0001297989-23-000007 | 10-Q | XBRL Viewer

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation expense by nature of function, as below, are included in the unaudited consolidated statements of income:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Cost of revenues	$	3,341	$	3,131	$	6,907	$	5,772
General and administrative expenses	3,210		5,305		9,035		9,700
Selling and marketing expenses	4,960		4,904		9,976		9,092
Total	$	11,511	$	13,340	$	25,918	$	24,564

Income tax benefit related to share-based compensation(1)	$	2,789	$	3,216	$	12,619	$	6,022

(1) Includes $190 and $14 during the three months ended June 30, 2023 and 2022, respectively, and $12,710 and $3,624 during the six months ended June 30, 2023 and 2022, respectively, related to discrete benefits recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation.

As of June 30, 2023 and December 31, 2022, the Company had 678,615 and 1,324,755 shares, respectively, available for grant under the 2018 Omnibus Incentive Plan.

Stock Options

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


	Number of Stock Options		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 2022	3,093		$	27.62	$	362	1.0
Granted	331,336		150.75		—		10.0
Exercised	(3,093)		27.62		384		—
Forfeited	—		—		—		—
Outstanding as of June 30, 2023	331,336		$	150.75	$	103	10.0
Vested and exercisable as of June 30, 2023	—		$	—	$	—	—
Weighted average grant date fair value of Stock options granted during the period	$	60.13

Stock options granted under the 2018 Omnibus Incentive Plan during the three and six months ended June 30, 2023, have a contractual period of ten years and vest ratably over four years.

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


	Three and Six months ended June 30, 2023
Dividend yield	—
Expected life (years)	6.25
Risk free interest rate for expected life	3.8	%
Volatility for expected life	32.4	%

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.

As of June 30, 2023, unrecognized compensation cost of $19,801 is expected to be expensed over a weighted average period of 4.0 years. The total grant date fair value of stock options exercised during the three and six months ended June 30, 2023 and 2022, was $30 and $nil, respectively.

Share Matching Program

Under the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”), the Company established a share matching program (“SMP”) for executive officers and other specified employees. Under the SMP, the Company agreed to issue a number of restricted stock units equal to the number of newly acquired shares of the Company's common stock.

Restricted stock unit activity under the SMP is shown below:


	Restricted Stock Units (SMP)
	Number	Weighted Average Fair Value
Outstanding as of December 31, 2022	47,623	$	124.76
Granted	—	—
Vested	—	—
Forfeited	(4,177)	124.76
Outstanding as of June 30, 2023	43,446	$	124.76

As of June 30, 2023, unrecognized compensation cost of $3,165 is expected to be expensed over a weighted average period of 1.8 years.

Restricted Stock Units

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


	Restricted Stock Units
	Number	Weighted Average Fair Value
Outstanding as of December 31, 2022*	923,126	$	98.71
Granted	238,431	171.38
Vested	(307,060)	90.47
Forfeited	(61,323)	104.53
Outstanding as of June 30, 2023*	793,174	$	123.29

* As of June 30, 2023 and December 31, 2022 restricted stock units vested for which the underlying common stock is yet to be issued are 130,528 and 174,490 respectively.

As of June 30, 2023, unrecognized compensation cost of $77,100 is expected to be expensed over a weighted average period of 2.7 years.

Performance Based Stock Awards

Under the 2018 Plan, the Company grants performance-based restricted stock units (“PRSUs”) to executive officers and other specified employees. During the six months ended June 30, 2023, the Company granted 40% of each award recipient’s equity grants in the form of PRSUs that cliff vest at the end of a three-year period based on an aggregated revenue target for a three-year period (“PU”). The remaining 60% of each award recipient’s equity grants are PRSUs that are based on market conditions, contingent on the Company’s meeting a total shareholder return relative to a group of peer companies specified under the 2018 Plan, and are measured over a three-year performance period (“MU”).

PRSU 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 as of December 31, 2022	49,591	$	119.99	178,712	$	134.72
Granted	43,948	172.80		65,849	223.61
Vested	—	—		—	—
Forfeited	(5,399)	127.56		(17,252)	141.19
Outstanding as of June 30, 2023	88,140	$	145.86	227,309	$	159.98

As of June 30, 2023, unrecognized compensation cost of $35,048 is expected to be expensed over a weighted average period of 2.1 years.

Employee Stock Purchase Plan

On June 21, 2022, at the annual meeting of stockholders of the Company, the Company’s stockholders approved the ExlService Holdings, Inc. 2022 Employee Stock Purchase Plan (the “2022 ESPP”).

The 2022 ESPP allows eligible employees to purchase the Company’s shares of common stock through payroll deductions at a pre-specified discount to the lower of closing price of the Company’s common shares on the date of offering or the last business day of each purchase interval. The dollar amount of shares of common stock that can be purchased under the 2022 ESPP must not exceed 15% of the participating employee’s compensation during the offering period, subject to a cap of $25 per employee per calendar year. The Company has reserved 800,000 shares of common stock for issuance over the term of the 2022 ESPP.

The second offering period under the 2022 ESPP commenced on January 1, 2023 with a term of six months.

Activity under the Company’s 2022 ESPP is shown below:


	Number of Shares	Total Proceeds Received
Shares available for issuance as of December 31, 2022	800,000
Issuance of common stock related to the first offering period	(7,636)	$	1,060
Shares available for issuance as of June 30, 2023	792,364
Issuance of common stock related to the second offering period made subsequent to June 30, 2023	26,099	$	3,800

The ESPP is compensatory and results in compensation expense. The fair value of common stock to be issued under the ESPP was determined using the Black-Scholes option pricing model with the following assumptions:


	Six months ended June 30, 2023
Dividend yield	—
Expected life (years)	0.5
Risk free interest rate for expected life	4.7	%
Volatility for expected life	38.9	%
Discount for illiquidity	10.3	%

The weighted average fair value of employee stock purchase rights granted pursuant to the ESPP during the six months ended June 30, 2023 was $25.86.

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 93,960	$ 118,669
Short-term investments	156,098	179,027
Restricted cash	4,628	4,897
Accounts receivable, net	288,305	259,222
Other current assets	70,186	50,979
Total current assets	613,177	612,794
Property and equipment, net	93,688	82,828
Operating lease right-of-use assets	58,423	55,347
Restricted cash	2,072	2,055
Deferred tax assets, net	68,612	55,791
Intangible assets, net	56,487	64,819
Goodwill	405,903	405,637
Long-term investments	16,085	34,779
Other assets	48,255	32,069
Total assets	1,362,702	1,346,119
Current liabilities:
Accounts payable	3,019	7,789
Current portion of long-term borrowings	30,000	30,000
Deferred revenue	20,755	18,782
Accrued employee costs	82,044	108,100
Accrued expenses and other current liabilities	104,480	95,352
Current portion of operating lease liabilities	14,482	14,978
Income taxes payable, net	4,283	2,945
Total current liabilities	259,063	277,946
Long-term borrowings, less current portion	190,000	220,000
Operating lease liabilities, less current portion	50,575	48,155
Deferred tax liabilities, net	507	547
Other non-current liabilities	28,343	41,292
Total liabilities	528,488	587,940
ExlService Holdings, Inc. Stockholders’ equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued	0	0
Common stock, $0.001 par value; 100,000,000 shares authorized, 40,349,727 shares issued and 33,152,670 shares outstanding as of June 30, 2023 and 39,987,976 shares issued and 33,234,444 shares outstanding as of December 31, 2022	40	40
Additional paid-in capital	472,124	445,108
Retained earnings	999,504	899,105
Accumulated other comprehensive loss	(124,147)	(144,143)
Total including shares held in treasury	1,347,521	1,200,110
Less: 7,197,057 shares as of June 30, 2023 and 6,753,532 shares as of December 31, 2022, held in treasury, at cost	(513,307)	(441,931)
Total stockholders’ equity	834,214	758,179
Total liabilities and stockholders’ equity	$ 1,362,702	$ 1,346,119

Property and Equipment, net - Internally Developed Software Costs, Included under Software (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Cost	$ 42,478		$ 42,478		$ 31,544
Less : Accumulated amortization	(20,540)		(20,540)		(16,134)
Internally developed software, net	21,938		21,938		$ 15,410
Amortization expense	$ 2,425	$ 1,549	$ 4,400	$ 2,582

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-33089
Entity Registrant Name	EXLSERVICE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0572194
Entity Address, Address Line One	320 Park Avenue,
Entity Address, Address Line Two	29th Floor,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	277-7100
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	EXLS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,144,409
Entity Central Index Key	0001297989
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Goodwill and Other Intangible Assets - Weighted Average Life of Intangible Assets (Details)	Jun. 30, 2023
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	5 years
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	1 year 10 months 24 days
Trade names and trademarks (finite lived)
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	1 year 1 month 6 days
Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	2 years 3 months 18 days

Stock-Based Compensation - Stock Based Compensation Stock Option Activity (Details) - Employee Stock Option $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options, outstanding, beginning balance (in shares) \| shares	3,093
Number of options, granted (in shares) \| shares	331,336
Number of options, exercised (in shares) \| shares	(3,093)
Number of options, forfeited (in shares) \| shares	0
Number of options, outstanding, ending Balance (in shares) \| shares	331,336	3,093
Number of options, vested and exercisable at end of period (in shares) \| shares	0
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)	$ 27.62
Weighted-average exercise price, granted (in dollars per share)	150.75
Weighted-average exercise price, exercised (in dollars per share)	27.62
Weighted-average exercise price, forfeited (in dollars per share)	0
Weighted-average exercise price, outstanding, ending balance (in dollars per share)	150.75	$ 27.62
Weighted-average exercise price, vested and exercisable at end of period (in dollars per share)	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Aggregate intrinsic value, outstanding \| $	$ 103	$ 362
Aggregate intrinsic value, exercised \| $	384
Aggregate intrinsic value, vested and exercisable at end of period \| $	$ 0
Weighted-average remaining contractual life	10 years	1 year
Weighted-average remaining contractual life, granted	10 years
Weighted average grant date fair value of Stock options granted during the period	$ 60.13

Borrowings (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Company's Debt Position

The following table summarizes the Company’s debt position:


	As of
	June 30, 2023		December 31, 2022
	Revolving credit facility
Current portion of long-term borrowings	$	30,000	$	30,000




Long-term borrowings	190,000		220,000
Total borrowings	$	220,000	$	250,000

Schedule of Credit Facilities Carried an Effective Interest Rate

The revolving credit facility carried an effective interest rate as shown below:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Effective Interest Rate	6.2	%	2.0	%	6.1	%	1.7	%

Schedule of Maturities of Long-term Debt

Expected payments for all of the Company’s borrowings as of June 30, 2023 were as follows:


	Revolving credit facility
	Principal Payments		Interest Payments*
2023 (July 1 - December 31)	$	30,000	$	6,216
2024	—		11,522
2025	—		11,522
2026	—		11,522
2027	190,000		4,321
Total	$	220,000	$	45,103

* Interest payments are based on interest rate prevailing as of June 30, 2023.

- Definition

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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Borrowings - Credit Facilities Carried an Effective Interest Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revolving credit facility \| New Credit Agreement
Debt Instrument [Line Items]
Effective Interest Rate	6.20%	2.00%	6.10%	1.70%

- Definition

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a)Basis of Preparation and Principles of Consolidation The unaudited consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The unaudited consolidated financial statements reflect all adjustments (of a normal and recurring nature) that management considers necessary for a fair presentation of such statements for the interim periods presented. The unaudited consolidated statements of income for the interim periods presented are not necessarily indicative of the results for the full year or for any subsequent period. The accompanying unaudited consolidated financial statements include the financial statements of ExlService Holdings and all of its subsidiaries. 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. 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 unaudited consolidated statements of income. Accounting policies of the respective individual subsidiaries and equity affiliates are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under U.S. GAAP. (b)Use of Estimates The preparation of the unaudited 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 unaudited consolidated financial statements and the unaudited consolidated statements of income during the reporting period. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the unaudited consolidated financial statements include, but are not limited to, estimates of the fair value of the identifiable intangible assets and contingent consideration, purchase price allocation, including revenue projections and the discount rate applied within the discounted cash flow model for business acquisitions, credit risk of customers, 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, stock-based awards, and debt 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, and recoverability of long-lived assets, goodwill and intangibles. (c)Recent Accounting Pronouncements In March 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-01, Leases (“ASC Topic 842”): Common Control Arrangements. This ASU provides guidance in ASC Topic 842 that leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment to equity if and when the lessee no longer controls the use of the underlying asset. The ASU is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been issued. When adopted in an interim period, it must be adopted from the beginning of the year that includes that interim period. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. (d)Recently adopted Accounting Pronouncements In October 2021, FASB issued ASU No. 2021-08, Business Combinations (“ASC Topic 805”): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU provides guidance in ASC Topic 805 to require the acquirer entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contract with Customers, as if it had originated the contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements, if the acquiree prepared financial statements in accordance with U.S. GAAP. The ASU is effective for fiscal years beginning after December 15, 2022. An entity may early adopt the ASU including adoption in an interim period, with retrospective application to all business combinations within the fiscal year that includes such interim period. The adoption of this ASU is applicable for future business combinations.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Costs Related to Company's Stock-based Compensation Plan

Stock-based compensation expense by nature of function, as below, are included in the unaudited consolidated statements of income:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Cost of revenues	$	3,341	$	3,131	$	6,907	$	5,772
General and administrative expenses	3,210		5,305		9,035		9,700
Selling and marketing expenses	4,960		4,904		9,976		9,092
Total	$	11,511	$	13,340	$	25,918	$	24,564

Income tax benefit related to share-based compensation(1)	$	2,789	$	3,216	$	12,619	$	6,022

Schedule of Stock Options Activity

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


	Number of Stock Options		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 2022	3,093		$	27.62	$	362	1.0
Granted	331,336		150.75		—		10.0
Exercised	(3,093)		27.62		384		—
Forfeited	—		—		—		—
Outstanding as of June 30, 2023	331,336		$	150.75	$	103	10.0
Vested and exercisable as of June 30, 2023	—		$	—	$	—	—
Weighted average grant date fair value of Stock options granted during the period	$	60.13

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

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


	Three and Six months ended June 30, 2023
Dividend yield	—
Expected life (years)	6.25
Risk free interest rate for expected life	3.8	%
Volatility for expected life	32.4	%

Restricted Stock Activity Under Company's Stock Plans

Restricted stock unit activity under the SMP is shown below:


	Restricted Stock Units (SMP)
	Number	Weighted Average Fair Value
Outstanding as of December 31, 2022	47,623	$	124.76
Granted	—	—
Vested	—	—
Forfeited	(4,177)	124.76
Outstanding as of June 30, 2023	43,446	$	124.76

Schedule of Restricted Stock Unit Activity

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


	Restricted Stock Units
	Number	Weighted Average Fair Value
Outstanding as of December 31, 2022*	923,126	$	98.71
Granted	238,431	171.38
Vested	(307,060)	90.47
Forfeited	(61,323)	104.53
Outstanding as of June 30, 2023*	793,174	$	123.29

* As of June 30, 2023 and December 31, 2022 restricted stock units vested for which the underlying common stock is yet to be issued are 130,528 and 174,490 respectively.

Schedule of Performance Based Stock Awards Activity

PRSU 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 as of December 31, 2022	49,591	$	119.99	178,712	$	134.72
Granted	43,948	172.80		65,849	223.61
Vested	—	—		—	—
Forfeited	(5,399)	127.56		(17,252)	141.19
Outstanding as of June 30, 2023	88,140	$	145.86	227,309	$	159.98

Schedule of Share-Based Compensation, Employee Stock Purchase Plan, Activity

Activity under the Company’s 2022 ESPP is shown below:


	Number of Shares	Total Proceeds Received
Shares available for issuance as of December 31, 2022	800,000
Issuance of common stock related to the first offering period	(7,636)	$	1,060
Shares available for issuance as of June 30, 2023	792,364
Issuance of common stock related to the second offering period made subsequent to June 30, 2023	26,099	$	3,800

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of common stock to be issued under the ESPP was determined using the Black-Scholes option pricing model with the following assumptions:


	Six months ended June 30, 2023
Dividend yield	—
Expected life (years)	0.5
Risk free interest rate for expected life	4.7	%
Volatility for expected life	38.9	%
Discount for illiquidity	10.3	%

Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

For the purposes of unaudited statements of cash flows, cash, cash equivalents and restricted cash consist of the following:


	As of
	June 30, 2023		June 30, 2022		December 31, 2022
Cash and cash equivalents	$	93,960	$	106,304	$	118,669
Restricted cash (current)	4,628		6,840		4,897
Restricted cash (non-current)	2,072		2,056		2,055
Cash, cash equivalents and restricted cash	$	100,660	$	115,200	$	125,621

Restricted cash (current) primarily 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.” Restricted cash (non-current) 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. These deposits with banks will mature one year after the balance sheet date.

