0001297989-24-000003 | 10-K | XBRL Viewer

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Revenues, net and Accounts Receivable, net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Accounts receivable not billed	$ 148,735	$ 126,027
Contract with customer, asset, allowance for credit loss	0	0
Contract Fulfillment Costs
Capitalized Contract Cost [Line Items]
Impairment loss in relation to costs capitalized	0	0
Contract Acquisition Costs
Capitalized Contract Cost [Line Items]
Impairment loss in relation to costs capitalized	$ 0	$ 0

Fair Value Measurements - Changes in the fair value of contingent consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance, contingent consideration	$ 18,689	$ 9,000
Acquisitions	0	1,439
Fair value changes	1,900	8,250
Payments	(5,000)	0
Ending balance, contingent consideration	$ 15,589	$ 18,689

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Liabilities, Noncurrent [Abstract]

Summary of Other Non-Current Liabilities

Other non-current liabilities consist of the following:


	As of
	December 31, 2023		December 31, 2022
Retirement benefits	$	16,666	$	12,982
Deferred transition revenue	10,195		4,408
Unrecognized tax benefits	1,262		2,329
Contingent consideration	589		13,689
Derivative instruments	216		6,218
Others	2,534		1,666
Other non-current liabilities	$	31,462	$	41,292

Organization	12 Months Ended
Organization	Dec. 31, 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. The Company partners with clients using a data and AI-led approach to reinvent business models, drive better business outcomes and unlock growth with speed. The Company harnesses the power of data, analytics, artificial intelligence (“AI”), and deep industry knowledge to transform operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. The Company’s clients are located principally in the United States of America (“U.S.”) and the United Kingdom (“U.K.”).

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 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, 2022	$	50,428	$	21,942	$	49,020	$	282,512	$	403,902
Acquisition	—		—		—		1,992		1,992
Measurement period adjustments	—		—		—		2,229		2,229
Currency translation adjustments	(499)		(67)		(1,919)		(1)		(2,486)
Balance as of December, 2022	49,929		21,875		47,101		286,732		405,637
Currency translation adjustments	106		(3)		(100)		(1)		2

Balance as of December 31, 2023	$	50,035	$	21,872	$	47,001	$	286,731	$	405,639

Schedule of Indefinite Lived Intangible Assets

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


	As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	99,050	$	(51,085)	$	47,965
Developed technology	3,552		(2,522)		1,030
Trade names and trademarks	1,400		(1,286)		114
Non-compete agreements	336		(181)		155
	104,338		(55,074)		49,264
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900
Total intangible assets	$	105,238	$	(55,074)	$	50,164


	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 consolidated statements of income was as follows:


	Year ended December 31,
	2023		2022		2021
Amortization expense	$	14,678	$	17,109	$	12,778

Schedule of Estimated Future Amortization of Intangible Assets


Estimated future amortization expense related to finite-lived intangible assets as of December 31, 2023 was as follows:
2024	$	12,135
2025	10,699
2026	10,362
2027	9,364
2028	6,704
Total	$	49,264

- Definition

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

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+ Details

Derivatives and Hedge Accounting - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge gain to be reclassified within twelve months	$ 2,357,000
Maximum outstanding term of cash flow hedges	42 months
Foreign exchange contract \| Derivatives in cash flow hedging relationships \| Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 722,800,000	$ 841,620,000
Interest Rate Swap \| Derivatives in cash flow hedging relationships \| Derivatives Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional amount	$ 75,000,000	$ 75,000,000

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

Goodwill and Other Intangible Assets - Estimated Future Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 12,135
2025	10,699
2026	10,362
2027	9,364
2028	6,704
Total	$ 49,264	$ 63,919

Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule of Other Assets

Other assets consist of the following:


	As of
	December 31, 2023		December 31, 2022
Deferred contract fulfillment costs	$	21,370	$	12,693
Deposits with statutory authorities	6,960		6,276
Contract assets	6,835		1,864
Lease deposits	5,159		6,621
Derivative instruments	3,299		820
Others	5,901		3,795
Other assets	$	49,524	$	32,069

Income Taxes - Summary of Components of Income / (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 100,905	$ 80,949	$ 43,759
Foreign	137,036	109,150	102,802
Income before income tax expense and earnings from equity affiliates	$ 237,941	$ 190,099	$ 146,561

- Definition

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

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Property and Equipment - Internally Developed Software Costs, Included under Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Cost	$ 46,625	$ 31,544
Less : Accumulated amortization	(25,413)	(16,134)
Internally developed software, net	21,212	15,410
Amortization expense	$ 9,282	$ 5,958	$ 4,253

Stock Based Compensation - Share Matching Program Narrative (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($) installment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments \| installment	2
Share Match Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, period to be Transferable after vesting date	2 years
Unrecognized compensation cost for unvested stock options	$ 2,255,000
Cost not yet recognized, period for recognition	1 year 3 months 18 days
Share Match Units \| Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award vesting rights	33.33%
Share Match Units \| Year Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award vesting rights	66.66%
Maximum \| Share Match Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employers matching contribution, share match program, cap per employee	$ 500
Minimum \| Share Match Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employers matching contribution, share match program, cap per employee	$ 100

Other Non-Current liabilities - Summary of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Liabilities, Noncurrent [Abstract]
Contingent consideration	$ 589	$ 13,689
Retirement benefits	16,666	12,982
Derivative instruments	216	6,218
Deferred transition revenue	10,195	4,408
Unrecognized tax benefits	1,262	2,329
Others	2,534	1,666
Other non-current liabilities	$ 31,462	$ 41,292

Segment and Geographical Information - Revenues Based on Geographical Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	$ 1,630,668	$ 1,412,044	$ 1,122,293
The United States
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	1,370,707	1,213,477	964,059
Total Non-United States
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	259,961	198,567	158,234
The United Kingdom
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	177,479	134,630	105,734
Rest of World
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	$ 82,482	$ 63,937	$ 52,500

- 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.

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Stock Based Compensation - Stock Options Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 15, 2018	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiring period of equity options to employees	10 years
Vesting period	4 years
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for unvested stock options		$ 18,717
Cost not yet recognized, period for recognition		3 years 6 months
2018 Stock options plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiring period of equity options to employees		10 years
Vesting period		4 years

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-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2023

Liabilities, Noncurrent [Abstract]

Other Non-Current Liabilities

Other non-current liabilities consist of the following:


	As of
	December 31, 2023		December 31, 2022
Retirement benefits	$	16,666	$	12,982
Deferred transition revenue	10,195		4,408
Unrecognized tax benefits	1,262		2,329
Contingent consideration	589		13,689
Derivative instruments	216		6,218
Others	2,534		1,666
Other non-current liabilities	$	31,462	$	41,292

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate increased	22.50%	25.00%
Income tax expense	$ 53,536,000	$ 47,565,000	$ 31,850,000
Foreign earnings repatriated	136,405,000
Foreign earnings repatriated, withholding taxes	5,852,000
Operating loss carryforward valuation allowance	482,000	309,000
Unrecognized tax benefits that would impact tax rate if recognized	1,262,000
Unrecognized tax benefits, interest and penalties on income taxes expense	$ 0	$ 0

- Definition

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

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

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

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


	Year ended December 31,
	2023		2022		2021
Domestic	$	100,905	$	80,949	$	43,759
Foreign	137,036		109,150		102,802
	$	237,941	$	190,099	$	146,561

Summary of Income Tax Expense/(Benefit)

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


	Year ended December 31,
	2023		2022		2021
Current provision:
Domestic	$	51,450	$	43,416	$	18,532
Foreign	33,828		23,701		33,644
	$	85,278	$	67,117	$	52,176
Deferred provision/(benefit):
Domestic	$	(32,024)	$	(17,624)	$	(15,954)
Foreign	282		(1,928)		(4,372)
	(31,742)		(19,552)		(20,326)
Income tax expense	$	53,536	$	47,565	$	31,850

Schedule of Income Tax Recognized in Other Comprehensive Income

Deferred income taxes recognized in OCI were as follows:


	Year ended December 31,
	2023		2022		2021

Deferred taxes benefit / (expense) recognized on:
Unrealized gain/(loss) on cash flow hedges	$	(3,313)	$	5,860	$	(2,308)
Reclassification adjustment for cash flow hedges	(797)		455		1,530
Retirement benefits (incl. effects of tax rate changes)	(63)		(231)		194
Reclassification adjustment for retirement benefits	(74)		(179)		(204)
Foreign currency translation adjustments	(156)		10,032		3,016
Total	$	(4,403)	$	15,937	$	2,228

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

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


	Year ended December 31,
	2023		2022		2021
Expected tax expense	$	49,968	$	39,921	$	30,777

Foreign tax rate differential	5,333		(1,136)		1,127
Deferred tax provision	2,509		3,801		350
Unrecognized tax benefits	(187)		273		161
State taxes, net of Federal taxes	11,640		7,730		4,968
Non-deductible expenses	4,083		6,285		3,165

Excess tax benefit on stock-based compensation	(15,055)		(5,881)		(3,651)
Research and development credits	(4,235)		(2,230)		(1,727)
Prior period items	(1,415)		(688)		(931)
Benefit on settlement of convertible notes	—		—		(2,411)
Others	895		(510)		22
Tax expense	$	53,536	$	47,565	$	31,850

Summary of Components of Deferred Tax Balances

The components of the deferred tax balances were as follows:


	As of
	December 31, 2023		December 31, 2022
Deferred tax assets:
Tax credit carry forwards	$	12,762	$	5,716
Depreciation and amortization expense	14,569		14,734
Capitalized research and development expenses	47,276		24,743
Stock-based compensation	8,506		11,425

Accrued employee costs and other expenses	21,611		15,504
Net operating loss carry forwards	212		412
Net unrealized foreign exchange loss	21,449		23,572
Deferred rent	2,853		3,120
Others	416		272
	129,654		99,498
Valuation allowance	(482)		(309)
Deferred tax assets	$	129,172	$	99,189


Deferred tax liabilities:
Intangible assets	$	27,095	$	27,807
Net unrealized gain on investments	3,704		6,006
Capitalized costs	5,999		332
Foreign branch accounting	8,810		7,618
Others	2,132		2,182
Deferred tax liabilities	$	47,740	$	43,945
Net deferred tax assets	$	81,432	$	55,244

Summary of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to the unrecognized tax benefits:


	Year ended December 31,
	2023		2022		2021
Balance as of January 1	$	1,449	$	1,068	$	907
Increases/(decreases) related to prior year tax positions	(610)		158		(12)

Increases related to current year tax positions	423		223		173

Balance as of December 31	$	1,262	$	1,449	$	1,068

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

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

Revenues, net

$ 1,630,668

$ 1,412,044

$ 1,122,293

Cost of revenues

^[1]

1,022,902

896,595

690,934

Gross profit

^[1]

607,766

515,449

431,359

Operating expenses

369,011

323,287

275,478

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

(814)

(2,063)

(9,320)

Income tax expense

53,536

47,565

31,850

Gain from equity-method investment

153

434

Net income attributable to ExlService Holdings, Inc. stockholders

184,558

142,968

114,758

Digital operations and solutions

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

Revenues, net

901,541

764,693

661,621

Analytics services

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

Revenues, net

729,127

647,351

460,672

Insurance

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

Revenues, net

529,855

448,704

381,999

Cost of revenues

341,785

287,734

239,529

Gross profit

188,070

160,970

142,470

Healthcare

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

Revenues, net

105,994

97,351

112,386

Cost of revenues

69,273

70,951

69,760

Gross profit

36,721

26,400

42,626

Emerging Business

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

Revenues, net

265,692

218,638

167,236

Cost of revenues

150,943

128,017

91,737

Gross profit

114,749

90,621

75,499

Analytics

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

Revenues, net

729,127

647,351

460,672

Cost of revenues

460,901

409,893

289,908

Gross profit

$ 268,226

$ 237,458

$ 170,764

[1]	Exclusive of depreciation and amortization expense.

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued expenses	$ 58,736	$ 47,854
Payable to statutory authorities	20,591	20,430
Derivative instruments	2,009	10,059
Client liabilities	6,909	5,110
Contingent consideration	15,000	5,000
Accrued capital expenditures	4,134	4,032
Others	5,521	2,867
Accrued expenses and other current liabilities	$ 112,900	$ 95,352

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	49,806	$	—	$	—	$	49,806
Mutual funds (2)	52,650		—		—		52,650
Derivative financial instruments	—		7,607		—		7,607
Total	$	102,456	$	7,607	$	—	$	110,063
Liabilities
Derivative financial instruments	$	—	$	2,225	$	—	$	2,225
Contingent consideration (3)	—		—		15,589		15,589
Total	$	—	$	2,225	$	15,589	$	17,814

	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)	$	1,137	$	—	$	—	$	1,137
Mutual funds (2)	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 (3)	—		—		18,689		18,689
Total	$	—	$	16,277	$	18,689	$	34,966

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

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

(3) 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:


	Year ended December 31,
	2023		2022
Opening balance	$	18,689	$	9,000
Acquisitions	—		1,439
Fair value changes	1,900		8,250
Payments	(5,000)		—
Closing balance	$	15,589	$	18,689

During the years ended December 31, 2023 and 2022, there were no transfers among Level 1, Level 2 and Level 3.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York
Auditor Firm ID	34

Employee Benefit Plans - Net Period Benefit Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Service cost	$ 3,799	$ 3,770	$ 3,512
Interest cost	1,569	1,232	929
Expected return on plan assets	(1,048)	(872)	(796)
Amortization of actuarial (gain)/loss, gross of tax	(94)	592	709
Net gratuity cost	4,226	4,722	4,354
Income tax effects on above	(74)	(179)	(204)
Amortization of actuarial (gain)/loss, net of tax	$ (168)	$ 413	$ 505

Stock Based Compensation - Performance Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Revenue-Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares) \| shares	247,955
Number, granted (in shares) \| shares	219,740
Adjustment upon final determination of level of performance goal achievement (in shares) \| shares	0
Number, vested (in shares) \| shares	(245)
Number, forfeited (in shares) \| shares	(29,450)
Number, outstanding, ending balance (in shares) \| shares	438,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, beginning balance (in dollars per share) \| $ / shares	$ 24.00
Weighted-average fair value, granted (in dollars per share) \| $ / shares	34.56
Weighted-average fair value, adjustment upon final determination of level of performance goal achievement (in dollars per share) \| $ / shares	0
Weighted-average fair value, vested (in dollars per share) \| $ / shares	25.94
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	25.94
Weighted-average fair value, outstanding, ending balance (in dollars per share) \| $ / shares	$ 29.16
Market Condition-Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares) \| shares	893,560
Number, granted (in shares) \| shares	329,245
Adjustment upon final determination of level of performance goal achievement (in shares) \| shares	476,055
Number, vested (in shares) \| shares	(952,475)
Number, forfeited (in shares) \| shares	(89,935)
Number, outstanding, ending balance (in shares) \| shares	656,450
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, beginning balance (in dollars per share) \| $ / shares	$ 26.94
Weighted-average fair value, granted (in dollars per share) \| $ / shares	44.72
Weighted-average fair value, adjustment upon final determination of level of performance goal achievement (in dollars per share) \| $ / shares	23.96
Weighted-average fair value, vested (in dollars per share) \| $ / shares	23.96
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	28.71
Weighted-average fair value, outstanding, ending balance (in dollars per share) \| $ / shares	$ 37.78

Related Party Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Related Party Transactions

The following transactions with the Purchaser were recognized by the Company in connection with the Notes during the year ended December 31, 2021:


Repayment of the Notes in cash	$	200,000
Repayment of the Notes in shares	$	36,742
Interest expense on the Notes	$	3,442

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Lived Intangible Assets Amortized over their Estimated Useful Lives

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


			Useful Lives (in years)
Customer relationships			7-15
Developed technology			3-10
Non-compete agreements			4
Trade names and trademarks			10

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Owned Assets:
Owned assets, gross	$ 321,929	$ 298,460
Less: Accumulated depreciation and amortization	(222,333)	(216,132)
Property and equipment, net	99,596	82,328
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	2,109	2,499
Less: Accumulated depreciation	(1,332)	(1,999)
Property and equipment, net	777	500
Property and equipment, net	$ 100,373	$ 82,828
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Network equipment and computers
Owned Assets:
Owned assets, gross	$ 149,975	$ 130,218
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 58	82
Network equipment and computers \| Minimum
Owned Assets:
Estimated useful lives	3 years
Network equipment and computers \| Maximum
Owned Assets:
Estimated useful lives	5 years
Software
Owned Assets:
Owned assets, gross	$ 94,279	88,487
Software \| Minimum
Owned Assets:
Estimated useful lives	2 years
Software \| Maximum
Owned Assets:
Estimated useful lives	5 years
Leasehold improvements
Owned Assets:
Owned assets, gross	$ 41,933	42,890
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 604	1,013
Leasehold improvements \| Minimum
Owned Assets:
Estimated useful lives	3 years
Leasehold improvements \| Maximum
Owned Assets:
Estimated useful lives	8 years
Office furniture and equipment
Owned Assets:
Owned assets, gross	$ 21,199	20,211
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 427	662
Office furniture and equipment \| Minimum
Owned Assets:
Estimated useful lives	3 years
Office furniture and equipment \| Maximum
Owned Assets:
Estimated useful lives	8 years
Motor vehicles
Owned Assets:
Owned assets, gross	$ 686	605
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 1,020	742
Motor vehicles \| Minimum
Owned Assets:
Estimated useful lives	2 years
Motor vehicles \| Maximum
Owned Assets:
Estimated useful lives	5 years
Buildings
Owned Assets:
Estimated useful lives	30 years
Owned assets, gross	$ 956	961
Land
Owned Assets:
Owned assets, gross	625	629
Capital work in progress
Owned Assets:
Owned assets, gross	$ 12,276	$ 14,459

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Company's Debt Position

The following tables summarizes the Company’s debt position:


	As of December 31,
	2023		2022
	Revolving credit facility
Current portion of long-term borrowings	$	65,000	$	30,000

Long-term borrowings	135,000		220,000
Total borrowings	$	200,000	$	250,000

Schedule of Credit Facilities Carried an Effective Interest Rate

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


	Year ended December 31,
	2023		2022		2021
Effective Interest Rate	6.3	%	2.9	%	1.7	%

Schedule of Principal Maturities of Borrowings

Expected payments for all of the Company’s borrowings as of December 31, 2023 were as follows:


	Revolving credit facility
	Principal Payments		Interest Payments (1)
2024	$	65,000	$	11,356
2025	—		8,547
2026	—		8,547
2027	135,000		3,205
Total	$	200,000	$	31,655

(1) Interest payments are based on interest rate prevailing as of December 31, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 26, 2024, the Company’s board of directors authorized a $500,000 common stock repurchase program (the “2024 Repurchase Program”), effective March 1, 2024, for a two-year period, in line with its capital allocation strategy. Under the 2024 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 2024 Repurchase Program replaces the 2022 Repurchase Program, which was terminated effective February 29, 2024.

