending litigation matters as of the reporting date, based on information currently available, including the Company’s assessment of the facts underlying each matter and advice of counsel, the amount or range of reasonably possible losses, if any, cannot be reasonably estimated. Based on the Company’s assessment, including the availability of insurance recoveries, the Company’s management does not believe that currently pending litigation, individually or in aggregate, will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.

Business Combinations, Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Business Combinations, Goodwill and Intangible Assets Disclosure [Abstract]

Business Combinations, Goodwill and Intangible Assets

SCIOinspire Holdings Inc.

On July 1, 2018, the Company, through its wholly owned subsidiary ExlService.com, LLC (“Buyer”) and Buyer’s wholly owned subsidiary, ExlService Cayman Merger Sub, completed the acquisition of SCIO pursuant to an Agreement of Merger dated April 28, 2018 (the "Merger Agreement"). ExlService Cayman Merger Sub, merged with and into SCIO, with SCIO surviving the merger as a wholly-owned subsidiary of the Buyer.

SCIO is a health analytics solution and services company serving healthcare organizations including providers, health plans, pharmacy benefit managers, employers, health services and global life sciences companies. The acquisition is expected to significantly strengthen the Company’s capability in the high growth cost optimization and care optimization markets. The acquisition of SCIO is included in the Analytics reportable segment.

The aggregate purchase consideration was $245,044, including cash and cash equivalents acquired and post-closing adjustments. The aggregate base purchase consideration payable at closing of the merger was $236,500 based on completion of diligence, which was adjusted based on, among other things, SCIO’s cash, debt, working capital position and other adjustments as of the Closing as set forth in the Merger Agreement. To finance the acquisition at Closing, the Company utilized its revolving Credit Facility in the amount of $233,000, issued 69,459 shares of restricted common stock of the Company in the amount of $4,080 and paid the balance with available cash on hand.

Pursuant to the Company’s business combinations accounting policy, the total purchase consideration for SCIO was allocated to identifiable net tangible and intangible assets based upon their fair values. The excess of the purchase consideration over fair value of identifiable net tangible and intangible assets was recorded as goodwill. In order to allocate the consideration transferred for SCIO, the fair values of all identifiable assets and liabilities were established. For accounting and financial reporting purposes, fair value is defined under ASC No. 820, Fair Value Measurement and Disclosure, as the price that would be received upon sale of an asset or the amount paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market

participants are assumed to be buyers and sellers in the principal (most advantageous) market for the asset or liability. Additionally, fair value measurements for an asset assume the highest and best use of that asset by market participants. Use of different estimates and judgments could yield different results.

The Company’s purchase price allocation to net tangible and intangible assets of SCIO is as follows:



Assets:
Cash and cash equivalents	$	9,842
Restricted cash	2,790
Accounts receivable	19,924
Other current assets	2,076
Property and equipment	1,824
Other assets	1,751
Intangible assets
Customer relationships	47,800
Developed technology	21,400
Trade names and trademarks	3,700
	111,107
Liabilities:
Current liabilities	(12,482		)
Deferred tax liabilities, net	(17,132		)
Other non-current liabilities	(200		)
	(29,814		)

Net assets acquired	$	81,293
Goodwill	163,751
Total purchase consideration	$	245,044

The fair values of the trade names and trademarks intangible assets were determined by using an “income approach”, specifically the relief-from-royalty approach. The basic principle of the relief-from-royalty method is that without ownership of the subject intangible asset, the user of that intangible asset would have to make a stream of payments to the owner of the asset in return for the rights to use that asset. By acquiring the intangible asset, the user avoids these payments. Therefore, a portion of SCIO’s earnings, equal to the after-tax royalty that would have been paid for the use of the asset, can be attributed to the firm’s ownership. The trade names and trademarks are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 3 years.

The fair values of the developed technology intangible assets were also determined by the relief-from-royalty approach. Similarly, this approach is based on the assumption that in lieu of ownership, a firm would be willing to pay a royalty in order to exploit the related benefits of the technology. Therefore, a portion of SCIO’s earnings, equal to the after-tax royalty that would have been paid for the use of the technology, can be attributed to the firm’s ownership of the technology. The technology assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 5 years.

The fair values of the customer relationships were determined by using an “income approach”, specifically the Multi-Period Excess Earnings Method ("MPEEM"). The MPEEM is a specific application of the discounted cash flow method. The principle behind the MPEEM is that the value of an intangible asset is equal to the present value of the incremental after-tax cash flows attributable only to the subject intangible asset after deducting Contributory Asset Charges ("CAC"). The principle behind a CAC is that an intangible asset ‘rents’ or ‘leases’ from a hypothetical third party all the assets it requires to produce the cash flows resulting from its development, that each project rents only those assets it needs (including elements of goodwill) and not the ones that it does not need, and that each project pays the owner of the assets a fair return on (and of, when appropriate) the value of the rented assets. The customer relationship assets are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated economic life of 10 years.

The goodwill recognized is attributable primarily to expected synergies from continuing operations of SCIO and the Company. The amount of goodwill recognized from SCIO's acquisition is not deductible for tax purposes. The goodwill has been assigned to our Analytics reportable segment based upon the Company’s assessment of nature of services rendered by SCIO.

Goodwill

The following table sets forth details of changes in goodwill by reportable segment of the Company:



	Insurance			Healthcare			TT&L			F&A			All Other		Analytics		Total
Balance at January 1, 2018	$	38,333		$	35,233		$	13,679		$	48,372		$	5,326	$	63,538	$	204,481
Acquisitions	—			—			—			—			—		163,751		163,751
Measurement period adjustments	—			(1,728		)	—			—			—		—		(1,728		)
Currency translation adjustments	(130		)	—			(982		)	(1,179		)	—		—		(2,291		)
Impairment charges	—			(14,229		)	—			—			—		—		(14,229		)
Balance at December 31, 2018	$	38,203		$	19,276		$	12,697		$	47,193		$	5,326	$	227,289	$	349,984
Currency translation adjustments	73			—			(240		)	(288		)	—		—		(455		)
Balance at December 31, 2019	$	38,276		$	19,276		$	12,457		$	46,905		$	5,326	$	227,289	$	349,529

During the fourth quarter of 2019, the Company performed its annual impairment test of goodwill for those reporting units that had goodwill recorded. Key assumptions used in determining the fair value of the Company’s reporting units was a long-term revenue growth rate in the terminal year of 3.0% and discount rates ranging from 9.0% to 11.0%. Based on the results, the fair value of each of the Company’s reporting units exceeded their carrying value and the Company’s goodwill was not impaired. However, for the SCIO reporting unit within the Analytics reportable segment, the fair value was not substantially in excess of its carrying value. The SCIO reporting unit was formed as a result of the SCIO acquisition in July 2018 and its fair value was set at the time of acquisition. As of December 31, 2019, the goodwill associated with the SCIO reporting unit was $163,751, representing approximately 47.0% of the Company’s total goodwill, and the percentage by which the fair value of the SCIO reporting unit exceeded the carrying value as of the date of the most recent annual impairment test was approximately 10.0%. While the goodwill of this reporting unit is not currently impaired, there could be an impairment in the future as a result of changes in certain assumptions. For example, the fair value could be adversely affected and may result in an impairment of goodwill if this reporting unit is not able to expand its existing customer relationships, win new clients, improve profitability, the estimated cash flows are discounted at a higher risk-adjusted rate, or the market multiples decreases. The Company also believes that it is possible that its actual revenue growth rates could be higher than the long-term revenue growth rates used in the impairment test due to a number of factors, including (i) continued demand for the Company’s reimbursement and care optimization services to help clients identify overpayments and enhance their claims payment accuracy, and (ii) the Company’s ability to offer integrated solutions by leveraging technology platforms, digital, customizable and configurable analytics to deliver better business outcomes for its clients. The Company believes that its discount rate utilized is appropriate to use for its future cash flow assumptions considering current market conditions. However, keeping all other variables constant, a further 50 basis points increase in discount rate will decrease the percentage by which the fair value exceeds the carrying value of the SCIO reporting unit to 6.0%. The Company continues to monitor the cash flows of the SCIO reporting unit for changes in the business environment that could impact recoverability.

The recoverability of goodwill is dependent upon the continued growth of cash flows from our business activities. There can be no assurances that goodwill will not be impaired in future periods. Estimating the fair value of reporting units requires the use of estimates and significant judgments that are based on a number of factors including actual operating results. These estimates and judgements may not be within the control of the Company and accordingly it is reasonably possible that the judgments and estimates described above could change in future periods.

During the fourth quarter of 2018, the Company performed its annual impairment test of goodwill for all its reporting units. Based on the results, the fair values of each of the Company’s reporting units exceeded their carrying values except for the Health Integrated reporting unit, within the Healthcare operating segment. The primary factors contributing to a reduction in the fair value of the Health Integrated reporting unit were: (i) revenues and profitability in 2018 were significantly lower than the Company’s budget; and (ii) significant changes to the Company's estimated future cash flows and long-term growth assumptions for the Health

Integrated reporting unit driven by loss of customer contracts, cost pressures and the Company’s most recent views of the long-term outlook for the Health Integrated business. As a result of this analysis, the Company recognized a goodwill impairment charge of $14,229 during the fourth quarter to write down the carrying value of Health Integrated’s goodwill to its fair value of $nil as of December 31, 2018. This impairment charge was recorded in the consolidated statements of income under "Impairment and restructuring charges"

Intangible Assets

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



	As of December 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	97,602	$	(43,330	)	$	—	$	54,272
Developed technology	26,976		(10,687		)	—		16,289
Trade names and trademarks	5,100		(2,579		)	—		2,521
	$	129,678	$	(56,596	)	$	—	$	73,082
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—		$	—	$	900
Total intangible assets	$	130,578	$	(56,596	)	$	—	$	73,982



	As of December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment			Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	129,790	$	(56,367	)	$	(5,549	)	$	67,874
Leasehold benefits	2,644		(2,567		)	—			77
Developed technology	37,154		(14,653		)	—			22,501
Non-compete agreements	2,045		(1,937		)	—			108
Trade names and trademarks	9,639		(5,326		)	(278		)	4,035
	$	181,272	$	(80,850	)	$	(5,827	)	$	94,595
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—		$	—		$	900
Total intangible assets	$	182,172	$	(80,850	)	$	(5,827	)	$	95,495

The amortization expense for the year is as follows:



	Year ended December 31,
	2019		2018		2017
Amortization expense	$	21,558	$	20,377	$	13,975

During the fourth quarter of 2018, the Company recognized impairment charges of $5,549 and $278 related to its customer relationships and trademarks intangible assets, respectively, in the Health Integrated reporting unit, within the Healthcare operating segment. The Company tested these intangible assets for recoverability due to indicators warranting the impairment test such as: (i) revenues and profitability in 2018 were significantly lower than the Company’s budget, and (ii) significant changes to the Company's estimated future cash flows and long-term growth assumptions for the Health Integrated reporting unit driven by loss of customer contracts, cost pressures and the Company’s most recent views of the long-term outlook for the Health Integrated business. Based on the results of its testing, the Company determined that the carrying value of the intangible assets was not recoverable, and an

impairment charge was recorded to the extent that carrying value exceeded estimated fair value. This impairment charge was recorded in the consolidated statements of income under "Impairment and restructuring charges". Subsequent to the impairment test, Health Integrated reporting unit’s customer relationships and trademarks intangibles assets were reduced to $nil as of December 31, 2018.

