ExlService (EXLS) 10-Q 1 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	ExlService Holdings, Inc.
Entity Central Index Key	1,297,989
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Trading Symbol	EXLS
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		34,396,077

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 69,955	$ 86,795
Short-term investments	169,461	178,479
Restricted cash	2,727	3,674
Accounts receivable, net	137,150	135,705
Prepaid expenses	10,601	9,781
Advance income tax, net	17,802	8,801
Other current assets	28,277	29,582
Total current assets	435,973	452,817
Property and equipment, net	67,748	66,757
Restricted cash	3,783	3,808
Deferred taxes, net	6,518	8,585
Intangible assets, net	45,104	48,958
Goodwill	202,337	204,481
Other assets	33,863	36,369
Equity Method Investments	2,944	3,000
Total assets	798,270	824,775
Current liabilities:
Accounts payable	4,114	5,918
Current portion of long-term borrowings	318	10,318
Deferred revenue	11,504	10,716
Accrued employee costs	27,615	55,664
Accrued expenses and other current liabilities	61,148	61,366
Current portion of capital lease obligations	246	267
Total current liabilities	104,945	144,249
Long term borrowings	67,355	50,391
Capital lease obligations, less current portion	282	331
Income taxes payable	8,721	13,557
Other non-current liabilities	15,262	16,202
Total liabilities	196,565	224,730
Commitments and contingencies (Refer to Note 24)
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued	0	0
ExlService Holdings, Inc. Stockholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized, 37,568,973 shares issued and 34,442,962 shares outstanding as of March 31, 2018 and 36,790,751 shares issued and 33,888,733 shares outstanding as of December 31, 2017	38	37
Additional paid-in capital	327,750	322,246
Retained earnings	450,676	427,064
Accumulated other comprehensive loss	(59,670)	(45,710)
Total including shares held in treasury	718,794	703,637
Less: 3,126,011 shares as of March 31, 2018 and 2,902,018 shares as of December 31, 2017, held in treasury, at cost	(117,320)	(103,816)
Stockholders’ equity	601,474	599,821
Non-controlling interest	231	224
Total equity	601,705	600,045
Total liabilities and equity	$ 798,270	$ 824,775

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	15,000,000	15,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	37,568,973	36,790,751
Common stock, outstanding (in shares)	34,442,962	33,888,733
Treasury stock (in shares)	3,126,011	2,902,018

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenues, net	$ 206,973	$ 183,033
Cost of revenues (exclusive of depreciation and amortization)	138,101	119,072
Gross profit	68,872	63,961
Operating expenses:
General and administrative expenses	29,266	24,037
Selling and marketing expenses	13,952	13,340
Depreciation and amortization	10,504	9,372
Total operating expenses	53,722	46,749
Income from operations	15,150	17,212
Foreign exchange gain, net	615	382
Interest expense	(538)	(432)
Other income, net	3,534	3,186
Income before income tax (benefit)/expense	18,761	20,348
Income tax expense	(4,453)	3,560
Loss from equity-method investment	56	0
Net income attributable to ExlService Holdings, Inc. stockholders	$ 23,158	$ 16,788
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic (in dollars per share)	$ 0.67	$ 0.50
Diluted (in dollars per share)	$ 0.66	$ 0.48
Weighted-average number of shares used in computing earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic (in shares)	34,446,265	33,845,560
Diluted (in shares)	35,302,926	35,108,882

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income		$ 23,158	$ 16,788
Other comprehensive income/(loss):
Unrealized gain/(loss) on effective cash flow hedges, net of taxes ($800) and $2,044, respectively		(4,214)	6,985
Foreign currency translation gain/(loss)		(7,811)	11,643
Reclassification adjustments
Realized loss on cash flow hedges, net of taxes ($776) and ($284), respectively(1)	[1]	(1,895)	(646)
Retirement benefits, net of taxes $1 and $7, respectively(2)	[2]	(40)	62
Total other comprehensive income/(loss)		(13,960)	18,044
Total comprehensive income		$ 9,198	$ 34,832
[1]	These are reclassified to net income and are included either in cost of revenue, operating expenses, as applicable in the unaudited consolidated statements of income. Refer to Note 16 to the unaudited consolidated financial statements.
[2]	These are reclassified to net income and are included in other income, net in the unaudited consolidated statements of income. Refer to Note 19 to the unaudited consolidated financial statements.