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule of Other Current Assets

Other current assets consist of the following:


	As of
	December 31, 2023		December 31, 2022
Advance income tax, net	$	23,269	$	5,716
Receivables from statutory authorities	18,500		15,724
Prepaid expenses	18,171		18,132
Derivative instruments	4,308		1,526
Deferred contract fulfillment costs	3,303		1,178
Contract assets	2,830		904
Advances to suppliers	1,883		1,944
Others	4,405		5,855
Other current assets	$	76,669	$	50,979

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of Comprehensive Income [Abstract]

Net income

$ 184,558

$ 142,968

$ 114,758

Other comprehensive income/(loss):

Unrealized gain/(loss) on cash flow hedges

14,403

(27,333)

4,663

Losses on net investment hedges

(1,134)

Foreign currency translation gain/(loss)

652

(47,734)

(11,134)

Retirement benefits

1,337

2,574

(558)

Reclassification adjustments:

Gain on cash flow hedges

^[1]

5,208

1,295

(9,264)

Retirement benefits

^[2]

(94)

592

709

Income tax effects relating to above

^[3]

(4,403)

15,937

2,228

Total other comprehensive income/(loss)

17,103

(54,669)

(14,490)

Total comprehensive income

$ 201,661

$ 88,299

$ 100,268

[1]	These are reclassified to net income and are included in cost of revenues, operating expenses and interest expense, as applicable in the consolidated statements of income.
[2]	These are reclassified to net income and are included in other income/(expense), net in the consolidated statements of income.
[3]	These are income tax effects recognized on cash flow hedges, retirement benefits and foreign currency translation gain/(loss).

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Investment

Investments consist of the following:


	As of
	December 31, 2023		December 31, 2022
Short-term investments
Mutual funds	$	52,650	$	110,964
Term deposits	101,231		68,063
Total Short-term investments	$	153,881	$	179,027

Long-term investments
Term deposits	$	239	$	31,341
Investment in equity affiliate	4,191		3,438
Total Long-term investments	$	4,430	$	34,779

Fair Value Measurements

12 Months Ended

Dec. 31, 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 December 31, 2023	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	49,806	$	—	$	—	$	49,806
Mutual funds (2)	52,650		—		—		52,650
Derivative financial instruments	—		7,607		—		7,607
Total	$	102,456	$	7,607	$	—	$	110,063
Liabilities
Derivative financial instruments	$	—	$	2,225	$	—	$	2,225
Contingent consideration (3)	—		—		15,589		15,589
Total	$	—	$	2,225	$	15,589	$	17,814

	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)	$	1,137	$	—	$	—	$	1,137
Mutual funds (2)	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 (3)	—		—		18,689		18,689
Total	$	—	$	16,277	$	18,689	$	34,966

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

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

(3) 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 of 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 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:


	Year ended December 31,
	2023		2022
Opening balance	$	18,689	$	9,000
Acquisitions	—		1,439
Fair value changes	1,900		8,250
Payments	(5,000)		—
Closing balance	$	15,589	$	18,689

During the years ended December 31, 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.

Nonrecurring Fair Value Measurements of Assets:

Nonrecurring fair value measurements include impairment tests of goodwill conducted by the Company during the years ended December 31, 2023 and 2022, as applicable. The fair value determination of the Company's reporting units was based on a combination of the income approach, using a DCF model, which are Level 3 inputs, and also the market approach, as applicable, using market multiples for reporting units, which are Level 2 inputs. During the years ended December 31, 2023 and 2022, the Company did not recognize any impairment charges on goodwill as the fair values of the reporting units exceeded their carrying value. Refer to Note 10 - Goodwill and Other Intangible Assets to the consolidated financial statements for further details.

Stock Based Compensation - Stock Based Compensation Stock Option Activity (Detail) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options, outstanding, beginning balance (in shares)	15,465
Number of options, granted (in shares)	1,790,695
Number of options, exercised (in shares)	(15,465)
Number of options, forfeited (in shares)	0
Number of options, outstanding, ending balance (in shares)	1,790,695	15,465
Number of options, vested and exercisable at end of period (in 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)	$ 5.52
Weighted-average exercise price, granted (in dollars per share)	30.14
Weighted-average exercise price, exercised (in dollars per share)	5.52
Weighted-average exercise price, forfeited (in dollars per share)	0
Weighted-average exercise price, outstanding, ending balance (in dollars per share)	30.14	$ 5.52
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	$ 1,278	$ 439
Aggregate intrinsic value, exercised	384
Aggregate intrinsic value, vested and exercisable at December 31, 2023	$ 0
Weighted-average remaining contractual life	9 years 6 months	1 year
Weighted-average remaining contractual life, granted	9 years 6 months
Weighted average grant date fair value of per unit of stock option granted during the period (in USD per share)	$ 12.03

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common Stock (1)

Additional Paid-in Capital (1)

^[1]

Retained Earnings

Accumulated Other Comprehensive Income/(Loss)

Treasury Stock

Beginning balance (in shares) at Dec. 31, 2020

^[1]

194,840,260

Beginning balance at Dec. 31, 2020

$ 719,172

$ 195

^[1]

$ 420,820

$ 641,379

$ (74,984)

$ (268,238)

^[2]

Treasury stock, beginning balance (in shares) at Dec. 31, 2020

^[1]

(27,043,090)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issued against stock-based compensation plans (in shares)

^[1]

2,701,440

Stock issued against stock-based compensation plans

710

$ 3

^[1]

707

Stock-based compensation

$ 38,621

38,621

Acquisition of treasury stock (in shares)

(5,436,625)

(5,593,170)

^[1]

Acquisition of treasury stock

$ (118,357)

^[2]

Issuance of treasury stock

36,742

19,436

$ 17,306

^[2]

Issuance of treasury stock (in shares)

^[1]

1,551,970

Settlement of convertible notes

(84,000)

Other comprehensive loss

(14,490)

Net income

114,758

Treasury stock, ending balance (in shares) at Dec. 31, 2021

^[1]

(31,084,290)

Ending balance (in shares) at Dec. 31, 2021

^[1]

197,541,700

Ending balance at Dec. 31, 2021

693,156

$ 198

^[1]

395,584

756,137

(89,474)

$ (369,289)

^[2]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issued against stock-based compensation plans (in shares)

^[1]

2,398,180

Stock issued against stock-based compensation plans

$ 2

^[1]

(2)

Stock-based compensation

$ 49,366

49,366

Acquisition of treasury stock (in shares)

(2,519,290)

(2,683,370)

^[1]

Acquisition of treasury stock

$ (72,642)

^[2]

Other comprehensive loss

(54,669)

Net income

$ 142,968

142,968

Treasury stock, ending balance (in shares) at Dec. 31, 2022

(33,767,660)

^[1]

Ending balance (in shares) at Dec. 31, 2022

166,172,220

199,939,880

^[1]

Ending balance at Dec. 31, 2022

$ 758,179

$ 200

^[1]

444,948

899,105

(144,143)

$ (441,931)

^[2]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issued against stock-based compensation plans (in shares)

^[1]

3,470,158

Stock issued against stock-based compensation plans

4,646

$ 3

^[1]

4,643

Stock-based compensation

$ 58,437

58,437

Acquisition of treasury stock (in shares)

(4,127,451)

(4,364,498)

^[1]

Acquisition of treasury stock

$ (133,486)

^[2]

Other comprehensive loss

17,103

Net income

$ 184,558

184,558

Treasury stock, ending balance (in shares) at Dec. 31, 2023

(38,132,158)

^[1]

Ending balance (in shares) at Dec. 31, 2023

165,277,880

203,410,038

^[1]

Ending balance at Dec. 31, 2023

$ 889,437

$ 203

^[1]

$ 508,028

$ 1,083,663

$ (127,040)

$ (575,417)

^[2]

[1]	Prior period information has been adjusted to reflect the 5-for-1 forward stock split of the Company’s common stock effected in August 2023. Refer to Note 19 – Capital Structure to the consolidated financial statements for further details.
[2]	Inclusive of excise tax for the year ended December 31, 2023. Refer to Note 19 – Capital Structure to the consolidated financial statements for further details.

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	203,410,038	199,939,880
Common stock, shares outstanding (in shares)	165,277,880	166,172,220
Treasury stock, common (in shares)	38,132,158	33,767,660

Investments - Summary of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term investments
Mutual funds	$ 52,650	$ 110,964
Term deposits	101,231	68,063
Total Short-term investments	153,881	179,027
Long-term investments
Term deposits	239	31,341
Investment in equity affiliate	4,191	3,438
Total Long-term investments	$ 4,430	$ 34,779

Stock Based Compensation - Restricted Stock Unit Activity Under Company's Stock Plans (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares)	4,615,630
Number, granted (in shares)	1,258,712
Number, vested (in shares)	(1,784,973)
Number, forfeited (in shares)	(357,857)
Number, outstanding, ending balance (in shares)	3,731,512	4,615,630
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, beginning balance (in dollars per share)	$ 19.74
Weighted-average fair value, granted (in dollars per share)	33.99	$ 24.28	$ 18.25
Weighted-average fair value, vested (in dollars per share)	18.52
Weighted-average fair value, forfeited (in dollars per share)	21.60
Weighted-average fair value, outstanding, ending balance (in dollars per share)	$ 24.96	$ 19.74
Restricted stock units vested (in shares)	324,125	872,450
Share Match Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares)	238,115
Number, granted (in shares)	0
Number, vested (in shares)	0
Number, forfeited (in shares)	(20,885)
Number, outstanding, ending balance (in shares)	217,230	238,115
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, beginning balance (in dollars per share)	$ 24.95
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)	24.95
Weighted-average fair value, outstanding, ending balance (in dollars per share)	$ 24.95	$ 24.95

Capital Structure - Purchase of Common Stock from Employees Withholding Tax Payments Related to Vesting of Restricted Stock (Details - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Shares repurchased (in shares)	237,047	164,080	156,545
Total consideration	$ 7,853	$ 4,121	$ 2,752
Weighted average purchase price per share (in dollars per share)	$ 33.13	$ 25.12	$ 17.58

Borrowings

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings

The following tables summarizes the Company’s debt position:


	As of December 31,
	2023		2022
	Revolving credit facility
Current portion of long-term borrowings	$	65,000	$	30,000

Long-term borrowings	135,000		220,000
Total borrowings	$	200,000	$	250,000

Unamortized debt issuance costs for the Company’s revolving credit facility of $903 and $1,177 as of December 31, 2023 and 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 the 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. In addition, the 2022 Credit Agreement contains a covenant to not permit the interest coverage ratio or the total net leverage ratio, both, as defined, for the four consecutive quarter period ending on the last day of each fiscal quarter, to be less than 3.0 to 1.0 or more than 3.5 to 1.0, respectively.

The 2022 Credit Agreement bears interest at a rate equal to specified prime rate (alternate base rate) or adjusted SOFR, plus, in each case, an applicable margin. The applicable margin is tied to the Company’s total net leverage ratio and ranges from 0% to 0.75% per annum on loans pegged to the specified prime rate, and 0.88% to 1.75% per annum on loans pegged to the adjusted SOFR. The revolving credit commitments under the 2022 Credit Agreement are subject to a commitment fee which is also tied to the Company’s total net leverage ratio, and ranges from 0.13% to 0.28% per annum on the average daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations.

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


	Year ended December 31,
	2023		2022		2021
Effective Interest Rate	6.3	%	2.9	%	1.7	%

As of December 31, 2023 and 2022, the Company was in compliance with all financial covenants under the 2022 Credit Agreement.

Convertible Senior Notes

On October 1, 2018, the Company entered into an investment agreement with Orogen Echo LLC (the “Purchaser”), an affiliate of The Orogen Group LLC, relating to the issuance to the Purchaser of $150,000, in an aggregate principal amount (the “Notes”). The Notes carried interest at a rate of 3.5% per annum, payable semi-annually in arrears in cash on April 1 and October 1 of each year. The Notes were convertible at an initial conversion rate of 13.3333 shares of the common stock per one thousand dollar principal amount of the Notes (which represented an initial conversion price of approximately $75 per share).

The Company had the option to redeem the principal amount of the Notes, at its option, if the closing sale price of the common stock exceeded 150% of the then-current conversion price for 20 or more trading days in the 30 consecutive trading day period preceding the Company’s exercise of this redemption right (including the trading day immediately prior to the date of the notice of redemption).

During the year ended December 31, 2021, the Notes carried an effective interest rate of 3.6%.

On August 27, 2021, the Company entered into a Payoff and Termination Agreement with the Purchaser, pursuant to which the Company prepaid and settled its outstanding obligations under the Notes, by electing a combination of cash and shares of the Company’s common stock. During the year ended December 31, 2021, the Company recognized a loss on settlement of the Notes of $12,845, representing the difference between the fair value of the consideration allocated to the debt component and the carrying value of the debt component immediately before settlement, and is presented as “Loss on settlement of convertible notes,” in the Company’s consolidated statements of income. During the year ended December 31, 2021, the Company recognized interest expense and amortization of debt discount of $5,237 on the Notes.

Expected payments for all of the Company’s borrowings as of December 31, 2023 were as follows:


	Revolving credit facility
	Principal Payments		Interest Payments (1)
2024	$	65,000	$	11,356
2025	—		8,547
2026	—		8,547
2027	135,000		3,205
Total	$	200,000	$	31,655

(1) Interest payments are based on interest rate prevailing as of December 31, 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 December 31, 2023 and 2022, the Company had outstanding letters of credit of $461, each, 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
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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 184,558	$ 142,968	$ 114,758
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	50,280	56,102	49,656
Stock-based compensation expense	58,437	49,366	38,621
Reduction in the carrying amount of operating lease right-of-use assets	20,188	21,783	26,326
Fair value mark-to-market of short-term investments	17,044	(1,209)	5,139
Unrealized foreign currency exchange gain, net	(1,363)	(16,643)	(3,821)
Deferred income tax benefit	(31,742)	(19,552)	(20,326)
Allowance/(reversal) for expected credit losses	2,453	683	(464)
Loss on settlement of convertible notes	0	0	12,845
Fair value changes in contingent consideration	1,900	8,250	0
Amortization of non-cash interest expense related to convertible notes	0	0	1,795
Others, net	948	510	168
Change in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(49,242)	(68,121)	(37,684)
Other current assets	(9,506)	(7,709)	(1,179)
Income taxes payable, net	(18,282)	8,779	(12,062)
Other assets	(14,833)	(10,723)	227
Accounts payable	(2,757)	2,385	(614)
Deferred revenue	(877)	2,473	(12,733)
Accrued employee costs	14,090	5,551	46,475
Accrued expenses and other liabilities	10,083	14,475	2,934
Operating lease liabilities	(20,181)	(23,227)	(25,674)
Net cash provided by operating activities	211,198	166,141	184,387
Cash flows from investing activities:
Purchases of property and equipment	(52,803)	(44,836)	(37,248)
Proceeds from sale of property and equipment	739	266	1,300
Business acquisition (net of cash and cash equivalents acquired)	0	(3,872)	(76,831)
Purchases of investments	(235,369)	(212,607)	(96,011)
Proceeds from redemption of investments	276,036	164,503	94,520
Investment in equity affiliate	(600)	0	0
Net cash used for investing activities	(11,997)	(96,546)	(114,270)
Cash flows from financing activities:
Principal payments of finance lease liabilities	(169)	(142)	(201)
Proceeds from borrowings	80,000	35,000	300,000
Repayments of borrowings	(130,000)	(45,000)	(329,031)
Payment of contingent consideration	(5,000)	0	0
Acquisition of treasury stock	(131,847)	(72,642)	(118,357)
Proceeds from issuance of common stock	5,566	1,060	710
Net cash used for financing activities	(181,450)	(81,724)	(146,879)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,029	(6,060)	(4,947)
Net increase/(decrease) in cash, cash equivalents and restricted cash	19,780	(18,189)	(81,709)
Cash, cash equivalents and restricted cash at the beginning of the period	125,621	143,810	225,519
Cash, cash equivalents and restricted cash at the end of the period	145,401	125,621	143,810
Cash paid during the period for:
Interest	13,895	8,189	6,589
Income taxes	104,882	57,058	49,997
Supplemental disclosure of non-cash investing and financing activities:
Settlement of portion of convertible notes through issuance of treasury stock	0	0	36,742
Assets acquired under finance lease	$ 461	$ 312	$ 71

Summary of Significant Accounting Policies - Summary of Revenues and Reimbursements (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Disaggregation of Revenue [Line Items]
Payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms	60 days

- 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

Related Party Disclosures (Details) $ in Thousands	12 Months Ended
Related Party Disclosures (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Repayment of the Notes in shares	$ 36,742
Convertible notes payable \| 3.50% Convertible Senior Notes due October 1, 2024
Debt Instrument [Line Items]
Repayment of the Notes in cash	200
Interest expense on the Notes	$ 3,442

- 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.

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+ Details

Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Plan (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2023
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%

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

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


	Year ended December 31,
	2023		2022		2021
Numerators:
Net income	$	184,558	$	142,968	$	114,758
Denominators (1):
Basic weighted average common shares outstanding	166,341,213		166,651,585		167,746,375
Dilutive effect of stock-based awards	1,820,158		2,517,705		2,043,465
Dilutive effect of conversion premium on the Notes (2)	—		—		1,432,550
Diluted weighted average common shares outstanding	168,161,371		169,169,290		171,222,390
Earnings per share attributable to ExlService Holdings, Inc. stockholders (1):
Basic	$	1.11	$	0.86	$	0.68
Diluted	$	1.10	$	0.85	$	0.67
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share (1)	1,628,932		2,830		53,525

(1) Prior period information has been adjusted to reflect the 5-for-1 forward stock split of the Company’s common stock effected in August 2023. Refer to Note 19 – Capital Structure to the consolidated financial statements for further details.

(2) Represents dilution effect related to the conversion premium of the convertible senior notes in the calculation of diluted weighted average shares outstanding for the portion of the period until actual settlement during the third quarter of 2021. Refer to Note 18 – Borrowings to the consolidated financial statements for further details.

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents (money market funds)	$ 49,806	$ 1,137
Mutual funds	52,650	110,964
Derivative financial instruments	7,607	2,346
Total	110,063	114,447
Liabilities
Derivative financial instruments	2,225	16,277
Contingent consideration	15,589	18,689
Total	17,814	34,966
(Level 1)
Assets
Cash and cash equivalents (money market funds)	49,806	1,137
Mutual funds	52,650	110,964
Derivative financial instruments	0	0
Total	102,456	112,101
Liabilities
Derivative financial instruments	0	0
Contingent consideration	0	0
Total	0	0
(Level 2)
Assets
Cash and cash equivalents (money market funds)	0	0
Mutual funds	0	0
Derivative financial instruments	7,607	2,346
Total	7,607	2,346
Liabilities
Derivative financial instruments	2,225	16,277
Contingent consideration	0	0
Total	2,225	16,277
(Level 3)
Assets
Cash and 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	15,589	18,689
Total	$ 15,589	$ 18,689

Capital Structure

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Capital Structure

Common Stock

The Company has one class of common stock outstanding. Holders of the Company's common stock are entitled to one vote per share. Upon the liquidation or dissolution of the Company, its common stockholders are entitled to receive a ratable share of the available net assets of the Company after payment of all debts and other liabilities. The Company's shares of common stock have no preemptive, subscription, redemption or conversion rights.

Forward Stock Split

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 Secretary of State of the State of Delaware on August 1, 2023, and effectiveness thereof, effected 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, remained unchanged.

Pursuant to the 2023 Stock Split, each stockholder of record on July 25, 2023 holding shares of the Company’s common stock received four additional shares of the Company’s common stock for every one share held. The additional shares were distributed after the close of business on August 1, 2023. The common shares began trading on the Nasdaq Global Select Market on a post-split basis on August 2, 2023.

