0001297989-21-000004 | 10-K | XBRL Viewer

$ 958,434

$ 991,346

$ 883,112

^[1]

623,936

655,490

584,855

General and administrative expenses

^[1]

334,498

335,856

298,257

Operating expenses:

113,891

126,909

116,202

Selling and marketing expenses

60,123

71,842

63,612

Depreciation and amortization expense

50,462

51,981

48,566

Impairment and restructuring charges

8,671

20,056

Total operating expenses

224,476

259,403

248,436

Income from operations

110,022

76,453

49,821

Foreign exchange gain, net

4,432

3,752

4,787

Interest expense

(11,190)

(13,612)

(7,227)

Other income, net

12,065

16,507

12,989

Income before income tax expense and earnings from equity affiliates

115,329

83,100

60,370

Income tax expense

25,626

15,172

3,397

Income before earnings from equity affiliates

89,703

67,928

56,973

Loss from equity-method investment

227

269

247

Net income attributable to ExlService Holdings, Inc. stockholders

$ 89,476

$ 67,659

$ 56,726

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

Basic (in dollars per share)

$ 2.61

$ 1.97

$ 1.65

Diluted (in dollars per share)

$ 2.59

$ 1.95

$ 1.62

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

Basic (in shares)

34,273,388

34,350,150

34,451,008

Diluted (in shares)

34,555,164

34,732,683

35,030,984

[1]	Exclusive of depreciation and amortization expense.

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

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Statement of Comprehensive Income [Abstract]

Unrealized gain/(loss) on cash flow hedges

$ 89,476

$ 67,659

$ 56,726

Other comprehensive income/(loss):

12,665

8,773

(13,724)

Foreign currency translation loss

(547)

(2,857)

(31,798)

Retirement benefits

(2,401)

(2,539)

382

Reclassification adjustments

Gain on cash flow hedges

^[1]

(801)

(3,951)

(3,149)

Retirement benefits

^[2]

394

(159)

(153)

Income tax benefit/(expense) relating to above

^[3]

598

(692)

10,685

Total other comprehensive income/(loss)

9,908

(1,425)

(37,757)

Total comprehensive income

$ 99,384

$ 66,234

$ 18,969

[1]	These are reclassified to net income and are included either in cost of revenues or operating expenses, as applicable in the consolidated statements of income. Refer to Note 17 - Derivatives and Hedge Accounting to the consolidated financial statements.
[2]	These are reclassified to net income and are included in other income, net in the consolidated statements of income. Refer to Note 20 - Employee Benefit Plans to the consolidated financial statements.
[3]	These are income tax (expense)/benefit recognized on cash flow hedges, retirement benefits and foreign currency translation gains/(losses). Refer to Note 22 - Income Taxes to the consolidated financial statements.

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive (Loss)/Income	Accumulated Other Comprehensive (Loss)/Income Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Non - Controlling Interest	Non - Controlling Interest Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2017				36,790,751	36,790,751								(2,902,018)	2,902,018
Beginning balance at Dec. 31, 2017	$ 600,045	$ 454	$ 600,499	$ 37	$ 37	$ 322,246	$ 322,246	$ 427,064	$ 454	$ 427,518	$ (45,710)	$ (45,710)	$ (103,816)	$ (103,816)	$ 224	$ 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)	(674,604)												(726,050)
Acquisition of treasury stock	$ (43,109)												$ (43,109)
Allocation of equity component related to issuance costs on convertible notes	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				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)	(643,486)												(667,345)
Acquisition of treasury stock	$ (41,364)												$ (41,364)
Allocation of equity component related to issuance costs on convertible notes	(13)					(13)
Other comprehensive income (loss)	(1,425)										(1,425)
Purchase of non-controlling interest	(232)					18									(250)
Net income	$ 67,659							67,659
Ending balance (in shares) at Dec. 31, 2019	34,185,241			38,480,654									(4,295,413)
Ending balance at Dec. 31, 2019	$ 670,001			$ 39		391,240		551,903			(84,892)		$ (188,289)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)				487,399
Stock issued against stock-based compensation plans	1,501					1,501
Stock issued, business acquisition	0
Stock-based compensation	$ 28,235					28,235
Acquisition of treasury stock (in shares)	(1,085,153)												(1,113,205)
Acquisition of treasury stock	$ (79,949)												$ (79,949)
Other comprehensive income (loss)	9,908										9,908
Net income	$ 89,476							89,476
Ending balance (in shares) at Dec. 31, 2020	33,559,435			38,968,053									(5,408,618)
Ending balance at Dec. 31, 2020	$ 719,172			$ 39		$ 420,976		$ 641,379			$ (74,984)		$ (268,238)		$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 89,476	$ 67,659	$ 56,726
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	50,513	52,193	48,719
Stock-based compensation expense	28,235	26,070	23,901
Amortization of operating lease right-of-use assets	27,146	27,335	0
Unrealized gain on short term investments	(7,174)	(10,116)	(7,696)
Unrealized foreign exchange (gain)/loss, net	402	(321)	(8,620)
Deferred income tax (benefit)/expense	2,697	(12,345)	(625)
Allowance for expected credit losses	297	614	(573)
Loss from equity-method investment	227	269	247
Amortization of non-cash interest expense related to convertible senior notes	2,616	2,472	600
Impairment charges	0	3,627	20,056
Others, net	(542)	(1,204)	303
Change in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	24,696	(7,093)	(10,046)
Prepaid expenses and other current assets	(5,133)	1,215	(4,509)
Advance income tax, net	696	7,194	(14,147)
Other assets	6,505	(2,204)	(6,800)
Accounts payable	243	134	(360)
Deferred revenue	18,222	6,679	(4,929)
Accrued employee costs	335	16,915	1,272
Accrued expenses and other liabilities	(9,895)	14,141	(1,084)
Operating lease liabilities	(26,589)	(24,813)	0
Net cash provided by operating activities	202,973	168,421	92,435
Cash flows from investing activities:
Purchases of property and equipment	(42,224)	(40,545)	(40,789)
Proceeds from sale of property and equipment	916	407	352
Investment in equity affiliate	(700)	0	0
Purchase of non-controlling interest	0	(241)	0
Business acquisition (net of cash acquired)	0	0	(231,829)
Purchase of investments	(102,462)	(187,974)	(133,434)
Proceeds from redemption of investments	126,154	176,968	128,208
Net cash used for investing activities	(18,316)	(51,385)	(277,492)
Cash flows from financing activities:
Principal payments of finance lease liabilities	(249)	(336)	(152)
Proceeds from borrowings	110,000	46,000	246,614
Repayments of borrowings	(120,867)	(98,247)	(155,209)
Proceeds from convertible notes	0	0	149,000
Payment of debt issuance costs	0	(117)	(762)
Acquisition of treasury stock	(79,949)	(41,364)	(43,109)
Proceeds from exercise of stock options	1,501	986	1,397
Net cash (used for)/provided by financing activities	(89,564)	(93,078)	197,779
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,382	(1,045)	(2,868)
Net increase/(decrease) in cash, cash equivalents and restricted cash	98,475	22,913	9,854
Cash, cash equivalents and restricted cash at the beginning of the period	127,044	104,131	94,277
Cash, cash equivalents and restricted cash at the end of the period	225,519	127,044	104,131
Cash paid during the period for:
Interest	7,626	10,649	4,725
Income taxes, net of refunds	20,571	19,087	18,508
Supplemental disclosure of non-cash investing and financing activities:
Restricted common stock issued for business acquisition	0	0	4,080
Assets acquired under finance lease	$ 45	$ 506	$ 277

Organization	12 Months Ended
Organization	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	OrganizationExlService Holdings, Inc. (“ExlService Holdings”) is organized as a corporation under the laws of the state of Delaware. ExlService Holdings, together with its subsidiaries and affiliates (collectively, the “Company”), operates in the Business Process Management (“BPM”) industry providing operations management services and analytics services that helps its clients build and grow sustainable businesses. By orchestrating its domain expertise, data, analytics and digital technology, the Company looks deeper to design and manage agile, customer-centric operating models to improve global operations, drive profitability, enhance customer satisfaction, increase data-driven insights, and manage risk and compliance. The Company’s clients are located principally in the United States of America (“U.S.”) and the United Kingdom (“U.K.”).

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

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 Inc. and all of its subsidiaries and includes the Company's share in the results of its associates.

The standalone financial statements of subsidiaries are fully consolidated on a line-by-line basis. Intra-group balances and transactions, and gains and losses arising from intra-group transactions, are eliminated while preparing consolidated financial statements.

Accounting policies of the respective individual subsidiary and associate are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under U.S. GAAP.

The Company’s investments in equity affiliates are initially recorded at cost and any excess purchase consideration paid over proportionate share of the fair value of the net assets of the investee at the acquisition date is recognized as goodwill. The proportionate share of net income or loss of the investee after its acquisition is recognized in the consolidated statements of income.

Effective January 1, 2020, the Company made certain operational and structural changes to more closely integrate the Company’s businesses and to simplify its organizational structure. Under the new structure, the Company reports its financial performance based on new segments described in Note 3 - Segment and Geographical Information to the consolidated financial statements. In conjunction with the new reporting structure, the Company has recast certain prior period amounts, wherever applicable, to conform to the way the Company internally manages and monitors segment performance. This change primarily impacted Note 3 - Segment and Geographical Information and Note 10 - Goodwill and Intangible Assets to the consolidated financial statements, with no impact on the consolidated balance sheets, statements of income, comprehensive income, equity and cash flows.

(b)Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the consolidated statements of income during the reporting period. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the consolidated financial statements include, but are not limited to, allowance for expected credit losses, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and variable consideration in a customer contract, expected recoverability from customers with contingent fee arrangements, estimated costs to complete fixed price

contracts, recoverability of dues from statutory authorities, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments, assumptions used to calculate stock-based compensation expense, assumptions used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, lease term to calculate amortization of ROU, depreciation and amortization periods, purchase price allocation and recoverability of long-lived assets, goodwill and intangibles.

As of December 31, 2020, the extent to which the global Coronavirus Disease 2019 pandemic (“COVID-19”) will ultimately impact the Company's business depends on numerous dynamic factors, which the Company still cannot reliably predict. As a result, many of the Company's estimates and assumptions herein required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve with respect to COVID-19, the Company’s estimates may materially change in future periods. Any changes in estimates are adjusted prospectively in the Company’s consolidated financial statements.

(c)Foreign Currency Translation

The assets and liabilities of the subsidiaries for which the functional currency is other than the U.S. dollar are translated into U.S. dollars, the reporting currency, at the rate of exchange prevailing on the balance sheet date. Revenues and expenses are translated into U.S. dollars at the exchange rates prevailing on the last business day of each month, which approximates the average monthly exchange rate. Share capital and other equity items are translated at exchange rates that prevailed on the date of inception of the transaction. Resulting translation adjustments are included in “Accumulated other comprehensive loss” in the consolidated balance sheets.

(d)Revenue Recognition

Revenue is recognized when services are provided to the Company's customers, in an amount that reflects the consideration which the Company expect to be entitled to in exchange for the services provided.

Revenue is measured based on consideration specified in a contract with a customer and excludes discounts and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by providing services to a customer.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

Nature of Services

The Company derives its revenues from operations management and analytics services. The Company operates in the business process management (“BPM”) industry providing operations management and analytics services helping businesses enhance revenue growth and improve profitability.

Type of Contracts

i.a) Revenues under time-and-material, transaction and outcome-based contracts are recognized as the services are performed. When the terms of the client contract specify service level parameters that must be met (such as turnaround time or accuracy), the Company monitors such service level parameters to determine if any service credits or penalties have been incurred. Revenues are recognized net of any penalties or service credits that are due to a client.

b) Revenues from arrangements involving subcontracting, either in part or whole of the assigned work, are recognized after the Company’s assessment of “Principal versus agent considerations”. The Company evaluates

whether it is in control of the services before the same are transferred to the customer to assess whether it is principal or agent in the arrangement. Revenues are recognized on a gross basis if the Company is in the capacity of principal and on a net basis if it falls in the capacity of an agent.

ii.Revenues for the Company’s fixed-price contracts are recognized using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the client. The use of this method requires significant judgment to estimate the cost required to complete the contracted scope of work, including assumptions and estimates relative to the length of time to complete the project and the nature and complexity of the work to be performed and resources engaged. The Company regularly monitors these estimates throughout the execution of the project and records changes in the period in which a change in an estimate is determined. If a change in an estimate results in a projected loss on a project, such loss is recognized in the period in which it is first identified.

iii.Revenue from the Company’s software and related services contracts, which are not significant, are primarily related to annual maintenance renewals or incremental license fees for additional users. Maintenance revenues are generally recognized on a straight-line basis over the annual contract term. Fees for incremental license without any associated services are recognized upon delivery of the related incremental license.

To a lesser extent, certain contracts may include offerings such as sale of licenses, which may be perpetual or subscription-based. The Company recognizes revenue from distinct perpetual licenses upfront at a point in time when the software is made available to the client, whereas for a combined software license and services performance obligation, revenue is recognized over the period that the services are performed.

Revenue from distinct subscription based licenses is recognized over the period of service performed. Revenue from any associated maintenance or ongoing support services is recognized over the term of the contract.

iv.Revenues from reimbursement optimization services having contingent fee arrangements are recognized by the Company at the point in time when a performance obligation is satisfied, which is when it identifies an overpayment claim. In such contracts, the Company’s consideration is contingent upon the actual collections made by its customers and net of any subsequent retraction claims. Based on guidance on “variable consideration” in Topic 606, the Company uses its historical experience and projections to determine the expected recoveries from its customers and recognizes revenue based upon such expected recoveries. Any adjustment required due to change in estimates are recorded in the period in which such change is identified.

Modification to Contracts

The Company’s contracts may be modified to add, remove or change existing performance obligations. The accounting for modifications to contracts involves assessing whether the services added to an existing contract are distinct and whether the pricing is at a standalone selling price. Services added that are distinct and at standalone selling price are accounted on a prospective basis either as a separate contract, or as a termination of existing contract and creation of a new contract.

Arrangements with Multiple Performance Obligations

The Company’s contracts with customers do not generally bundle different services together except for software and related services contracts, which are not significant, involving implementation services and post contract maintenance services. In such software and related services contracts, revenue is allocated to each performance obligation based on the relative standalone selling price.

Variable Consideration

Variability in the transaction price arises primarily due to service level agreements 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.

The Company believes that the expected value method is most appropriate for determining the variable consideration since the Company has large number of contracts with similar nature of transactions/services.

Allocation of Transaction Price to Performance Obligations

The transaction price is allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated by reference to the total transaction price less the sum of the observable standalone selling prices of other goods or services promised in the contract. In assessing whether to allocate variable consideration to a specific part of the contract, the Company considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract.

Unbilled Receivables

Unbilled receivables represents revenues recognized for services rendered between the last billing date and the balance sheet date. Unbilled receivables also include revenues recognized from reimbursement optimization services where the Company identifies an overpayment claim. In such contracts, Company’s consideration is contingent upon and collectable only when the actual collections are made by its customers. Based on guidance on “variable consideration” in Topic 606, Company use its historical experience and projections to determine the expected recoveries from its customers and recognize revenue and receivables based upon such expected recoveries. Accordingly, the amounts for which services have been performed and for which invoices have not been issued to customers on the balance sheet date, (i.e. unbilled receivables) are presented under accounts receivable.

Deferred Revenue and Contract Fulfillment Costs

The Company has contract liabilities (deferred revenue) consisting of advance billings and billing in excess of revenues recognized. Deferred revenue also includes the amount for which services have been rendered but other conditions of revenue recognition are not met, for example where the Company does not have an enforceable contract.

Further, the Company also defers revenues attributable to certain process transition activities, with respect to its customers where such activities do not represent separate performance obligations. Revenues related to such transition activities are classified under “Deferred revenue” and “Other non-current liabilities” in the Company’s consolidated balance sheets and are recognized ratably over the period during which the related services are performed.

Costs related to such transition activities are contract fulfillment costs, and thereby classified under “Other current assets” and “Other assets” in the consolidated balance sheets, and are recognized over the expected duration of the relationship with customers, under “Cost of revenues” in the consolidated statements of income.

Contract Acquisition Costs

Direct and incremental costs incurred for acquiring contracts, such as sales commissions are contract acquisition costs and thereby classified under “Other current assets” and “Other assets” in the consolidated balance sheets. Such costs are amortized over the expected duration of the relationship with customers and recorded under Selling and marketing expenses in the consolidated statements of income.

Upfront Payments Made to Customers

Upfront payments, in nature of deal signing discount or deal signing bonuses made to customers are contract assets and classified under “Other current assets and Other assets” in the consolidated balance sheets. Such costs are amortized over the expected period of benefit and are recorded as an adjustment to transaction price and reduced from revenues.

Out-of-Pocket Expenses

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

Payment terms

All contracts entered into by the Company specify the payment terms and are defined for each contract separately. Usual payment terms range between 30-60 days. The Company does not have any extended payment terms clauses in existing contracts.

Remaining Performance Obligations

The Company does not disclose the value of remaining performance obligations as a result of 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

The Company considers all highly liquid investments purchased with an original maturity of ninety days or less to be cash equivalents. Pursuant to the Company’s investment policy, surplus funds are invested in highly-rated debt mutual funds, money market accounts and time deposits to reduce its exposure to market risk with regard to these funds.

Restricted cash represents amounts on deposit with banks against bank guarantees issued through banks in favor of relevant statutory authorities for equipment imports, deposits for obtaining indirect tax registrations and for demands against pending income tax assessments (refer to Note 8 - Cash, Cash Equivalents and Restricted Cash to the consolidated financial statements for details). These deposits with banks have maturity dates after December 31, 2020. Restricted cash presented under current assets represents funds held on behalf of clients in dedicated bank accounts. The corresponding liability against the same is included under “Accrued Expenses and other current liabilities”.

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

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

The Company's mutual fund investments are in debt and money market funds which invest in instruments of various maturities in India. These investments are accounted for in accordance with the fair value option under Financial Accounting Standard Board Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments, (“Topic 825”). The fair value is represented by original cost on the acquisition date and the net asset value (“NAV”) as quoted, at each reporting period and any changes in fair value are included in other income, net. Gain or loss on the disposal of these investments is calculated using the weighted average cost of the investments sold or disposed and is included in other income.

(g)Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are recorded net of allowances for expected credit losses. The Company evaluates the credit risk of its customers based on a combination of various financial and qualitative factors that may affect the ability of each customer to pay. The Company considered current and anticipated future economic conditions relating to the industries of the Company’s customers and the countries where it operates. In calculating expected credit loss, the Company also considered past payment trends, credit rating and other related credit information for its significant customers to estimate the probability of default in the future and estimates relating to the possible effects resulting from COVID-19. As of December 31, 2020 and 2019, the Company had $1,189 and $1,163, respectively, of allowances for expected credit losses.

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, 2020 and 2019, the Company had $63,995 and $73,920, respectively, of unbilled accounts receivable.

(h)Property and equipment

Property and equipment are stated at cost less accumulated depreciation and impairment. Equipment held under finance leases are capitalized at the commencement of the lease at the lower of present value of minimum lease payments at the inception of the leases or its fair value. Expenditures for replacements and improvements are capitalized, if they enhance the production capacity and future benefits whereas the costs of maintenance and repairs are charged to earnings as incurred.

Advances paid towards acquisition of property and equipment and the cost of property and equipment not yet placed in service before the end of the reporting period are classified as capital work in progress.

Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Depreciation on equipment held under finance leases and leasehold improvements are computed using the straight-line method over the shorter of the asset's estimated useful lives or the lease term.

The property and equipment which are abandoned and disposed other than by sale, are assessed for revision of their useful life, thereby revising the future depreciation to reflect the use of property and equipment over the remaining shortened life.

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

The Company capitalizes certain costs related to the development or enhancements to existing software products to be sold, leased or otherwise marketed and / or used for internal use. The Company begins to capitalize costs to develop or enhance software when planning stage efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred and recorded within “General and administrative expenses” in the Company’s consolidated statements of income. The Company exercises judgment in determining the point at which various projects may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized.

Annual amortization of internally developed software products meant for sale, lease or otherwise marketing is the greater of the amount computed using the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product or the straight-line method over the remaining estimated economic life of the software product, generally estimated to be up to 5 years from the date the product became available for use. Annual amortization of internally developed software products meant for internal use is based on the straight-line method over the estimated useful lives of the internally developed software products.

(j)Business Combinations, Goodwill and Other Intangible Assets

ASC Topic 805, Business Combinations, requires that the acquisition method of accounting be used for all business combinations. The guidance specifies criteria as to intangible assets acquired in a business combination that must be recognized and reported separately from goodwill. Contingent consideration is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is re-measured to fair value as of each reporting date until the contingency is resolved, whereby such changes in fair value are recognized in earnings. These fair value measurements represent Level 3 measurements as they are based on significant inputs not observable in the market. Under ASC 350, Intangibles - Goodwill and Other, all assets and liabilities of the acquired businesses, including goodwill, are assigned to reporting units. Acquisition related costs are expensed as incurred under general and administrative expenses.

