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Stock-Based Compensation - Performance Based Stock Awards, Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
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	$ 41,380
Cost not yet recognized, period for recognition	2 years 1 month 6 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

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+ Details

Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments, All Other Investments [Abstract]

Investment

Investments consist of the following:


	As of
	March 31, 2025		December 31, 2024
Short-term investments
Mutual funds	$	100,588	$	108,251
Term deposits	90,390		78,972
Total Short-term investments	$	190,978	$	187,223

Long-term investments
Term deposits	$	14,966	$	9,295
Investment in equity affiliate	5,168		4,677
Total Long-term investments	$	20,134	$	13,972

Other Assets

3 Months Ended

Mar. 31, 2025

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

Other Assets

Other assets consist of the following:


	As of
	March 31, 2025		December 31, 2024
Deferred contract fulfillment costs	$	33,157	$	31,741
Deposits with statutory authorities	7,881		7,312
Lease deposits	6,945		6,495
Contract assets	3,669		3,628
Prepaid expenses	3,327		2,775
Derivative instruments	1,603		852
Others	5,343		3,282
Other assets	$	61,925	$	56,085

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 140,442	$ 153,355	$ 108,565
Restricted cash, current	9,826	9,972	4,291
Restricted cash, noncurrent	8,210	8,071	4,376
Cash, cash equivalents and restricted cash	$ 158,478	$ 171,398	$ 117,232	$ 145,401

Investments

3 Months Ended

Mar. 31, 2025

Investments, All Other Investments [Abstract]

Investments

Investments consist of the following:


	As of
	March 31, 2025		December 31, 2024
Short-term investments
Mutual funds	$	100,588	$	108,251
Term deposits	90,390		78,972
Total Short-term investments	$	190,978	$	187,223

Long-term investments
Term deposits	$	14,966	$	9,295
Investment in equity affiliate	5,168		4,677
Total Long-term investments	$	20,134	$	13,972

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

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2025

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
	March 31, 2025		December 31, 2024
Accrued expenses	$	65,232	$	63,548
Payable to statutory authorities	40,928		22,935
Client liabilities	11,867		9,711
Accrued capital expenditures	3,764		2,059
Derivative instruments	3,385		7,454
Contingent consideration	1,280		1,280

Income taxes payable	271		284
Others	5,253		6,326
Accrued expenses and other current liabilities	$	131,980	$	113,597

Capital Structure (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

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

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


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Three months ended March 31, 2025	190,716	$	9,432	$	49.46
Three months ended March 31, 2024	200,402	$	6,375	$	31.81

(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.

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

The Company purchased shares of its common stock, for a total consideration including commissions but excluding excise tax, under its two repurchase programs, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share
Three months ended March 31, 2025	175,063	$	8,058	$	46.03
Three months ended March 31, 2024	3,976,818	$	119,430	$	30.03

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerators:
Net income	$ 66,561	$ 48,763
Denominators:
Basic weighted average common shares outstanding (in shares)	162,490,179	165,082,387
Dilutive effect of share based awards (in shares)	2,067,154	1,644,466
Diluted (in shares)	164,557,333	166,726,853
Earnings per share:
Basic (in dollars per share)	$ 0.41	$ 0.30
Diluted (in dollars per share)	$ 0.40	$ 0.29
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share (in shares)	318,740	3,181,304

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 66,561	$ 48,763

- Definition

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

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
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-Section 45
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stock-Based Compensation - Performance Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2025 $ / 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	537,944
Number, granted (in shares) \| shares	94,970
Number, vested (in shares) \| shares	0
Number, forfeited (in shares) \| shares	(1,904)
Number, outstanding, ending balance (in shares) \| shares	631,010
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	$ 31.02
Weighted-average fair value, granted (in dollars per share) \| $ / shares	51.02
Weighted-average fair value, vested (in dollars per share) \| $ / shares	0
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	29.73
Weighted-average fair value, outstanding, ending balance (in dollars per share) \| $ / shares	$ 34.03
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	806,519
Number, granted (in shares) \| shares	142,350
Number, vested (in shares) \| shares	0
Number, forfeited (in shares) \| shares	(2,849)
Number, outstanding, ending balance (in shares) \| shares	946,020
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	$ 43.06
Weighted-average fair value, granted (in dollars per share) \| $ / shares	81.48
Weighted-average fair value, vested (in dollars per share) \| $ / shares	0
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	40.10
Weighted-average fair value, outstanding, ending balance (in dollars per share) \| $ / shares	$ 48.85

Revenues, net and Accounts Receivable, net - Contract with Customer Revenue Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Deferred revenue (consideration received in advance)	$ 7,429	$ 7,061
Consideration received for process transition activities	$ 1,377	$ 632

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, net

Property and equipment consists of the following:


	As of
	March 31, 2025		December 31, 2024
Property, plant and equipment, gross	$	372,237	$	356,060
Less: Accumulated depreciation and amortization	(265,089)		(254,223)
Property, plant and equipment, net	$	107,148	$	101,837

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


	Three months ended March 31,
	2025		2024
Depreciation and amortization expense	$	10,311	$	9,266

Internally developed software costs, included in property and equipment was as follows:


	As of
	March 31, 2025		December 31, 2024
Cost	$	60,648	$	60,447
Less : Accumulated amortization	(40,983)		(38,243)
Internally developed software, net	$	19,665	$	22,204

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


	Three months ended March 31,
	2025		2024
Amortization expense	$	2,740	$	2,520

Accumulated Other Comprehensive Income/( Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 929,862	$ 889,437
Gain (loss) recognized during the period	13,396	(3,126)
Reclassification to net income	1,487	(598)
Income tax effects	(2,948)	328
Ending balance	1,011,877	803,255
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(154,722)	(127,040)
Ending balance	(142,787)	(130,436)
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(146,998)	(132,643)
Gain (loss) recognized during the period	3,927	(3,064)
Reclassification to net income	0	0
Income tax effects	(673)	519
Ending balance	(143,744)	(135,188)
Unrealized gain/(loss) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(7,548)	4,198
Gain (loss) recognized during the period	9,469	(62)
Reclassification to net income	1,598	(443)
Income tax effects	(2,262)	(190)
Ending balance	1,257	3,503
Retirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(176)	1,405
Gain (loss) recognized during the period	0	0
Reclassification to net income	(111)	(155)
Income tax effects	(13)	(1)
Ending balance	$ (300)	$ 1,249

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

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

+ References

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+ Details

Capital Structure

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Capital Structure

Common Stock

The Company has one class of common stock outstanding.

Share Repurchases


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Three months ended March 31, 2025	190,716	$	9,432	$	49.46
Three months ended March 31, 2024	200,402	$	6,375	$	31.81

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.

On February 26, 2024, the Company’s board of directors authorized a $500,000 (excluding excise tax) common stock repurchase program beginning March 1, 2024 (the “2024 Repurchase Program”), and terminated the 2022 Repurchase Program on February 29, 2024.

On March 15, 2024, the Company entered into the 2024 ASR Agreement with Citibank to repurchase shares of its common stock for an aggregate purchase price of $125,000, as part of the Company’s 2024 Repurchase Program. Upon payment of the aggregate purchase price of $125,000, the Company received an initial delivery of 3,350,084 shares of its common stock at an initial price of $29.85 per share, representing 80% of the aggregate purchase price. The Company funded the repurchase with available cash on hand and borrowing from its revolving credit facility. The 2024 ASR Agreement was accounted for as a treasury stock transaction and forward stock purchase agreement indexed to the Company’s common stock. The forward stock purchase agreement was classified as an equity instrument under ASC Topic 815-40, Contracts in Entity's Own Equity and deemed to have a fair value of zero at the effective date. The prepayment of $25,000 was initially recorded in additional paid-in capital, which reflected the pending settlement of the 2024 ASR Agreement.

On July 19, 2024, upon final settlement of the 2024 ASR Agreement, the Company received 820,433 additional shares of its common stock based on a daily volume-weighted average price of $29.97 per share which were recorded as treasury stock at a fair market value of $33.96 per share, and $2,862 was recorded in additional paid-in capital.

Under the Company’s two repurchase programs, shares may be purchased by the Company from time to time from the open market and through private transactions, or otherwise, as determined by the Company’s management as market conditions warrant. Repurchases may be discontinued at any time by the management.

The Company purchased shares of its common stock, for a total consideration including commissions but excluding excise tax, under its two repurchase programs, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share
Three months ended March 31, 2025	175,063	$	8,058	$	46.03
Three months ended March 31, 2024	3,976,818	$	119,430	$	30.03

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, 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 $nil and $544 on repurchase of common stock as a part of cost of such repurchases for the three months ended March 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Revenues, net and Accounts Receivable, net

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues, net and Accounts Receivable, net

Refer to Note 3 - Segment Information to the unaudited consolidated financial statements for revenues disaggregated by reportable segments, service type, geography and industry verticals.

Contract balances

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


	As of
	March 31, 2025		December 31, 2024
Accounts receivable, net	$	339,856	$	304,322
Contract assets	$	44,509	$	39,700
Contract liabilities:
Deferred revenue (consideration received in advance)	$	15,342	$	15,484
Consideration received for process transition activities	$	26,570	$	21,993

Accounts receivable includes $144,747 and $121,817 as of March 31, 2025 and December 31, 2024, 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 performance risk associated with its unbilled receivables. Contract assets as of March 31, 2025 and December 31, 2024, includes receivables of $38,130 and $33,472, respectively, from our payment integrity services. There are no performance risks associated with these contract assets.

There were no significant cumulative catch-up impact or impairment related to contract assets as of March 31, 2025 and December 31, 2024.

Revenue recognized during the three months ended March 31, 2025 and 2024, which was included in the contract liabilities balance at the beginning of the respective periods is as follows:


	Three months ended March 31,
	2025		2024
Deferred revenue (consideration received in advance)	$	7,429	$	7,061
Consideration received for process transition activities	$	1,377	$	632

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
	Three months ended				Year ended		Three months ended				Year ended
	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2025		March 31, 2024		December 31, 2024
Opening balance	$	2,287	$	2,122	$	2,122	$	36,022	$	24,673	$	24,673
Additions	81		7		1,240		3,329		3,326		15,118
Amortization	(242)		(228)		(1,075)		(1,271)		(712)		(3,769)
Closing balance	$	2,126	$	1,901	$	2,287	$	38,080	$	27,287	$	36,022

There was no significant impairment for contract acquisition and contract fulfillment costs as of March 31, 2025 and December 31, 2024.

Allowance for expected credit losses

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


	As of
	March 31, 2025		December 31, 2024
Accounts receivable, including unbilled receivables	$	344,590	$	307,850
Less: Allowance for expected credit losses	(4,734)		(3,528)
Accounts receivable, net	$	339,856	$	304,322

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


	Three months ended March 31,				Year ended
	2025		2024		December 31, 2024
Opening balance	$	3,528	$	3,703	$	3,703
Additions/(reductions)	1,219		(269)		(39)
Reductions due to write-off of accounts receivable	(13)		(76)		(135)
Currency translation adjustments	—		—		(1)
Closing balance	$	4,734	$	3,358	$	3,528

Customer and credit risk concentration

No single customer accounted for more than 10% of the Company's revenues, net during the three months ended March 31, 2025 and 2024. The Company’s management believes that the loss of any of its top ten clients could have a material adverse effect on its financial performance.

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 March 31, 2025 and December 31, 2024.

- 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.

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+ Details

Revenues, net and Accounts Receivable, net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Capitalized Contract Cost [Line Items]
Accounts receivable not billed	$ 144,747	$ 121,817
Contract with customer, asset, receivables from payment integrity services	38,130	33,472
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

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2025

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 and Life Sciences		Banking, Capital Markets and Diversified Industries		International Growth Markets		Total
Balance as of January 1, 2025	$	77,099	$	189,621	$	100,639	$	53,028	$	420,387
Currency translation adjustments	75		1		17		14		107

Balance as of March 31, 2025	$	77,174	$	189,622	$	100,656	$	53,042	$	420,494

Schedule of Indefinite Lived Intangible Assets

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


	As of March 31, 2025						As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	108,550	$	(63,833)	$	44,717	$	108,550	$	(60,667)	$	47,883
Developed technology	3,576		(3,388)		188		3,529		(3,311)		218
Trade names and trademarks	1,700		(1,466)		234		1,700		(1,442)		258
Non-compete agreements	300		(247)		53		300		(228)		72
	114,126		(68,934)		45,192		114,079		(65,648)		48,431
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900		900		—		900
Total intangible assets	$	115,026	$	(68,934)	$	46,092	$	114,979	$	(65,648)	$	49,331

Schedule of Finite Lived Intangible Assets Useful Lives

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


	As of March 31, 2025						As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	108,550	$	(63,833)	$	44,717	$	108,550	$	(60,667)	$	47,883
Developed technology	3,576		(3,388)		188		3,529		(3,311)		218
Trade names and trademarks	1,700		(1,466)		234		1,700		(1,442)		258
Non-compete agreements	300		(247)		53		300		(228)		72
	114,126		(68,934)		45,192		114,079		(65,648)		48,431
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900		900		—		900
Total intangible assets	$	115,026	$	(68,934)	$	46,092	$	114,979	$	(65,648)	$	49,331

Schedule of Amortization of Intangible Assets

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


	Three months ended March 31,
	2025		2024
Amortization expense	$	3,246	$	3,080

Schedule of Estimated Future Amortization of Intangible Assets


Estimated future amortization expense related to finite-lived intangible assets as of March 31, 2025 was as follows:
2025 (April 1 - December 31)	$	9,884
2026	12,785
2027	11,844
2028	9,227
2029	1,452
Total	$	45,192

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

Revenues, net and Accounts Receivable, net - Contracts with Customer, Receivables, Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 339,856	$ 304,322
Contract assets	44,509	39,700
Contract liabilities:
Deferred revenue (consideration received in advance)	15,342	15,484
Consideration received for process transition activities	$ 26,570	$ 21,993

Derivatives and Hedge Accounting - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge gain to be reclassified within twelve months	$ 983
Maximum outstanding term of cash flow hedges	42 months

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred contract fulfillment costs	$ 33,157	$ 31,741
Deposits with statutory authorities	7,881	7,312
Lease deposits	6,945	6,495
Contract assets	3,669	3,628
Income taxes payable, net	3,327	2,775
Derivative instruments	1,603	852
Others	5,343	3,282
Other assets	$ 61,925	$ 56,085

- 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.