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax (Deferred) Recognized in Other Comprehensive Income

Deferred income taxes recognized in AOCI were as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Deferred taxes benefit / (expense) recognized on:
Unrealized gain/(loss) on cash flow hedges	$	(2,269)	$	2,801	$	(3,569)	$	2,798
Reclassification adjustment for cash flow hedges	(231)		420		(765)		935
Reclassification adjustment for retirement benefits	(18)		(45)		(37)		(92)

Foreign currency translation adjustments	2		480		(1,136)		979
Total	$	(2,516)	$	3,656	$	(5,507)	$	4,620

Capital Structure - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 class_of_common_stock	Oct. 05, 2021 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of classes of common stock outstanding \| class_of_common_stock	1
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized, maximum \| $		$ 300,000

Revenues, net - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable not billed	$ 148,370,000	$ 126,027,000
Contract Acquisition Costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment loss in relation to costs capitalized	0	0
Contract Fulfillment Costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment loss in relation to costs capitalized	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Revenues, net - Contracts with Customer, Receivables, Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 288,305	$ 259,222
Contract assets	7,632	2,768
Contract liabilities:
Deferred revenue (consideration received in advance)	18,909	17,079
Consideration received for process transition activities	$ 9,122	$ 5,423

Employee Benefit Plans - Contribution Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Contribution to the 401(k) Plans	$ 1,178	$ 1,026	$ 3,564	$ 3,043
Contributions to the defined social security contribution plans	$ 5,604	$ 4,549	$ 10,996	$ 8,762

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives Designated as Hedging Instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	$ 4,775	$ 1,271
Derivatives Designated as Hedging Instruments \| Other assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	5,238	820
Derivatives Designated as Hedging Instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	3,197	10,044
Derivatives Designated as Hedging Instruments \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	613	6,218
Derivatives not designated as hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	287	255
Derivatives not designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	0	0
Derivatives not designated as hedging instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	98	15
Derivatives not designated as hedging instruments \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	$ 0	$ 0

Stock-Based Compensation - Performance Based Stock Awards (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Revenue Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, at beginning balance (in shares) \| shares	49,591
Number, granted (in shares) \| shares	43,948
Number, vested (in shares) \| shares	0
Number, forfeited (in shares) \| shares	(5,399)
Number, outstanding, at ending balance (in shares) \| shares	88,140
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, at beginning balance (in dollars per share) \| $ / shares	$ 119.99
Weighted-average fair value, granted (in dollars per share) \| $ / shares	172.80
Weighted-average fair value, vested (in dollars per share) \| $ / shares	0
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	127.56
Weighted-average fair value, outstanding, at ending balance (in dollars per share) \| $ / shares	$ 145.86
Market Condition Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, at beginning balance (in shares) \| shares	178,712
Number, granted (in shares) \| shares	65,849
Number, vested (in shares) \| shares	0
Number, forfeited (in shares) \| shares	(17,252)
Number, outstanding, at ending balance (in shares) \| shares	227,309
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, at beginning balance (in dollars per share) \| $ / shares	$ 134.72
Weighted-average fair value, granted (in dollars per share) \| $ / shares	223.61
Weighted-average fair value, vested (in dollars per share) \| $ / shares	0
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	141.19
Weighted-average fair value, outstanding, at ending balance (in dollars per share) \| $ / shares	$ 159.98

Accumulated Other Comprehensive Income/(Loss) - Summary of Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning balance

$ 795,222

$ 700,341

$ 758,179

$ 693,156

Gain (losses) recognized during the period

21,322

(45,376)

Reclassification to net income

4,181

(3,144)

Income tax effects

^[1]

(2,516)

3,656

(5,507)

4,620

Ending balance

834,214

685,653

834,214

685,653

Foreign currency translation gain/(loss)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning balance

(133,139)

(95,437)

Gain (losses) recognized during the period

5,177

(30,227)

Reclassification to net income

Income tax effects

(1,136)

979

Ending balance

(129,098)

(124,685)

(129,098)

(124,685)

Unrealized gain/(loss) on cash flow hedges

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning balance

(11,303)

8,420

Gain (losses) recognized during the period

16,145

(15,149)

Reclassification to net income

4,229

(3,448)

Income tax effects

(4,334)

3,733

Ending balance

4,737

(6,444)

4,737

(6,444)

Retirement benefits

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning balance

299

(2,457)

Gain (losses) recognized during the period

Reclassification to net income

(48)

304

Income tax effects

(37)

(92)

Ending balance

214

(2,245)

214

(2,245)

Total

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning balance

(131,487)

(98,306)

(144,143)

(89,474)

Ending balance

$ (124,147)

$ (133,374)

$ (124,147)

$ (133,374)

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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 45
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-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

Reference 2: 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 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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+ Details

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finance lease:
Amortization of right-of-use assets	$ 39	$ 50	$ 77	$ 88
Interest on lease liabilities	18	14	38	28
Total finance lease cost	57	64	115	116
Operating lease	5,449	5,962	10,332	12,005
Variable lease costs	1,157	1,408	2,164	2,529
Total lease cost	$ 6,663	$ 7,434	$ 12,611	$ 14,650

Property and Equipment, net - Depreciation and Amortization Expense and Effect of Foreign Exchange Gain/Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 8,918	$ 9,929	$ 18,256	$ 19,045
Depreciation and Amortization
Property, Plant and Equipment [Line Items]
Effect of foreign exchange gain/(loss)	$ (66)	$ (5)	$ (145)	$ 62

Revenues, net - Contract with Customer Revenue Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue (consideration received in advance)	$ 2,990	$ 4,306	$ 15,992	$ 13,870
Consideration received for process transition activities	$ 305	$ 298	$ 1,008	$ 664

Leases - Cash Flow and Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$ 10,829	$ 11,922
Operating cash outflows for finance leases	38	28
Financing cash outflows for finance leases	80	75
Right-of-use assets obtained in exchange for new operating lease liabilities	10,929	3,540
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 91	$ 118
Weighted average remaining lease term (in years)
Finance lease	2 years 8 months 12 days	2 years 6 months
Operating lease	5 years 7 months 6 days	5 years 6 months
Weighted average discount rate
Finance lease	14.00%	14.50%
Operating lease	7.30%	7.00%

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Derivative Instruments, Gain (Loss) [Line Items]

Cost of revenues

^[1]

$ 253,220

$ 221,207

$ 504,689

$ 428,723

General and administrative expenses

45,605

40,434

92,351

80,379

Selling and marketing expenses

28,238

23,985

57,731

48,155

Depreciation and amortization expense

13,122

14,075

26,609

27,677

Interest expense

3,240

1,502

6,625

2,378

Income before income tax expense and earnings from equity affiliates

64,556

46,828

123,879

94,094

Income tax effects on above

(15,554)

(11,125)

(23,612)

(22,327)

Net income attributable to ExlService Holdings, Inc. stockholders

49,068

35,846

100,399

72,024

Foreign exchange gain/(loss), net

324

1,423

429

3,179

Gain/ (loss) on foreign currency exchange contracts | Derivatives in cash flow hedging relationships | Cash flow hedge

Derivative Instruments, Gain (Loss) [Line Items]

Cost of revenues

(1,141)

1,194

(3,896)

2,777

General and administrative expenses

(133)

181

(375)

475

Selling and marketing expenses

(13)

(32)

Depreciation and amortization expense

(43)

(166)

167

Interest expense

166

240

Income before income tax expense and earnings from equity affiliates

(1,164)

1,459

(4,229)

3,448

Income tax effects on above

231

(420)

765

(935)

Net income attributable to ExlService Holdings, Inc. stockholders

(933)

1,039

(3,464)

2,513

Gain/ (loss) on foreign currency exchange contracts | Derivatives not designated as hedging instruments | Fair value hedge

Derivative Instruments, Gain (Loss) [Line Items]

Foreign exchange gain/(loss), net

$ (370)

$ (5,457)

$ 2,158

$ (6,356)

[1]	Exclusive of depreciation and amortization expense.

Fair Value Measurements - Changes in the fair value of contingent consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance, contingent consideration	$ 18,689	$ 9,000	$ 18,689	$ 9,000
Acquisitions	0	1,439	0	1,439
Fair value changes	0	1,000	0	1,000
Payments	(5,000)	0	(5,000)	0
Ending balance, contingent consideration	$ 13,689	$ 11,439	$ 13,689	$ 11,439

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 49,068	$ 35,846	$ 100,399	$ 72,024

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 100,399	$ 72,024
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	26,464	27,739
Stock-based compensation expense	25,918	24,564
Amortization of operating lease right-of-use assets	10,332	12,005
Unrealized (gain)/loss on investments	7,222	(275)
Unrealized foreign currency exchange (gain)/loss, net	1,288	(10,280)
Deferred income tax benefit	(18,283)	(1,462)
Allowance for expected credit losses	479	170
Fair value changes in contingent consideration	0	1,000
Others, net	1,202	526
Change in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(28,375)	(46,385)
Other current assets	(4,387)	2,861
Income taxes payable, net	(10,610)	8,684
Other assets	(12,772)	(6,584)
Accounts payable	(4,796)	(1,107)
Deferred revenue	5,380	4,276
Accrued employee costs	(24,331)	(34,016)
Accrued expenses and other liabilities	(742)	11,190
Operating lease liabilities	(10,829)	(11,922)
Net cash provided by operating activities	63,559	53,008
Cash flows from investing activities:
Purchases of property and equipment	(26,113)	(25,054)
Proceeds from sale of property and equipment	547	154
Business acquisition (net of cash and cash equivalents acquired)	0	(2,572)
Purchases of investments	(113,823)	(96,082)
Proceeds from redemption of investments	151,178	82,567
Net cash provided by/(used for) investing activities	11,789	(40,987)
Cash flows from financing activities:
Principal payments of finance lease liabilities	(80)	(75)
Proceeds from borrowings	70,000	35,000
Repayments of borrowings	(100,000)	(10,000)
Acquisition of treasury stock	(70,638)	(60,191)
Payment of contingent consideration	(5,000)	0
Proceeds from ESPP contribution	3,800	0
Proceeds from exercise of stock options	85	0
Net cash used for financing activities	(101,833)	(35,266)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,524	(5,365)
Net decrease in cash, cash equivalents and restricted cash	(24,961)	(28,610)
Cash, cash equivalents and restricted cash at the beginning of the period	125,621	143,810
Cash, cash equivalents and restricted cash at the end of the period	100,660	115,200
Cash paid during the period for:
Interest	6,914	2,694
Income taxes, net of refunds	53,299	14,301
Supplemental disclosure of non-cash investing and financing activities:
Assets acquired under finance lease	$ 91	$ 118

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Mutual funds	$ 68,891	$ 110,964
Recurring
Assets
Cash equivalents - Money market funds	17,972	1,137
Mutual funds	68,891	110,964
Derivative financial instruments	10,300	2,346
Total	97,163	114,447
Liabilities
Derivative financial instruments	3,908	16,277
Contingent consideration	13,689	18,689
Total	17,597	34,966
Recurring \| (Level 1)
Assets
Cash equivalents - Money market funds	17,972	1,137
Mutual funds	68,891	110,964
Derivative financial instruments	0	0
Total	86,863	112,101
Liabilities
Derivative financial instruments	0	0
Contingent consideration	0	0
Total	0	0
Recurring \| (Level 2)
Assets
Cash equivalents - Money market funds	0	0
Mutual funds	0	0
Derivative financial instruments	10,300	2,346
Total	10,300	2,346
Liabilities
Derivative financial instruments	3,908	16,277
Contingent consideration	0	0
Total	3,908	16,277
Recurring \| (Level 3)
Assets
Cash equivalents - Money market funds	0	0
Mutual funds	0	0
Derivative financial instruments	0	0
Total	0	0
Liabilities
Derivative financial instruments	0	0
Contingent consideration	13,689	18,689
Total	$ 13,689	$ 18,689

Other Non-Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Liabilities, Noncurrent [Abstract]

Summary of Other Non-Current Liabilities

Other non-current liabilities consist of the following:


	As of
	June 30, 2023		December 31, 2022
Retirement benefits	$	15,265	$	12,982
Deferred transition revenue	7,981		4,408
Unrecognized tax benefits	2,329		2,329
Derivative instruments	613		6,218
Contingent consideration	589		13,689


Others	1,566		1,666
Other non-current liabilities	$	28,343	$	41,292

Cash, Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

For the purposes of unaudited statements of cash flows, cash, cash equivalents and restricted cash consist of the following:


	As of
	June 30, 2023		June 30, 2022		December 31, 2022
Cash and cash equivalents	$	93,960	$	106,304	$	118,669
Restricted cash (current)	4,628		6,840		4,897
Restricted cash (non-current)	2,072		2,056		2,055
Cash, cash equivalents and restricted cash	$	100,660	$	115,200	$	125,621

Restrictions on Cash and Cash Equivalents

For the purposes of unaudited statements of cash flows, cash, cash equivalents and restricted cash consist of the following:


	As of
	June 30, 2023		June 30, 2022		December 31, 2022
Cash and cash equivalents	$	93,960	$	106,304	$	118,669
Restricted cash (current)	4,628		6,840		4,897
Restricted cash (non-current)	2,072		2,056		2,055
Cash, cash equivalents and restricted cash	$	100,660	$	115,200	$	125,621

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

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

Revenues, net

$ 404,996

$ 346,782

$ 805,639

$ 675,990

Cost of revenues

^[1]

253,220

221,207

504,689

428,723

Gross profit

^[1]

151,776

125,575

300,950

247,267

Operating expenses

86,965

78,494

176,691

156,211

Foreign exchange gain, net, interest expense and other income, net

(255)

(253)

(380)

3,038

Income tax expense

15,554

11,125

23,612

22,327

Gain from equity-method investment

143

132

257

Net income attributable to ExlService Holdings, Inc. stockholders

49,068

35,846

100,399

72,024

Digital operations and solutions

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

Revenues, net

222,813

185,481

441,613

365,650

Analytics services

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

Revenues, net

182,183

161,301

364,026

310,340

Insurance

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

Revenues, net

128,457

108,557

254,393

211,823

Cost of revenues

84,322

70,645

166,646

135,727

Gross profit

44,135

37,912

87,747

76,096

Healthcare

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

Revenues, net

27,156

23,051

53,859

49,207

Cost of revenues

17,540

17,694

36,349

35,345

Gross profit

9,616

5,357

17,510

13,862

Emerging Business

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

Revenues, net

67,200

53,873

133,361

104,620

Cost of revenues

37,845

31,214

73,815

60,427

Gross profit

29,355

22,659

59,546

44,193

Analytics

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

Revenues, net

182,183

161,301

364,026

310,340

Cost of revenues

113,513

101,654

227,879

197,224

Gross profit

$ 68,670

$ 59,647

$ 136,147

$ 113,116

[1]	Exclusive of depreciation and amortization expense.

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Company determines the tax provision for interim periods using an estimate of its annual effective tax rate. Each quarter, the Company updates its estimate of annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment.

The effective tax rate increased from 23.8% during the three months ended June 30, 2022 to 24.1% during the three months ended June 30, 2023. The Company recorded income tax expense of $15,554 and $11,125 for the three months ended June 30, 2023 and 2022, respectively. The increase in income tax expense was primarily as a result of higher profit during the three months ended June 30, 2023, compared to the three months ended June 30, 2022, and an increase in non-deductible expenses during the three months ended June 30, 2023, partially offset by higher excess tax benefits related to stock-based compensation during the three months ended June 30, 2023, compared to the three months ended June 30, 2022.

The effective tax rate decreased from 23.7% during the six months ended June 30, 2022 to 19.1% during the six months ended June 30, 2023. The Company recorded income tax expense of $23,612 and $22,327 for the six months ended June 30, 2023 and June 30, 2022, respectively. The increase in income tax expense was primarily as a result of higher profit during the six months ended June 30, 2023, compared to the six months ended June 30, 2022, and an increase in non-deductible expenses, partially offset by higher excess tax benefits related to stock-based compensation during the six months ended June 30, 2023, compared to the six months ended June 30, 2022.