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Unrealized (loss)/gain on effective cash flow hedges, taxes	$ (800)	$ 2,044
Realized gain on cash flow hedges, taxes	(776)	284
Retirement benefits, taxes	$ 1	$ 7

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Treasury Stock	Non - Controlling Interest
Impact of adoption of Topic 606	$ 1,453		$ 5,999	$ (4,546)
Adjusted equity balance	533,631	$ 36	290,645	378,176	$ (75,057)	$ (60,362)	$ 193
Beginning balance (in shares) at Dec. 31, 2016		35,699,819				(2,071,710)
Beginning balance at Dec. 31, 2016	532,178	$ 36	284,646	382,722	(75,057)	$ (60,362)	193
Stock issued on exercise/vesting of equity awards (in shares)		400,803
Stock issued on exercise/vesting of equity awards	191		191
Stock-based compensation	5,956		5,956
Acquisition of treasury stock (in shares)						(256,746)
Acquisition of treasury stock	(11,913)					$ (11,913)
Non-controlling interest	12						12
Other comprehensive loss	18,044				18,044
Net income	16,788			16,788
Ending balance (in shares) at Mar. 31, 2017		36,100,622				(2,328,456)
Ending balance at Mar. 31, 2017	562,709	$ 36	296,792	394,964	(57,013)	$ (72,275)	205
Impact of adoption of Topic 606	454			454
Adjusted equity balance	$ 600,499	$ 37	322,246	427,518	(45,710)	$ (103,816)	224
Beginning balance (in shares) at Dec. 31, 2017	33,888,733	36,790,751				(2,902,018)
Beginning balance at Dec. 31, 2017	$ 600,045	$ 37	322,246	427,064	(45,710)	$ (103,816)	224
Stock issued on exercise/vesting of equity awards (in shares)		778,222
Stock issued on exercise/vesting of equity awards	431	$ 1	430
Stock-based compensation	5,074		5,074
Acquisition of treasury stock (in shares)						(223,993)
Acquisition of treasury stock	(13,504)					$ (13,504)
Non-controlling interest	7						7
Other comprehensive loss	(13,960)				(13,960)
Net income	$ 23,158			23,158
Ending balance (in shares) at Mar. 31, 2018	34,442,962	37,568,973				(3,126,011)
Ending balance at Mar. 31, 2018	$ 601,705	$ 38	$ 327,750	$ 450,676	$ (59,670)	$ (117,320)	$ 231

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 23,158	$ 16,788
Adjustments to reconcile net income to net cash (used for)/provided by operating activities:
Depreciation and amortization	10,655	9,426
Stock-based compensation expense	5,074	5,956
Unrealized gain on short term investments	(2,842)	0
Unrealized foreign exchange (gain)/loss	(3,319)	2,225
Deferred income tax (benefit)/expense	3,433	(4,256)
Allowances for doubtful accounts receivable	(612)	0
Loss from equity-method investment	56	0
Others, net	28	(7)
Change in operating assets and liabilities:
Accounts receivable	(590)	(6,340)
Prepaid expenses and other current assets	(2,164)	(1,285)
Accounts payable	(1,726)	2,185
Deferred revenue	877	1,480
Accrued employee costs	(27,655)	(21,053)
Accrued expenses and other liabilities	3,317	806
Advance income tax, net	(13,906)	(1,471)
Other assets	(1,789)	1,569
Net cash (used for)/provided by operating activities	(8,005)	6,023
Cash flows from investing activities:
Purchase of property and equipment	(12,680)	(10,114)
Business acquisition (net of cash acquired)	(380)	0
Purchase of investments	(20,310)	(129,837)
Proceeds from redemption of investments	30,358	22,879
Net cash used for investing activities	(3,012)	(117,072)
Cash flows from financing activities:
Principal payments on capital lease obligations	(42)	(43)
Proceeds from borrowings	12,000	0
Repayments of borrowings	(5,036)	0
Acquisition of treasury stock	(13,504)	(11,913)
Proceeds from exercise of stock options	431	191
Net cash used for financing activities	(6,151)	(11,765)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(644)	468
Net decrease in cash, cash equivalents, and restricted cash	(17,812)	(122,346)
Cash, cash equivalents, and restricted cash at beginning of period	94,277	220,394
Cash, cash equivalents, and restricted cash at end of period	$ 76,465	$ 98,048