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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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/exampleRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Finance lease:
Depreciation on underlying ROU assets	$ 132	$ 67
Interest on lease liabilities	69	36
Total finance lease cost	201	103
Operating lease	6,179	5,350
Variable lease costs	1,073	984
Sublease income	(110)	0
Total lease cost	$ 7,343	$ 6,437

Goodwill and Other Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,246	$ 3,080

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Operating Leases
2025 (April 1 - December 31)	$ 17,304
2026	21,993
2027	19,760
2028	16,593
2029	8,392
2030 and thereafter	12,253
Total lease payments	96,295
Less: Imputed interest	17,461
Present value of lease liabilities	78,834
Finance Leases
2025 (April 1 - December 31)	763
2026	721
2027	589
2028	348
2029	143
2030 and thereafter	0
Total lease payments	2,564
Less: Imputed interest	601
Present value of lease liabilities	$ 1,963

Related Party Disclosures	3 Months Ended
Related Party Disclosures	Mar. 31, 2025
Related Party Transactions [Abstract]
Related Party Disclosures	Related Party Disclosures In April 2022, the Company entered into a service contract for providing data and AI-led services to The Vanguard Group Inc., which reported that it beneficially owns approximately 10% of the Company’s common stock as of December 31, 2024. During the three months ended March 31, 2025 and 2024, the Company recognized revenues, net of $nil and $166, respectively, related to this service contract. The Company had outstanding accounts receivable, net of $nil and $124, related to this service contract as of March 31, 2025 and December 31, 2024, respectively. In February 2024, the Company entered into a service contract for providing data and AI-led services to Corridor Platforms, Inc., which is an equity affiliate of the Company. During the three months ended March 31, 2025 and 2024, the Company recognized revenues, net of $42 and $151, respectively, related to this service contract. The Company had outstanding accounts receivable, net of $14 and $56, related to this service contract as of March 31, 2025 and December 31, 2024, respectively.

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-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))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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

+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	Apr. 25, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-33089
Entity Registrant Name	EXLSERVICE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0572194
Entity Address, Address Line One	320 Park Avenue,
Entity Address, Address Line Two	29th Floor,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	277-7100
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	EXLS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		162,694,355
Entity Central Index Key	0001297989
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Cash equivalents - Money market funds	$ 48,438	$ 54,925
Mutual funds	100,588	108,251
Derivative financial instruments	6,349	2,825
Total	155,375	166,001
Liabilities
Derivative financial instruments	4,108	11,817
Contingent consideration	2,700	2,700
Total	6,808	14,517
(Level 1)
Assets
Cash equivalents - Money market funds	48,438	54,925
Mutual funds	100,588	108,251
Derivative financial instruments	0	0
Total	149,026	163,176
Liabilities
Derivative financial instruments	0	0
Contingent consideration	0	0
Total	0	0
(Level 2)
Assets
Cash equivalents - Money market funds	0	0
Mutual funds	0	0
Derivative financial instruments	6,349	2,825
Total	6,349	2,825
Liabilities
Derivative financial instruments	4,108	11,817
Contingent consideration	0	0
Total	4,108	11,817
(Level 3)
Assets
Cash equivalents - Money market funds	0	0
Mutual funds	0	0
Derivative financial instruments	0	0
Total	0	0
Liabilities
Derivative financial instruments	0	0
Contingent consideration	2,700	2,700
Total	$ 2,700	$ 2,700

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Revenues and Cost of Revenues for Company's Reportable Segments

Revenues and cost of revenues for the three months ended March 31, 2025 and 2024, respectively, for each of the reportable segments, are as follows:


	Three months ended March 31, 2025
	Insurance		Healthcare and Life Sciences		Banking, Capital Markets and Diversified Industries		International Growth Markets		Total

Revenues, net	$	172,056	$	125,592	$	117,702	$	85,669	$	501,019
Cost of revenues (1)
Employee costs	90,549		58,924		64,294		44,820		258,587
Infrastructure and technology costs	13,246		6,738		6,169		8,161		34,314
Other costs (2)	5,372		4,850		3,286		1,296		14,804
Gross profit (1)	$	62,889	$	55,080	$	43,953	$	31,392	$	193,314
Operating expenses									114,899
Foreign exchange gain, net, interest expense and other income, net									1,751
Income tax expense									13,496
Loss from equity-method investment									(109)
Net income									$	66,561

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and other direct pass-through expenses related to client contracts for the Company’s direct marketing business.


	Three months ended March 31, 2024
	Insurance		Healthcare and Life Sciences		Banking, Capital Markets and Diversified Industries		International Growth Markets		Total
Revenues, net	$	158,267	$	100,656	$	103,253	$	74,331	$	436,507
Cost of revenues (1)
Employee costs	81,404		45,761		58,695		39,723		225,583
Infrastructure and technology costs	11,921		5,442		4,953		6,841		29,157
Other costs (2)	11,396		3,832		2,343		1,113		18,684
Gross profit (1)	$	53,546	$	45,621	$	37,262	$	26,654	$	163,083
Operating expenses									101,559
Foreign exchange gain, net, interest expense and other income, net									1,020
Income tax expense									13,753
Loss from equity-method investment									(28)
Net income									$	48,763

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and other direct pass-through expenses related to client contracts for the Company’s direct marketing business.

Revenues, net by service type, were as follows:


	Three months ended March 31,
	2025		2024
Data and AI-led (1)	$	267,929	$	231,724
Digital operations (2)	233,090		204,783
Revenues, net	$	501,019	$	436,507

(1) Data and AI-led revenue comes from AI-powered solutions and services in which the Company embeds data and AI into client workflows. Leveraging the Company’s depth of domain knowledge, analytics, data management and digital engineering expertise, the Company’s industry-specific offerings are designed to help clients accelerate growth, improve customer experience, enhance efficiency, and deliver lasting competitive advantages. As clients evolve from digital operations to data and AI-powered operations and outcomes, these capabilities represent the next stage of enterprise transformation.

(2) Digital operations revenue comes from the Company’s industry-specific solutions and services that help clients run essential business functions with greater speed, accuracy, and efficiency. The Company applies deep industry expertise and tailored technology—whether its proprietary technology or client technology—to solve complex challenges and drive measurable outcomes. These digital operations deployments form the foundation for future client transformation opportunities to infuse AI into client workflows and unlock even greater value.

Revenues, net by industry verticals, were as follows:


	Three months ended March 31,
	2025		2024
Insurance	$	200,361	$	183,059
Healthcare and Life Sciences	125,826		100,900
Banking, Capital Markets and Diversified Industries	174,832		152,548
Revenues, net	$	501,019	$	436,507

Revenues Based on Geographical Information

The Company attributes revenues based on geographical markets where the customer operations being served by it are located.


	Three months ended March 31,
	2025		2024
Revenues, net
North America	$	415,350	$	362,176

U.K. & Europe	75,693		65,610
Rest of World	9,976		8,721

Revenues, net	$	501,019	$	436,507

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
	March 31, 2025		December 31, 2024
Long-lived assets
India	$	66,263	$	63,040
North America	52,981		52,510
The Philippines	30,023		25,881
South Africa	22,785		23,828
Rest of World	6,246		5,362
Long-lived assets	$	178,298	$	170,621

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2025
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of Significant Accounting Policies (a)Basis of Preparation and Principles of Consolidation The unaudited consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The unaudited consolidated financial statements reflect all adjustments (of a normal and recurring nature) that management considers necessary for a fair presentation of such statements for the interim periods presented. The unaudited consolidated statements of income for the interim periods presented are not necessarily indicative of the results for the full year or for any subsequent period. The accompanying unaudited consolidated financial statements include the financial statements of ExlService Holdings and all of its subsidiaries. The standalone financial statements of subsidiaries are fully consolidated on a line-by-line basis. Intra-group balances and transactions, and gains and losses arising from intra-group transactions, are eliminated while preparing consolidated financial statements. The Company’s investments in equity affiliates are recorded using equity method of accounting. In the first quarter of 2025, the Company implemented operational and structural changes to accelerate the execution of its data and AI strategy. Under the new structure, the Company reports its financial performance based on new segments described in Note 3 - Segment Information to the unaudited consolidated financial statements. In conjunction with the new reporting structure, the Company has recast prior period amounts, wherever applicable, to conform to the way the Company internally manages and monitors segment performance. This change primarily impacted Note 3 - Segment Information and Note 10 - Goodwill and Other Intangible Assets to the unaudited consolidated financial statements. This change in segment presentation does not affect the Company’s unaudited consolidated statements of income, balance sheets or statements of cash flows. (b)Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the carrying amounts of assets and liabilities and disclosure of contingent assets and liabilities included in the unaudited 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 unaudited consolidated financial statements include, but are not limited to, estimates of the fair value of the identifiable intangible assets and contingent consideration, purchase price allocation, including revenue projections and the discount rate applied within the discounted cash flow model for business acquisitions, credit risk of customers, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, 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. (c) Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (“Accounting Standards Codification (“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 is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on its annual consolidated financial statements for the year ending on December 31, 2025. In November 2024, FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income (“ASC Topic 220”): Expense Disaggregation Disclosures. This ASU improves disclosures relating to the disaggregation of income statement expenses, requires additional disclosures about the nature of expenses in commonly presented financial statement captions on an annual and interim basis for all public business entities. The ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its unaudited consolidated financial statements. (d) Recently Adopted and Applicable Accounting Pronouncements In March 2024, FASB issued ASU No. 2024-01, Compensation-Stock Compensation (“ASC Topic 718”). This ASU clarifies how to evaluate whether profits interest and similar awards given to employees and non-employees are within the scope of share-based payment arrangement under ASC Topic 718. The ASU will be effective for annual periods beginning after December 15, 2024, including interim periods within those years, with early adoption permitted. The Company has early adopted this ASU beginning January 1, 2024. The adoption of this ASU did not have a material impact on the Company’s unaudited consolidated financial statements.

Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Contract assets	$ 40,840	$ 36,072
Advance income tax, net	37,659	49,377
Prepaid expenses	32,472	21,061
Receivables from statutory authorities	20,611	19,407
Deferred contract fulfillment costs	4,923	4,281
Derivative instruments	4,746	1,973
Others	8,952	8,146
Other current assets	$ 150,203	$ 140,317

Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2025

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

Schedule of Other Current Assets

Other current assets consist of the following:


	As of
	March 31, 2025		December 31, 2024
Contract assets	$	40,840	$	36,072
Advance income tax, net	37,659		49,377
Prepaid expenses	32,472		21,061
Receivables from statutory authorities	20,611		19,407
Deferred contract fulfillment costs	4,923		4,281
Derivative instruments	4,746		1,973

Others	8,952		8,146
Other current assets	$	150,203	$	140,317

Goodwill and Other Intangible Assets - Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (April 1 - December 31)	$ 9,884
2026	12,785
2027	11,844
2028	9,227
2029	1,452
Net Carrying Amount	$ 45,192	$ 48,431

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

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

Revenues, net

$ 501,019

$ 436,507

Cost of revenues

Employee costs

258,587

225,583

Infrastructure and technology costs

34,314

29,157

Other costs

14,804

18,684

Gross profit

^[1]

193,314

163,083

Operating expenses

114,899

101,559

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

1,751

1,020

Income tax expense

13,496

13,753

Loss from equity-method investment

(109)

(28)

Net income

66,561

48,763

North America

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

Revenues, net

415,350

362,176

Rest of World

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

Revenues, net

9,976

8,721

Data and AI-Led

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

Revenues, net

267,929

231,724

Digital operations

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

Revenues, net

233,090

204,783

Insurance

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

Revenues, net

200,361

183,059

Cost of revenues

Gross profit

62,889

Insurance | North America

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

Revenues, net

172,056

158,267

Cost of revenues

Employee costs

90,549

81,404

Infrastructure and technology costs

13,246

11,921

Other costs

5,372

11,396

Gross profit

53,546

Healthcare and Life Sciences

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

Revenues, net

125,826

100,900

Cost of revenues

Gross profit

55,080

Healthcare and Life Sciences | North America

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

Revenues, net

125,592

100,656

Cost of revenues

Employee costs

58,924

45,761

Infrastructure and technology costs

6,738

5,442

Other costs

4,850

3,832

Gross profit

45,621

Banking, Capital Markets and Diversified Industries

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

Revenues, net

174,832

152,548

Cost of revenues

Gross profit

43,953

Banking, Capital Markets and Diversified Industries | North America

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

Revenues, net

117,702

103,253

Cost of revenues

Employee costs

64,294

58,695

Infrastructure and technology costs

6,169

4,953

Other costs

3,286

2,343

Gross profit

37,262

International Growth Markets

Cost of revenues

Gross profit

31,392

International Growth Markets | Rest of World

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

Revenues, net

85,669

74,331

Cost of revenues

Employee costs

44,820

39,723

Infrastructure and technology costs

8,161

6,841

Other costs

$ 1,296

1,113

Gross profit

$ 26,654

[1]	Exclusive of depreciation and amortization expense.