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



	(in years)
Customer relationships	7.66
Developed technology	3.64
Trade names and trademarks (Finite lived)	2.38



Estimated future amortization expense related to intangible assets as of December 31, 2019 is as follows:
2020	$	14,458
2021	12,753
2022	11,335
2023	9,046
2024	6,704
2025 and thereafter	18,786
Total	$	73,082

Capital Structure	12 Months Ended
Capital Structure	Dec. 31, 2019
Equity [Abstract]
Capital Structure	Capital Structure Common Stock The Company has one class of common stock outstanding. During the year ended December 31, 2019 and 2018, the Company purchased 23,859 and 51,446 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 $1,490 and $3,122, respectively. The weighted average purchase price per share of $62.47 and $60.68, respectively, was the closing 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 2017 through 2019 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 increased the 2017 authorization from $20,000 to $40,000 and authorizes stock repurchases of up to $40,000 in each of 2018 and 2019. On December 16, 2019, the Company’s Board of Directors authorized a $200,000 common stock repurchase program beginning January 1, 2020 through December 31, 2022. The shares may be purchased by the Company from time to time from the open market and through private transactions, or otherwise, as determined by the Company’s management as market conditions warrant. During the year ended December 31, 2019, the Company purchased 643,486 shares of its common stock for an aggregate purchase price of approximately $39,874, including commissions, representing an average purchase price per share of $61.96 under the 2017 Repurchase Program. During the year ended December 31, 2018, the Company purchased 674,604 shares of its common stock for an aggregate purchase price of approximately $39,987, including commissions, representing an average purchase price per share of $59.27 under 2017 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. Dividends The Company has not paid or declared any cash dividends on its common stock during the years ended December 31, 2019, 2018 and 2017. The Company’s line of credit with a bank could restrict, or its terms of the Notes could impair, the Company’s ability to declare or make any dividends or similar distributions.

Property and Equipment, net

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consists of the following:



		As of
	Estimated useful lives (Years)	December 31, 2019			December 31, 2018
Owned assets:
Network equipment and computers	3-5	$	98,309		$	85,921
Software	3-5	79,746			69,752
Leasehold improvements	3-8	44,982			39,533
Office furniture and equipment	3-8	22,046			20,097
Motor vehicles	2-5	601			635
Buildings	30	1,114			1,140
Land	—	729			746
Capital work in progress	—	10,309			11,026
		257,836			228,850
Less: Accumulated depreciation and amortization		(179,331		)	(155,798		)
		$	78,505		$	73,052
Right-of-use assets under finance leases:
Leasehold improvements		$	738		$	778
Office furniture and equipment		308			53
Motor vehicles		711			628
		1,757			1,459
Less: Accumulated depreciation and amortization		(1,120		)	(1,001		)
		$	637		$	458
Property and equipment, net		$	79,142		$	73,510

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

The depreciation and amortization expense, excluding amortization of acquisition-related intangibles recognized in the consolidated statements of income was as follows:



	Year ended December 31,
	2019		2018		2017
Depreciation and amortization expense	$	30,423	$	28,189	$	24,574

The depreciation and amortization set forth above includes the effect of foreign exchange gain upon settlement of cash flow hedges, amounting to $212, $153 and $435 for the year ended December 31, 2019, 2018 and 2017, respectively (Refer to Note 17 to the consolidated financial statements for further details).

Internally developed software costs, included under Software, was as follows:



	As of
	December 31, 2019			December 31, 2018
Cost	$	15,784		$	8,783
Less : Accumulated amortization	(4,989		)	(2,393		)
Internally developed software, net	$	10,795		$	6,390

During the year ended December 31, 2019, there were no significant changes in estimated useful lives of property and equipment.

The amortization expense on internally developed software recognized in the consolidated statements of income was as follows:



	Year ended December 31,
	2019		2018		2017
Amortization expense	$	2,745	$	1,417	$	640

During the year ended December 31, 2019, the Company performed an impairment test of its long-lived assets related to its Health Integrated business. Based on the results, the long-lived assets carrying value exceeded its fair value. The primary factor contributing to a reduction in the fair value is the wind down of the Health Integrated business, due to an anticipated reduction to the Company's estimated future cash flows. As a result of this analysis, the Company recognized impairment charges of $2,178 during the year ended December 31, 2019, to write down the carrying value of property and equipment to its fair value. This impairment charge was recorded in the consolidated statements of income under "Impairment and restructuring charges". Refer to Note 24 to the consolidated financial statements for further details.

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss (“AOCI”) consists 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 815. Changes in the fair values of these foreign currency exchange contracts are recognized in AOCI on the Company's consolidated balance sheets until the settlement of those contracts. The balances as of December 31, 2019 and 2018 are as follows:



	As of
	December 31, 2019			December 31, 2018
Cumulative foreign currency translation loss	$	(87,591	)	$	(84,105	)
Unrealized gain/(loss) on cash flow hedges	4,604			(218		)
Retirement benefits	(1,780		)	918
Income tax expense relating to above ⁽¹⁾	(125		)	(62		)
Accumulated other comprehensive loss	$	(84,892	)	$	(83,467	)

⁽¹⁾These are income tax expense recognized on cash flow hedges and retirement benefits. Refer to Note 22 to the consolidated financial statements.

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

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Income Statement [Abstract]

$ 991,346

$ 883,112

$ 762,310

^[1]

655,490

584,855

495,142

^[1]

335,856

298,257

267,168

Operating expenses:

126,909

116,202

102,515

Depreciation and amortization expense

71,842

63,612

53,379

51,981

48,566

38,549

Impairment and restructuring charges

8,671

20,056

Total operating expenses

259,403

248,436

194,443

Income from operations

76,453

49,821

72,725

Foreign exchange gain, net

3,752

4,787

2,839

Interest expense

(13,612)

(7,227)

(1,889)

Income before income tax expense and earnings from equity affiliates

16,507

12,989

11,359

83,100

60,370

85,034

Income tax expense

15,172

3,397

36,146

Income before earnings from equity affiliates

67,928

56,973

48,888

Loss from equity-method investment

269

247

Net income attributable to ExlService Holdings, Inc. stockholders

$ 67,659

$ 56,726

$ 48,888

Earnings per share attributable to ExlService Holdings, Inc. stockholders:

Basic (in dollars per share)

$ 1.97

$ 1.65

$ 1.44

Diluted (in dollars per share)

$ 1.95

$ 1.62

$ 1.39

Weighted-average number of shares used in computing earnings per share:

Basic (in shares)

34,350,150

34,451,008

33,897,916

Diluted (in shares)

34,732,683

35,030,984

35,110,210

[1]	Exclusive of depreciation and amortization expense.

Impairment and Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Schedule of Expected Exit Costs

The following table summarizes the activity related to the restructuring costs incurred and paid for the wind down during the year ended December 31, 2019:



	Contract Termination Costs			Employee-Related Costs			Other Associated Costs			Total
Balance as of January 1, 2019	$	—		$	—		$	—		$	—
Costs incurred during the year	2,597			1,375			1,072			5,044
Payments during the year	(1,000		)	(269		)	(701		)	(1,970		)
Balance as of December 31, 2019	$	1,597		$	1,106		$	371		$	3,074

Income Taxes Income Tax - Summary of Income Taxes Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred taxes (expense)/benefit :
Unrealized gain/(loss) on cash flow hedges	$ (391)	$ 4,803	$ (3,711)
Retirement benefits	328	(21)	(268)
Total Income tax (expense)/benefit recognized in other comprehensive income	$ (63)	$ 4,782	$ (3,979)

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 119,165	$ 95,881	$ 86,795
Restricted cash (current)	5,453	5,608	3,674
Restricted cash (non-current)	2,426	2,642	3,808
Cash, cash equivalents and restricted cash	$ 127,044	$ 104,131	$ 94,277	$ 220,394

Impact of adoption of accounting guidance on prior year’s presentation and disclosures - Effect of the Adoption of the ASU No. 2017-07 and 2016-18 (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Error Corrections and Prior Period Adjustments Restatement [Line Items]

^[1]

$ 655,490

$ 584,855

$ 495,142

126,909

116,202

102,515

71,842

63,612

53,379

16,507

12,989

11,359

Foreign exchange gain, interest expense and other income, net

259,403

248,436

194,443

6,647

10,549

12,309

Effect of exchange rate changes on cash, cash equivalents and restricted cash

168,420

92,435

113,159

(1,045)

(2,868)

3,935

Net increase/(decrease) in cash, cash equivalents and restricted cash

22,913

9,854

(126,117)

Cash, cash equivalents and restricted cash at the beginning of the period

104,131

94,277

220,394

Cash, cash equivalents and restricted cash at the end of the period

127,044

104,131

94,277

Previously reported

Error Corrections and Prior Period Adjustments Restatement [Line Items]

495,586

102,567

53,383

Error Corrections and Prior Period Adjustments Restatement [Line Items]

11,859

ASU No. 2017-07

Foreign exchange gain, interest expense and other income, net

194,443

12,309

ASU No. 2017-07 | Previously reported

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Foreign exchange gain, interest expense and other income, net

194,499

12,809

ASU No. 2017-07 | Effect of change increase/(decrease)

Error Corrections and Prior Period Adjustments Restatement [Line Items]

(444)

(52)

(4)

(500)

Foreign exchange gain, interest expense and other income, net

(56)

(500)

ASU No. 2016-18

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Effect of exchange rate changes on cash, cash equivalents and restricted cash

113,159

3,935

Net increase/(decrease) in cash, cash equivalents and restricted cash

(126,117)

Cash, cash equivalents and restricted cash at the beginning of the period

94,277

220,394

Cash, cash equivalents and restricted cash at the end of the period

94,277

ASU No. 2016-18 | Previously reported

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Effect of exchange rate changes on cash, cash equivalents and restricted cash

113,140

3,711

Net increase/(decrease) in cash, cash equivalents and restricted cash

(126,360)

Cash, cash equivalents and restricted cash at the beginning of the period

86,795

213,155

Cash, cash equivalents and restricted cash at the end of the period

86,795

ASU No. 2016-18 | Effect of change increase/(decrease)

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Effect of exchange rate changes on cash, cash equivalents and restricted cash

224

Net increase/(decrease) in cash, cash equivalents and restricted cash

243

Cash, cash equivalents and restricted cash at the beginning of the period

7,482

7,239

Cash, cash equivalents and restricted cash at the end of the period

7,482

Insurance

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Insurance | ASU No. 2017-07

199,678

174,921

159,433

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Insurance | ASU No. 2017-07 | Previously reported

159,433

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Insurance | ASU No. 2017-07 | Effect of change increase/(decrease)

159,529

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Error Corrections and Prior Period Adjustments Restatement [Line Items]

(96)

Healthcare

Healthcare | ASU No. 2017-07

73,650

66,768

49,412

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Healthcare | ASU No. 2017-07 | Previously reported

49,412

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Healthcare | ASU No. 2017-07 | Effect of change increase/(decrease)

49,483

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Error Corrections and Prior Period Adjustments Restatement [Line Items]

(71)

TT&L

Error Corrections and Prior Period Adjustments Restatement [Line Items]

38,736

41,066

41,337

TT&L | ASU No. 2017-07

TT&L | ASU No. 2017-07 | Previously reported

41,337

Error Corrections and Prior Period Adjustments Restatement [Line Items]

TT&L | ASU No. 2017-07 | Effect of change increase/(decrease)

41,409

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Error Corrections and Prior Period Adjustments Restatement [Line Items]

(72)

F&A

Error Corrections and Prior Period Adjustments Restatement [Line Items]

63,317

59,155

51,362

F&A | ASU No. 2017-07

F&A | ASU No. 2017-07 | Previously reported

51,362

Error Corrections and Prior Period Adjustments Restatement [Line Items]

F&A | ASU No. 2017-07 | Effect of change increase/(decrease)

51,445

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Error Corrections and Prior Period Adjustments Restatement [Line Items]

(83)

All Other

All Other | ASU No. 2017-07

48,864

58,341

56,638

Error Corrections and Prior Period Adjustments Restatement [Line Items]

All Other | ASU No. 2017-07 | Previously reported

56,638

Error Corrections and Prior Period Adjustments Restatement [Line Items]

All Other | ASU No. 2017-07 | Effect of change increase/(decrease)

56,697

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Error Corrections and Prior Period Adjustments Restatement [Line Items]

(59)

Analytics

Analytics | ASU No. 2017-07

$ 231,245

$ 184,604

136,960

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Analytics | ASU No. 2017-07 | Previously reported

136,960

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Analytics | ASU No. 2017-07 | Effect of change increase/(decrease)

137,023

Error Corrections and Prior Period Adjustments Restatement [Line Items]

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

$ (63)

[1]	Exclusive of depreciation and amortization expense.