Organization

Organization	3 Months Ended
	Mar. 31, 2018
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”), operates in the Business Process Management (“BPM”) industry providing operations management services and analytics services that help businesses enhance revenue growth and improve profitability. Using its proprietary platforms, methodologies and tools, the Company looks deeper to help companies improve global operations, enhance data-driven insights, increase customer satisfaction, and manage risk and compliance. The Company’s clients are located principally in the United States of America (“U.S.”) and the United Kingdom (“U.K”)

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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 (“US 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 US 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, 2017. 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 income and expenses arising from intra-group transactions, are eliminated while preparing those financial statements. The un-realized gains resulting from intra-group transactions are also eliminated. Similarly, the un-realized losses are eliminated, unless the transaction provides evidence as to impairment of the asset transferred. Accounting policies of the respective individual subsidiary and associate are aligned, wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under US GAAP. The Company’s investments in equity affiliates are initially recorded at cost and any excess cost over proportionate share of the fair value of the net assets of the investee at the acquisition date is recognized as goodwill. The proportionate share of net income or loss of the investee is recognized in the unaudited consolidated statements of income. Non-controlling interest is the equity in a subsidiary not attributable, directly or indirectly, to the parent and it represents the minority partner’s interest in the operations of ExlService Colombia S.A.S. Non-controlling interest consists of the amount of such interest at the date of obtaining control over the subsidiary, and the non-controlling interest's share of changes in equity since that date. The non-controlling interest in the operations for all periods presented were insignificant and is included under general and administrative expenses in the unaudited consolidated statements of income. (b) Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the unaudited consolidated statements of income during the reporting period. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the financial statements include, but are not limited to, allowance for doubtful receivables, recoverability of service tax receivables, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments, assumptions used to calculate stock-based compensation expense, depreciation and amortization periods, purchase price allocation, recoverability of long-term assets including goodwill and intangibles, and estimated costs to complete fixed price contracts. (c) Employee Benefits Contributions to defined contribution plans are charged to the consolidated statements of income in the period in which services are rendered by the covered employees. Current service costs for defined benefit plans are accrued in the period to which they relate. The liability in respect of defined benefit plans is calculated annually by the Company using the projected unit credit method. Prior service cost, if any, resulting from an amendment to a plan is recognized and amortized over the remaining period of service of the covered employees. The Company recognizes its liabilities for compensated absences depending on whether the obligation is attributable to employee services already rendered, relates to rights that vest or accumulate and payment is probable and estimable. Effective January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2017-07, Compensation -Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post Retirement Benefit Cost. Pursuant to this, the Company retrospectively adopted the presentation of service cost separate from other components of net periodic costs for each period presented. The interest cost, expected return on plan assets and amortization of actuarial gains / loss, have been reclassified from “Cost of revenues”, “General and administrative expenses” and “Selling and marketing expenses” to “Other income, net”. Refer to Note 19 to the unaudited consolidated financial statements for details. (d) Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of ninety days or less to be cash equivalents. Pursuant to the Company’s investment policy, surplus funds are invested in highly-rated debt mutual funds, money market accounts and time deposits to reduce its exposure to market risk with regard to these funds. Restricted cash represents amounts on deposit with banks against bank guarantees issued through banks in favor of relevant statutory authorities for equipment imports, deposits for obtaining indirect tax registrations and for demands against pending income tax assessments (refer to Note 24 to the unaudited consolidated financial statements for details). These deposits with banks have maturity dates after March 31, 2019. Restricted cash presented under current assets represents funds held on behalf of clients in dedicated bank accounts. Effective January 1, 2018, the Company adopted ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. Pursuant to this adoption the Company includes in its cash and cash-equivalent balances in the unaudited statements of cash flows those amounts that have been classified as restricted cash and restricted cash equivalents for each of the periods presented. (e) Revenue Recognition Revenue is recognized when services are provided to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for