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2025 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

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

The effective tax rate decreased from 22.0% during the three months ended March 31, 2024 to 16.9% during the three months ended March 31, 2025. The Company recorded income tax expense of $13,496 and $13,753 for the three months ended March 31, 2025 and 2024, respectively. The decrease in income tax expense for the three months ended March 31, 2025 was primarily a result of higher excess tax benefits related to stock-based compensation, partially offset by higher profit and increase in non-deductible compensation expenses, compared to the three months ended March 31, 2024.

Deferred income taxes recognized in OCI were as follows:


	Three months ended March 31,
	2025		2024
Deferred taxes benefit / (expense) recognized on:
Unrealized gain/(loss) on cash flow hedges	$	(2,644)	$	(292)
Reclassification adjustment for cash flow hedges	382		102

Reclassification adjustment for retirement benefits	(13)		(1)
Currency translation adjustments	(673)		519
Total	$	(2,948)	$	328

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: 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/1943274/2147477891/740-270-50-1

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: 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 12: 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 13: 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 14: 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

Property and Equipment, net - Internally Developed Software Costs, Included under Software (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Cost	$ 60,648		$ 60,447
Less : Accumulated amortization	(40,983)		(38,243)
Internally developed software, net	19,665		$ 22,204
Amortization expense	$ 2,740	$ 2,520

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Preparation	Basis of Preparation and Principles of Consolidation The unaudited consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Principles of Consolidation	The unaudited consolidated financial statements reflect all adjustments (of a normal and recurring nature) that management considers necessary for a fair presentation of such statements for the interim periods presented. The unaudited consolidated statements of income for the interim periods presented are not necessarily indicative of the results for the full year or for any subsequent period. The accompanying unaudited consolidated financial statements include the financial statements of ExlService Holdings and all of its subsidiaries. The standalone financial statements of subsidiaries are fully consolidated on a line-by-line basis. Intra-group balances and transactions, and gains and losses arising from intra-group transactions, are eliminated while preparing consolidated financial statements. The Company’s investments in equity affiliates are recorded using equity method of accounting. In the first quarter of 2025, the Company implemented operational and structural changes to accelerate the execution of its data and AI strategy. Under the new structure, the Company reports its financial performance based on new segments described in Note 3 - Segment Information to the unaudited consolidated financial statements. In conjunction with the new reporting structure, the Company has recast prior period amounts, wherever applicable, to conform to the way the Company internally manages and monitors segment performance. This change primarily impacted Note 3 - Segment Information and Note 10 - Goodwill and Other Intangible Assets to the unaudited consolidated financial statements. This change in segment presentation does not affect the Company’s unaudited consolidated statements of income, balance sheets or statements of cash flows.
Use of Estimates	Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the carrying amounts of assets and liabilities and disclosure of contingent assets and liabilities included in the unaudited 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 unaudited consolidated financial statements include, but are not limited to, estimates of the fair value of the identifiable intangible assets and contingent consideration, purchase price allocation, including revenue projections and the discount rate applied within the discounted cash flow model for business acquisitions, credit risk of customers, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, 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.
Recent Accounting Pronouncements and Recently adopted Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (“Accounting Standards Codification (“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 is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on its annual consolidated financial statements for the year ending on December 31, 2025. In November 2024, FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income (“ASC Topic 220”): Expense Disaggregation Disclosures. This ASU improves disclosures relating to the disaggregation of income statement expenses, requires additional disclosures about the nature of expenses in commonly presented financial statement captions on an annual and interim basis for all public business entities. The ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its unaudited consolidated financial statements. (d) Recently Adopted and Applicable Accounting Pronouncements In March 2024, FASB issued ASU No. 2024-01, Compensation-Stock Compensation (“ASC Topic 718”). This ASU clarifies how to evaluate whether profits interest and similar awards given to employees and non-employees are within the scope of share-based payment arrangement under ASC Topic 718. The ASU will be effective for annual periods beginning after December 15, 2024, including interim periods within those years, with early adoption permitted. The Company has early adopted this ASU beginning January 1, 2024. The adoption of this ASU did not have a material impact on the Company’s unaudited consolidated financial statements.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three months ended March 31,
	2025		2024
Numerators:
Net income	$	66,561	$	48,763
Denominators:
Basic weighted average common shares outstanding	162,490,179		165,082,387
Dilutive effect of stock-based awards	2,067,154		1,644,466
Diluted weighted average common shares outstanding	164,557,333		166,726,853
Earnings per share:
Basic	$	0.41	$	0.30
Diluted	$	0.40	$	0.29
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	318,740		3,181,304

On March 15, 2024, the Company entered into a master confirmation (the “Master Accelerated Share Repurchase Confirmation”) and a supplemental confirmation (together with the Master Accelerated Share Repurchase Confirmation, the “2024 ASR Agreement”), with Citibank, N.A. (“Citibank”). Refer to Note 19 - Capital Structure to the unaudited consolidated

financial statements for further details. During the three months ended March 31, 2024, the Company recorded the initial delivery of shares in treasury stock, which resulted in an immediate reduction of its outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

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


	Three months ended March 31,
	2025		2024
Cost of revenues	$	3,487	$	3,949
General and administrative expenses	7,186		6,887
Selling and marketing expenses	8,514		7,016
Total	$	19,187	$	17,852

Income tax benefit related to stock-based compensation (1)	$	9,105	$	5,358

(1) Includes $14,526 and $7,523 during the three months ended March 31, 2025 and 2024, respectively, related to discrete benefits recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation.

As of March 31, 2025 and December 31, 2024, the Company had 549,764 and 1,813,592 shares, respectively, available for grant under the 2018 Omnibus Incentive Plan.

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 at December 31, 2024	1,768,305		$	30.14	$	25,187	8.5
Granted	—		—		—		—
Exercised	—		—		—		—
Forfeited	—		—		—		—
Outstanding at March 31, 2025	1,768,305		$	30.14	$	30,191	8.2
Vested and exercisable at March 31, 2025	425,265		$	30.14	$	7,261	8.2
Weighted average grant date fair value of per unit of stock option granted during the period	$	—

As of March 31, 2025, unrecognized compensation cost of $11,998 is expected to be expensed over a weighted average period of 2.3 years.

Share Matching Program

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

Restricted stock unit activity under the SMP is shown below:


	Restricted Stock Units (SMP)
	Number	Weighted Average Fair Value
Outstanding at December 31, 2024*	144,845	$	24.95
Granted	—	—
Vested*	(144,845)	24.95
Forfeited	—	—
Outstanding as of March 31, 2025*	—	$	—

* As of March 31, 2025 and December 31, 2024 restricted stock units vested for which the underlying common stock is yet to be issued are 217,230 and 72,385, respectively.

Restricted Stock Units

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


	Restricted Stock Units
	Number	Weighted Average Fair Value
Outstanding as of December 31, 2024*	3,240,200	$	28.82
Granted	701,126	51.01
Vested*	(1,184,944)	25.91
Forfeited	(12,559)	30.56
Outstanding as of March 31, 2025*	2,743,823	$	35.74

* As of March 31, 2025 and December 31, 2024 restricted stock units vested for which the underlying common stock is yet to be issued are 291,520 and 289,547, respectively.

As of March 31, 2025, unrecognized compensation cost of $89,438 is expected to be expensed over a weighted average period of 3.0 years.

Performance-Based Stock Awards

Under the 2018 Plan, the Company grants performance-based restricted stock units (“PRSUs”) to executive officers and other specified employees. During the three months ended March 31, 2025, the Company granted 40% of each award recipient’s equity grants in the form of PRSUs that cliff vest at the end of a three-year period based on an aggregated revenue target for a three-year period (“PU”). The remaining 60% of each award recipient’s equity grants are PRSUs that are based on market conditions, contingent on the Company's meeting a total shareholder return relative to a group of peer companies specified under the 2018 Plan, and are measured over a three-year performance period (“MU”).

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


	Revenue Based PRSUs			Market Condition Based PRSUs
	Number	Weighted Average Fair Value		Number	Weighted Average Fair Value
Outstanding as of December 31, 2024	537,944	$	31.02	806,519	$	43.06
Granted	94,970	51.02		142,350	81.48


Vested	—	—		—	—
Forfeited	(1,904)	29.73		(2,849)	40.10
Outstanding as of March 31, 2025	631,010	$	34.03	946,020	$	48.85

As of March 31, 2025, unrecognized compensation cost of $41,380 is expected to be expensed over a weighted average period of 2.1 years.

Employee Stock Purchase Plan

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

The 2022 ESPP allows eligible employees to purchase the Company’s shares of common stock through payroll deductions at a pre-specified discount to the lower of closing price of the Company’s common shares on the date of offering or the last business day of each purchase interval. The dollar amount of shares of common stock that can be purchased under the 2022 ESPP must not exceed 15% of the participating employee’s compensation during the offering period, subject to a cap of $25 per employee per calendar year. The Company has reserved 4,000,000 shares of common stock for issuance under the 2022 ESPP.

The sixth offering period under the 2022 ESPP commenced on January 1, 2025 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, 2024	3,672,744
Issuance of common stock made during the fifth offering period	64,939	$	1,823


Shares available for issuance as of March 31, 2025	3,607,805
Contributions received for the sixth offering period up to March 31, 2025		$	2,935

Employee Benefit Plans - Net Period Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Retirement Benefits [Abstract]
Service cost	$ 1,383	$ 1,108
Interest cost	509	388
Expected return on plan assets	(345)	(312)
Amortization of actuarial (gain)/loss, gross of tax	(111)	(155)
Net gratuity cost	1,436	1,029
Income tax effects on above	(13)	(1)
Amortization of actuarial (gain)/loss, net of tax	$ (124)	$ (156)

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Jun. 15, 2023
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment	$ 10,300
Payments to Acquire Other Investments	1,800
Other commitment	$ 2,200		$ 4,000
Percentage of export-oriented units established	100.00%
Aggregate disputed amount related to transfer pricing and permanent establishment	$ 50,535	$ 49,588
Total bank guarantees and deposits in respect of contingencies	8,045	7,506
Value added tax payable	5,348	5,339
Value added tax, bank guarantees	5,348	5,339
GST refund rejected	$ 5,746	$ 5,885

Other Non-Current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Liabilities, Noncurrent [Abstract]
Retirement benefits	$ 26,431	$ 24,795
Deferred transition revenue	21,827	18,213
Unrecognized tax benefits	2,123	1,966
Contingent consideration	1,420	1,420
Derivative instruments	723	4,363
Others	2,947	2,816
Other non-current liabilities	$ 55,471	$ 53,573

Goodwill and Other Intangible Assets - Summary of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 420,387
Currency translation adjustments	107
Ending balance	420,494
Insurance
Goodwill [Roll Forward]
Beginning balance	77,099
Currency translation adjustments	75
Ending balance	77,174
Healthcare and Life Sciences
Goodwill [Roll Forward]
Beginning balance	189,621
Currency translation adjustments	1
Ending balance	189,622
Banking, Capital Markets and Diversified Industries
Goodwill [Roll Forward]
Beginning balance	100,639
Currency translation adjustments	17
Ending balance	100,656
International Growth Markets
Goodwill [Roll Forward]
Beginning balance	53,028
Currency translation adjustments	14
Ending balance	$ 53,042

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in unaudited consolidated statements of income	$ 1,192	$ 359
Cash flow hedge \| Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) recognized in other comprehensive income (“OCI”)	9,469	(62)
Fair value hedge \| Gain/(loss) on foreign currency exchange contracts \| Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in unaudited consolidated statements of income	$ 480	$ 40

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	207,758,497	206,510,587
Common stock, shares outstanding (in shares)	162,683,343	161,801,212
Held in treasury at cost (in shares)	45,075,154	44,709,375

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Summary of Change in Projected Benefit Obligation


Change in Plan Assets
Plan assets as of January 1, 2025	$	19,963
Actual return	369
Employer contribution	—
Benefits paid	(321)
Currency translation adjustments	34
Plan assets as of March 31, 2025	$	20,045

Components of Net Periodic Benefit Costs

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


	Three months ended March 31,
	2025		2024
Service cost	$	1,383	$	1,108
Interest cost	509		388
Expected return on plan assets	(345)		(312)
Amortization of actuarial (gain)/loss, gross of tax	(111)		(155)
Net gratuity cost	$	1,436	$	1,029

Amortization of actuarial (gain)/loss, gross of tax	$	(111)	$	(155)
Income tax effects on above	(13)		(1)
Amortization of actuarial (gain)/loss, net of tax	$	(124)	$	(156)