During the six months ended June 30, 2023, the Company’s subsidiaries in India, the United Kingdom and Australia repatriated $76,000 (net of $4,015 withholding taxes), $15,598 and $9,081, respectively, to the United States. These distributions do not constitute a change in the Company’s permanent reinvestment assertion.

Deferred income taxes recognized in AOCI were as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Deferred taxes benefit / (expense) recognized on:
Unrealized gain/(loss) on cash flow hedges	$	(2,269)	$	2,801	$	(3,569)	$	2,798
Reclassification adjustment for cash flow hedges	(231)		420		(765)		935
Reclassification adjustment for retirement benefits	(18)		(45)		(37)		(92)

Foreign currency translation adjustments	2		480		(1,136)		979
Total	$	(2,516)	$	3,656	$	(5,507)	$	4,620

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Employee Benefit Plans - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Expected return on plan assets, percentage	7.00%
Discretionary contributions towards 401(k) plan, maximum percentage	3.00%

Stock-Based Compensation - Restricted Stock Units Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share Match Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, at beginning balance (in shares)	47,623
Number, granted (in shares)	0
Number, vested (in shares)	0
Number, forfeited (in shares)	(4,177)
Number, outstanding, at ending balance (in shares)	43,446
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, at beginning balance (in dollars per share)	$ 124.76
Weighted-average fair value, granted (in dollars per share)	0
Weighted-average fair value, vested (in dollars per share)	0
Weighted-average fair value, forfeited (in dollars per share)	124.76
Weighted-average fair value, outstanding, at ending balance (in dollars per share)	$ 124.76
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, at beginning balance (in shares)	923,126
Number, granted (in shares)	238,431
Number, vested (in shares)	(307,060)
Number, forfeited (in shares)	(61,323)
Number, outstanding, at ending balance (in shares)	793,174
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, at beginning balance (in dollars per share)	$ 98.71
Weighted-average fair value, granted (in dollars per share)	171.38
Weighted-average fair value, vested (in dollars per share)	90.47
Weighted-average fair value, forfeited (in dollars per share)	104.53
Weighted-average fair value, outstanding, at ending balance (in dollars per share)	$ 123.29
Units vested for which the underlying common stock is yet to be issued (in shares)	130,528	174,490

Related Party Disclosures	6 Months Ended
Related Party Disclosures	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Disclosures	Related Party DisclosuresIn April 2022, the Company entered into a service contract for providing analytics services to The Vanguard Group Inc. which beneficially owns more than 10% of the Company’s common stock as of June 30, 2023. During the three months ended June 30, 2023 and 2022, the Company recognized revenues, net of $379 and $574, respectively, related to this service contract. During the six months ended June 30, 2023 and 2022, the Company recognized revenues, net of $1,330 and $574, respectively, related to this service contract. The Company had outstanding accounts receivable, net of $383 and $856, related to this service contract as of June 30, 2023 and December 31, 2022, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Activity (Details) - Employee Stock - 2022 Employee Stock Purchase Plan - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 27, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 21, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (shares)		792,364	800,000	800,000
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)		(7,636)
Share-based compensation arrangement by share-based payment award, shares issued in period, value		$ 1,060
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)	(26,099)
Share-based compensation arrangement by share-based payment award, shares issued in period, value	$ 3,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
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+ Details

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued expenses	$ 50,714	$ 47,854
Payable to statutory authorities	17,966	20,430
Contingent consideration	13,100	5,000
Client liabilities	5,179	5,110
Derivative instruments	3,295	10,059
Accrued capital expenditures	7,021	4,032
Other current liabilities	7,205	2,867
Accrued expenses and other current liabilities	$ 104,480	$ 95,352

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income/(loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021		39,508,340
Beginning balance at Dec. 31, 2021	$ 693,156	$ 40	$ 395,742	$ 756,137	$ (89,474)	$ (369,289)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021						(6,216,858)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		286,821
Stock issued against stock-based compensation plans	0
Stock-based compensation	$ 24,564		24,564
Acquisition of treasury stock (in shares)	(427,049)					(454,268)
Acquisition of treasury stock	$ (60,191)					$ (60,191)
Other comprehensive income (loss)	(43,900)				(43,900)
Net income	72,024			72,024
Ending balance (in shares) at Jun. 30, 2022		39,795,161
Ending balance at Jun. 30, 2022	685,653	$ 40	420,306	828,161	(133,374)	$ (429,480)
Treasury stock, ending balance (in shares) at Jun. 30, 2022						(6,671,126)
Beginning balance (in shares) at Mar. 31, 2022		39,794,154
Beginning balance at Mar. 31, 2022	700,341	$ 40	406,966	792,315	(98,306)	$ (400,674)
Treasury stock, beginning balance (in shares) at Mar. 31, 2022						(6,465,410)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		1,007
Stock issued against stock-based compensation plans	0
Stock-based compensation	$ 13,340		13,340
Acquisition of treasury stock (in shares)	(205,716)					(205,716)
Acquisition of treasury stock	$ (28,806)					$ (28,806)
Other comprehensive income (loss)	(35,068)				(35,068)
Net income	35,846			35,846
Ending balance (in shares) at Jun. 30, 2022		39,795,161
Ending balance at Jun. 30, 2022	$ 685,653	$ 40	420,306	828,161	(133,374)	$ (429,480)
Treasury stock, ending balance (in shares) at Jun. 30, 2022						(6,671,126)
Beginning balance (in shares) at Dec. 31, 2022	33,234,444	39,987,976
Beginning balance at Dec. 31, 2022	$ 758,179	$ 40	445,108	899,105	(144,143)	$ (441,931)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022	(6,753,532)					(6,753,532)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		361,751
Stock issued against stock-based compensation plans	$ 1,098		1,098
Stock-based compensation	$ 25,918		25,918
Acquisition of treasury stock (in shares)	(405,169)					(443,525)
Acquisition of treasury stock	$ (71,376)					$ (71,376)
Other comprehensive income (loss)	19,996				19,996
Net income	$ 100,399			100,399
Ending balance (in shares) at Jun. 30, 2023	33,152,670	40,349,727
Ending balance at Jun. 30, 2023	$ 834,214	$ 40	472,124	999,504	(124,147)	$ (513,307)
Treasury stock, ending balance (in shares) at Jun. 30, 2023	(7,197,057)					(7,197,057)
Beginning balance (in shares) at Mar. 31, 2023		40,334,368
Beginning balance at Mar. 31, 2023	$ 795,222	$ 40	460,527	950,436	(131,487)	$ (484,294)
Treasury stock, beginning balance (in shares) at Mar. 31, 2023						(7,012,913)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		15,359
Stock issued against stock-based compensation plans	86		86
Stock-based compensation	$ 11,511		11,511
Acquisition of treasury stock (in shares)	(184,144)					(184,144)
Acquisition of treasury stock	$ (29,013)					$ (29,013)
Other comprehensive income (loss)	7,340				7,340
Net income	$ 49,068			49,068
Ending balance (in shares) at Jun. 30, 2023	33,152,670	40,349,727
Ending balance at Jun. 30, 2023	$ 834,214	$ 40	$ 472,124	$ 999,504	$ (124,147)	$ (513,307)
Treasury stock, ending balance (in shares) at Jun. 30, 2023	(7,197,057)					(7,197,057)

Earnings Per Share

6 Months Ended

Jun. 30, 2023

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, restricted stock units and employee stock purchase plans) issued and outstanding at the reporting date, using the treasury stock method. Common stock equivalents that are anti-dilutive are excluded from the computation of weighted average shares outstanding.

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Numerators:
Net income	$	49,068	$	35,846	$	100,399	$	72,024
Denominators:
Basic weighted average common shares outstanding	33,355,354		33,403,411		33,397,226		33,422,618
Dilutive effect of share-based awards	333,095		427,128		412,329		439,979

Diluted weighted average common shares outstanding	33,688,449		33,830,539		33,809,555		33,862,597
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic	$	1.47	$	1.07	$	3.01	$	2.15
Diluted	$	1.46	$	1.06	$	2.97	$	2.13
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	249,831		—		179,550		541

Leases

6 Months Ended

Jun. 30, 2023

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 ASC 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. As part of the Company’s efforts to optimize its existing network of operations centers, the Company continued to evaluate its office facilities to determine where it can exit or consolidate its use of office space.

Supplemental balance sheet information


	As of
	June 30, 2023		December 31, 2022
Operating Lease
Operating lease right-of-use assets	$	58,423	$	55,347

Operating lease liabilities - Current	$	14,482	$	14,978
Operating lease liabilities - Non-current	50,575		48,155
Total operating lease liabilities	$	65,057	$	63,133

Finance Lease
Property and equipment, gross	$	1,906	$	2,499
Accumulated depreciation	(1,388)		(1,999)
Property and equipment, net	$	518	$	500

Finance lease liabilities - Current	$	167	$	164
Finance lease liabilities - Non-current	373		355
Total finance lease liabilities	$	540	$	519

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 unaudited consolidated statements of income, are as follows:


Lease cost	Three months ended June 30,				Six months ended June 30,
Finance lease:	2023		2022		2023		2022
Amortization of right-of-use assets	$	39	$	50	$	77	$	88
Interest on lease liabilities	18		14		38		28
	57		64		115		116
Operating lease(a)	5,449		5,962		10,332		12,005
Variable lease costs	1,157		1,408		2,164		2,529

Total lease cost	$	6,663	$	7,434	$	12,611	$	14,650

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

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


	Six months ended June 30,
	2023			2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	10,829		$	11,922
Operating cash outflows for finance leases	$	38		$	28
Financing cash outflows for finance leases	$	80		$	75
Right-of-use assets obtained in exchange for new operating lease liabilities	$	10,929		$	3,540
Right-of-use assets obtained in exchange for new finance lease liabilities	$	91		$	118
Weighted average remaining lease term (in years)
Finance lease	2.7 years			2.5 years
Operating lease	5.6 years			5.5 years
Weighted average discount rate
Finance lease	14.0		%	14.5		%
Operating lease	7.3		%	7.0		%

The Company modified certain of its operating leases, resulting in a decrease of its lease liabilities by $2,466 and an increase of its lease liabilities by $263, during the six months ended June 30, 2023 and June 30, 2022, respectively, with a corresponding adjustment to ROU assets.

As of June 30, 2023 and December 31, 2022, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.

Maturities of lease liabilities as of June 30, 2023 were as follows:


	Operating Leases		Finance Leases
2023 (July 1 - December 31)	$	9,445	$	133
2024	17,314		187
2025	12,908		125
2026	11,926		113
2027	9,151		112
2028 and thereafter	20,554		22
Total lease payments	81,298		692
Less: Imputed interest	16,241		152
Present value of lease liabilities	$	65,057	$	540

Maturities of lease liabilities as of December 31, 2022 were as follows:


	Operating Leases		Finance Leases
2023	$	18,711	$	228
2024	14,846		162
2025	10,037		114
2026	8,941		88
2027	6,474		79
2028 and thereafter	19,624		—
Total lease payments	78,633		671
Less: Imputed interest	15,500		152
Present value of lease liabilities	$	63,133	$	519

Leases

Supplemental balance sheet information


	As of
	June 30, 2023		December 31, 2022
Operating Lease
Operating lease right-of-use assets	$	58,423	$	55,347

Operating lease liabilities - Current	$	14,482	$	14,978
Operating lease liabilities - Non-current	50,575		48,155
Total operating lease liabilities	$	65,057	$	63,133

Finance Lease
Property and equipment, gross	$	1,906	$	2,499
Accumulated depreciation	(1,388)		(1,999)
Property and equipment, net	$	518	$	500

Finance lease liabilities - Current	$	167	$	164
Finance lease liabilities - Non-current	373		355
Total finance lease liabilities	$	540	$	519

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


Lease cost	Three months ended June 30,				Six months ended June 30,
Finance lease:	2023		2022		2023		2022
Amortization of right-of-use assets	$	39	$	50	$	77	$	88
Interest on lease liabilities	18		14		38		28
	57		64		115		116
Operating lease(a)	5,449		5,962		10,332		12,005
Variable lease costs	1,157		1,408		2,164		2,529

Total lease cost	$	6,663	$	7,434	$	12,611	$	14,650

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

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


	Six months ended June 30,
	2023			2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	10,829		$	11,922
Operating cash outflows for finance leases	$	38		$	28
Financing cash outflows for finance leases	$	80		$	75
Right-of-use assets obtained in exchange for new operating lease liabilities	$	10,929		$	3,540
Right-of-use assets obtained in exchange for new finance lease liabilities	$	91		$	118
Weighted average remaining lease term (in years)
Finance lease	2.7 years			2.5 years
Operating lease	5.6 years			5.5 years
Weighted average discount rate
Finance lease	14.0		%	14.5		%
Operating lease	7.3		%	7.0		%

As of June 30, 2023 and December 31, 2022, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.

Maturities of lease liabilities as of June 30, 2023 were as follows:


	Operating Leases		Finance Leases
2023 (July 1 - December 31)	$	9,445	$	133
2024	17,314		187
2025	12,908		125
2026	11,926		113
2027	9,151		112
2028 and thereafter	20,554		22
Total lease payments	81,298		692
Less: Imputed interest	16,241		152
Present value of lease liabilities	$	65,057	$	540

Maturities of lease liabilities as of December 31, 2022 were as follows:


	Operating Leases		Finance Leases
2023	$	18,711	$	228
2024	14,846		162
2025	10,037		114
2026	8,941		88
2027	6,474		79
2028 and thereafter	19,624		—
Total lease payments	78,633		671
Less: Imputed interest	15,500		152
Present value of lease liabilities	$	63,133	$	519

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Lease
Operating lease right-of-use assets	$ 58,423	$ 55,347
Operating lease liabilities - Current	14,482	14,978
Operating lease liabilities - Non-current	50,575	48,155
Present value of lease liabilities	65,057	63,133
Finance Lease
Property and equipment, gross	1,906	2,499
Accumulated depreciation	(1,388)	(1,999)
Property and equipment, net	518	500
Finance lease liabilities - Current	167	164
Finance lease liabilities - Non-current	373	355
Total finance lease liabilities	$ 540	$ 519

Borrowings - Company's Debt Position (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Current portion of long-term borrowings	$ 30,000	$ 30,000
Long-term borrowings, less current portion	190,000	220,000
Revolving credit facility
Debt Instrument [Line Items]
Current portion of long-term borrowings	30,000	30,000
Long-term borrowings, less current portion	190,000	220,000
Total borrowings	$ 220,000	$ 250,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes - Recognized in Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Unrealized gain/(loss) on cash flow hedges	$ (2,269)	$ 2,801	$ (3,569)	$ 2,798
Reclassification adjustment for cash flow hedges	(231)	420	(765)	935
Reclassification adjustment for retirement benefits	(18)	(45)	(37)	(92)
Foreign currency translation adjustments	2	480	(1,136)	979
Total	$ (2,516)	$ 3,656	$ (5,507)	$ 4,620

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 93,960	$ 118,669	$ 106,304
Restricted cash (current)	4,628	4,897	6,840
Restricted cash (non-current)	2,072	2,055	2,056
Cash, cash equivalents and restricted cash	$ 100,660	$ 125,621	$ 115,200	$ 143,810

Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2023

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

Schedule of Other Current Assets

Other current assets consist of the following:


	As of
	June 30, 2023		December 31, 2022
Prepaid expenses	$	19,811	$	18,132
Advance income tax, net	17,787		5,716
Receivables from statutory authorities	16,338		15,724
Derivative instruments	5,062		1,526
Advances to suppliers	2,851		1,944
Deferred contract fulfillment costs	2,112		1,178
Contract assets	1,527		904

Others	4,698		5,855
Other current assets	$	70,186	$	50,979

Leases - Maturities of Lease Liabilities Prior Year (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
2023	$ 17,314	$ 18,711
2024	12,908	14,846
2025	11,926	10,037
2026	9,151	8,941
2027		6,474
2028 and thereafter		19,624
Total lease payments	81,298	78,633
Less: Imputed interest	16,241	15,500
Present value of lease liabilities	65,057	63,133
Finance Leases
2023	187	228
2024	125	162
2025	113	114
2026	112	88
2027		79
2028 and thereafter		0
Total lease payments	692	671
Less: Imputed interest	152	152
Present value of lease liabilities	$ 540	$ 519

Goodwill and Other Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 4,204	$ 4,146	$ 8,353	$ 8,632

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information


	As of
	June 30, 2023		December 31, 2022
Operating Lease
Operating lease right-of-use assets	$	58,423	$	55,347