Revenues, net - Contracts with Customer, Receivables and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 171,864	$ 164,752
Contract assets	5,391	5,445
Contract liabilities
Deferred revenue (consideration received in advance)	11,259	6,345
Consideration received for process transition activities	$ 3,036	$ 1,669

Other Assets

12 Months Ended

Dec. 31, 2019

Other Assets

Other assets consist of the following:



	As of
	December 31, 2019		December 31, 2018
Lease deposits	$	9,983	$	8,891
Derivative instruments	3,433		1,971
Deposits with statutory authorities	6,252		6,273
Term deposits	1,983		315
Contract assets	3,977		4,244
Deferred contract fulfillment costs	5,582		2,815
Others	4,806		6,506
Other assets	$	36,016	$	31,015

Summary of Significant Accounting Policies - Summary of Revenues and Reimbursements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2018	Jan. 01, 2017
Disaggregation of Revenue [Line Items]
Impact on adoption of accounting standard update		$ 454	$ 1,453
Retained Earnings
Disaggregation of Revenue [Line Items]
Impact on adoption of accounting standard update		$ 454	$ (4,546)
Minimum
Disaggregation of Revenue [Line Items]
Payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms	60 days

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions.

The Company has performed an evaluation of its contracts with suppliers in accordance with Topic 842 and has determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease.

In assessment of the lease term, the Company considers the extension option as part of its lease term for those lease arrangements where the Company is reasonably certain of availing the extension option.

The lease agreements do not contain any covenant to impose any restrictions except for market-standard practice for similar lease arrangements.

Supplemental balance sheet information



	As of
	December 31, 2019
Operating Lease
Operating lease right-of-use assets	$	86,396

Operating lease liabilities - Current	$	24,148
Operating lease liabilities - Non-current	74,709
Total operating lease liabilities	$	98,857

Finance Lease
Property and equipment, gross	$	1,757
Accumulated depreciation	(1,120		)
Property and equipment, net	$	637

Finance lease liabilities - Current	$	253
Finance lease liabilities - Non-current	430
Total finance lease liabilities	$	683

During the year ended December 31, 2019, the Company performed an impairment test of its long-lived assets related to its Health Integrated business. Based on the results, the operating lease right-of-use assets carrying value exceeded its fair value. The primary factor contributing to a reduction in the fair value is the wind down of the Health Integrated business, due to an anticipated reduction to the Company's estimated future cash flows. As a result of this analysis, the Company recognized an impairment charge of $1,449 during year ended December 31, 2019, to write down the carrying value of operating lease right-of-use assets to its fair value. This impairment charge was recorded in the consolidated statements of income under "Impairment and restructuring charges". Refer to Note 24 to the consolidated financial statements for further details.

The components of lease cost, which are included in the Company's consolidated statements of income, are as follows:



Lease cost	Year ended December 31, 2019
Finance lease:
Amortization of right-of-use assets	$	255
Interest on lease liabilities	93
Operating lease^(a)	27,335
Sublease income	(146		)
Total lease cost	$	27,537

Operating lease cost for leases classified as such under Topic 840 for the years ended December 31, 2018, and 2017 was $25,573 and $24,015, respectively.

(a) Includes short-term leases, which are immaterial.

Supplemental cash flow and other information related to leases are as follows:



	Year ended December 31, 2019
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	24,813
Operating cash outflows for finance leases	$	93
Financing cash outflows for finance leases	$	336
Right-of-use assets obtained in exchange for new operating lease liabilities	$	36,473
Right-of-use assets obtained in exchange for new finance lease liabilities	$	506
Weighted-average remaining lease term
Finance lease	2.3 years
Operating lease	6.0 years
Weighted-average discount rate
Finance lease	9.9		%
Operating lease	7.6		%

The Company determines the incremental borrowing rate by adjusting the benchmark reference rates, applicable to the respective geographies where the leases were entered, with appropriate financing spreads and lease specific adjustments for the effects of collateral.

As of December 31, 2019, the Company has entered into an operating lease for a facility that has not yet commenced with lease liability of approximately $11,900. This operating lease will commence in January 2020 and has a lease term of 15 years.

Maturities of lease liabilities as of December 31, 2019 are as follows:



	Operating Leases		Finance Leases
2020	$	26,932	$	325
2021	23,783		251
2022	21,526		157
2023	19,381		86
2024	14,865		22
2025 and thereafter	23,983		—
Total lease payments	$	130,470	$	841
Less: Imputed interest	31,613		158
Present value of lease liabilities	$	98,857	$	683

Maturities of minimum lease payments as of December 31, 2018 are as follows:



During the next twelve months ending December 31,	Operating Leases		Capital Leases
2019	$	23,431	$	283
2020	20,039		163
2021	16,924		120
2022	14,804		58
2023	12,859		49
2024	11,114		—
2025 and thereafter	15,000		—
Total minimum lease payment	$	114,171	$	673
Less: imputed interest	NA		135
Present value of minimum lease payments	NA		538
Less: current portion	NA		223
Long term capital lease obligation	NA		$	315

Leases

The lease agreements do not contain any covenant to impose any restrictions except for market-standard practice for similar lease arrangements.

Supplemental balance sheet information



	As of
	December 31, 2019
Operating Lease
Operating lease right-of-use assets	$	86,396

Operating lease liabilities - Current	$	24,148
Operating lease liabilities - Non-current	74,709
Total operating lease liabilities	$	98,857

Finance Lease
Property and equipment, gross	$	1,757
Accumulated depreciation	(1,120		)
Property and equipment, net	$	637

Finance lease liabilities - Current	$	253
Finance lease liabilities - Non-current	430
Total finance lease liabilities	$	683

The components of lease cost, which are included in the Company's consolidated statements of income, are as follows:



Lease cost	Year ended December 31, 2019
Finance lease:
Amortization of right-of-use assets	$	255
Interest on lease liabilities	93
Operating lease^(a)	27,335
Sublease income	(146		)
Total lease cost	$	27,537

Operating lease cost for leases classified as such under Topic 840 for the years ended December 31, 2018, and 2017 was $25,573 and $24,015, respectively.

(a) Includes short-term leases, which are immaterial.

Supplemental cash flow and other information related to leases are as follows:



	Year ended December 31, 2019
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	24,813
Operating cash outflows for finance leases	$	93
Financing cash outflows for finance leases	$	336
Right-of-use assets obtained in exchange for new operating lease liabilities	$	36,473
Right-of-use assets obtained in exchange for new finance lease liabilities	$	506
Weighted-average remaining lease term
Finance lease	2.3 years
Operating lease	6.0 years
Weighted-average discount rate
Finance lease	9.9		%
Operating lease	7.6		%

Maturities of lease liabilities as of December 31, 2019 are as follows:



	Operating Leases		Finance Leases
2020	$	26,932	$	325
2021	23,783		251
2022	21,526		157
2023	19,381		86
2024	14,865		22
2025 and thereafter	23,983		—
Total lease payments	$	130,470	$	841
Less: Imputed interest	31,613		158
Present value of lease liabilities	$	98,857	$	683

Maturities of minimum lease payments as of December 31, 2018 are as follows:



During the next twelve months ending December 31,	Operating Leases		Capital Leases
2019	$	23,431	$	283
2020	20,039		163
2021	16,924		120
2022	14,804		58
2023	12,859		49
2024	11,114		—
2025 and thereafter	15,000		—
Total minimum lease payment	$	114,171	$	673
Less: imputed interest	NA		135
Present value of minimum lease payments	NA		538
Less: current portion	NA		223
Long term capital lease obligation	NA		$	315

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies


(a)	Basis of Preparation and Principles of Consolidation

The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”). The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of ExlService Holdings and all of its subsidiaries and includes the Company's share in the results of its associates.


(b)	Use of Estimates


(c)	Foreign Currency Translation


(d)	Revenue Recognition

Adoption of Financial Accounting Standards Board Accounting Standards Update (“ASU”) No. 2014-09 Topic 606, Revenue from Contracts with Customers (“Topic 606”)

Nature of Services

Type of Contracts

ii.

iii.

iv.

Modification to Contracts

Arrangements with Multiple Performance Obligations

Variable Consideration

Variability in the transaction price arises primarily due to service level agreements, pre-payment and volume discounts.

The Company considers its experience with similar transactions and expectations regarding the contract in estimating the amount of variable consideration that should be recognized during a period.

Allocation of Transaction Price to Performance Obligations

Unbilled Receivables

Deferred Revenue and Contract Fulfillment Costs

Contract Acquisition Costs

Upfront Payment Made to Customer

Out of Pocket Expenses

Reimbursements of out-of-pocket expenses received from clients are included as part of revenues.

Payment terms

Remaining Performance Obligations

The Company does not disclose the value of remaining performance obligations by applying the practical expedient provided in Topic 606, for contracts that meet any of the following criteria:


i.	Contracts with an original expected length of one year or less as determined under ASC 606,


ii.	Contracts for which Company recognize revenue based on the right to invoice for service performed.


(e)	Cash and Cash Equivalents and Restricted Cash

For purposes of the statements of cash flows, the Company includes in its cash and cash-equivalent balances those amounts that have been classified as restricted cash and restricted cash equivalents.


(f)	Investments


(g)	Accounts Receivable and Allowance for Doubtful Receivable

Accounts receivable are recorded net of allowances for doubtful accounts. Allowances for doubtful accounts are established through the evaluation of the accounts receivable aging and prior collection experience, current market conditions, client’s financial condition and the amounts of receivables in dispute to ascertain the ultimate collectability of these receivables. As of December 31, 2019 and 2018, the Company had $1,163 and $956, respectively, of allowance for doubtful accounts.

Accounts receivable include unbilled accounts receivable which represent revenues on contracts to be billed, in subsequent periods, as per the terms of the related contracts. As of December 31, 2019 and 2018, the Company had $73,920 and $63,952, respectively, of unbilled accounts receivable.


(h)	Property and equipment

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable.



	Useful Lives (in years)
Assets:
Network equipment and computers	3-5
Software	3-5
Leasehold improvements	3-8
Office furniture and equipment	3-8
Motor vehicles	2-5
Buildings	30


(i)	Software Development Costs


(j)	Business Combinations, Goodwill and Other Intangible Assets

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



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


(k)	Investment in Equity Affiliate


(l)	Impairment of Long-lived Assets


(m)	Derivative Financial Instruments

in the fair value of these derivatives are recognized in the consolidated statements of income and are included in foreign exchange gain/(loss).