All share count and per share amounts in the consolidated financial statements have been retrospectively adjusted from January 1, 2021 to reflect the 2023 Stock Split as if it occurred at the beginning of the earliest period presented. An amount equal to the par value of the increased shares resulting from the 2023 Stock Split was reclassified from “Additional paid-in capital” to “Common stock.”

Share Repurchases

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)
Twelve months ended December 31, 2023	237,047	$	7,853	$	33.13
Twelve months ended December 31, 2022	164,080	$	4,121	$	25.12
Twelve months ended December 31, 2021	156,545	$	2,752	$	17.58

(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 restricted stock units.

On December 16, 2019, the Company’s board of directors authorized a $200,000 common stock repurchase program beginning January 1, 2020 through December 31, 2022 (the “2019 Repurchase Program”).

On October 5, 2021, the Company’s board of directors authorized a $300,000 (excluding excise tax) common stock repurchase program beginning January 1, 2022 (the “2022 Repurchase Program”), and terminated the 2019 Repurchase Program on December 31, 2021.

Under the 2022 Repurchase Program and 2019 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 commission and excluding excise tax, under repurchase programs, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share
Twelve months ended December 31, 2023	4,127,451	$	125,416	$	30.39
Twelve months ended December 31, 2022	2,519,290	$	68,521	$	27.20
Twelve months ended December 31, 2021	5,436,625	$	115,605	$	21.26

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.

Pursuant to the Inflation Reduction Act, effective January 1, 2023, the Company is required to pay a 1% excise tax on the fair market value of each share of common stock repurchased, net of stock issuances. The Company recognized excise tax of $217 on repurchase of common stock as a part of cost of such repurchases for the year ended December 31, 2023.

Dividends

The Company has not paid or declared any cash dividends on its common stock during the years ended December 31, 2023, 2022 and 2021. The Company’s borrowings under its revolving credit facility could restrict its ability to declare or make any dividends or similar distributions.

- Definition

The entire disclosure for equity.

+ References

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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-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

Revenues, net and Accounts Receivable, net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable, including unbilled receivables	$ 311,811	$ 260,554
Less: Allowance for expected credit losses	(3,703)	(1,332)	$ (573)
Accounts receivable, net	$ 308,108	$ 259,222

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Commitments As of December 31, 2023 and 2022, the Company had committed to spend approximately $7,100 and $9,700, respectively, under agreements to purchase property and equipment. This amount is net of capital advances paid which are recognized in consolidated balance sheets as “Capital work in progress” under “Property and equipment.” 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. During the year ended December 31, 2023, the Company invested $600 in the Partnership and is committed under the Partnership to make further investments up to an amount of $3,400. 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 where 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 December 31, 2023 and 2022 is $36,694 and $37,088, respectively. The Company has made payments and/or provided bank guarantees against these demands in the amounts of $7,227 and $7,532, as of December 31, 2023 and 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 $5,493 and $5,526, as of December 31, 2023 and 2022, respectively. The Company has provided bank guarantees against these demands in the amounts of $4,570 and $nil, as of December 31, 2023 and 2022, respectively. The GST authorities rejected the Company’s refund claims in the amounts of $4,748 and $3,866 as of December 31, 2023 and 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 December 31, 2023 and 2022, respectively. One of the Company’s subsidiary 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. 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.

Other Income/(Expense), net - Summary of Other Income, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Interest and dividend income	$ 8,027	$ 5,229	$ 2,726
Fair value changes of contingent consideration	(1,900)	(8,250)	0
Others, net	(306)	(1,896)	(844)
Other income/(expense), net	10,834	(10)	6,773
Gain on Sale of Investments	$ 5,013	$ 4,907	$ 4,891

Income Taxes - Summary of Income Tax Expense / (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current provision:
Domestic	$ 51,450	$ 43,416	$ 18,532
Foreign	33,828	23,701	33,644
Total	85,278	67,117	52,176
Deferred provision/(benefit):
Domestic	(32,024)	(17,624)	(15,954)
Foreign	282	(1,928)	(4,372)
Total	(31,742)	(19,552)	(20,326)
Income tax expense	$ 53,536	$ 47,565	$ 31,850

- Definition

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

+ References + Details

Derivatives and Hedge Accounting - Effect of Net Investment Hedges on AOCI/(L) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign exchange contract
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency forward contracts	$ 0	$ 0	$ 1,134

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment	$ 7,100	$ 9,700
Payments to acquire other investments	600
Other commitment	$ 3,400
Percentage of export-oriented units established	100.00%
Aggregate disputed amount related to transfer pricing and permanent establishment	$ 36,694	37,088
Total bank guarantees and deposits in respect of contingencies	7,227	7,532
Value added tax payable	5,493	5,526
Bank guarantees	4,570	0
GST refund rejected	$ 4,748	$ 3,866

Borrowings - Credit Facilities Carried an Effective Interest Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Credit Agreement \| Revolving credit facility
Debt Instrument [Line Items]
Effective Interest Rate	6.30%	2.90%	1.70%

- 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

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Investments

Investments consist of the following:


	As of
	December 31, 2023		December 31, 2022
Short-term investments
Mutual funds	$	52,650	$	110,964
Term deposits	101,231		68,063
Total Short-term investments	$	153,881	$	179,027

Long-term investments
Term deposits	$	239	$	31,341
Investment in equity affiliate	4,191		3,438
Total Long-term investments	$	4,430	$	34,779

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

Derivatives and Hedge Accounting

12 Months Ended

Dec. 31, 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 December 31, 2023 and December 31, 2022, the Company had outstanding foreign currency forward contracts totaling $722,800 and $841,620, respectively and interest rate swaps totaling $75,000, each.

The Company estimates that approximately $2,357 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 December 31, 2023, could be reclassified into earnings within the next twelve months. As of December 31, 2023, the maximum outstanding term of the cash flow hedges was approximately 42 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 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 (INR), the Philippine peso (PHP), the U.K. pound sterling (GBP) and South African rand (ZAR). The Company also has exposure to Colombian pesos (COP), the Euro (EUR), 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:	December 31, 2023	December 31, 2022
U. S. dollar (USD)	170,543	163,990
U.K. pound sterling (GBP)	14,544	8,351
Euro (EUR)	5,231	1,956
Australian dollar (AUD)	3,452	1,951
South African rand (ZAR)	150,150	—

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
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Assets:
Other current assets	$	4,216	$	1,271	$	92	$	255
Other assets	$	3,299	$	820	$	—	$	—
Liabilities:
Accrued expenses and other current liabilities	$	1,859	$	10,044	$	150	$	15
Other non-current liabilities	$	216	$	6,218	$	—	$	—

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


	Year ended December 31,
Derivative financial instruments:	2023		2022		2021
Unrealized gain/(loss) recognized in OCI
Derivatives in cash flow hedging relationships	$	14,403	$	(27,333)	$	4,663

Gain/(loss) recognized in consolidated statements of income
Derivatives not designated as hedging instruments	$	296	$	(9,571)	$	196

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


	Year ended December 31,
	2023				2022				2021
	As per consolidated statements of income		Gain/(loss) on derivative financial instruments		As per consolidated statements of income		Gain/(loss) on derivative financial instruments		As per consolidated statements of income		Gain on derivative financial instruments
Derivatives in cash flow hedging relationships
Location in consolidated statements of income where gain/(loss) was reclassified from AOCI

Cost of revenues	$	1,022,902	$	(5,180)	$	896,595	$	(1,304)	$	690,934	$	7,785
General and administrative expenses	$	198,294	(454)		$	169,016	141		$	142,040	948
Selling and marketing expenses	$	120,227	(40)		$	97,989	10		$	84,306	53
Depreciation and amortization expense	$	50,490	(236)		$	56,282	(32)		$	49,132	478
Interest expense	$	13,180	702		$	8,252	(110)		$	7,561	—
Total before tax			(5,208)				(1,295)				9,264
Income tax effects on above			797				(455)				(1,530)
Net of tax			$	(4,411)			$	(1,750)			$	7,734

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

Foreign exchange gain/(loss), net	$	1,532	$	296	$	6,199	$	(9,571)	$	4,313	$	196

Effect of net investment hedges on OCI:


	Year ended December 31,
	Amount of loss recognized in OCI
Net investment hedging relationships	2023		2022		2021
Foreign currency forward contracts	$	—	$	—	$	1,134

Capital Structure - Additional Information (Detail)			1 Months Ended	12 Months Ended
Capital Structure - Additional Information (Detail)	Aug. 01, 2023 $ / shares shares	Jun. 20, 2023	Aug. 31, 2023	Dec. 31, 2023 USD ($) class_of_common_stock vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Jul. 31, 2023 shares	Oct. 05, 2021 USD ($)	Dec. 16, 2019 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of classes of common stock outstanding \| class_of_common_stock				1
Number of votes per common stock \| vote				1
Stock split conversion ratio		5	5
Common stock, shares authorized (in shares) \| shares	400,000,000			400,000,000	400,000,000		100,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001			$ 0.001	$ 0.001
Shares received per share held, stock splits \| shares	4
Common stock, dividends				$ 0	$ 0	$ 0
Excise and sales taxes				$ 217,000
2019 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors									$ 200,000,000
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors								$ 300,000,000

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

Employee Benefit Plans - Summary of Expected Benefit Payments (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2024	$ 3,461
2025	3,045
2026	3,027
2027	3,216
2028	2,653
2029 to 2033	$ 10,476

Summary of Significant Accounting Policies - Share-Based Compensation (Details)		12 Months Ended
	Jun. 15, 2018	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		100.00%
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan) \| Revenue-Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Performance based percentage		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]
Vesting period		3 years
Performance based percentage		60.00%
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan) \| Market Condition-Based PRSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares an employee can earn		200.00%

- 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

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of
	December 31, 2023		December 31, 2022
Accrued expenses	$	58,736	$	47,854
Payable to statutory authorities	20,591		20,430
Contingent consideration	15,000		5,000
Client liabilities	6,909		5,110
Accrued capital expenditures	4,134		4,032
Derivative instruments	2,009		10,059
Others	5,521		2,867
Accrued expenses and other current liabilities	$	112,900	$	95,352

Stock Based Compensation - Performance Based Stock Awards Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 15, 2018	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		100.00%
Revenue-Based PRSUs \| Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		40.00%
Vesting period		3 years
Market Condition-Based PRSUs \| Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		60.00%
Vesting period		3 years
Performance Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 22,564
Cost not yet recognized, period for recognition		1 year 6 months
Historical Volatilities, Monte Carlo Simulation Model, Performance Restricted Stock Units \| Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Risk-Free Interest Rate, Monte Carlo Simulation Model, Performance Restricted Stock Units \| Amendment And Restatement Of The 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years

Revenues, net and Accounts Receivable, net - Contract Acquisition and Fulfillment Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract Acquisition Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	$ 1,095	$ 511
Additions	1,841	1,014
Amortization	(814)	(430)
Closing Balance	2,122	1,095
Contract Fulfillment Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	13,871	5,795
Additions	13,605	15,509
Amortization	(2,803)	(7,433)
Closing Balance	$ 24,673	$ 13,871

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$ 20,181	$ 23,227
Operating cash outflows for finance leases	90	59
Financing cash outflows for finance leases	169	142	$ 201
ROU assets obtained in exchange for new operating lease liabilities	24,880	734
ROU assets obtained in exchange for new finance lease liabilities	$ 461	$ 312
Weighted average remaining lease term (in years)
Finance lease	3 years 1 month 6 days	2 years 9 months 18 days
Operating lease	5 years 6 months	5 years 10 months 24 days
Weighted average discount rate
Finance lease	14.60%	14.30%
Operating lease	7.70%	6.80%

Other Income/(Expense), net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Income/(Expense), net

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


	Year ended December 31,
	2023		2022		2021
Gain on sale and fair value mark-to-market on investments	$	5,013	$	4,907	$	4,891
Interest and dividend income	8,027		5,229		2,726
Fair value changes of contingent consideration (1)	(1,900)		(8,250)		—
Others, net	(306)		(1,896)		(844)
Other income/(expense), net	$	10,834	$	(10)	$	6,773

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

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 18,171	$ 18,132
Receivables from statutory authorities	18,500	15,724
Advance income tax, net	23,269	5,716
Advances to suppliers	1,883	1,944
Derivative instruments	4,308	1,526
Deferred contract fulfillment costs	3,303	1,178
Contract assets	2,830	904
Others	4,405	5,855
Other current assets	$ 76,669	$ 50,979

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Revenues and Cost of Revenues for Company's Reportable Segments

Revenues and cost of revenues for the years ended December 31, 2023, 2022 and 2021, respectively, for each of the reportable segments, are as follows:


	Year ended December 31, 2023
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	529,855	$	105,994	$	265,692	$	729,127	$	1,630,668
Cost of revenues(1)	341,785		69,273		150,943		460,901		1,022,902
Gross profit(1)	$	188,070	$	36,721	$	114,749	$	268,226	$	607,766
Operating expenses									369,011
Foreign exchange gain, net, interest expense and other income, net									(814)
Income tax expense									53,536
Gain from equity-method investment									153
Net income									$	184,558

(1) Exclusive of depreciation and amortization expense.


	Year ended December 31, 2022
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	448,704	$	97,351	$	218,638	$	647,351	$	1,412,044
Cost of revenues(1)	287,734		70,951		128,017		409,893		896,595
Gross profit(1)	$	160,970	$	26,400	$	90,621	$	237,458	$	515,449
Operating expenses									323,287
Foreign exchange gain, net, interest expense and other expense, net									(2,063)
Income tax expense									47,565
Gain from equity-method investment									434
Net income									$	142,968

(1) Exclusive of depreciation and amortization expense.


	Year ended December 31, 2021
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	381,999	$	112,386	$	167,236	$	460,672	$	1,122,293
Cost of revenues(1)	239,529		69,760		91,737		289,908		690,934
Gross profit(1)	$	142,470	$	42,626	$	75,499	$	170,764	$	431,359
Operating expenses									275,478
Loss on settlement of convertible notes, foreign exchange gain, net, interest expense and other income, net									(9,320)
Income tax expense									31,850
Gain from equity-method investment									47
Net income									$	114,758

(1) Exclusive of depreciation and amortization expense.

Revenues, net by service type, were as follows:


	Year ended December 31,
	2023		2022		2021
Digital operations and solutions(1)	$	901,541	$	764,693	$	661,621
Analytics services	729,127		647,351		460,672
Revenues, net	$	1,630,668	$	1,412,044	$	1,122,293

(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.


	Year ended December 31,
	2023		2022		2021
Revenues, net
The United States	$	1,370,707	$	1,213,477	$	964,059
Non-United States
The United Kingdom	177,479		134,630		105,734
Rest of World	82,482		63,937		52,500
Total Non-United States	259,961		198,567		158,234
Revenues, net	$	1,630,668	$	1,412,044	$	1,122,293

Property and Equipment, Net Based on Geographical Information

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


	As of
	December 31, 2023		December 31, 2022
Long-lived assets
The United States	$	61,592	$	60,709
India	53,813		50,118
The Philippines	21,952		18,406
South Africa	20,890		3,980
Rest of World	6,982		4,962
Long-lived assets	$	165,229	$	138,175

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical)		1 Months Ended
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical)	Jun. 20, 2023	Aug. 31, 2023
Income Statement [Abstract]
Stock split conversion ratio	5	5

CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Statement [Abstract]

Revenues, net

$ 1,630,668

$ 1,412,044

$ 1,122,293

Cost of revenues

^[1]

1,022,902

896,595

690,934

Gross profit

^[1]

607,766

515,449

431,359

Operating expenses:

General and administrative expenses

198,294

169,016

142,040

Selling and marketing expenses

120,227

97,989

84,306

Depreciation and amortization expense

50,490

56,282

49,132

Total operating expenses

369,011

323,287

275,478

Income from operations

238,755

192,162

155,881

Foreign exchange gain, net

1,532

6,199

4,313

Interest expense

(13,180)

(8,252)

(7,561)

Other income/(expense), net

10,834

(10)

6,773

Loss on settlement of convertible notes

(12,845)

Total before tax

237,941

190,099

146,561

Income tax expense

53,536

47,565

31,850

Income before earnings from equity affiliates

184,405

142,534

114,711

Gain from equity-method investment

153

434

Net income attributable to ExlService Holdings, Inc. stockholders

$ 184,558

$ 142,968

$ 114,758

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

Basic (in dollars per share)

^[2]

$ 1.11

$ 0.86

$ 0.68

Diluted (in dollars per share)

^[2]

$ 1.10

$ 0.85

$ 0.67

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

Basic (in shares)

^[2]

166,341,213

166,651,585

167,746,375

Diluted (in shares)

^[2]

168,161,371

169,169,290

171,222,390

[1]	Exclusive of depreciation and amortization expense.
[2]	Prior period information has been adjusted to reflect the 5-for-1 forward stock split of the Company’s common stock effected in August 2023. Refer to Note 19 – Capital Structure to the consolidated financial statements for further details.

Income Taxes - Summary of Activity Related to Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 1,449	$ 1,068	$ 907
Increases/(decreases) related to prior year tax positions	(610)		(12)
Increases/(decreases) related to prior year tax positions		158
Increases related to current year tax positions	423	223	173
Unrecognized tax benefits, ending balance	$ 1,262	$ 1,449	$ 1,068

Accumulated Other Comprehensive Income/( Loss) (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule of Accumulated Other Comprehensive Income/( Loss)

The following table sets forth the changes in AOCI during the years ended December 31, 2023, 2022 and 2021:


	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, 2021	$	(86,185)	$	13,799	$	(2,598)	$	(74,984)
Gains / (losses) recognized during the year	(11,134)		4,663		(558)		(7,029)
Losses on net investment hedges	(1,134)		—		—		(1,134)
Reclassification to net income (1)	—		(9,264)		709		(8,555)
Income tax effects (2)	3,016		(778)		(10)		2,228
Accumulated other comprehensive income/(loss) as of December 31, 2021	$	(95,437)	$	8,420	$	(2,457)	$	(89,474)
Gains / (losses) recognized during the year	(47,734)		(27,333)		2,574		(72,493)
Reclassification to net income (1)	—		1,295		592		1,887
Income tax effects (2)	10,032		6,315		(410)		15,937
Accumulated other comprehensive income/(loss) as of December 31, 2022	$	(133,139)	$	(11,303)	$	299	$	(144,143)
Gains recognized during the year	652		14,403		1,337		16,392
Reclassification to net income (1)	—		5,208		(94)		5,114
Income tax effects (2)	(156)		(4,110)		(137)		(4,403)
Accumulated other comprehensive income/(loss) as of December 31, 2023	$	(132,643)	$	4,198	$	1,405	$	(127,040)

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

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

Stock Based Compensation - Stock Options Exercised (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Cash received	$ 85	$ 0	$ 710
Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grant date fair value	$ 30	$ 0	$ 257

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Current assets:

Cash and cash equivalents

$ 136,953

$ 118,669

Short-term investments

153,881

179,027

Restricted cash

4,062

4,897

Accounts receivable, net

308,108

259,222

Other current assets

76,669

50,979

Total current assets

679,673

612,794

Property and equipment, net

100,373

82,828

Operating lease right-of-use assets

64,856

55,347

Restricted cash

4,386

2,055

Deferred tax assets, net

82,927

55,791

Goodwill

405,639

405,637

Other intangible assets, net

50,164

64,819

Long-term investments

4,430

34,779

Other assets

49,524

32,069

Total assets

1,441,972

1,346,119

Current liabilities:

Accounts payable

5,055

7,789

Current portion of long-term borrowings

65,000

30,000

Deferred revenue

12,318

18,782

Accrued employee costs

117,137

108,100

Accrued expenses and other current liabilities

112,900

95,352

Current portion of operating lease liabilities

12,780

14,978

Income taxes payable, net

1,213

2,945

Total current liabilities

326,403

277,946

Long-term borrowings, less current portion

135,000

220,000

Operating lease liabilities, less current portion

58,175

48,155

Deferred tax liabilities, net

1,495

547

Other non-current liabilities

31,462

41,292

Total liabilities

552,535

587,940

Commitments and contingencies

ExlService Holdings, Inc. Stockholders’ equity:

Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued

Common stock, $0.001 par value; 400,000,000 shares authorized, 203,410,038 shares issued and 165,277,880 shares outstanding as of December 31, 2023 and 199,939,880 shares issued and 166,172,220 shares outstanding as of December 31, 2022

^[1]

203

200

Additional paid-in capital

^[1]

508,028

444,948

Retained earnings

1,083,663

899,105

Accumulated other comprehensive loss

(127,040)

(144,143)

Total including shares held in treasury

1,464,854

1,200,110

Less: 38,132,158 shares as of December 31, 2023 and 33,767,660 shares as of December 31, 2022, held in treasury, at cost

^[1]

(575,417)

(441,931)

Total stockholders’ equity

889,437

758,179

Total liabilities and stockholders’ equity

$ 1,441,972

$ 1,346,119

[1]	Prior period information has been adjusted to reflect the 5-for-1 forward stock split of the Company’s common stock effected in August 2023. Refer to Note 19 – Capital Structure to the consolidated financial statements for further details.