Operating lease liabilities - Current	$	14,482	$	14,978
Operating lease liabilities - Non-current	50,575		48,155
Total operating lease liabilities	$	65,057	$	63,133

Finance Lease
Property and equipment, gross	$	1,906	$	2,499
Accumulated depreciation	(1,388)		(1,999)
Property and equipment, net	$	518	$	500

Finance lease liabilities - Current	$	167	$	164
Finance lease liabilities - Non-current	373		355
Total finance lease liabilities	$	540	$	519

Schedule of Components of Lease Cost

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


Lease cost	Three months ended June 30,				Six months ended June 30,
Finance lease:	2023		2022		2023		2022
Amortization of right-of-use assets	$	39	$	50	$	77	$	88
Interest on lease liabilities	18		14		38		28
	57		64		115		116
Operating lease(a)	5,449		5,962		10,332		12,005
Variable lease costs	1,157		1,408		2,164		2,529

Total lease cost	$	6,663	$	7,434	$	12,611	$	14,650

(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:


	Six months ended June 30,
	2023			2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	10,829		$	11,922
Operating cash outflows for finance leases	$	38		$	28
Financing cash outflows for finance leases	$	80		$	75
Right-of-use assets obtained in exchange for new operating lease liabilities	$	10,929		$	3,540
Right-of-use assets obtained in exchange for new finance lease liabilities	$	91		$	118
Weighted average remaining lease term (in years)
Finance lease	2.7 years			2.5 years
Operating lease	5.6 years			5.5 years
Weighted average discount rate
Finance lease	14.0		%	14.5		%
Operating lease	7.3		%	7.0		%

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities as of June 30, 2023 were as follows:


	Operating Leases		Finance Leases
2023 (July 1 - December 31)	$	9,445	$	133
2024	17,314		187
2025	12,908		125
2026	11,926		113
2027	9,151		112
2028 and thereafter	20,554		22
Total lease payments	81,298		692
Less: Imputed interest	16,241		152
Present value of lease liabilities	$	65,057	$	540

Maturities of lease liabilities as of December 31, 2022 were as follows:


	Operating Leases		Finance Leases
2023	$	18,711	$	228
2024	14,846		162
2025	10,037		114
2026	8,941		88
2027	6,474		79
2028 and thereafter	19,624		—
Total lease payments	78,633		671
Less: Imputed interest	15,500		152
Present value of lease liabilities	$	63,133	$	519

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities as of June 30, 2023 were as follows:


	Operating Leases		Finance Leases
2023 (July 1 - December 31)	$	9,445	$	133
2024	17,314		187
2025	12,908		125
2026	11,926		113
2027	9,151		112
2028 and thereafter	20,554		22
Total lease payments	81,298		692
Less: Imputed interest	16,241		152
Present value of lease liabilities	$	65,057	$	540

Maturities of lease liabilities as of December 31, 2022 were as follows:


	Operating Leases		Finance Leases
2023	$	18,711	$	228
2024	14,846		162
2025	10,037		114
2026	8,941		88
2027	6,474		79
2028 and thereafter	19,624		—
Total lease payments	78,633		671
Less: Imputed interest	15,500		152
Present value of lease liabilities	$	63,133	$	519

Borrowings - Principle Maturities of Borrowings and Credit Arrangements (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Principal Payments
Debt Instrument [Line Items]
2023 (July 1 - December 31)	$ 30,000
2024	0
2025	0
2026	0
2027	190,000
Total	220,000
Interest Payments
Debt Instrument [Line Items]
2023 (July 1 - December 31)	6,216
2024	11,522
2025	11,522
2026	11,522
2027	4,321
Total	$ 45,103

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investments

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

Investments

Investments consist of the following:


	As of
	June 30, 2023		December 31, 2022
Short-term investments
Mutual funds	$	68,891	$	110,964
Term deposits	87,207		68,063
Total Short-term investments	$	156,098	$	179,027

Long-term investments
Term deposits	$	12,515	$	31,341
Investment in equity affiliate	3,570		3,438
Total Long-term investments	$	16,085	$	34,779

Refer to Note 16 - Fair Value Measurements to the unaudited consolidated financial statements for further details.

Capital Structure (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

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

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


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Three months ended June 30, 2023	—	$	—	$	—
Three months ended June 30, 2022	—	$	—	$	—

Six months ended June 30, 2023	38,356	$	6,529	$	170.22
Six months ended June 30, 2022	27,219	$	3,191	$	117.23

(1) The weighted average purchase price per share is based on the closing price of the Company’s common stock on the Nasdaq Global Select Market on the trading day prior to the applicable vesting date of the shares of restricted stock.

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

The Company purchased shares of its common stock, for a total consideration including commissions, under the 2022 Repurchase Program, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share
Three months ended June 30, 2023	184,144	$	29,013	$	157.56
Three months ended June 30, 2022	205,716	$	28,806	$	140.03

Six months ended June 30, 2023	405,169	$	64,847	$	160.05
Six months ended June 30, 2022	427,049	$	57,000	$	133.47

Accumulated Other Comprehensive Income/(Loss)

6 Months Ended

Jun. 30, 2023

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

Accumulated Other Comprehensive Income/(Loss)

Accumulated other comprehensive income/(loss) (“AOCI”) consists of actuarial gain/(loss) on retirement benefits and foreign currency translation adjustments. In addition, the Company enters into foreign currency forward contracts and interest rate swaps, which are designated as cash flow hedges and net investment hedges, as applicable, in accordance with ASC Topic 815, Derivatives and Hedging. Cumulative changes in the fair values of cash flow hedges are recognized in AOCI on the Company’s consolidated balance sheets. The fair value changes are reclassified from AOCI to unaudited consolidated statements of income upon settlement of foreign currency forward contracts designated as cash flow hedges of a forecast transaction, whereas such changes for interest rate swaps are reclassified over the term of the contract. Fair value changes related to net investment hedges are included in AOCI and are reclassified to unaudited consolidated statements of income when a foreign operation is disposed or partially disposed. The following table sets forth the changes in AOCI during the six months ended June 30, 2023 and 2022:


	Accumulated Other Comprehensive Income/(Loss)
	Foreign currency translation gain/(loss)		Unrealized gain/(loss) on cash flow hedges		Retirement benefits		Total
Balance as of January 1, 2023	$	(133,139)	$	(11,303)	$	299	$	(144,143)
Gains recognized during the period	5,177		16,145		—		21,322

Reclassification to net income (1)	—		4,229		(48)		4,181
Income tax effects (2)	(1,136)		(4,334)		(37)		(5,507)
Accumulated other comprehensive income/(loss) as of June 30, 2023	$	(129,098)	$	4,737	$	214	$	(124,147)

Balance as of January 1, 2022	$	(95,437)	$	8,420	$	(2,457)	$	(89,474)
Losses recognized during the period	(30,227)		(15,149)		—		(45,376)

Reclassification to net income (1)	—		(3,448)		304		(3,144)
Income tax effects (2)	979		3,733		(92)		4,620
Accumulated other comprehensive income/(loss) as of June 30, 2022	$	(124,685)	$	(6,444)	$	(2,245)	$	(133,374)

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

(2) These are income tax effects recognized on cash flow hedges, retirement benefits and foreign currency translation gain/(loss). Refer to Note 22 - Income Taxes to the unaudited consolidated financial statements.

Segment and Geographical Information - Property, Plant and Equipment, Net Based On Geographical Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 152,111	$ 138,175
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	62,181	60,709
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	45,769	50,118
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	23,983	18,406
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 20,178	$ 8,942

Employee Benefit Plans - Change in Plan Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Change in Plan Assets
Plan assets as of January 1, 2023	$ 14,449
Actual return	692
Employer contribution	0
Benefits paid*	(542)
Effect of exchange rate changes	121
Plan assets as of June 30, 2023	$ 14,720

- Definition

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.

+ References + Details

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of
	June 30, 2023		December 31, 2022
Accrued expenses	$	50,714	$	47,854
Payable to statutory authorities	17,966		20,430
Contingent consideration	13,100		5,000
Accrued capital expenditures	7,021		4,032
Client liabilities	5,179		5,110
Derivative instruments	3,295		10,059


Other current liabilities	7,205		2,867
Accrued expenses and other current liabilities	$	104,480	$	95,352

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Income Statement [Abstract]

Revenues, net

$ 404,996

$ 346,782

$ 805,639

$ 675,990

Cost of revenues

^[1]

253,220

221,207

504,689

428,723

Gross profit

^[1]

151,776

125,575

300,950

247,267

Operating expenses:

General and administrative expenses

45,605

40,434

92,351

80,379

Selling and marketing expenses

28,238

23,985

57,731

48,155

Depreciation and amortization expense

13,122

14,075

26,609

27,677

Total operating expenses

86,965

78,494

176,691

156,211

Income from operations

64,811

47,081

124,259

91,056

Foreign exchange gain, net

324

1,423

429

3,179

Interest expense

(3,240)

(1,502)

(6,625)

(2,378)

Other income/(loss), net

2,661

(174)

5,816

2,237

Income before income tax expense and earnings from equity affiliates

64,556

46,828

123,879

94,094

Income tax expense

15,554

11,125

23,612

22,327

Income before earnings from equity affiliates

49,002

35,703

100,267

71,767

Gain from equity-method investment

143

132

257

Net income attributable to ExlService Holdings, Inc. stockholders

$ 49,068

$ 35,846

$ 100,399

$ 72,024

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

Basic (in dollars per share)

$ 1.47

$ 1.07

$ 3.01

$ 2.15

Diluted (in dollars per share)

$ 1.46

$ 1.06

$ 2.97

$ 2.13

Weighted average number of shares used in computing earnings per share attributable to ExlService Holdings, Inc. stockholders:

Basic (in shares)

33,355,354

33,403,411

33,397,226

33,422,618

Diluted (in shares)

33,688,449

33,830,539

33,809,555

33,862,597

[1]	Exclusive of depreciation and amortization expense.

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred contract fulfillment costs	$ 19,333	$ 12,693
Lease deposits	6,925	6,621
Deposits with statutory authorities	6,318	6,276
Contract assets	6,105	1,864
Derivative instruments	5,238	820
Others	4,336	3,795
Other assets	$ 48,255	$ 32,069

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (e)
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Other Income/(Loss), net - Summary of Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Gain on sale and mark-to-market on investments	$ 1,095	$ 634	$ 2,739	$ 1,870
Interest and dividend income	1,653	847	3,374	2,217
Others, net	(87)	(1,655)	(297)	(1,850)
Other income/(loss), net	$ 2,661	$ (174)	$ 5,816	$ 2,237

Organization	6 Months Ended
Organization	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization ExlService Holdings, Inc. (“ExlService Holdings”) is organized as a corporation under the laws of the state of Delaware. ExlService Holdings, together with its subsidiaries and affiliates (collectively, the “Company”), is a leading data analytics and digital operations and solutions company that partners with clients to improve business outcomes and unlock growth. By bringing together deep domain expertise with robust data, powerful analytics, cloud, artificial intelligence and machine learning, the Company creates agile, scalable solutions and executes complex operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media, and retail, among others. The Company’s data-led value creation framework enables better and faster decision making, leveraging its end-to-end data and analytics capabilities to drive improved business outcomes, and re-designing of operating models to integrate advanced technology into operational workflows. The Company embeds digital operations and solutions into clients’ businesses and introduces its data led approach to transform operations. 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 (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Preparation	Basis of Preparation and Principles of ConsolidationThe unaudited consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Principles of Consolidation	The unaudited consolidated financial statements reflect all adjustments (of a normal and recurring nature) that management considers necessary for a fair presentation of such statements for the interim periods presented. The unaudited consolidated statements of income for the interim periods presented are not necessarily indicative of the results for the full year or for any subsequent period. The accompanying unaudited consolidated financial statements include the financial statements of ExlService Holdings and all of its subsidiaries. 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. 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 unaudited consolidated statements of income. Accounting policies of the respective individual subsidiaries and equity affiliates are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under U.S. GAAP.
Use of Estimates	Use of EstimatesThe preparation of the unaudited 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 unaudited consolidated financial statements and the unaudited consolidated statements of income during the reporting period. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the unaudited consolidated financial statements include, but are not limited to, estimates of the fair value of the identifiable intangible assets and contingent consideration, purchase price allocation, including revenue projections and the discount rate applied within the discounted cash flow model for business acquisitions, credit risk of customers, 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, stock-based awards, and debt 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, and recoverability of long-lived assets, goodwill and intangibles.
Recent Accounting Pronouncements and Recently adopted Accounting Pronouncements	Recent Accounting Pronouncements In March 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-01, Leases (“ASC Topic 842”): Common Control Arrangements. This ASU provides guidance in ASC Topic 842 that leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment to equity if and when the lessee no longer controls the use of the underlying asset. The ASU is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been issued. When adopted in an interim period, it must be adopted from the beginning of the year that includes that interim period. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. (d)Recently adopted Accounting Pronouncements In October 2021, FASB issued ASU No. 2021-08, Business Combinations (“ASC Topic 805”): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU provides guidance in ASC Topic 805 to require the acquirer entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contract with Customers, as if it had originated the contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements, if the acquiree prepared financial statements in accordance with U.S. GAAP. The ASU is effective for fiscal years beginning after December 15, 2022. An entity may early adopt the ASU including adoption in an interim period, with retrospective application to all business combinations within the fiscal year that includes such interim period. The adoption of this ASU is applicable for future business combinations.

Segment and Geographical Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment and Geographical Information

The Company is a provider of data analytics and digital operations and solutions.

The Company manages and reports financial information through its four reportable segments: Insurance, Healthcare, Analytics and Emerging Business, which reflects how management reviews financial information and makes operating decisions. These business units develop client-specific solutions, build capabilities, maintain a unified go-to-market approach and are integrally responsible for service delivery, customer satisfaction, growth and profitability.

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 the three months ended June 30, 2023 and 2022, respectively, for each of the reportable segments, are as follows:


	Three months ended June 30, 2023
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	128,457	$	27,156	$	67,200	$	182,183	$	404,996
Cost of revenues(1)	84,322		17,540		37,845		113,513		253,220
Gross profit(1)	$	44,135	$	9,616	$	29,355	$	68,670	$	151,776
Operating expenses									86,965
Foreign exchange gain, net, interest expense and other income, net									(255)
Income tax expense									15,554
Gain from equity-method investment									66
Net income									$	49,068

(1) Exclusive of depreciation and amortization expense.


	Three months ended June 30, 2022
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	108,557	$	23,051	$	53,873	$	161,301	$	346,782
Cost of revenues(1)	70,645		17,694		31,214		101,654		221,207
Gross profit(1)	$	37,912	$	5,357	$	22,659	$	59,647	$	125,575
Operating expenses									78,494
Foreign exchange gain, net, interest expense and other loss, net									(253)
Income tax expense									11,125
Gain from equity-method investment									143
Net income									$	35,846

(1) Exclusive of depreciation and amortization expense.

Revenues and cost of revenues for the six months ended June 30, 2023 and 2022, respectively, for each of the reportable segments, are as follows:


	Six months ended June 30, 2023
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	254,393	$	53,859	$	133,361	$	364,026	$	805,639
Cost of revenues(1)	166,646		36,349		73,815		227,879		504,689
Gross profit(1)	$	87,747	$	17,510	$	59,546	$	136,147	$	300,950
Operating expenses									176,691
Foreign exchange gain, net, interest expense and other income, net									(380)
Income tax expense									23,612
Gain from equity-method investment									132
Net income									$	100,399

(1) Exclusive of depreciation and amortization expense.


	Six months ended June 30, 2022
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	211,823	$	49,207	$	104,620	$	310,340	$	675,990
Cost of revenues(1)	135,727		35,345		60,427		197,224		428,723
Gross profit(1)	$	76,096	$	13,862	$	44,193	$	113,116	$	247,267
Operating expenses									156,211
Foreign exchange gain, net, interest expense and other income, net									3,038
Income tax expense									22,327
Gain from equity-method investment									257
Net income									$	72,024

(1) Exclusive of depreciation and amortization expense.

Revenues, net by service type, were as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Digital operations and solutions(1)	$	222,813	$	185,481	$	441,613	$	365,650
Analytics services	182,183		161,301		364,026		310,340
Revenues, net	$	404,996	$	346,782	$	805,639	$	675,990

(1) Digital operations and solutions 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.