(n)	Borrowings


(o)	Employee Benefits


(p)	Stock-Based Compensation


(q)	Income Taxes


(r)	Financial Instruments and Concentration of Credit Risk


(s)	Leases

The Company reviews ROU assets for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable.


(t)	Government Grants


(u)	Earnings per share

Basic earnings per share is computed using the weighted average number of common shares outstanding, adjusted for outstanding shares that are subject to repurchase during the period. Diluted earnings per share is computed using the weighted average number of common and dilutive common equivalent shares outstanding during the period. For the purposes of calculating diluted earnings per share, the treasury stock method is used for stock-based awards except where the results would be anti-dilutive. The Company includes performance stock unit awards in dilutive potential common shares when they become contingently issuable and have a dilutive impact per authoritative guidance and excludes such awards when they are not contingently issuable.


(v)	Commitments and contingencies


(w)	Recent Accounting Pronouncements


(x)	Recently Adopted Accounting Pronouncements

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating Lease
Operating lease right-of-use assets	$ 86,396
Operating lease liabilities - Current	24,148
Operating lease liabilities - Non-current	74,709	$ 0
Total operating lease liabilities	98,857
Finance Lease
Property and equipment, gross	1,757
Accumulated depreciation	(1,120)
Property and equipment, net	637
Finance lease liabilities - Current	253
Finance lease liabilities - Non-current	430
Total finance lease liabilities	683
Operating lease, impairment charge	$ 1,449

Quarterly Financial Data

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

Summarized quarterly results for the years ended December 31, 2019 and 2018 are as follows:



	Three months ended 2019 (Unaudited)								Year ended (Audited)
	March 31		June 30		September 30		December 31		December 31, 2019

Revenues, net	$	239,573	$	243,509	$	251,392	$	256,872	$	991,346
Gross profit⁽¹⁾	$	82,333	$	81,063	$	83,850	$	88,610	$	335,856
Net income	$	14,695	$	12,564	$	19,044	$	21,356	$	67,659
Earnings per share:
Basic⁽²⁾	$	0.43	$	0.36	$	0.55	$	0.62	$	1.97
Diluted⁽²⁾	$	0.42	$	0.36	$	0.55	$	0.62	$	1.95
Weighted-average number of shares used in computing earnings per share:
Basic⁽²⁾	34,374,815		34,451,671		34,322,449		34,253,308		34,350,150
Diluted⁽²⁾	34,833,435		34,702,547		34,699,497		34,696,896		34,732,683

Stock compensation expense	$	6,956	$	7,155	$	7,427	$	4,532	$	26,070
Amortization of intangibles	$	5,528	$	5,554	$	5,502	$	4,974	$	21,558

	Three months ended 2018 (Unaudited)								Year ended (Audited)
	March 31		June 30		September 30		December 31		December 31, 2018

Revenues, net	$	206,973	$	210,112	$	231,124	$	234,903	$	883,112
Gross profit⁽¹⁾	$	68,872	$	70,463	$	78,967	$	79,955	$	298,257
Net income	$	23,158	$	14,462	$	15,249	$	3,857	$	56,726
Earnings per share:
Basic⁽²⁾	$	0.67	$	0.42	$	0.44	$	0.11	$	1.65
Diluted⁽²⁾	$	0.66	$	0.41	$	0.43	$	0.11	$	1.62
Weighted-average number of shares used in computing earnings per share:
Basic⁽²⁾	34,446,265		34,511,777		34,458,520		34,388,025		34,451,008
Diluted⁽²⁾	35,302,926		35,142,388		35,207,991		34,921,388		35,030,984

Stock compensation expense	$	5,074	$	6,893	$	5,344	$	6,590	$	23,901
Amortization of intangibles	$	3,947	$	3,761	$	6,718	$	5,951	$	20,377

⁽¹⁾Exclusive of depreciation and amortization expense.

Impact of adoption of accounting guidance on prior year’s presentation and disclosures (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Changes and Error Corrections [Abstract]

Summary of affects of new accounting pronouncements

The effect of the adoption of ASU No. 2016-18 (Topic 230) on 2017 financial information is summarized as follows:



	Year ended December 31,
	2017
	Previously reported			As revised			Effect of change increase/(decrease)
Consolidated statements of cash flows
Net cash provided by operating activities	$	113,140		$	113,159		$	19
Effect of exchange rate changes on cash, cash equivalents and restricted cash	$	3,711		$	3,935		$	224
Net increase/(decrease) in cash, cash equivalents and restricted cash	$	(126,360	)	$	(126,117	)	$	243
Cash, cash equivalents and restricted cash - beginning of year	$	213,155		$	220,394		$	7,239
Cash, cash equivalents and restricted cash - end of year	$	86,795		$	94,277		$	7,482

The effect of the adoption of ASU No. 2017-07 (Topic 715) on 2017 financial information is summarized as follows:



	Year ended December 31,
	2017
	Previously reported		As revised		Effect of change increase/(decrease)
Location in consolidated statements of income
Cost of revenues	$	495,586	$	495,142	$	(444	)
General and administrative expenses	$	102,567	$	102,515	$	(52	)
Selling and marketing expenses	$	53,383	$	53,379	$	(4	)
Other income, net	$	11,859	$	11,359	$	(500	)



	Year ended December 31,
	2017
	Cost of revenues previously reported		Cost of revenues as revised		Effect of change increase/(decrease)
Segment information (refer Note 3)
Insurance	$	159,529	$	159,433	$	(96	)
Healthcare	$	49,483	$	49,412	$	(71	)
TT&L	$	41,409	$	41,337	$	(72	)
F&A	$	51,445	$	51,362	$	(83	)
All Other	$	56,697	$	56,638	$	(59	)
Analytics	$	137,023	$	136,960	$	(63	)
Operating Expenses	$	194,499	$	194,443	$	(56	)
Foreign exchange gain, interest expense and other income, net	$	12,809	$	12,309	$	(500	)

Derivatives and Hedge Accounting - Narrative (Detail) € in Thousands, £ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 GBP (£)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)	Dec. 31, 2018 GBP (£)
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative losses which could be reclassified into earnings within the next 12 months	$ 2,421,000
Maximum outstanding term of cash flow hedges	45 months
Derivatives Designated as Hedging Instruments \| Derivatives in cash flow hedging relationships \| Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 410,390,000			$ 362,435,000
Derivative not designated as hedging instruments \| Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	124,045,000	€ 1,289	£ 10,843	125,503,000	€ 512	£ 15,616
Forward contracts \| Derivatives Designated as Hedging Instruments \| Derivatives in cash flow hedging relationships \| Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 4,300,000			$ 6,900

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2019

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

Schedule of Other Current Assets

Other current assets consist of the following:



	As of
	December 31, 2019		December 31, 2018
Derivative instruments	$	4,076	$	4,059
Advances to suppliers	1,581		2,910
Receivables from statutory authorities	12,608		14,145
Contract assets	1,414		1,201
Deferred contract fulfillment costs	1,673		1,236
Others	3,242		4,689
Other current assets	$	24,594	$	28,240

Stock Based Compensation - Performance Based Stock Awards Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 19, 2015	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		100.00%
Revenue Based PRSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares an employee can earn			200.00%
Revenue Based PRSUs \| Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		50.00%
Vesting period		3 years
Revenue Based PRSUs \| Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan) \| Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award vesting rights				33.33%
Revenue Based PRSUs \| Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan) \| Year Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award vesting rights			33.33%
Market Condition Based PRSUs \| Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		50.00%
Vesting period		3 years
Market Condition Based PRSUs \| Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares an employee can earn		200.00%
Performance Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 7,751
Cost not yet recognized, period for recognition		1 year 8 months 15 days

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

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



	Year ended December 31,
	2019			2018			2017
Domestic	$	(16,685	)	$	(24,442	)	$	4,626
Foreign	99,785			84,812			80,408
	$	83,100		$	60,370		$	85,034

The income tax expense consists of the following:



	Year ended December 31,
	2019			2018			2017
Current provision/(benefit):
Domestic	$	10,823		$	(13,249	)	$	17,407
Foreign	16,694			17,271			18,008
	$	27,517		$	4,022		$	35,415
Deferred provision/(benefit):
Domestic	$	(13,912	)	$	(1,999	)	$	2,618
Foreign	1,567			1,374			(1,887		)
	$	(12,345	)	$	(625	)	$	731
Income tax expense	$	15,172		$	3,397		$	36,146

Income taxes recognized in other comprehensive income are as follows:



	Year ended December 31,
	2019			2018			2017
Deferred taxes (expense)/benefit :
Unrealized gain/(loss) on cash flow hedges	$	(391	)	$	4,803		$	(3,711	)
Retirement benefits	328			(21		)	(268		)
Total Income tax (expense)/benefit recognized in other comprehensive income	$	(63	)	$	4,782		$	(3,979	)

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



	Year ended December 31,
	2019			2018			2017
Expected tax expense	$	17,451		$	12,678		$	29,762
Change in valuation allowance	—			—			(21		)
Impact of tax holiday	(5,920		)	(5,448		)	(4,396		)
Foreign tax rate differential	1,660			5,014			(2,616		)
Deferred tax provision/(benefit)	3,026			(3,915		)	(1,887		)
Unrecognized tax benefits and interest	174			(88		)	(3,905		)
State taxes, net of Federal taxes	2,137			2,201			339
Non-deductible expenses	1,329			3,066			825
US Tax Reform Act impact	—			176			29,185
Excess tax benefit on stock-based compensation	(2,306		)	(7,227		)	(9,797		)
Research & Development credit	(1,650		)	(1,500		)	(844		)
Prior period items	(143		)	(1,466		)	—
Others	(586		)	(94		)	(499		)
Tax expense	$	15,172		$	3,397		$	36,146

The Company recorded income tax expense of $15,172 and $3,397 for the year ended December 31, 2019 and 2018, respectively. The effective tax rate increased from 5.6% during the year ended December 31, 2018 to 18.3% during the year ended December 31, 2019 primarily as a result of: (i) recording of a one-time tax benefit of $6,274 with respect to unused 2018 foreign branch income tax credits under the Internal Revenue Code of 1986, as amended, during the year ended December 31, 2018, (ii) recording of higher excess tax benefits related to stock awards of $7,227 pursuant to ASU No. 2016-09 during the year ended December 31, 2018 compared to $2,306 during the year ended December 31, 2019, (iii) lower tax expense of $3,072 on account of impairment and restructuring charges recorded during the year ended December 31, 2018 compared to $888 during the year ended December 31, 2019, partially offset by (iv) higher tax exemptions/incentives and a lower tax rate for qualifying Indian subsidiaries due to a change in legislation during the year ended December 31, 2019.

During the year 2018, the Company made an election to change the tax status of most of its controlled foreign corporations (“CFC”) to disregarded entities for U.S. income tax purposes. As a result, the Company no longer has undistributed earnings in connection with these CFCs. The Transition Tax resulted in previously taxed income (“PTI”) which may be subject to withholding taxes and currency gains or losses upon repatriation. The Company presently does not intend to distribute its PTI and has not recorded any deferred taxes related to its investment in foreign subsidiaries. If, in the future, the Company changes its present intention regarding the distribution of PTI, additional taxes may be required and would be recorded in the period the intention changes. The Company has adopted an accounting policy to treat Global Intangible Low-Taxed Income (“GILTI”) as a period cost.

Certain operations centers in India, which were established in Special Economic Zones (“SEZs”), are eligible for tax incentives until 2025. These operations centers are eligible for a 100% income tax exemption for first 5 years of operations and 50% exemption for a period of 5 years thereafter.