Goodwill represents the cost of the acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased in a business combination. Goodwill is not amortized but is tested for impairment at least on an annual basis, relying on a number of factors including operating results, business plans and estimated future cash flows of the reporting units to which it is assigned. The Company undertakes studies to determine the fair values of assets and liabilities acquired and

allocate purchase consideration to assets and liabilities, including property and equipment, goodwill and other identifiable intangibles. The Company examines the carrying value of the goodwill annually in the fourth quarter, or more frequently, as circumstances warrant, to determine whether there are any impairment losses. The Company tests for goodwill impairment at the reporting unit level, as that term is defined in U.S. GAAP. The Company also assesses any potential goodwill impairment for all its reporting units immediately prior to any segment changes and reallocates goodwill to its new reporting units using a relative fair value approach.

Refer to Note 10 - Goodwill and Intangible Assets to the consolidated financial statements for discussion of the Company's goodwill impairment testing. The Company adopted ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, effective January 1, 2018 in conjunction with our goodwill impairment assessment.

The goodwill quantitative impairment test involves a comparison of the fair value of a reporting unit with its carrying amount. The Company estimates the fair value of reporting unit using a combination of the income approach, using discounted cash flow analysis (“DCF model”), and also the market approach, using market multiples for reporting units whereby the fair value is not substantially in excess of carrying value. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The Company uses its internal forecasts to estimate future cash flows and include an estimate of long-term future growth rates based on its most recent views of the long-term outlook for each business. Actual results may differ from those assumed in our forecasts. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting units. The discount rate is mainly based on judgment of the specific risk inherent within each reporting unit. The variables within the discount rate, many of which are outside of the Company’s control, provide the Company’s best estimate of all assumptions applied within the DCF model. The Company also uses the “Market approach” to corroborate the results of the income approach for some of the Company’s reporting units. Under the market approach, the Company estimates fair value based on market multiples of revenues and earnings derived from comparable publicly-traded companies with characteristics similar to the reporting unit and comparable market transactions. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results, market conditions and other factors. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit.

Determining fair value requires the use of estimates and exercise of significant judgment, including assumptions about appropriate discount rates, perpetual growth rates, amount and timing of expected future cash flows, market multiples of revenues and earnings and comparable market transactions. These estimates and judgements may not be within the control of the Company and accordingly it is reasonably possible that the estimates and judgments described above could change in future periods. There can be no assurance that operations will achieve the future cash flows reflected in the projections. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss shall be recognized, in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

Intangible assets acquired in a business combination are initially valued and recognized at fair market value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over the estimated useful lives and are reviewed for impairment, if indicators of impairment arise. The evaluation of impairment is based upon a comparison of the carrying amount of the intangible asset to its fair value, which is calculated using the estimated future undiscounted net cash flows expected to be generated by the asset. If the fair value of the intangible assets is less than the carrying amount of the asset, the asset is considered impaired and an impairment expense is recognized equal to any shortfall in the current period.

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


			Useful Lives (in years)
Customer relationships			3-15
Developed technology			5-10
Trade names and trademarks			3-10

(k)Investment in Equity Affiliate

of net income or loss of the investee after its acquisition is recognized in the consolidated statements of income. The Company periodically reviews the carrying value of its investment to determine if there has been any other than temporary decline in carrying value. The investment balance for an investee is increased or decreased for cash contribution and distributions to or from, respectively.

(l)Impairment of Long-lived Assets

Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Such assets are required to be tested for impairment if the carrying amount of the assets is higher than the future undiscounted net cash flows expected to be generated from the assets. Determining whether an impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. In turn, measurement of an impairment loss requires a determination of fair value, which is based on the best information available. The Company derives the required undiscounted cash flow estimates from its historical experience and its internal business plans. To determine fair value, the Company follows the discounted cash flow approach and uses its internal cash flow estimates discounted at an appropriate discount rate and independent appraisals, as appropriate. The impairment amount to be recognized is measured as the amount by which the carrying value of the assets exceeds their fair value.

(m) Derivative Financial Instruments

In the normal course of business, the Company uses derivative instruments for the purpose of mitigating the exposure from risk of foreign currency fluctuation associated with forecasted transactions denominated in certain foreign currencies and to minimize earnings and cash flow volatility associated with changes in foreign currency exchange rates, and not for speculative trading purposes. These derivative contracts are purchased adhering to the Company’s policy and are with counterparties that are highly rated financial institutions.

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

The Company evaluates hedge effectiveness of cash flow hedges at the time a contract is entered into as well as on an ongoing basis. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur by the end of the originally specified period, any related derivative amounts recorded in equity are reclassified to earnings.

The Company uses derivatives instruments consisting of foreign currency exchange contracts to economically hedge intercompany balances and other monetary assets or liabilities denominated in currencies other than the functional currency, against the risk of foreign currency fluctuations associated with remeasurement of such assets and liabilities to functional currency. 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 also uses forward contracts designated as net investment hedges to hedge the 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.

(n)Borrowings

If a convertible note is within the scope of the Cash Conversion Subsections and contains embedded features other than the embedded conversion option, the guidance in ASC 815-15, Derivatives and Hedging - Embedded Derivatives (ASC 815-15), is applied to determine if any of those features must be separately accounted for as a derivative instrument.

The estimated fair value of the liability component at issuance is determined using a discounted cash flow technique, which considers debt issuances with similar features of the Company’s convertible notes, excluding the conversion feature. The excess of the gross proceeds received over the estimated fair value of the liability component is allocated to the BCF, which is credited to additional paid-in-capital, with a corresponding offset recognized as a discount to reduce the net carrying value of the convertible notes. The discount is amortized to interest expense over the expected term of the convertible notes using the effective interest method.

(o)Employee Benefits

Contributions to defined contribution plans are charged to the consolidated statements of income in the period in which services are rendered by the covered employees. Current service costs for defined benefit plans are recognized in the period to which they relate. The liability in respect of defined benefit plans is calculated annually by the Company using the projected unit credit method.

The Company records annual amounts relating to its defined benefit plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, assumed rates of return on plan assets, future compensation increases and attrition rates. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications to those assumptions is recorded in other comprehensive income (loss) and amortized to net periodic benefit cost over the expected remaining period of service of the covered employees using the corridor method. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions. These assumptions may not be within the control of the Company and accordingly it is reasonably possible that these assumptions could change in future periods.

The Company includes the service cost component of the net periodic benefit cost in the same line item or items as other compensation costs arising from services rendered by the respective employees during the period. The interest cost, expected return on plan assets and amortization of actuarial gains/loss, are included in - “Other income, net”. Refer to Note 20 - Employee Benefit Plans to the consolidated financial statements for details.

The Company recognizes its liabilities for compensated absences depending on whether the obligation is attributable to employee services already rendered, rights to compensated absences vest or accumulate and payment is probable and estimable.

(p)Stock-Based Compensation

The Company recognizes stock-based compensation expense in the consolidated statements of income for awards of equity instruments to employees and non-employee directors based on the grant-date fair value of those awards. The Company recognizes these compensation costs over the requisite service period of the award. Forfeitures are accounted when the actual forfeitures occur.

Under the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”), which was adopted by the Company's stockholders on June 15, 2018, which replaces and supersedes the 2015 Amendment and Restatement of the Company’s 2006 Omnibus Award Plan (the “Prior Plan”) and is effective upon the date approved by the Company’s stockholders, the Company grants performance-based restricted stock units (“PRSUs”) to executive officers and other specified employees. Generally the grants provide that 50% of the PRSUs cliff vest based on an aggregated revenue target (“PU”) for a three-year period. The remaining 50% vest based on a market condition (“MUs”) that is contingent on meeting or exceeding the Company's total shareholder return relative to a group of peer companies specified under the program, measured over a three-year performance period. The award recipient may earn up to 200% of the PRSUs granted based on the actual achievement of both targets. However, the features of the equity incentive compensation program are subject to change by the Compensation Committee of our Board of Directors.

The fair value of each PU is determined based on the market price of one common share of the Company on the day prior to the date of grant, and the associated compensation expense is calculated on the basis that performance targets at 100% are probable of being achieved. The 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 is 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 will be based on a comparison of the final performance metrics to the specified targets. The expense related to the unvested PUs as of December 31, 2020 was based on the Company's assessment of performance criteria for these grants that would most likely be met during the respective years of vesting against the targeted performance level.

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

(q)Income Taxes

The Company accounts for income taxes using the asset and liability method of accounting for income taxes. The Company calculates and provides for income taxes in each of the tax jurisdictions in which it operates. The deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying values of existing assets and liabilities and their respective tax bases and all operating losses carried forward, if any. Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which the applicable temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates or tax status is recognized in the statements of income in the period in which the change is identified. Deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company establishes provisions for uncertain tax provisions and related interest and penalties when the Company believes those tax positions are not more likely than not of being sustained, if challenged.

(r)Financial Instruments and Concentration of Credit Risk

Financial Instruments. For certain financial instruments, including cash and cash equivalents, short-term investments (except investment in mutual funds, as disclosed in Note 16), restricted cash, accounts receivable, accrued interest on term deposits, accrued capital expenditures, accrued expenses and interest payable on borrowings for which fair values approximate their carrying amounts due to their short-term nature. The carrying value of the Company’s outstanding revolving credit facility approximates its fair value because the Company’s interest rate yield is near current market rates for comparable debt instruments.

Concentration of Credit Risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, time deposits, mutual fund investments, accounts receivable and derivative financial instruments. By their nature, all such financial instruments involve risks including the credit risks of non-performance by counterparties. Pursuant to the Company’s investment policy, surplus funds are maintained as cash equivalents and short- term investments, and are invested in highly-rated mutual funds, money market accounts and time deposits, placed with highly rated financial institutions to reduce its exposure to market risk with regard to these funds. The Company’s exposure to credit risk on account receivable is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. To mitigate this risk the Company evaluates the creditworthiness of its clients in conjunction with its revenue recognition processes as well as through its ongoing collectability assessment processes for accounts receivable. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

(s)Leases

The Company determines if an arrangement is a lease at inception of the contract. Operating leases are recorded in “Operating lease right-of-use assets”, “Current portion of operating lease liabilities” and “Operating lease liabilities, less current portion” in the Company's consolidated balance sheets. Long-lived assets underlying finance leases are recorded in “Property and equipment” and the current and non-current portion of finance lease liabilities are presented within “Accrued expenses and other current liabilities” and “other non-current liabilities,” respectively, in the Company's consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangement. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For leases in

which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date for determining the present value of lease payments. Lease terms includes the effects of options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately.

The Company accounts for lease-related concessions to mitigate the economic effects of COVID-19 on lessees in accordance with guidance in Topic 842, Leases, to determine, on a lease-by-lease basis, whether the concession provided by lessor should be accounted for as a lease modification.

The Company accounts for a modification as a separate contract when it grants an additional right of use not included in the original lease and the increase is commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. Modifications which are not accounted for as a separate contract are reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date. Upon modification, the Company remeasures the lease liability to reflect changes to the remaining lease payments and discount rates and recognizes the amount of the remeasurement of the lease liability as an adjustment to the ROU assets. However, if the carrying amount of the ROU assets is reduced to zero as a result of modification, any remaining amount of the remeasurement is recognized as an expense in consolidated statements of income.

On January 1, 2019, the date of initial application, the Company adopted Topic 842, Leases, using the modified retrospective method. The modified retrospective method provides a method of recognizing those leases which had not expired as of the date of adoption of January 1, 2019. The prior period consolidated financial statements have not been retrospectively adjusted and continues to be reported under Topic 840.

The Company elected the practical expedient permitted under the transition guidance under Topic 842, which amongst other matters, allowed the Company (i) not to apply the recognition requirements to short-term leases (leases with a lease term of 12 months or less), (ii) not to reassess whether any expired or existing contracts are or contain leases, (iii) not to reassess the lease classification for any expired or existing leases, and (iv) not to reassess initial direct costs for any existing leases.

The adoption resulted in the recognition of ROU assets of $80,328 (net of deferred rent of $8,626) and lease liabilities of $88,954 for operating leases as of January 1, 2019. The Company's accounting for finance leases remained substantially unchanged. The adoption had no impact on the opening balance of retained earnings. Refer to Note 21 - Leases to the consolidated financial statements for details.

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

Government grants related to income are recognized as a reduction of expenses in the consolidated statements of income when there is a reasonable assurance that the entity will comply with the conditions attached to the grant and that the grants will be received.

Certain units of our Indian subsidiaries were established as 100% Export-Oriented units under the Software Technology Parks of India (“STPI”) or Special Economic Zone ("SEZ") scheme promulgated by the Government of India. These units enjoy exemption from payment of customs, central excise duties, and levies on imported and indigenous capital goods, subject to certain performance conditions being fulfilled by these units. Such exemption is considered as a government grant. Grants from the government are recognized when there is reasonable assurance that these units will comply with those conditions. The carrying amount of an item of property and equipment is reduced by government grants received (i.e. the asset is accounted for on the basis of its net acquisition cost). The grant is recognized in the consolidated statements of income over the life of the depreciable asset in the form of reduced depreciation expense.

(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 and outstanding convertible

notes 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.

The Company calculates the dilutive effect of convertible notes using the treasury stock method through the maturity date of the convertible notes, if it has the intent and ability to settle the principal amount of the outstanding convertible notes in cash. Under the treasury stock method, the convertible notes shall have a dilutive impact related to the conversion premium, if any, on diluted earnings per share to the extent the issuance is dilutive based on the average market price of our common stock for a reporting period being greater the conversion price.

(v)Commitments and contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred in connection with such liabilities are expensed as incurred.

(w)Recent Accounting Pronouncements

In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. The ASU provides practical expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and are effective upon issuance for all entities through December 31, 2022. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

In August 2020, FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU removes separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature and hence most of the instruments will be accounted for as a single model (either debt or equity). The ASU also states that entities must apply the if-converted method to all convertible instruments for calculation of diluted EPS and the treasury stock method is no longer available. An entity can use either a full or modified retrospective approach to adopt the ASU’s guidance. The ASU is effective for fiscal years beginning after December 15, 2021 and may be early adopted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company is currently evaluating the potential impact of adoption of this ASU on its consolidated financial statements.

In October 2020, FASB issued ASU No. 2020-10, Codification Improvements. This ASU provides guidance for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or structure of guidance, and other minor improvements. The amendments in this ASU improves the consistency of the Codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the Disclosure Section of the Codification. The amendments are varied in nature and may affect the application of the guidance in cases in which the original guidance may have been unclear. An entity has to apply the amendments retrospectively. The ASU is effective for fiscal years beginning after December 15, 2020. The Company is currently evaluating the potential impact of adoption of this ASU on its consolidated financial statements.

(x) Recently Adopted Accounting Pronouncements

In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The new guidance replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. These changes will result in earlier recognition of credit losses. The allowance for credit losses is a valuation account that is to be deducted from the amortized cost of the financial asset(s) so as to present the net carrying value at the amount expected to be collected on the financial asset. The Company adopted Topic 326 as of January 1, 2020 using a modified retrospective approach through a cumulative-effect adjustment to its retained earnings. The adoption of the ASU had no impact to equity as of January 1, 2020.

Further, the impact of adoption of this guidance did not have a material effect on the Company's accounting policies, processes, and systems. Refer to Note 5 - Revenues, net to the consolidated financial statements for details.

In August 2018, FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU modify the disclosure requirements on fair value measurements in Topic 820, by prescribing new disclosure requirements, and the elimination and modification of disclosure requirements based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity was permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The early adoption of this ASU, effective January 1, 2020, did not have any material effect on the Company’s disclosures in the consolidated financial statements.

In August 2018, FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General ("Subtopic 715-20"): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Early adoption was permitted. The early adoption of this ASU, effective January 1, 2020, did not have any material effect on the Company’s disclosures in the consolidated financial statements.

In August 2018, FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software ("Subtopic 350-40"): This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the ASU requires an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in FASB Accounting Standard Codification Subtopic 350-40 on internal-use software to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The ASU 2018-15 also provides guidance on amortization and impairment of any costs capitalized, along with new presentation and disclosure requirements. The new guidance is effective for fiscal years beginning after December 15, 2019 and adoption was allowed prospectively. The adoption of this ASU effective January 1, 2020 did not have any material effect on the Company’s consolidated financial statements.

In April 2019, FASB issued ASU No. 2019-04, Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments: Targeted Transition Relief (Topic 825). The amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. With respect to hedge accounting, the amendments address partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, among other things. With respect to recognizing and measuring financial instruments, the amendment in the ASU address the scope of the guidance, the requirement for remeasurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be remeasured at historical exchange rates. This ASU is effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Early adoption was permitted. The adoption of this ASU did not have any material effect on the Company’s consolidated financial statements.

In May 2019, FASB issued ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief. This ASU provides entities with the option to irrevocably elect the fair value option, on an instrument-by-instrument basis in accordance with Subtopic 825-10, for certain financial instruments that are within the scope of Subtopic 326-20, upon adopting Topic 326. The fair value option election does not apply to held-to-maturity debt securities. The amendments in this ASU provide entities with targeted transition relief that is intended to increase comparability of financial statement information for some entities that otherwise would have measured similar financial instruments using different measurement methodologies. The Company adopted Topic 326 as of January 1, 2020, whereby no such fair value election was made, accordingly, the adoption of this ASU did not have any material effect on the Company’s consolidated financial statements.

Segment and Geographical Information

12 Months Ended

Dec. 31, 2020

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 made certain operational and structural changes to more closely integrate its businesses and to simplify its organizational structure. The Company since then manages and reports financial information through its four strategic business units: Insurance, Healthcare, Analytics and Emerging Business, which reflects how management reviews financial information and makes operating decisions. These business units will develop client-specific solutions, build capabilities, maintain a unified go-to-market approach and be integrally responsible for service delivery, customer satisfaction, growth and profitability. In line with the Company’s strategy of vertical integration and focus on domain expertise, the Company has integrated its Finance & Accounting and Consulting operating segments within each of the Insurance and Healthcare operating segments based on the corresponding industry-specific clients. Finance & Accounting and Consulting services to clients outside of the Insurance and Healthcare industries are part of the Company’s “Emerging Business” segment. In addition, the Company integrated its former Travel, Transportation and Logistics, Banking and Financial Services, and Utilities operating segments under Emerging Business to further leverage and optimize the operating scale in providing operations management services.

The Company’s reportable segments effective January 1, 2020 are as follows:

•Insurance,

•Healthcare,

•Emerging Business, and

•Analytics

In conjunction with the new reporting structure, the Company has recast its segment disclosures for prior periods presented to conform to the way the Company internally manages and monitors segment performance.

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, certain 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, 2020, 2019 and 2018, respectively, for each of the reportable segments, are as follows:


	Year ended December 31, 2020
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	341,770	$	101,315	$	152,670	$	362,679	$	958,434
Cost of revenues (1)	231,884		73,143		89,459		229,450		623,936
Gross profit(1)	$	109,886	$	28,172	$	63,211	$	133,229	$	334,498
Operating expenses									224,476
Foreign exchange gain, interest expense and other income, net									5,307
Income tax expense									25,626
Loss from equity-method investment									227
Net income									$	89,476

(1) Exclusive of depreciation and amortization expense.


	Year ended December 31, 2019
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	346,434	$	97,465	$	190,118	$	357,329	$	991,346
Cost of revenues(1)	238,580		77,048		108,617		231,245		655,490
Gross profit(1)	$	107,854	$	20,417	$	81,501	$	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

(1) Exclusive of depreciation and amortization expense.


	Year ended December 31, 2018
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	311,152	$	89,845	$	196,825	$	285,290	$	883,112
Cost of revenues(1)	211,818		70,446		117,987		184,604		584,855
Gross profit(1)	$	99,334	$	19,399	$	78,838	$	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

(1) Exclusive of depreciation and amortization expense.

Revenues, net by service type, were as follows:


	Year ended December 31,
	2020		2019		2018
BPM and related services (1)	$	595,755	$	634,017	$	597,822
Analytics services	362,679		357,329		285,290
Revenues, net	$	958,434	$	991,346	$	883,112

(1) BPM and related services include revenues of the Company's Insurance, Healthcare and Emerging Business reportable segments. Refer to the reportable segment disclosure above.

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


	Year ended December 31,
	2020		2019		2018
Revenues, net
United States	$	814,672	$	817,878	$	732,589
Non-United States
United Kingdom	88,659		113,036		114,515
Rest of World	55,103		60,432		36,008
Total Non-United States	143,762		173,468		150,523
Revenues, net	$	958,434	$	991,346	$	883,112

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


	As of
	December 31, 2020		December 31, 2019
Long-lived assets
India	$	97,261	$	78,244
United States	46,659		52,375
Philippines	29,434		26,006
Rest of World	11,439		8,913
Long-lived assets	$	184,793	$	165,538

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

12 Months Ended

Dec. 31, 2020

Quarterly Financial Data

Summarized quarterly results for the years ended December 31, 2020 and 2019 are as follows:


	Three months ended 2020 (Unaudited)								Year ended (Audited)
	March 31		June 30		September 30		December 31		December 31, 2020

Revenues, net	$	245,990	$	222,473	$	241,018	$	248,953	$	958,434
Gross profit(1)	$	83,334	$	64,072	$	88,931	$	98,161	$	334,498
Income before equity method investment activity, net and income tax expense	$	28,321	$	12,567	$	34,979	$	39,462	$	115,329
Net income	$	22,411	$	8,429	$	26,418	$	32,218	$	89,476
Earnings per share:
Basic(2)	$	0.65	$	0.24	$	0.77	$	0.95	$	2.61
Diluted(2)	$	0.65	$	0.24	$	0.76	$	0.94	$	2.59
Weighted-average number of shares used in computing earnings per share:
Basic(2)	34,401,565		34,486,202		34,327,477		33,882,013		34,273,388
Diluted(2)	34,720,603		34,597,688		34,536,049		34,370,023		34,555,164

Stock compensation expense	$	4,778	$	7,726	$	8,346	$	7,385	$	28,235
Amortization of intangibles	$	4,154	$	3,430	$	3,413	$	3,415	$	14,412

	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
Income before equity method investment activity, net and income tax expense	$	18,962	$	15,296	$	24,814	$	24,028	$	83,100
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

(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.