Segment and Geographical Information

12 Months Ended

Dec. 31, 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 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 years ended December 31, 2023, 2022 and 2021, respectively, for each of the reportable segments, are as follows:


	Year ended December 31, 2023
	Insurance		Healthcare		Emerging Business		Analytics		Total

Revenues, net	$	529,855	$	105,994	$	265,692	$	729,127	$	1,630,668
Cost of revenues(1)	341,785		69,273		150,943		460,901		1,022,902
Gross profit(1)	$	188,070	$	36,721	$	114,749	$	268,226	$	607,766
Operating expenses									369,011
Foreign exchange gain, net, interest expense and other income, net									(814)
Income tax expense									53,536
Gain from equity-method investment									153
Net income									$	184,558

(1) Exclusive of depreciation and amortization expense.


	Year ended December 31, 2022
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	448,704	$	97,351	$	218,638	$	647,351	$	1,412,044
Cost of revenues(1)	287,734		70,951		128,017		409,893		896,595
Gross profit(1)	$	160,970	$	26,400	$	90,621	$	237,458	$	515,449
Operating expenses									323,287
Foreign exchange gain, net, interest expense and other expense, net									(2,063)
Income tax expense									47,565
Gain from equity-method investment									434
Net income									$	142,968

(1) Exclusive of depreciation and amortization expense.


	Year ended December 31, 2021
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	381,999	$	112,386	$	167,236	$	460,672	$	1,122,293
Cost of revenues(1)	239,529		69,760		91,737		289,908		690,934
Gross profit(1)	$	142,470	$	42,626	$	75,499	$	170,764	$	431,359
Operating expenses									275,478
Loss on settlement of convertible notes, foreign exchange gain, net, interest expense and other income, net									(9,320)
Income tax expense									31,850
Gain from equity-method investment									47
Net income									$	114,758

(1) Exclusive of depreciation and amortization expense.

Revenues, net by service type, were as follows:


	Year ended December 31,
	2023		2022		2021
Digital operations and solutions(1)	$	901,541	$	764,693	$	661,621
Analytics services	729,127		647,351		460,672
Revenues, net	$	1,630,668	$	1,412,044	$	1,122,293

(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.


	Year ended December 31,
	2023		2022		2021
Revenues, net
The United States	$	1,370,707	$	1,213,477	$	964,059
Non-United States
The United Kingdom	177,479		134,630		105,734
Rest of World	82,482		63,937		52,500
Total Non-United States	259,961		198,567		158,234
Revenues, net	$	1,630,668	$	1,412,044	$	1,122,293

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


	As of
	December 31, 2023		December 31, 2022
Long-lived assets
The United States	$	61,592	$	60,709
India	53,813		50,118
The Philippines	21,952		18,406
South Africa	20,890		3,980
Rest of World	6,982		4,962
Long-lived assets	$	165,229	$	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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Other Current Assets

12 Months Ended

Dec. 31, 2023

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

Other Current Assets

Other current assets consist of the following:


	As of
	December 31, 2023		December 31, 2022
Advance income tax, net	$	23,269	$	5,716
Receivables from statutory authorities	18,500		15,724
Prepaid expenses	18,171		18,132
Derivative instruments	4,308		1,526
Deferred contract fulfillment costs	3,303		1,178
Contract assets	2,830		904
Advances to suppliers	1,883		1,944
Others	4,405		5,855
Other current assets	$	76,669	$	50,979

Summary of Significant Accounting Policies - Summary of Lived Intangible Assets Amortized over their Estimated Useful Lives (Detail)	Dec. 31, 2023
Customer relationships \| Minimum
Finite-lived intangible assets:
Estimated useful lives of intangible assets	7 years
Customer relationships \| Maximum
Finite-lived intangible assets:
Estimated useful lives of intangible assets	15 years
Developed technology \| Minimum
Finite-lived intangible assets:
Estimated useful lives of intangible assets	3 years
Developed technology \| Maximum
Finite-lived intangible assets:
Estimated useful lives of intangible assets	10 years
Non-compete agreements
Finite-lived intangible assets:
Estimated useful lives of intangible assets	4 years
Trade names and trademarks
Finite-lived intangible assets:
Estimated useful lives of intangible assets	10 years

Employee Benefit Plans - Summary of Weighted Average Actuarial Assumptions (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	7.10%	7.30%	5.60%
Rate of increase in compensation levels	7.00%	7.80%	7.60%
Expected long-term rate of return on plan assets per annum	7.30%	7.30%	6.80%

Borrowings - Additional Information (Detail) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 01, 2021 numberOfDays	Oct. 01, 2018 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 18, 2022 USD ($)	Nov. 21, 2017 USD ($)
Credit Facilities [Line Items]
Loss on settlement of convertible notes			$ 0	$ 0	$ 12,845
Outstanding letters of credit			461	461
3.50% Convertible Senior Notes due October 1, 2024 \| Convertible notes payable
Credit Facilities [Line Items]
Debt instrument face amount		$ 150,000
Interest rate		3.50%			3.60%
Conversion rate		0.0133333
Conversion price (in dollars per share) \| $ / shares		$ 75
Threshold percentage of stock price trigger	150.00%
Convertible debt, threshold trading days \| numberOfDays	20
Convertible debt, threshold consecutive trading days \| numberOfDays	30
Loss on settlement of convertible notes					$ 12,845
Interest expense and amortization, debt					$ 5,237
Principal Payments
Credit Facilities [Line Items]
Unamortized debt issuance costs			$ 903	$ 1,177
Principal Payments \| New Credit Agreement
Credit Facilities [Line Items]
Line of credit , maximum borrowing capacity							$ 300
Principal Payments \| Credit Agreement
Credit Facilities [Line Items]
Line of credit , maximum borrowing capacity						$ 400
Line of credit facility option for additional borrowing capacity						$ 200
Interest coverage ratio, maximum			3.0
Interest coverage ratio, minimum			3.5
Principal Payments \| Credit Agreement \| Minimum
Credit Facilities [Line Items]
Commitment fee percentage range on unused credit facility			0.13%
Principal Payments \| Credit Agreement \| Minimum \| Prime Rate
Credit Facilities [Line Items]
Basis spread on variable rate			0.00%
Principal Payments \| Credit Agreement \| Minimum \| Secured Overnight Financing Rate (SOFR)
Credit Facilities [Line Items]
Basis spread on variable rate			0.88%
Principal Payments \| Credit Agreement \| Maximum
Credit Facilities [Line Items]
Commitment fee percentage range on unused credit facility			0.28%
Principal Payments \| Credit Agreement \| Maximum \| Prime Rate
Credit Facilities [Line Items]
Basis spread on variable rate			0.75%
Principal Payments \| Credit Agreement \| Maximum \| Secured Overnight Financing Rate (SOFR)
Credit Facilities [Line Items]
Basis spread on variable rate			1.75%

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 27, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,872,965,018
Entity Common Stock, Shares Outstanding		165,783,820
Documents Incorporated by Reference	Part III incorporates information from certain portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2023.
Entity Central Index Key	0001297989
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Derivatives and Hedge Accounting - Foreign Currency Forward Contracts (Detail) € in Thousands, £ in Thousands, R in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 AUD ($)	Dec. 31, 2023 ZAR (R)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 ZAR (R)
Foreign exchange contract \| Derivative not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Foreign exchange contracts outstanding	$ 170,543	£ 14,544	€ 5,231	$ 3,452	R 150,150	$ 163,990	£ 8,351	€ 1,956	$ 1,951	R 0

Stock Based Compensation - Costs Related to Company's Stock Based Compensation Plan (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 58,437	$ 49,366	$ 38,621
Income tax benefit related to stock-based compensation	17,333	9,785	9,424
Share-based payment arrangement, expense, tax benefit, discrete benefits	15,055	5,881	3,651
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	14,686	11,535	7,871
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	21,574	20,016	16,396
Selling and marketing expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 22,177	$ 17,815	$ 14,354

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 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 consolidated statements of income:


	Year ended December 31,
	2023		2022		2021
Cost of revenues	$	14,686	$	11,535	$	7,871
General and administrative expenses	21,574		20,016		16,396
Selling and marketing expenses	22,177		17,815		14,354
Total	$	58,437	$	49,366	$	38,621

Income tax benefit related to stock-based compensation (1)	$	17,333	$	9,785	$	9,424

(1) Includes $15,055, $5,881 and $3,651 during the years ended December 31, 2023, 2022 and 2021, respectively, related to discrete benefits recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation.

Schedule of Stock Options Activity

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


	Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 2022	15,465		$	5.52	$	439	1.0
Granted	1,790,695		30.14		—		9.5
Exercised	(15,465)		5.52		384		—
Forfeited	—		—		—		—
Outstanding as of December 31, 2023	1,790,695		$	30.14	$	1,278	9.5
Vested and exercisable as of December 31, 2023	—		$	—	$	—	—
Weighted average grant date fair value of per unit of stock option granted during the period	$	12.03

The grant date fair value of stock options exercised and cash received from stock options exercised was as follows:


	Year ended December 31,
	2023		2022		2021
Grant date fair value	$	30	$	—	$	257
Cash received	$	85	$	—	$	710

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:


	Year ended December 31, 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	238,115	$	24.95
Granted	—	—
Vested	—	—
Forfeited	(20,885)	24.95
Outstanding as of December 31, 2023	217,230	$	24.95

The weighted average fair value of restricted stock units granted and the grant date fair value of restricted stock units vested was as follows:


	Year ended December 31,
	2023		2022		2021
Weighted average fair value	$	33.99	$	24.28	$	18.25
Grant date fair value	$	33,058	$	24,002	$	23,845

Share-Based Payment Arrangement, Restricted Stock and 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*	4,615,630	$	19.74
Granted	1,258,712	33.99
Vested*	(1,784,973)	18.52
Forfeited	(357,857)	21.60
Outstanding as of December 31, 2023*	3,731,512	$	24.96

* As of December 31, 2023 and 2022, restricted stock units vested for which the underlying common stock is yet to be issued are 324,125 and 872,450, respectively.

Weighted Average Valuation Assumptions for Market Condition Performance Restricted Stock Units

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


	Year ended December 31,
	2023		2022		2021
Dividend yield	—		—		—
Expected life (years)	2.9		2.9		2.9
Risk free interest rate for expected life	4.3	%	1.7	%	0.5	%
Volatility for expected life	32.9	%	38.3	%	65.2	%

Share-Based Payment Arrangement, Performance Shares, Outstanding 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	247,955	$	24.00	893,560	$	26.94
Granted	219,740	34.56		329,245	44.72
Adjustment upon final determination of level of performance goal achievement*	—	—		476,055	23.96
Vested	(245)	25.94		(952,475)	23.96
Forfeited	(29,450)	25.94		(89,935)	28.71
Outstanding as of December 31, 2023	438,000	$	29.16	656,450	$	37.78

* Represents adjustment of shares vested in respect of MUs granted in February 2021 upon achievement of the performance targets for such awards for which the underlying common stock was issued subsequent to December 31, 2023.

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

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


	Number	Total Proceeds Received
Shares available for issuance as of December 31, 2022	4,000,000
Issuance of common stock related to the:
First offering period	(38,180)	$	1,013
Second offering period	(130,495)	$	3,548
Shares available for issuance as of December 31, 2023	3,831,325
Issuance of common stock related to the third offering period made subsequent to December 31, 2023	71,645	$	1,948

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:


	Third offering period of July 1, 2023 to December 31, 2023		Second offering period of January 1, 2023 to June 30, 2023		First offering period of October 1, 2022 to December 31, 2022
Dividend yield	—		—		—
Expected life (years)	0.5		0.5		0.3
Risk free interest rate for expected life	5.4	%	4.7	%	3.3	%
Volatility for expected life	25.5	%	38.9	%	43.6	%
Discount for illiquidity	8.9	%	10.3	%	9.9	%

Segment and Geographical Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 operating_segment
Segment Reporting [Abstract]
Number of operating segments	4

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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:


	Year ended December 31,
	2023		2022		2021
Numerators:
Net income	$	184,558	$	142,968	$	114,758
Denominators (1):
Basic weighted average common shares outstanding	166,341,213		166,651,585		167,746,375
Dilutive effect of stock-based awards	1,820,158		2,517,705		2,043,465
Dilutive effect of conversion premium on the Notes (2)	—		—		1,432,550
Diluted weighted average common shares outstanding	168,161,371		169,169,290		171,222,390
Earnings per share attributable to ExlService Holdings, Inc. stockholders (1):
Basic	$	1.11	$	0.86	$	0.68
Diluted	$	1.10	$	0.85	$	0.67
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share (1)	1,628,932		2,830		53,525

Earnings Per Share (Details)
$ / shares in Units, $ in Thousands

1 Months Ended

12 Months Ended

Jun. 20, 2023

Aug. 31, 2023

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Numerators:

Net income | $

$ 184,558

$ 142,968

$ 114,758

Denominators:

Basic (in shares)

^[1]

166,341,213

166,651,585

167,746,375

Dilutive effect of share based awards (in shares)

1,820,158

2,517,705

2,043,465

Dilutive effect of conversion premium on the Notes (in shares)

1,432,550

Diluted (in shares)

^[1]

168,161,371

169,169,290

171,222,390

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

Basic (in dollars per share) | $ / shares

^[1]

$ 1.11

$ 0.86

$ 0.68

Diluted (in dollars per share) | $ / shares

^[1]

$ 1.10

$ 0.85

$ 0.67

Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share (in shares)

1,628,932

2,830

53,525

Stock split conversion ratio

[1]	Prior period information has been adjusted to reflect the 5-for-1 forward stock split of the Company’s common stock effected in August 2023. Refer to Note 19 – Capital Structure to the consolidated financial statements for further details.

Goodwill and Other Intangible Assets - Summary of Company's Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-lived intangible assets:
Gross Carrying Amount	$ 104,338	$ 126,060
Accumulated Amortization	(55,074)	(62,141)
Total	49,264	63,919
Indefinite-lived intangible assets:
Intangible assets, gross carrying amount	105,238	126,960
Total intangible assets, net carrying amount	50,164	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	99,050	99,146
Accumulated Amortization	(51,085)	(39,848)
Total	47,965	59,298
Developed technology
Finite-lived intangible assets:
Gross Carrying Amount	3,552	24,878
Accumulated Amortization	(2,522)	(20,902)
Total	1,030	3,976
Trade names and trademarks
Finite-lived intangible assets:
Gross Carrying Amount	1,400	1,700
Accumulated Amortization	(1,286)	(1,303)
Total	114	397
Non-compete agreements
Finite-lived intangible assets:
Gross Carrying Amount	336	336
Accumulated Amortization	(181)	(88)
Total	$ 155	$ 248

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

The Company’s Gratuity Plan in India (the “India Plan”) provides for a lump sum payment to vested employees on retirement or upon termination of employment in an amount based on the respective employee’s salary and years of employment with the Company. In addition, the Company’s subsidiary operating in the Philippines conforms to the minimum regulatory benefit, which provide for lump sum payment to vested employees on retirement from employment in an amount based on the respective employee’s salary and years of employment with the Company (the “Philippines Plan”). Liabilities with regard to the India Plan and the Philippines Plan are determined by actuarial valuation using the projected unit credit method. Current service costs for these plans are accrued in the year to which they relate. Actuarial gains or losses or prior service costs, if any, resulting from amendments to the plans are recognized and amortized over the remaining period of service of the employees.

The 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, inclusive of interest which is declared periodically. The Company earned a return of approximately 7.6% per annum on the India Plan for the year ended December 31, 2023.

The benefit obligation has been measured as of December 31, 2023 and 2022. The following table sets forth the activity and the funded status of the gratuity plans and the amounts recognized in the Company’s consolidated financial statements at the end of the relevant periods:


Change in projected benefit obligation	2023		2022
Projected benefit obligation as of January 1	$	21,531	$	23,271
Service cost	3,799		3,770
Interest cost	1,569		1,232
Benefits paid	(1,382)		(1,757)

Actuarial gain (1)	(1,166)		(2,639)
Effect of exchange rate changes	(114)		(2,346)
Projected benefit obligation as of December 31	$	24,237	$	21,531
Change in plan assets
Plan assets as of January 1	$	14,449	$	13,605
Actual return	1,220		798
Employer contribution	2,913		3,273
Benefits paid (2)	(1,343)		(1,737)
Effect of exchange rate changes	(105)		(1,490)
Plan assets as of December 31	$	17,134	$	14,449

Unfunded status as of December 31	$	7,103	$	7,082
Unfunded amount recognized in the consolidated balance sheets
Non-current liability (included under other non-current liabilities)	$	6,925	$	6,971
Current liability (included under accrued employee costs)	178		111
Total accrued liability	$	7,103	$	7,082

Accumulated benefit obligation as of December 31	$	16,655	$	14,447
Plan assets in excess of accumulated benefit obligation as of December 31	$	479	$	2

(1) During the years ended December 31, 2023 and 2022, actuarial gain was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations.

(2) Benefits payments were substantially made through the plan assets during the years ended December 31, 2023 and 2022.