In 2019, the Government of India introduced a new tax regime for certain Indian companies by enacting the Taxation Laws (Amendment) Act, 2019. The new tax regime is optional and provides for a lower tax rate for Indian companies, subject to certain conditions which among other things includes not availing of specified exemptions or incentives. Some of the Indian subsidiaries have opted for the new tax regime to obtain the benefit of a lower tax rate.

The Company has also benefitted from a corporate tax holiday in the Philippines for our operations centers established there over the last several years. The tax holiday expired for few of our centers in 2014, 2016, 2018 and in 2019 and will expire for other centers by year 2022, which may lead to an increase in our overall tax rate. Following the expiry of the tax exemption, income generated from centers in the Philippines will be taxed at the prevailing annual tax rate, which is currently 5.0% on gross income.

The diluted earnings per share effect of the tax holiday is $0.17, $0.16 and $0.13 for the years ended December 31, 2019, 2018 and 2017, respectively.

The components of the deferred tax balances as of December 31, 2019 and 2018 are as follows:



	As of
	December 31, 2019			December 31, 2018
Deferred tax assets:
Depreciation and amortization expense	$	12,319		$	3,731
Stock-based compensation	9,313			8,614
Accrued employee costs and other expenses	9,805			3,596
Net operating loss carry forward	2,896			1,113
Unrealized exchange loss	1,136			6,671
Deferred rent	4,503			2,255
Others	745			1,380
	$	40,717		$	27,360
Valuation allowance	(202		)	(99		)
Deferred tax assets	$	40,515		$	27,261

Deferred tax liabilities:
Unrealized exchange gain	$	505		$	115
Intangible assets	20,696			19,289
Unamortized discount on convertible senior notes	3,395			4,105
Others	5,030			5,595
Deferred tax liabilities	$	29,626		$	29,104
Net deferred tax assets/(liabilities)	$	10,889		$	(1,843	)

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying values of assets and liabilities and their respective tax bases and operating loss carry forwards. At December 31, 2019 and 2018, the Company performed an analysis of the deferred tax asset valuation allowance for net operating loss carry forward for its domestic and foreign entities. Based on this analysis, the Company continues to carry a valuation allowance on the deferred tax assets on certain net operating loss carry forwards. Accordingly, the Company had recorded a valuation allowance of $202 and $20 as of December 31, 2019 and 2018, respectively. The Company also recorded a valuation allowance of $nil and $79 related to the tax credit carry forward as of December 31, 2019 and 2018, respectively.

The Company in connection with its recent acquisitions has acquired federal and state net operating losses in the United States. As of December 31, 2019 and 2018, the Company has federal net operating loss carry forward of $nil and $444, respectively, which expire through various years until 2032. The Company’s federal net operating losses carry forward are subject to certain

annual utilization limitations under Section 382 of the Code. The Company also has state and local net operating losses carry forwards of varying amounts, which are subject to limitations under the applicable rules and regulations of those taxing jurisdictions. The Company estimates that it will be able to utilize substantially all of the losses before their expiration.

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

The following table summarizes the activity related to the unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017.



	2019			2018			2017
Balance as of January 1	$	804		$	824		$	3,087
Increases related to prior year tax positions	69			—			—
Decreases related to prior year tax positions	(156		)	(320		)	(2,520		)
Increases related to current year tax positions	330			300			169
Effect of exchange rate changes	—			—			88
Balance as of December 31	$	1,047		$	804		$	824

The unrecognized tax benefits as of December 31, 2019 of $1,047, if recognized, would impact the effective tax rate.

The Company has not recognized any interest in each of the years ended December 31, 2019, 2018 and 2017. As of December 31, 2019 and 2018, the Company has not accrued interest and penalties relating to unrecognized tax benefits.

Employee Benefit Plans - Summary of Expected Benefit Payments (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2020	$ 2,408
2021	2,234
2022	1,969
2023	1,812
2024	1,563
2025 to 2029	$ 5,712

Impairment and Restructuring Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2019	$ 0
Costs incurred during the year	5,044
Payments during the year	(1,970)
Balance as of December 31, 2019	3,074	$ 0
Asset impairment charges	3,627	20,056	$ 0
Contract Termination Costs
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2019	0
Costs incurred during the year	2,597
Payments during the year	(1,000)
Balance as of December 31, 2019	1,597	0
Employee-Related Costs
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2019	0
Costs incurred during the year	1,375
Payments during the year	(269)
Balance as of December 31, 2019	1,106	0
Other Associated Costs
Restructuring Reserve [Roll Forward]
Balance as of January 1, 2019	0
Costs incurred during the year	1,072
Payments during the year	(701)
Balance as of December 31, 2019	$ 371	$ 0

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

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



	Year ended December 31,
	2019		2018		2017
Cost of revenues	$	5,895	$	4,924	$	4,600
General and administrative expenses	10,012		10,371		10,363
Selling and marketing expenses	10,163		8,606		8,078
Total	$	26,070	$	23,901	$	23,041

Stock Based Compensation Stock Option Activity

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



	Number of Options		Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Life (Years)
Outstanding at December 31, 2018	162,475		$	20.21	$	5,267	2.24
Granted	—		—		—		—
Exercised	(64,314	)	15.33		3,187		—
Forfeited	—		—		—		—
Outstanding at December 31, 2019	98,161		$	23.39	$	4,522	1.86
Vested and exercisable at December 31, 2019	98,161		$	23.39	$	4,522	1.86

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

The following table summarizes the status of the Company’s stock options outstanding, vested and exercisable at December 31, 2019:



	Options Outstanding, Vested and Exercisable
Range of Exercise Prices	Shares	Weighted- Average Exercise Price
$15.00 to $21.00	14,893	$	18.89
$21.01 to $28.00	83,268	$	24.20
Total	98,161	$	23.39

Restricted Stock Activity Under Company's Stock Plans

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



	Revenue Based PRSUs				Market Condition Based PRSUs
	Number		Weighted Avg Fair Value		Number		Weighted Avg Fair Value
Outstanding at December 31, 2018	100,353		$	54.07	100,336		$	62.43
Granted	54,062		64.33		54,053		92.13
Adjustment upon final determination of level of performance goal achievement*	11,285		47.73		1,759		54.10
Vested	(54,456	)	47.73		(44,922	)	54.10
Forfeited	(23,559	)	57.69		(23,556	)	72.65
Outstanding at December 31, 2019	87,685		$	62.54	87,670		$	82.10

* Represents adjustment of shares vested in respect of PUs and MUs granted in February 2017 upon achievement of the performance targets for such awards for which the underlying common stock was issued subsequent to December 31, 2019.

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



	Restricted Stock				Restricted Stock Units
	Number		Weighted- Average Fair Value		Number		Weighted- Average Fair Value
Outstanding at December 31, 2018^**	103,623		$	42.68	953,578		$	51.81
Granted	—		—		512,598		64.29
Vested^*	(76,239	)	40.51		(400,497	)	47.43
Forfeited	—		—		(151,386	)	58.52
Outstanding at December 31, 2019^**	27,384		$	48.72	914,293		$	59.62

* Includes 10,318 and 9,641 restricted stock units vested during the years ended December 31, 2019 and 2018, respectively, for which the underlying common stock is yet to be issued.

** As of December 31, 2019 and 2018 restricted stock units vested for which the underlying common stock is yet to be issued are 166,071 and 155,753, respectively.

Weighted Average Valuation Assumptions for Market Condition Performance Restricted Stock Units

The fair value of each MU granted to employees is estimated on the date of grant using the following weighted average assumptions:



	Year ended December 31,
	2019		2018		2017
Dividend yield	—		—		—
Expected life (years)	2.86		2.86		2.86
Risk free interest rate	2.46	%	2.38	%	1.40	%
Volatility	20.52	%	21.79	%	23.78	%

Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Retirement Benefits [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.

The benefit obligation has been measured as of December 31, 2019. The following table sets forth the activity and the funded status of the Gratuity Plans and the amounts recognized in the Company’s consolidated financial statements at the end of the relevant periods:



	2019			2018
Change in projected benefit obligation:
Projected benefit obligation as of January 1	$	11,044		$	10,305
Business acquisition	—			326
Service cost	1,953			1,735
Interest cost	875			714
Benefits paid	(960		)	(1,066		)
Actuarial loss/(gain)	2,577			(134		)
Effect of exchange rate changes	(178		)	(836		)
Projected benefit obligation as of December 31	$	15,311		$	11,044
Unfunded amount-non-current	$	6,517		$	3,616
Unfunded amount-current	10			8
Total accrued liability	$	6,527		$	3,624
Accumulated benefit obligation	$	10,743		$	7,239

Components of net periodic benefit costs:



	Year ended December 31,
	2019			2018			2017
Service cost	$	1,953		$	1,735		$	1,933
Interest cost	875			714			645
Expected return on plan assets	(568		)	(514		)	(401		)
Amortization of actuarial (gain)/loss	(159		)	(153		)	256
Net periodic benefit cost	$	2,101		$	1,782		$	2,433

The components of accumulated other comprehensive (loss)/gain, excluding tax effects, as of December 31, 2019, 2018 and 2017 are as follows:



	December 31,
	2019			2018			2017
Net actuarial (loss)/gain	$	(1,762	)	$	940		$	697
Net prior service cost	(18		)	(22		)	(8		)
Accumulated other comprehensive (loss)/gain, excluding tax effects	$	(1,780	)	$	918		$	689

The amount in accumulated other comprehensive loss that is expected to be recognized as a component of net periodic benefit cost over the next fiscal year is $558.

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



	December 31,
	2019		2018		2017
Discount rate	6.5	%	7.5	%	7.0	%
Rate of increase in compensation levels	6.0	%	8.2	%	9.1	%
Expected long term rate of return on plan assets per annum	7.5	%	7.3	%	8.3	%

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



Expected benefit payments during the year ending December 31,
2020	$	2,408
2021	$	2,234
2022	$	1,969
2023	$	1,812
2024	$	1,563
2025 to 2029	$	5,712

The Gratuity Plan in India is partially funded and the Philippines plan is unfunded. The Company makes annual contributions to the employee's 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 7.5% per annum on these Gratuity Plans for the year ended December 31, 2019.



Change in Plan Assets
Plan assets at January 1, 2018	$	6,915
Business acquisition	231
Actual return	779
Employer contribution	1,175
Benefits paid*	(1,059		)
Effect of exchange rate changes	(621		)
Plan assets at December 31, 2018	$	7,420
Actual return	606
Employer contribution	1,905
Benefits paid*	(957		)
Effect of exchange rate changes	(190		)
Plan assets at December 31, 2019	$	8,784

* Benefits payments were substantially made through the plan assets during the year ended December 31, 2019 and 2018.

The Company maintains several 401(k) plans (the “401(k) Plans”) under Section 401(k) of the Internal Revenue Code of 1986, as amended (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. The Company accrued for contributions to the 401(k) Plans of $3,617, $3,423 and $2,709 during the years ended December 31, 2019, 2018 and 2017, respectively.

During the years ended December 31, 2019, 2018 and 2017, the Company contributed $10,395, $7,614 and $7,116 respectively, for various defined contribution plans on behalf of its employees in India, the Philippines, Romania, the Czech Republic, South Africa, Colombia, and Singapore.