Revenues, net

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Refer to Note 3 - Segment and Geographical Information to the consolidated financial statements for revenues disaggregated by reportable segments and geography.

Contract balances

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


	As of
	December 31, 2020		December 31, 2019
Accounts receivable, net	$	147,635	$	171,864
Contract assets	$	4,437	$	5,391
Contract liabilities:
Deferred revenue (consideration received in advance)	$	30,450	$	11,259
Consideration received for process transition activities	$	2,774	$	3,036

Accounts receivable includes $63,995 and $73,920 as of December 31, 2020 and 2019, respectively, representing unbilled receivables. The Company has accrued the unbilled receivables for work performed in accordance with the terms of contracts with customers and considers no significant performance risk associated with its unbilled receivables.

Contract assets represent upfront payments such as deal signing discounts or deal signing bonuses made to customers. These costs are amortized over the expected period of the benefit and are recorded as an adjustment to transaction price and reduced from revenues. The Company’s assessment did not indicate any impairment losses on its contract assets for the periods presented.

Contract liabilities represent that portion of deferred revenue for which payments have been received in advance from customers. The Company also defers revenues attributable to certain process transition activities for which costs have been capitalized by the Company as contract fulfillment costs. Consideration received from customers, if any, relating to such transition activities are classified under contract liabilities and are included within “Deferred revenues” and “Other non-current liabilities” in the consolidated balance sheets. The revenues are recognized as (or when) the performance obligation is fulfilled under the contract with customer.

Revenue recognized during the year ended December 31, 2020 and 2019, which was included in the contract liabilities balance at the beginning of the respective periods:


	Year ended December 31,
	2020		2019
Deferred revenue (consideration received in advance)	$	10,949	$	6,077
Consideration received for process transition activities	$	1,424	$	844

Contract acquisition and fulfillment costs

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


	Contract Acquisition Costs				Contract Fulfillment Costs
	Year ended December 31,				Year ended December 31,
	2020		2019		2020		2019
Opening Balance	$	1,307	$	713	$	7,255	$	4,051
Additions	310		1,222		779		4,652
Amortization	(590)		(628)		(2,403)		(1,448)
Closing Balance	$	1,027	$	1,307	$	5,631	$	7,255

There was no impairment for contract acquisition and contract fulfillment costs as of December 31, 2020 and 2019. The capitalized costs are amortized over the expected period of benefit of the contract.

Allowance for expected credit losses

On January 1, 2020, the Company adopted ASC Topic 326, Financial Instruments-Credit Losses. Accounts receivable and contract assets are in the scope for which assessment is made. The Company evaluates the credit risk of its customers based on a combination of various financial and qualitative factors that may affect the ability of each customer to pay. The Company considered current and anticipated future economic conditions relating to the industries of the Company’s customers and the countries where it operates. In calculating expected credit loss, the Company also considered past payment trends, credit rating and other related credit information for its significant customers to estimate the probability of default in the future and estimates relating to the possible effects resulting from COVID-19.

The duration and severity of COVID-19 and continued market volatility is highly uncertain and, as such, the impact on expected losses is subject to significant judgment, including but not limited to changes in customers’ credit rating, and may cause variability in the Company’s allowance for credit losses in future periods.

As of January 1, 2020 the Company’s provision for credit losses was $1,163. There was no material impact on the provision when calculated by applying the Topic 326 guidance.


	As of
	December 31, 2020		January 1, 2020
Accounts receivable, including unbilled receivables	$	148,824	$	173,027
Less: Allowance for lifetime expected credit loss	(1,189)		(1,163)
Accounts receivable, net	$	147,635	$	171,864

The movement in allowance for current expected credit loss on customer balances for the year ended December 31, 2020 and December 31, 2019 was as follows:


	Year ended December 31,
	2020		2019
Balance at the beginning of the year	$	1,163	$	956
Additions during the period	300		354
Charged against allowance	(269)		(156)
Translation adjustment	(5)		9
Balance at the end of the year	$	1,189	$	1,163

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Other Income and Expenses [Abstract]

Other Income, net

12 Months Ended

Dec. 31, 2020

Other Income, net

Other income, net consists of the following:


	Year ended December 31,
	2020		2019		2018
Gain on sale and mark-to-market of mutual funds	$	9,521	$	12,965	$	9,970
Interest and dividend income	2,595		2,399		1,873
Others, net	(51)		1,143		1,146
Other income, net	$	12,065	$	16,507	$	12,989

Earnings Per Share

12 Months Ended

Dec. 31, 2020

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, and assumed conversion premium of outstanding convertible notes, using the treasury stock method. Common stock equivalents and the conversion premium of outstanding convertible notes 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 Company has a choice to settle the Notes in cash, shares or any combination of the two. The Company presently intends and has the ability to settle the principal balance of the Notes in cash, and as such, the Company has applied the treasury stock method. The dilution related to the conversion premium, if any, of the Notes is included in the calculation of diluted weighted-average shares outstanding to the extent the issuance is dilutive based on the average stock price during the reporting period being greater than the conversion price of $75. Refer to Note 18 - Borrowings to the consolidated financial statements for further details.

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


	Year ended December 31,
	2020		2019		2018
Numerators:
Net income	$	89,476	$	67,659	$	56,726
Denominators:
Basic weighted average common shares outstanding	34,273,388		34,350,150		34,451,008
Dilutive effect of share based awards	254,717		382,533		579,976
Dilutive effect of conversion premium on convertible notes	27,059		—		—
Diluted weighted average common shares outstanding	34,555,164		34,732,683		35,030,984
Earnings per share attributable to ExlService Holdings Inc. stockholders:
Basic	$	2.61	$	1.97	$	1.65
Diluted	$	2.59	$	1.95	$	1.62
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	289,061		106,375		121,344

Cash, Cash Equivalents and Restricted Cash

12 Months Ended

Dec. 31, 2020

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, 2020		December 31, 2019		December 31, 2018
Cash and cash equivalents	$	218,530	$	119,165	$	95,881
Restricted cash (current)	4,690		5,453		5,608
Restricted cash (non-current)	2,299		2,426		2,642
Cash, cash equivalents and restricted cash	$	225,519	$	127,044	$	104,131

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.

Property and Equipment, net

12 Months Ended

Dec. 31, 2020

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, 2020		December 31, 2019
Owned assets:
Network equipment and computers	3-5	$	107,109	$	98,309
Software	3-5	99,708		79,746
Leasehold improvements	3-8	48,052		44,982
Office furniture and equipment	3-8	22,117		22,046
Motor vehicles	2-5	599		601
Buildings	30	1,089		1,114
Land	—	712		729
Capital work in progress	—	4,647		10,309
		284,033		257,836
Less: Accumulated depreciation and amortization		(191,629)		(179,331)
		$	92,404	$	78,505
Right-of-use assets under finance leases:
Leasehold improvements		$	817	$	738
Office furniture and equipment		348		308
Motor vehicles		688		711
		1,853		1,757
Less: Accumulated depreciation and amortization		(1,382)		(1,120)
		$	471	$	637
Property and equipment, net		$	92,875	$	79,142

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.

During the year ended December 31, 2020, and 2019 there were no changes in estimated useful lives of property and equipment.

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,
	2020		2019		2018
Depreciation and amortization expense	$	36,050	$	30,423	$	28,189

The effect of foreign exchange gain / (loss) upon settlement of cash flow hedges recorded under depreciation and amortization, was as follows:


	Year ended December 31,
	2020		2019		2018
Effect of foreign exchange gain/(loss)	$	51	$	212	$	153

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


	As of
	December 31, 2020		December 31, 2019
Cost	$	18,371	$	15,784
Less : Accumulated amortization	(5,998)		(4,989)
Internally developed software, net	$	12,373	$	10,795

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


	Year ended December 31,
	2020		2019		2018
Amortization expense	$	4,894	$	2,745	$	1,417

As of December 31, 2020, the Company believes no impairment exists because the long-lived asset's future undiscounted net cash flows expected to be generated exceeds its carrying value; however, there can be no assurances that long-lived assets will not be impaired in future periods. Determining whether an impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. It is reasonably possible that the judgments and estimates described above could change in future periods. The duration and severity of COVID-19 and continued market volatility is highly uncertain and, as such, the impact on undiscounted cash flows is subject to significant judgment and may cause variability in the Company’s assessment of the existence of any impairment.

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 - Impairment and Restructuring Charges to the consolidated financial statements for further details.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The Company transitioned to new segment reporting structure effective January 1, 2020, which resulted in certain changes to its operating segments and reporting units. The Company reallocated goodwill to its reporting units using a relative fair value approach. In addition, the Company completed an assessment of any potential goodwill impairment for all its reporting units immediately prior to the reallocation and determined that no impairment existed.

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


	Insurance		Healthcare		Emerging Business		Analytics		TT&L		F&A		All Other		Total
Balance at January1, 2019	$	38,203	$	19,276	$	—	$	227,289	$	12,697	$	47,193	$	5,326	$	349,984
Currency translation adjustments	73		—		—		—		(240)		(288)		—		(455)
Balance at December 31, 2019	$	38,276	$	19,276	$	—	$	227,289	$	12,457	$	46,905	$	5,326	$	349,529
Goodwill reallocation(1)	12,192		2,693		49,803		—		(12,457)		(46,905)		(5,326)		—
Currency translation adjustments	31		(16)		(455)		(1)		—		—		—		(441)
Balance at December 31, 2020	$	50,499	$	21,953	$	49,348	$	227,288	$	—	$	—	$	—	$	349,088

(1) Represents the reallocation of goodwill because of the Company reorganizing its operating segments as described in Note 3 - Segment and Geographical Information to the consolidated financial statements.

As of March 31, 2020, due to the deteriorating macroeconomic conditions arising from COVID-19, the Company performed an interim goodwill quantitative impairment test for its reporting units. The Company considered the effects of COVID-19 on its significant inputs used in determining the fair value of the Company’s reporting units. 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.

During the second and third quarters of 2020, the Company evaluated the continuing effects of COVID-19 and its impact on the global economy on each of the Company’s reporting units to assess whether there was a triggering event during these quarters requiring the Company to perform a goodwill impairment test. The Company considered certain improvements in current and forecasted economic and market conditions and qualitative factors, such as the Company’s performance and business forecasts, stock price movements and expansion plans. The Company reviewed key assumptions, including revisions of projected future revenues for reporting units against the results of the interim quantitative impairment test performed during the first quarter of 2020. The Company did not identify any triggers or indications of potential impairment for its reporting units as of June 30, 2020 and September 30, 2020.

During the fourth quarter of 2020, the Company performed its annual goodwill quantitative impairment test for those reporting units that had goodwill recorded. Key assumptions used in determining the fair value of the Company’s reporting units were, a long-term revenue growth rate in the terminal year of 3.0%, which was based upon expected long-term inflation rate and real gross domestic product growth over a long-term, and discount rates ranging from 10.4% to 12.0%, which vary based upon the risks and uncertainties inherent in each individual reporting unit. 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.

The recoverability of goodwill is dependent upon the continued growth of cash flows from the Company’s business activities. This growth is based on business forecasts and improvement in profitability of the respective reporting units. The Company continues to maintain its focus on cultivating long-term client relationships as well as attracting new clients. The Company believes there are significant opportunities for additional growth within its existing clients, and can expand these relationships by:

•Increasing the depth and breadth of the services the Company provides across its clients’ value chains and geographies;

•Offering the full suite of the Company's services that includes operations management and data and analytics; and

•Supporting the Company's clients’ geographic expansion leveraging its global footprint.

The Company also considers selective strategic relationships with industry leaders that add new long-term client relationships, enhance the depth and breadth of its services and solutions, and complement its business strategy. Through its Connected Intelligence Partnership programs, the Company expands its technology and innovation ecosystem with select partnerships, alliances or investments that the Company expects will enhance go-to-market opportunities and expand the scope and effectiveness of the Company’s services and solutions by adding digital assets and intellectual property, which will help the Company to win new clients or allowing it to enter new industry verticals and geographic markets.

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. The duration and severity of COVID-19 and continued market volatility is highly uncertain and, as such, the impact on cash flows, long-term debt-free net cash flow growth rate in the terminal year and discount rates are subject to significant judgments and may cause variability in the Company’s assessment of existence of any impairment. The Company will continue to monitor the impacts of COVID-19 on the Company and significant changes in key assumptions that could result in future period impairment charges.

During the fourth quarter of 2019, the Company performed its annual goodwill quantitative impairment test for all of its reporting units. These reporting units were based on the segment reporting structure that existed prior to the Company's transition to its new segment reporting structure effective January 1, 2020, which resulted in the former SCIO reporting unit being reflected as an integrated business within the Healthcare Analytics operating segment and reporting unit. Based on the results of the 2019 annual goodwill quantitative impairment test, the fair values of each of the Company’s reporting units exceeded their carrying values and the Company’s goodwill was not impaired. However, for the former SCIO reporting unit within the Analytics reportable segment, the fair value was not substantially in excess of its carrying value. The former 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 former 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 former SCIO reporting unit exceeded the carrying value as of the date of the annual impairment test was approximately 10.0%.

Intangible Assets

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


	As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	73,357	$	(27,464)	$	45,893
Developed technology	23,510		(11,858)		11,652
Trade names and trademarks	5,100		(3,951)		1,149
	$	101,967	$	(43,273)	$	58,694
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—	$	900
Total intangible assets	$	102,867	$	(43,273)	$	59,594


	As of December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		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

The amortization expense recognized in the consolidated statements of income was as follows:


	Year ended December 31,
	2020		2019		2018
Amortization expense	$	14,412	$	21,558	$	20,377

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


			(in years)
Customer relationships			6.89
Developed technology			2.71
Trade names and trademarks (Finite lived)			2.04


Estimated future amortization expense related to finite-lived intangible assets as of December 31, 2020 was as follows:
2021	$	12,765
2022	11,341
2023	9,052
2024	6,710
2025	5,958
2026 and thereafter	12,868
Total	$	58,694

Other Current Assets

12 Months Ended

Dec. 31, 2020

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

Other Current Assets

Other current assets consist of the following:


	As of
	December 31, 2020		December 31, 2019
Derivative instruments	$	9,755	$	4,076
Advances to suppliers	3,906		1,581
Receivables from statutory authorities	15,658		12,608
Contract assets	1,814		1,414
Deferred contract fulfillment costs	2,888		1,673
Interest accrued on term deposits	169		439
Others	2,919		2,803
Other current assets	$	37,109	$	24,594

Other Assets

12 Months Ended

Dec. 31, 2020

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

Other Assets

Other assets consist of the following:


	As of
	December 31, 2020		December 31, 2019
Lease deposits	$	9,788	$	9,983
Derivative instruments	6,933		3,433
Deposits with statutory authorities	6,341		6,237
Term deposits	216		1,983
Contract assets	2,623		3,977
Deferred contract fulfillment costs	2,743		5,582
Others	3,455		4,821
Other assets	$	32,099	$	36,016

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2020

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, 2020		December 31, 2019
Accrued expenses	$	39,951	$	50,097
Payable to statutory authorities	10,594		9,247
Accrued capital expenditures	7,857		3,035
Derivative instruments	435		1,783
Client liabilities	4,740		6,378
Interest payable	1,399		1,492
Other current liabilities	1,205		1,732
Finance lease liabilities	229		253
Accrued expenses and other current liabilities	$	66,410	$	74,017

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2020

Liabilities, Noncurrent [Abstract]

Other Non-Current liabilities

Other Non-Current Liabilities

Other non-current liabilities consist of the following:


	As of
	December 31, 2020		December 31, 2019
Derivative instruments	$	29	$	1,250
Unrecognized tax benefits	907		1,047
Retirement benefits	8,940		6,517
Deferred transition revenue	924		1,911
Accrued capital expenditure	3,486		—
Other liabilities	3,568		987
Finance lease liabilities	281		430
Other non-current liabilities	$	18,135	$	12,142

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss (“AOCI”) consists of actuarial gain/(loss) on retirement benefits and 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. Cumulative 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, 2020 and 2019 are as follows:


	Accumulated Other Comprehensive Loss
	Foreign currency translation (loss)/ gain		Unrealized (loss)/gain on cash flow hedges		Retirement benefits		Total
Balance as of January 1, 2019	$	(84,105)	$	(333)	$	971	$	(83,467)
Gains / (losses) recognized during the year	(2,857)		8,773		(2,539)		3,377
Reclassification to net income(1)	—		(3,951)		(159)		(4,110)
Income tax benefit / (expense)(2)	(629)		(391)		328		(692)
Accumulated other comprehensive loss as of December 31, 2019	$	(87,591)	$	4,098	$	(1,399)	$	(84,892)
Gains / (losses) recognized during the year	(547)		12,665		(2,401)		9,717
Reclassification to net income(1)	—		(801)		394		(407)
Income tax benefit / (expense)(2)	1,953		(2,163)		808		598
Accumulated other comprehensive loss as of December 31, 2020	$	(86,185)	$	13,799	$	(2,598)	$	(74,984)

1.Refer to Note 17 - Derivatives and Hedge Accounting and Note 20 - Employee Benefit Plans to the consolidated financial statements for reclassification to net income.

2.These are income tax benefit / (expense) recognized on changes in the fair values of cash flow hedges, actuarial (loss) / gain on

retirement benefits and foreign currency translation (loss) / gain, net of reclassifications related to the period activity. Refer to Note 22 - Income Taxes to the consolidated financial statements.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

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.

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, 2020 and 2019.


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2020	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Mutual funds*	$	160,441	$	—	$	—	$	160,441
Derivative financial instruments	—		16,688		—		16,688
Total	$	160,441	$	16,688	$	—	$	177,129
Liabilities
Derivative financial instruments	$	—	$	464	$	—	$	464
Total	$	—	$	464	$	—	$	464

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
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

* Represents those short-term investments which are carried at the fair value option under ASC 825 "Financial Instruments".

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 - Derivatives and Hedge Accounting 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 investments in mutual funds, as disclosed above), restricted cash, accrued interest on term deposits, accrued capital expenditures, accrued expenses and interest payable on borrowings for which fair values approximate their carrying amounts due to their short-term nature. The carrying value of the Company’s outstanding revolving credit facility approximates its fair value because the Company’s interest rate yield is near current market rates for comparable debt instruments.

Convertible Senior Notes:

The total estimated fair value of the convertible senior notes as of December 31, 2020 and 2019 was $152,384 and $149,934, respectively. The fair value was determined based on the market yields for similar convertible notes as of December 31, 2020 and 2019, respectively. The Company considers the fair value of the convertible senior notes to be a Level 2 measurement due to the limited inputs available for its fair valuation.

Nonrecurring fair value measurements of assets:

Nonrecurring fair value measurements include impairment tests of goodwill conducted by the Company during the year ended December 31, 2020 and 2019. The fair value determination of the Company's reporting units was based on a combination of the income approach, using DCF model, which are Level 3 inputs, and also the market approach, as applicable, using market multiples for reporting units, which are Level 2 inputs. During the year ended December 31, 2020 and 2019, the Company did not recognize any impairment charges on goodwill as the fair values of the reporting units exceeded their carrying value. Refer to Note 10 - Goodwill and Intangible Assets to the consolidated financial statements for further details.

During the year ended December 31, 2019, the Company conducted impairment tests 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 long-lived assets and ROU assets to write down the carrying value to their fair values. Refer to Note 9 - Property and Equipment, net and Note 21 - Leases to the consolidated financial statements for further details.

Derivatives and Hedge Accounting

12 Months Ended

Dec. 31, 2020

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 $451,935 as of December 31, 2020 and $410,390 (including $4,300 of range forward contracts) as of December 31, 2019.

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 these cash flow hedges is 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 impact of COVID-19 on the economic environment is uncertain and may cause variability in determination of fair value of these cash flow hedges, which could impact the effects of change in fair value that get recorded as a component of accumulated other comprehensive income/(loss) and also resultant exchange gain/(loss) upon settlement of derivative financial instruments.

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 $9,564 of derivative gains, net, 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, 2020. At December 31, 2020, the maximum outstanding term of the cash flow hedges was 45 months.

The Company also enters into foreign currency forward contracts to economically hedge its intercompany balances and other monetary assets and liabilities denominated in currencies other than functional currencies, 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 the foreign exchange gain/ (loss) line item. 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 (COP), Czech koruna, the Euro, South African ZAR and other local currencies in which it operates. Outstanding foreign currency forward contracts amounted to USD 143,394, GBP 6,753, EUR 2,447 and COP 8,287,950 as of December 31, 2020 and USD 124,045, GBP 10,843 and EUR 1,289 as of December 31, 2019.