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


	Year ended December 31,
	2023		2022		2021
Service cost	$	3,799	$	3,770	$	3,512
Interest cost	1,569		1,232		929
Expected return on plan assets	(1,048)		(872)		(796)
Amortization of actuarial (gain)/loss, gross of tax	(94)		592		709
Net gratuity cost	$	4,226	$	4,722	$	4,354

Amortization of actuarial (gain)/loss, gross of tax	$	(94)	$	592	$	709
Income tax effects on above	(74)		(179)		(204)
Amortization of actuarial (gain)/loss, net of tax	$	(168)	$	413	$	505

The components of retirement benefits included in AOCI, excluding tax effects, were as follows:


	As of December 31,
	2023		2022		2021
Net actuarial gain/(loss)	$	777	$	(462)	$	(3,624)
Net prior service cost	(5)		(8)		(12)
Amount recognized in AOCI, excluding tax effects	$	772	$	(470)	$	(3,636)

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


	Year ended December 31,
	2023		2022		2021
Discount rate	7.1	%	7.3	%	5.6	%
Rate of increase in compensation levels	7.0	%	7.8	%	7.6	%
Expected long-term rate of return on plan assets per annum	7.3	%	7.3	%	6.8	%

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


Expected benefit payments during the year ending December 31,
2024	$	3,461
2025	$	3,045
2026	$	3,027
2027	$	3,216
2028	$	2,653
2029 to 2033	$	10,476

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:


	Year ended December 31,
	2023		2022		2021
Contribution to the 401(k) Plans	$	5,967	$	5,205	$	3,693

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


	Year ended December 31,
	2023		2022		2021
Contributions to the defined social security contribution plans	$	23,045	$	18,215	$	16,340

- 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
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

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

+ Details

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Lease
Operating lease ROU assets	$ 64,856	$ 55,347
Operating lease liabilities - Current	12,780	14,978
Operating lease liabilities - Non-current	58,175	48,155
Total operating lease liabilities	70,955	63,133
Finance Lease
Property and equipment, gross	2,109	2,499
Accumulated depreciation	(1,332)	(1,999)
Property and equipment, net	777	500
Finance lease liabilities - Current	191	164
Finance lease liabilities - Non-current	613	355
Total finance lease liabilities	$ 804	$ 519
Finance lease, liability, current, statement of financial position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities

Borrowings - Company's Debt Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Current portion of long-term borrowings	$ 65,000	$ 30,000
Long-term borrowings	135,000	220,000
Revolving credit facility
Debt Instrument [Line Items]
Current portion of long-term borrowings	65,000	30,000
Long-term borrowings	135,000	220,000
Total borrowings	$ 200,000	$ 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

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Preparation

Basis of Preparation and Principles of ConsolidationThe consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”).

Principles of Consolidation

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

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 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

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the carrying amounts of assets and liabilities and disclosure of contingent assets and liabilities included in the consolidated financial statements. 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 that affect the 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, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments and stock-based awards, and useful life of long-lived assets and other intangible assets. The significant assumptions underneath these estimates include, but are not limited to assumptions to calculate stock-based compensation expense, determine incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, determine lease term to calculate single operating lease cost, determine pattern of

generation of economic benefits to calculate depreciation and amortization for long-lived assets and other intangible assets, and recoverability of long-lived assets, goodwill and other intangible assets.

Foreign Currency Translation

The functional currency of each entity in the Company is the currency of the primary economic environment in which it operates. Transactions in foreign currencies are initially recorded into functional currency at the rates of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured into functional currency at the rates of exchange prevailing at the balance sheet date. Non-monetary assets and liabilities are remeasured to the functional currency at exchange rates that prevailed on the date of inception of the transaction. All foreign exchange gains and losses arising on re-measurement are recorded in the Company's consolidated statements of income.

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

Revenue Recognition

Revenue is recognized when services are provided to the Company's customers, in an amount that reflects the consideration which the Company expect to be entitled to in exchange for the services provided. The Company recognizes revenue when it satisfies a performance obligation by providing services to a customer.

Revenue is measured based on consideration specified in a contract with a customer and excludes value added tax, business tax, any applicable discounts and amounts collected on behalf of third parties. Reimbursements of out-of-pocket expenses are included as a part of revenue.

Nature of Services

The Company derives its revenues from digital operations and solutions and analytics services. The Company provides digital operations and solutions and analytics services helping businesses enhance revenue growth and improve profitability.

Type of Contracts and Basis of Recognition

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

b) Revenues from arrangements involving subcontracting, either in part or whole of the assigned work, are recognized after the Company’s assessment of “Principal versus agent considerations.” The Company evaluates whether it is in control of the services before the same are transferred to the customer to assess whether it is principal or agent in the arrangement. Revenues are recognized on a gross basis if the Company is in the capacity of principal and on a net basis if it falls in the capacity of an agent.

ii.Revenues for the Company’s fixed-price contracts, which include business support services provided on a fixed price basis or implementation of applications or solutions, are recognized considering costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company’s performance obligations. Incurred cost represents work performed, which corresponds with, and thereby reasonably reflects transfer of control to the client. The use of this method requires significant judgment to estimate the stage of completion and/or cost required to complete the contracted scope of work, including assumptions and estimates relative to the length of time to complete the project and the nature and complexity of the work to be performed and resources engaged. The Company regularly monitors these estimates throughout the execution of the project and records changes in the

period in which a change in an estimate is determined. If a change in an estimate results in a projected loss on a project, such loss is recognized in the period in which it is first identified.

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

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

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

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

Modification to Contracts

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

Arrangements with Multiple Performance Obligations

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

Allocation of Transaction Price to Performance Obligations

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

Variable Consideration

Variability in the transaction price arises primarily due to service level agreements, volume discounts entailing variability in revenue earned, and contracts under the Company’s reimbursement optimization services whereby variability in revenue is attributable to the amount the Company enables its customers to recover.

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

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

Unbilled Receivables

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

Deferred Revenue and Contract Fulfillment Costs

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

Further, the Company also defers any upfront payments collected from its customers attributable to certain process transition activities, with respect to its customers where such activities do not represent separate performance obligations. Revenues related to such transition activities are classified under “Deferred revenue” and “Other non-current liabilities” in the Company’s consolidated balance sheets and are recognized as (or when) the performance obligation is fulfilled under the contract with customer.

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

Contract Acquisition Costs

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

Upfront Payments Made to Customers

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

Out-of-Pocket Expenses

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

Payment terms

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

Remaining Performance Obligations

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

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

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

Cash and Cash Equivalents and Restricted Cash

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

The Company’s investment in money market funds is considered as cash equivalents. These investments are accounted for in accordance with the fair value option under ASC Topic 825, Financial Instruments. The fair value is represented by original cost on the acquisition date and the net asset value (“NAV”) as quoted, at each reporting period and any changes in fair value are included in other income/(expense), net. Gain or loss on the disposal of these investments is calculated using the weighted average cost of the investments sold and is included in other income/(expense), net.

Restricted cash includes any cash and cash equivalents that are legally restricted as to withdrawal or usage for the Company’s operations.

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

Short-Term and Long-Term Investments

The Company’s short-term investments consist of investments in mutual funds and those term deposits with more than three months of original maturity and less than twelve months of remaining maturity as of the reporting date, while long-term investments consist of term deposits with more than twelve months of remaining maturity as of the reporting date and investments in equity affiliate.

The Company’s investments in term deposits with financial institutions are measured and recognized at amortized cost. Interest earned on such investments is included in other income/(expense), net.

The Company’s mutual fund investments are in debt funds invested in India. These investments are accounted for in accordance with the fair value option under ASC Topic 825, Financial Instruments. The fair value is represented by original cost on the acquisition date and the net asset value (“NAV”) as quoted, at each reporting period and any changes in fair value are included in other income/(expense), net. Gain or loss on the disposal of these investments is calculated using the weighted average cost of the investments sold and is included in other income/(expense), net.

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

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are recorded net of allowances for expected credit losses. The Company evaluates the credit risk of its customers based on a combination of various financial and qualitative factors that may affect the ability of each customer to pay. The Company considered current and anticipated future economic conditions relating to the industries of the Company’s customers and the countries where it operates. In calculating expected credit loss, the Company also considered past payment trends, credit rating and other related credit information for its significant customers to estimate the probability of default in the future. Accounts receivable balances are written-off against the allowance for expected credit losses after all means of collection have been exhausted and the potential for recovery is considered remote.

Accounts receivable include unbilled accounts receivable which represent revenues on contracts to be billed, in subsequent periods, as per the terms of the related contracts.

Property and equipment

Property and Equipment

Property and equipment are stated at cost, which is generally comprised of the purchase price for such property or equipment, non-refundable duties and taxes, but excludes any discounts and/or rebates, less accumulated depreciation and impairment. Equipment held under finance leases are capitalized at the commencement of the lease at an amount equal to the lease liability, adjusted for any lease prepayments, initial direct costs and lease incentives, which usually approximate the fair value of the underlying asset. Expenditures for replacements and improvements are capitalized, if they enhance the production capacity and future benefits whereas the costs of maintenance and repairs are charged to earnings as incurred. Advances paid towards acquisition of property and equipment and the cost of property and equipment not yet placed in service before the end of the reporting period, net of impairment, if any, are classified as capital work in progress.

Depreciation is computed using the straight-line method over the estimated useful lives of the assets and is presented under “Depreciation and amortization expense” in the consolidated statements of income.

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

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The estimated useful life have been disclosed in Note 9 - Property and Equipment to the consolidated financial statements.

Software Development Costs

The Company capitalizes certain costs related to the development or enhancements to existing software products to be sold, leased or otherwise marketed and / or used for internal-use. The Company begins to capitalize costs to develop or enhance software when planning stage efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred and recorded within “General and administrative expenses” in the Company’s consolidated statements of income. Costs incurred on internally developed software not yet ready for its intended use before the end of the reporting period, net of impairment, if any, are classified as capital work in progress. The Company exercises judgment in determining the point at which various projects may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized.

Implementation costs in cloud computing arrangements (“CCAs”), such as software as a service and other hosting arrangements are evaluated to ascertain if the arrangement includes a license to internal-use software. If a CCA does not provide a contractual right to the Company to take possession of the software at any time during the hosting period without significant penalty, and it is not feasible to either run the software on the Company’s own hardware, then implementation costs incurred are accounted for as a service contract. In case of the existence of such a contractual right to take possession of the software and the Company is able to run the software on its own hardware, then such implementation costs are capitalized as software development costs. The Company amortizes capitalized implementation costs in a CCA over the life of the service contract.

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

Business Combinations, Goodwill and Other Intangible Assets

ASC Topic 805, Business Combinations, requires that the acquisition method of accounting be used for all business combinations. The guidance specifies criteria as to intangible assets acquired in a business combination that must be recognized and reported separately from goodwill. Contingent consideration is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is re-measured to fair value as of each reporting date until the contingency is resolved, whereby such changes in fair value are recognized in earnings. Under ASC Topic 350, Intangibles - Goodwill and Other, all assets and liabilities of the acquired businesses, including goodwill, are assigned to reporting units. Acquisition related costs are expensed as incurred under general and administrative expenses.

In addition, assets acquired and liabilities assumed including uncertain tax positions and tax-related valuation allowances in connection with business combinations are initially estimated as of the acquisition date. The Company subsequently re-evaluates the assets acquired and liabilities assumed, including additional assets and liabilities identified subsequent to acquisition date, with any adjustments to its preliminary estimates being recorded to goodwill within the measurement period (up to one year from the acquisition date).

Goodwill represents the cost of the acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased in a business combination. The Company undertakes studies to determine the fair values of assets and liabilities acquired and allocate purchase consideration to assets and liabilities, including property and equipment, goodwill and other identifiable intangibles. Goodwill is not amortized but is tested for impairment at least on an annual basis, relying on a number of factors including operating results, business plans and estimated future cash flows of the reporting units to which it is assigned. The Company examines the carrying value and fair value of the reporting unit that includes goodwill as and when the circumstances warrant, to determine whether there are any impairment losses.

Refer to Note 10 - Goodwill and Other Intangible Assets to the consolidated financial statements for discussion of the Company's goodwill impairment testing.

The Company performs an assessment of qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Based on the assessment of events or circumstances, the Company performs a quantitative assessment of goodwill impairment if it determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, based on the quantitative impairment analysis, the carrying value of the goodwill of a reporting unit exceeds the fair value of such goodwill, an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. In addition, the Company performs a quantitative assessment of goodwill impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

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

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


			Useful Lives (in years)
Customer relationships			7-15
Developed technology			3-10
Non-compete agreements			4
Trade names and trademarks			10

Impairment of Long-lived Assets

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

Derivative Financial Instruments

In the normal course of business, the Company uses derivative instruments to mitigate the exposure from risk of foreign currency and interest rate fluctuations. 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 adhere to the Company’s treasury operations’ objectives and policies to qualify as cash flow hedges, and are with counterparties that are highly rated financial institutions.

Changes in the fair value of these cash flow hedges are recorded as a component of accumulated other comprehensive income/(loss) (“AOCI”), net of tax. The resultant foreign exchange gain/(loss) upon settlement of cash flow hedges of forecasted transactions are recorded in the consolidated statements of income along with the underlying hedged item in the same line as part of “Cost of revenues,” “General and administrative expenses,” “Selling and marketing expenses,” and “Depreciation and amortization expense,” as applicable. The accumulated changes in the fair value of interest rate swaps recognized in AOCI are reclassified to the consolidated statements of income and are presented as a part of “Interest expense” over the term of the contract.

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

The Company also uses derivatives instruments consisting of foreign currency forward contracts to hedge intercompany balances and other monetary assets or liabilities denominated in currencies other than the functional currency, against the risk of foreign currency fluctuations associated with remeasurement of such assets and liabilities to functional currency. These derivatives do not qualify as fair value hedges under ASC Topic 815. Changes in the fair value of these derivatives are recognized in the consolidated statements of income and are included in foreign exchange gain, net.

The Company also uses foreign currency forward contracts designated as net investment hedges to hedge the foreign currency risks related to the Company's investment in foreign subsidiaries. Fair value changes on these forward contracts and gains and losses on settlement of such forward contracts are recognized in AOCI as part of the foreign currency translation adjustments and are reclassified to consolidated statements of income when a foreign operation is disposed or partially disposed.

All of the assets and liabilities related to the Company’s forward contracts are subject to master netting arrangements with each individual counterparty. These master netting arrangements generally provide for net settlement of all outstanding contracts with the counterparty in the case of an event of default or a termination event. The Company has presented all of the assets and liabilities related to these contracts on a gross basis, with no offsets, in its consolidated statements of financial position. There is no financial collateral (including cash collateral) provided or received by the Company related to these contracts.

Employee Benefits

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

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

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

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

Stock-Based Compensation

The Company recognizes stock-based compensation expense in the consolidated statements of income for awards of equity instruments to employees and non-employee directors based on the grant-date fair value of those awards. The Company recognizes these compensation costs on straight-line basis over the requisite service period of the award, or to the date on which retirement eligibility is achieved, if shorter. Forfeitures are accounted when the actual forfeitures occur.

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

The fair value of each PU is determined based on the market price of one common share of the Company on the day prior to the date of grant, and the associated compensation expense is calculated on the basis that performance targets at 100% are probable of being achieved. The compensation expense for the PU is recognized on a straight-line basis over the service period, which is through the end of the third year. Over this period, the number of shares that will be issued is adjusted upward or downward based upon the probability of achievement of the performance targets. The final number of shares issued and the related compensation cost recognized as an expense will be based on a comparison of the final performance metrics to the specified targets. The expense related to the unvested PU as of December 31, 2023 was based on the Company's assessment of performance criteria for these grants that would most likely be met during the respective years of vesting against the targeted performance level.

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

Stock-based compensation expense associated with the Company's 2022 Employee Stock Purchase Plan (“ESPP”) is measured at fair-value using a Black-Scholes option-pricing model at the commencement of each offering period and recognized over that offering period.

Forward Stock Split

The Company recognizes the effects of a forward stock split in the financial statements if there are changes in the total par value of the increased shares upon such forward stock split. The Company reclassifies an amount equal to the par value of the increased shares resulting from the forward stock split from “Additional paid-in capital” to “Common stock.” The Company presents the effects of a forward stock split on earnings per share in the financial statements retroactively for all the periods presented. The Company has an option to present other effects of the forward stock split, including changes in the total par value of the increased shares and count of shares of common stock, in the consolidated financial statements either retroactively for all the periods presented or only for the period in which the forward stock split of the common stock becomes effective. The Company has elected to present the effects of the forward stock split retroactively for all the periods presented.

Income Taxes

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

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

The Company intends to indefinitely reinvest earnings from its foreign subsidiaries and has not recorded deferred tax liabilities for the indefinitely reinvested earnings.

The Company recognizes the tax effects of Global Intangible Low-Taxed Income of certain foreign subsidiaries as a period cost.

Concentration of Credit Risk in Financial Instruments

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

Fair value measurement

Fair value measurements

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

assumptions that market participants would use in pricing the asset or liability as against assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk. The fair value hierarchy consists of the following three levels:

•Level I — Quoted prices for identical instruments in active markets.

•Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•Level III — Instruments whose significant value drivers are unobservable.

Leases

The Company determines if an arrangement is a lease at inception of the contract. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset.

Operating leases are presented within “Operating lease right-of-use assets,” “Current portion of operating lease liabilities” and “Operating lease liabilities, less current portion” in the Company's consolidated balance sheets. Long-lived assets underlying finance leases are presented within “Property and equipment” and the current and non-current portion of finance lease liabilities are presented within “Accrued expenses and other current liabilities - others” and “other non-current liabilities - others,” respectively, in the Company's consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangement. Lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets are recognized at commencement date in an amount equal to lease liability, adjusted for any lease prepayments, initial direct costs, and lease incentives. For leases in which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date. The Company determines the incremental borrowing rate by adjusting the benchmark reference rates with appropriate financing spreads applicable to the respective geographies where the leases are entered and lease specific adjustments for the effects of collateral, if applicable. Lease terms includes the effects of options to extend or terminate the lease when it is reasonably certain at commencement of the lease that the Company will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term reflecting single operating lease cost. The Company evaluates lease agreements to determine lease and non-lease components, which are accounted for separately.

Lease payments that depend on factors other than an index or rate are considered variable lease payments and are excluded from the operating lease assets and liabilities and are recognized as expense in the period in which the obligation is incurred. Lease payments include payments for common area maintenance, utilities such as electricity, heating and water, among others, and property taxes, and other similar payments paid to the landlord, which are treated as non-lease component.

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

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

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

Government Grants

Government grants are recognized at their fair value when there is a reasonable assurance that the conditions attached to them shall be complied with and the grants will be received. Government grants relating to income are recognized as a reduction of expenses in the consolidated statements of income. Government grants relating to a property and equipment are recognized as a reduction from the cost of acquisition of such property and equipment. The grant is subsequently measured in the consolidated statements of income over the life of the property and equipment in the form of reduced depreciation expense.

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 the period. Diluted earnings per share is computed using the weighted average number of common shares issued and outstanding during the period plus the potentially dilutive effect of common stock equivalents, including, outstanding stock options, restricted stock, restricted stock units and employee stock purchase plans. For the purposes of calculating diluted earnings per share, the treasury stock method is used for stock-based awards and outstanding convertible notes except where the results would be anti-dilutive. The Company includes performance stock unit awards in dilutive potential common shares when they become contingently issuable and have a dilutive impact per authoritative guidance and excludes such awards when they are not contingently issuable.

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

Commitments and contingencies

Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recognized when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. A disclosure for a contingent liability is made when there is a possible obligation that may require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Legal costs incurred in connection with such liabilities are expensed as incurred. Capital commitments are disclosed in the financial statements.