our services. Revenue is measured based on consideration specified in a contract with a customer and excludes discounts and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by providing services to a customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Adoption of ASU 2014-09 Topic 606, "Revenue from Contracts with Customers" (Topic 606) On January 1, 2018, the date of initial application, the Company adopted Topic 606 using the modified retrospective method by recognizing the cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of equity, resulting in an increase of $454 , primarily due to new contract acquisition costs. The initial application scopes in those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with Company’s historical accounting under Topic 605. The key area impacted upon adoption of Topic 606 relates to the accounting for sales commissions costs. Specifically, under Topic 606 a portion of sales commissions costs have been recorded as an asset and recognized as an operating expense on a straight line basis over the life of the contract. Prior to adoption, the Company was expensing sales commission costs as incurred. Nature of services The Company derives its revenues from operations management and analytics services. The Company operates in the business process management (“BPM”) industry providing operations management and analytics services helping businesses enhance revenue growth and improve profitability. The Company provides BPM or “operations management” services, which typically involve transfer to the Company of business operations of a client, after which it administers and manages those operations for its client on an ongoing basis. The Company also provides industry-specific digital transformational services related to operations management services, and analytics services that focus on driving improved business outcomes for clients by generating data-driven insights across all parts of their business. Arrangements with Multiple Performance Obligations The Company’s contracts with customers do not generally bundle different services together except for software and related services contracts, which are not significant, involving implementation services and post contract maintenance services. In such software and related services contracts, revenue is allocated to each performance obligation based on the relative standalone selling price. A separate contract is generally drafted for each type of service sold, even if to the same customer. The typical length of a contract is 3 to 5 years. Type of Contracts i. a) Revenues under time-and-material, transaction and outcome-based contracts are recognized as the services are performed. When the terms of the client contract specify service level parameters that must be met (such as turnaround time or accuracy), the Company monitors such service level parameters to determine if any service credits or penalties have been incurred. Revenues are recognized net of any penalties or service credits that are due to a client. b) In respect of arrangements involving subcontracting, in part or whole of the assigned work, the Company evaluates revenues to be recognized under Accounting Standard Codification ("ASC") topic 606-10-55-36 and 37, “Principal versus agent considerations”. ii. Revenues for Company’s fixed-price contracts are recognized using the time-elapsed output method because the Company transfers control evenly during execution of its projects. Determining a measure of progress requires management to make judgments that affect the timing of revenue recognized. The Company regularly monitors its estimates for progress on completion of a project and records changes in the period in which a change in an estimate is determined. If a change in an estimate results in a projected loss on a project, such loss is recognized in the period in which it is first identified. iii. Revenues from the Company's software and related services contracts, which are not significant, are primarily related to maintenance renewals or incremental license fees for additional users. Maintenance revenues are generally recognized on a straight-line basis over the annual contract term. Fees for incremental license fees without any associated services are recognized upon delivery of the related incremental license. The Company accrues revenues for services rendered between the last billing date and the balance sheet date. Accordingly amounts for services, that the Company has performed and for which an invoice has not yet been issued to the client are presented as a part of contract assets as receivables. The Company defers the revenues and related cost of revenue during the period while production set-ups are underway and recognize such revenues and costs ratably over the period during which the related services are expected to be performed. The deferred costs are limited to the amounts of the deferred revenues. Deferred revenue also includes the amount for which the services have been rendered but the other conditions of revenue recognition are not met, for example where the Company does not have the persuasive evidence of the arrangements. Reimbursements of out-of-pocket expenses received from clients are included as part of revenues. Payment terms All Contracts entered into by the Company specify the payment terms. Usual payment terms range between 30 - 60 days. The Company does not have any extended payment terms clauses in existing contracts. At times the Company does enter into fixed price contracts and software licenses involving significant implementation wherein the milestones are defined such that the Company can recover the costs with a reasonable margin. The payment terms do not have any linkage to segment or types of contracts, as they