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Revenues, net
United States	$	340,675	$	298,520	$	679,748	$	580,899
Non-United States
United Kingdom	43,648		32,090		85,222		64,863
Rest of World	20,673		16,172		40,669		30,228
Total Non-United States	64,321		48,262		125,891		95,091
Revenues, net	$	404,996	$	346,782	$	805,639	$	675,990

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
	June 30, 2023		December 31, 2022
Long-lived assets
United States	$	62,181	$	60,709
India	45,769		50,118
Philippines	23,983		18,406
Rest of World	20,178		8,942
Long-lived assets	$	152,111	$	138,175

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: 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 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 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivatives and Hedge Accounting - Additional Information (Details) € in Thousands, £ in Thousands, R in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 GBP (£)	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 AUD ($)	Jun. 30, 2023 ZAR (R)	Jun. 30, 2023 COP ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2022 COP ($)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 1,578
Maximum outstanding term of the cash flow hedges	39 months
Foreign Exchange Contract [Member] \| Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 165,793	£ 11,235	€ 3,947	$ 4,471	R 102,249	$ 2,449,676	$ 163,990	£ 8,351	€ 1,956	$ 1,951	R 0	$ 0
Foreign Exchange Contract [Member] \| Cash flow hedge \| Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	831,250						841,620
Interest Rate Swap \| Cash flow hedge \| Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 75						$ 75

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Net income	$ 49,068	$ 35,846	$ 100,399	$ 72,024
Basic weighted average common shares outstanding (in shares)	33,355,354	33,403,411	33,397,226	33,422,618
Dilutive effect of share-based awards (in shares)	333,095	427,128	412,329	439,979
Diluted weighted average common shares outstanding (in shares)	33,688,449	33,830,539	33,809,555	33,862,597
Basic (in dollars per share)	$ 1.47	$ 1.07	$ 3.01	$ 2.15
Diluted (in dollars per share)	$ 1.46	$ 1.06	$ 2.97	$ 2.13
Weighted average potentially dilutive considered anti-dilutive and not included in computing diluted earnings per share (in shares)	249,831		179,550	541
Pro Forma
Subsequent Event [Line Items]
Net income	$ 49,068	$ 35,846	$ 100,399	$ 72,024
Basic weighted average common shares outstanding (in shares)	166,776,770	167,017,055	166,986,130	167,113,090
Dilutive effect of share-based awards (in shares)	1,665,475	2,135,640	2,061,645	2,199,895
Diluted weighted average common shares outstanding (in shares)	168,442,245	169,152,695	169,047,775	169,312,985
Basic (in dollars per share)	$ 0.29	$ 0.21	$ 0.60	$ 0.43
Diluted (in dollars per share)	$ 0.29	$ 0.21	$ 0.59	$ 0.43
Weighted average potentially dilutive considered anti-dilutive and not included in computing diluted earnings per share (in shares)	1,249,155	0	897,750	2,705

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Borrowings - Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Apr. 18, 2022
Credit Facilities [Line Items]
Letters of credit outstanding	$ 461,000	$ 461,000
Revolving credit facility
Credit Facilities [Line Items]
Unamortized debt issuance costs	1,040,000	$ 1,177,000
Revolving credit facility \| New Credit Agreement
Credit Facilities [Line Items]
Maximum borrowing capacity	$ 300,000,000
Revolving credit facility \| Credit Agreement
Credit Facilities [Line Items]
Maximum borrowing capacity			$ 400,000,000
Line of credit facility option for additional borrowing capacity			$ 200,000,000

Subsequent Events - Narrative (Details)			6 Months Ended
Subsequent Events - Narrative (Details)	Aug. 01, 2023 $ / shares shares	Jun. 20, 2023	Jun. 30, 2023 $ / shares shares	Jul. 31, 2023 shares	Dec. 31, 2022 $ / shares shares
Subsequent Event [Line Items]
Stock split conversion ratio		5
Common stock, authorized (in shares)			100,000,000		100,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001		$ 0.001
Performance Based Stock Awards
Subsequent Event [Line Items]
Cost not yet recognized, period for recognition			2 years 1 month 6 days
Forecast
Subsequent Event [Line Items]
Common stock, authorized (in shares)	400,000,000			100,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Subsequent Event
Subsequent Event [Line Items]
Shares received per share, stock splits	4

Capital Structure

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Capital Structure

Common Stock

The Company has one class of common stock outstanding.


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Three months ended June 30, 2023	—	$	—	$	—
Three months ended June 30, 2022	—	$	—	$	—

Six months ended June 30, 2023	38,356	$	6,529	$	170.22
Six months ended June 30, 2022	27,219	$	3,191	$	117.23

On October 5, 2021, the Company’s board of directors authorized a $300,000 common stock repurchase program beginning January 1, 2022 (the “2022 Repurchase Program”).

Under the 2022 Repurchase Program, 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, for a total consideration including commissions, under the 2022 Repurchase Program, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share
Three months ended June 30, 2023	184,144	$	29,013	$	157.56
Three months ended June 30, 2022	205,716	$	28,806	$	140.03

Six months ended June 30, 2023	405,169	$	64,847	$	160.05
Six months ended June 30, 2022	427,049	$	57,000	$	133.47

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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations


Change in Plan Assets
Plan assets as of January 1, 2023	$	14,449
Actual return	692
Employer contribution	—
Benefits paid*	(542)
Effect of exchange rate changes	121
Plan assets as of June 30, 2023	$	14,720

* Benefits payments were substantially made through the plan assets during the six months ended June 30, 2023.

Components of Net Periodic Benefit Cost

Components of net periodic benefit costs recognized in unaudited consolidated statements of income and actuarial (gain)/loss reclassified from AOCI, were as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Service cost	$	953	$	958	$	1,909	$	1,948
Interest cost	393		313		788		636
Expected return on plan assets	(264)		(221)		(527)		(449)
Amortization of actuarial (gain)/loss, gross of tax	(23)		149		(48)		304
Net gratuity cost	$	1,059	$	1,199	$	2,122	$	2,439

Amortization of actuarial (gain)/loss, gross of tax	$	(23)	$	149	$	(48)	$	304
Income tax effects on above	(18)		(45)		(37)		(92)
Amortization of actuarial (gain)/loss, net of tax	$	(41)	$	104	$	(85)	$	212

Schedule of Company's Contribution Plan

The Company’s accrual for contribution to the 401(k) Plans was as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Contribution to the 401(k) Plans	$	1,178	$	1,026	$	3,564	$	3,043

The Company’s contribution for various defined social security contribution plans on behalf of employees in foreign subsidiaries of the Company was as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Contributions to the defined social security contribution plans	$	5,604	$	4,549	$	10,996	$	8,762

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

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


	Insurance		Healthcare		Emerging Business		Analytics		Total



Balance as of January 1, 2023	$	49,929	$	21,875	$	47,101	$	286,732	$	405,637


Currency translation adjustments	119		5		142		—		266
Balance as of June 30, 2023	$	50,048	$	21,880	$	47,243	$	286,732	$	405,903

As of June 30, 2023, the Company performed an assessment to determine whether events or circumstances exist that may lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company considered current and forecasted economic and market conditions and qualitative factors, such as the Company’s performance during the first half of the current fiscal year, business forecasts for the remainder of the year, stock price movements, generation and availability of cash and expansion plans. The Company reviewed key assumptions, including revisions of projected future revenues for reporting units against the results of the annual impairment test performed during the fourth quarter of 2022. The Company did not identify any triggers or indications of potential impairment for its reporting units as of June 30, 2023.

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 its reporting units. The Company continues to maintain its focus on cultivating long-term client relationships as well as attracting new clients.

Other Intangible Assets

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


	As of June 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	99,146	$	(45,463)	$	53,683
Developed technology	3,542		(2,092)		1,450
Trade names and trademarks	1,700		(1,447)		253
Non-compete agreements	336		(135)		201
	104,724		(49,137)		55,587
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900
Total intangible assets	$	105,624	$	(49,137)	$	56,487


	As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	99,146	$	(39,848)	$	59,298
Developed technology	24,878		(20,902)		3,976
Trade names and trademarks	1,700		(1,303)		397
Non-compete agreements	336		(88)		248
	126,060		(62,141)		63,919
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900
Total intangible assets	$	126,960	$	(62,141)	$	64,819

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Amortization expense	$	4,204	$	4,146	$	8,353	$	8,632

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


			(in years)
Customer relationships			5.0
Developed technology			1.9
Trade names and trademarks (finite lived)			1.1
Non-compete agreements			2.3


Estimated future amortization expense related to finite-lived intangible assets as of June 30, 2023 was as follows:
2023 (July 1 - December 31)	$	6,315
2024	12,140
2025	10,705
2026	10,366
2027	9,364
2028 and thereafter	6,697
Total	$	55,587

Other Income/(Loss), net

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Other Income/(Loss), net

Other income/(loss), net consists of the following:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Gain on sale and mark-to-market on investments	$	1,095	$	634	$	2,739	$	1,870
Interest and dividend income	1,653		847		3,374		2,217
Others, net	(87)		(1,655)		(297)		(1,850)
Other income/(loss), net	$	2,661	$	(174)	$	5,816	$	2,237

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	15,000,000	15,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	40,349,727	39,987,976
Common stock, outstanding (in shares)	33,152,670	33,234,444
Treasury stock, common (in shares)	7,197,057	6,753,532

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were recognized at fair value:


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of June 30, 2023	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds*	$	17,972	$	—	$	—	$	17,972
Mutual funds**	68,891		—		—		68,891
Derivative financial instruments	—		10,300		—		10,300
Total	$	86,863	$	10,300	$	—	$	97,163
Liabilities
Derivative financial instruments	$	—	$	3,908	$	—	$	3,908
Contingent consideration***	—		—		13,689		13,689
Total	$	—	$	3,908	$	13,689	$	17,597


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2022	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds*	$	1,137	$	—	$	—	$	1,137
Mutual funds**	110,964		—		—		110,964
Derivative financial instruments	—		2,346		—		2,346
Total	$	112,101	$	2,346	$	—	$	114,447
Liabilities
Derivative financial instruments	$	—	$	16,277	$	—	$	16,277
Contingent consideration***	—		—		18,689		18,689
Total	$	—	$	16,277	$	18,689	$	34,966

* Represents money market funds which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

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

*** Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets.

Derivative Financial Instruments:

The Company’s derivative financial instruments consist of foreign currency forward contracts and interest rate swaps. 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 unaudited consolidated financial statements for further details.

Fair Value of Contingent Consideration:

The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for business acquisitions. The measurement is calculated using unobservable inputs based on the Company’s own assessment of achievement of certain performance goals. The Company estimated the fair value of the contingent consideration based on the Monte Carlo simulation model and scenario-based method.

The following table summarizes the changes in the fair value of contingent consideration:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Opening balance	$	18,689	$	9,000	$	18,689	$9,000
Acquisitions	—		1,439		—		1,439
Fair value changes	—		1,000		—		1,000
Payments	(5,000)		—		(5,000)		—
Closing balance	$	13,689	$	11,439	$	13,689	$	11,439

During the three and six months ended June 30, 2023 and 2022, there were no transfers among Level 1, Level 2 and Level 3.

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 (except investments in money market funds, as disclosed above), short-term investments (except investments in mutual funds, as disclosed above), restricted cash, accounts receivable, net, long-term investments, accrued capital expenditures, accrued expenses, client liabilities and interest payable on borrowings for which fair values approximate their carrying amounts. 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.

Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Mutual funds	$ 68,891	$ 110,964
Term deposits	87,207	68,063
Short-term investments	156,098	179,027
Term deposits	12,515	31,341
Investment in equity affiliate	3,570	3,438
Long-term investments	$ 16,085	$ 34,779

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerators:
Net income	$ 49,068	$ 35,846	$ 100,399	$ 72,024
Denominators:
Basic weighted average common shares outstanding (in shares)	33,355,354	33,403,411	33,397,226	33,422,618
Dilutive effect of share-based awards (in shares)	333,095	427,128	412,329	439,979
Diluted weighted average common shares outstanding (in shares)	33,688,449	33,830,539	33,809,555	33,862,597
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic (in dollars per share)	$ 1.47	$ 1.07	$ 3.01	$ 2.15
Diluted (in dollars per share)	$ 1.46	$ 1.06	$ 2.97	$ 2.13
Weighted average potentially dilutive considered anti-dilutive and not included in computing diluted earnings per share (in shares)	249,831		179,550	541

Other Income/(Loss), net (Tables)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Summary of Other Income/(Loss), net

Other income/(loss), net consists of the following:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Gain on sale and mark-to-market on investments	$	1,095	$	634	$	2,739	$	1,870
Interest and dividend income	1,653		847		3,374		2,217
Others, net	(87)		(1,655)		(297)		(1,850)
Other income/(loss), net	$	2,661	$	(174)	$	5,816	$	2,237

Revenues, net

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues, net

Refer to Note 3 - Segment and Geographical Information to the unaudited 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
	June 30, 2023		December 31, 2022

Accounts receivable, net	$	288,305	$	259,222
Contract assets	$	7,632	$	2,768
Contract liabilities:
Deferred revenue (consideration received in advance)	$	18,909	$	17,079
Consideration received for process transition activities	$	9,122	$	5,423

Accounts receivable includes $148,370 and $126,027 as of June 30, 2023 and December 31, 2022, 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 three and six months ended June 30, 2023 and 2022, which was included in the contract liabilities balance at the beginning of the respective periods:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Deferred revenue (consideration received in advance)	$	2,990	$	4,306	$	15,992	$	13,870
Consideration received for process transition activities	$	305	$	298	$	1,008	$	664

Contract acquisition and fulfillment costs

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


	Contract Acquisition Costs
	Three months ended				Six months ended				Year ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022		December 31, 2022

Opening Balance	$	1,994	$	927	$	1,095	$	511	$	511
Additions	397		180		1,476		727		1,014
Amortization	(208)		(124)		(388)		(255)		(430)
Closing Balance	$	2,183	$	983	$	2,183	$	983	$	1,095


	Contract Fulfillment Costs
	Three months ended				Six months ended				Year ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022		December 31, 2022

Opening Balance	$	17,873	$	7,435	$	13,871	$	5,795	$	5,795
Additions	4,225		3,308		8,843		5,485		15,509
Amortization	(653)		(576)		(1,269)		(1,113)		(7,433)
Closing Balance	$	21,445	$	10,167	$	21,445	$	10,167	$	13,871

There was no impairment for contract acquisition and contract fulfillment costs as of June 30, 2023 and December 31, 2022. The capitalized costs are amortized over the expected period of benefit of the contract.

Allowance 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.


	As of
	June 30, 2023		December 31, 2022
Accounts receivable, including unbilled receivables	$	290,105	$	260,554
Less: Allowance for expected credit losses	(1,800)		(1,332)
Accounts receivable, net	$	288,305	$	259,222

The movement in “Allowance for expected credit losses” on customer balances was as follows:


	Three months ended				Six months ended				Year ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022		December 31, 2022
Opening Balance	$	1,671	$	588	$	1,332	$	573	$	573
Additions	134		571		477		743		815
Reductions due to write-off of Accounts Receivables	(5)		(314)		(8)		(472)		(60)
Currency translation adjustments	—		(1)		(1)		—		4
Closing Balance	$	1,800	$	844	$	1,800	$	844	$	1,332

Concentration of credit risk

To reduce credit risk, the Company conducts ongoing credit evaluations of its customers. No customer accounted for more than 10% of accounts receivable, net, as of June 30, 2023 and December 31, 2022.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Plan (Details)	6 Months Ended
	Jun. 30, 2023
Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Dividend yield	0.00%
Expected life (years)	6 years 3 months
Risk free interest rate for expected life	3.80%
Volatility for expected life	32.40%
Employee Stock \| 2022 Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Dividend yield	0.00%
Expected life (years)	6 months
Risk free interest rate for expected life	4.70%
Volatility for expected life	38.90%
Discount for illiquidity	10.30%

Other Assets

6 Months Ended

Jun. 30, 2023

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

Other Assets

Other assets consist of the following:


	As of
	June 30, 2023		December 31, 2022
Deferred contract fulfillment costs	$	19,333	$	12,693
Lease deposits	6,925		6,621
Deposits with statutory authorities	6,318		6,276
Contract assets	6,105		1,864
Derivative instruments	5,238		820
Others	4,336		3,795
Other assets	$	48,255	$	32,069

Borrowings

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Borrowings

The following table summarizes the Company’s debt position:


	As of
	June 30, 2023		December 31, 2022
	Revolving credit facility
Current portion of long-term borrowings	$	30,000	$	30,000




Long-term borrowings	190,000		220,000
Total borrowings	$	220,000	$	250,000

Unamortized debt issuance costs for the Company’s revolving credit facility of $1,040 and $1,177 as of June 30, 2023 and December 31, 2022, respectively, are presented under “Other current assets” and “Other assets,” as applicable in the consolidated balance sheets.