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 (“Accounting Standards Codification (“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 does not have any lease arrangements with entities under common control and the adoption of this ASU is not expected to have a material impact on its consolidated financial statements.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU modifies the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not

subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in this ASU should be applied prospectively. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. The Company will continue to monitor for SEC action, and plan accordingly for adoption.

In November 2023, FASB issued ASU No. 2023-07, Segment Reporting (“ASC Topic 280”): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements on an annual and interim basis for all public entities by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

In December 2023, FASB issued ASU No. 2023-09, Income Taxes (“ASC Topic 740”), Improvements to Income Tax Disclosures. This ASU expands disclosures relating to the entity’s income tax rate reconciliation, income taxes paid and certain other disclosures related to income taxes. The ASU will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

(x) 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.

In July 2023, the FASB issued ASU No. 2023-03, Presentation of Financial Statements (“ASC Topic 205”), Income Statement-Reporting Comprehensive Income (“ASC Topic 220”), Distinguishing Liabilities from Equity (“ASC Topic 480”), Equity (“ASC Topic 505”), and Compensation-Stock Compensation (“ASC Topic 718”) pursuant to SEC Staff Accounting Bulletin No. 120 and amends various SEC paragraphs in the ASC. The ASU is effective immediately upon issuance and did not have a material impact on the Company’s consolidated financial statements.

Income Taxes - Summary of Effective Income Tax Rate Differs from Amount Computed by Applying U.S. Federal Statutory Income Tax Rate to Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Expected tax expense	$ 49,968	$ 39,921	$ 30,777
Foreign tax rate differential	5,333	(1,136)	1,127
Deferred tax provision	2,509	3,801	350
Unrecognized tax benefits	(187)	273	161
State taxes, net of Federal taxes	11,640	7,730	4,968
Non-deductible expenses	4,083	6,285	3,165
Excess tax benefit on stock-based compensation	(15,055)	(5,881)	(3,651)
Research and development credits	(4,235)	(2,230)	(1,727)
Prior period items	(1,415)	(688)	(931)
Benefit on settlement of convertible notes	0	0	(2,411)
Others	895	(510)	22
Income tax expense	$ 53,536	$ 47,565	$ 31,850

Cash, Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

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


	As of
	December 31, 2023		December 31, 2022		December 31, 2021
Cash and cash equivalents	$	136,953	$	118,669	$	135,337
Restricted cash (current)	4,062		4,897		6,174
Restricted cash (non-current)	4,386		2,055		2,299
Cash, cash equivalents and restricted cash	$	145,401	$	125,621	$	143,810

Restrictions on Cash and Cash Equivalents

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


	As of
	December 31, 2023		December 31, 2022		December 31, 2021
Cash and cash equivalents	$	136,953	$	118,669	$	135,337
Restricted cash (current)	4,062		4,897		6,174
Restricted cash (non-current)	4,386		2,055		2,299
Cash, cash equivalents and restricted cash	$	145,401	$	125,621	$	143,810

Subsequent Events (Details) - Two Thousand Twenty Four Repurchase Program - Subsequent Event - USD ($)	Mar. 01, 2024	Feb. 26, 2024
Subsequent Event [Line Items]
Repurchase of common stock authorized by board of directors		$ 500,000,000
Stock repurchase program, period in force	2 years

Stock Based Compensation - Summary of Weighted Average Valuation Assumptions for Market Condition Performance Restricted Stock Units (Details) - Market Condition-Based PRSUs	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected life (years)	2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 days
Risk free interest rate for expected life	4.30%	1.70%	0.50%
Volatility for expected life	32.90%	38.30%	65.20%

- 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

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in consolidated statements of income	$ 1,532	$ 6,199	$ 4,313
Derivatives in cash flow hedging relationships \| Derivative designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) recognized in OCI	14,403	(27,333)	4,663
Fair value hedge \| Gain/ (loss) on foreign currency exchange contracts \| Derivative not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in consolidated statements of income	$ 296	$ (9,571)	$ 196

Related Party Disclosures

12 Months Ended

Dec. 31, 2023

Related Party Disclosures

In 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 December 31, 2023. During the year ended December 31, 2023 and 2022, the Company recognized revenues, net of $1,975 and $2,258, respectively, related to this service contract. The Company had outstanding accounts receivable, net of $209 and $856 related to this service contract as of December 31, 2023 and 2022, respectively.

On October 1, 2018, the Company entered into the Investment Agreement with the Purchaser relating to the issuance to the Purchaser of $150,000 aggregate principal amount of the Notes. In connection with the investment, Vikram S. Pandit, Chairman and CEO of The Orogen Group LLC (an affiliate of the Purchaser), was appointed to Company’s board of directors. The Company settled the Notes on August 27, 2021. Refer to Note 18 - Borrowings to the consolidated financial statements for further details.

The following transactions with the Purchaser were recognized by the Company in connection with the Notes during the year ended December 31, 2021:


Repayment of the Notes in cash	$	200,000
Repayment of the Notes in shares	$	36,742
Interest expense on the Notes	$	3,442

- 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
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-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
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-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
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-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
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-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

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consists of the following:


		As of
	Estimated useful lives (Years)	December 31, 2023		December 31, 2022
Owned Assets:
Network equipment and computers	3-5	$	149,975	$	130,218
Software	2-5	94,279		88,487
Leasehold improvements	3-8	41,933		42,890
Office furniture and equipment	3-8	21,199		20,211
Motor vehicles	2-5	686		605
Buildings	30	956		961
Land	—	625		629
Capital work in progress	—	12,276		14,459
		321,929		298,460
Less: Accumulated depreciation and amortization		(222,333)		(216,132)
		$	99,596	$	82,328
ROU assets under finance leases:
Network equipment and computers		58		82
Leasehold improvements		604		1,013
Office furniture and equipment		427		662
Motor vehicles		1,020		742
		2,109		2,499
Less: Accumulated depreciation		(1,332)		(1,999)
		$	777	$	500
Property and equipment, net		$	100,373	$	82,828

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


	Year ended December 31,
	2023		2022		2021
Depreciation and amortization expense	$	35,812	$	39,173	$	36,354

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


	Year ended December 31,
	2023		2022		2021
Effect of foreign exchange gain/(loss)	$	(210)	$	(180)	$	524

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


	As of
	December 31, 2023		December 31, 2022
Cost	$	46,625	$	31,544
Less : Accumulated amortization	(25,413)		(16,134)
Internally developed software, net	$	21,212	$	15,410

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


	Year ended December 31,
	2023		2022		2021
Amortization expense	$	9,282	$	5,958	$	4,253

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Summary of Change in Projected Benefit Obligation

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


Change in projected benefit obligation	2023		2022
Projected benefit obligation as of January 1	$	21,531	$	23,271
Service cost	3,799		3,770
Interest cost	1,569		1,232
Benefits paid	(1,382)		(1,757)

Actuarial gain (1)	(1,166)		(2,639)
Effect of exchange rate changes	(114)		(2,346)
Projected benefit obligation as of December 31	$	24,237	$	21,531
Change in plan assets
Plan assets as of January 1	$	14,449	$	13,605
Actual return	1,220		798
Employer contribution	2,913		3,273
Benefits paid (2)	(1,343)		(1,737)
Effect of exchange rate changes	(105)		(1,490)
Plan assets as of December 31	$	17,134	$	14,449

Unfunded status as of December 31	$	7,103	$	7,082
Unfunded amount recognized in the consolidated balance sheets
Non-current liability (included under other non-current liabilities)	$	6,925	$	6,971
Current liability (included under accrued employee costs)	178		111
Total accrued liability	$	7,103	$	7,082

Accumulated benefit obligation as of December 31	$	16,655	$	14,447
Plan assets in excess of accumulated benefit obligation as of December 31	$	479	$	2

(1) During the years ended December 31, 2023 and 2022, actuarial gain was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations.

(2) Benefits payments were substantially made through the plan assets during the years ended December 31, 2023 and 2022.

Components of Net Periodic Benefit Costs

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


	Year ended December 31,
	2023		2022		2021
Service cost	$	3,799	$	3,770	$	3,512
Interest cost	1,569		1,232		929
Expected return on plan assets	(1,048)		(872)		(796)
Amortization of actuarial (gain)/loss, gross of tax	(94)		592		709
Net gratuity cost	$	4,226	$	4,722	$	4,354

Amortization of actuarial (gain)/loss, gross of tax	$	(94)	$	592	$	709
Income tax effects on above	(74)		(179)		(204)
Amortization of actuarial (gain)/loss, net of tax	$	(168)	$	413	$	505

Summary of Components of Actuarial Gain/(Loss)

The components of retirement benefits included in AOCI, excluding tax effects, were as follows:


	As of December 31,
	2023		2022		2021
Net actuarial gain/(loss)	$	777	$	(462)	$	(3,624)
Net prior service cost	(5)		(8)		(12)
Amount recognized in AOCI, excluding tax effects	$	772	$	(470)	$	(3,636)

Summary of Weighted Average Actuarial Assumptions

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


	Year ended December 31,
	2023		2022		2021
Discount rate	7.1	%	7.3	%	5.6	%
Rate of increase in compensation levels	7.0	%	7.8	%	7.6	%
Expected long-term rate of return on plan assets per annum	7.3	%	7.3	%	6.8	%

Summary of Expected Benefit Payments


Expected benefit payments during the year ending December 31,
2024	$	3,461
2025	$	3,045
2026	$	3,027
2027	$	3,216
2028	$	2,653
2029 to 2033	$	10,476

Schedule of Company's Contribution Plan

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


	Year ended December 31,
	2023		2022		2021
Contribution to the 401(k) Plans	$	5,967	$	5,205	$	3,693

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


	Year ended December 31,
	2023		2022		2021
Contributions to the defined social security contribution plans	$	23,045	$	18,215	$	16,340

Cash, Cash Equivalents and Restricted Cash

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

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


	As of
	December 31, 2023		December 31, 2022		December 31, 2021
Cash and cash equivalents	$	136,953	$	118,669	$	135,337
Restricted cash (current)	4,062		4,897		6,174
Restricted cash (non-current)	4,386		2,055		2,299
Cash, cash equivalents and restricted cash	$	145,401	$	125,621	$	143,810

Restricted cash (current) primarily represents funds held on behalf of customers 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.

Leases

12 Months Ended

Dec. 31, 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.

Supplemental balance sheet information


	As of
	December 31, 2023		December 31, 2022
Operating Lease
Operating lease ROU assets	$	64,856	$	55,347

Operating lease liabilities - Current	$	12,780	$	14,978
Operating lease liabilities - Non-current	58,175		48,155
Total operating lease liabilities	$	70,955	$	63,133

Finance Lease
Property and equipment, gross	$	2,109	$	2,499
Accumulated depreciation	(1,332)		(1,999)
Property and equipment, net	$	777	$	500

Finance lease liabilities - Current	$	191	$	164
Finance lease liabilities - Non-current	613		355
Total finance lease liabilities	$	804	$	519

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


	Year ended December 31,
Lease cost	2023		2022
Finance lease:
Depreciation on underlying ROU assets	$	181	$	151
Interest on lease liabilities	90		59
	271		210
Operating lease(a)	20,188		21,783
Variable lease costs	4,374		5,033

Total lease cost	$	24,833	$	27,026

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

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


	Year ended December 31
	2023		2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	20,181	$	23,227
Operating cash outflows for finance leases	$	90	$	59
Financing cash outflows for finance leases	$	169	$	142
ROU assets obtained in exchange for new operating lease liabilities	$	24,880	$	734
ROU assets obtained in exchange for new finance lease liabilities	$	461	$	312
Weighted average remaining lease term (in years)
Finance lease	3.1 years		2.8 years
Operating lease	5.5 years		5.9 years
Weighted average discount rate
Finance lease	14.6%		14.3%
Operating lease	7.7%		6.8%

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. The Company modified certain of its operating leases, resulting in a net increase of its lease liabilities by $8,805 during the year ended December 31, 2023 and a decrease of its lease liabilities by $2,723 during the year ended December 31, 2022, with a corresponding adjustment to ROU assets.

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

There was no impairment of ROU assets as of December 31, 2023 and 2022.

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Leases		Finance Leases
2024	$	17,806	$	297
2025	16,878		256
2026	16,220		222
2027	13,712		191
2028	10,132		98
2029 and thereafter	14,018		—
Total lease payments	88,766		1,064
Less: Imputed interest	17,811		260
Present value of lease liabilities	$	70,955	$	804

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
	December 31, 2023		December 31, 2022
Operating Lease
Operating lease ROU assets	$	64,856	$	55,347

Operating lease liabilities - Current	$	12,780	$	14,978
Operating lease liabilities - Non-current	58,175		48,155
Total operating lease liabilities	$	70,955	$	63,133

Finance Lease
Property and equipment, gross	$	2,109	$	2,499
Accumulated depreciation	(1,332)		(1,999)
Property and equipment, net	$	777	$	500

Finance lease liabilities - Current	$	191	$	164
Finance lease liabilities - Non-current	613		355
Total finance lease liabilities	$	804	$	519

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


	Year ended December 31,
Lease cost	2023		2022
Finance lease:
Depreciation on underlying ROU assets	$	181	$	151
Interest on lease liabilities	90		59
	271		210
Operating lease(a)	20,188		21,783
Variable lease costs	4,374		5,033

Total lease cost	$	24,833	$	27,026

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

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


	Year ended December 31
	2023		2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	20,181	$	23,227
Operating cash outflows for finance leases	$	90	$	59
Financing cash outflows for finance leases	$	169	$	142
ROU assets obtained in exchange for new operating lease liabilities	$	24,880	$	734
ROU assets obtained in exchange for new finance lease liabilities	$	461	$	312
Weighted average remaining lease term (in years)
Finance lease	3.1 years		2.8 years
Operating lease	5.5 years		5.9 years
Weighted average discount rate
Finance lease	14.6%		14.3%
Operating lease	7.7%		6.8%

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

There was no impairment of ROU assets as of December 31, 2023 and 2022.

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Leases		Finance Leases
2024	$	17,806	$	297
2025	16,878		256
2026	16,220		222
2027	13,712		191
2028	10,132		98
2029 and thereafter	14,018		—
Total lease payments	88,766		1,064
Less: Imputed interest	17,811		260
Present value of lease liabilities	$	70,955	$	804

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

Derivatives and Hedge Accounting (Tables)

12 Months Ended

Dec. 31, 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:	December 31, 2023	December 31, 2022
U. S. dollar (USD)	170,543	163,990
U.K. pound sterling (GBP)	14,544	8,351
Euro (EUR)	5,231	1,956
Australian dollar (AUD)	3,452	1,951
South African rand (ZAR)	150,150	—

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
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Assets:
Other current assets	$	4,216	$	1,271	$	92	$	255
Other assets	$	3,299	$	820	$	—	$	—
Liabilities:
Accrued expenses and other current liabilities	$	1,859	$	10,044	$	150	$	15
Other non-current liabilities	$	216	$	6,218	$	—	$	—

Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income/(Loss)

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


	Year ended December 31,
Derivative financial instruments:	2023		2022		2021
Unrealized gain/(loss) recognized in OCI
Derivatives in cash flow hedging relationships	$	14,403	$	(27,333)	$	4,663

Gain/(loss) recognized in consolidated statements of income
Derivatives not designated as hedging instruments	$	296	$	(9,571)	$	196


	Year ended December 31,
	2023				2022				2021
	As per consolidated statements of income		Gain/(loss) on derivative financial instruments		As per consolidated statements of income		Gain/(loss) on derivative financial instruments		As per consolidated statements of income		Gain on derivative financial instruments
Derivatives in cash flow hedging relationships
Location in consolidated statements of income where gain/(loss) was reclassified from AOCI

Cost of revenues	$	1,022,902	$	(5,180)	$	896,595	$	(1,304)	$	690,934	$	7,785
General and administrative expenses	$	198,294	(454)		$	169,016	141		$	142,040	948
Selling and marketing expenses	$	120,227	(40)		$	97,989	10		$	84,306	53
Depreciation and amortization expense	$	50,490	(236)		$	56,282	(32)		$	49,132	478
Interest expense	$	13,180	702		$	8,252	(110)		$	7,561	—
Total before tax			(5,208)				(1,295)				9,264
Income tax effects on above			797				(455)				(1,530)
Net of tax			$	(4,411)			$	(1,750)			$	7,734

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

Foreign exchange gain/(loss), net	$	1,532	$	296	$	6,199	$	(9,571)	$	4,313	$	196

Summary of Effect of Net Investment Hedges on Accumulated Other Comprehensive Income

Effect of net investment hedges on OCI:


	Year ended December 31,
	Amount of loss recognized in OCI
Net investment hedging relationships	2023		2022		2021
Foreign currency forward contracts	$	—	$	—	$	1,134

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 136,953	$ 118,669	$ 135,337
Restricted cash (current)	4,062	4,897	6,174
Restricted cash (non-current)	4,386	2,055	2,299
Cash, cash equivalents and restricted cash	$ 145,401	$ 125,621	$ 143,810	$ 225,519

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finance lease:
Depreciation on underlying ROU assets	$ 181	$ 151
Interest on lease liabilities	90	59
Total finance lease cost	271	210
Operating lease	20,188	21,783
Variable lease costs	4,374	5,033
Total lease cost	$ 24,833	$ 27,026

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 17,806	$ 18,711
2025	16,878	14,846
2026	16,220	10,037
2027	13,712	8,941
2028	10,132	6,474
2029 and thereafter	14,018	19,624
Total lease payments	88,766	78,633
Less: Imputed interest	17,811	15,500
Present value of lease liabilities	70,955	63,133
Finance Leases
2024	297	228
2025	256	162
2026	222	114
2027	191	88
2028	98	79
2029 and thereafter	0	0
Total lease payments	1,064	671
Less: Imputed interest	260	152
Present value of lease liabilities	$ 804	$ 519

Revenues, net and Accounts Receivable, net

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues, net and Accounts Receivable, net

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

Contract balances

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


	As of
	December 31, 2023		December 31, 2022
Accounts receivable, net	$	308,108	$	259,222
Contract assets	$	9,665	$	2,768
Contract liabilities:
Deferred revenue (consideration received in advance)	$	9,764	$	17,079
Consideration received for process transition activities	$	12,411	$	5,423

Accounts receivable includes $148,735 and $126,027 as of December 31, 2023 and 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.

There was no significant impairment of contract assets as of December 31, 2023 and 2022.

Revenue recognized during the years ended December 31, 2023 and 2022, which was included in the contract liabilities balance at the beginning of the respective periods:


	Year ended December 31,
	2023		2022
Deferred revenue (consideration received in advance)	$	16,967	$	17,964
Consideration received for process transition activities	$	1,762	$	1,635

Contract acquisition and fulfillment costs

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


	Contract Acquisition Costs				Contract Fulfillment Costs
	Year ended December 31,				Year ended December 31,
	2023		2022		2023		2022
Opening Balance	$	1,095	$	511	$	13,871	$	5,795
Additions	1,841		1,014		13,605		15,509
Amortization	(814)		(430)		(2,803)		(7,433)
Closing Balance	$	2,122	$	1,095	$	24,673	$	13,871

There was no significant impairment for contract acquisition and contract fulfillment costs as of December 31, 2023 and 2022.