Derivatives and Hedge Accounting Derivatives and Hedge Accounting - Effect of Net Investment Hedges on AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Effect of net investment hedges on accumulated other comprehensive loss	$ (580)	$ 0	$ 0
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Effect of net investment hedges on accumulated other comprehensive loss	$ (580)	$ 0

Stock Based Compensation - Restricted Stock and RSU Narrative (Details) - Restricted Stock and Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 39,886
Cost not yet recognized, period for recognition	2 years 6 months 21 days
Weighted-average fair value of restricted stock and RSUs granted (in dollars per share)	$ 64.29	$ 60.64	$ 48.02
Number of restricted stock units, vested	$ 22,084	$ 19,865	$ 19,430

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)/Income	Treasury Stock	Non - Controlling Interest
Beginning balance (in shares) at Dec. 31, 2016		35,699,819				2,071,710
Beginning balance at Dec. 31, 2016	$ 532,178	$ 36	$ 284,646	$ 382,722	$ (75,057)	$ (60,362)	$ 193
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		1,090,932
Stock issued against stock-based compensation plans	8,561	$ 1	8,560
Stock issued, business acquisition	0
Stock-based compensation	23,041		23,041
Acquisition of treasury stock (in shares)						(830,308)
Acquisition of treasury stock	(43,454)					$ (43,454)
Non-controlling interest	31						31
Other comprehensive income (loss)	29,347				29,347
Net income	48,888			48,888
Ending balance (in shares) at Dec. 31, 2017		36,790,751				2,902,018
Ending balance at Dec. 31, 2017	600,045	$ 37	322,246	427,064	(45,710)	$ (103,816)	224
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		990,334
Stock issued against stock-based compensation plans	1,398	$ 1	1,397
Stock issued business acquisition (in shares)		69,459
Stock issued, business acquisition	4,080		4,080
Stock-based compensation	23,901		23,901
Acquisition of treasury stock (in shares)						(726,050)
Acquisition of treasury stock	(43,109)					$ (43,109)
Allocation of equity component related to the convertible senior notes, net of tax and issuance costs	12,555		12,555
Non-controlling interest	26						26
Other comprehensive income (loss)	(37,757)				(37,757)
Net income	$ 56,726			56,726
Ending balance (in shares) at Dec. 31, 2018	34,222,476	37,850,544				3,628,068
Ending balance at Dec. 31, 2018	$ 618,319	$ 38	364,179	484,244	(83,467)	$ (146,925)	250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		630,110
Stock issued against stock-based compensation plans	987	$ 1	986
Stock issued, business acquisition	0
Stock-based compensation	26,070		26,070
Acquisition of treasury stock (in shares)						(667,345)
Acquisition of treasury stock	(41,364)					$ (41,364)
Allocation of equity component related to the convertible senior notes, net of tax and issuance costs	(13)		(13)
Purchase of non-controlling interest	(232)		18				(250)
Other comprehensive income (loss)	(1,425)				(1,425)
Net income	$ 67,659			67,659
Ending balance (in shares) at Dec. 31, 2019	34,185,213	38,480,654				4,295,413
Ending balance at Dec. 31, 2019	$ 670,001	$ 39	$ 391,240	$ 551,903	$ (84,892)	$ (188,289)	$ 0

Commitments and Contingencies (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments, net of advances	$ 6,500	$ 6,300
Percentage of export-oriented units established	100.00%
Litigation, settlement amount		2,400
Settlement payments made during the period		1,200
Aggregate disputed amount amount related to transfer pricing and permanent establishment	$ 16,220	18,177
Total bank guarantees and deposits in respect of contingencies	8,108	8,171
Amounts paid as deposits in respect of contingencies	6,252	6,273
Bank guarantee issued	$ 1,856	$ 1,899

Other Income, net (Tables)

12 Months Ended

Dec. 31, 2019

Other Nonoperating Income (Expense) [Abstract]

Other Income, net

Other income, net consists of the following:



	Year ended December 31,
	2019		2018		2017
Gain on sale and mark-to-market of mutual funds	$	12,965	$	9,970	$	8,766
Interest and dividend income	2,399		1,873		1,625
Others, net	1,143		1,146		968
Other income, net	$	16,507	$	12,989	$	11,359

Leases - Schedule of Supplemental Cash Flow Informaton Related to Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$ 24,813
Operating cash outflows for finance leases	93
Financing cash outflows for finance leases	336
Right-of-use assets obtained in exchange for new operating lease liabilities	36,473
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 506
Weighted-average remaining lease term
Finance lease	2 years 3 months 18 days
Operating lease	6 years
Weighted-average discount rate
Finance lease	9.90%
Operating lease	7.60%

Related Party Disclosures	12 Months Ended
Related Party Disclosures	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Disclosures	Related Party Disclosures On October 1, 2018, the Company entered into the Investment Agreement with the Purchaser relating to the issuance to the Purchaser of $150,000 aggregate principal amount of the Notes. In connection with the investment, Vikram S. Pandit, Chairman and CEO of The Orogen Group LLC (an affiliate of the Purchaser), was appointed to Company’s Board of Directors. The Company had outstanding Notes with a principal amount of $150,000 as of December 31, 2019 and 2018, and interest accrued of $1,313 each as of December 31, 2019 and 2018, related to the Investment Agreement. Refer to Note 18 to the consolidated financial statements for details. 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 $nil, $225 and $1,748 for the years ended December 31, 2019, 2018 and 2017, respectively, for services provided. As of December 31, 2019 and 2018, the Company had accounts receivable of $nil and $5, respectively, related to these services.

Employee Benefit Plans - Summary of Weighted Average Actuarial Assumptions (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	6.50%	7.50%	7.00%
Rate of increase in compensation levels	6.00%	8.20%	9.10%
Expected long term rate of return on plan assets per annum	7.50%	7.30%	8.30%

Business Combinations, Goodwill and Intangible Assets - Estimated Future Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Business Combinations, Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 14,458
2021	12,753
2022	11,335
2023	9,046
2024	6,704
2025 and thereafter	18,786
Total	$ 73,082	$ 94,595

Stock Based Compensation - Costs Related to Company's Stock-Based Compensation Plan (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 4,532	$ 7,427	$ 7,155	$ 6,956	$ 6,590	$ 5,344	$ 6,893	$ 5,074	$ 26,070	$ 23,901	$ 23,041
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses									5,895	4,924	4,600
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses									10,012	10,371	10,363
Selling and marketing expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses									$ 10,163	$ 8,606	$ 8,078

Cash, Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

For the purpose of statements of cash flows, cash, cash equivalents and restricted cash comprise of the following:



	As of
	December 31, 2019		December 31, 2018		December 31, 2017
Cash and cash equivalents	$	119,165	$	95,881	$	86,795
Restricted cash (current)	5,453		5,608		3,674
Restricted cash (non-current)	2,426		2,642		3,808
Cash, cash equivalents and restricted cash	$	127,044	$	104,131	$	94,277

Restrictions on Cash and Cash Equivalents

For the purpose of statements of cash flows, cash, cash equivalents and restricted cash comprise of the following:



	As of
	December 31, 2019		December 31, 2018		December 31, 2017
Cash and cash equivalents	$	119,165	$	95,881	$	86,795
Restricted cash (current)	5,453		5,608		3,674
Restricted cash (non-current)	2,426		2,642		3,808
Cash, cash equivalents and restricted cash	$	127,044	$	104,131	$	94,277

Business Combinations, Goodwill and Intangible Assets - Narrative (Details)		3 Months Ended		12 Months Ended
	Jul. 01, 2018 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Restricted common stock issued for business acquisition				$ 0	$ 4,080,000	$ 0
Goodwill		$ 349,529,000	$ 349,984,000	349,529,000	349,984,000	204,481,000
Goodwill impairment					14,229,000
Intangible assets, net		73,082,000	94,595,000	73,082,000	94,595,000
Customer relationships
Business Acquisition [Line Items]
Impairment charges			5,549,000
Intangible assets, net		54,272,000	67,874,000	54,272,000	67,874,000
Developed technology
Business Acquisition [Line Items]
Intangible assets, net		16,289,000	22,501,000	16,289,000	22,501,000
Trade names and trademarks
Business Acquisition [Line Items]
Impairment charges			278,000
Intangible assets, net		2,521,000	4,035,000	2,521,000	4,035,000
SCIO
Business Acquisition [Line Items]
Total purchase consideration	$ 245,044,000
Goodwill	$ 163,751,000
SCIO \| Customer relationships
Business Acquisition [Line Items]
Weighted average useful life	10 years
SCIO \| Developed technology
Business Acquisition [Line Items]
Weighted average useful life	5 years
SCIO \| Trade names and trademarks
Business Acquisition [Line Items]
Weighted average useful life	3 years
Health Integrated, Inc.
Business Acquisition [Line Items]
Goodwill			0		0
Intangible assets, net			0		0
Restricted Stock \| SCIO
Business Acquisition [Line Items]
Stock issued during period (in shares) \| shares	69,459
Restricted common stock issued for business acquisition	$ 4,080,000
Minimum \| SCIO
Business Acquisition [Line Items]
Initial purchase consideration	236,500,000
Revolver Credit \| SCIO
Business Acquisition [Line Items]
Utilized revolver credit facility to finance acquisition	$ 233,000,000
Healthcare
Business Acquisition [Line Items]
Goodwill		$ 19,276,000	19,276,000	19,276,000	19,276,000	$ 35,233,000
Goodwill impairment			$ (14,229,000)		$ 14,229,000
Long-term revenue growth rate
Business Acquisition [Line Items]
Reporting unit, measurement input		0.030
Discount rate
Business Acquisition [Line Items]
Reporting unit, increase in measurement input		0.0050
Discount rate \| Minimum
Business Acquisition [Line Items]
Reporting unit, measurement input		0.090
Discount rate \| Maximum
Business Acquisition [Line Items]
Reporting unit, measurement input		0.110
SCIO
Business Acquisition [Line Items]
Goodwill		$ 163,751,000		$ 163,751,000
Percentage of total goodwill		47.00%		47.00%
Percentage of fair value in excess of carrying amount		10.00%		10.00%
Fair value exceeding percentage		6.00%		6.00%

Derivatives and Hedge Accounting - Location of Gain or Loss Recognized (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Derivative Instruments, Gain (Loss) [Line Items]

^[1]

$ 655,490

$ 584,855

$ 495,142

126,909

116,202

102,515

Depreciation and amortization expense

71,842

63,612

53,379

51,981

48,566

38,549

Net income attributable to ExlService Holdings, Inc. stockholders

$ 21,356

$ 19,044

$ 12,564

$ 14,695

$ 3,857

$ 15,249

$ 14,462

$ 23,158

67,659

56,726

48,888

Foreign exchange gain/(loss), net

3,752

4,787

2,839

Reclassification out of Accumulated Other Comprehensive Income | Derivatives Designated as Hedging Instruments | Derivatives in cash flow hedging relationships | Foreign currency exchange contracts

Derivative Instruments, Gain (Loss) [Line Items]

3,269

2,481

5,465

424

443

960

Depreciation and amortization expense

103

212

181

371

Net income attributable to ExlService Holdings, Inc. stockholders

3,951

3,149

6,899

Reclassification out of Accumulated Other Comprehensive Income | Derivatives Designated as Hedging Instruments | Fair value hedge | Foreign currency exchange contracts

Derivative Instruments, Gain (Loss) [Line Items]

Foreign exchange gain/(loss), net

(3,306)

3,224

(5,056)

Reclassification out of Accumulated Other Comprehensive Income | Derivative not designated as hedging instruments | Fair value hedge | Foreign currency exchange contracts

Derivative Instruments, Gain (Loss) [Line Items]

Foreign exchange gain/(loss), net

$ 3,306

$ (3,224)

$ 5,056

[1]	Exclusive of depreciation and amortization expense.