are defined for each contract separately. Variable Consideration Variability in the transaction price arises primarily due to service level agreements, cost of living adjustments, and pre-payment and volume discounts. The Company considers its experience with similar transactions and expectations regarding the contract in estimating the amount of variable consideration that should be recognized during a period. The Company believes that the expected value method is most appropriate for determining the variable consideration since the company has large number of contracts with similar nature of transactions/services. Allocation of transaction price to performance obligations The transaction price is allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated by reference to the total transaction price less the sum of the observable standalone selling prices of other goods or services promised in the contract. In assessing whether to allocate variable consideration to a specific part of the contract, the Company considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. Practical expedients and exemptions We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. (f) Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases (Topic 842) which requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelve month term, these arrangements must now be recognized as assets and liabilities on the balance sheet of the lessee. This ASU requires recording a right-of-use asset and lease obligation for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption of this ASU must be calculated using the applicable incremental borrowing rate at the date of adoption. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and the implementation approach to be used. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is to be deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The amendment should be applied through a modified retrospective approach. Early adoption as of the fiscal years beginning after December 15, 2018 is permitted. The adoption of this ASU is not expected to have a material effect on the Company's consolidated financial statements. (g) Recently Adopted Accounting Pronouncements In May 2014, FASB issued ASU No. 2014-09 (Topic 606) "Revenue from Contracts with Customers." Topic 606 supersedes the revenue recognition requirements in Topic 605 “Revenue Recognition” (Topic 605), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted Topic 606 as of January 1, 2018 using the modified retrospective transition method. Refer to Note 4 to the unaudited consolidated financial statements for details. In August 2016, FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendments apply to all entities that are required to present a statement of cash flows under Topic 230. The amendments are an improvement to US GAAP because they provide guidance for each of the eight issues, thereby reducing the current and potential future diversity in practice. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods and should be applied using a retrospective transition method to each period presented. The Company has adopted the guidance retrospectively to each period presented. The adoption does not have any material effect on the presentation of its unaudited consolidated statements of cash flows. In November 2016, FASB issued ASU No. 2016-18, Statement of cash flows (Topic 230) - Restricted cash. The amendments apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. The amendments in this update require that a statement of cash flows should explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods and should be applied using a retrospective transition method to each period presented. Early adoption is permitted with an adjustment reflected as of the beginning of the fiscal year in which the amendment is adopted. The Company has adopted the guidance retrospectively to each period presented. The adoption does not have any material effect on the presentation of its unaudited consolidated statements of cash flows. Refer to Note 6 to the unaudited consolidated financial statements for details. In January 2017, FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment, which eliminates Step 2 from the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017 and should be applied prospectively. The Company has adopted the guidance effective January 1, 2018. The adoption does not have any material effect on its unaudited consolidated financial statements. In March, 2017, FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The ASU amends ASC 715, Compensation — Retirement Benefits, to require employers that present a measure of operating income in their statement of income to include only the service cost component of net periodic pension cost and net periodic post-retirement benefit cost in operating expenses (together with other employee compensation costs). The other components of net benefit cost, including amortization of prior service cost/credit, and settlement and curtailment effects, are to be included in non-operating expenses. The update also stipulates that only the service cost component of net benefit cost is eligible for capitalization. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods and should be applied using a retrospective transition method to each period presented. The Company has adopted the guidance retrospectively to each period presented. Refer to Note 2(c) and Note 19 to the unaudited consolidated financial statements for details. In May 2017, FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. Modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. The Company has adopted the guidance effective January 1, 2018. The adoption does not have any material effect on its unaudited consolidated financial statements.