Credit Agreement

The Company held a $300,000 revolving credit facility pursuant to its credit agreement (the “Credit Agreement”), dated as of November 21, 2017 with certain lenders and Citibank N.A. as Administrative Agent. The revolving credit facility originally had a maturity date of November 21, 2022 and was voluntarily pre-payable from time to time without premium or penalty.

On April 18, 2022, the Company and each of the Company’s wholly owned material domestic subsidiaries entered into an Amendment and Restatement Agreement with Citibank, N.A. as Administrative Agent and certain lenders (the “2022 Credit Agreement”), pursuant to which the parties thereto amended and restated the Credit Agreement. Among other things, the 2022 Credit Agreement (a) provides for the issuance of new revolving credit commitments such that the aggregate amount of revolving credit commitments available to the Company is equal to $400,000; (b) extends the maturity date of the revolving credit facility from November 21, 2022 to April 18, 2027; and (c) replaces LIBOR with Secured Overnight Financing Rate (“SOFR”) as the reference rate for the U.S. dollar borrowings.

The 2022 Credit Agreement provides an option to increase the commitments by up to $200,000, subject to certain approvals and conditions. The 2022 Credit Agreement includes a letter of credit sub facility and is voluntarily pre-payable from time to time without premium or penalty. Borrowings under the 2022 Credit Agreement can be used for working capital and general corporate purposes, including permitted acquisitions.

Obligations under the 2022 Credit Agreement are guaranteed by the Company’s material domestic subsidiaries and are secured by all or substantially all of the Company’s and its material domestic subsidiaries’ assets. The 2022 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 certain assets or subsidiaries.

The revolving credit facility carried an effective interest rate as shown below:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Effective Interest Rate	6.2	%	2.0	%	6.1	%	1.7	%

As of June 30, 2023 and December 31, 2022, the Company was in compliance with all financial and non-financial covenants listed under the revolving credit facility.

Expected payments for all of the Company’s borrowings as of June 30, 2023 were as follows:


	Revolving credit facility
	Principal Payments		Interest Payments*
2023 (July 1 - December 31)	$	30,000	$	6,216
2024	—		11,522
2025	—		11,522
2026	—		11,522
2027	190,000		4,321
Total	$	220,000	$	45,103

* Interest payments are based on interest rate prevailing as of June 30, 2023.

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 each of June 30, 2023 and December 31, 2022, the Company had outstanding letters of credit of $461, that were not recognized in the consolidated balance sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Other Non-Current Liabilities

6 Months Ended

Jun. 30, 2023

Liabilities, Noncurrent [Abstract]

Other Non-Current Liabilities

Other non-current liabilities consist of the following:


	As of
	June 30, 2023		December 31, 2022
Retirement benefits	$	15,265	$	12,982
Deferred transition revenue	7,981		4,408
Unrecognized tax benefits	2,329		2,329
Derivative instruments	613		6,218
Contingent consideration	589		13,689


Others	1,566		1,666
Other non-current liabilities	$	28,343	$	41,292

Revenues, net (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Contracts with Customer, Receivables, Liabilities and Revenue Recognized

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


	As of
	June 30, 2023		December 31, 2022

Accounts receivable, net	$	288,305	$	259,222
Contract assets	$	7,632	$	2,768
Contract liabilities:
Deferred revenue (consideration received in advance)	$	18,909	$	17,079
Consideration received for process transition activities	$	9,122	$	5,423

Revenue recognized during the three and six months ended June 30, 2023 and 2022, which was included in the contract liabilities balance at the beginning of the respective periods:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Deferred revenue (consideration received in advance)	$	2,990	$	4,306	$	15,992	$	13,870
Consideration received for process transition activities	$	305	$	298	$	1,008	$	664

Contract Acquisition and Fulfillment Costs

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


	Contract Acquisition Costs
	Three months ended				Six months ended				Year ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022		December 31, 2022

Opening Balance	$	1,994	$	927	$	1,095	$	511	$	511
Additions	397		180		1,476		727		1,014
Amortization	(208)		(124)		(388)		(255)		(430)
Closing Balance	$	2,183	$	983	$	2,183	$	983	$	1,095


	Contract Fulfillment Costs
	Three months ended				Six months ended				Year ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022		December 31, 2022

Opening Balance	$	17,873	$	7,435	$	13,871	$	5,795	$	5,795
Additions	4,225		3,308		8,843		5,485		15,509
Amortization	(653)		(576)		(1,269)		(1,113)		(7,433)
Closing Balance	$	21,445	$	10,167	$	21,445	$	10,167	$	13,871

Movement in Allowance for Expected Credit Loss


	As of
	June 30, 2023		December 31, 2022
Accounts receivable, including unbilled receivables	$	290,105	$	260,554
Less: Allowance for expected credit losses	(1,800)		(1,332)
Accounts receivable, net	$	288,305	$	259,222

The movement in “Allowance for expected credit losses” on customer balances was as follows:


	Three months ended				Six months ended				Year ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022		December 31, 2022
Opening Balance	$	1,671	$	588	$	1,332	$	573	$	573
Additions	134		571		477		743		815
Reductions due to write-off of Accounts Receivables	(5)		(314)		(8)		(472)		(60)
Currency translation adjustments	—		(1)		(1)		—		4
Closing Balance	$	1,800	$	844	$	1,800	$	844	$	1,332

Stock-Based Compensation - Narrative (Details) - USD ($)				3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jan. 01, 2023	Jun. 21, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 19,801,000			$ 19,801,000	$ 19,801,000
Cost not yet recognized, period for recognition	4 years
Share-based compensation arrangement by share-based payment award, options, exercised in period, fair value					30,000	0
Share Match Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 3,165,000			3,165,000	$ 3,165,000
Cost not yet recognized, period for recognition					1 year 9 months 18 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized, period for recognition					2 years 8 months 12 days
Unrecognized compensation cost	77,100,000			77,100,000	$ 77,100,000
Performance Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized, period for recognition					2 years 1 month 6 days
Unrecognized compensation cost	$ 35,048,000			$ 35,048,000	$ 35,048,000
Two Thousand Eighteen Stock Options Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant	678,615			678,615	678,615		1,324,755
Share-based compensation arrangement by share-based payment award, expiration period				10 years	10 years
Award vesting period				4 years	4 years
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]
Award vesting period					3 years
Performance based percentage	40.00%			40.00%	40.00%
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]
Award vesting period					3 years
Performance based percentage	60.00%			60.00%	60.00%
2022 Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase program, cap per employee					15.00%
Employee stock purchase program, cap per employee			$ 25,000
Shares reserved for future issuance (shares)	792,364		800,000	792,364	792,364		800,000
Share-based compensation arrangement by share-based payment award, purchase period		6 months
Share-based compensation arrangement by share-based payment award, fair value assumptions, weighted average ESPP rights					$ 25.86

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Commitments As of June 30, 2023, the Company had committed to spend approximately $6,600 under agreements to purchase property and equipment. This amount is net of capital advances paid which are recognized in unaudited consolidated balance sheets as “Capital work in progress” under “Property and equipment, net.” On June 15, 2023, the Company, along with other limited partners, entered into a limited partnership agreement with the general partner, PNP Financial Services Fund GP I, LLC and initial limited partner and outgoing partner, to form a partnership with the name Plug and Play Financial Services Fund I, L.P. (the “Partnership”) for the primary purpose of making investments in growth-stage technology companies. The Company is committed under the Partnership to make investments up to an amount of $4,000. Other Commitments Certain units of the Company’s Indian subsidiaries were established as 100% Export-Oriented units or under the Software Technology Parks of India or Special Economic Zone 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 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 as qualified Philippines Economic Zone Authority units, which provides the Company fiscal incentives on the import of capital goods and local purchase of services and materials. The Company is required to meet certain requirements to retain the incentives. The Company has complied, and intends to continue compliance, with the requirements to avail itself of the incentives. Contingencies The transfer pricing regulations in the countries in which the Company operates require that controlled intercompany transactions be at arm’s-length. Accordingly, the Company determines and documents pricing for controlled intercompany transactions based on an economic analysis as prescribed in the respective regulations. The tax authorities have jurisdiction to review the Company’s transfer pricing. If the Company’s transfer pricing is challenged by the authorities, they could assess additional tax, interest and penalties, thereby impacting the Company’s profitability and cash flows. The Company is currently involved in transfer pricing and related income tax disputes with Indian tax authorities. The aggregate amount demanded by Indian tax authorities (net of advance payments) as of June 30, 2023 and December 31, 2022 is $37,130 and $37,088, respectively. The Company has made payments and/or provided bank guarantees against these demands in the amounts of $7,328 and $7,532, as of June 30, 2023 and December 31, 2022, respectively. The Company believes that its positions will more likely than not be sustained upon final examination by the tax authorities, and accordingly has not accrued any liabilities with respect to these matters in its consolidated financial statements. India’s Value Added Tax (“VAT”) regime ended in June 2017 and was replaced by the current Goods and Service Tax (“GST”) regime. Pursuant to reviewing the Company’s annual VAT filings, the Indian tax authorities raised aggregate VAT demands for tax years 2015 and 2017, in the amounts of $5,572 and $5,526, as of June 30, 2023 and December 31, 2022, respectively. The GST authorities rejected the Company’s refunds claims in the amounts of $$4,305 and $3,866 as of June 30, 2023 and December 31, 2022, respectively. The Company has filed appeals against these matters and believes that it is more likely than not that upon final examination its position will be sustained based on its technical merits. Accordingly, no provision was recognized as of June 30, 2023 and December 31, 2022, respectively. One of the Company’s subsidiaries in India has undergone an assessment with the statutory authority with respect to defined social security contribution plan. Except for some components of the assessment for which the Company has recognized a provision in the financial statements, the Company believes that the amount demanded by such authority is not a meaningful indicator of the potential liabilities of the Company, and that the matter is without merit. The Company is defending against the assessment order and has accordingly instituted an appeal against the order before the relevant tribunal while also making a payment under protest of the amount demanded. As of the reporting date, the Company’s management does not believe that the ultimate assessment will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. The Company will continue to monitor and evaluate its position based on future events and developments in this matter. In August 2019 and 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 relating to employee benefits during employment and post-employment benefits. 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, its subsidiaries, and/or their present officers or directors, 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 claimed are without merit, and the Company intends to vigorously defend them. The Company will continuously monitor developments on these matters to assess potential impacts to the financial statements. 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. The Company will continuously monitor these matters to assess potential impacts to the financial statements.

Segment and Geographical Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Revenues and Cost of Revenues for Company's Reportable Segments

Revenues and cost of revenues for the three months ended June 30, 2023 and 2022, respectively, for each of the reportable segments, are as follows:


	Three months ended June 30, 2023
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	128,457	$	27,156	$	67,200	$	182,183	$	404,996
Cost of revenues(1)	84,322		17,540		37,845		113,513		253,220
Gross profit(1)	$	44,135	$	9,616	$	29,355	$	68,670	$	151,776
Operating expenses									86,965
Foreign exchange gain, net, interest expense and other income, net									(255)
Income tax expense									15,554
Gain from equity-method investment									66
Net income									$	49,068

(1) Exclusive of depreciation and amortization expense.


	Three months ended June 30, 2022
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	108,557	$	23,051	$	53,873	$	161,301	$	346,782
Cost of revenues(1)	70,645		17,694		31,214		101,654		221,207
Gross profit(1)	$	37,912	$	5,357	$	22,659	$	59,647	$	125,575
Operating expenses									78,494
Foreign exchange gain, net, interest expense and other loss, net									(253)
Income tax expense									11,125
Gain from equity-method investment									143
Net income									$	35,846

(1) Exclusive of depreciation and amortization expense.

Revenues and cost of revenues for the six months ended June 30, 2023 and 2022, respectively, for each of the reportable segments, are as follows:


	Six months ended June 30, 2023
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	254,393	$	53,859	$	133,361	$	364,026	$	805,639
Cost of revenues(1)	166,646		36,349		73,815		227,879		504,689
Gross profit(1)	$	87,747	$	17,510	$	59,546	$	136,147	$	300,950
Operating expenses									176,691
Foreign exchange gain, net, interest expense and other income, net									(380)
Income tax expense									23,612
Gain from equity-method investment									132
Net income									$	100,399

(1) Exclusive of depreciation and amortization expense.


	Six months ended June 30, 2022
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	211,823	$	49,207	$	104,620	$	310,340	$	675,990
Cost of revenues(1)	135,727		35,345		60,427		197,224		428,723
Gross profit(1)	$	76,096	$	13,862	$	44,193	$	113,116	$	247,267
Operating expenses									156,211
Foreign exchange gain, net, interest expense and other income, net									3,038
Income tax expense									22,327
Gain from equity-method investment									257
Net income									$	72,024

(1) Exclusive of depreciation and amortization expense.

Revenues, net by service type, were as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Digital operations and solutions(1)	$	222,813	$	185,481	$	441,613	$	365,650
Analytics services	182,183		161,301		364,026		310,340
Revenues, net	$	404,996	$	346,782	$	805,639	$	675,990

(1) Digital operations and solutions 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.


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Revenues, net
United States	$	340,675	$	298,520	$	679,748	$	580,899
Non-United States
United Kingdom	43,648		32,090		85,222		64,863
Rest of World	20,673		16,172		40,669		30,228
Total Non-United States	64,321		48,262		125,891		95,091
Revenues, net	$	404,996	$	346,782	$	805,639	$	675,990

Long-lived Assets 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
	June 30, 2023		December 31, 2022
Long-lived assets
United States	$	62,181	$	60,709
India	45,769		50,118
Philippines	23,983		18,406
Rest of World	20,178		8,942
Long-lived assets	$	152,111	$	138,175

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

Investment

Investments consist of the following:


	As of
	June 30, 2023		December 31, 2022
Short-term investments
Mutual funds	$	68,891	$	110,964
Term deposits	87,207		68,063
Total Short-term investments	$	156,098	$	179,027

Long-term investments
Term deposits	$	12,515	$	31,341
Investment in equity affiliate	3,570		3,438
Total Long-term investments	$	16,085	$	34,779

Other Current Assets

6 Months Ended

Jun. 30, 2023

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

Other Current Assets

Other current assets consist of the following:


	As of
	June 30, 2023		December 31, 2022
Prepaid expenses	$	19,811	$	18,132
Advance income tax, net	17,787		5,716
Receivables from statutory authorities	16,338		15,724
Derivative instruments	5,062		1,526
Advances to suppliers	2,851		1,944
Deferred contract fulfillment costs	2,112		1,178
Contract assets	1,527		904

Others	4,698		5,855
Other current assets	$	70,186	$	50,979

Revenues, net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable, including unbilled receivables	$ 290,105		$ 260,554
Less: Allowance for expected credit losses	(1,800)	$ (1,671)	(1,332)	$ (844)	$ (588)	$ (573)
Accounts receivable, net	$ 288,305		$ 259,222

Derivatives and Hedge Accounting - Foreign Currency Forward Contracts (Details) € in Thousands, £ in Thousands, R in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2023 GBP (£)	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 AUD ($)	Jun. 30, 2023 ZAR (R)	Jun. 30, 2023 COP ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 ZAR (R)	Dec. 31, 2022 COP ($)
Foreign Exchange Contract [Member] \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts outstanding	$ 165,793	£ 11,235	€ 3,947	$ 4,471	R 102,249	$ 2,449,676	$ 163,990	£ 8,351	€ 1,956	$ 1,951	R 0	$ 0

Segment and Geographical Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 operating_segment
Segment Reporting [Abstract]
Number of operating segments	4

Other Non-Current Liabilities - Summary of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Liabilities, Noncurrent [Abstract]
Retirement benefits	$ 15,265	$ 12,982
Deferred transition revenue	7,981	4,408
Derivative instruments	613	6,218
Unrecognized tax benefits	2,329	2,329
Contingent consideration	589	13,689
Others	1,566	1,666
Other non-current liabilities	$ 28,343	$ 41,292

Accumulated Other Comprehensive Income/(Loss) (Tables)

6 Months Ended

Jun. 30, 2023

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

Schedule of Accumulated Other Comprehensive Loss

The following table sets forth the changes in AOCI during the six months ended June 30, 2023 and 2022:


	Accumulated Other Comprehensive Income/(Loss)
	Foreign currency translation gain/(loss)		Unrealized gain/(loss) on cash flow hedges		Retirement benefits		Total
Balance as of January 1, 2023	$	(133,139)	$	(11,303)	$	299	$	(144,143)
Gains recognized during the period	5,177		16,145		—		21,322