Allowance for expected credit losses

The following table provides information about accounts receivable, net of allowance for expected credit losses:


	As of
	December 31, 2023		December 31, 2022
Accounts receivable, including unbilled receivables	$	311,811	$	260,554
Less: Allowance for expected credit losses	(3,703)		(1,332)
Accounts receivable, net	$	308,108	$	259,222

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


	Year ended December 31,
	2023		2022
Opening Balance	$	1,332	$	573
Additions	2,450		815
Reductions due to write-off of accounts receivables	(79)		(60)
Currency translation adjustments	—		4
Closing Balance	$	3,703	$	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 December 31, 2023 and 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
-Name Accounting Standards Codification
-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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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

Revenues, net and Accounts Receivable, net - Contracts with Customer, Receivables, Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 308,108	$ 259,222
Contract assets	9,665	2,768
Contract liabilities:
Deferred revenue (consideration received in advance)	9,764	17,079
Consideration received for process transition activities	$ 12,411	$ 5,423

Accumulated Other Comprehensive Income/( Loss)

12 Months Ended

Dec. 31, 2023

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

Accumulated Other Comprehensive Income/( Loss)

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 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 consolidated statements of income when a foreign operation is disposed or partially disposed. The following table sets forth the changes in AOCI during the years ended December 31, 2023, 2022 and 2021:


	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, 2021	$	(86,185)	$	13,799	$	(2,598)	$	(74,984)
Gains / (losses) recognized during the year	(11,134)		4,663		(558)		(7,029)
Losses on net investment hedges	(1,134)		—		—		(1,134)
Reclassification to net income (1)	—		(9,264)		709		(8,555)
Income tax effects (2)	3,016		(778)		(10)		2,228
Accumulated other comprehensive income/(loss) as of December 31, 2021	$	(95,437)	$	8,420	$	(2,457)	$	(89,474)
Gains / (losses) recognized during the year	(47,734)		(27,333)		2,574		(72,493)
Reclassification to net income (1)	—		1,295		592		1,887
Income tax effects (2)	10,032		6,315		(410)		15,937
Accumulated other comprehensive income/(loss) as of December 31, 2022	$	(133,139)	$	(11,303)	$	299	$	(144,143)
Gains recognized during the year	652		14,403		1,337		16,392
Reclassification to net income (1)	—		5,208		(94)		5,114
Income tax effects (2)	(156)		(4,110)		(137)		(4,403)
Accumulated other comprehensive income/(loss) as of December 31, 2023	$	(132,643)	$	4,198	$	1,405	$	(127,040)

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

Capital Structure (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

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


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Twelve months ended December 31, 2023	237,047	$	7,853	$	33.13
Twelve months ended December 31, 2022	164,080	$	4,121	$	25.12
Twelve months ended December 31, 2021	156,545	$	2,752	$	17.58

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 commission and excluding excise tax, under repurchase programs, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share
Twelve months ended December 31, 2023	4,127,451	$	125,416	$	30.39
Twelve months ended December 31, 2022	2,519,290	$	68,521	$	27.20
Twelve months ended December 31, 2021	5,436,625	$	115,605	$	21.26

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Derivative Instruments, Gain (Loss) [Line Items]

Cost of revenues

^[1]

$ 1,022,902

$ 896,595

$ 690,934

General and administrative expenses

198,294

169,016

142,040

Selling and marketing expenses

120,227

97,989

84,306

Depreciation and amortization expense

50,490

56,282

49,132

Interest expense

13,180

8,252

7,561

Total before tax

237,941

190,099

146,561

Income tax effects on above

(53,536)

(47,565)

(31,850)

Net income attributable to ExlService Holdings, Inc. stockholders

184,558

142,968

114,758

Foreign exchange gain, net

1,532

6,199

4,313

Gain/ (loss) on foreign currency exchange contracts | Derivatives Designated as Hedging Instruments | Derivatives in cash flow hedging relationships

Derivative Instruments, Gain (Loss) [Line Items]

Cost of revenues

(5,180)

(1,304)

7,785

General and administrative expenses

(454)

141

948

Selling and marketing expenses

(40)

Depreciation and amortization expense

(236)

(32)

478

Interest expense

702

(110)

Total before tax

(5,208)

(1,295)

9,264

Income tax effects on above

797

(455)

(1,530)

Net income attributable to ExlService Holdings, Inc. stockholders

(4,411)

(1,750)

7,734

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

Derivative Instruments, Gain (Loss) [Line Items]

Foreign exchange gain, net

$ 296

$ (9,571)

$ 196

[1]	Exclusive of depreciation and amortization expense.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 184,558	$ 142,968	$ 114,758

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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

Reference 12: 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 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: 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 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1A
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1A
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Paragraph 31
-Publisher FASB
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-Name Accounting Standards Codification
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-Paragraph 32
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Stock Based Compensation - Additional Information (Detail)			1 Months Ended	12 Months Ended
	Jun. 20, 2023	Jun. 15, 2018 shares	Aug. 31, 2023	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split conversion ratio	5		5
Expiring period of equity options to employees		10 years
Vesting period		4 years
2018 Stock options plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares available for grant (in shares)		15,875,000
Number of shares available for grant (in shares)				3,249,875
Expiring period of equity options to employees				10 years
Vesting period				4 years

- 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

Accumulated Other Comprehensive Income/( Loss) - Summary of Accumulated Other Comprehensive Income/( Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 758,179	$ 693,156	$ 719,172
Gains / (losses) recognized during the year	16,392	(72,493)	(7,029)
Losses on net investment hedges	0	0	(1,134)
Reclassification to net income	5,114	1,887	(8,555)
Income tax effects	(4,403)	15,937	2,228
Ending balance	889,437	758,179	693,156
Foreign currency translation gain/(loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(133,139)	(95,437)	(86,185)
Gains / (losses) recognized during the year	652	(47,734)	(11,134)
Losses on net investment hedges			(1,134)
Reclassification to net income	0	0	0
Income tax effects	(156)	10,032	3,016
Ending balance	(132,643)	(133,139)	(95,437)
Unrealized gain/(loss) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(11,303)	8,420	13,799
Gains / (losses) recognized during the year	14,403	(27,333)	4,663
Losses on net investment hedges			0
Reclassification to net income	5,208	1,295	(9,264)
Income tax effects	(4,110)	6,315	(778)
Ending balance	4,198	(11,303)	8,420
Retirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	299	(2,457)	(2,598)
Gains / (losses) recognized during the year	1,337	2,574	(558)
Losses on net investment hedges			0
Reclassification to net income	(94)	592	709
Income tax effects	(137)	(410)	(10)
Ending balance	1,405	299	(2,457)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(144,143)	(89,474)	(74,984)
Ending balance	$ (127,040)	$ (144,143)	$ (89,474)

Employee Benefit Plans - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Percentage of expected return on plan assets	7.60%
Percentage of discretionary contributions towards 401(k) Plan, maximum	3.00%

Other Income/(Expense), net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Summary of Other Income, net

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


	Year ended December 31,
	2023		2022		2021
Gain on sale and fair value mark-to-market on investments	$	5,013	$	4,907	$	4,891
Interest and dividend income	8,027		5,229		2,726
Fair value changes of contingent consideration (1)	(1,900)		(8,250)		—
Others, net	(306)		(1,896)		(844)
Other income/(expense), net	$	10,834	$	(10)	$	6,773

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Borrowings - Maturities of Borrowings (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Principal Payments
Credit Facilities [Line Items]
2024	$ 65,000
2025	0
2026	0
2027	135,000
Total	200,000
Interest Payments (1)
Credit Facilities [Line Items]
2024	11,356
2025	8,547
2026	8,547
2027	3,205
Total	$ 31,655

Stock Based Compensation - Restricted Stock Units Fair Value (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 59,067
Cost not yet recognized, period for recognition	2 years 4 months 24 days
Weighted-average fair value of restricted stock units granted (in dollars per share)	$ 33.99	$ 24.28	$ 18.25
Grant date fair value	$ 33,058	$ 24,002	$ 23,845

- 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

Revenues, net and Accounts Receivable, net - Contract with Customer Revenue Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue (consideration received in advance)	$ 16,967	$ 17,964
Consideration received for process transition activities	$ 1,762	$ 1,635

Property and Equipment - Depreciation and Amortization Expense and Effect of Foreign Exchange Gain (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 35,812	$ 39,173	$ 36,354
Depreciation and amortization
Property, Plant and Equipment [Line Items]
Effect of foreign exchange gain/(loss)	$ (210)	$ (180)	$ 524

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Deferred taxes benefit / (expense) recognized on:

Unrealized gain/(loss) on cash flow hedges

$ (3,313)

$ 5,860

$ (2,308)

Reclassification adjustment for cash flow hedges

(797)

455

1,530

Retirement benefits (incl. effects of tax rate changes)

(63)

(231)

194

Reclassification adjustment for retirement benefits

(74)

(179)

(204)

Foreign currency translation adjustments

(156)

10,032

3,016

Total

^[1]

$ (4,403)

$ 15,937

$ 2,228

[1]	These are income tax effects recognized on cash flow hedges, retirement benefits and foreign currency translation gain/(loss).

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 20
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.7-04(19))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 11
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Section S99
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-Subparagraph (SX 210.5-03(21))
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

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

+ Details

Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Plan (Details) - Employee Stock - 2022 Employee stock purchase plan	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Jun. 30, 2023
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected life (years)	3 months 18 days	6 months	6 months
Risk free interest rate for expected life	3.30%	5.40%	4.70%
Volatility for expected life	43.60%	25.50%	38.90%
Discount for illiquidity	9.90%	8.90%	10.30%

Related Party Disclosures - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 01, 2018
Related Party Transaction [Line Items]
Revenues, net	$ 1,630,668	$ 1,412,044	$ 1,122,293
Accounts receivable, net	308,108	259,222
Related Party
Related Party Transaction [Line Items]
Revenues, net	1,975	2,258
Accounts receivable, net	$ 209	$ 856
3.50% Convertible Senior Notes due October 1, 2024 \| Convertible notes payable
Related Party Transaction [Line Items]
Debt instrument face amount				$ 150,000

- Definition

+ References

+ Details

Capital Structure - Purchased Shares of its Common Stock, Including Commissions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Shares repurchased (in shares)	4,127,451	2,519,290	5,436,625
Total consideration	$ 125,416	$ 68,521	$ 115,605
Weighted average purchase price per share (in dollars per share)	$ 30.39	$ 27.20	$ 21.26

- 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

Summary of Significant Accounting Policies - Schedule of Property and Equipment, Estimated Useful Lives (Details)	Dec. 31, 2023
Maximum \| Software
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(a)Basis of Preparation and Principles of Consolidation

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

(b)Use of Estimates

(c)Foreign Currency Translation

(d)Revenue Recognition

Nature of Services

Type of Contracts and Basis of Recognition

period in which a change in an estimate is determined. If a change in an estimate results in a projected loss on a project, such loss is recognized in the period in which it is first identified.

Modification to Contracts

Arrangements with Multiple Performance Obligations

Allocation of Transaction Price to Performance Obligations

Variable Consideration

Unbilled Receivables

Deferred Revenue and Contract Fulfillment Costs

Contract Acquisition Costs

Upfront Payments Made to Customers

Out-of-Pocket Expenses

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

Payment terms

Remaining Performance Obligations

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

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

(e)Cash and Cash Equivalents and Restricted Cash

Restricted cash includes any cash and cash equivalents that are legally restricted as to withdrawal or usage for the Company’s operations.

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

(f)Short-Term and Long-Term Investments

The Company’s investments in term deposits with financial institutions are measured and recognized at amortized cost. Interest earned on such investments is included in other income/(expense), net.

(g)Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable include unbilled accounts receivable which represent revenues on contracts to be billed, in subsequent periods, as per the terms of the related contracts.

(h)Property and Equipment

(i)Software Development Costs

(j)Business Combinations, Goodwill and Other Intangible Assets

Refer to Note 10 - Goodwill and Other Intangible Assets to the consolidated financial statements for discussion of the Company's goodwill impairment testing.

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


			Useful Lives (in years)
Customer relationships			7-15
Developed technology			3-10
Non-compete agreements			4
Trade names and trademarks			10

(k)Impairment of Long-lived Assets

(l) Derivative Financial Instruments

(m)Employee Benefits

(n)Stock-Based Compensation

(o)Forward Stock Split

(p)Income Taxes

The Company intends to indefinitely reinvest earnings from its foreign subsidiaries and has not recorded deferred tax liabilities for the indefinitely reinvested earnings.

The Company recognizes the tax effects of Global Intangible Low-Taxed Income of certain foreign subsidiaries as a period cost.

(q)Concentration of Credit Risk in Financial Instruments

(r)Fair value measurements

•Level I — Quoted prices for identical instruments in active markets.

•Level III — Instruments whose significant value drivers are unobservable.

(s)Leases

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

(t)Government Grants

(u)Earnings per share

(v)Commitments and Contingencies

(w)Recent Accounting Pronouncements

(x) Recently Adopted Accounting Pronouncements

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Impairment charges	$ 0	$ 0

Goodwill and Other Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 14,678	$ 17,109	$ 12,778

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 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, 2022	$	50,428	$	21,942	$	49,020	$	282,512	$	403,902
Acquisition	—		—		—		1,992		1,992
Measurement period adjustments	—		—		—		2,229		2,229
Currency translation adjustments	(499)		(67)		(1,919)		(1)		(2,486)
Balance as of December, 2022	49,929		21,875		47,101		286,732		405,637
Currency translation adjustments	106		(3)		(100)		(1)		2

Balance as of December 31, 2023	$	50,035	$	21,872	$	47,001	$	286,731	$	405,639

During 2023 and 2022, 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. Based on such assessment, the Company concluded that it is not more likely than not that the fair values of any of the Company’s reporting units are less than their carrying amounts.

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 customers. The Company believes there are significant opportunities for adding new customers and additional growth and expansion within its existing customers by:

•Increasing the depth and breadth of the services, including adoption of new technology, for instance, generative AI, the Company provides across its customers’ value chains and geographies;

•Offering the full suite of the Company's services, which includes AI-powered digital operations and solutions and data and analytics; and

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

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

There can be no assurances that goodwill will not be impaired in future periods. Estimating the fair value of reporting units requires the use of estimates and significant judgments that are based on a number of factors including actual operating results. These estimates and judgements may not be within the control of the Company and accordingly it is reasonably possible that the judgments and estimates described above could change in future periods. The duration of market volatility is highly uncertain and, as such, the impact on cash flows, long-term debt-free net cash flow growth rate in the terminal year and discount rates are subject to significant judgments and may cause variability in the Company’s assessment of existence of any impairment. The Company continues to monitor significant changes in key assumptions that could result in future period impairment charges.

Other Intangible Assets

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


	As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	99,050	$	(51,085)	$	47,965
Developed technology	3,552		(2,522)		1,030
Trade names and trademarks	1,400		(1,286)		114
Non-compete agreements	336		(181)		155
	104,338		(55,074)		49,264
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900
Total intangible assets	$	105,238	$	(55,074)	$	50,164


	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 consolidated statements of income was as follows:


	Year ended December 31,
	2023		2022		2021
Amortization expense	$	14,678	$	17,109	$	12,778


Estimated future amortization expense related to finite-lived intangible assets as of December 31, 2023 was as follows:
2024	$	12,135
2025	10,699
2026	10,362
2027	9,364
2028	6,704
Total	$	49,264

Employee Benefit Plans - Contribution Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Contribution to the 401(k) Plans	$ 5,967	$ 5,205	$ 3,693
Contributions to the defined social security contribution plans	$ 23,045	$ 18,215	$ 16,340

Income Taxes - Summary of Components of Deferred Tax Balances (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Tax credit carry forwards	$ 12,762	$ 5,716
Depreciation and amortization expense	14,569	14,734
Capitalized research and development expenses	47,276	24,743
Stock-based compensation	8,506	11,425
Accrued employee costs and other expenses	21,611	15,504
Net operating loss carry forwards	212	412
Net unrealized foreign exchange loss	21,449	23,572
Deferred rent	2,853	3,120
Others	416	272
Deferred tax assets	129,654	99,498
Valuation allowance	(482)	(309)
Deferred tax assets	129,172	99,189
Deferred tax liabilities:
Intangible assets	27,095	27,807
Net unrealized gain on investments	3,704	6,006
Capitalized costs	5,999	332
Foreign branch accounting	8,810	7,618
Others	2,132	2,182
Deferred tax liabilities	47,740	43,945
Net deferred tax assets	$ 81,432	$ 55,244

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative designated as hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	$ 4,216	$ 1,271
Derivative designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Derivative asset	3,299	820
Derivative designated as hedging instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	1,859	10,044
Derivative designated as hedging instruments \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	216	6,218
Derivative not designated as hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	92	255
Derivative not designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Derivative asset	0	0
Derivative not designated as hedging instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	150	15
Derivative not designated as hedging instruments \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	$ 0	$ 0

Other Assets

12 Months Ended

Dec. 31, 2023

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

Other Assets

Other assets consist of the following:


	As of
	December 31, 2023		December 31, 2022
Deferred contract fulfillment costs	$	21,370	$	12,693
Deposits with statutory authorities	6,960		6,276
Contract assets	6,835		1,864
Lease deposits	5,159		6,621
Derivative instruments	3,299		820
Others	5,901		3,795
Other assets	$	49,524	$	32,069

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred contract fulfillment costs	$ 21,370	$ 12,693
Lease deposits	5,159	6,621
Deposits with statutory authorities	6,960	6,276
Contract assets	6,835	1,864
Derivative instruments	3,299	820
Others	5,901	3,795
Other assets	$ 49,524	$ 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment and Geographical Information - Property, Plant and Equipment, Net Based on Geographical Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 165,229	$ 138,175
The United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	61,592	60,709
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	53,813	50,118
The Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	21,952	18,406
South Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	20,890	3,980
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 6,982	$ 4,962

Revenues, net and Accounts Receivable, net - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Opening Balance	$ 1,332	$ 573
Additions	2,450	815
Reductions due to write-off of accounts receivables	(79)	(60)
Currency translation adjustments	0	4
Closing Balance	$ 3,703	$ 1,332

Revenues, net and Accounts Receivable, net (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Contract with Customer, Receivables, Assets and Liabilities Recognized

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


	As of
	December 31, 2023		December 31, 2022
Accounts receivable, net	$	308,108	$	259,222
Contract assets	$	9,665	$	2,768
Contract liabilities:
Deferred revenue (consideration received in advance)	$	9,764	$	17,079
Consideration received for process transition activities	$	12,411	$	5,423

Revenue recognized during the years ended December 31, 2023 and 2022, which was included in the contract liabilities balance at the beginning of the respective periods:


	Year ended December 31,
	2023		2022
Deferred revenue (consideration received in advance)	$	16,967	$	17,964
Consideration received for process transition activities	$	1,762	$	1,635

Contract Acquisition and Fulfillment Costs

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


	Contract Acquisition Costs				Contract Fulfillment Costs
	Year ended December 31,				Year ended December 31,
	2023		2022		2023		2022
Opening Balance	$	1,095	$	511	$	13,871	$	5,795
Additions	1,841		1,014		13,605		15,509
Amortization	(814)		(430)		(2,803)		(7,433)
Closing Balance	$	2,122	$	1,095	$	24,673	$	13,871

Movement in Allowance for Expected Credit Loss

The following table provides information about accounts receivable, net of allowance for expected credit losses:


	As of
	December 31, 2023		December 31, 2022
Accounts receivable, including unbilled receivables	$	311,811	$	260,554
Less: Allowance for expected credit losses	(3,703)		(1,332)
Accounts receivable, net	$	308,108	$	259,222

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


	Year ended December 31,
	2023		2022
Opening Balance	$	1,332	$	573
Additions	2,450		815
Reductions due to write-off of accounts receivables	(79)		(60)
Currency translation adjustments	—		4
Closing Balance	$	3,703	$	1,332

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)		1 Months Ended
	Jun. 20, 2023	Aug. 31, 2023
Statement of Stockholders' Equity [Abstract]
Stock split conversion ratio	5	5

Stock Based Compensation - Employee Stock Purchase Plan Narrative (Details) - Employee Stock - 2022 Employee stock purchase plan - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Nov. 01, 2022	Jun. 21, 2022
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Share-based compensation arrangement by share-based payment award, maximum employee subscription rate				15.00%
Share-based compensation arrangement by share-based payment award, maximum employee subscription				$ 25
Common stock, capital shares reserved for future issuance (in shares)		3,831,325	4,000,000		4,000,000
Share-based compensation arrangement by share-based payment award, purchase period	6 months

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of
	December 31, 2023		December 31, 2022
Accrued expenses	$	58,736	$	47,854
Payable to statutory authorities	20,591		20,430
Contingent consideration	15,000		5,000
Client liabilities	6,909		5,110
Accrued capital expenditures	4,134		4,032
Derivative instruments	2,009		10,059
Others	5,521		2,867
Accrued expenses and other current liabilities	$	112,900	$	95,352

Stock Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Stock-Based Compensation

Prior period information has been adjusted to reflect the 5-for-1 forward stock split of the Company’s common stock effected in August 2023. Refer to Note 19 – Capital Structure to the consolidated financial statements for further details.