Segment and Geographical Inform

Segment and Geographical Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment and Geographical Information	Segment and Geographical Information The Company operates in the BPM industry and is a provider of operations management and analytics services. The Company has eight operating segments, which are strategic business units that align its products and services with how it manages its business, approaches its key markets and interacts with its clients. Six of those operating segments provide BPM or “operations management” services, which the Company organizes into industry-focused operating segments (Insurance, Healthcare, Travel, Transportation and Logistics, Banking and Financial Services, and Utilities) and one “capability” operating segment (Finance and Accounting) that provides services to clients in our industry-focused segments as well as clients across other industries. In each of these six operating segments, the Company provides operations management services, which typically involve transfer to the Company of the business operations of a client, after which it administers and manages those operations for its client on an ongoing basis. The remaining two operating segments are Consulting, which provides industry-specific transformational services related to operations management services, and the Analytics operating segment, which provides services that focus on driving improved business outcomes for clients by generating data-driven insights across all parts of their business. The Company presents information for the following reportable segments: • Insurance • Healthcare • Travel, Transportation and Logistics (“TT&L”) • Finance and Accounting (“F&A”) • Analytics, and • All Other (consisting of the Company's remaining operating segments, which includes the Banking and Financial Services, Utilities and Consulting operating segments). The chief operating decision maker (“CODM”) generally reviews financial information such as revenues, cost of revenues and gross profit, disaggregated by the operating segments to allocate an overall budget among the operating segments. The Company does not allocate and therefore the CODM does not evaluate other operating expenses, interest expense or income taxes by segment. Many of the Company’s assets are shared by multiple operating segments. The Company manages these assets on a total Company basis, not by operating segment, and therefore asset information and capital expenditures by operating segment are not presented. Revenues and cost of revenues for the three months ended March 31, 2018 and 2017, respectively, for each of the reportable segments, are as follows: Three months ended March 31, 2018 Insurance Healthcare TT&L F&A All Other Analytics Total Revenues, net $ 63,903 $ 22,797 $ 17,499 $ 23,972 $ 21,700 $ 57,102 $ 206,973 Cost of revenues (exclusive of depreciation and amortization) 42,427 17,242 10,443 14,729 15,185 38,075 138,101 Gross profit $ 21,476 $ 5,555 $ 7,056 $ 9,243 $ 6,515 $ 19,027 $ 68,872 Operating expenses 53,722 Foreign exchange gain, interest expense and other income, net 3,611 Income tax benefit (4,453 ) Loss from equity-method investment 56 Net income $ 23,158 Three months ended March 31, 2017 Insurance Healthcare TT&L F&A All Other Analytics Total Revenues, net $ 55,921 $ 18,932 $ 17,043 $ 21,014 $ 21,116 $ 49,007 $ 183,033 Cost of revenues (exclusive of depreciation and amortization)* 38,030 12,309 10,138 12,426 14,413 31,756 119,072 Gross profit* $ 17,891 $ 6,623 $ 6,905 $ 8,588 $ 6,703 $ 17,251 $ 63,961 Operating expenses* 46,749 Foreign exchange gain, interest expense and other income, net* 3,136 Income tax expense 3,560 Net income $ 16,788 *The Company early adopted ASU 2017-12, Derivative and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. Pursuant to this adoption, effective January 1, 2017, the resultant foreign exchange gain/(loss) upon settlement of cash flow hedges are recorded along with the underlying hedged item in the same income statement line as either part of “Cost of revenues”, “General and administrative expenses”, “Selling and marketing expenses”, "Depreciation and Amortization”, as applicable. Refer to Note 16 to the unaudited consolidated financial statements for details. Net revenues of the Company by service type, were as follows: Three months ended March 31, 2018 2017 BPM and related services (1) $ 149,871 $ 134,026 Analytics services 57,102 49,007 Total $ 206,973 $ 183,033 (1) BPM and related services include revenues of the Company's five industry-focused operating segments, one capability operating segment and consulting operating segment, which provides services related to operations management services. See reportable segment disclosure above. The Company attributes the revenues to regions based upon the location of its customers. Three months ended March 31, 2018 2017 Revenues, net United States $ 171,198 $ 150,281 Non-United States United Kingdom 28,016 26,082 Rest of World 7,759 6,670 Total Non-United States 35,775 32,752 $ 206,973 $ 183,033 Property and equipment, net by geographic area, were as follows: As of March 31, 2018 December 31, 2017 Property and equipment, net India $ 37,469 $ 39,143 United States 19,249 16,371 Philippines 7,301 8,217 Rest of World 3,729 3,026 $ 67,748 $ 66,757