Schedule of Company's Contribution Plan

The Company’s contributions to various defined contribution plans were as follows:


	Three months ended March 31,
	2025		2024
Contribution to the 401(k) Plans	$	2,795	$	2,443
Contributions to the defined contribution plans in foreign subsidiaries of the Company	$	7,785	$	6,749

Borrowings - Credit Facilities Carried an Effective Interest Rate (Details) - Credit Agreement - Line of credit	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility	5.80%	6.70%
Term loan facility
Debt Instrument [Line Items]
Revolving credit facility	5.70%	0.00%

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-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://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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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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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: 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 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings per share

Earnings Per Share

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


	Three months ended March 31,
	2025		2024
Numerators:
Net income	$	66,561	$	48,763
Denominators:
Basic weighted average common shares outstanding	162,490,179		165,082,387
Dilutive effect of stock-based awards	2,067,154		1,644,466
Diluted weighted average common shares outstanding	164,557,333		166,726,853
Earnings per share:
Basic	$	0.41	$	0.30
Diluted	$	0.40	$	0.29
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	318,740		3,181,304

Stock-Based Compensation - Restricted Stock Unit, Narrative (Details) - Restricted Stock Units (RSUs) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 89,438
Cost not yet recognized, period for recognition	3 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

Other Assets (Tables)

3 Months Ended

Mar. 31, 2025

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

Schedule of Other Assets

Other assets consist of the following:


	As of
	March 31, 2025		December 31, 2024
Deferred contract fulfillment costs	$	33,157	$	31,741
Deposits with statutory authorities	7,881		7,312
Lease deposits	6,945		6,495
Contract assets	3,669		3,628
Prepaid expenses	3,327		2,775
Derivative instruments	1,603		852
Others	5,343		3,282
Other assets	$	61,925	$	56,085

Capital Structure - Purchased Shares of its Common Stock, Including Commissions (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 15, 2024	Mar. 31, 2025	Mar. 31, 2024
Equity [Abstract]
Shares repurchased (in shares)	3,350,084	175,063	3,976,818
Total consideration		$ 8,058	$ 119,430
Weighted average purchase price per share (in dollars per share)	$ 29.85	$ 46.03	$ 30.03

- 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

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-lived intangible assets:
Gross Carrying Amount	$ 114,126	$ 114,079
Accumulated Amortization	(68,934)	(65,648)
Net Carrying Amount	45,192	48,431
Indefinite-lived intangible assets:
Total intangible assets, gross carrying amount	115,026	114,979
Total intangible assets, net carrying amount	46,092	49,331
Trade names and trademarks
Indefinite-lived intangible assets:
Trade names and trademarks	900	900
Customer relationships
Finite-lived intangible assets:
Gross Carrying Amount	108,550	108,550
Accumulated Amortization	(63,833)	(60,667)
Net Carrying Amount	44,717	47,883
Developed technology
Finite-lived intangible assets:
Gross Carrying Amount	3,576	3,529
Accumulated Amortization	(3,388)	(3,311)
Net Carrying Amount	188	218
Trade names and trademarks
Finite-lived intangible assets:
Gross Carrying Amount	1,700	1,700
Accumulated Amortization	(1,466)	(1,442)
Net Carrying Amount	234	258
Non-compete agreements
Finite-lived intangible assets:
Gross Carrying Amount	300	300
Accumulated Amortization	(247)	(228)
Net Carrying Amount	$ 53	$ 72

Borrowings (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Company's Debt Position

The following tables summarizes the Company’s debt position under its credit agreement with Citibank, N.A.:


	As of
	March 31, 2025						December 31, 2024
	Revolving credit facility		Term loan facility		Total		Revolving credit facility		Term loan facility		Total
Current portion of long-term borrowings	$	—	$	5,000	$	5,000	$	—	$	5,000	$	5,000
Unamortized debt issuance costs	—		(114)		(114)		—		(114)		(114)
Total current portion of long-term borrowings	—		4,886		4,886		—		4,886		4,886

Long-term borrowings	210,000		92,500		302,500		190,000		93,750		283,750
Unamortized debt issuance costs	—		(123)		(123)		—		(152)		(152)
Total long-term borrowings	210,000		92,377		302,377		190,000		93,598		283,598
Total borrowings	$	210,000	$	97,263	$	307,263	$	190,000	$	98,484	$	288,484

Schedule of Credit Facilities Carried an Effective Interest Rate

The effective interest rates of the revolving credit facility and the term loan facility are as follows:


	Three months ended March 31,
	2025		2024
Revolving credit facility	5.8	%	6.7	%
Term loan facility	5.7	%	—	%

Schedule of Principal Maturities of Borrowings

of the Company’s long-term borrowings, excluding debt issuance costs, outstanding as of March 31, 2025 was as follows:


	Revolving credit facility		Term loan facility


2025 (April 1 - December 31)	$	—	$	3,750
2026	—		5,000
2027	210,000		88,750
Total	$	210,000	$	97,500

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-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 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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-Paragraph 3
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Long-lived assets impairment charges	$ 0	$ 0

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$ 5,840	$ 4,616
Operating cash outflows for finance leases	69	36
Financing cash outflows for finance leases	116	60
ROU assets obtained in exchange for new operating lease liabilities	6,187	6,309
ROU assets obtained in exchange for new finance lease liabilities	$ 297	$ 287
Weighted average remaining lease term (in years)
Finance lease	2 years 7 months 6 days	3 years 3 months 18 days
Operating lease	4 years 9 months 18 days	5 years 3 months 18 days
Weighted average discount rate
Finance lease	15.20%	14.90%
Operating lease	8.00%	7.80%

Accumulated Other Comprehensive Income/( Loss)

3 Months Ended

Mar. 31, 2025

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, as applicable, in accordance with ASC Topic 815, Derivatives and Hedging. Cumulative changes in the fair values of cash flow hedges are recognized in AOCI on the Company’s consolidated balance sheets. The fair value changes are reclassified from AOCI to unaudited consolidated statements of income upon settlement of foreign currency forward contracts designated as cash flow hedges of a forecast transaction, whereas such changes for interest rate swaps are reclassified over the term of the contract. The following table sets forth the changes in AOCI during the three months ended March 31, 2025 and 2024:


	Accumulated Other Comprehensive Income/(Loss)
	Currency translation adjustments		Unrealized gain/(loss) on cash flow hedges		Retirement benefits		Total
Balance as of January 1, 2025	$	(146,998)	$	(7,548)	$	(176)	$	(154,722)
Gain recognized during the period	3,927		9,469		—		13,396
Reclassification to net income (1)	—		1,598		(111)		1,487
Income tax effects (2)	(673)		(2,262)		(13)		(2,948)
Accumulated other comprehensive income/(loss) as of March 31, 2025	$	(143,744)	$	1,257	$	(300)	$	(142,787)

Balance as of January 1, 2024	$	(132,643)	$	4,198	$	1,405	$	(127,040)
Losses recognized during the period	(3,064)		(62)		—		(3,126)
Reclassification to net income (1)	—		(443)		(155)		(598)
Income tax effects (2)	519		(190)		(1)		328
Accumulated other comprehensive income/(loss) as of March 31, 2024	$	(135,188)	$	3,503	$	1,249	$	(130,436)

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

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

Revenues, net and Accounts Receivable, net - Contract Acquisition and Fulfillment Costs (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Contract Acquisition Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening balance	$ 2,287	$ 2,122	$ 2,122
Additions	81	7	1,240
Amortization	(242)	(228)	(1,075)
Closing balance	2,126	1,901	2,287
Contract Fulfillment Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening balance	36,022	24,673	24,673
Additions	3,329	3,326	15,118
Amortization	(1,271)	(712)	(3,769)
Closing balance	$ 38,080	$ 27,287	$ 36,022

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Statement of Comprehensive Income [Abstract]

Net income

$ 66,561

$ 48,763

Other comprehensive income/(loss):

Unrealized gain/(loss) on cash flow hedges

9,469

(62)

Currency translation adjustments

3,927

(3,064)

Reclassification adjustments:

(Gain)/loss on cash flow hedges

^[1]

1,598

(443)

Retirement benefits

^[2]

(111)

(155)

Income tax effects relating to above

^[3]

(2,948)

328

Total other comprehensive income/(loss)

11,935

(3,396)

Total comprehensive income

$ 78,496

$ 45,367

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

Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

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


	As of
	March 31, 2025		March 31, 2024		December 31, 2024
Cash and cash equivalents	$	140,442	$	108,565	$	153,355
Restricted cash (current) (1)	9,826		4,291		9,972
Restricted cash (non-current) (2)	8,210		4,376		8,071
Cash, cash equivalents and restricted cash	$	158,478	$	117,232	$	171,398

(1) 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 also includes funds held as collateral in a dedicated bank account for irrevocable letters of credit issued in favor of third parties for facility leases.

(2) Restricted cash (non-current) represents deposits 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 and value added tax (“VAT”) assessments. These deposits with banks will mature one year after the balance sheet date.

Restrictions on Cash and Cash Equivalents

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


	As of
	March 31, 2025		March 31, 2024		December 31, 2024
Cash and cash equivalents	$	140,442	$	108,565	$	153,355
Restricted cash (current) (1)	9,826		4,291		9,972
Restricted cash (non-current) (2)	8,210		4,376		8,071
Cash, cash equivalents and restricted cash	$	158,478	$	117,232	$	171,398

Derivatives and Hedge Accounting

3 Months Ended

Mar. 31, 2025

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 revenues and other transactions denominated in certain foreign currencies. These contracts qualify as cash flow hedges under ASC Topic 815, Derivatives and Hedging, and are with counterparties that are highly rated financial institutions.

The following table sets forth the aggregate notional amount of derivatives in cash flow hedging relationship:


	As of
	March 31, 2025	December 31, 2024
Foreign currency forward contracts denominated in:
Sell U.S. dollar (USD)	903,000	984,300
Buy U.S. dollar (USD)	31,500	—

The Company estimates that approximately $983 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 March 31, 2025, could be reclassified into earnings within the next twelve months. As of March 31, 2025, 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 unaudited consolidated statements of income and are included in the foreign exchange gain/(loss) line item.

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:	March 31, 2025	December 31, 2024
Sell USD	215,904	179,491
Sell GBP	28,253	20,956
Sell EUR	9,549	9,008
Sell AUD	4,818	4,770
Sell ZAR	8,945	10,006
Buy USD	953	588

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


	Derivatives in cash flow hedging relationships				Derivatives not designated as hedging instruments
	As of				As of
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Assets:
Other current assets	$	4,316	$	1,711	$	430	$	262
Other assets	$	1,603	$	852	$	—	$	—
Liabilities:
Accrued expenses and other current liabilities	$	3,333	$	7,404	$	52	$	50
Other non-current liabilities	$	723	$	4,363	$	—	$	—

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


	Three months ended March 31,
Derivative financial instruments:	2025		2024
Unrealized gain/(loss) recognized in other comprehensive income (“OCI”)
Derivatives in cash flow hedging relationships	$	9,469	$	(62)

Gain/(loss) recognized in unaudited consolidated statements of income
Derivatives not designated as hedging instruments	$	480	$	40

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


	Three months ended March 31,
	2025				2024
	As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments		As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments
Derivatives in cash flow hedging relationships
Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI

Cost of revenues	$	307,705	(1,413)		$	273,424	150
General and administrative expenses	$	59,417	(154)		$	53,243	39
Selling and marketing expenses	$	41,925	(16)		$	35,970	4
Depreciation and amortization expense	$	13,557	(15)		$	12,346	8
Interest expense	$	4,144	—		$	3,291	242
Total before tax			(1,598)				443
Income tax effects on above			382				(102)
Net of tax			$	(1,216)			$	341

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

Foreign exchange gain/(loss), net	$	1,192	$	480	$	359	$	40

Segment Information - Revenues Based on Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	$ 501,019	$ 436,507
North America
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	415,350	362,176
U.K. & Europe
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	75,693	65,610
Rest of World
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	$ 9,976	$ 8,721

- 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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-SubTopic 10
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-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Cost

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


	Three months ended March 31,
	2025		2024
Finance lease:
Depreciation on underlying ROU assets	$	132	$	67
Interest on lease liabilities	69		36
	201		103
Operating lease (1)	6,179		5,350
Variable lease costs	1,073		984
Sublease income	(110)		—
Total lease cost	$	7,343	$	6,437

(1) 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:


	Three months ended March 31,
	2025		2024
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	5,840	$	4,616
Operating cash outflows for finance leases	$	69	$	36
Financing cash outflows for finance leases	$	116	$	60
ROU assets obtained in exchange for new operating lease liabilities	$	6,187	$	6,309
ROU assets obtained in exchange for new finance lease liabilities	$	297	$	287
Weighted average remaining lease term (in years)
Finance lease	2.6 years		3.3 years
Operating lease	4.8 years		5.3 years
Weighted average discount rate
Finance lease	15.2%		14.9%
Operating lease	8.0%		7.8%

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities as of March 31, 2025 were as follows:


	Operating Leases		Finance Leases
2025 (April 1 - December 31)	$	17,304	$	763
2026	21,993		721
2027	19,760		589
2028	16,593		348
2029	8,392		143
2030 and thereafter	12,253		—
Total lease payments	96,295		2,564
Less: Imputed interest	17,461		601
Present value of lease liabilities	$	78,834	$	1,963

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities as of March 31, 2025 were as follows:


	Operating Leases		Finance Leases
2025 (April 1 - December 31)	$	17,304	$	763
2026	21,993		721
2027	19,760		589
2028	16,593		348
2029	8,392		143
2030 and thereafter	12,253		—
Total lease payments	96,295		2,564
Less: Imputed interest	17,461		601
Present value of lease liabilities	$	78,834	$	1,963

Borrowings - Additional Information (Details) - USD ($) $ in Thousands	Aug. 09, 2024	Mar. 31, 2025	Dec. 31, 2024	Nov. 21, 2017
Credit Facilities [Line Items]
Outstanding letters of credit		$ 741	$ 761
Revolving credit facility \| Line of credit
Credit Facilities [Line Items]
Unamortized debt issuance expense		$ 798	$ 895
Revolving credit facility \| Credit Agreement \| Line of credit
Credit Facilities [Line Items]
Line of credit , maximum borrowing capacity	$ 500			$ 300
Proceeds from long-term lines of credit	$ 100
Debt instrument, interest rate, stated percentage	5.00%

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company is a provider of data and AI-led and digital operations services in an integrated manner for clients across industry verticals.