All the assets and liabilities related to our foreign exchange forward contracts are subject to master netting arrangements with each individual counterparty. These master netting arrangements generally provide for net settlement of all outstanding

contracts with the counterparty in the case of an event of default or a termination event. We have presented all the assets and liabilities related to our foreign exchange forward contracts on a gross basis, with no offsets, in our consolidated statements of financial position. There is no financial collateral (including cash collateral) provided or received by us related to our foreign exchange forward contracts.

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


Derivatives designated as hedging instruments:	As of
Foreign currency exchange contracts	December 31, 2020		December 31, 2019
Other current assets	$	9,740	$	3,945
Other assets	$	6,933	$	3,433
Accrued expenses and other current liabilities	$	176	$	1,524
Other non-current liabilities	$	29	$	1,250

Derivatives not designated as hedging instruments:	As of
Foreign currency exchange contracts	December 31, 2020		December 31, 2019
Other current assets	$	15	$	131
Accrued expenses and other current liabilities	$	259	$	259

The following tables set forth the effect of foreign currency exchange contracts on the consolidated statements of income and accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018:


	Year ended December 31,
Forward Exchange Contracts:	2020		2019		2018
Unrealized gain/(loss) recognized in AOCI
Derivatives in cash flow hedging relationships	$	12,665	$	8,773	$	(13,724)

Gain/(loss) recognized in consolidated statements of income
Derivatives not designated as hedging instruments	$	3,802	$	3,306	$	(3,224)

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,
	2020				2019				2018
	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		As per consolidated statements of income		Gain/(loss) on foreign currency exchange contracts
Cash flow hedging relationships
Location in consolidated statements of income where gain was reclassed from AOCI

Cost of revenues	$	623,936	$	1,008	$	655,490	$	3,269	$	584,855	$	2,481
General and administrative expenses	$	113,891	$	(161)	$	126,909	$	424	$	116,202	$	443
Selling and marketing expenses	$	60,123	$	(5)	$	71,842	$	46	$	63,612	$	44
Depreciation and amortization expense	$	50,462	$	(41)	$	51,981	$	212	$	48,566	$	181
			$	801			$	3,951			$	3,149

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

Foreign exchange gain/(loss), net	$	4,432	$	3,802	$	3,752	$	3,306	$	4,787	$	(3,224)
	$	4,432	$	3,802	$	3,752	$	3,306	$	4,787	$	(3,224)

Borrowings

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Borrowings

The following tables summarizes the Company’s debt position as of December 31, 2020 and 2019.


	As of December 31, 2020
	Revolving Credit Facility		Notes		Total
Current portion of long-term borrowings	$	25,000	$	—	$	25,000

Long-term borrowings	$	64,000	$	150,000	$	214,000
Unamortized debt discount	—		(11,235)		(11,235)
Unamortized debt issuance costs*	—		(804)		(804)
Long-term borrowings	$	64,000	$	137,961	$	201,961
Total borrowings	$	89,000	$	137,961	$	226,961


	As of December 31, 2019
	Revolving Credit Facility		Structured Payables		Notes		Total
Current portion of long-term borrowings	$	40,000	$	867	$	—	$	40,867

Long-term borrowings	$	59,000	$	—	$	150,000	$	209,000
Unamortized debt discount	—		—		(13,851)		(13,851)
Unamortized debt issuance costs*	—		—		(1,018)		(1,018)
Long-term borrowings	$	59,000	$	—	$	135,131	$	194,131
Total borrowings	$	99,000	$	867	$	135,131	$	234,998

*Unamortized debt issuance costs for the Company’s revolving Credit Facility of $490 and $748 as of December 31, 2020 and 2019, respectively, is presented under “Other current assets” and “Other assets” in the consolidated balance sheets.

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 our July 2018 acquisition of SCIO.

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 LIBO 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 revolving Credit Facility carried an effective interest rate as shown below.


	Year ended December 31,
	2020		2019		2018
Effective interest rate	2.3	%	4.0	%	3.4	%

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, 2020, 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.

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. Until October 4, 2020, under the Investment Agreement, the Purchaser was restricted from transferring the Notes or any shares of common stock issuable upon conversion of the Notes, or entering into any transaction that transfers such interests to a third party. 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 presently intends and has the ability to settle the principal amount of the Notes in cash. In 2018, 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 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, 2020, 2019 and 2018 the Company recognized interest expense and amortization of debt discount, on the Notes as below:


	Year ended December 31,
		2020		2019		2018
Interest expense on the Notes		$	5,250	$	5,206	$	1,313
Amortization of debt discount on the Notes		$	2,616	$	2,472	$	600

Payments/maturities for all of the Company's borrowings as of December 31, 2020 were as follows:


	Notes		Revolving Credit		Total
2021	$	—	$	25,000	$	25,000
2022	—		64,000		64,000
2023	—		—		—
2024	150,000		—		150,000
Total	$	150,000	$	89,000	$	239,000

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, 2020 and 2019, the Company had outstanding letters of credit of $461, each, that were not recognized in the consolidated balance sheets.

Capital Structure

12 Months Ended

Dec. 31, 2020

Capital Structure

Common Stock

The Company has one class of common stock outstanding.

The Company purchased shares of common stock from employees in connection with withholding tax payments related to the vesting of restricted stock, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Year ended December 31, 2020	28,052	$	2,131	$	75.96
Year ended December 31, 2019	23,859	$	1,490	$	62.47
Year ended December 31, 2018	51,446	$	3,122	$	60.68

(1) The weighted average purchase price per share 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 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 authorized 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 "2019 Repurchase Program" and together with the 2017 Repurchase Program, the “Repurchase Programs”). Under the Repurchase Programs, 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. Repurchases may be discontinued at any time by the management.

The Company purchased shares of its common stock, including commissions, under the 2019 Repurchase Program and the 2017 Repurchase Program, as applicable, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Year ended December 31, 2020	1,085,153	$	77,818	$	71.71
Year ended December 31, 2019	643,486	$	39,874	$	61.96
Year ended December 31, 2018	674,604	$	39,987	$	59.27

Repurchased shares have been recorded as treasury shares and will be held until the Company’s Board of Directors designates that these shares be retired or used for other purposes.

The 2019 Repurchase Program may be suspended or discontinued at any time. During the quarter ended March 31, 2020, to enhance the Company’s liquidity position in response to COVID-19, the Company elected to temporarily suspend share repurchases under the 2019 Repurchase Program. The 2019 Repurchase Program remains authorized by the Board of Directors and the Company resumed share repurchases effective July 1, 2020, considering improved market conditions, the Company’s capital and liquidity needs and other factors.

Dividends

The Company has not paid or declared any cash dividends on its common stock during the years ended December 31, 2020, 2019 and 2018. 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.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

The Company’s Gratuity Plan in India (the "India Plan") provides for a 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. 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"). Liabilities with regard to the India Plan and the Philippines Plan are determined by actuarial valuation using the projected unit credit method. Current service costs for these Plans are accrued in the year to which they relate. Actuarial gains or losses or prior service costs, if any, resulting from amendments to the plans are recognized and amortized over the remaining period of service of the employees.

The benefit obligation has been measured as of December 31, 2020. 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:

Change in projected benefit obligation, was as follows:


	2020		2019
Projected benefit obligation as of January 1	$	15,311	$	11,044
Service cost	2,706		1,953
Interest cost	964		875
Benefits paid	(878)		(960)
Actuarial loss*	2,425		2,577
Effect of exchange rate changes	(62)		(178)
Projected benefit obligation as of December 31	$	20,466	$	15,311
Unfunded amount-non-current	$	8,940	$	6,517
Unfunded amount-current	14		10
Total accrued liability	$	8,954	$	6,527
Accumulated benefit obligation	$	12,490	$	10,743

Accumulated benefit obligation in excess of plan assets	$	978	$	1,959

*During the year ended December 31, 2020, actuarial loss was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations. During the year ended December 31, 2019, actuarial loss was driven by experience adjustments on present value of benefit obligations.

Components of net periodic benefit costs, were as follows:


	Year ended December 31,
	2020		2019		2018
Service cost	$	2,706	$	1,953	$	1,735
Interest cost	964		875		714
Expected return on plan assets	(636)		(568)		(514)
Amortization of actuarial loss/(gain)	394		(159)		(153)
Net periodic benefit cost	$	3,428	$	2,101	$	1,782

The components of actuarial (loss) / gain on retirement benefits included in accumulated other comprehensive (loss)/gain, excluding tax effects, were as follows:


	As of December 31,
	2020		2019		2018
Net actuarial (loss)/gain	$	(3,772)	$	(1,762)	$	940
Net prior service cost	(15)		(18)		(22)
Accumulated other comprehensive (loss)/gain, excluding tax effects	$	(3,787)	$	(1,780)	$	918

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


	December 31,
	2020		2019		2018
Discount rate	4.6	%	6.5	%	7.5	%
Rate of increase in compensation levels	7.1	%	6.0	%	8.2	%
Expected long-term rate of return on plan assets per annum	7.0	%	7.5	%	7.3	%

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


Expected benefit payments during the year ending December 31,
2021	$	2,795
2022	$	2,542
2023	$	2,413
2024	$	2,098
2025	$	1,856
2026 to 2030	$	6,956

The India Plan is partially funded whereas the Philippines plan is unfunded. The Company makes annual contributions to the employees' gratuity fund of the India Plan established with Life Insurance Corporation of India and HDFC Standard Life Insurance Company. Fund managers manage these funds and calculate the annual contribution required to be made by the Company and manage the India Plan, including any required payouts. These funds are managed on a cash accumulation basis and interest is declared retrospectively on March 31 of each year. The Company earned a return of approximately 7.5% per annum on the India Plan for the year ended December 31, 2020. The duration and severity of COVID-19 and continued market volatility is highly uncertain and, as such, the impact on plan assets and projected benefit obligations related to employee benefit plans is subject to significant judgment and may cause variability in the Company’s net periodic benefit cost in future periods.


Change in Plan Assets
Plan assets at January 1, 2019	$	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
Actual return	661
Employer contribution	3,099
Benefits paid*	(869)
Effect of exchange rate changes	(163)
Plan assets at December 31, 2020	$	11,512

* Benefits payments were substantially made from the plan assets during the year.

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's accrual for contributions to the 401(k) Plans were as follows:


	Year ended December 31,
	2020		2019		2018
Contribution to the 401(k) Plans	$	3,577	$	3,617	$	3,423

The Company's contribution for various defined benefit plans on behalf of employees in India, the Philippines, the Czech Republic, South Africa, Colombia, Australia and Singapore were as follows:


	Year ended December 31,
	2020		2019		2018
Contribution to the defined benefit plans	$	11,332	$	10,614	$	7,663

The entire disclosure for retirement benefits.

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Leases

12 Months Ended

Dec. 31, 2020

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

The Company had performed an evaluation of its contracts with suppliers in accordance with Topic 842, Leases, and had 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. During the year ended December 31, 2020, the Company changed the lease term for some leases and recognized the resultant amount of the remeasurement of the lease liability as an adjustment to the ROU assets.

The Company accounted for lease-related concessions to mitigate the economic effects of COVID-19 on lessees in accordance with guidance in Topic 842, Leases, whereby the Company assessed on a lease-by-lease basis, whether the concession provided by a lessor should be accounted for as a lease modification. Such concessions had an insignificant impact on the Company’s consolidated financial statements during the year ended December 31, 2020.

The impact of COVID-19 on the economic environment is uncertain and has caused variability in the determination of the incremental borrowing rate and extension option, which have an impact on measurement of lease liabilities and ROU assets.

Supplemental balance sheet information


	As of
	December 31, 2020		December 31, 2019
Operating Lease
Operating lease right-of-use assets	$	91,918	$	86,396

Operating lease liabilities - Current	$	18,894	$	24,148
Operating lease liabilities - Non-current	84,874		74,709
Total operating lease liabilities	$	103,768	$	98,857

Finance Lease
Property and equipment, gross	$	1,853	$	1,757
Accumulated depreciation	(1,382)		(1,120)
Property and equipment, net	$	471	$	637

Finance lease liabilities - Current	$	229	$	253
Finance lease liabilities - Non-current	281		430
Total finance lease liabilities	$	510	$	683

Finance lease liabilities are presented as a part of “Accrued expenses and other current liabilities” and “Other non-current liabilities,” as applicable, in the Company’s consolidated balance sheets.

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, 2020		Year ended December 31, 2019
Finance lease:
Amortization of right-of-use assets	$	235	$	255
Interest on lease liabilities	81		93
	$	316	$	348
Operating lease(a)	27,146		27,335
	$	27,146	$	27,335
Sublease income	—		(146)
Total lease cost	$	27,462	$	27,537

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

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


	Year ended December 31, 2020		Year ended December 31, 2019
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	26,589	$	24,813
Operating cash outflows for finance leases	$	81	$	93
Financing cash outflows for finance leases	$	249	$	336
Right-of-use assets obtained in exchange for new operating lease liabilities	$	18,765	$	36,473
Right-of-use assets obtained in exchange for new finance lease liabilities	$	45	$	506
Weighted-average remaining lease term (in years)
Finance lease	1.8		2.3
Operating lease	6.3		6.0
Weighted-average discount rate
Finance lease	10.5%		9.9%
Operating lease	7.4%		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.

During the year ended December 31, 2020 and 2019, the Company modified certain of its operating leases resulting in a reduction of its lease liabilities by $3,143 and $0 respectively, with a corresponding reduction in ROU assets.

During the year ended December 31, 2019, the Company performed an impairment test of its long-lived assets of its Health Integrated business. Based on the results, the operating lease ROU assets carrying value exceeded their 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 on ROU assets 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".

Maturities of lease liabilities as of December 31, 2020 are as follows:


	Operating Leases		Finance Leases
2021	$	25,829	$	262
2022	24,316		194
2023	22,066		114
2024	17,084		36
2025	9,749		11
2026 and thereafter	34,334		—
Total lease payments	$	133,378	$	617
Less: Imputed interest	29,610		107
Present value of lease liabilities	$	103,768	$	510

Leases

Supplemental balance sheet information


	As of
	December 31, 2020		December 31, 2019
Operating Lease
Operating lease right-of-use assets	$	91,918	$	86,396

Operating lease liabilities - Current	$	18,894	$	24,148
Operating lease liabilities - Non-current	84,874		74,709
Total operating lease liabilities	$	103,768	$	98,857

Finance Lease
Property and equipment, gross	$	1,853	$	1,757
Accumulated depreciation	(1,382)		(1,120)
Property and equipment, net	$	471	$	637

Finance lease liabilities - Current	$	229	$	253
Finance lease liabilities - Non-current	281		430
Total finance lease liabilities	$	510	$	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, 2020		Year ended December 31, 2019
Finance lease:
Amortization of right-of-use assets	$	235	$	255
Interest on lease liabilities	81		93
	$	316	$	348
Operating lease(a)	27,146		27,335
	$	27,146	$	27,335
Sublease income	—		(146)
Total lease cost	$	27,462	$	27,537

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

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


	Year ended December 31, 2020		Year ended December 31, 2019
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	26,589	$	24,813
Operating cash outflows for finance leases	$	81	$	93
Financing cash outflows for finance leases	$	249	$	336
Right-of-use assets obtained in exchange for new operating lease liabilities	$	18,765	$	36,473
Right-of-use assets obtained in exchange for new finance lease liabilities	$	45	$	506
Weighted-average remaining lease term (in years)
Finance lease	1.8		2.3
Operating lease	6.3		6.0
Weighted-average discount rate
Finance lease	10.5%		9.9%
Operating lease	7.4%		7.6%

Maturities of lease liabilities as of December 31, 2020 are as follows:


	Operating Leases		Finance Leases
2021	$	25,829	$	262
2022	24,316		194
2023	22,066		114
2024	17,084		36
2025	9,749		11
2026 and thereafter	34,334		—
Total lease payments	$	133,378	$	617
Less: Imputed interest	29,610		107
Present value of lease liabilities	$	103,768	$	510

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The components of income/ (loss) before income taxes consist of the following:


	Year ended December 31,
	2020		2019		2018
Domestic	$	30,893	$	(16,685)	$	(24,442)
Foreign	84,436		99,785		84,812
	$	115,329	$	83,100	$	60,370

Income tax expense/ (benefit) consists of the following:


	Year ended December 31,
	2020		2019		2018
Current provision/(benefit):
Domestic	$	7,946	$	10,823	$	(13,249)
Foreign	14,983		16,694		17,271
	$	22,929	$	27,517	$	4,022
Deferred provision/(benefit):
Domestic	$	1,343	$	(13,912)	$	(1,999)
Foreign	1,354		1,567		1,374
	$	2,697	$	(12,345)	$	(625)
Income tax expense	$	25,626	$	15,172	$	3,397

Income taxes (deferred) recognized in other comprehensive income/(loss) are as follows:


	Year ended December 31,
	2020		2019		2018
Deferred tax (expense)/benefit recognized on:
Unrealized gain/(loss) on cash flow hedges	$	(2,251)	$	(683)	$	3,888
Reclassification adjustment for cash flow hedges	88		292		915
Retirement benefits	897		312		(44)
Reclassification adjustment for retirement benefits	(89)		16		23
Foreign currency translation loss	1,953		(629)		5,903
Total income tax (expense)/benefit recognized in other comprehensive income/(loss)	$	598	$	(692)	$	10,685

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,
	2020		2019		2018
Expected tax expense	$	24,219	$	17,451	$	12,678
Impact of tax holiday	(757)		(5,920)		(5,448)
Foreign tax rate differential	(1,991)		1,660		5,014
Deferred tax provision/(benefit)	2,888		3,026		(3,915)
Unrecognized tax benefits and interest	6		174		(88)
State taxes, net of Federal taxes	3,242		2,137		2,201
Non-deductible expenses	1,467		1,329		3,066
US Tax Reform Act impact	—		—		176
Excess tax benefit on stock-based compensation	(2,378)		(2,306)		(7,227)
Research and development credits	(918)		(1,650)		(1,500)
Prior period items	(182)		(143)		(1,466)
Others	30		(586)		(94)
Tax expense	$	25,626	$	15,172	$	3,397

The effective tax rate increased from 18.3% during the year ended December 31, 2019 to 22.2% during the year ended December 31, 2020. The Company recorded income tax expense of $25,626 and $15,172 for the year ended December 31, 2020 and 2019, respectively. The increase in income tax expense was primarily as a result of: (i) higher profit during the year ended December 31, 2020 and (ii) recording of a one-time tax expense of $1,320 due to electing a new tax regime for two of the Company’s Indian subsidiaries which provides for a lower tax rate on earnings in exchange for foregoing certain tax credits during the year ended December 31, 2020, compared to a benefit of $1,449 recorded 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 periodically evaluate opportunities to repatriate PTI held by its foreign subsidiaries to fund its operations in the United States and other geographies, and as and when it decides to repatriate such PTI, it may have to accrue additional taxes in accordance with local tax laws, rules and regulations in the relevant foreign jurisdictions. 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 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. In 2019 and 2020, the Company elected this new tax regime for its Indian subsidiaries 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 the Company’s operations centers in the last few years and will expire for other operations centers by year 2022, which may lead to an increase in the Company’s overall tax rate. Following the expiry of the tax exemption, income generated from operations 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 $0.02, $0.17 and $0.16 for the years ended December 31, 2020, 2019 and 2018, respectively.

The components of the deferred tax balances as of December 31, 2020 and 2019 are as follows:


	As of
	December 31, 2020		December 31, 2019
Deferred tax assets:
Depreciation and amortization expense	$	9,710	$	12,319
Stock-based compensation	9,383		9,313
Accrued employee costs and other expenses	12,208		9,805

Net operating loss carry forward	2,042		2,896
Unrealized exchange loss	391		1,136
Deferred rent	4,782		4,503
Others	281		745
	$	38,797	$	40,717
Valuation allowance	(188)		(202)
Deferred tax assets	$	38,609	$	40,515

Deferred tax liabilities:
Unrealized exchange gain	$	2,668	$	505
Intangible assets	19,720		20,696
Unamortized discount on convertible senior notes	2,753		3,395
Others	6,566		5,030
Deferred tax liabilities	$	31,707	$	29,626
Net deferred tax assets	$	6,902	$	10,889

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, 2020 and 2019, 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 $188 and $202 as of December 31, 2020 and 2019, respectively.

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, 2020, 2019 and 2018.


	2020		2019		2018
Balance as of January 1	$	1,047	$	804	$	824
Increases related to prior year tax positions	—		69		—
Decreases related to prior year tax positions	(324)		(156)		(320)
Increases related to current year tax positions	184		330		300

Balance as of December 31	$	907	$	1,047	$	804

The unrecognized tax benefits as of December 31, 2020 of $907, if recognized, would impact the effective tax rate.

The Company has not recognized any interest in each of the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020 and 2019, the Company has not accrued interest and penalties relating to unrecognized tax benefits.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

12 Months Ended

Dec. 31, 2020

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 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, 2020, the Company had 2,333,557 shares available for grant under the 2018 Plan (includes 76,145 shares against vested performance-based restricted stock units for which the underlying common stock was issued subsequent to December 31, 2020).

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 within ten years from the date of grant. 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. 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 requisite service period, which is generally the vesting period.