On June 15, 2018, at the Company’s 2018 Annual Meeting of Stockholders, the Company's stockholders approved the 2018 Omnibus Incentive Plan, which among other things, reserves 15,875,000 shares of the Company’s common stock for grants of awards under the 2018 Omnibus Incentive Plan. As of December 31, 2023, the Company had 3,249,875 shares available for grant under the 2018 Omnibus Incentive Plan.

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

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

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


	Year ended December 31,
	2023		2022		2021
Cost of revenues	$	14,686	$	11,535	$	7,871
General and administrative expenses	21,574		20,016		16,396
Selling and marketing expenses	22,177		17,815		14,354
Total	$	58,437	$	49,366	$	38,621

Income tax benefit related to stock-based compensation (1)	$	17,333	$	9,785	$	9,424

Stock Options

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


	Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 2022	15,465		$	5.52	$	439	1.0
Granted	1,790,695		30.14		—		9.5
Exercised	(15,465)		5.52		384		—
Forfeited	—		—		—		—
Outstanding as of December 31, 2023	1,790,695		$	30.14	$	1,278	9.5
Vested and exercisable as of December 31, 2023	—		$	—	$	—	—
Weighted average grant date fair value of per unit of stock option granted during the period	$	12.03

Stock options granted under the 2018 Omnibus Incentive Plan during the year ended December 31, 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:


	Year ended December 31, 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 December 31, 2023, unrecognized compensation cost of $18,717 is expected to be expensed over a weighted average period of 3.5 years.

The grant date fair value of stock options exercised and cash received from stock options exercised was as follows:


	Year ended December 31,
	2023		2022		2021
Grant date fair value	$	30	$	—	$	257
Cash received	$	85	$	—	$	710

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. For purposes of the match, “newly acquired shares” includes the employee’s first quarter 2022 open market purchase of the common stock, and

crediting of equity awards vesting under any existing stock award plan of the Company as having been purchased by such employees, in an amount between $100 to $500 per such employee.

The matching restricted stock units granted under the SMP will vest in two installments, with one-third to vest on the second anniversary of the grant date and the remaining two-thirds to vest on the third anniversary of the grant date; the newly acquired shares for which the matching restricted stock units were granted must also be held by the employee until such vesting dates. The Company’s underlying common stock issued pursuant to the vesting of the matching restricted stock units will not be marketable or transferable for a period of two years following the vesting date. Certain forfeiture and other conditions apply.

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	238,115	$	24.95
Granted	—	—
Vested	—	—
Forfeited	(20,885)	24.95
Outstanding as of December 31, 2023	217,230	$	24.95

As of December 31, 2023, unrecognized compensation cost of $2,255 is expected to be expensed over a weighted average period of 1.3 years.

Restricted Stock Units

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

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

Restricted stock 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*	4,615,630	$	19.74
Granted	1,258,712	33.99
Vested*	(1,784,973)	18.52
Forfeited	(357,857)	21.60
Outstanding as of December 31, 2023*	3,731,512	$	24.96

* As of December 31, 2023 and 2022, restricted stock units vested for which the underlying common stock is yet to be issued are 324,125 and 872,450, respectively.

The fair value of restricted stock units is generally the market price of the Company’s shares on the date of grant. As of December 31, 2023, unrecognized compensation cost of $59,067 is expected to be expensed over a weighted average period of 2.4 years.

The weighted average fair value of restricted stock units granted and the grant date fair value of restricted stock units vested was as follows:


	Year ended December 31,
	2023		2022		2021
Weighted average fair value	$	33.99	$	24.28	$	18.25
Grant date fair value	$	33,058	$	24,002	$	23,845

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 year ended December 31, 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 the 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”).

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

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

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

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

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

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

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

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


	Year ended December 31,
	2023		2022		2021
Dividend yield	—		—		—
Expected life (years)	2.9		2.9		2.9
Risk free interest rate for expected life	4.3	%	1.7	%	0.5	%
Volatility for expected life	32.9	%	38.3	%	65.2	%

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	247,955	$	24.00	893,560	$	26.94
Granted	219,740	34.56		329,245	44.72
Adjustment upon final determination of level of performance goal achievement*	—	—		476,055	23.96
Vested	(245)	25.94		(952,475)	23.96
Forfeited	(29,450)	25.94		(89,935)	28.71
Outstanding as of December 31, 2023	438,000	$	29.16	656,450	$	37.78

As of December 31, 2023, unrecognized compensation cost of $22,564 is expected to be expensed over a weighted average period of 1.5 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 4,000,000 shares of common stock for issuance under the 2022 ESPP.

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

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


	Number	Total Proceeds Received
Shares available for issuance as of December 31, 2022	4,000,000
Issuance of common stock related to the:
First offering period	(38,180)	$	1,013
Second offering period	(130,495)	$	3,548
Shares available for issuance as of December 31, 2023	3,831,325
Issuance of common stock related to the third offering period made subsequent to December 31, 2023	71,645	$	1,948

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:


	Third offering period of July 1, 2023 to December 31, 2023		Second offering period of January 1, 2023 to June 30, 2023		First offering period of October 1, 2022 to December 31, 2022
Dividend yield	—		—		—
Expected life (years)	0.5		0.5		0.3
Risk free interest rate for expected life	5.4	%	4.7	%	3.3	%
Volatility for expected life	25.5	%	38.9	%	43.6	%
Discount for illiquidity	8.9	%	10.3	%	9.9	%

Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Activity (Details) - Employee Stock - 2022 Employee stock purchase plan - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Jun. 30, 2023	Jun. 21, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	4,000,000	3,831,325		4,000,000
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)	(38,180)	(71,645)	(130,495)
Share-based compensation arrangement by share-based payment award, shares issued in period, value	$ 1,013	$ 1,948	$ 3,548

- 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

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information


	As of
	December 31, 2023		December 31, 2022
Operating Lease
Operating lease ROU assets	$	64,856	$	55,347

Operating lease liabilities - Current	$	12,780	$	14,978
Operating lease liabilities - Non-current	58,175		48,155
Total operating lease liabilities	$	70,955	$	63,133

Finance Lease
Property and equipment, gross	$	2,109	$	2,499
Accumulated depreciation	(1,332)		(1,999)
Property and equipment, net	$	777	$	500

Finance lease liabilities - Current	$	191	$	164
Finance lease liabilities - Non-current	613		355
Total finance lease liabilities	$	804	$	519

Schedule of Components of Lease Cost

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


	Year ended December 31,
Lease cost	2023		2022
Finance lease:
Depreciation on underlying ROU assets	$	181	$	151
Interest on lease liabilities	90		59
	271		210
Operating lease(a)	20,188		21,783
Variable lease costs	4,374		5,033

Total lease cost	$	24,833	$	27,026

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

Schedule of Supplemental Cash Flow Information Related to Leases

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


	Year ended December 31
	2023		2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	20,181	$	23,227
Operating cash outflows for finance leases	$	90	$	59
Financing cash outflows for finance leases	$	169	$	142
ROU assets obtained in exchange for new operating lease liabilities	$	24,880	$	734
ROU assets obtained in exchange for new finance lease liabilities	$	461	$	312
Weighted average remaining lease term (in years)
Finance lease	3.1 years		2.8 years
Operating lease	5.5 years		5.9 years
Weighted average discount rate
Finance lease	14.6%		14.3%
Operating lease	7.7%		6.8%

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Leases		Finance Leases
2024	$	17,806	$	297
2025	16,878		256
2026	16,220		222
2027	13,712		191
2028	10,132		98
2029 and thereafter	14,018		—
Total lease payments	88,766		1,064
Less: Imputed interest	17,811		260
Present value of lease liabilities	$	70,955	$	804

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 December 31, 2023 were as follows:


	Operating Leases		Finance Leases
2024	$	17,806	$	297
2025	16,878		256
2026	16,220		222
2027	13,712		191
2028	10,132		98
2029 and thereafter	14,018		—
Total lease payments	88,766		1,064
Less: Imputed interest	17,811		260
Present value of lease liabilities	$	70,955	$	804

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

Employee Benefit Plans - Summary of Components of Actuarial Gain/(Loss) (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax [Abstract]
Net actuarial gain/(loss)	$ 777	$ (462)	$ (3,624)
Net prior service cost	(5)	(8)	(12)
Amount recognized in AOCI, excluding tax effects	$ 772	$ (470)	$ (3,636)

Goodwill and Other Intangible Assets - Summary of Company's Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 405,637	$ 403,902
Acquisition		1,992
Measurement period adjustments		2,229
Currency translation adjustments	2	(2,486)
Ending balance	405,639	405,637
Insurance
Goodwill [Roll Forward]
Beginning balance	49,929	50,428
Acquisition		0
Measurement period adjustments		0
Currency translation adjustments	106	(499)
Ending balance	50,035	49,929
Healthcare
Goodwill [Roll Forward]
Beginning balance	21,875	21,942
Acquisition		0
Measurement period adjustments		0
Currency translation adjustments	(3)	(67)
Ending balance	21,872	21,875
Emerging Business
Goodwill [Roll Forward]
Beginning balance	47,101	49,020
Acquisition		0
Measurement period adjustments		0
Currency translation adjustments	(100)	(1,919)
Ending balance	47,001	47,101
Analytics
Goodwill [Roll Forward]
Beginning balance	286,732	282,512
Acquisition		1,992
Measurement period adjustments		2,229
Currency translation adjustments	(1)	(1)
Ending balance	$ 286,731	$ 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

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following:


		As of
	Estimated useful lives (Years)	December 31, 2023		December 31, 2022
Owned Assets:
Network equipment and computers	3-5	$	149,975	$	130,218
Software	2-5	94,279		88,487
Leasehold improvements	3-8	41,933		42,890
Office furniture and equipment	3-8	21,199		20,211
Motor vehicles	2-5	686		605
Buildings	30	956		961
Land	—	625		629
Capital work in progress	—	12,276		14,459
		321,929		298,460
Less: Accumulated depreciation and amortization		(222,333)		(216,132)
		$	99,596	$	82,328
ROU assets under finance leases:
Network equipment and computers		58		82
Leasehold improvements		604		1,013
Office furniture and equipment		427		662
Motor vehicles		1,020		742
		2,109		2,499
Less: Accumulated depreciation		(1,332)		(1,999)
		$	777	$	500
Property and equipment, net		$	100,373	$	82,828

During the years ended December 31, 2023 and 2022, 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 consolidated statements of income was as follows:


	Year ended December 31,
	2023		2022		2021
Depreciation and amortization expense	$	35,812	$	39,173	$	36,354

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


	Year ended December 31,
	2023		2022		2021
Effect of foreign exchange gain/(loss)	$	(210)	$	(180)	$	524

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


	As of
	December 31, 2023		December 31, 2022
Cost	$	46,625	$	31,544
Less : Accumulated amortization	(25,413)		(16,134)
Internally developed software, net	$	21,212	$	15,410

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


	Year ended December 31,
	2023		2022		2021
Amortization expense	$	9,282	$	5,958	$	4,253

As of December 31, 2023 and 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.

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Increase (decrease) in lease liabilities	$ 8,805	$ (2,723)
Right of use assets, impairment charge	$ 0	$ 0

Employee Benefit Plans - Summary of Change in Projected Benefit Obligation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in projected benefit obligation
Projected benefit obligation as of January 1	$ 21,531	$ 23,271
Service cost	3,799	3,770	$ 3,512
Interest cost	1,569	1,232	929
Benefits paid	(1,382)	(1,757)
Actuarial gain (loss)	(1,166)	(2,639)
Effect of exchange rate changes	(114)	(2,346)
Projected benefit obligation as of December 31	24,237	21,531	23,271
Change in plan assets
Plan assets at the beginning of the year	14,449	13,605
Actual return	1,220	798
Employer contribution	2,913	3,273
Benefits paid	(1,343)	(1,737)
Effect of exchange rate changes	(105)	(1,490)
Plan assets at the end of the year	17,134	14,449	$ 13,605
Unfunded status as of December 31	7,103	7,082
Non-current liability (included under other non-current liabilities)	16,666	12,982
Accumulated benefit obligation as of December 31	16,655	14,447
Accumulated benefit obligation in excess of plan assets as of December 31	479	2
Gratuity Payable
Change in plan assets
Non-current liability (included under other non-current liabilities)	6,925	6,971
Current liability (included under accrued employee costs)	178	111
Total accrued liability	$ 7,103	$ 7,082

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

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


	Year ended December 31,
	2023		2022		2021
Domestic	$	100,905	$	80,949	$	43,759
Foreign	137,036		109,150		102,802
	$	237,941	$	190,099	$	146,561

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


	Year ended December 31,
	2023		2022		2021
Current provision:
Domestic	$	51,450	$	43,416	$	18,532
Foreign	33,828		23,701		33,644
	$	85,278	$	67,117	$	52,176
Deferred provision/(benefit):
Domestic	$	(32,024)	$	(17,624)	$	(15,954)
Foreign	282		(1,928)		(4,372)
	(31,742)		(19,552)		(20,326)
Income tax expense	$	53,536	$	47,565	$	31,850

Deferred income taxes recognized in OCI were as follows:


	Year ended December 31,
	2023		2022		2021

Deferred taxes benefit / (expense) recognized on:
Unrealized gain/(loss) on cash flow hedges	$	(3,313)	$	5,860	$	(2,308)
Reclassification adjustment for cash flow hedges	(797)		455		1,530
Retirement benefits (incl. effects of tax rate changes)	(63)		(231)		194
Reclassification adjustment for retirement benefits	(74)		(179)		(204)
Foreign currency translation adjustments	(156)		10,032		3,016
Total	$	(4,403)	$	15,937	$	2,228

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


	Year ended December 31,
	2023		2022		2021
Expected tax expense	$	49,968	$	39,921	$	30,777

Foreign tax rate differential	5,333		(1,136)		1,127
Deferred tax provision	2,509		3,801		350
Unrecognized tax benefits	(187)		273		161
State taxes, net of Federal taxes	11,640		7,730		4,968
Non-deductible expenses	4,083		6,285		3,165

Excess tax benefit on stock-based compensation	(15,055)		(5,881)		(3,651)
Research and development credits	(4,235)		(2,230)		(1,727)
Prior period items	(1,415)		(688)		(931)
Benefit on settlement of convertible notes	—		—		(2,411)
Others	895		(510)		22
Tax expense	$	53,536	$	47,565	$	31,850

The effective tax rate decreased from 25.0% during the year ended December 31, 2022 to 22.5% during the year ended December 31, 2023. The Company recorded income tax expense of $53,536 and $47,565 for the years ended December 31, 2023 and 2022, respectively. While the effective tax rate decreased during the year ended December 31, 2023, the amount of income tax expense increased primarily as a result of higher profit during the year ended December 31, 2023, compared to the year ended December 31, 2022, and an increase in non-deductible expenses, partially offset by higher excess tax benefits related to stock-based compensation during the year ended December 31, 2023, compared to the year ended December 31, 2022.

During the year ended December 31, 2023, the Company’s foreign subsidiaries in India, the United Kingdom, Australia, Bulgaria and the Czech Republic repatriated an aggregate amount of $136,405 (net of $5,852 withholding taxes) to the United States. These distributions do not constitute a change in the Company’s permanent reinvestment assertion.

Effective for taxable years beginning after December 31, 2021, Internal Revenue Code Section 174, Amortization of Research and Experimental Expenditures, provides that research and experimentation expenses can no longer be currently deducted, instead such expenses are required to be capitalized. Such capitalized expenses are to be amortized over a period of five and fifteen years for the U.S. and foreign research, respectively. However, this change has no net impact on the consolidated statements of income for the years ended December 31, 2023 and 2022, due to an offset between current and deferred taxes.

The components of the deferred tax balances were as follows:


	As of
	December 31, 2023		December 31, 2022
Deferred tax assets:
Tax credit carry forwards	$	12,762	$	5,716
Depreciation and amortization expense	14,569		14,734
Capitalized research and development expenses	47,276		24,743
Stock-based compensation	8,506		11,425

Accrued employee costs and other expenses	21,611		15,504
Net operating loss carry forwards	212		412
Net unrealized foreign exchange loss	21,449		23,572
Deferred rent	2,853		3,120
Others	416		272
	129,654		99,498
Valuation allowance	(482)		(309)
Deferred tax assets	$	129,172	$	99,189


Deferred tax liabilities:
Intangible assets	$	27,095	$	27,807
Net unrealized gain on investments	3,704		6,006
Capitalized costs	5,999		332
Foreign branch accounting	8,810		7,618
Others	2,132		2,182
Deferred tax liabilities	$	47,740	$	43,945
Net deferred tax assets	$	81,432	$	55,244

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying values of assets and liabilities and their respective tax bases and operating loss carry forwards. The Company performed an analysis of the realizability deferred tax assets as of December 31, 2023 and 2022, and recorded a valuation allowance of $482 and $309, respectively.

The Company’s income tax expense also includes provisions established for uncertain income tax positions determined in accordance with Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes. The Company monitors and adjusts these reserves in light of changing facts and circumstances. To the extent that the final tax outcome of these matters differs from the amounts recorded, such differences will impact the income tax expense in the period in which such determination is made.

The following table summarizes the activity related to the unrecognized tax benefits:


	Year ended December 31,
	2023		2022		2021
Balance as of January 1	$	1,449	$	1,068	$	907
Increases/(decreases) related to prior year tax positions	(610)		158		(12)

Increases related to current year tax positions	423		223		173

Balance as of December 31	$	1,262	$	1,449	$	1,068

The unrecognized tax benefits as of December 31, 2023 of $1,262, if recognized, would impact the effective tax rate.

As of December 31, 2023 and 2022, the Company has not accrued interest and penalties relating to unrecognized tax benefits.

- 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