In the first quarter of 2025, the Company implemented operational and structural changes to align with how the Company’s Chief Operating Decision Maker (“CODM”) reviews financial information and makes operating decisions. This new operating model comprises of Industry Market Units (“IMUs”) which focus on delivering higher value to clients by leveraging full suite of capabilities; and Strategic Growth Units which rapidly advance the capabilities specific to various industries and client needs.

Consequently, the Company realigned its reportable segments to the IMUs as follows:

•Insurance

•Healthcare and Life Sciences,

•Banking, Capital Markets and Diversified Industries,

•International Growth Markets

The primary changes in the new reportable segments reflect 1) the integration of the former Analytics reportable segment as a core capability within each of the IMUs, ensuring alignment with the specialized needs of clients across IMUs, 2) the reorganization of the former Emerging Business reportable segment into a Banking, Capital Markets and Diversified Industries reportable segment, excluding Life Sciences, which is now a part of the new Healthcare and Life Sciences reportable segment, and 3) the formation of International Growth Markets as a separate business unit to represent all service and solutions offerings to clients in the United Kingdom, Europe, Middle East, Asia-Pacific and South Africa geographies across all industry verticals. The International Growth Markets business unit will help the Company to strategically expand its footprint in markets outside of North America and drive focus on offerings and expansion in those markets in new and existing clients.

In addition, revenues by service type are now presented as data and AI-led and digital operations services. Revenues attributable to geographical regions are now presented as North America (including the United States, Canada and Mexico), U.K. & Europe, and the Rest of World.

The Company has recast segment disclosures for the prior periods presented herein to conform to the new segment structure. This change in segment presentation does not affect the Company’s unaudited consolidated statements of income, balance sheet or statements of cash flows.

The Company’s Chief Executive Officer has been identified as the CODM. The CODM generally reviews financial information such as revenues, cost of revenues and gross profit to allocate an overall budget and measure segment performance.

Revenues and cost of revenues for the three months ended March 31, 2025 and 2024, respectively, for each of the reportable segments, are as follows:


	Three months ended March 31, 2025
	Insurance		Healthcare and Life Sciences		Banking, Capital Markets and Diversified Industries		International Growth Markets		Total

Revenues, net	$	172,056	$	125,592	$	117,702	$	85,669	$	501,019
Cost of revenues (1)
Employee costs	90,549		58,924		64,294		44,820		258,587
Infrastructure and technology costs	13,246		6,738		6,169		8,161		34,314
Other costs (2)	5,372		4,850		3,286		1,296		14,804
Gross profit (1)	$	62,889	$	55,080	$	43,953	$	31,392	$	193,314
Operating expenses									114,899
Foreign exchange gain, net, interest expense and other income, net									1,751
Income tax expense									13,496
Loss from equity-method investment									(109)
Net income									$	66,561

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and other direct pass-through expenses related to client contracts for the Company’s direct marketing business.


	Three months ended March 31, 2024
	Insurance		Healthcare and Life Sciences		Banking, Capital Markets and Diversified Industries		International Growth Markets		Total
Revenues, net	$	158,267	$	100,656	$	103,253	$	74,331	$	436,507
Cost of revenues (1)
Employee costs	81,404		45,761		58,695		39,723		225,583
Infrastructure and technology costs	11,921		5,442		4,953		6,841		29,157
Other costs (2)	11,396		3,832		2,343		1,113		18,684
Gross profit (1)	$	53,546	$	45,621	$	37,262	$	26,654	$	163,083
Operating expenses									101,559
Foreign exchange gain, net, interest expense and other income, net									1,020
Income tax expense									13,753
Loss from equity-method investment									(28)
Net income									$	48,763

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and other direct pass-through expenses related to client contracts for the Company’s direct marketing business.

Revenues, net by service type, were as follows:


	Three months ended March 31,
	2025		2024
Data and AI-led (1)	$	267,929	$	231,724
Digital operations (2)	233,090		204,783
Revenues, net	$	501,019	$	436,507

All four reportable segments of the Company include revenues from both data and AI-led and digital operations services.

The Company attributes revenues based on geographical markets where the customer operations being served by it are located.


	Three months ended March 31,
	2025		2024
Revenues, net
North America	$	415,350	$	362,176

U.K. & Europe	75,693		65,610
Rest of World	9,976		8,721

Revenues, net	$	501,019	$	436,507

Revenues, net by industry verticals, were as follows:


	Three months ended March 31,
	2025		2024
Insurance	$	200,361	$	183,059
Healthcare and Life Sciences	125,826		100,900
Banking, Capital Markets and Diversified Industries	174,832		152,548
Revenues, net	$	501,019	$	436,507

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


	As of
	March 31, 2025		December 31, 2024
Long-lived assets
India	$	66,263	$	63,040
North America	52,981		52,510
The Philippines	30,023		25,881
South Africa	22,785		23,828
Rest of World	6,246		5,362
Long-lived assets	$	178,298	$	170,621

- 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.

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Reference 24: 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 25: 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

Revenues, net and Accounts Receivable, net - Movement in Allowance for Expected Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Opening balance	$ 3,528	$ 3,703	$ 3,703
Additions/(reductions)	1,219	(269)	(39)
Reductions due to write-off of accounts receivable	(13)	(76)	(135)
Currency translation adjustments	0	0	(1)
Closing balance	$ 4,734	$ 3,358	$ 3,528

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Derivatives in cash flow hedging relationships \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	$ 4,316	$ 1,711
Derivatives in cash flow hedging relationships \| Other assets
Derivatives, Fair Value [Line Items]
Derivative asset	1,603	852
Derivatives in cash flow hedging relationships \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	3,333	7,404
Derivatives in cash flow hedging relationships \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	723	4,363
Derivatives not designated as hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	430	262
Derivatives not designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Derivative asset	0	0
Derivatives not designated as hedging instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	52	50
Derivatives not designated as hedging instruments \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	$ 0	$ 0

Derivatives and Hedge Accounting - Foreign Currency Forward Contracts (Details) - Foreign exchange contract - Derivatives not designated as hedging instruments € in Thousands, £ in Thousands, R in Thousands, $ in Thousands, $ in Thousands	Mar. 31, 2025 USD ($)	Mar. 31, 2025 GBP (£)	Mar. 31, 2025 EUR (€)	Mar. 31, 2025 AUD ($)	Mar. 31, 2025 ZAR (R)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 GBP (£)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 AUD ($)	Dec. 31, 2024 ZAR (R)
Short
Derivatives, Fair Value [Line Items]
Foreign exchange contracts outstanding	$ 215,904	£ 28,253	€ 9,549	$ 4,818	R 8,945	$ 179,491	£ 20,956	€ 9,008	$ 4,770	R 10,006
Long
Derivatives, Fair Value [Line Items]
Foreign exchange contracts outstanding	$ 953					$ 588

Employee Benefit Plans

3 Months Ended

Mar. 31, 2025

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 expects to earn a return of approximately 7.0% per annum on the India Plan for the year ending on December 31, 2025.


Change in Plan Assets
Plan assets as of January 1, 2025	$	19,963
Actual return	369
Employer contribution	—
Benefits paid	(321)
Currency translation adjustments	34
Plan assets as of March 31, 2025	$	20,045

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


	Three months ended March 31,
	2025		2024
Service cost	$	1,383	$	1,108
Interest cost	509		388
Expected return on plan assets	(345)		(312)
Amortization of actuarial (gain)/loss, gross of tax	(111)		(155)
Net gratuity cost	$	1,436	$	1,029

Amortization of actuarial (gain)/loss, gross of tax	$	(111)	$	(155)
Income tax effects on above	(13)		(1)
Amortization of actuarial (gain)/loss, net of tax	$	(124)	$	(156)

The Company maintains several 401(k) plans (the “401(k) Plans”) under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”), covering all eligible employees, as defined in the Code as a defined contribution plan. The Company may make discretionary contributions of up to a maximum of 3.0% of employee compensation within certain limits.

The Company’s contributions to various defined contribution plans were as follows:


	Three months ended March 31,
	2025		2024
Contribution to the 401(k) Plans	$	2,795	$	2,443
Contributions to the defined contribution plans in foreign subsidiaries of the Company	$	7,785	$	6,749

- 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

Borrowings

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Borrowings

The following tables summarizes the Company’s debt position under its credit agreement with Citibank, N.A.:


	As of
	March 31, 2025						December 31, 2024
	Revolving credit facility		Term loan facility		Total		Revolving credit facility		Term loan facility		Total
Current portion of long-term borrowings	$	—	$	5,000	$	5,000	$	—	$	5,000	$	5,000
Unamortized debt issuance costs	—		(114)		(114)		—		(114)		(114)
Total current portion of long-term borrowings	—		4,886		4,886		—		4,886		4,886

Long-term borrowings	210,000		92,500		302,500		190,000		93,750		283,750
Unamortized debt issuance costs	—		(123)		(123)		—		(152)		(152)
Total long-term borrowings	210,000		92,377		302,377		190,000		93,598		283,598
Total borrowings	$	210,000	$	97,263	$	307,263	$	190,000	$	98,484	$	288,484

Unamortized debt issuance costs for the Company’s revolving credit facility of $798 and $895 as of March 31, 2025 and December 31, 2024, 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. This agreement was amended and restated in April 2022, followed by the First Amendment to Amended and Restated Credit Agreement in August 2024 (the “2024 Credit Agreement”). Among other things, the 2024 Credit Agreement increases revolving credit commitments to $500,000 and provides a new term loan facility of $100,000 with an annual repayment amount of 5%. The increased revolving credit facility and the new term loan facility both mature on April 18, 2027.

Under the 2024 Credit Agreement, obligations bear interest at a rate equal to specified prime rate (alternate base rate) or the adjusted secured overnight financing rate (SOFR) specified therein, plus, in each case, an applicable margin, and are guaranteed by the Company’s wholly-owned material domestic subsidiaries and secured by all or substantially all of the Company’s and its material domestic subsidiaries’ assets. The revolving credit commitments are subject to a commitment fee. The 2024 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 revolving credit facility can be used for working capital and general corporate purposes, including permitted acquisitions.

The effective interest rates of the revolving credit facility and the term loan facility are as follows:


	Three months ended March 31,
	2025		2024
Revolving credit facility	5.8	%	6.7	%
Term loan facility	5.7	%	—	%

As of March 31, 2025 and December 31, 2024, the Company was in compliance with the financial covenants under the 2024 Credit Agreement.