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


	Year ended December 31,
	2020		2019		2018
Cost of revenues	$	6,300	$	5,895	$	4,924
General and administrative expenses	11,009		10,012		10,371
Selling and marketing expenses	10,926		10,163		8,606
Total	$	28,235	$	26,070	$	23,901

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, 2019	98,161	$	23.39	$	4,522	1.86
Granted	—	—		—		—
Exercised	(66,896)	22.44		3,488		—
Forfeited	—	—		—		—
Outstanding at December 31, 2020	31,265	$	25.43	$	1,866	1.85
Vested and exercisable at December 31, 2020	31,265	$	25.43	$	1,866	1.85

The unrecognized compensation cost for unvested options as of December 31, 2020 was $nil. The Company did not grant any options during the years ended December 31, 2020, 2019 and 2018. The aggregate intrinsic value of options exercised during the years ended December 31, 2020, 2019 and 2018 was $3,488, $3,187 and $4,446, respectively.

The following table summarizes the status of the Company’s stock options outstanding, vested and exercisable at December 31, 2020:


	Options Outstanding, Vested and Exercisable
Range of Exercise Prices	Shares	Weighted-Average Exercise Price

$21.01 to $28.00	31,265	$	25.43


	Year ended December 31,
	2020		2019		2018
Cash received from options exercised during the year	$	1,501	$	986	$	1,397

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, 2019**	27,386	$	48.72	913,094	$	59.61
Granted	—	—		395,708	76.99
Vested*	(27,386)	48.72		(331,340)	56.55
Forfeited	—	—		(73,796)	65.71
Outstanding at December 31, 2020**	—	$	—	903,666	$	67.84

* Includes 14,368 and 11,517 restricted stock units vested during the years ended December 31, 2020 and 2019, respectively, for which the underlying common stock is yet to be issued.

** As of December 31, 2020 and 2019 restricted stock units vested for which the underlying common stock is yet to be issued are 181,638 and 167,270, 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, 2020, unrecognized compensation cost of $42,317 is expected to be expensed over a weighted average period of 2.51 years.

The weighted-average fair value of restricted stock units granted was as follows:


	Year ended December 31,
	2020		2019		2018
Weighted-average fair value	$	76.99	$	64.29	$	60.64

The total grant date fair value of restricted stock and restricted stock units vested was as follows:


	Year ended December 31,
	2020		2019		2018
Total grant date fair value	$	20,072	$	22,084	$	19,865

Performance Based Stock Awards

Under the 2018 Plan, the Company grants PRSUs to executive officers and other specified employees. Generally the grants provide that 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 200% of the PRSUs granted based on the actual achievement of targets. However, the features of the equity incentive compensation program are subject to change by the Compensation Committee of our Board of Directors.

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,
	2020		2019		2018
Dividend yield	—		—		—
Expected life (years)	2.86		2.86		2.86
Risk free interest rate for expected life	3.85	%	2.46	%	2.38	%
Volatility for expected life	34.30	%	20.52	%	21.79	%

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


	Revenue Based PRSUs			Market Condition Based PRSUs
	Number	Weighted Average Fair Value		Number	Weighted Average Fair Value
Outstanding at December 31, 2019	87,685	$	62.54	87,670	$	82.10
Granted	61,368	78.29		61,352	102.10
Adjustment upon final determination of level of performance goal achievement*	—	—		(4,701)	70.97
Vested	(40,425)	60.58		(35,720)	70.97
Forfeited	(2,736)	66.20		(2,734)	85.68
Outstanding at December 31, 2020	105,892	$	72.32	105,867	$	97.85

* Represents adjustment of shares vested in respect of PUs and MUs granted in February 2018 upon achievement of the performance targets for such awards for which the underlying common stock was issued subsequent to December 31, 2020.

As of December 31, 2020, unrecognized compensation cost of $7,993 is expected to be expensed over a weighted average period of 1.75 years.

The impact of COVID-19 on the economic environment is uncertain and has caused variability in the estimation of number of performance based restricted stock units that will eventually vest and the related compensation cost to be recognized in the consolidated statements of income.

Impairment and Restructuring Charges

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Impairment and Restructuring Charges

In March 2020, the Company completed the wind down of the operations of the Health Integrated business, which was reported within the former Healthcare reportable segment. The Healthcare reportable segment was based on segment reporting structure that existed prior to the Company's transition to new segment reporting structure effective January 1, 2020, which resulted in certain changes to its reportable segments. 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, 2020 and 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
Change in estimated costs during the year	(556)		—		—		(556)
Payments during the year	(1,041)		(1,106)		(371)		(2,518)
Balance as of December 31, 2020	$	—	$	—	$	—	$	—

Additionally, the Company recognized impairment of ROU assets and long-lived assets of $0 and $3,627 during the years ended December 31, 2020 and 2019, respectively, in the consolidated statements of income under “Impairment and restructuring charges".

Related Party Disclosures

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019, and interest accrued of $1,313 each as of December 31, 2020 and 2019, related to the Investment Agreement.

The Company recognized interest expense on the Notes related to the Investment Agreements as below. Refer to Note 18 – Borrowings to the consolidated financial statements for details.


	Year ended December 31
	2020		2019		2018
Interest expense on Notes	$	5,250	$	5,206	$	1,313

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Commitments At December 31, 2020 and 2019, the Company had committed to spend approximately $6,100 and $6,500, 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 STPI or 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. Contingencies The 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, 2020. 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, 2020 and 2019 is $16,748 and $16,220, respectively, of which the Company has made payments and/or provided bank guarantees to the extent $8,120 and $8,108, respectively. Amounts paid as deposits in respect of such assessments aggregating to $6,307 and $6,252 as of December 31, 2020 and 2019, respectively, are included in “Other assets” and amounts deposited for bank guarantees aggregating to $1,813 and $1,856 as of December 31, 2020 and 2019, 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. In February 2019, there was a judicial pronouncement in India with respect to defined social security 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. The Company will continue to monitor and evaluate its position based on future events and developments in this matter for the implications on the financial statements, if any. In September 2020, the Indian Parliament passed various consolidating labor codes, including the Code on Social Security, 2020 (the “Indian Social Security Code”) which aims to rationalize labor laws. The Indian Social Security Code has implications on defined social security contribution plans, provision of certain benefits or facilities to employees at employer’s costs and post-retirement benefits. Most specifically, it broadens the definition of an employee and wages and liberalizes the definition of “continuous period” for the purpose of determining employee benefits, amongst others. However, the rules for the Indian Social Security Code are yet to be published and the effective date from which these changes are applicable is yet to be notified. The Company will complete its evaluation once the subject rules are notified and will give appropriate impact in the financial statements in the period in which, the Indian Social Security Code becomes effective and the related rules to determine the financial impact are published. 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.

Summary of Significant Accounting Policies - (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Preparation

The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”).

Principles of Consolidation

The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of ExlService Holdings Inc. and all of its subsidiaries and includes the Company's share in the results of its associates.

Use of Estimates

Foreign Currency Translation

The functional currency of each entity in the Company is its respective local country currency which is also the currency of the primary economic environment in which it operates except for the entities in Mauritius which use the U.S. dollar as its functional currency. Transactions in foreign currencies are initially recorded into functional currency at the rates of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured into functional currency at the rates of exchange prevailing at the balance sheet date. Non-monetary assets and liabilities are remeasured to the functional currency at exchange rates that prevailed on the date of inception of the transaction. All foreign exchange gains and losses arising on re-measurement are recorded in the Company's consolidated statements of income.The assets and liabilities of the subsidiaries for which the functional currency is other than the U.S. dollar are translated into U.S. dollars, the reporting currency, at the rate of exchange prevailing on the balance sheet date. Revenues and expenses are translated into U.S. dollars at the exchange rates prevailing on the last business day of each month, which approximates the average monthly exchange rate. Share capital and other equity items are translated at exchange rates that prevailed on the date of inception of the transaction. Resulting translation adjustments are included in “Accumulated other comprehensive loss” in the consolidated balance sheets.

Revenue Recognition

Nature of Services

Type of Contracts

Modification to Contracts

Arrangements with Multiple Performance Obligations

Variable Consideration

Variability in the transaction price arises primarily due to service level agreements 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 Payments Made to Customers

Out-of-Pocket Expenses

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

Payment terms

Remaining Performance Obligations

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.

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.

Investments

Accounts Receivable and Allowance for Expected Credit Losses

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

Software Development Costs

Business Combinations, Goodwill and Other Intangible Assets

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


			Useful Lives (in years)
Customer relationships			3-15
Developed technology			5-10
Trade names and trademarks			3-10

Investment in Equity Affiliate

Investments in equity affiliate are initially recorded at cost and any excess purchase consideration paid over proportionate share of the fair value of the net assets of the investee at the acquisition date is recognized as goodwill. The proportionate share of net income or loss of the investee after its acquisition is recognized in the consolidated statements of income. The Company periodically reviews the carrying value of its investment to determine if there has been any other than temporary decline in carrying value. The investment balance for an investee is increased or decreased for cash contribution and distributions to or from, respectively.

Impairment of Long-lived Assets

Derivative Financial Instruments

Borrowings

The Company accounts for convertible notes in accordance with the guidelines established by the ASC 470-20, Debt with Conversion and Other Options. The Company separates the convertible notes into liability and equity components. The Beneficial Conversion Feature ("BCF") of a convertible note, which is the equity component and recorded as additional paid-in capital, is normally characterized as the convertible portion or feature of certain notes payable that provide a rate of conversion that is below market value or in-the-money when issued. The Company records a BCF related to the issuance of a convertible note when issued. If a convertible note is within the scope of the Cash Conversion Subsections and contains embedded features other than the embedded conversion option, the guidance in ASC 815-15, Derivatives and Hedging - Embedded Derivatives (ASC 815-15), is applied to determine if any of those features must be separately accounted for as a derivative instrument. The estimated fair value of the liability component at issuance is determined using a discounted cash flow technique, which considers debt issuances with similar features of the Company’s convertible notes, excluding the conversion feature. The excess of the gross proceeds received over the estimated fair value of the liability component is allocated to the BCF, which is credited to additional paid-in-capital, with a corresponding offset recognized as a discount to reduce the net carrying value of the convertible notes. The discount is amortized to interest expense over the expected term of the convertible notes using the effective interest method.

Employee Benefits

Stock-Based Compensation

Income Taxes

Financial Instruments and Concentration of Credit Risk

Leases

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

Government Grants

Earnings per share

Commitments and contingencies

Recent Accounting Pronouncements

(x) Recently Adopted Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Property and Equipment, Estimated Useful Lives

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

Property and equipment, net consists of the following:


		As of
	Estimated useful lives (Years)	December 31, 2020		December 31, 2019
Owned assets:
Network equipment and computers	3-5	$	107,109	$	98,309
Software	3-5	99,708		79,746
Leasehold improvements	3-8	48,052		44,982
Office furniture and equipment	3-8	22,117		22,046
Motor vehicles	2-5	599		601
Buildings	30	1,089		1,114
Land	—	712		729
Capital work in progress	—	4,647		10,309
		284,033		257,836
Less: Accumulated depreciation and amortization		(191,629)		(179,331)
		$	92,404	$	78,505
Right-of-use assets under finance leases:
Leasehold improvements		$	817	$	738
Office furniture and equipment		348		308
Motor vehicles		688		711
		1,853		1,757
Less: Accumulated depreciation and amortization		(1,382)		(1,120)
		$	471	$	637
Property and equipment, net		$	92,875	$	79,142

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,
	2020		2019		2018
Depreciation and amortization expense	$	36,050	$	30,423	$	28,189

The effect of foreign exchange gain / (loss) upon settlement of cash flow hedges recorded under depreciation and amortization, was as follows:


	Year ended December 31,
	2020		2019		2018
Effect of foreign exchange gain/(loss)	$	51	$	212	$	153

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


	As of
	December 31, 2020		December 31, 2019
Cost	$	18,371	$	15,784
Less : Accumulated amortization	(5,998)		(4,989)
Internally developed software, net	$	12,373	$	10,795

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


	Year ended December 31,
	2020		2019		2018
Amortization expense	$	4,894	$	2,745	$	1,417

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:


			Useful Lives (in years)
Customer relationships			3-15
Developed technology			5-10
Trade names and trademarks			3-10

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020, 2019 and 2018, respectively, for each of the reportable segments, are as follows:


	Year ended December 31, 2020
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	341,770	$	101,315	$	152,670	$	362,679	$	958,434
Cost of revenues (1)	231,884		73,143		89,459		229,450		623,936
Gross profit(1)	$	109,886	$	28,172	$	63,211	$	133,229	$	334,498
Operating expenses									224,476
Foreign exchange gain, interest expense and other income, net									5,307
Income tax expense									25,626
Loss from equity-method investment									227
Net income									$	89,476

(1) Exclusive of depreciation and amortization expense.


	Year ended December 31, 2019
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	346,434	$	97,465	$	190,118	$	357,329	$	991,346
Cost of revenues(1)	238,580		77,048		108,617		231,245		655,490
Gross profit(1)	$	107,854	$	20,417	$	81,501	$	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

(1) Exclusive of depreciation and amortization expense.


	Year ended December 31, 2018
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	311,152	$	89,845	$	196,825	$	285,290	$	883,112
Cost of revenues(1)	211,818		70,446		117,987		184,604		584,855
Gross profit(1)	$	99,334	$	19,399	$	78,838	$	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

(1) Exclusive of depreciation and amortization expense.

Revenues, net by service type, were as follows:


	Year ended December 31,
	2020		2019		2018
BPM and related services (1)	$	595,755	$	634,017	$	597,822
Analytics services	362,679		357,329		285,290
Revenues, net	$	958,434	$	991,346	$	883,112

(1) BPM and related services include revenues of the Company's Insurance, Healthcare and Emerging Business reportable segments. Refer to the reportable segment disclosure above.

Revenues Based on Geographical Information

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


	Year ended December 31,
	2020		2019		2018
Revenues, net
United States	$	814,672	$	817,878	$	732,589
Non-United States
United Kingdom	88,659		113,036		114,515
Rest of World	55,103		60,432		36,008
Total Non-United States	143,762		173,468		150,523
Revenues, net	$	958,434	$	991,346	$	883,112

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, were as follows:


	As of
	December 31, 2020		December 31, 2019
Long-lived assets
India	$	97,261	$	78,244
United States	46,659		52,375
Philippines	29,434		26,006
Rest of World	11,439		8,913
Long-lived assets	$	184,793	$	165,538

Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results

Summarized quarterly results for the years ended December 31, 2020 and 2019 are as follows:


	Three months ended 2020 (Unaudited)								Year ended (Audited)
	March 31		June 30		September 30		December 31		December 31, 2020

Revenues, net	$	245,990	$	222,473	$	241,018	$	248,953	$	958,434
Gross profit(1)	$	83,334	$	64,072	$	88,931	$	98,161	$	334,498
Income before equity method investment activity, net and income tax expense	$	28,321	$	12,567	$	34,979	$	39,462	$	115,329
Net income	$	22,411	$	8,429	$	26,418	$	32,218	$	89,476
Earnings per share:
Basic(2)	$	0.65	$	0.24	$	0.77	$	0.95	$	2.61
Diluted(2)	$	0.65	$	0.24	$	0.76	$	0.94	$	2.59
Weighted-average number of shares used in computing earnings per share:
Basic(2)	34,401,565		34,486,202		34,327,477		33,882,013		34,273,388
Diluted(2)	34,720,603		34,597,688		34,536,049		34,370,023		34,555,164

Stock compensation expense	$	4,778	$	7,726	$	8,346	$	7,385	$	28,235
Amortization of intangibles	$	4,154	$	3,430	$	3,413	$	3,415	$	14,412

	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
Income before equity method investment activity, net and income tax expense	$	18,962	$	15,296	$	24,814	$	24,028	$	83,100
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

(1) Exclusive of depreciation and amortization expense.

Revenues, net (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020		December 31, 2019
Accounts receivable, net	$	147,635	$	171,864
Contract assets	$	4,437	$	5,391
Contract liabilities:
Deferred revenue (consideration received in advance)	$	30,450	$	11,259
Consideration received for process transition activities	$	2,774	$	3,036

Revenue recognized during the year ended December 31, 2020 and 2019, which was included in the contract liabilities balance at the beginning of the respective periods:


	Year ended December 31,
	2020		2019
Deferred revenue (consideration received in advance)	$	10,949	$	6,077
Consideration received for process transition activities	$	1,424	$	844

Contract Acquisition and Contract Fulfillment Costs

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


	Contract Acquisition Costs				Contract Fulfillment Costs
	Year ended December 31,				Year ended December 31,
	2020		2019		2020		2019
Opening Balance	$	1,307	$	713	$	7,255	$	4,051
Additions	310		1,222		779		4,652
Amortization	(590)		(628)		(2,403)		(1,448)
Closing Balance	$	1,027	$	1,307	$	5,631	$	7,255

Movement in Allowance for Expected Credit Loss


	As of
	December 31, 2020		January 1, 2020
Accounts receivable, including unbilled receivables	$	148,824	$	173,027
Less: Allowance for lifetime expected credit loss	(1,189)		(1,163)
Accounts receivable, net	$	147,635	$	171,864

The movement in allowance for current expected credit loss on customer balances for the year ended December 31, 2020 and December 31, 2019 was as follows:


	Year ended December 31,
	2020		2019
Balance at the beginning of the year	$	1,163	$	956
Additions during the period	300		354
Charged against allowance	(269)		(156)
Translation adjustment	(5)		9
Balance at the end of the year	$	1,189	$	1,163

Other Income, net (Tables)

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Other Income, net

Other income, net consists of the following:


	Year ended December 31,
	2020		2019		2018
Gain on sale and mark-to-market of mutual funds	$	9,521	$	12,965	$	9,970
Interest and dividend income	2,595		2,399		1,873
Others, net	(51)		1,143		1,146
Other income, net	$	12,065	$	16,507	$	12,989

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
Numerators:
Net income	$	89,476	$	67,659	$	56,726
Denominators:
Basic weighted average common shares outstanding	34,273,388		34,350,150		34,451,008
Dilutive effect of share based awards	254,717		382,533		579,976
Dilutive effect of conversion premium on convertible notes	27,059		—		—
Diluted weighted average common shares outstanding	34,555,164		34,732,683		35,030,984
Earnings per share attributable to ExlService Holdings Inc. stockholders:
Basic	$	2.61	$	1.97	$	1.65
Diluted	$	2.59	$	1.95	$	1.62
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	289,061		106,375		121,344

Cash, Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020		December 31, 2019		December 31, 2018
Cash and cash equivalents	$	218,530	$	119,165	$	95,881
Restricted cash (current)	4,690		5,453		5,608
Restricted cash (non-current)	2,299		2,426		2,642
Cash, cash equivalents and restricted cash	$	225,519	$	127,044	$	104,131

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, 2020		December 31, 2019		December 31, 2018
Cash and cash equivalents	$	218,530	$	119,165	$	95,881
Restricted cash (current)	4,690		5,453		5,608
Restricted cash (non-current)	2,299		2,426		2,642
Cash, cash equivalents and restricted cash	$	225,519	$	127,044	$	104,131

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of 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

Property and equipment, net consists of the following:


		As of
	Estimated useful lives (Years)	December 31, 2020		December 31, 2019
Owned assets:
Network equipment and computers	3-5	$	107,109	$	98,309
Software	3-5	99,708		79,746
Leasehold improvements	3-8	48,052		44,982
Office furniture and equipment	3-8	22,117		22,046
Motor vehicles	2-5	599		601
Buildings	30	1,089		1,114
Land	—	712		729
Capital work in progress	—	4,647		10,309
		284,033		257,836
Less: Accumulated depreciation and amortization		(191,629)		(179,331)
		$	92,404	$	78,505
Right-of-use assets under finance leases:
Leasehold improvements		$	817	$	738
Office furniture and equipment		348		308
Motor vehicles		688		711
		1,853		1,757
Less: Accumulated depreciation and amortization		(1,382)		(1,120)
		$	471	$	637
Property and equipment, net		$	92,875	$	79,142

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,
	2020		2019		2018
Depreciation and amortization expense	$	36,050	$	30,423	$	28,189

The effect of foreign exchange gain / (loss) upon settlement of cash flow hedges recorded under depreciation and amortization, was as follows:


	Year ended December 31,
	2020		2019		2018
Effect of foreign exchange gain/(loss)	$	51	$	212	$	153

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


	As of
	December 31, 2020		December 31, 2019
Cost	$	18,371	$	15,784
Less : Accumulated amortization	(5,998)		(4,989)
Internally developed software, net	$	12,373	$	10,795

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


	Year ended December 31,
	2020		2019		2018
Amortization expense	$	4,894	$	2,745	$	1,417

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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


	Insurance		Healthcare		Emerging Business		Analytics		TT&L		F&A		All Other		Total
Balance at January1, 2019	$	38,203	$	19,276	$	—	$	227,289	$	12,697	$	47,193	$	5,326	$	349,984
Currency translation adjustments	73		—		—		—		(240)		(288)		—		(455)
Balance at December 31, 2019	$	38,276	$	19,276	$	—	$	227,289	$	12,457	$	46,905	$	5,326	$	349,529
Goodwill reallocation(1)	12,192		2,693		49,803		—		(12,457)		(46,905)		(5,326)		—
Currency translation adjustments	31		(16)		(455)		(1)		—		—		—		(441)
Balance at December 31, 2020	$	50,499	$	21,953	$	49,348	$	227,288	$	—	$	—	$	—	$	349,088