Summary of Significant Accounting Policies - Share-Based Compensation (Details)		12 Months Ended
	Jun. 19, 2015	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Revenue Based PRSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares an employee can earn			200.00%
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		100.00%
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan) \| Revenue Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		50.00%
Vesting period		3 years
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan) \| Market Condition Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		50.00%
Vesting period		3 years
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan) \| Market Condition Based PRSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares an employee can earn		200.00%

Borrowings (Detail)			12 Months Ended
Borrowings (Detail)	Oct. 01, 2018 USD ($) $ / shares	Nov. 21, 2017 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jul. 02, 2018 USD ($)
Credit Facilities [Line Items]
Current portion of long-term borrowings			$ 40,867,000	$ 21,423,000
Long-term borrowings, less current portion			194,131,000	263,241,000
Debt offering expense			117,000	762,000	$ 790,000
Allocation of equity component related to the convertible senior notes, net of tax and issuance costs			(13,000)	12,555,000
Amortization of non-cash interest expense related to convertible senior notes			2,472,000	0	$ 0
Structured payable			249,867,000
Outstanding letters of credit			461,000	0
Structured Payables
Credit Facilities [Line Items]
Current portion of long-term borrowings			867,000	1,423,000
Long-term borrowings, less current portion			0	691,000
Structured payable			867,000	2,114,000
3.50% Convertible Senior Notes due October 1, 2024 \| Notes
Credit Facilities [Line Items]
Debt instrument face amount	$ 150,000,000
Interest rate	3.50%
Interest expense			5,206,000	1,313,000
Conversion rate	0.0133333
Conversion price (in dollars per share) \| $ / shares	$ 75
Threshold percentage of stock price trigger	150.00%
Net proceeds from convertible notes	$ 149,000,000
Debt issuance costs	1,000,000
Debt offering expense	442,000
Liability component of debt issuance costs	1,279,000
Equity component of debt issuance costs	163,000
Unamortized debit issuance costs			$ 1,018,000	1,127,000
Convertible notes, liability component	133,077,000
Convertible senior notes, interest rate			5.75%
Allocation of equity component related to the convertible senior notes, net of tax and issuance costs	$ 16,923,000
Debt instrument, convertible, remaining discount amortization period	6 years
Amortization of non-cash interest expense related to convertible senior notes			$ 2,472,000	600,000
Unamortized debt discount			13,851,000	16,323,000
Structured payable			150,000,000	150,000
Revolver Credit
Credit Facilities [Line Items]
Revolving credit facility			99,000,000	150,000,000
Current portion of long-term borrowings			40,000,000	20,000,000
Long-term borrowings, less current portion			59,000,000	130,000,000
Unamortized debt issuance costs			748,000	$ 1,006,000
Repayments of credit facility	$ 150,000,000
Structured payable			$ 99,000,000
Revolver Credit \| Credit Agreement
Credit Facilities [Line Items]
Revolving credit facility		$ 200,000,000
Option to increase additional credit facility		$ 100,000				$ 100,000,000
Line of credit , maximum borrowing capacity						$ 300,000,000
Line of credit interest rate during period			4.00%	3.40%
Unrestricted domestic cash and cash equivalents			$ 50,000,000
Interest coverage ratio, minimum		3.5
Interest coverage ratio, maximum		3.0
Revolver Credit \| Credit Agreement \| Minimum
Credit Facilities [Line Items]
Commitment fee percentage range on unused credit facility		0.15%
Revolver Credit \| Credit Agreement \| Maximum
Credit Facilities [Line Items]
Commitment fee percentage range on unused credit facility		0.30%
Revolver Credit \| Credit Agreement \| Prime Rate \| Minimum
Credit Facilities [Line Items]
Basis spread on variable rate		0.00%
Revolver Credit \| Credit Agreement \| Prime Rate \| Maximum
Credit Facilities [Line Items]
Basis spread on variable rate		0.75%
Revolver Credit \| Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Minimum
Credit Facilities [Line Items]
Basis spread on variable rate		1.00%
Revolver Credit \| Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Maximum
Credit Facilities [Line Items]
Basis spread on variable rate		1.75%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Property and Equipment, Estimated Useful Lives



	Useful Lives (in years)
Assets:
Network equipment and computers	3-5
Software	3-5
Leasehold improvements	3-8
Office furniture and equipment	3-8
Motor vehicles	2-5
Buildings	30

The amortization expense on internally developed software recognized in the consolidated statements of income was as follows:



	Year ended December 31,
	2019		2018		2017
Amortization expense	$	2,745	$	1,417	$	640

Property and equipment, net consists of the following:



		As of
	Estimated useful lives (Years)	December 31, 2019			December 31, 2018
Owned assets:
Network equipment and computers	3-5	$	98,309		$	85,921
Software	3-5	79,746			69,752
Leasehold improvements	3-8	44,982			39,533
Office furniture and equipment	3-8	22,046			20,097
Motor vehicles	2-5	601			635
Buildings	30	1,114			1,140
Land	—	729			746
Capital work in progress	—	10,309			11,026
		257,836			228,850
Less: Accumulated depreciation and amortization		(179,331		)	(155,798		)
		$	78,505		$	73,052
Right-of-use assets under finance leases:
Leasehold improvements		$	738		$	778
Office furniture and equipment		308			53
Motor vehicles		711			628
		1,757			1,459
Less: Accumulated depreciation and amortization		(1,120		)	(1,001		)
		$	637		$	458
Property and equipment, net		$	79,142		$	73,510

Internally developed software costs, included under Software, was as follows:



	As of
	December 31, 2019			December 31, 2018
Cost	$	15,784		$	8,783
Less : Accumulated amortization	(4,989		)	(2,393		)
Internally developed software, net	$	10,795		$	6,390

The depreciation and amortization expense, excluding amortization of acquisition-related intangibles recognized in the consolidated statements of income was as follows:



	Year ended December 31,
	2019		2018		2017
Depreciation and amortization expense	$	30,423	$	28,189	$	24,574

Summary of Lived Intangible Assets Amortized over their Estimated Useful Lives

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



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

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

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 December 31, 2019 and 2018.



As of December 31, 2019	Level 1		Level 2		Level 3		Total
Assets
Mutual funds*	$	166,330	$	—	$	—	$	166,330
Derivative financial instruments	—		7,509		—		7,509
Total	$	166,330	$	7,509	$	—	$	173,839
Liabilities
Derivative financial instruments	$	—	$	3,033	$	—	$	3,033
Total	$	—	$	3,033	$	—	$	3,033

As of December 31, 2018	Level 1		Level 2		Level 3		Total
Assets
Mutual funds*	$	142,408	$	—	$	—	$	142,408
Derivative financial instruments	—		6,030		—		6,030
Total	$	142,408	$	6,030	$	—	$	148,438
Liabilities
Derivative financial instruments	$	—	$	6,279	$	—	$	6,279
Total	$	—	$	6,279	$	—	$	6,279

* Represents those short-term investments which are carried at the fair value option under ASC 825 "Financial Instruments" as of December 31, 2019 and 2018.

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 1,163	$ 956
Unbilled accounts receivable	$ 73,920	$ 63,952

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease liability	$ 11,900
Operating lease term	15 years
Operating Leases
2020	$ 26,932
2021	23,783
2022	21,526
2023	19,381
2024	14,865
2025 and thereafter	23,983
Total lease payments	130,470
Less: Imputed interest	31,613
Present value of lease liabilities	98,857
Finance Leases
2020	325
2021	251
2022	157
2023	86
2024	22
2025 and thereafter	0
Total lease payments	841
Less: Imputed interest	158
Present value of lease liabilities	$ 683

Segment and Geographical Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment and Geographical Information

The Company operates in the BPM industry and is a provider of operations management and analytics services. Effective January 1, 2020, the Company realigned its operating and reportable segments, but the presentation in this Annual Report, including the discussion in next paragraphs, refers to the structure in place prior to such realignment.

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. Five of those operating segments provide BPM or “operations management” services, which is organized into industry-focused operating segments (Insurance, Healthcare, Travel, Transportation and Logistics, Banking and Financial Services, and Utilities) and one of the operating segment is a “capability” segment (Finance and Accounting) that provides services to clients in the Company's 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 the 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 Analytics, which provides services that focus on driving improved business outcomes for clients by generating data-driven insights across all parts of their business.

The Company presents information for the following reportable segments:


•	Insurance


•	Healthcare


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


•	Finance and Accounting (“F&A”)


•	Analytics, and


•	All Other (consisting of the Company's remaining operating segments, which are the Banking and Financial Services, Utilities and Consulting operating segments).

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 each of the years ended December 31, 2019, 2018 and 2017, for each of the reportable segments, are as follows:



	Year ended December 31, 2019
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total

Revenues, net	$	294,159	$	90,589	$	68,010	$	106,580	$	74,679	$	357,329	$	991,346
Cost of revenues⁽¹⁾	199,678		73,650		38,736		63,317		48,864		231,245		655,490
Gross profit⁽¹⁾	$	94,481	$	16,939	$	29,274	$	43,263	$	25,815	$	126,084	$	335,856
Operating expenses													259,403
Foreign exchange gain, interest expense and other income, net													6,647
Income tax expense													15,172
Loss from equity-method investment													269
Net income													$	67,659



	Year ended December 31, 2018
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total

Revenues, net	$	258,144	$	84,391	$	70,237	$	97,941	$	87,109	$	285,290	$	883,112
Cost of revenues ⁽¹⁾	174,921		66,768		41,066		59,155		58,341		184,604		584,855
Gross profit⁽¹⁾	$	83,223	$	17,623	$	29,171	$	38,786	$	28,768	$	100,686	$	298,257
Operating expenses													248,436
Foreign exchange gain, interest expense and other income, net													10,549
Income tax expense													3,397
Loss from equity-method investment													247
Net income													$	56,726



	Year ended December 31, 2017
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total

Revenues, net	$	234,794	$	77,013	$	70,951	$	86,527	$	83,082	$	209,943	$	762,310
Cost of revenues ⁽¹⁾	159,433		49,412		41,337		51,362		56,638		136,960		495,142
Gross profit⁽¹⁾	$	75,361	$	27,601	$	29,614	$	35,165	$	26,444	$	72,983	$	267,168
Operating expenses													194,443
Foreign exchange gain, interest expense and other income, net													12,309
Income tax expense													36,146
Net income													$	48,888

⁽¹⁾ Exclusive of depreciation and amortization expense.