The maturity profile of the Company’s long-term borrowings, excluding debt issuance costs, outstanding as of March 31, 2025 was as follows:


	Revolving credit facility		Term loan facility


2025 (April 1 - December 31)	$	—	$	3,750
2026	—		5,000
2027	210,000		88,750
Total	$	210,000	$	97,500

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 March 31, 2025 and December 31, 2024, the Company had outstanding letters of credit of $741 and $761, respectively, 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Employee Benefit Plans - Additional Information (Details)	3 Months Ended
	Mar. 31, 2025
Retirement Benefits [Abstract]
Percentage of expected return on plan assets	7.00%
Percentage of discretionary contributions towards 401(k) Plan, maximum	3.00%

Stock-Based Compensation - Employee Stock Purchase Plan, Narrative (Details) - Employee Stock - 2022 Employee stock purchase plan - USD ($) $ in Thousands	Jan. 01, 2025	Mar. 31, 2025	Dec. 31, 2024	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)		3,607,805	3,672,744		4,000,000
Share-Based compensation arrangement by share-based payment award, purchase period	6 months

Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended
Other Income, net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Other Income and Expenses [Abstract]
Gain on sale and fair value mark-to-market on investments	$ 1,948	$ 1,016
Interest and dividend income	2,625	2,284
Fair value changes in contingent consideration	0	589
Others, net	130	63
Other income, net	$ 4,703	$ 3,952

Related Party Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Revenues, net	$ 501,019	$ 436,507
Accounts receivable, net	339,856		$ 304,322
Related Party \| The Vanguard Group Inc
Related Party Transaction [Line Items]
Revenues, net	0	166
Accounts receivable, net	0		124
Related Party \| Corridor Platforms, Inc
Related Party Transaction [Line Items]
Revenues, net	42	$ 151
Accounts receivable, net	$ 14		$ 56

- Definition

+ References

+ Details

Borrowings - Maturities of Borrowings (Details) - Line of credit $ in Thousands	Mar. 31, 2025 USD ($)
Revolving credit facility
Credit Facilities [Line Items]
2025 (April 1 - December 31)	$ 0
2026	0
2027	210,000
Total	210,000
Term loan facility
Credit Facilities [Line Items]
2025 (April 1 - December 31)	3,750
2026	5,000
2027	88,750
Total	$ 97,500

Stock Based Compensation - Restricted Stock Unit Activity Under Company's Stock Plans (Details) - $ / shares	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
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)	144,845
Number, granted (in shares)	0
Number, vested (in shares)	(144,845)
Number, forfeited (in shares)	0
Number, outstanding, ending balance (in shares)	0
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)	24.95
Weighted-average fair value, forfeited (in dollars per share)	0
Weighted-average fair value, outstanding, ending balance (in dollars per share)	$ 0
Number of options, vested and exercisable (in shares)	217,230	72,385
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)	3,240,200
Number, granted (in shares)	701,126
Number, vested (in shares)	(1,184,944)
Number, forfeited (in shares)	(12,559)
Number, outstanding, ending balance (in shares)	2,743,823
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)	$ 28.82
Weighted-average fair value, granted (in dollars per share)	51.01
Weighted-average fair value, vested (in dollars per share)	25.91
Weighted-average fair value, forfeited (in dollars per share)	30.56
Weighted-average fair value, outstanding, ending balance (in dollars per share)	$ 35.74
Number of options, vested and exercisable (in shares)	291,520	289,547

Other Income, net

3 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Other Income, net

Other income, net consists of the following:


	Three months ended March 31,
	2025		2024
Gain on sale and fair value mark-to-market on investments	$	1,948	$	1,016
Interest and dividend income	2,625		2,284
Fair value changes of contingent consideration (1)	—		589
Others, net	130		63
Other income, net	$	4,703	$	3,952

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

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Impairment charges, goodwill	$ 0	$ 0
Impairment charges, intangible assets	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective tax rate increased	16.90%	22.00%
Income tax expense	$ 13,496	$ 13,753

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Other Income, net (Tables)

3 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Summary of Other Income, net

Other income, net consists of the following:


	Three months ended March 31,
	2025		2024
Gain on sale and fair value mark-to-market on investments	$	1,948	$	1,016
Interest and dividend income	2,625		2,284
Fair value changes of contingent consideration (1)	—		589
Others, net	130		63
Other income, net	$	4,703	$	3,952

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

Derivatives and Hedge Accounting (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Foreign Currency Exchange Contracts

The following table sets forth the aggregate notional amount of derivatives in cash flow hedging relationship:


	As of
	March 31, 2025	December 31, 2024
Foreign currency forward contracts denominated in:
Sell U.S. dollar (USD)	903,000	984,300
Buy U.S. dollar (USD)	31,500	—

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:	March 31, 2025	December 31, 2024
Sell USD	215,904	179,491
Sell GBP	28,253	20,956
Sell EUR	9,549	9,008
Sell AUD	4,818	4,770
Sell ZAR	8,945	10,006
Buy USD	953	588

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


	Derivatives in cash flow hedging relationships				Derivatives not designated as hedging instruments
	As of				As of
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Assets:
Other current assets	$	4,316	$	1,711	$	430	$	262
Other assets	$	1,603	$	852	$	—	$	—
Liabilities:
Accrued expenses and other current liabilities	$	3,333	$	7,404	$	52	$	50
Other non-current liabilities	$	723	$	4,363	$	—	$	—

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 unaudited consolidated statements of income:


	Three months ended March 31,
Derivative financial instruments:	2025		2024
Unrealized gain/(loss) recognized in other comprehensive income (“OCI”)
Derivatives in cash flow hedging relationships	$	9,469	$	(62)

Gain/(loss) recognized in unaudited consolidated statements of income
Derivatives not designated as hedging instruments	$	480	$	40


	Three months ended March 31,
	2025				2024
	As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments		As per unaudited consolidated statements of income		Gain/(loss) on derivative financial instruments
Derivatives in cash flow hedging relationships
Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI

Cost of revenues	$	307,705	(1,413)		$	273,424	150
General and administrative expenses	$	59,417	(154)		$	53,243	39
Selling and marketing expenses	$	41,925	(16)		$	35,970	4
Depreciation and amortization expense	$	13,557	(15)		$	12,346	8
Interest expense	$	4,144	—		$	3,291	242
Total before tax			(1,598)				443
Income tax effects on above			382				(102)
Net of tax			$	(1,216)			$	341

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

Foreign exchange gain/(loss), net	$	1,192	$	480	$	359	$	40

Capital Structure - Purchase of Common Stock from Employees Withholding Tax Payments Related to Vesting of Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Equity [Abstract]
Shares repurchased (in shares)	190,716	200,402
Total consideration	$ 9,432	$ 6,375
Weighted average purchase price per share (in dollars per share)	$ 49.46	$ 31.81

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
	Mar. 31, 2025	Dec. 31, 2024	Jun. 21, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	3,607,805	3,672,744	4,000,000
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)	64,939
Share-based compensation arrangement by share-based payment award, shares issued in period, value	$ 1,823
Deferred compensation share-based arrangements, liability, current and noncurrent	$ 2,935

- 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

Fair Value Measurements - Changes in the fair value of contingent consideration (Details) - Contingent consideration - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance, contingent consideration	$ 2,700	$ 15,589
Fair value changes	0	(589)
Payments	0	(15,000)
Ending balance, contingent consideration	$ 2,700	$ 0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income/(loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2023		203,410,038
Beginning balance at Dec. 31, 2023	$ 889,437	$ 203	$ 508,028	$ 1,083,663	$ (127,040)	$ (575,417)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023						(38,132,158)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		1,324,950
Stock issued against stock-based compensation plans	1,948	$ 1	1,947
Stock-based compensation	$ 17,852		17,852
Acquisition of treasury stock (in shares)	(3,976,818)					(4,177,220)
Acquisition of treasury stock	$ (125,805)					$ (125,805)
Accelerated share repurchase	(25,000)		(25,000)
Excise tax on repurchase of common stock, net of stock issuances	(544)					(544)
other comprehensive income/(loss)	(3,396)				(3,396)
Net income	48,763			48,763
Ending balance (in shares) at Mar. 31, 2024		204,734,988
Ending balance at Mar. 31, 2024	$ 803,255	$ 204	502,827	1,132,426	(130,436)	$ (701,766)
Treasury stock, ending balance (in shares) at Mar. 31, 2024						(42,309,378)
Beginning balance (in shares) at Dec. 31, 2024	161,801,212	206,510,587
Beginning balance at Dec. 31, 2024	$ 929,862	$ 206	588,583	1,281,960	(154,722)	$ (786,165)
Treasury stock, beginning balance (in shares) at Dec. 31, 2024	(44,709,375)					(44,709,375)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		1,247,910
Stock issued against stock-based compensation plans	$ 1,823	$ 1	1,822
Stock-based compensation	$ 19,187		19,187
Acquisition of treasury stock (in shares)	(175,063)					(365,779)
Acquisition of treasury stock	$ (17,491)					$ (17,491)
other comprehensive income/(loss)	11,935				11,935
Net income	$ 66,561			66,561
Ending balance (in shares) at Mar. 31, 2025	162,683,343	207,758,497
Ending balance at Mar. 31, 2025	$ 1,011,877	$ 207	$ 609,592	$ 1,348,521	$ (142,787)	$ (803,656)
Treasury stock, ending balance (in shares) at Mar. 31, 2025	(45,075,154)					(45,075,154)

Other Current Assets

3 Months Ended

Mar. 31, 2025

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

Other Current Assets

Other current assets consist of the following:


	As of
	March 31, 2025		December 31, 2024
Contract assets	$	40,840	$	36,072
Advance income tax, net	37,659		49,377
Prepaid expenses	32,472		21,061
Receivables from statutory authorities	20,611		19,407
Deferred contract fulfillment costs	4,923		4,281
Derivative instruments	4,746		1,973

Others	8,952		8,146
Other current assets	$	150,203	$	140,317

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 140,442	$ 153,355
Short-term investments	190,978	187,223
Restricted cash	9,826	9,972
Accounts receivable, net	339,856	304,322
Other current assets	150,203	140,317
Total current assets	831,305	795,189
Property and equipment, net	107,148	101,837
Operating lease right-of-use assets	71,150	68,784
Restricted cash	8,210	8,071
Deferred tax assets, net	109,953	104,747
Goodwill	420,494	420,387
Other intangible assets, net	46,092	49,331
Long-term investments	20,134	13,972
Other assets	61,925	56,085
Total assets	1,676,411	1,618,403
Current liabilities:
Accounts payable	5,648	5,884
Current portion of long-term borrowings	4,886	4,886
Deferred revenue	20,138	19,264
Accrued employee costs	63,575	129,994
Accrued expenses and other current liabilities	131,980	113,597
Current portion of operating lease liabilities	17,426	16,491
Total current liabilities	243,653	290,116
Long-term borrowings, less current portion	302,377	283,598
Operating lease liabilities, less current portion	61,408	59,851
Deferred tax liabilities, net	1,625	1,403
Other non-current liabilities	55,471	53,573
Total liabilities	664,534	688,541
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued	0	0
Common stock, $0.001 par value; 400,000,000 shares authorized, 207,758,497 shares issued and 162,683,343 shares outstanding as of March 31, 2025 and 206,510,587 shares issued and 161,801,212 shares outstanding as of December 31, 2024	207	206
Additional paid-in capital	609,592	588,583
Retained earnings	1,348,521	1,281,960
Accumulated other comprehensive loss	(142,787)	(154,722)
Total including shares held in treasury	1,815,533	1,716,027
Less: 45,075,154 shares as of March 31, 2025 and 44,709,375 shares as of December 31, 2024, held in treasury, at cost	(803,656)	(786,165)
Total stockholders’ equity	1,011,877	929,862
Total liabilities and stockholders’ equity	$ 1,676,411	$ 1,618,403

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Commitments As of March 31, 2025, the Company had committed to spend approximately $10,300 under agreements to purchase property and equipment. This amount is net of capital advances paid which are recognized in unaudited consolidated balance sheets as “Capital work in progress” under “Property and equipment.” On June 15, 2023, the Company, along with other limited partners, entered into a limited partnership agreement with the general partner, PNP Financial Services Fund GP I, LLC and initial limited partner and outgoing partner, to form a partnership with the name Plug and Play Financial Services Fund I, L.P. (the “Partnership”) for the primary purpose of making investments in growth-stage technology companies. The Company committed to make an aggregate investment of $4,000 in the Partnership. As of March 31, 2025, the Company has invested $1,800 in the Partnership and is committed to make further investments up to an amount of $2,200. 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 March 31, 2025 and December 31, 2024 is $50,535 and $49,588, respectively. The Company has made payments and/or provided bank guarantees against these demands in the amounts of $8,045 and $7,506, as of March 31, 2025 and December 31, 2024, 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. 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 $5,348 and $5,339, as of March 31, 2025 and December 31, 2024, respectively. The Company has provided bank guarantees against these demands in the amounts of $5,348 and $5,339, as of March 31, 2025 and December 31, 2024, respectively. The Indian GST authorities rejected the Company’s refund claims in the amounts of $5,746 and $5,885 as of March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, respectively. Some of the Company’s subsidiaries in India have undergone assessments with the statutory authority with respect to defined contribution plan. Except for some components of the assessments 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 these matters are without merit. The Company is defending against the assessment orders and in one case, has 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 assessments in any of these matters 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 on these matters. 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 certain pending litigation matters as of the reporting date, the Company has made provisions based on information currently available, including its evaluation of the facts underlying each matter and legal counsel’s advice on the estimated losses or range of reasonably possible losses. 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.