Schedule of Indefinite Lived Intangible Assets

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


	As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	73,357	$	(27,464)	$	45,893
Developed technology	23,510		(11,858)		11,652
Trade names and trademarks	5,100		(3,951)		1,149
	$	101,967	$	(43,273)	$	58,694
Indefinite-lived intangible assets:
Trade names and trademarks	$	900	$	—	$	900
Total intangible assets	$	102,867	$	(43,273)	$	59,594


	As of December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		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

Schedule of Amortization of Intangible Assets

The amortization expense recognized in the consolidated statements of income was as follows:


	Year ended December 31,
	2020		2019		2018
Amortization expense	$	14,412	$	21,558	$	20,377

Schedule of Finite Lived Intangible Assets Useful Lives

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


			(in years)
Customer relationships			6.89
Developed technology			2.71
Trade names and trademarks (Finite lived)			2.04

Schedule of Estimated Future Amortization of Intangible Assets


Estimated future amortization expense related to finite-lived intangible assets as of December 31, 2020 was as follows:
2021	$	12,765
2022	11,341
2023	9,052
2024	6,710
2025	5,958
2026 and thereafter	12,868
Total	$	58,694

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020		December 31, 2019
Derivative instruments	$	9,755	$	4,076
Advances to suppliers	3,906		1,581
Receivables from statutory authorities	15,658		12,608
Contract assets	1,814		1,414
Deferred contract fulfillment costs	2,888		1,673
Interest accrued on term deposits	169		439
Others	2,919		2,803
Other current assets	$	37,109	$	24,594

Other Assets (Tables)

12 Months Ended

Dec. 31, 2020

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

Schedule of Other Assets

Other assets consist of the following:


	As of
	December 31, 2020		December 31, 2019
Lease deposits	$	9,788	$	9,983
Derivative instruments	6,933		3,433
Deposits with statutory authorities	6,341		6,237
Term deposits	216		1,983
Contract assets	2,623		3,977
Deferred contract fulfillment costs	2,743		5,582
Others	3,455		4,821
Other assets	$	32,099	$	36,016

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020		December 31, 2019
Accrued expenses	$	39,951	$	50,097
Payable to statutory authorities	10,594		9,247
Accrued capital expenditures	7,857		3,035
Derivative instruments	435		1,783
Client liabilities	4,740		6,378
Interest payable	1,399		1,492
Other current liabilities	1,205		1,732
Finance lease liabilities	229		253
Accrued expenses and other current liabilities	$	66,410	$	74,017

Other Non-Current liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Liabilities, Noncurrent [Abstract]

Summary of Non-Current Liabilities

Other non-current liabilities consist of the following:


	As of
	December 31, 2020		December 31, 2019
Derivative instruments	$	29	$	1,250
Unrecognized tax benefits	907		1,047
Retirement benefits	8,940		6,517
Deferred transition revenue	924		1,911
Accrued capital expenditure	3,486		—
Other liabilities	3,568		987
Finance lease liabilities	281		430
Other non-current liabilities	$	18,135	$	12,142

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Accumulated Other Comprehensive Loss

The balances as of December 31, 2020 and 2019 are as follows:


	Accumulated Other Comprehensive Loss
	Foreign currency translation (loss)/ gain		Unrealized (loss)/gain on cash flow hedges		Retirement benefits		Total
Balance as of January 1, 2019	$	(84,105)	$	(333)	$	971	$	(83,467)
Gains / (losses) recognized during the year	(2,857)		8,773		(2,539)		3,377
Reclassification to net income(1)	—		(3,951)		(159)		(4,110)
Income tax benefit / (expense)(2)	(629)		(391)		328		(692)
Accumulated other comprehensive loss as of December 31, 2019	$	(87,591)	$	4,098	$	(1,399)	$	(84,892)
Gains / (losses) recognized during the year	(547)		12,665		(2,401)		9,717
Reclassification to net income(1)	—		(801)		394		(407)
Income tax benefit / (expense)(2)	1,953		(2,163)		808		598
Accumulated other comprehensive loss as of December 31, 2020	$	(86,185)	$	13,799	$	(2,598)	$	(74,984)

1.Refer to Note 17 - Derivatives and Hedge Accounting and Note 20 - Employee Benefit Plans to the consolidated financial statements for reclassification to net income.

2.These are income tax benefit / (expense) recognized on changes in the fair values of cash flow hedges, actuarial (loss) / gain on

retirement benefits and foreign currency translation (loss) / gain, net of reclassifications related to the period activity. Refer to Note 22 - Income Taxes to the consolidated financial statements.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019.


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2020	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Mutual funds*	$	160,441	$	—	$	—	$	160,441
Derivative financial instruments	—		16,688		—		16,688
Total	$	160,441	$	16,688	$	—	$	177,129
Liabilities
Derivative financial instruments	$	—	$	464	$	—	$	464
Total	$	—	$	464	$	—	$	464

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
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

* Represents those short-term investments which are carried at the fair value option under ASC 825 "Financial Instruments".

Derivatives and Hedge Accounting (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Foreign Currency Exchange Contracts

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


Derivatives designated as hedging instruments:	As of
Foreign currency exchange contracts	December 31, 2020		December 31, 2019
Other current assets	$	9,740	$	3,945
Other assets	$	6,933	$	3,433
Accrued expenses and other current liabilities	$	176	$	1,524
Other non-current liabilities	$	29	$	1,250

Derivatives not designated as hedging instruments:	As of
Foreign currency exchange contracts	December 31, 2020		December 31, 2019
Other current assets	$	15	$	131
Accrued expenses and other current liabilities	$	259	$	259

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


	Year ended December 31,
Forward Exchange Contracts:	2020		2019		2018
Unrealized gain/(loss) recognized in AOCI
Derivatives in cash flow hedging relationships	$	12,665	$	8,773	$	(13,724)

Gain/(loss) recognized in consolidated statements of income
Derivatives not designated as hedging instruments	$	3,802	$	3,306	$	(3,224)

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,
	2020				2019				2018
	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		As per consolidated statements of income		Gain/(loss) on foreign currency exchange contracts
Cash flow hedging relationships
Location in consolidated statements of income where gain was reclassed from AOCI

Cost of revenues	$	623,936	$	1,008	$	655,490	$	3,269	$	584,855	$	2,481
General and administrative expenses	$	113,891	$	(161)	$	126,909	$	424	$	116,202	$	443
Selling and marketing expenses	$	60,123	$	(5)	$	71,842	$	46	$	63,612	$	44
Depreciation and amortization expense	$	50,462	$	(41)	$	51,981	$	212	$	48,566	$	181
			$	801			$	3,951			$	3,149

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

Foreign exchange gain/(loss), net	$	4,432	$	3,802	$	3,752	$	3,306	$	4,787	$	(3,224)
	$	4,432	$	3,802	$	3,752	$	3,306	$	4,787	$	(3,224)

Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Company's Debt Position

The following tables summarizes the Company’s debt position as of December 31, 2020 and 2019.


	As of December 31, 2020
	Revolving Credit Facility		Notes		Total
Current portion of long-term borrowings	$	25,000	$	—	$	25,000

Long-term borrowings	$	64,000	$	150,000	$	214,000
Unamortized debt discount	—		(11,235)		(11,235)
Unamortized debt issuance costs*	—		(804)		(804)
Long-term borrowings	$	64,000	$	137,961	$	201,961
Total borrowings	$	89,000	$	137,961	$	226,961


	As of December 31, 2019
	Revolving Credit Facility		Structured Payables		Notes		Total
Current portion of long-term borrowings	$	40,000	$	867	$	—	$	40,867

Long-term borrowings	$	59,000	$	—	$	150,000	$	209,000
Unamortized debt discount	—		—		(13,851)		(13,851)
Unamortized debt issuance costs*	—		—		(1,018)		(1,018)
Long-term borrowings	$	59,000	$	—	$	135,131	$	194,131
Total borrowings	$	99,000	$	867	$	135,131	$	234,998

Schedule of Credit Facilities Carried an Effective Interest Rate

The revolving Credit Facility carried an effective interest rate as shown below.


	Year ended December 31,
	2020		2019		2018
Effective interest rate	2.3	%	4.0	%	3.4	%

Schedule of Interest Expense Debt Recognized

During the year ended December 31, 2020, 2019 and 2018 the Company recognized interest expense and amortization of debt discount, on the Notes as below:


	Year ended December 31,
		2020		2019		2018
Interest expense on the Notes		$	5,250	$	5,206	$	1,313
Amortization of debt discount on the Notes		$	2,616	$	2,472	$	600

Schedule of Principal Maturities of Borrowings

Payments/maturities for all of the Company's borrowings as of December 31, 2020 were as follows:


	Notes		Revolving Credit		Total
2021	$	—	$	25,000	$	25,000
2022	—		64,000		64,000
2023	—		—		—
2024	150,000		—		150,000
Total	$	150,000	$	89,000	$	239,000

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Capital Structure (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Purchase of Common Stock from Employees Withholding Tax Payments Related to Vesting of Restricted Stock

The Company purchased shares of common stock from employees in connection with withholding tax payments related to the vesting of restricted stock, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Year ended December 31, 2020	28,052	$	2,131	$	75.96
Year ended December 31, 2019	23,859	$	1,490	$	62.47
Year ended December 31, 2018	51,446	$	3,122	$	60.68

Summary of Company's Purchased Shares of its Common Stock, Including Commissions

The Company purchased shares of its common stock, including commissions, under the 2019 Repurchase Program and the 2017 Repurchase Program, as applicable, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Year ended December 31, 2020	1,085,153	$	77,818	$	71.71
Year ended December 31, 2019	643,486	$	39,874	$	61.96
Year ended December 31, 2018	674,604	$	39,987	$	59.27

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Summary of Change in Projected Benefit Obligation

Change in projected benefit obligation, was as follows:


	2020		2019
Projected benefit obligation as of January 1	$	15,311	$	11,044
Service cost	2,706		1,953
Interest cost	964		875
Benefits paid	(878)		(960)
Actuarial loss*	2,425		2,577
Effect of exchange rate changes	(62)		(178)
Projected benefit obligation as of December 31	$	20,466	$	15,311
Unfunded amount-non-current	$	8,940	$	6,517
Unfunded amount-current	14		10
Total accrued liability	$	8,954	$	6,527
Accumulated benefit obligation	$	12,490	$	10,743

Accumulated benefit obligation in excess of plan assets	$	978	$	1,959

Components of Net Periodic Benefit Cost

Components of net periodic benefit costs, were as follows:


	Year ended December 31,
	2020		2019		2018
Service cost	$	2,706	$	1,953	$	1,735
Interest cost	964		875		714
Expected return on plan assets	(636)		(568)		(514)
Amortization of actuarial loss/(gain)	394		(159)		(153)
Net periodic benefit cost	$	3,428	$	2,101	$	1,782

Summary of Components Accumulated Other Comprehensive (Loss)/Gain

The components of actuarial (loss) / gain on retirement benefits included in accumulated other comprehensive (loss)/gain, excluding tax effects, were as follows:


	As of December 31,
	2020		2019		2018
Net actuarial (loss)/gain	$	(3,772)	$	(1,762)	$	940
Net prior service cost	(15)		(18)		(22)
Accumulated other comprehensive (loss)/gain, excluding tax effects	$	(3,787)	$	(1,780)	$	918

Summary of Weighted Average Actuarial Assumptions

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


	December 31,
	2020		2019		2018
Discount rate	4.6	%	6.5	%	7.5	%
Rate of increase in compensation levels	7.1	%	6.0	%	8.2	%
Expected long-term rate of return on plan assets per annum	7.0	%	7.5	%	7.3	%

Summary of Expected Benefit Payments


Expected benefit payments during the year ending December 31,
2021	$	2,795
2022	$	2,542
2023	$	2,413
2024	$	2,098
2025	$	1,856
2026 to 2030	$	6,956

Change in Plan Assets


Change in Plan Assets
Plan assets at January 1, 2019	$	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
Actual return	661
Employer contribution	3,099
Benefits paid*	(869)
Effect of exchange rate changes	(163)
Plan assets at December 31, 2020	$	11,512

* Benefits payments were substantially made from the plan assets during the year.

Schedule of Company's Contribution Plan

The Company's accrual for contributions to the 401(k) Plans were as follows:


	Year ended December 31,
	2020		2019		2018
Contribution to the 401(k) Plans	$	3,577	$	3,617	$	3,423

The Company's contribution for various defined benefit plans on behalf of employees in India, the Philippines, the Czech Republic, South Africa, Colombia, Australia and Singapore were as follows:


	Year ended December 31,
	2020		2019		2018
Contribution to the defined benefit plans	$	11,332	$	10,614	$	7,663

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information


	As of
	December 31, 2020		December 31, 2019
Operating Lease
Operating lease right-of-use assets	$	91,918	$	86,396

Operating lease liabilities - Current	$	18,894	$	24,148
Operating lease liabilities - Non-current	84,874		74,709
Total operating lease liabilities	$	103,768	$	98,857

Finance Lease
Property and equipment, gross	$	1,853	$	1,757
Accumulated depreciation	(1,382)		(1,120)
Property and equipment, net	$	471	$	637

Finance lease liabilities - Current	$	229	$	253
Finance lease liabilities - Non-current	281		430
Total finance lease liabilities	$	510	$	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, 2020		Year ended December 31, 2019
Finance lease:
Amortization of right-of-use assets	$	235	$	255
Interest on lease liabilities	81		93
	$	316	$	348
Operating lease(a)	27,146		27,335
	$	27,146	$	27,335
Sublease income	—		(146)
Total lease cost	$	27,462	$	27,537

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

Schedule of Supplemental Cash Flow Information Related to Leases

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


	Year ended December 31, 2020		Year ended December 31, 2019
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	26,589	$	24,813
Operating cash outflows for finance leases	$	81	$	93
Financing cash outflows for finance leases	$	249	$	336
Right-of-use assets obtained in exchange for new operating lease liabilities	$	18,765	$	36,473
Right-of-use assets obtained in exchange for new finance lease liabilities	$	45	$	506
Weighted-average remaining lease term (in years)
Finance lease	1.8		2.3
Operating lease	6.3		6.0
Weighted-average discount rate
Finance lease	10.5%		9.9%
Operating lease	7.4%		7.6%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2020 are as follows:


	Operating Leases		Finance Leases
2021	$	25,829	$	262
2022	24,316		194
2023	22,066		114
2024	17,084		36
2025	9,749		11
2026 and thereafter	34,334		—
Total lease payments	$	133,378	$	617
Less: Imputed interest	29,610		107
Present value of lease liabilities	$	103,768	$	510

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2020 are as follows:


	Operating Leases		Finance Leases
2021	$	25,829	$	262
2022	24,316		194
2023	22,066		114
2024	17,084		36
2025	9,749		11
2026 and thereafter	34,334		—
Total lease payments	$	133,378	$	617
Less: Imputed interest	29,610		107
Present value of lease liabilities	$	103,768	$	510

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Components of Income /(Loss) Before Income Taxes

The components of income/ (loss) before income taxes consist of the following:


	Year ended December 31,
	2020		2019		2018
Domestic	$	30,893	$	(16,685)	$	(24,442)
Foreign	84,436		99,785		84,812
	$	115,329	$	83,100	$	60,370

Summary of Income Tax Expense/(Benefit)

Income tax expense/ (benefit) consists of the following:


	Year ended December 31,
	2020		2019		2018
Current provision/(benefit):
Domestic	$	7,946	$	10,823	$	(13,249)
Foreign	14,983		16,694		17,271
	$	22,929	$	27,517	$	4,022
Deferred provision/(benefit):
Domestic	$	1,343	$	(13,912)	$	(1,999)
Foreign	1,354		1,567		1,374
	$	2,697	$	(12,345)	$	(625)
Income tax expense	$	25,626	$	15,172	$	3,397

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

Income taxes (deferred) recognized in other comprehensive income/(loss) are as follows:


	Year ended December 31,
	2020		2019		2018
Deferred tax (expense)/benefit recognized on:
Unrealized gain/(loss) on cash flow hedges	$	(2,251)	$	(683)	$	3,888
Reclassification adjustment for cash flow hedges	88		292		915
Retirement benefits	897		312		(44)
Reclassification adjustment for retirement benefits	(89)		16		23
Foreign currency translation loss	1,953		(629)		5,903
Total income tax (expense)/benefit recognized in other comprehensive income/(loss)	$	598	$	(692)	$	10,685

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,
	2020		2019		2018
Expected tax expense	$	24,219	$	17,451	$	12,678
Impact of tax holiday	(757)		(5,920)		(5,448)
Foreign tax rate differential	(1,991)		1,660		5,014
Deferred tax provision/(benefit)	2,888		3,026		(3,915)
Unrecognized tax benefits and interest	6		174		(88)
State taxes, net of Federal taxes	3,242		2,137		2,201
Non-deductible expenses	1,467		1,329		3,066
US Tax Reform Act impact	—		—		176
Excess tax benefit on stock-based compensation	(2,378)		(2,306)		(7,227)
Research and development credits	(918)		(1,650)		(1,500)
Prior period items	(182)		(143)		(1,466)
Others	30		(586)		(94)
Tax expense	$	25,626	$	15,172	$	3,397

Summary of Components of Deferred Tax Balances

The components of the deferred tax balances as of December 31, 2020 and 2019 are as follows:


	As of
	December 31, 2020		December 31, 2019
Deferred tax assets:
Depreciation and amortization expense	$	9,710	$	12,319
Stock-based compensation	9,383		9,313
Accrued employee costs and other expenses	12,208		9,805

Net operating loss carry forward	2,042		2,896
Unrealized exchange loss	391		1,136
Deferred rent	4,782		4,503
Others	281		745
	$	38,797	$	40,717
Valuation allowance	(188)		(202)
Deferred tax assets	$	38,609	$	40,515

Deferred tax liabilities:
Unrealized exchange gain	$	2,668	$	505
Intangible assets	19,720		20,696
Unamortized discount on convertible senior notes	2,753		3,395
Others	6,566		5,030
Deferred tax liabilities	$	31,707	$	29,626
Net deferred tax assets	$	6,902	$	10,889

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, 2020, 2019 and 2018.


	2020		2019		2018
Balance as of January 1	$	1,047	$	804	$	824
Increases related to prior year tax positions	—		69		—
Decreases related to prior year tax positions	(324)		(156)		(320)
Increases related to current year tax positions	184		330		300

Balance as of December 31	$	907	$	1,047	$	804

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

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


	Year ended December 31,
	2020		2019		2018
Cost of revenues	$	6,300	$	5,895	$	4,924
General and administrative expenses	11,009		10,012		10,371
Selling and marketing expenses	10,926		10,163		8,606
Total	$	28,235	$	26,070	$	23,901

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, 2019	98,161	$	23.39	$	4,522	1.86
Granted	—	—		—		—
Exercised	(66,896)	22.44		3,488		—
Forfeited	—	—		—		—
Outstanding at December 31, 2020	31,265	$	25.43	$	1,866	1.85
Vested and exercisable at December 31, 2020	31,265	$	25.43	$	1,866	1.85


	Year ended December 31,
	2020		2019		2018
Cash received from options exercised during the year	$	1,501	$	986	$	1,397

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, 2020:


	Options Outstanding, Vested and Exercisable
Range of Exercise Prices	Shares	Weighted-Average Exercise Price

$21.01 to $28.00	31,265	$	25.43

Restricted Stock Activity Under Company's Stock Plans

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, 2019**	27,386	$	48.72	913,094	$	59.61
Granted	—	—		395,708	76.99
Vested*	(27,386)	48.72		(331,340)	56.55
Forfeited	—	—		(73,796)	65.71
Outstanding at December 31, 2020**	—	$	—	903,666	$	67.84

* Includes 14,368 and 11,517 restricted stock units vested during the years ended December 31, 2020 and 2019, respectively, for which the underlying common stock is yet to be issued.

** As of December 31, 2020 and 2019 restricted stock units vested for which the underlying common stock is yet to be issued are 181,638 and 167,270, respectively.

The weighted-average fair value of restricted stock units granted was as follows:


	Year ended December 31,
	2020		2019		2018
Weighted-average fair value	$	76.99	$	64.29	$	60.64

The total grant date fair value of restricted stock and restricted stock units vested was as follows:


	Year ended December 31,
	2020		2019		2018
Total grant date fair value	$	20,072	$	22,084	$	19,865

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


	Revenue Based PRSUs			Market Condition Based PRSUs
	Number	Weighted Average Fair Value		Number	Weighted Average Fair Value
Outstanding at December 31, 2019	87,685	$	62.54	87,670	$	82.10
Granted	61,368	78.29		61,352	102.10
Adjustment upon final determination of level of performance goal achievement*	—	—		(4,701)	70.97
Vested	(40,425)	60.58		(35,720)	70.97
Forfeited	(2,736)	66.20		(2,734)	85.68
Outstanding at December 31, 2020	105,892	$	72.32	105,867	$	97.85

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,
	2020		2019		2018
Dividend yield	—		—		—
Expected life (years)	2.86		2.86		2.86
Risk free interest rate for expected life	3.85	%	2.46	%	2.38	%
Volatility for expected life	34.30	%	20.52	%	21.79	%

Impairment and Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 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
Change in estimated costs during the year	(556)		—		—		(556)
Payments during the year	(1,041)		(1,106)		(371)		(2,518)
Balance as of December 31, 2020	$	—	$	—	$	—	$	—

Related Party Disclosures (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Related Party Transactions

The Company recognized interest expense on the Notes related to the Investment Agreements as below. Refer to Note 18 – Borrowings to the consolidated financial statements for details.