Revenues, net by service type, were as follows:



	Year ended December 31,
	2019		2018		2017
BPM and related services ⁽¹⁾	$	634,017	$	597,822	$	552,367
Analytics services	357,329		285,290		209,943
Revenues, net	$	991,346	$	883,112	$	762,310

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

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



	Year ended December 31,
	2019		2018		2017
Revenues, net
United States	$	817,878	$	732,589	$	626,336
Non-United States
United Kingdom	113,036		114,515		108,640
Rest of World	60,432		36,008		27,334
Total Non-United States	173,468		150,523		135,974
Revenues, net	$	991,346	$	883,112	$	762,310

Long-lived assets by geographic area, which consist of property and equipment, net and operating lease right-of-use assets, net were as follows:



	As of
	December 31, 2019		December 31, 2018
Long-lived assets
India	$	78,244	$	36,152
United States	52,375		28,254
Philippines	26,006		5,985
Rest of World	8,913		3,119
Long-lived assets	$	165,538	$	73,510

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Revenues and Cost of Revenues for Company's Reportable Segments

Revenues and cost of revenues for each of the years ended December 31, 2019, 2018 and 2017, for each of the reportable segments, are as follows:



	Year ended December 31, 2019
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total

Revenues, net	$	294,159	$	90,589	$	68,010	$	106,580	$	74,679	$	357,329	$	991,346
Cost of revenues⁽¹⁾	199,678		73,650		38,736		63,317		48,864		231,245		655,490
Gross profit⁽¹⁾	$	94,481	$	16,939	$	29,274	$	43,263	$	25,815	$	126,084	$	335,856
Operating expenses													259,403
Foreign exchange gain, interest expense and other income, net													6,647
Income tax expense													15,172
Loss from equity-method investment													269
Net income													$	67,659



	Year ended December 31, 2018
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total

Revenues, net	$	258,144	$	84,391	$	70,237	$	97,941	$	87,109	$	285,290	$	883,112
Cost of revenues ⁽¹⁾	174,921		66,768		41,066		59,155		58,341		184,604		584,855
Gross profit⁽¹⁾	$	83,223	$	17,623	$	29,171	$	38,786	$	28,768	$	100,686	$	298,257
Operating expenses													248,436
Foreign exchange gain, interest expense and other income, net													10,549
Income tax expense													3,397
Loss from equity-method investment													247
Net income													$	56,726



	Year ended December 31, 2017
	Insurance		Healthcare		TT&L		F&A		All Other		Analytics		Total

Revenues, net	$	234,794	$	77,013	$	70,951	$	86,527	$	83,082	$	209,943	$	762,310
Cost of revenues ⁽¹⁾	159,433		49,412		41,337		51,362		56,638		136,960		495,142
Gross profit⁽¹⁾	$	75,361	$	27,601	$	29,614	$	35,165	$	26,444	$	72,983	$	267,168
Operating expenses													194,443
Foreign exchange gain, interest expense and other income, net													12,309
Income tax expense													36,146
Net income													$	48,888

⁽¹⁾ Exclusive of depreciation and amortization expense.

Revenues, net by service type, were as follows:



	Year ended December 31,
	2019		2018		2017
BPM and related services ⁽¹⁾	$	634,017	$	597,822	$	552,367
Analytics services	357,329		285,290		209,943
Revenues, net	$	991,346	$	883,112	$	762,310

Revenues Based on Geographical Information

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



	Year ended December 31,
	2019		2018		2017
Revenues, net
United States	$	817,878	$	732,589	$	626,336
Non-United States
United Kingdom	113,036		114,515		108,640
Rest of World	60,432		36,008		27,334
Total Non-United States	173,468		150,523		135,974
Revenues, net	$	991,346	$	883,112	$	762,310

Property and Equipment, Net Based on Geographical Information

Long-lived assets by geographic area, which consist of property and equipment, net and operating lease right-of-use assets, net were as follows:



	As of
	December 31, 2019		December 31, 2018
Long-lived assets
India	$	78,244	$	36,152
United States	52,375		28,254
Philippines	26,006		5,985
Rest of World	8,913		3,119
Long-lived assets	$	165,538	$	73,510

Segment and Geographical Information - Revenues and Property and Equipment, Net Based on Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues, net
Revenues, net	$ 256,872	$ 251,392	$ 243,509	$ 239,573	$ 234,903	$ 231,124	$ 210,112	$ 206,973	$ 991,346	$ 883,112	$ 762,310
Long-lived assets
Long-lived assets	165,538								165,538
Long-lived assets	79,142				73,510				79,142	73,510
India
Long-lived assets
Long-lived assets	78,244								78,244
Long-lived assets					36,152					36,152
United States
Revenues, net
Revenues, net									817,878	732,589	626,336
Long-lived assets
Long-lived assets	52,375								52,375
Long-lived assets					28,254					28,254
Philippines
Long-lived assets
Long-lived assets	26,006								26,006
Long-lived assets					5,985					5,985
United Kingdom
Revenues, net
Revenues, net									113,036	114,515	108,640
Rest of World
Revenues, net
Revenues, net									60,432	36,008	27,334
Long-lived assets
Long-lived assets	$ 8,913								8,913
Long-lived assets					$ 3,119					3,119
Total Non-United States
Revenues, net
Revenues, net									$ 173,468	$ 150,523	$ 135,974

Summary of Significant Accounting Policies - Summary of Lived Intangible Assets Amortized over their Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2019
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	15 years
Leasehold benefits \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	3 years
Leasehold benefits \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	8 years
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	5 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	10 years
Non-compete agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	1 year
Non-compete agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	5 years
Trade names and trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	3 years
Trade names and trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	10 years

Stock Based Compensation - Stock Options Narrative (Details) - Employee Stock Option - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
Unrecognized compensation cost for unvested stock options	$ 0
Intrinsic value of options exercised	$ 3,187	$ 4,446	$ 23,027

Stock Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

On June 15, 2018, at the Company’s 2018 Annual Meeting of Stockholders, the Company's stockholders approved the 2018 Plan, which replaced and superseded the 2015 Plan, which was an amendment and restatement of the Company’s 2006 Omnibus Award Plan to, among other things, reserves 3,175,000 shares of the Company’s common stock for grants of awards under the 2018 Plan. As of December 31, 2019, the Company had 2,785,763 shares available for grant under the 2018 Plan (includes 99,378 shares against vested performance-based restricted stock units for which the underlying common stock was issued subsequent to December 31, 2019).

Under the 2018 Plan, the Compensation Committee (the “Committee”) may grant awards of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, stock bonus awards, performance based compensation awards (including cash bonus awards and market condition based awards) or any combination of the foregoing.

The Committee determines which employees are eligible to receive the equity awards, the number of equity awards to be granted, the exercise price, the vesting period and the exercise period. The vesting period for the equity award issued is determined on the date of the grant and is non-transferable during the life of the equity award. The majority of options expire ten years from the date of grant. The equity awards of the type restricted stock units generally vest proportionally over a period of four years from the date of grant, unless specified otherwise.

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

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



	Year ended December 31,
	2019		2018		2017
Cost of revenues	$	5,895	$	4,924	$	4,600
General and administrative expenses	10,012		10,371		10,363
Selling and marketing expenses	10,163		8,606		8,078
Total	$	26,070	$	23,901	$	23,041

Stock Options

The fair value of each stock option granted to employees is estimated on the date of grant using the Black-Scholes option-pricing model.

The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. All stock-based payment awards are amortized on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. The Company accounts for the forfeitures as and when the actual forfeitures occur.

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



	Number of Options		Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Contractual Life (Years)
Outstanding at December 31, 2018	162,475		$	20.21	$	5,267	2.24
Granted	—		—		—		—
Exercised	(64,314	)	15.33		3,187		—
Forfeited	—		—		—		—
Outstanding at December 31, 2019	98,161		$	23.39	$	4,522	1.86
Vested and exercisable at December 31, 2019	98,161		$	23.39	$	4,522	1.86

The unrecognized compensation cost for unvested options as of December 31, 2019 is $nil. The Company did not grant any options during the years ended December 31, 2019, 2018 and 2017. The aggregate intrinsic value of options exercised during the years ended December 31, 2019, 2018 and 2017 was $3,187, $4,446 and $23,027, respectively.

The following table summarizes the status of the Company’s stock options outstanding, vested and exercisable at December 31, 2019:



	Options Outstanding, Vested and Exercisable
Range of Exercise Prices	Shares	Weighted- Average Exercise Price
$15.00 to $21.00	14,893	$	18.89
$21.01 to $28.00	83,268	$	24.20
Total	98,161	$	23.39

Restricted Stock and Restricted Stock Units

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

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

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

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



	Restricted Stock				Restricted Stock Units
	Number		Weighted- Average Fair Value		Number		Weighted- Average Fair Value
Outstanding at December 31, 2018^**	103,623		$	42.68	953,578		$	51.81
Granted	—		—		512,598		64.29
Vested^*	(76,239	)	40.51		(400,497	)	47.43
Forfeited	—		—		(151,386	)	58.52
Outstanding at December 31, 2019^**	27,384		$	48.72	914,293		$	59.62

* Includes 10,318 and 9,641 restricted stock units vested during the years ended December 31, 2019 and 2018, respectively, for which the underlying common stock is yet to be issued.

** As of December 31, 2019 and 2018 restricted stock units vested for which the underlying common stock is yet to be issued are 166,071 and 155,753, respectively.

The fair value of restricted stock and restricted stock units is generally the market price of the Company’s shares on the date of grant. As of December 31, 2019, unrecognized compensation cost of $39,886 is expected to be expensed over a weighted average period of 2.56 years. The weighted-average fair value of restricted stock and restricted stock units granted during the years ended December 31, 2019, 2018 and 2017 was $64.29, $60.64 and $48.02, respectively. The total grant date fair value of restricted stock and restricted stock units vested during the years ended December 31, 2019, 2018 and 2017 was $22,084, $19,865 and $19,430, respectively.

Performance Based Stock Awards

Under the 2018 Plan, the Company grants performance-based restricted stock units (“PRSUs”) to executive officers and other specified employees. 50% of the PRSUs cliff vest at the end of a three-year period based on an aggregated revenue target for a three year period (“PUs”). The remaining 50% is based on a market condition (“MUs”) that is contingent on the Company's meeting the total shareholder return (“TSR”) relative to a group of peer companies specified under the program measured over a three-year performance period. The award recipient may earn up to two hundred percent (200%) of the PRSUs granted based on the actual achievement of targets.

The fair value of each PU is determined based on the market price of one common share on a day prior to the date of grant, and the associated stock compensation expense is calculated on the basis that performance targets at 100% are probable of being achieved. The stock compensation expense for the PUs is recognized on a straight-line basis over the service period, which is through the end of the third year. Over this period, the number of shares that will be issued are adjusted upward or downward based upon the probability of achievement of the performance targets. The final number of shares issued and the related compensation cost recognized as an expense is based on a comparison of the final performance metrics to the specified targets.

The grant date fair value for the MUs is determined using a Monte Carlo simulation model and the related stock compensation expense is expensed on a straight-line basis over the vesting period. The stock compensation expense related to the MUs is recognized once the requisite performance period is fulfilled regardless of the extent of the market condition achieved.

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


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


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


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


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

The fair value of each MU granted to employees is estimated on the date of grant using the following weighted average assumptions:



	Year ended December 31,
	2019		2018		2017
Dividend yield	—		—		—
Expected life (years)	2.86		2.86		2.86
Risk free interest rate	2.46	%	2.38	%	1.40	%
Volatility	20.52	%	21.79	%	23.78	%

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



	Revenue Based PRSUs				Market Condition Based PRSUs
	Number		Weighted Avg Fair Value		Number		Weighted Avg Fair Value
Outstanding at December 31, 2018	100,353		$	54.07	100,336		$	62.43
Granted	54,062		64.33		54,053		92.13
Adjustment upon final determination of level of performance goal achievement*	11,285		47.73		1,759		54.10
Vested	(54,456	)	47.73		(44,922	)	54.10
Forfeited	(23,559	)	57.69		(23,556	)	72.65
Outstanding at December 31, 2019	87,685		$	62.54	87,670		$	82.10

As of December 31, 2019, unrecognized compensation cost of $7,751 is expected to be expensed over a weighted average period of 1.71 years.

Leases - Future Lease Payments under Topic 840 (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Operating Leases
2019		$ 23,431
2020		20,039
2021		16,924
2022		14,804
2023		12,859
2024		11,114
2025 and thereafter		15,000
Total minimum lease payment		114,171
Capital Leases
2019		283
2020		163
2021		120
2022		58
2023		49
2024		0
2025 and thereafter		0
Total minimum lease payment		673
Less: imputed interest		135
Present value of minimum lease payments		538
Less: current portion	$ 253	223
Long term capital lease obligation		$ 315

Revenues, net

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]