Reclassification to net income (1)	—		4,229		(48)		4,181
Income tax effects (2)	(1,136)		(4,334)		(37)		(5,507)
Accumulated other comprehensive income/(loss) as of June 30, 2023	$	(129,098)	$	4,737	$	214	$	(124,147)

Balance as of January 1, 2022	$	(95,437)	$	8,420	$	(2,457)	$	(89,474)
Losses recognized during the period	(30,227)		(15,149)		—		(45,376)

Reclassification to net income (1)	—		(3,448)		304		(3,144)
Income tax effects (2)	979		3,733		(92)		4,620
Accumulated other comprehensive income/(loss) as of June 30, 2022	$	(124,685)	$	(6,444)	$	(2,245)	$	(133,374)

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

Property and Equipment, net - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Long-lived assets impairment charges	$ 0	$ 0

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

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		Total



Balance as of January 1, 2023	$	49,929	$	21,875	$	47,101	$	286,732	$	405,637


Currency translation adjustments	119		5		142		—		266
Balance as of June 30, 2023	$	50,048	$	21,880	$	47,243	$	286,732	$	405,903

Schedule of Indefinite Lived Intangible Assets

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


	As of June 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	99,146	$	(45,463)	$	53,683
Developed technology	3,542		(2,092)		1,450
Trade names and trademarks	1,700		(1,447)		253
Non-compete agreements	336		(135)		201
	104,724		(49,137)		55,587
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900
Total intangible assets	$	105,624	$	(49,137)	$	56,487


	As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	99,146	$	(39,848)	$	59,298
Developed technology	24,878		(20,902)		3,976
Trade names and trademarks	1,700		(1,303)		397
Non-compete agreements	336		(88)		248
	126,060		(62,141)		63,919
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900
Total intangible assets	$	126,960	$	(62,141)	$	64,819

Schedule of Amortization of Intangible Assets

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Amortization expense	$	4,204	$	4,146	$	8,353	$	8,632

Schedule of Finite Lived Intangible Assets Useful Lives

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


			(in years)
Customer relationships			5.0
Developed technology			1.9
Trade names and trademarks (finite lived)			1.1
Non-compete agreements			2.3

Schedule of Estimated Future Amortization of Intangible Assets


Estimated future amortization expense related to finite-lived intangible assets as of June 30, 2023 was as follows:
2023 (July 1 - December 31)	$	6,315
2024	12,140
2025	10,705
2026	10,366
2027	9,364
2028 and thereafter	6,697
Total	$	55,587

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Leases - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Reduction in lease liabilities	$ 2,466	$ (263)

Segment and Geographical Information - Revenues based on Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 404,996	$ 346,782	$ 805,639	$ 675,990
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	340,675	298,520	679,748	580,899
Total Non-United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	64,321	48,262	125,891	95,091
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	43,648	32,090	85,222	64,863
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 20,673	$ 16,172	$ 40,669	$ 30,228

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Capital Structure - Purchase of Common Stock from Employees Withholding Tax Payments Related to Vesting of Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Shares repurchased (in shares)	0	0	38,356	27,219
Total consideration	$ 0	$ 0	$ 6,529	$ 3,191
Weighted average purchase price per share (in dollars per share)	$ 0	$ 0	$ 170.22	$ 117.23

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

On June 20, 2023, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation, which upon filing with the State of Delaware, and effectiveness thereof, will effect a 5-for-1 forward stock split of the Company’s common stock (the “2023 Stock Split”) and an increase in the number of authorized shares of the Company’s common stock from 100,000,000 shares to 400,000,000 shares. The par value of each share of common stock, $0.001, shall remain unchanged. The 2023 Stock Split was considered to not have been consummated as the common shares were not trading on Nasdaq Global Select Market on a post-split basis as of the date of issuance of the consolidated financial statements.

Pursuant to the 2023 Stock Split, each stockholder of record on July 25, 2023 holding shares of the Company’s common stock will receive four additional shares of the Company’s common stock for every one share held. The additional shares are to be distributed after the close of business on August 1, 2023.

All share count and per share amounts in these consolidated financial statements are presented on a pre-split basis.

Below are the pro forma weighted average common stock outstanding and earnings per share (basic and diluted) as if 2023 Stock Split had been effective for all years presented:


	Pro Forma (Unaudited)
	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	49,068	$	35,846	$	100,399	$	72,024
Denominator:
Basic weighted average common shares outstanding	166,776,770		167,017,055		166,986,130		167,113,090
Dilutive effect of share based awards	1,665,475		2,135,640		2,061,645		2,199,895
Diluted weighted average common shares outstanding	168,442,245		169,152,695		169,047,775		169,312,985
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic	$	0.29	$	0.21	$	0.60	$	0.43
Diluted	$	0.29	$	0.21	$	0.59	$	0.43
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	1,249,155		—		897,750		2,705

Revenues, net - Contract Acquisition and Fulfillment Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Contract Acquisition Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	$ 1,994	$ 927	$ 1,095	$ 511	$ 511
Additions	397	180	1,476	727	1,014
Amortization	(208)	(124)	(388)	(255)	(430)
Closing Balance	2,183	983	2,183	983	1,095
Contract Fulfillment Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	17,873	7,435	13,871	5,795	5,795
Additions	4,225	3,308	8,843	5,485	15,509
Amortization	(653)	(576)	(1,269)	(1,113)	(7,433)
Closing Balance	$ 21,445	$ 10,167	$ 21,445	$ 10,167	$ 13,871

Employee Benefit Plans - Net Gratuity Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Service cost	$ 953	$ 958	$ 1,909	$ 1,948
Interest cost	393	313	788	636
Expected return on plan assets	(264)	(221)	(527)	(449)
Amortization of actuarial (gain)/loss, gross of tax	(23)	149	(48)	304
Net gratuity cost	1,059	1,199	2,122	2,439
Income tax effects on above	(18)	(45)	(37)	(92)
Amortization of actuarial (gain)/loss, net of tax	$ (41)	$ 104	$ (85)	$ 212

Goodwill and Other Intangible Assets - Summary of Company's Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-lived intangible assets:
Gross Carrying Amount	$ 104,724	$ 126,060
Accumulated Amortization	(49,137)	(62,141)
Total	55,587	63,919
Indefinite-lived intangible assets:
Total intangible assets, gross carrying amount	105,624	126,960
Total intangible assets, net carrying amount	56,487	64,819
Trade names and trademarks
Indefinite-lived intangible assets:
Trade names and trademarks	900	900
Customer relationships
Finite-lived intangible assets:
Gross Carrying Amount	99,146	99,146
Accumulated Amortization	(45,463)	(39,848)
Total	53,683	59,298
Developed technology
Finite-lived intangible assets:
Gross Carrying Amount	3,542	24,878
Accumulated Amortization	(2,092)	(20,902)
Total	1,450	3,976
Trade names and trademarks
Finite-lived intangible assets:
Gross Carrying Amount	1,700	1,700
Accumulated Amortization	(1,447)	(1,303)
Total	253	397
Non-compete agreements
Finite-lived intangible assets:
Gross Carrying Amount	336	336
Accumulated Amortization	(135)	(88)
Total	$ 201	$ 248

Derivatives and Hedge Accounting

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedge Accounting

The Company uses derivative instruments to mitigate cash flow volatility from risk of fluctuations in foreign currency exchange rates and interest rates. The Company enters into foreign currency forward contracts to hedge cash flow risks from forecasted transactions denominated in certain foreign currencies, and interest rate swaps to hedge cash flow risks from its revolving credit facility having variable interest rate obligations. These contracts qualify as cash flow hedges under ASC Topic 815, Derivatives and Hedging, and are with counterparties that are highly rated financial institutions. For derivatives in cash flow hedging relationships as of June 30, 2023 and December 31, 2022, the Company had outstanding foreign currency forward contracts totaling $831,250 and $841,620, respectively and interest rate swaps totaling $75,000, each.

The Company estimates that approximately $1,578 of derivative gains, net, excluding tax effects, included in AOCI, representing changes in the value of cash flow hedges based on exchange rates prevailing as of June 30, 2023, could be reclassified into earnings within the next twelve months. As of June 30, 2023, the maximum outstanding term of the cash flow hedges was approximately 39 months.

The Company also enters into foreign currency forward contracts to hedge its intercompany balances and other monetary assets and liabilities denominated in currencies other than functional currencies, against the risk of fluctuations in foreign currency exchange rates associated with remeasurement of such assets and liabilities to functional currency. These foreign currency forward contracts do not qualify as fair value hedges under ASC Topic 815, Derivatives and Hedging. Changes in the fair value of these financial instruments are recognized in the unaudited 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 Philippine peso and the U.K. pound sterling (GBP). The Company also has exposure to Colombian pesos (COP), the Euro (EUR), South African ZAR, the Australian dollar (AUD), the Canadian dollar (CAD) and other local currencies in which it operates.

The following table sets forth the aggregate notional principal amounts of outstanding foreign currency forward contracts for derivatives not designated as hedging instruments:


	As of
Foreign currency forward contracts denominated in:	June 30, 2023	December 31, 2022
U. S. dollar (USD)	165,793	163,990
U.K. pound sterling (GBP)	11,235	8,351
Euro (EUR)	3,947	1,956
Australian dollar (AUD)	4,471	1,951
South African ZAR	102,249	—
Colombian peso (COP)	2,449,676	—

The following table sets forth the fair value of the foreign currency forward contracts and interest rate swaps and their location on the consolidated balance sheets:


	Derivatives in cash flow hedging relationships				Derivatives not designated as hedging instruments
	As of				As of
	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Assets:
Other current assets	$	4,775	$	1,271	$	287	$	255
Other assets	$	5,238	$	820	$	—	$	—
Liabilities:
Accrued expenses and other current liabilities	$	3,197	$	10,044	$	98	$	15
Other non-current liabilities	$	613	$	6,218	$	—	$	—

The following table sets forth the effect of foreign currency forward contracts and interest rate swaps on AOCI and the unaudited consolidated statements of income:


	Three months ended June 30,				Six months ended June 30,
Derivative financial instruments:	2023		2022		2023		2022
Unrealized gain/(loss) recognized in AOCI
Derivatives in cash flow hedging relationships	$	8,851	$	(14,632)	$	16,145	$	(15,149)

Gain/(loss) recognized in unaudited consolidated statements of income
Derivatives not designated as hedging instruments	$	(370)	$	(5,457)	$	2,158	$	(6,356)

The following table sets forth the location and amount of gain/(loss) recognized in unaudited consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments:


	Three months ended June 30,
	2023				2022
	As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments		As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments
Derivatives in cash flow hedging relationships
Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI

Cost of revenues	$	253,220	$	(1,141)	$	221,207	$	1,194
General and administrative expenses	$	45,605	(133)		$	40,434	181
Selling and marketing expenses	$	28,238	(13)		$	23,985	15
Depreciation and amortization expense	$	13,122	(43)		$	14,075	69
Interest expense	$	3,240	166		$	1,502	—
Total before tax			(1,164)				1,459
Income tax effects on above			231				(420)
Net of tax			$	(933)			$	1,039

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

Foreign exchange gain/(loss), net	$	324	$	(370)	$	1,423	$	(5,457)
	$	324	$	(370)	$	1,423	$	(5,457)


	Six months ended June 30,
	2023				2022
	As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments		As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments
Derivatives in cash flow hedging relationships
Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI

Cost of revenues	$	504,689	$	(3,896)	$	428,723	$	2,777
General and administrative expenses	$	92,351	(375)		$	80,379	475
Selling and marketing expenses	$	57,731	(32)		$	48,155	29
Depreciation and amortization expense	$	26,609	(166)		$	27,677	167
Interest expense	$	6,625	240		$	2,378	—
Total before tax			(4,229)				3,448
Income tax effects on above			765				(935)
Net of tax			$	(3,464)			$	2,513

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

Foreign exchange gain/(loss), net	$	429	$	2,158	$	3,179	$	(6,356)
	$	429	$	2,158	$	3,179	$	(6,356)

Derivatives and Hedge Accounting (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Foreign Currency Exchange Contracts

The following table sets forth the aggregate notional principal amounts of outstanding foreign currency forward contracts for derivatives not designated as hedging instruments:


	As of
Foreign currency forward contracts denominated in:	June 30, 2023	December 31, 2022
U. S. dollar (USD)	165,793	163,990
U.K. pound sterling (GBP)	11,235	8,351
Euro (EUR)	3,947	1,956
Australian dollar (AUD)	4,471	1,951
South African ZAR	102,249	—
Colombian peso (COP)	2,449,676	—

The following table sets forth the fair value of the foreign currency forward contracts and interest rate swaps and their location on the consolidated balance sheets:


	Derivatives in cash flow hedging relationships				Derivatives not designated as hedging instruments
	As of				As of
	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Assets:
Other current assets	$	4,775	$	1,271	$	287	$	255
Other assets	$	5,238	$	820	$	—	$	—
Liabilities:
Accrued expenses and other current liabilities	$	3,197	$	10,044	$	98	$	15
Other non-current liabilities	$	613	$	6,218	$	—	$	—

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

The following table sets forth the effect of foreign currency forward contracts and interest rate swaps on AOCI and the unaudited consolidated statements of income:


	Three months ended June 30,				Six months ended June 30,
Derivative financial instruments:	2023		2022		2023		2022
Unrealized gain/(loss) recognized in AOCI
Derivatives in cash flow hedging relationships	$	8,851	$	(14,632)	$	16,145	$	(15,149)

Gain/(loss) recognized in unaudited consolidated statements of income
Derivatives not designated as hedging instruments	$	(370)	$	(5,457)	$	2,158	$	(6,356)


	Three months ended June 30,
	2023				2022
	As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments		As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments
Derivatives in cash flow hedging relationships
Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI

Cost of revenues	$	253,220	$	(1,141)	$	221,207	$	1,194
General and administrative expenses	$	45,605	(133)		$	40,434	181
Selling and marketing expenses	$	28,238	(13)		$	23,985	15
Depreciation and amortization expense	$	13,122	(43)		$	14,075	69
Interest expense	$	3,240	166		$	1,502	—
Total before tax			(1,164)				1,459
Income tax effects on above			231				(420)
Net of tax			$	(933)			$	1,039

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

Foreign exchange gain/(loss), net	$	324	$	(370)	$	1,423	$	(5,457)
	$	324	$	(370)	$	1,423	$	(5,457)


	Six months ended June 30,
	2023				2022
	As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments		As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments
Derivatives in cash flow hedging relationships
Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI

Cost of revenues	$	504,689	$	(3,896)	$	428,723	$	2,777
General and administrative expenses	$	92,351	(375)		$	80,379	475
Selling and marketing expenses	$	57,731	(32)		$	48,155	29
Depreciation and amortization expense	$	26,609	(166)		$	27,677	167
Interest expense	$	6,625	240		$	2,378	—
Total before tax			(4,229)				3,448
Income tax effects on above			765				(935)
Net of tax			$	(3,464)			$	2,513

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

Foreign exchange gain/(loss), net	$	429	$	2,158	$	3,179	$	(6,356)
	$	429	$	2,158	$	3,179	$	(6,356)

Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Numerators:
Net income	$	49,068	$	35,846	$	100,399	$	72,024
Denominators:
Basic weighted average common shares outstanding	33,355,354		33,403,411		33,397,226		33,422,618
Dilutive effect of share-based awards	333,095		427,128		412,329		439,979

Diluted weighted average common shares outstanding	33,688,449		33,830,539		33,809,555		33,862,597
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic	$	1.47	$	1.07	$	3.01	$	2.15
Diluted	$	1.46	$	1.06	$	2.97	$	2.13
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	249,831		—		179,550		541

Below are the pro forma weighted average common stock outstanding and earnings per share (basic and diluted) as if 2023 Stock Split had been effective for all years presented:


	Pro Forma (Unaudited)
	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	49,068	$	35,846	$	100,399	$	72,024
Denominator:
Basic weighted average common shares outstanding	166,776,770		167,017,055		166,986,130		167,113,090
Dilutive effect of share based awards	1,665,475		2,135,640		2,061,645		2,199,895
Diluted weighted average common shares outstanding	168,442,245		169,152,695		169,047,775		169,312,985
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic	$	0.29	$	0.21	$	0.60	$	0.43
Diluted	$	0.29	$	0.21	$	0.59	$	0.43
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	1,249,155		—		897,750		2,705