	Year ended December 31
	2020		2019		2018
Interest expense on Notes	$	5,250	$	5,206	$	1,313

Summary of Significant Accounting Policies - Summary of Revenues and Reimbursements (Details)	12 Months Ended
	Dec. 31, 2020
Minimum
Disaggregation of Revenue [Line Items]
Payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms	60 days

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 1,189	$ 1,163
Unbilled accounts receivable	$ 63,995	$ 73,920

Summary of Significant Accounting Policies - Schedule of Property and Equipment, Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
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

Summary of Significant Accounting Policies - Summary of Lived Intangible Assets Amortized over their Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2020
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
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
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

Summary of Significant Accounting Policies - Share-Based Compensation (Details)		12 Months Ended
	Jun. 15, 2018	Dec. 31, 2020
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%
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%

Summary of Significant Accounting Policies - Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Operating lease right-of-use assets	$ 91,918	$ 86,396
Present value of lease liabilities	$ 103,768	$ 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

Segment and Geographical Information - Narrative (Detail)	12 Months Ended
	Dec. 31, 2020 operating_segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment and Geographical Information - Revenues and Cost of Revenues for Company's Reportable Segments (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

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

$ 248,953

$ 241,018

$ 222,473

$ 245,990

$ 256,872

$ 251,392

$ 243,509

$ 239,573

$ 958,434

$ 991,346

$ 883,112

^[1]

623,936

655,490

584,855

Foreign exchange gain, interest expense and other income, net

98,161

88,931

64,072

83,334

88,610

83,850

81,063

82,333

334,498

^[1]

335,856

^[1]

298,257

^[1]

Operating expenses

224,476

259,403

248,436

5,307

6,647

10,549

Income tax expense

25,626

15,172

3,397

Loss from equity-method investment

227

269

247

Net income attributable to ExlService Holdings, Inc. stockholders

$ 32,218

$ 26,418

$ 8,429

$ 22,411

$ 21,356

$ 19,044

$ 12,564

$ 14,695

89,476

67,659

56,726

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]

595,755

634,017

597,822

Analytics services

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

362,679

357,329

285,290

Insurance

341,770

346,434

311,152

231,884

238,580

211,818

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

109,886

107,854

99,334

Emerging Business

152,670

190,118

196,825

89,459

108,617

117,987

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

63,211

81,501

78,838

Analytics

362,679

357,329

285,290

229,450

231,245

184,604

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

133,229

126,084

100,686

Healthcare

101,315

97,465

89,845

73,143

77,048

70,446

Quarterly Financial Information Disclosure [Abstract]

$ 28,172

$ 20,417

$ 19,399

[1]	Exclusive of depreciation and amortization expense.

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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues, net
Revenues, net	$ 248,953	$ 241,018	$ 222,473	$ 245,990	$ 256,872	$ 251,392	$ 243,509	$ 239,573	$ 958,434	$ 991,346	$ 883,112
Long-lived assets
Long-lived assets	184,793				165,538				184,793	165,538
United States
Revenues, net
Revenues, net									814,672	817,878	732,589
Long-lived assets
Long-lived assets	46,659				52,375				46,659	52,375
India
Long-lived assets
Long-lived assets	97,261				78,244				97,261	78,244
Philippines
Long-lived assets
Long-lived assets	29,434				26,006				29,434	26,006
United Kingdom
Revenues, net
Revenues, net									88,659	113,036	114,515
Rest of World
Revenues, net
Revenues, net									55,103	60,432	36,008
Long-lived assets
Long-lived assets	$ 11,439				$ 8,913				11,439	8,913
Total Non-United States
Revenues, net
Revenues, net									$ 143,762	$ 173,468	$ 150,523

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

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ 248,953

$ 241,018

$ 222,473

$ 245,990

$ 256,872

$ 251,392

$ 243,509

$ 239,573

$ 958,434

$ 991,346

$ 883,112

Income before equity method investment activity, net and income tax expense

98,161

88,931

64,072

83,334

88,610

83,850

81,063

82,333

334,498

^[1]

335,856

^[1]

298,257

^[1]

39,462

34,979

12,567

28,321

24,028

24,814

15,296

18,962

115,329

83,100

60,370

Basic (in dollars per share)

$ 32,218

$ 26,418

$ 8,429

$ 22,411

$ 21,356

$ 19,044

$ 12,564

$ 14,695

$ 89,476

$ 67,659

$ 56,726

Earnings per share:

$ 0.95

$ 0.77

$ 0.24

$ 0.65

$ 0.62

$ 0.55

$ 0.36

$ 0.43

$ 2.61

$ 1.97

$ 1.65

Diluted (in dollars per share)

$ 0.94

$ 0.76

$ 0.24

$ 0.65

$ 0.62

$ 0.55

$ 0.36

$ 0.42

$ 2.59

$ 1.95

$ 1.62

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

Basic (in shares)

33,882,013

34,327,477

34,486,202

34,401,565

34,253,308

34,322,449

34,451,671

34,374,815

34,273,388

34,350,150

34,451,008

Diluted (in shares)

34,370,023

34,536,049

34,597,688

34,720,603

34,696,896

34,699,497

34,702,547

34,833,435

34,555,164

34,732,683

35,030,984

Stock compensation expense

$ 7,385

$ 8,346

$ 7,726

$ 4,778

$ 4,532

$ 7,427

$ 7,155

$ 6,956

$ 28,235

$ 26,070

$ 23,901

Amortization of intangibles

$ 3,415

$ 3,413

$ 3,430

$ 4,154

$ 4,974

$ 5,502

$ 5,554

$ 5,528

$ 14,412

$ 21,558

$ 20,377

[1]	Exclusive of depreciation and amortization expense.

Revenues, net - Contracts with Customer, Receivables and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 147,635	$ 171,864	$ 171,864
Contract assets	4,437	5,391
Contract liabilities
Deferred revenue (consideration received in advance)	30,450	11,259
Consideration received for process transition activities	2,774	3,036
Deferred revenue (consideration received in advance)	10,949	6,077
Consideration received for process transition activities	$ 1,424	$ 844

Revenues, net - Narrative (Details) - USD ($)	12 Months Ended
Revenues, net - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020	Dec. 31, 2018
Capitalized Contract Cost [Line Items]
Accounts receivable not billed	$ 63,995,000	$ 73,920,000
Provision for doubtful receivables	1,189,000	1,163,000	$ 1,163,000	$ 956,000
Previous Accounting Guidance
Capitalized Contract Cost [Line Items]
Provision for doubtful receivables			$ 1,163,000
Contract Acquisition Costs
Capitalized Contract Cost [Line Items]
Impairment loss in relation to costs capitalized	$ 0	$ 0

Revenues, net - Contract Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Contract Acquisition Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	$ 1,307	$ 713
Additions	310	1,222
Amortization	(590)	(628)
Closing Balance	1,027	1,307
Contract Fulfillment Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	7,255	4,051
Additions	779	4,652
Amortization	(2,403)	(1,448)
Closing Balance	$ 5,631	$ 7,255

Revenues, net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Accounts receivable, including unbilled receivables	$ 148,824	$ 173,027
Less: Allowance for lifetime expected credit loss	(1,189)	(1,163)	$ (1,163)	$ (956)
Accounts receivable, net	$ 147,635	$ 171,864	$ 171,864

Revenues, net - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of the year	$ 1,163	$ 956
Additions during the period	300	354
Charged against allowance	(269)	(156)
Translation adjustment	(5)	9
Balance at the end of the year	$ 1,189	$ 1,163

Other Income, net - Summary of Other Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Gain on sale and mark-to-market of mutual funds	$ 9,521	$ 12,965	$ 9,970
Interest and dividend income	2,595	2,399	1,873
Others, net	(51)	1,143	1,146
Other income, net	$ 12,065	$ 16,507	$ 12,989

Earnings Per Share - Narrative (Details) - $ / shares	Dec. 31, 2020	Oct. 01, 2018
3.50% Convertible Senior Notes due October 1, 2024 \| Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion price (in dollars per share)	$ 75	$ 75

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerators:
Net income	$ 32,218	$ 26,418	$ 8,429	$ 22,411	$ 21,356	$ 19,044	$ 12,564	$ 14,695	$ 89,476	$ 67,659	$ 56,726
Denominators:
Basic weighted average common shares outstanding (in shares)	33,882,013	34,327,477	34,486,202	34,401,565	34,253,308	34,322,449	34,451,671	34,374,815	34,273,388	34,350,150	34,451,008
Dilutive effect of share-based awards (in shares)									254,717	382,533	579,976
Dilutive effect of conversion premium on convertible notes (in shares)									27,059	0	0
Diluted weighted average common shares outstanding (in shares)	34,370,023	34,536,049	34,597,688	34,720,603	34,696,896	34,699,497	34,702,547	34,833,435	34,555,164	34,732,683	35,030,984
Earnings per share attributable to ExlService Holdings Inc. stockholders:
Basic (in dollars per share)	$ 0.95	$ 0.77	$ 0.24	$ 0.65	$ 0.62	$ 0.55	$ 0.36	$ 0.43	$ 2.61	$ 1.97	$ 1.65
Diluted (in dollars per share)	$ 0.94	$ 0.76	$ 0.24	$ 0.65	$ 0.62	$ 0.55	$ 0.36	$ 0.42	$ 2.59	$ 1.95	$ 1.62
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share (in shares)									289,061	106,375	121,344

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 218,530	$ 119,165	$ 95,881
Restricted cash (current)	4,690	5,453	5,608
Restricted cash (non-current)	2,299	2,426	2,642
Cash, cash equivalents and restricted cash	$ 225,519	$ 127,044	$ 104,131	$ 94,277

Property and Equipment, net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Owned assets:
Owned assets, gross	$ 284,033	$ 257,836
Less: Accumulated depreciation and amortization	(191,629)	(179,331)
Owned assets, net	92,404	78,505
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	1,853	1,757
Less: Accumulated depreciation and amortization	(1,382)	(1,120)
Property and equipment, net	471	637
Property and equipment, net	92,875	79,142
Network equipment and computers
Owned assets:
Owned assets, gross	$ 107,109	98,309
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	$ 99,708	79,746
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	$ 48,052	44,982
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 817	738
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	$ 22,117	22,046
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 348	308
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	$ 599	601
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 688	711
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	$ 1,089	1,114
Land
Owned assets:
Owned assets, gross	712	729
Capital work in progress
Owned assets:
Owned assets, gross	$ 4,647	$ 10,309

Property and Equipment, net - Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 36,050	$ 30,423	$ 28,189
Depreciation & amortization
Property, Plant and Equipment [Line Items]
Effect of foreign exchange gain/(loss)	$ 51	$ 212	$ 153

Property and Equipment, net - Internally Developed Software Costs, Included under Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Cost	$ 18,371	$ 15,784
Less : Accumulated amortization	(5,998)	(4,989)
Internally developed software, net	12,373	10,795
Amortization expense	$ 4,894	$ 2,745	$ 1,417

Property and Equipment, net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Long-lived assets Impairment charges	$ 0	$ 2,178,000

Goodwill and Intangible Assets - Summary of Company's Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Beginning Balance	$ 349,529	$ 349,984
Currency translation adjustments	(441)	(455)
Goodwill reallocation	0
Ending Balance	349,088	349,529
Insurance
Goodwill [Roll Forward]
Beginning Balance	38,276	38,203
Currency translation adjustments	31	73
Goodwill reallocation	12,192
Ending Balance	50,499	38,276
Healthcare
Goodwill [Roll Forward]
Beginning Balance	19,276	19,276
Currency translation adjustments	(16)	0
Goodwill reallocation	2,693
Ending Balance	21,953	19,276
Emerging Business
Goodwill [Roll Forward]
Beginning Balance	0	0
Currency translation adjustments	(455)	0
Goodwill reallocation	49,803
Ending Balance	49,348	0
Analytics
Goodwill [Roll Forward]
Beginning Balance	227,289	227,289
Currency translation adjustments	(1)	0
Goodwill reallocation	0
Ending Balance	227,288	227,289
TT&L
Goodwill [Roll Forward]
Beginning Balance	12,457	12,697
Currency translation adjustments	0	(240)
Goodwill reallocation	(12,457)
Ending Balance	0	12,457
F&A
Goodwill [Roll Forward]
Beginning Balance	46,905	47,193
Currency translation adjustments	0	(288)
Goodwill reallocation	(46,905)
Ending Balance	0	46,905
All Other
Goodwill [Roll Forward]
Beginning Balance	5,326	5,326
Currency translation adjustments	0	0
Goodwill reallocation	(5,326)
Ending Balance	$ 0	$ 5,326

Goodwill and Intangible Assets - Narrative (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 349,088	$ 349,529	$ 349,984
Long-term revenue growth rate
Business Acquisition [Line Items]
Reporting unit, measurement input	0.030
Discount rate \| Minimum
Business Acquisition [Line Items]
Reporting unit, measurement input	0.104
Discount rate \| Maximum
Business Acquisition [Line Items]
Reporting unit, measurement input	0.120
SCIO
Business Acquisition [Line Items]
Goodwill		$ 163,751
Percentage of total goodwill		47.00%
Percentage of fair value in excess of carrying amount		10.00%

Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 101,967	$ 129,678
Finite-lived intangible assets, accumulated amortization	(43,273)	(56,596)
Total	58,694	73,082
Total intangible assets, gross carrying amount	102,867	130,578
Total intangible assets, net carrying amount	59,594	73,982
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, trade names and trademarks	900	900
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	73,357	97,602
Finite-lived intangible assets, accumulated amortization	(27,464)	(43,330)
Total	45,893	54,272
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	23,510	26,976
Finite-lived intangible assets, accumulated amortization	(11,858)	(10,687)
Total	11,652	16,289
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	5,100	5,100
Finite-lived intangible assets, accumulated amortization	(3,951)	(2,579)
Total	$ 1,149	$ 2,521

Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,415	$ 3,413	$ 3,430	$ 4,154	$ 4,974	$ 5,502	$ 5,554	$ 5,528	$ 14,412	$ 21,558	$ 20,377

Goodwill and Intangible Assets - Weighted Average Life of Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2020
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	6 years 10 months 20 days
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	2 years 8 months 15 days
Trade names and trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	2 years 14 days

Goodwill and Intangible Assets - Estimated Future Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 12,765
2022	11,341
2023	9,052
2024	6,710
2025	5,958
2026 and thereafter	12,868
Total	$ 58,694	$ 73,082

Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Derivative instruments	$ 9,755	$ 4,076
Advances to suppliers	3,906	1,581
Receivables from statutory authorities	15,658	12,608
Contract assets	1,814	1,414
Deferred contract fulfillment costs	2,888	1,673
Interest accrued on term deposits	169	439
Others	2,919	2,803
Other current assets	$ 37,109	$ 24,594

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Lease deposits	$ 9,788	$ 9,983
Derivative instruments	6,933	3,433
Deposits with statutory authorities	6,341	6,237
Term deposits	216	1,983
Contract assets	2,623	3,977
Deferred contract fulfillment costs	2,743	5,582
Others	3,455	4,821
Other assets	$ 32,099	$ 36,016

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued expenses	$ 39,951	$ 50,097
Payable to statutory authorities	10,594	9,247
Accrued capital expenditures	7,857	3,035
Derivative instruments	435	1,783
Client liabilities	4,740	6,378
Interest payable	1,399	1,492
Other current liabilities	1,205	1,732
Finance lease liabilities	229	253
Accrued expenses and other current liabilities	$ 66,410	$ 74,017

Other Non-Current liabilities - Summary of Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Liabilities, Noncurrent [Abstract]
Derivative instruments	$ 29	$ 1,250
Unrecognized tax benefits	907	1,047
Retirement benefits	8,940	6,517
Deferred transition revenue	924	1,911
Accrued capital expenditure	3,486	0
Other liabilities	3,568	987
Finance lease liabilities	281	430
Other liabilities	$ 18,135	$ 12,142

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 670,001	$ 618,319
Gains / (losses) recognized during the year	9,717	3,377
Reclassification to net income	(407)	(4,110)
Income tax benefit / (expense)	598	(692)
Ending balance	719,172	670,001
Foreign currency translation (loss)/ gain
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(87,591)	(84,105)
Gains / (losses) recognized during the year	(547)	(2,857)
Reclassification to net income	0	0
Income tax benefit / (expense)	1,953	(629)
Ending balance	(86,185)	(87,591)
Unrealized (loss)/gain on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4,098	(333)
Gains / (losses) recognized during the year	12,665	8,773
Reclassification to net income	(801)	(3,951)
Income tax benefit / (expense)	(2,163)	(391)
Ending balance	13,799	4,098
Retirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,399)	971
Gains / (losses) recognized during the year	(2,401)	(2,539)
Reclassification to net income	394	(159)
Income tax benefit / (expense)	808	328
Ending balance	(2,598)	(1,399)
Accumulated Other Comprehensive (Loss)/Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(84,892)	(83,467)
Ending balance	$ (74,984)	$ (84,892)

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Derivative Instruments, Gain (Loss) [Line Items]

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Assets
Mutual funds	$ 160,441,000	$ 166,330,000
Derivative financial instruments	16,688,000	7,509,000
Total	177,129,000	173,839,000
Liabilities
Derivative financial instruments	464,000	3,033,000
Total	464,000	3,033,000
Impairment charges	0	0
(Level 1)
Assets
Mutual funds	160,441,000	166,330,000
Derivative financial instruments	0	0
Total	160,441,000	166,330,000
Liabilities
Derivative financial instruments	0	0
Total	0	0
(Level 2)
Assets
Mutual funds	0	0
Derivative financial instruments	16,688,000	7,509,000
Total	16,688,000	7,509,000
Liabilities
Derivative financial instruments	464,000	3,033,000
Total	464,000	3,033,000
Fair value of convertible notes	152,384,000	149,934,000
(Level 3)
Assets
Mutual funds	0	0
Derivative financial instruments	0	0
Total	0	0
Liabilities
Derivative financial instruments	0	0
Total	$ 0	$ 0

Derivatives and Hedge Accounting - Narrative (Detail) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 GBP (£)	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 COP ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 GBP (£)	Dec. 31, 2019 EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains which could be reclassified into earnings within the next 12 months	$ 9,564
Maximum outstanding term of cash flow hedges	45 months
Derivative designated as hedging instruments \| Derivatives in cash flow hedging relationships \| Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 451,935				$ 410,390
Derivative not designated as hedging instruments \| Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 143,394	£ 6,753	€ 2,447	$ 8,287,950	124,045	£ 10,843	€ 1,289
Forward contracts \| Derivative 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

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Detail) - Foreign currency exchange contracts - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative designated as hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	$ 9,740	$ 3,945
Derivative designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	6,933	3,433
Derivative designated as hedging instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	176	1,524
Derivative designated as hedging instruments \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	29	1,250
Derivative not designated as hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	15	131
Derivative not designated as hedging instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	$ 259	$ 259

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in consolidated statements of income	$ (4,432)	$ (3,752)	$ (4,787)
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	12,665	8,773	(13,724)
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	$ 3,802	$ 3,306	$ (3,224)

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

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

General and administrative expenses

^[1]

$ 623,936

$ 655,490

$ 584,855

113,891

126,909

116,202

Selling and marketing expenses

60,123

71,842

63,612

Depreciation and amortization expense

50,462

51,981

48,566

Foreign exchange gain/(loss), net

$ 32,218

$ 26,418

$ 8,429

$ 22,411

$ 21,356

$ 19,044

$ 12,564

$ 14,695

89,476

67,659

56,726

4,432

3,752

4,787

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]

General and administrative expenses

1,008

3,269

2,481

(161)

424

443

Selling and marketing expenses

(5)

Depreciation and amortization expense

(41)

212

181

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

801

3,951

3,149

Derivative Instruments, Gain (Loss) [Line Items]

Foreign exchange gain/(loss), net

(3,802)

(3,306)

3,224

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

$ 3,802

$ 3,306

$ (3,224)

[1]	Exclusive of depreciation and amortization expense.