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 372,237	$ 356,060
Less: Accumulated depreciation and amortization	(265,089)	(254,223)
Property, plant and equipment, net	$ 107,148	$ 101,837

Employee Benefit Plans - Contribution Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Retirement Benefits [Abstract]
Contribution to the 401(k) Plans	$ 2,795	$ 2,443
Contributions to the defined contribution plans in foreign subsidiaries of the Company	$ 7,785	$ 6,749

Borrowings - Company's Debt Position (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Current portion of long-term borrowings	$ 5,000	$ 5,000
Unamortized debt issuance costs	(114)	(114)
Total current portion of long-term borrowings	4,886	4,886
Long-term borrowings	302,500	283,750
Unamortized debt issuance costs	(123)	(152)
Total long-term borrowings	302,377	283,598
Total borrowings	307,263	288,484
Revolving credit facility \| Line of credit
Debt Instrument [Line Items]
Current portion of long-term borrowings	0	0
Unamortized debt issuance costs	0	0
Total current portion of long-term borrowings	0	0
Long-term borrowings	210,000	190,000
Unamortized debt issuance costs	0	0
Total long-term borrowings	210,000	190,000
Total borrowings	210,000	190,000
Term loan facility \| Line of credit
Debt Instrument [Line Items]
Current portion of long-term borrowings	5,000	5,000
Unamortized debt issuance costs	(114)	(114)
Total current portion of long-term borrowings	4,886	4,886
Long-term borrowings	92,500	93,750
Unamortized debt issuance costs	(123)	(152)
Total long-term borrowings	92,377	93,598
Total borrowings	$ 97,263	$ 98,484

Other Non-Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Liabilities, Noncurrent [Abstract]

Summary of Other Non-Current Liabilities

Other non-current liabilities consist of the following:


	As of
	March 31, 2025		December 31, 2024
Retirement benefits	$	26,431	$	24,795
Deferred transition revenue	21,827		18,213
Unrecognized tax benefits	2,123		1,966
Contingent consideration	1,420		1,420
Derivative instruments	723		4,363


Others	2,947		2,816
Other non-current liabilities	$	55,471	$	53,573

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income	$ 66,561	$ 48,763
Adjustments to reconcile net income to net cash provided by/(used for) operating activities:
Depreciation and amortization expense	13,542	12,337
Stock-based compensation expense	19,187	17,852
Reduction in the carrying amount of operating lease right-of-use assets	6,061	4,995
Fair value mark-to-market of investments	(84)	353
Unrealized foreign currency exchange (gain)/loss, net	(1,270)	(274)
Deferred income tax benefit	(7,932)	(8,680)
Others, net	1,442	(453)
Change in operating assets and liabilities:
Accounts receivable	(35,231)	(27,578)
Other current and non-current asset	(22,945)	(14,969)
Income taxes payable, net	11,664	11,443
Accounts payable, accrued expenses and other liabilities	22,901	8,371
Deferred revenue	753	5,829
Accrued employee costs	(65,566)	(64,246)
Operating lease liabilities	(5,840)	(4,616)
Payment of contingent consideration	0	(11,000)
Net cash (used for)/provided by operating activities	3,243	(21,873)
Cash flows from investing activities:
Purchases of property and equipment	(12,940)	(11,266)
Proceeds from sale of property and equipment	95	62
Purchases of investments	(90,185)	(64,932)
Proceeds from redemption of investments	81,362	80,825
Investment in equity affiliate	(600)	0
Net cash (used for)/provided by investing activities	(22,268)	4,689
Cash flows from financing activities:
Principal payments of finance lease liabilities	(116)	(60)
Proceeds from borrowings	50,000	180,000
Repayments of borrowings	(31,250)	(35,000)
Payment of contingent consideration	0	(4,000)
Acquisition of treasury stock	(17,994)	(152,227)
Proceeds from issuance of common stock	2,765	1,514
Net cash (used for)/provided by financing activities	3,405	(9,773)
Effect of exchange rate changes	2,700	(1,212)
Net decrease in cash, cash equivalents and restricted cash	(12,920)	(28,169)
Cash, cash equivalents and restricted cash at the beginning of the period	171,398	145,401
Cash, cash equivalents and restricted cash at the end of the period	158,478	117,232
Cash paid during the period for:
Interest	3,790	2,971
Income taxes	9,595	11,122
Supplemental disclosure of non-cash investing and financing activities:
Additions to property and equipment not yet paid	3,765	3,381
Assets acquired under finance lease	$ 297	$ 287

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	48,438	$	—	$	—	$	48,438
Mutual funds (2)	100,588		—		—		100,588
Derivative financial instruments	—		6,349		—		6,349
Total	$	149,026	$	6,349	$	—	$	155,375
Liabilities
Derivative financial instruments	$	—	$	4,108	$	—	$	4,108
Contingent consideration (3)	—		—		2,700		$	2,700
Total	$	—	$	4,108	$	2,700	$	6,808

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2024	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	54,925	$	—	$	—	$	54,925
Mutual funds (2)	108,251		—		—		108,251
Derivative financial instruments	—		2,825		—		2,825
Total	$	163,176	$	2,825	$	—	$	166,001
Liabilities
Derivative financial instruments	$	—	$	11,817	$	—	$	11,817
Contingent consideration (3)	—		—		2,700		2,700
Total	$	—	$	11,817	$	2,700	$	14,517

(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.

Changes in the fair value of contingent consideration

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


	Three months ended March 31,
	2025		2024
Opening balance	$	2,700	$	15,589

Fair value changes	—		(589)
Payments	—		(15,000)
Closing balance	$	2,700	$	—

During the three months ended March 31, 2025 and 2024, there were no transfers among Level 1, Level 2 and Level 3.

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Derivative Instruments, Gain (Loss) [Line Items]

Cost of revenues

^[1]

$ 307,705

$ 273,424

General and administrative expenses

59,417

53,243

Selling and marketing expenses

41,925

35,970

Depreciation and amortization expense

13,557

12,346

Interest expense

4,144

3,291

Total before tax

80,166

62,544

Income tax effects on above

(13,496)

(13,753)

Net income

66,561

48,763

Foreign exchange gain/(loss), net

1,192

359

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

Derivative Instruments, Gain (Loss) [Line Items]

Cost of revenues

(1,413)

150

General and administrative expenses

(154)

Selling and marketing expenses

(16)

Depreciation and amortization expense

(15)

Interest expense

242

Total before tax

(1,598)

443

Income tax effects on above

382

(102)

Net income

(1,216)

341

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

Derivative Instruments, Gain (Loss) [Line Items]

Foreign exchange gain/(loss), net

$ 480

$ 40

[1]	Exclusive of depreciation and amortization expense.

Revenues, net and Accounts Receivable, net (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognized, 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
	March 31, 2025		December 31, 2024
Accounts receivable, net	$	339,856	$	304,322
Contract assets	$	44,509	$	39,700
Contract liabilities:
Deferred revenue (consideration received in advance)	$	15,342	$	15,484
Consideration received for process transition activities	$	26,570	$	21,993

Revenue recognized during the three months ended March 31, 2025 and 2024, which was included in the contract liabilities balance at the beginning of the respective periods is as follows:


	Three months ended March 31,
	2025		2024
Deferred revenue (consideration received in advance)	$	7,429	$	7,061
Consideration received for process transition activities	$	1,377	$	632

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
	Three months ended				Year ended		Three months ended				Year ended
	March 31, 2025		March 31, 2024		December 31, 2024		March 31, 2025		March 31, 2024		December 31, 2024
Opening balance	$	2,287	$	2,122	$	2,122	$	36,022	$	24,673	$	24,673
Additions	81		7		1,240		3,329		3,326		15,118
Amortization	(242)		(228)		(1,075)		(1,271)		(712)		(3,769)
Closing balance	$	2,126	$	1,901	$	2,287	$	38,080	$	27,287	$	36,022

Accounts Receivable, Allowance for Expected Credit Loss

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


	As of
	March 31, 2025		December 31, 2024
Accounts receivable, including unbilled receivables	$	344,590	$	307,850
Less: Allowance for expected credit losses	(4,734)		(3,528)
Accounts receivable, net	$	339,856	$	304,322

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


	Three months ended March 31,				Year ended
	2025		2024		December 31, 2024
Opening balance	$	3,528	$	3,703	$	3,703
Additions/(reductions)	1,219		(269)		(39)
Reductions due to write-off of accounts receivable	(13)		(76)		(135)
Currency translation adjustments	—		—		(1)
Closing balance	$	4,734	$	3,358	$	3,528

Derivatives and Hedge Accounting - Derivatives in cash flow hedging (Details) - Foreign exchange contract - Cash flow hedge - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Short
Derivative [Line Items]
Foreign exchange contracts outstanding	$ 903,000	$ 984,300
Long
Derivative [Line Items]
Foreign exchange contracts outstanding	$ 31,500	$ 0

Stock-Based Compensation - Additional Information (Details) - shares	Mar. 31, 2025	Dec. 31, 2024
2018 Stock options plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	549,764	1,813,592

- 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

Stock-Based Compensation - Costs Related to Company's Stock Based Compensation Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 19,187	$ 17,852
Income tax benefit related to share-based compensation	9,105	5,358
Income tax benefit, discrete benefits	14,526	7,523
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	3,487	3,949
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	7,186	6,887
Selling and marketing expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 8,514	$ 7,016

Leases

3 Months Ended

Mar. 31, 2025

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.

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


	Three months ended March 31,
	2025		2024
Finance lease:
Depreciation on underlying ROU assets	$	132	$	67
Interest on lease liabilities	69		36
	201		103
Operating lease (1)	6,179		5,350
Variable lease costs	1,073		984
Sublease income	(110)		—
Total lease cost	$	7,343	$	6,437

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

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


	Three months ended March 31,
	2025		2024
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	5,840	$	4,616
Operating cash outflows for finance leases	$	69	$	36
Financing cash outflows for finance leases	$	116	$	60
ROU assets obtained in exchange for new operating lease liabilities	$	6,187	$	6,309
ROU assets obtained in exchange for new finance lease liabilities	$	297	$	287
Weighted average remaining lease term (in years)
Finance lease	2.6 years		3.3 years
Operating lease	4.8 years		5.3 years
Weighted average discount rate
Finance lease	15.2%		14.9%
Operating lease	8.0%		7.8%

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 decrease in lease liabilities by $234 during the three months ended March 31, 2025 and an increase in lease liabilities by $3,228 during the three months ended March 31, 2024, with a corresponding adjustment to ROU assets.

As of March 31, 2025 and December 31, 2024, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.

Maturities of lease liabilities as of March 31, 2025 were as follows:


	Operating Leases		Finance Leases
2025 (April 1 - December 31)	$	17,304	$	763
2026	21,993		721
2027	19,760		589
2028	16,593		348
2029	8,392		143
2030 and thereafter	12,253		—
Total lease payments	96,295		2,564
Less: Imputed interest	17,461		601
Present value of lease liabilities	$	78,834	$	1,963

Leases

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


	Three months ended March 31,
	2025		2024
Finance lease:
Depreciation on underlying ROU assets	$	132	$	67
Interest on lease liabilities	69		36
	201		103
Operating lease (1)	6,179		5,350
Variable lease costs	1,073		984
Sublease income	(110)		—
Total lease cost	$	7,343	$	6,437

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

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


	Three months ended March 31,
	2025		2024
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	5,840	$	4,616
Operating cash outflows for finance leases	$	69	$	36
Financing cash outflows for finance leases	$	116	$	60
ROU assets obtained in exchange for new operating lease liabilities	$	6,187	$	6,309
ROU assets obtained in exchange for new finance lease liabilities	$	297	$	287
Weighted average remaining lease term (in years)
Finance lease	2.6 years		3.3 years
Operating lease	4.8 years		5.3 years
Weighted average discount rate
Finance lease	15.2%		14.9%
Operating lease	8.0%		7.8%

As of March 31, 2025 and December 31, 2024, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.

Maturities of lease liabilities as of March 31, 2025 were as follows:


	Operating Leases		Finance Leases
2025 (April 1 - December 31)	$	17,304	$	763
2026	21,993		721
2027	19,760		589
2028	16,593		348
2029	8,392		143
2030 and thereafter	12,253		—
Total lease payments	96,295		2,564
Less: Imputed interest	17,461		601
Present value of lease liabilities	$	78,834	$	1,963

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Increase (decrease) in lease liabilities	$ (234)	$ 3,228

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

In the first quarter of 2025, the Company implemented operational and structural changes which resulted in the realignment of its reporting segments. Refer to Note 3- Segment Information for further details. Goodwill has been re-allocated to reporting units based on the relative fair value approach.

The Company tested goodwill for impairment prior to the segment realignment and immediately thereafter, for events and conditions identified in accordance with the guidance in ASC Topic 350, Intangibles- Goodwill and Other. The fair value of the reporting units was calculated using a discounted cash flow model using estimated future cash flows. The results of the evaluation demonstrated that the fair value of each reporting unit exceeded its book value as of the date of the segment realignment.

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


	Insurance		Healthcare and Life Sciences		Banking, Capital Markets and Diversified Industries		International Growth Markets		Total
Balance as of January 1, 2025	$	77,099	$	189,621	$	100,639	$	53,028	$	420,387
Currency translation adjustments	75		1		17		14		107

Balance as of March 31, 2025	$	77,174	$	189,622	$	100,656	$	53,042	$	420,494

During the three months ended March 31, 2025 and 2024, 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 there was no impairment on goodwill as of March 31, 2025 and 2024.

Other Intangible Assets

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


	As of March 31, 2025						As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	108,550	$	(63,833)	$	44,717	$	108,550	$	(60,667)	$	47,883
Developed technology	3,576		(3,388)		188		3,529		(3,311)		218
Trade names and trademarks	1,700		(1,466)		234		1,700		(1,442)		258
Non-compete agreements	300		(247)		53		300		(228)		72
	114,126		(68,934)		45,192		114,079		(65,648)		48,431
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900		900		—		900
Total intangible assets	$	115,026	$	(68,934)	$	46,092	$	114,979	$	(65,648)	$	49,331

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


	Three months ended March 31,
	2025		2024
Amortization expense	$	3,246	$	3,080

During the three months ended March 31, 2025 and 2024, there were no indicators of impairment related to intangible assets.