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
2023 (July 1 - December 31)	$ 9,445
2024	17,314	$ 18,711
2025	12,908	14,846
2026	11,926	10,037
2027	9,151	8,941
2028 and thereafter	20,554
Total lease payments	81,298	78,633
Less: Imputed interest	16,241	15,500
Present value of lease liabilities	65,057	63,133
Finance Leases
2023 (July 1 - December 31)	133
2024	187	228
2025	125	162
2026	113	114
2027	112	88
2028 and thereafter	22
Total lease payments	692	671
Less: Imputed interest	152	152
Present value of lease liabilities	$ 540	$ 519

Stock-Based Compensation - Costs Related to Company's Stock-Based Compensation Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 11,511	$ 13,340	$ 25,918	$ 24,564
Income tax benefit related to share-based compensation(1)	2,789	3,216	12,619	6,022
Share-based payment arrangement, expense, tax benefit, discrete benefits	190	14	12,710	3,624
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	3,341	3,131	6,907	5,772
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	3,210	5,305	9,035	9,700
Selling and marketing expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 4,960	$ 4,904	$ 9,976	$ 9,092

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Owned Assets:
Owned assets, gross	$ 317,934	$ 298,460
Less: Accumulated depreciation and amortization	(224,764)	(216,132)
Owned assets, net	93,170	82,328
*Right-of-use assets under finance leases:**
Finance lease, right of use asset, gross	1,906	2,499
Less: Accumulated depreciation and amortization	(1,388)	(1,999)
Property and equipment, net	518	500
Property and equipment, net	93,688	82,828
Network equipment and computers
Owned Assets:
Owned assets, gross	141,728	130,218
*Right-of-use assets under finance leases:**
Finance lease, right of use asset, gross	58	82
Software
Owned Assets:
Owned assets, gross	99,828	88,487
Leasehold improvements
Owned Assets:
Owned assets, gross	40,566	42,890
*Right-of-use assets under finance leases:**
Finance lease, right of use asset, gross	611	1,013
Office furniture and equipment
Owned Assets:
Owned assets, gross	19,938	20,211
*Right-of-use assets under finance leases:**
Finance lease, right of use asset, gross	435	662
Motor vehicles
Owned Assets:
Owned assets, gross	738	605
*Right-of-use assets under finance leases:**
Finance lease, right of use asset, gross	$ 802	742
Buildings
Owned Assets:
Estimated useful lives (Years)	30 years
Owned assets, gross	$ 970	961
Land
Owned Assets:
Owned assets, gross	634	629
Capital work in progress
Owned Assets:
Owned assets, gross	$ 13,532	$ 14,459
Minimum \| Network equipment and computers
Owned Assets:
Estimated useful lives (Years)	3 years
Minimum \| Software
Owned Assets:
Estimated useful lives (Years)	2 years
Minimum \| Leasehold improvements
Owned Assets:
Estimated useful lives (Years)	3 years
Minimum \| Office furniture and equipment
Owned Assets:
Estimated useful lives (Years)	3 years
Minimum \| Motor vehicles
Owned Assets:
Estimated useful lives (Years)	2 years
Maximum \| Network equipment and computers
Owned Assets:
Estimated useful lives (Years)	5 years
Maximum \| Software
Owned Assets:
Estimated useful lives (Years)	5 years
Maximum \| Leasehold improvements
Owned Assets:
Estimated useful lives (Years)	8 years
Maximum \| Office furniture and equipment
Owned Assets:
Estimated useful lives (Years)	8 years
Maximum \| Motor vehicles
Owned Assets:
Estimated useful lives (Years)	5 years

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) recognized in AOCI	$ 8,851	$ (14,632)	$ 16,145	$ (15,149)
Gain/(loss) recognized in unaudited consolidated statements of income	324	1,423	429	3,179
Cash flow hedge \| Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) recognized in AOCI	8,851	(14,632)	16,145	(15,149)
Fair value hedge \| Gain/ (loss) on foreign currency exchange contracts \| Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in unaudited consolidated statements of income	$ (370)	$ (5,457)	$ 2,158	$ (6,356)

Revenues, net - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Opening Balance	$ 1,671	$ 588	$ 1,332	$ 573	$ 573
Additions	134	571	477	743	815
Reductions due to write-off of Accounts Receivables	(5)	(314)	(8)	(472)	(60)
Currency translation adjustments	0	(1)	(1)	0	4
Closing Balance	$ 1,800	$ 844	$ 1,800	$ 844	$ 1,332

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Statement of Comprehensive Income [Abstract]

Net income

$ 49,068

$ 35,846

$ 100,399

$ 72,024

Other comprehensive income/(loss):

Unrealized gain/(loss) on cash flow hedges

8,851

(14,632)

16,145

(15,149)

Foreign currency translation gain/(loss)

(136)

(22,782)

5,177

(30,227)

Reclassification adjustments

Gain on cash flow hedges

^[1]

1,164

(1,459)

4,229

(3,448)

Retirement benefits

^[2]

(23)

149

(48)

304

Income tax effects relating to above

^[3]

(2,516)

3,656

(5,507)

4,620

Total other comprehensive income/(loss)

7,340

(35,068)

19,996

(43,900)

Total comprehensive income

$ 56,408

$ 778

$ 120,395

$ 28,124

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

Property and Equipment, net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consists of the following:


		As of
	Estimated useful lives (Years)	June 30, 2023		December 31, 2022
Owned Assets:
Network equipment and computers	3-5	$	141,728	$	130,218
Software	2-5	99,828		88,487
Leasehold improvements	3-8	40,566		42,890
Office furniture and equipment	3-8	19,938		20,211
Motor vehicles	2-5	738		605
Buildings	30	970		961
Land	—	634		629
Capital work in progress	—	13,532		14,459
		317,934		298,460
Less: Accumulated depreciation and amortization		(224,764)		(216,132)
		93,170		82,328
Right-of-use assets under finance leases*:
Network equipment and computers		58		82
Leasehold improvements		611		1,013
Office furniture and equipment		435		662
Motor vehicles		802		742
		1,906		2,499
Less: Accumulated depreciation and amortization		(1,388)		(1,999)
		518		500
Property and equipment, net		$	93,688	$	82,828

*Depreciation on assets held under finance leases are computed using the straight-line method over the shorter of the assets estimated useful lives or the lease term.

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 three and six months ended June 30, 2023, there were no material changes in estimated useful lives of property and equipment during the ordinary course of operations.

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Depreciation and amortization expense	$	8,918	$	9,929	$	18,256	$	19,045

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Effect of foreign exchange gain/(loss)	$	(66)	$	(5)	$	(145)	$	62

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


	As of
	June 30, 2023		December 31, 2022
Cost	$	42,478	$	31,544
Less : Accumulated amortization	(20,540)		(16,134)
Internally developed software, net	$	21,938	$	15,410

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Amortization expense	$	2,425	$	1,549	$	4,400	$	2,582

As of June 30, 2023 and December 31, 2022, 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 assurance 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, the asset’s residual value, if any. It is reasonably possible that the judgments and estimates described above could change in future periods.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were recognized at fair value:


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of June 30, 2023	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds*	$	17,972	$	—	$	—	$	17,972
Mutual funds**	68,891		—		—		68,891
Derivative financial instruments	—		10,300		—		10,300
Total	$	86,863	$	10,300	$	—	$	97,163
Liabilities
Derivative financial instruments	$	—	$	3,908	$	—	$	3,908
Contingent consideration***	—		—		13,689		13,689
Total	$	—	$	3,908	$	13,689	$	17,597


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2022	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds*	$	1,137	$	—	$	—	$	1,137
Mutual funds**	110,964		—		—		110,964
Derivative financial instruments	—		2,346		—		2,346
Total	$	112,101	$	2,346	$	—	$	114,447
Liabilities
Derivative financial instruments	$	—	$	16,277	$	—	$	16,277
Contingent consideration***	—		—		18,689		18,689
Total	$	—	$	16,277	$	18,689	$	34,966

* Represents money market funds which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

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

*** Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in the fair value of contingent consideration:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Opening balance	$	18,689	$	9,000	$	18,689	$9,000
Acquisitions	—		1,439		—		1,439
Fair value changes	—		1,000		—		1,000
Payments	(5,000)		—		(5,000)		—
Closing balance	$	13,689	$	11,439	$	13,689	$	11,439

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 15, 2023
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment	$ 6,600
Other commitment			$ 4
Aggregate amount demanded by income tax authorities related to its transfer pricing issues	37,130	$ 37,088
Bank guarantees and deposits in respect to contingencies	7,328	7,532
Value added tax payable	5,572	5,526
GST refund, amount rejected	$ 4,305	$ 3,866

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of
	June 30, 2023		December 31, 2022
Accrued expenses	$	50,714	$	47,854
Payable to statutory authorities	17,966		20,430
Contingent consideration	13,100		5,000
Accrued capital expenditures	7,021		4,032
Client liabilities	5,179		5,110
Derivative instruments	3,295		10,059


Other current liabilities	7,205		2,867
Accrued expenses and other current liabilities	$	104,480	$	95,352

Goodwill and Other Intangible Assets - Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (July 1 - December 31)	$ 6,315
2024	12,140
2025	10,705
2026	10,366
2027	9,364
2028 and thereafter	6,697
Total	$ 55,587	$ 63,919

Other Assets (Tables)

6 Months Ended

Jun. 30, 2023

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

Schedule of Other Assets

Other assets consist of the following:


	As of
	June 30, 2023		December 31, 2022
Deferred contract fulfillment costs	$	19,333	$	12,693
Lease deposits	6,925		6,621
Deposits with statutory authorities	6,318		6,276
Contract assets	6,105		1,864
Derivative instruments	5,238		820
Others	4,336		3,795
Other assets	$	48,255	$	32,069

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Numerators:
Net income	$	49,068	$	35,846	$	100,399	$	72,024
Denominators:
Basic weighted average common shares outstanding	33,355,354		33,403,411		33,397,226		33,422,618
Dilutive effect of share-based awards	333,095		427,128		412,329		439,979

Diluted weighted average common shares outstanding	33,688,449		33,830,539		33,809,555		33,862,597
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic	$	1.47	$	1.07	$	3.01	$	2.15
Diluted	$	1.46	$	1.06	$	2.97	$	2.13
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	249,831		—		179,550		541

Below are the pro forma weighted average common stock outstanding and earnings per share (basic and diluted) as if 2023 Stock Split had been effective for all years presented:


	Pro Forma (Unaudited)
	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	49,068	$	35,846	$	100,399	$	72,024
Denominator:
Basic weighted average common shares outstanding	166,776,770		167,017,055		166,986,130		167,113,090
Dilutive effect of share based awards	1,665,475		2,135,640		2,061,645		2,199,895
Diluted weighted average common shares outstanding	168,442,245		169,152,695		169,047,775		169,312,985
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic	$	0.29	$	0.21	$	0.60	$	0.43
Diluted	$	0.29	$	0.21	$	0.59	$	0.43
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	1,249,155		—		897,750		2,705

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consists of the following:


		As of
	Estimated useful lives (Years)	June 30, 2023		December 31, 2022
Owned Assets:
Network equipment and computers	3-5	$	141,728	$	130,218
Software	2-5	99,828		88,487
Leasehold improvements	3-8	40,566		42,890
Office furniture and equipment	3-8	19,938		20,211
Motor vehicles	2-5	738		605
Buildings	30	970		961
Land	—	634		629
Capital work in progress	—	13,532		14,459
		317,934		298,460
Less: Accumulated depreciation and amortization		(224,764)		(216,132)
		93,170		82,328
Right-of-use assets under finance leases*:
Network equipment and computers		58		82
Leasehold improvements		611		1,013
Office furniture and equipment		435		662
Motor vehicles		802		742
		1,906		2,499
Less: Accumulated depreciation and amortization		(1,388)		(1,999)
		518		500
Property and equipment, net		$	93,688	$	82,828

*Depreciation on assets held under finance leases are computed using the straight-line method over the shorter of the assets estimated useful lives or the lease term.

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Depreciation and amortization expense	$	8,918	$	9,929	$	18,256	$	19,045

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Effect of foreign exchange gain/(loss)	$	(66)	$	(5)	$	(145)	$	62

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


	As of
	June 30, 2023		December 31, 2022
Cost	$	42,478	$	31,544
Less : Accumulated amortization	(20,540)		(16,134)
Internally developed software, net	$	21,938	$	15,410

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Amortization expense	$	2,425	$	1,549	$	4,400	$	2,582

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related Party Disclosures - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenues, net	$ 404,996	$ 346,782	$ 805,639	$ 675,990
Accounts receivable, net	288,305		288,305		$ 259,222
Related Party
Related Party Transaction [Line Items]
Revenues, net	379	$ 574	1,330	$ 574
Accounts receivable, net	$ 383		$ 383		$ 856

- Definition

+ References

+ Details

Capital Structure - Purchased Shares of its Common Stock, Including Commissions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Shares repurchased (in shares)	184,144	205,716	405,169	427,049
Total consideration	$ 29,013	$ 28,806	$ 64,847	$ 57,000
Weighted average purchase price per share (in dollars per share)	$ 157.56	$ 140.03	$ 160.05	$ 133.47

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Employee Benefit Plans

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit PlansThe 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 India Plan is partially funded whereas the Philippines Plan is unfunded. The Company makes annual contributions to the India Plan established with insurance companies. 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 expects to earn a return of approximately 7.0% per annum on the India Plan for the year ending on December 31, 2023.


Change in Plan Assets
Plan assets as of January 1, 2023	$	14,449
Actual return	692
Employer contribution	—
Benefits paid*	(542)
Effect of exchange rate changes	121
Plan assets as of June 30, 2023	$	14,720

* Benefits payments were substantially made through the plan assets during the six months ended June 30, 2023.

Components of net periodic benefit costs recognized in unaudited consolidated statements of income and actuarial (gain)/loss reclassified from AOCI, were as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Service cost	$	953	$	958	$	1,909	$	1,948
Interest cost	393		313		788		636
Expected return on plan assets	(264)		(221)		(527)		(449)
Amortization of actuarial (gain)/loss, gross of tax	(23)		149		(48)		304
Net gratuity cost	$	1,059	$	1,199	$	2,122	$	2,439

Amortization of actuarial (gain)/loss, gross of tax	$	(23)	$	149	$	(48)	$	304
Income tax effects on above	(18)		(45)		(37)		(92)
Amortization of actuarial (gain)/loss, net of tax	$	(41)	$	104	$	(85)	$	212

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 social security contribution plan. The Company may make discretionary contributions of up to a maximum of 3.0% of employee compensation within certain limits.

The Company’s accrual for contribution to the 401(k) Plans was as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Contribution to the 401(k) Plans	$	1,178	$	1,026	$	3,564	$	3,043

The Company’s contribution for various defined social security contribution plans on behalf of employees in foreign subsidiaries of the Company was as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Contributions to the defined social security contribution plans	$	5,604	$	4,549	$	10,996	$	8,762

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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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
-Topic 715
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 19,811	$ 18,132
Receivables from statutory authorities	16,338	15,724
Advance income tax, net	17,787	5,716
Derivative instruments	5,062	1,526
Advances to suppliers	2,851	1,944
Deferred contract fulfillment costs	2,112	1,178
Contract assets	1,527	904
Others	4,698	5,855
Other current assets	$ 70,186	$ 50,979

Goodwill and Other Intangible Assets - Summary of Company's Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 405,637
Currency translation adjustments	266
Ending Balance	405,903
Insurance
Goodwill [Roll Forward]
Beginning Balance	49,929
Currency translation adjustments	119
Ending Balance	50,048
Healthcare
Goodwill [Roll Forward]
Beginning Balance	21,875
Currency translation adjustments	5
Ending Balance	21,880
Emerging Business
Goodwill [Roll Forward]
Beginning Balance	47,101
Currency translation adjustments	142
Ending Balance	47,243
Analytics
Goodwill [Roll Forward]
Beginning Balance	286,732
Currency translation adjustments	0
Ending Balance	$ 286,732

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Line Items]
Effective tax rate, current income tax expense (benefit) (as a percent)	24.10%	23.80%	19.10%	23.70%
Income tax expense	$ 15,554	$ 11,125	$ 23,612	$ 22,327
INDIA
Income Taxes [Line Items]
Foreign earnings repatriated			76,000
Foreign earnings repatriated, withholding taxes			4,015
United Kingdom
Income Taxes [Line Items]
Foreign earnings repatriated			15,598
AUSTRALIA
Income Taxes [Line Items]
Foreign earnings repatriated			$ 9,081

- Definition

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

+ References + Details