Borrowings - Company's Debt Position (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Current portion of long-term borrowings	$ 25,000	$ 40,867
Long-term borrowings	214,000	209,000
Unamortized debt discount	(11,235)	(13,851)
Unamortized debit issuance costs	(804)	(1,018)
Long-term borrowings	201,961	194,131
Total	226,961	234,998
Structured Payables
Debt Instrument [Line Items]
Current portion of long-term borrowings		867
Long-term borrowings		0
Unamortized debt discount		0
Unamortized debit issuance costs		0
Long-term borrowings		0
Total		867
Notes
Debt Instrument [Line Items]
Current portion of long-term borrowings	0	0
Long-term borrowings	150,000	150,000
Unamortized debt discount	(11,235)	(13,851)
Unamortized debit issuance costs	(804)	(1,018)
Long-term borrowings	137,961	135,131
Total	137,961	135,131
Revolving Credit Facility
Debt Instrument [Line Items]
Current portion of long-term borrowings	25,000	40,000
Long-term borrowings	64,000	59,000
Unamortized debt discount	0	0
Unamortized debit issuance costs	0	0
Long-term borrowings	64,000	59,000
Total	89,000	99,000
Unamortized debt issuance costs	$ 490	$ 748

Borrowings (Detail)			12 Months Ended
Borrowings (Detail)	Oct. 01, 2018 USD ($) $ / shares	Nov. 21, 2017 USD ($)	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jul. 02, 2018 USD ($)
Credit Facilities [Line Items]
Payment of debt issuance costs			$ 0	$ 117,000	$ 762,000
Allocation of equity component related to issuance costs on convertible notes				(13,000)	12,555,000
Outstanding letters of credit			$ 461,000	$ 461,000
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%
Conversion rate	0.0133333
Conversion price (in dollars per share) \| $ / shares	$ 75		$ 75
Threshold percentage of stock price trigger	150.00%
Net proceeds from convertible notes	$ 149,000,000
Debt issuance costs	1,000,000
Payment of debt issuance costs	442,000
Liability component of debt issuance costs	1,279,000
Equity component of debt issuance costs	163,000
Convertible notes, liability component	$ 133,077,000
Convertible senior notes, interest rate	5.75%
Allocation of equity component related to issuance costs on convertible notes	$ 16,923,000
Amortization to interest expense over a period	6 years
Revolving Credit
Credit Facilities [Line Items]
Repayments of credit facility					$ 150,000,000
Revolving 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
Unrestricted domestic cash and cash equivalents			$ 50,000,000
Interest coverage ratio, maximum		3.5
Interest coverage ratio, minimum		3.0
Revolving Credit \| Credit Agreement \| Minimum
Credit Facilities [Line Items]
Commitment fee percentage range on unused credit facility		0.15%
Revolving Credit \| Credit Agreement \| Maximum
Credit Facilities [Line Items]
Commitment fee percentage range on unused credit facility		0.30%
Revolving Credit \| Credit Agreement \| Prime Rate \| Minimum
Credit Facilities [Line Items]
Basis spread on variable rate		0.00%
Revolving Credit \| Credit Agreement \| Prime Rate \| Maximum
Credit Facilities [Line Items]
Basis spread on variable rate		0.75%
Revolving Credit \| Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Minimum
Credit Facilities [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit \| Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Maximum
Credit Facilities [Line Items]
Basis spread on variable rate		1.75%

Borrowings - Credit Facilities Effective Interest Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Credit Agreement \| Revolving Credit
Debt Instrument [Line Items]
Effective interest rate	2.30%	4.00%	3.40%

Borrowings - Interest Expense of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Amortization of Debt Discount (Premium)	$ 2,616	$ 2,472	$ 600
3.50% Convertible Senior Notes due October 1, 2024 \| Notes
Debt Instrument [Line Items]
Interest expense on the Notes			1,313
Amortization of Debt Discount (Premium)	$ 2,616	$ 2,472	$ 600

Borrowings - Maturities of Borrowings (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Credit Facilities [Line Items]
2021	$ 25,000
2022	64,000
2023	0
2024	150,000
Total	239,000
Revolving Credit
Credit Facilities [Line Items]
2021	25,000
2022	64,000
2023	0
2024	0
Total	89,000
Notes \| 3.50% Convertible Senior Notes due October 1, 2024
Credit Facilities [Line Items]
2021	0
2022	0
2023	0
2024	150,000
Total	$ 150,000

Capital Structure (Detail)	12 Months Ended
Capital Structure (Detail)	Dec. 31, 2020 class_of_common_stock	Dec. 31, 2019 USD ($)	Dec. 16, 2019 USD ($)	Dec. 31, 2018 USD ($)	Feb. 28, 2017 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of classes of common stock outstanding \| class_of_common_stock	1
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
2019 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors up to			$ 200,000,000

Capital Structure - Purchase of Common Stock from Employees Withholding Tax Payments Related to Vesting of Restricted Stock (Details - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Shares repurchased (in shares)	28,052	23,859	51,446
Total consideration	$ 2,131	$ 1,490	$ 3,122
Weighted average purchase price per share (in dollars per share)	$ 75.96	$ 62.47	$ 60.68

Capital Structure - Purchased Shares of its Common Stock, Including Commissions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Shares repurchased (in shares)	1,085,153	643,486	674,604
Total consideration	$ 77,818	$ 39,874	$ 39,987
Weighted average purchase price per share (in dollars per share)	$ 71.71	$ 61.96	$ 59.27

Employee Benefit Plans - Summary of Change in Projected Benefit Obligation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in benefit obligation
Projected benefit obligation as of January 1	$ 15,311	$ 11,044
Service cost	2,706	1,953	$ 1,735
Interest cost	964	875	714
Benefits paid	(878)	(960)
Actuarial loss	2,425	2,577
Effect of exchange rate changes	(62)	(178)
Projected benefit obligation as of December 31	20,466	15,311	$ 11,044
Unfunded amount-non-current	8,940	6,517
Unfunded amount-current	14	10
Total accrued liability	8,954	6,527
Accumulated benefit obligation	12,490	10,743
Accumulated benefit obligation in excess of plan assets	$ 978	$ 1,959

Employee Benefit Plans - Narrative (Detail)	12 Months Ended
Employee Benefit Plans - Narrative (Detail)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Salary escalation rates	7.10%	6.00%	8.20%
Discount rate	4.60%	6.50%	7.50%
Percentage of expected return on plan assets	7.50%
Percentage of discretionary contributions towards 401(k) Plan, maximum	4.00%

Employee Benefit Plans - Net Period Benefit Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Service cost	$ 2,706	$ 1,953	$ 1,735
Interest cost	964	875	714
Expected return on plan assets	(636)	(568)	(514)
Amortization of actuarial loss/(gain)	394	(159)	(153)
Net periodic benefit cost	$ 3,428	$ 2,101	$ 1,782

Employee Benefit Plans - Summary of Components Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax [Abstract]
Net actuarial (loss)/gain	$ (3,772)	$ (1,762)	$ 940
Net prior service cost	(15)	(18)	(22)
Accumulated other comprehensive (loss)/gain, excluding tax effects	$ (3,787)	$ (1,780)	$ 918

Employee Benefit Plans - Summary of Weighted Average Actuarial Assumptions (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	4.60%	6.50%	7.50%
Rate of increase in compensation levels	7.10%	6.00%	8.20%
Expected long-term rate of return on plan assets per annum	7.00%	7.50%	7.30%

Employee Benefit Plans - Summary of Expected Benefit Payments (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2021	$ 2,795
2022	2,542
2023	2,413
2024	2,098
2025	1,856
2026 to 2030	$ 6,956

Employee Benefit Plans - Change in Plan Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at the beginning of the year	$ 8,784	$ 7,420
Actual return	661	606
Employer contribution	3,099	1,905
Benefits paid	(869)	(957)
Effect of exchange rate changes	(163)	(190)
Plan assets at the ending of the year	$ 11,512	$ 8,784

Amount of contribution received by defined benefit plan from employer which increases plan assets.

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

Employee Benefit Plans - Contribution Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Compensation Related Costs [Abstract]
Contributions to the 401(k) Plans	$ 3,577	$ 3,617	$ 3,423
Company's contribution to the 401(k) Plan	$ 11,332	$ 10,614	$ 7,663

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Lease
Operating lease right-of-use assets	$ 91,918	$ 86,396
Operating lease liabilities - Current	18,894	24,148
Operating lease liabilities - Non-current	84,874	74,709
Total operating lease liabilities	103,768	98,857
Finance Lease
Property and equipment, gross	1,853	1,757
Accumulated depreciation	(1,382)	(1,120)
Property and equipment, net	471	637
Finance lease liabilities - Current	229	253
Finance lease liabilities - Non-current	281	430
Total finance lease liabilities	$ 510	$ 683

Leases - Additional Information (Details) - USD ($)	12 Months Ended
Leases - Additional Information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Reduction in lease liabilities	$ 3,143,000	$ 0
Reduction in ROU assets	$ 3,143,000	0
Operating lease, impairment charge		$ 1,449,000

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finance lease:
Amortization of right-of-use assets	$ 235	$ 255
Interest on lease liabilities	81	93
Total finance lease cost	316	348
Operating lease	27,146	27,335
Sublease income	0	(146)
Total lease cost	$ 27,462	$ 27,537

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$ 26,589	$ 24,813
Operating cash outflows for finance leases	81	93
Financing cash outflows for finance leases	249	336	$ 152
Right-of-use assets obtained in exchange for new operating lease liabilities	18,765	36,473
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 45	$ 506
Weighted-average remaining lease term (in years)
Finance lease	1 year 9 months 18 days	2 years 3 months 18 days
Operating lease	6 years 3 months 18 days	6 years
Weighted-average discount rate
Finance lease	10.50%	9.90%
Operating lease	7.40%	7.60%

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
2021	$ 25,829
2022	24,316
2023	22,066
2024	17,084
2025	9,749
2026 and thereafter	34,334
Total lease payments	133,378
Less: Imputed interest	29,610
Present value of lease liabilities	103,768	$ 98,857
Finance Leases
2021	262
2022	194
2023	114
2024	36
2025	11
2026 and thereafter	0
Total lease payments	617
Less: Imputed interest	107
Present value of lease liabilities	$ 510	$ 683

Income Taxes - Summary of Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Domestic	$ 30,893	$ (16,685)	$ (24,442)
Foreign	84,436	99,785	84,812
Income before income tax expense and earnings from equity affiliates	$ 115,329	$ 83,100	$ 60,370

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Income Taxes - Summary of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current provision/(benefit):
Domestic	$ 7,946	$ 10,823	$ (13,249)
Foreign	14,983	16,694	17,271
Total	22,929	27,517	4,022
Deferred provision/(benefit):
Domestic	1,343	(13,912)	(1,999)
Foreign	1,354	1,567	1,374
Total	2,697	(12,345)	(625)
Income tax expense	$ 25,626	$ 15,172	$ 3,397

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Deferred tax (expense)/benefit recognized on:

Income Taxes Income Tax - Summary of Income Taxes Recognized in Other Comprehensive Income (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Unrealized gain/(loss) on cash flow hedges

$ (2,251)

$ (683)

$ 3,888

Reclassification adjustment for cash flow hedges

292

915

Retirement benefits

897

312

(44)

Reclassification adjustment for retirement benefits

(89)

Foreign currency translation loss

1,953

(629)

5,903

Total income tax (expense)/benefit recognized in other comprehensive income/(loss)

^[1]

$ 598

$ (692)

$ 10,685

[1]	These are income tax (expense)/benefit recognized on cash flow hedges, retirement benefits and foreign currency translation gains/(losses). Refer to Note 22 - Income Taxes to the consolidated financial statements.

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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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, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Expected tax expense	$ 24,219	$ 17,451	$ 12,678
Impact of tax holiday	(757)	(5,920)	(5,448)
Foreign tax rate differential	(1,991)	1,660	5,014
Deferred tax provision/(benefit)	2,888	3,026	(3,915)
Unrecognized tax benefits and interest	6	174	(88)
State taxes, net of Federal taxes	3,242	2,137	2,201
Non-deductible expenses	1,467	1,329	3,066
US Tax Reform Act impact	0	0	176
Excess tax benefit on stock-based compensation	(2,378)	(2,306)	(7,227)
Research and development credits	(918)	(1,650)	(1,500)
Prior period items	(182)	(143)	(1,466)
Others	30	(586)	(94)
Income tax expense	$ 25,626	$ 15,172	$ 3,397

Income Taxes - Narrative (Detail) - USD ($)	12 Months Ended
Income Taxes - Narrative (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Effective tax rate increased	22.20%	18.30%
Income tax expense	$ 25,626,000	$ 15,172,000	$ 3,397,000
Measurement period increase to transition tax obligation	$ 1,320,000	$ 1,449,000
Effective tax rate in Philippines post tax exemption	5.00%
Effect of diluted earnings per share, tax holiday (in dollars per share)	$ 0.02	$ 0.17	$ 0.16
Operating loss carryforward valuation allowance	$ 188,000	$ 202,000
Unrecognized tax benefits that would impact tax rate if recognized	907,000
Unrecognized tax benefits, interest on income taxes expense	$ 0	$ 0	$ 0
First Five Years
Income Taxes [Line Items]
Percentage of tax exemption on profit	100.00%
Five to Ten Years
Income Taxes [Line Items]
Percentage of tax exemption on profit	50.00%

Income Taxes - Summary of Components of Deferred Tax Balances (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Depreciation and amortization expense	$ 9,710	$ 12,319
Stock-based compensation	9,383	9,313
Accrued employee costs and other expenses	12,208	9,805
Net operating loss carry forward	2,042	2,896
Unrealized exchange loss	391	1,136
Deferred rent	4,782	4,503
Others	281	745
Deferred tax assets	38,797	40,717
Valuation allowance	(188)	(202)
Deferred tax assets	38,609	40,515
Deferred tax liabilities:
Unrealized exchange gain	2,668	505
Intangible assets	19,720	20,696
Unamortized discount on convertible senior notes	2,753	3,395
Others	6,566	5,030
Deferred tax liabilities	31,707	29,626
Net deferred tax assets	$ 6,902	$ 10,889

Income Taxes - Summary of Activity Related to Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance as of January 1	$ 1,047	$ 804	$ 824
Increases related to prior year tax positions	0	69	0
Decreases related to prior year tax positions	(324)	(156)	(320)
Increases related to current year tax positions	184	330	300
Balance as of December 31	$ 907	$ 1,047	$ 804

Stock Based Compensation - Narrative (Detail) - shares		2 Months Ended
Stock Based Compensation - Narrative (Detail) - shares	Jun. 15, 2018	Feb. 27, 2020	Dec. 31, 2020
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)			2,333,557
Stock issued, stock-based compensation plans (in shares)		76,145

Stock Based Compensation - Costs Related to Company's Stock-Based Compensation Plan (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 7,385	$ 8,346	$ 7,726	$ 4,778	$ 4,532	$ 7,427	$ 7,155	$ 6,956	$ 28,235	$ 26,070	$ 23,901
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses									6,300	5,895	4,924
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses									11,009	10,012	10,371
Selling and marketing expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses									$ 10,926	$ 10,163	$ 8,606

Stock Based Compensation - Stock Options Narrative (Details) - Employee Stock Option - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	$ 3,488,000	$ 3,187,000	$ 4,446,000

Stock Based Compensation - Stock Based Compensation Stock Option Activity (Detail) - Employee Stock Option - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options, outstanding, beginning balance (in shares)	98,161
Number of options, granted (in shares)	0
Number of options, exercised (in shares)	(66,896)
Number of options, forfeited (in shares)	0
Number of options, outstanding, ending balance (in shares)	31,265	98,161
Vested and exercisable at December 31, 2020	31,265
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)	$ 23.39
Weighted-average exercise price, granted (in dollars per share)	0
Weighted-average exercise price, exercised (in dollars per share)	22.44
Weighted-average exercise price, forfeited (in dollars per share)	0
Weighted-average exercise price, outstanding, ending balance (in dollars per share)	25.43	$ 23.39
Weighted average exercise price, vested and exercisable at December 31, 2019 (in dollars per share)	$ 25.43
Aggregate intrinsic value, outstanding	$ 1,866,000	$ 4,522,000
Aggregate intrinsic value, exercised	3,488,000	$ 3,187,000	$ 4,446,000
Vested and exercisable at December 31, 2020	$ 1,866,000
Weighted-average remaining contractual life, outstanding, ending balance	1 year 10 months 6 days	1 year 10 months 9 days
Vested and exercisable at December 31, 2020	1 year 10 months 6 days

Stock Based Compensation - Company's Stock Options Outstanding and Stock Options Vested and Exercisable (Detail) - Range Two	12 Months Ended
	Dec. 31, 2020 $ / shares shares
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	31,265
Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 25.43

Stock Based Compensation - Stock Options Exercised (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Cash received from options exercised during the year	$ 1,501	$ 986	$ 1,397

Stock Based Compensation - Restricted Stock Activity Under Company's Stock Plans (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2020	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)	27,386
Number, granted (in shares)	0
Number, vested (in shares)	(27,386)
Number, forfeited (in shares)	0
Number, outstanding, ending balance (in shares)	0	27,386
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)	$ 48.72
Weighted-average fair value, granted (in dollars per share)	0
Weighted-average fair value, vested (in dollars per share)	48.72
Weighted-average fair value, forfeited (in dollars per share)	0
Weighted-average fair value, outstanding, ending balance (in dollars per share)	$ 0	$ 48.72
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)	913,094
Number, granted (in shares)	395,708
Number, vested (in shares)	(331,340)
Number, forfeited (in shares)	(73,796)
Number, outstanding, ending balance (in shares)	903,666	913,094
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)	$ 59.61
Weighted-average fair value, granted (in dollars per share)	76.99	$ 64.29	$ 60.64
Weighted-average fair value, vested (in dollars per share)	56.55
Weighted-average fair value, forfeited (in dollars per share)	65.71
Weighted-average fair value, outstanding, ending balance (in dollars per share)	$ 67.84	$ 59.61
Restricted stock units vested for which underlying common stock to be issued (in shares)	14,368	11,517
Restricted stock units vested (in shares)	181,638	167,270

Stock Based Compensation - Restricted Stock and RSU (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 42,317
Cost not yet recognized, period for recognition	2 years 6 months 3 days
Number of restricted stock units, vested	$ 20,072	$ 22,084	$ 19,865
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value of restricted stock and RSUs granted (in dollars per share)	$ 76.99	$ 64.29	$ 60.64

Stock Based Compensation - Performance Based Stock Awards Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 15, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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 \| 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
Performance Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 7,993
Cost not yet recognized, period for recognition		1 year 9 months

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, 2020	Dec. 31, 2019	Dec. 31, 2018
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 for expected life	3.85%	2.46%	2.38%
Volatility for expected life	34.30%	20.52%	21.79%

Stock Based Compensation - Performance Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 2020 $ / 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	87,685
Number, granted (in shares) \| shares	61,368
Adjustment upon final determination of level of performance goal achievement (in shares) \| shares	0
Number, vested (in shares) \| shares	(40,425)
Number, forfeited (in shares) \| shares	(2,736)
Number, outstanding, ending balance (in shares) \| shares	105,892
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	$ 62.54
Weighted-average fair value, granted (in dollars per share) \| $ / shares	78.29
Weighted-average fair value, adjustment upon final determination of level of performance goal achievement (in dollars per share) \| $ / shares	0
Weighted-average fair value, vested (in dollars per share) \| $ / shares	60.58
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	66.20
Weighted-average fair value, outstanding, ending balance (in dollars per share) \| $ / shares	$ 72.32
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	87,670
Number, granted (in shares) \| shares	61,352
Adjustment upon final determination of level of performance goal achievement (in shares) \| shares	(4,701)
Number, vested (in shares) \| shares	(35,720)
Number, forfeited (in shares) \| shares	(2,734)
Number, outstanding, ending balance (in shares) \| shares	105,867
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	$ 82.10
Weighted-average fair value, granted (in dollars per share) \| $ / shares	102.10
Weighted-average fair value, adjustment upon final determination of level of performance goal achievement (in dollars per share) \| $ / shares	70.97
Weighted-average fair value, vested (in dollars per share) \| $ / shares	70.97
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	85.68
Weighted-average fair value, outstanding, ending balance (in dollars per share) \| $ / shares	$ 97.85

Impairment and Restructuring Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	$ 3,074	$ 0
Costs incurred during the year		5,044
Payments during the year	(2,518)	(1,970)
Change in estimated costs during the year	(556)
Restructuring Reserve, Ending Balance	0	3,074	$ 0
Asset impairment charges	0	3,627	20,056
Contract Termination Costs
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	1,597	0
Costs incurred during the year		2,597
Payments during the year	(1,041)	(1,000)
Change in estimated costs during the year	(556)
Restructuring Reserve, Ending Balance	0	1,597	0
Employee-Related Costs
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	1,106	0
Costs incurred during the year		1,375
Payments during the year	(1,106)	(269)
Change in estimated costs during the year	0
Restructuring Reserve, Ending Balance	0	1,106	0
Other Associated Costs
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	371	0
Costs incurred during the year		1,072
Payments during the year	(371)	(701)
Change in estimated costs during the year	0
Restructuring Reserve, Ending Balance	$ 0	$ 371	$ 0

Related Party Disclosures (Details) - USD ($)	12 Months Ended
Related Party Disclosures (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 01, 2018
Debt Instrument [Line Items]
Debt outstanding	$ 226,961,000	$ 234,998,000
Convertible Notes Payable
Debt Instrument [Line Items]
Debt outstanding	137,961,000	135,131,000
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	150,000,000
Interest accrued	1,313,000	1,313,000
Interest expense on Notes	$ 5,250,000	$ 5,206,000	$ 1,313,000

Commitments and Contingencies (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments, net of advances	$ 6,100	$ 6,500
Percentage of export-oriented units established	100.00%
Aggregate disputed amount related to transfer pricing and permanent establishment	$ 16,748	16,220
Total bank guarantees and deposits in respect of contingencies	8,120	8,108
Amounts paid as deposits in respect of contingencies	6,307	6,252
Bank guarantee issued	$ 1,813	$ 1,856

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201409Member

Indicates amendment to accounting standards.

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