Estimated future amortization expense related to finite-lived intangible assets as of March 31, 2025 was as follows:
2025 (April 1 - December 31)	$	9,884
2026	12,785
2027	11,844
2028	9,227
2029	1,452
Total	$	45,192

Stock-Based Compensation - Stock Options, Narrative (Details) - Employee Stock Option $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for unvested stock options	$ 11,998
Cost not yet recognized, period for recognition	2 years 3 months 18 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

Property and Equipment, net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment consists of the following:


	As of
	March 31, 2025		December 31, 2024
Property, plant and equipment, gross	$	372,237	$	356,060
Less: Accumulated depreciation and amortization	(265,089)		(254,223)
Property, plant and equipment, net	$	107,148	$	101,837

During the three months ended March 31, 2025, there were no material changes in estimated useful lives of property and equipment during the ordinary course of operations.

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


	Three months ended March 31,
	2025		2024
Depreciation and amortization expense	$	10,311	$	9,266

Internally developed software costs, included in property and equipment was as follows:


	As of
	March 31, 2025		December 31, 2024
Cost	$	60,648	$	60,447
Less : Accumulated amortization	(40,983)		(38,243)
Internally developed software, net	$	19,665	$	22,204

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


	Three months ended March 31,
	2025		2024
Amortization expense	$	2,740	$	2,520

During the three months ended March 31, 2025 and 2024, there were no indicators of impairment related to capitalized software.

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Income Statement [Abstract]

Revenues, net

$ 501,019

$ 436,507

Cost of revenues

^[1]

307,705

273,424

Gross profit

^[1]

193,314

163,083

Operating expenses:

General and administrative expenses

59,417

53,243

Selling and marketing expenses

41,925

35,970

Depreciation and amortization expense

13,557

12,346

Total operating expenses

114,899

101,559

Income from operations

78,415

61,524

Foreign exchange gain, net

1,192

359

Interest expense

(4,144)

(3,291)

Other income, net

4,703

3,952

Income before income tax expense and earnings from equity affiliates

80,166

62,544

Income tax expense

13,496

13,753

Income before earnings from equity affiliates

66,670

48,791

Loss from equity-method investment

(109)

(28)

Net income

$ 66,561

$ 48,763

Earnings per share:

Basic (in dollars per share)

$ 0.41

$ 0.30

Diluted (in dollars per share)

$ 0.40

$ 0.29

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

Basic (in shares)

162,490,179

165,082,387

Diluted (in shares)

164,557,333

166,726,853

[1]	Exclusive of depreciation and amortization expense.

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Deferred taxes benefit / (expense) recognized on:

Unrealized gain/(loss) on cash flow hedges

$ (2,644)

$ (292)

Reclassification adjustment for cash flow hedges

382

102

Reclassification adjustment for retirement benefits

(13)

(1)

Currency translation adjustments

(673)

519

Total

^[1]

$ (2,948)

$ 328

[1]	These are income tax effects recognized on cash flow hedges, retirement benefits and currency translation adjustments.

- Definition

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

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

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

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

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

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

+ Details

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

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
	March 31, 2025		December 31, 2024
Accrued expenses	$	65,232	$	63,548
Payable to statutory authorities	40,928		22,935
Client liabilities	11,867		9,711
Accrued capital expenditures	3,764		2,059
Derivative instruments	3,385		7,454
Contingent consideration	1,280		1,280

Income taxes payable	271		284
Others	5,253		6,326
Accrued expenses and other current liabilities	$	131,980	$	113,597

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Short-term investments
Mutual funds	$ 100,588	$ 108,251
Term deposits	90,390	78,972
Total Short-term investments	190,978	187,223
Long-term investments
Term deposits	14,966	9,295
Investment in equity affiliate	5,168	4,677
Total Long-term investments	$ 20,134	$ 13,972

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Recognized in Other Comprehensive Income

Deferred income taxes recognized in OCI were as follows:


	Three months ended March 31,
	2025		2024
Deferred taxes benefit / (expense) recognized on:
Unrealized gain/(loss) on cash flow hedges	$	(2,644)	$	(292)
Reclassification adjustment for cash flow hedges	382		102

Reclassification adjustment for retirement benefits	(13)		(1)
Currency translation adjustments	(673)		519
Total	$	(2,948)	$	328

Segment Information - Property and Equipment, Net Based on Geographical Information (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 178,298	$ 170,621
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	66,263	63,040
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	52,981	52,510
The Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	30,023	25,881
South Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	22,785	23,828
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 6,246	$ 5,362

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

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


	Three months ended March 31,
	2025		2024
Cost of revenues	$	3,487	$	3,949
General and administrative expenses	7,186		6,887
Selling and marketing expenses	8,514		7,016
Total	$	19,187	$	17,852

Income tax benefit related to stock-based compensation (1)	$	9,105	$	5,358

Share-Based Payment Arrangement, Option, Activity

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


	Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding at December 31, 2024	1,768,305		$	30.14	$	25,187	8.5
Granted	—		—		—		—
Exercised	—		—		—		—
Forfeited	—		—		—		—
Outstanding at March 31, 2025	1,768,305		$	30.14	$	30,191	8.2
Vested and exercisable at March 31, 2025	425,265		$	30.14	$	7,261	8.2
Weighted average grant date fair value of per unit of stock option granted during the period	$	—

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 at December 31, 2024*	144,845	$	24.95
Granted	—	—
Vested*	(144,845)	24.95
Forfeited	—	—
Outstanding as of March 31, 2025*	—	$	—

* As of March 31, 2025 and December 31, 2024 restricted stock units vested for which the underlying common stock is yet to be issued are 217,230 and 72,385, respectively.

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, 2024*	3,240,200	$	28.82
Granted	701,126	51.01
Vested*	(1,184,944)	25.91
Forfeited	(12,559)	30.56
Outstanding as of March 31, 2025*	2,743,823	$	35.74

* As of March 31, 2025 and December 31, 2024 restricted stock units vested for which the underlying common stock is yet to be issued are 291,520 and 289,547, respectively.

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, 2024	537,944	$	31.02	806,519	$	43.06
Granted	94,970	51.02		142,350	81.48


Vested	—	—		—	—
Forfeited	(1,904)	29.73		(2,849)	40.10
Outstanding as of March 31, 2025	631,010	$	34.03	946,020	$	48.85

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, 2024	3,672,744
Issuance of common stock made during the fifth offering period	64,939	$	1,823


Shares available for issuance as of March 31, 2025	3,607,805
Contributions received for the sixth offering period up to March 31, 2025		$	2,935

Employee Benefit Plans - Change in Plan Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Change in Plan Assets
Plan assets at the beginning of the year	$ 19,963
Actual return	369
Employer contribution	0
Benefits paid	(321)
Currency translation adjustments	34
Plan assets at the end of the year	$ 20,045

- Definition

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

+ References + Details

Revenues, net and Accounts Receivable, net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, including unbilled receivables	$ 344,590	$ 307,850
Less: Allowance for expected credit losses	(4,734)	(3,528)	$ (3,358)	$ (3,703)
Accounts receivable, net	$ 339,856	$ 304,322

Organization	3 Months Ended
Organization	Mar. 31, 2025
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 global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. The Company harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare and life sciences, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. The Company’s clients are located principally in the United States of America (“U.S.”) and the United Kingdom (“U.K.”).

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

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 March 31, 2025	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	48,438	$	—	$	—	$	48,438
Mutual funds (2)	100,588		—		—		100,588
Derivative financial instruments	—		6,349		—		6,349
Total	$	149,026	$	6,349	$	—	$	155,375
Liabilities
Derivative financial instruments	$	—	$	4,108	$	—	$	4,108
Contingent consideration (3)	—		—		2,700		$	2,700
Total	$	—	$	4,108	$	2,700	$	6,808

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2024	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	54,925	$	—	$	—	$	54,925
Mutual funds (2)	108,251		—		—		108,251
Derivative financial instruments	—		2,825		—		2,825
Total	$	163,176	$	2,825	$	—	$	166,001
Liabilities
Derivative financial instruments	$	—	$	11,817	$	—	$	11,817
Contingent consideration (3)	—		—		2,700		2,700
Total	$	—	$	11,817	$	2,700	$	14,517

(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 unaudited consolidated financial statements for further details.

Fair Value of Contingent Consideration:

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

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


	Three months ended March 31,
	2025		2024
Opening balance	$	2,700	$	15,589

Fair value changes	—		(589)
Payments	—		(15,000)
Closing balance	$	2,700	$	—

During the three months ended March 31, 2025 and 2024, 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.

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued expenses	$ 65,232	$ 63,548
Payable to statutory authorities	40,928	22,935
Client liabilities	11,867	9,711
Accrued capital expenditures	3,764	2,059
Derivative instruments	3,385	7,454
Contingent consideration	1,280	1,280
Income taxes payable, net	271	284
Others	5,253	6,326
Accrued expenses and other current liabilities	$ 131,980	$ 113,597

Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

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


	As of
	March 31, 2025		March 31, 2024		December 31, 2024
Cash and cash equivalents	$	140,442	$	108,565	$	153,355
Restricted cash (current) (1)	9,826		4,291		9,972
Restricted cash (non-current) (2)	8,210		4,376		8,071
Cash, cash equivalents and restricted cash	$	158,478	$	117,232	$	171,398

Other Non-Current Liabilities

3 Months Ended

Mar. 31, 2025

Liabilities, Noncurrent [Abstract]

Other Non-Current Liabilities

Other non-current liabilities consist of the following:


	As of
	March 31, 2025		December 31, 2024
Retirement benefits	$	26,431	$	24,795
Deferred transition revenue	21,827		18,213
Unrecognized tax benefits	2,123		1,966
Contingent consideration	1,420		1,420
Derivative instruments	723		4,363


Others	2,947		2,816
Other non-current liabilities	$	55,471	$	53,573

Property and Equipment, net - Depreciation and Amortization Expense and Effect of Foreign Exchange Gain (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 10,311	$ 9,266

Stock-Based Compensation - Summary of Stock Options (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Number of options, outstanding, beginning balance (in shares)	1,768,305
Number of options, granted (in shares)	0
Number of options, exercised (in shares)	0
Number of options, forfeited (in shares)	0
Number of options, outstanding, ending balance (in shares)	1,768,305	1,768,305
Number of options, vested and exercisable (in shares)	425,265
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average exercise price, outstanding, beginning balance (in dollars per share)	$ 30.14
Weighted-average exercise price, granted (in dollars per share)	0
Weighted-average exercise price, exercised (in dollars per share)	0
Weighted-average exercise price, forfeited (in dollars per share)	0
Weighted-average exercise price, outstanding, beginning balance (in dollars per share, Ending Balance (in dollars per share)	30.14	$ 30.14
Weighted average exercise price, vested and exercisable at end of period (in dollars per share)	$ 30.14
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Aggregate intrinsic value, outstanding	$ 30,191	$ 25,187
Aggregate intrinsic value, vested and exercisable at March 31,2025	$ 7,261
Weighted-average remaining contractual life	8 years 2 months 12 days	8 years 6 months
Weighted average remaining contractual Term, vested and exercisable	8 years 2 months 12 days

Accumulated Other Comprehensive Income/( Loss) (Tables)

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025 and 2024:


	Accumulated Other Comprehensive Income/(Loss)
	Currency translation adjustments		Unrealized gain/(loss) on cash flow hedges		Retirement benefits		Total
Balance as of January 1, 2025	$	(146,998)	$	(7,548)	$	(176)	$	(154,722)
Gain recognized during the period	3,927		9,469		—		13,396
Reclassification to net income (1)	—		1,598		(111)		1,487
Income tax effects (2)	(673)		(2,262)		(13)		(2,948)
Accumulated other comprehensive income/(loss) as of March 31, 2025	$	(143,744)	$	1,257	$	(300)	$	(142,787)

Balance as of January 1, 2024	$	(132,643)	$	4,198	$	1,405	$	(127,040)
Losses recognized during the period	(3,064)		(62)		—		(3,126)
Reclassification to net income (1)	—		(443)		(155)		(598)
Income tax effects (2)	519		(190)		(1)		328
Accumulated other comprehensive income/(loss) as of March 31, 2024	$	(135,188)	$	3,503	$	1,249	$	(130,436)

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

Capital Structure - Additional Information (Details)			3 Months Ended
Capital Structure - Additional Information (Details)	Jul. 19, 2024 USD ($) $ / shares shares	Mar. 15, 2024 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) class_of_common_stock program $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Feb. 26, 2024 USD ($)	Oct. 05, 2021 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of classes of common stock outstanding \| class_of_common_stock			1
Stock repurchase program, prepayment shares delivered		$ 125,000
Shares repurchased (in shares) \| shares		3,350,084	175,063	3,976,818
Weighted average purchase price per share (in dollars per share) \| $ / shares		$ 29.85	$ 46.03	$ 30.03
Stock repurchase program, prepayment shares delivered (in percentage)		80.00%
Additional Paid in Capital	$ 2,862,000
Number of share repurchase programs \| program			2
Excise and sales taxes			$ 0	$ 544,000
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares) \| shares			365,779	4,177,220
Share Price (in us dollars per share) \| $ / shares	$ 33.96
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors						$ 300,000
Accelerated Share Repurchase Agreement, ASR Agreement
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares) \| shares	820,433
Weighted average purchase price per share (in dollars per share) \| $ / shares	$ 29.97
Additional Paid in Capital		$ 25,000
2024 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors					$ 500,000