Revenues, Net

Revenues, Net	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues, net	Revenues, net Adoption of ASU 2014-09 Topic 606, "Revenue from Contracts with Customers" On January 1, 2018, the Company adopted Topic 606 using the modified retrospective method and applied its guidance to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historical accounting under Topic 605.The Company recorded a net addition to opening equity of $454 as of January 1, 2018 due to the cumulative impact of adopting Topic 606, primarily due to new contract acquisition costs. The adoption of Topic 606 did not have a significant impact on the measurement or recognition of revenues during the three months ended March 31, 2018. Refer to Note 3 to the unaudited consolidated financial statements for revenues disaggregated by reportable segments and geography. Contract balances The following table provides information about accounts receivable and contract liabilities from contracts with customers: As of March 31, 2018 December 31, 2017 Accounts Receivable, net $ 137,150 $ 135,705 Contract Liabilities Deferred revenue $ 10,375 $ 9,311 Accounts receivable includes $58,381 and $49,125 as of March 31, 2018 and December 31, 2017, respectively, representing amounts not billed to customers. The Company has accrued the unbilled receivables for work performed in accordance with the terms of contracts with customers and considers no significant performance risk associated with its unbilled receivables. Contract liabilities represent deferred revenue on account of payments received in advance from customers and are included within current liabilities. Contract liabilities are recognized as revenue as (or when) we perform under the contract. Revenue recognized in the reporting period that was included in the contract liabilities balance at the beginning of the period is $ 3,710 . Contract acquisition costs As of January 1, 2018, we capitalized $454 as contract acquisition costs related to contracts that were not completed. Further we capitalized an additional $672 and amortized $73 during the three months ended March 31, 2018. There was no impairment loss in relation to costs capitalized. The capitalized costs will be amortized on a straight line basis over the life of contract.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed using the weighted average number of common shares plus the potentially dilutive effect of common stock equivalents (outstanding stock options, restricted stock and restricted stock units) issued and outstanding at the reporting date, using the treasury stock method. Stock options, restricted stock and restricted stock units that are anti-dilutive are excluded from the computation of weighted average shares outstanding. The following table sets forth the computation of basic and diluted earnings per share: Three months ended March 31, 2018 2017 Numerator: Net income $ 23,158 $ 16,788 Denominators: Basic weighted average common shares outstanding 34,446,265 33,845,560 Dilutive effect of share based awards 856,661 1,263,322 Diluted weighted average common shares outstanding 35,302,926 35,108,882 Earnings per share attributable to ExlService Holdings Inc. stockholders: Basic $ 0.67 $ 0.50 Diluted $ 0.66 $ 0.48 Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share 148,522 452,988

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash For the purpose of unaudited statements of cash flows, cash, cash equivalents and restricted cash comprise of the following: As of March 31, 2018 March 31, 2017 Cash and cash equivalents $ 69,955 $ 91,700 Restricted cash (current) 2,727 2,691 Restricted cash (non-current) 3,783 3,657 $ 76,465 $ 98,048

Other Income, net

Other Income, net	3 Months Ended
	Mar. 31, 2018
Other Income and Expenses [Abstract]
Other Income, net	Other Income, net Other income, net consists of the following: Three months ended March 31, 2018 2017 Interest and dividend income $ 308 $ 672 Gain on sale of mutual funds 3,133 1,783 Others, net 93 731 Other income, net $ 3,534 $ 3,186

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment, net Property and equipment, net consist of the following: Estimated useful lives As of (Years) March 31, 2018 December 31, 2017 Owned Assets: Network equipment and computers 3-5 $ 77,260 $ 77,587 Software 3-5 61,160 59,325 Leasehold improvements 3-8 38,769 38,857 Office furniture and equipment 3-8 19,759 19,667 Motor vehicles 2-5 624 638 Buildings 30 1,220 1,245 Land — 798 815 Capital work in progress — 12,006 9,184 211,596 207,318 Less: Accumulated depreciation and amortization (144,278 ) (141,059 ) $ 67,318 $ 66,259 Assets under capital leases: Leasehold improvements $ 903 $ 941 Office furniture and equipment 140 167 Motor vehicles 647 710 1,690 1,818 Less: Accumulated depreciation and amortization (1,260 ) (1,320 ) $ 430 $ 498 Property and equipment, net $ 67,748 $ 66,757 Capital work in progress represents advances paid towards acquisition of property and equipment and cost incurred to develop software not yet ready to be placed in service. The depreciation and amortization expense excluding amortization of acquisition-related intangibles recognized in the consolidated statements of income was as follows: Three months ended March 31, 2018 2017 Depreciation and amortization expense $ 6,557 $ 5,874 Effective January 1, 2017, the depreciation and amortization expenses set forth above includes the effect of foreign exchange gain upon settlement of cash flow hedges, amounting to $151 and $54 for the three months ended March 31, 2018 and 2017, respectively. Refer to Note 16 to the unaudited consolidated financial statements for further details. Internally developed software costs, included under Software, was as follows: As of March 31, 2018 December 31, 2017 Internally Developed Software Cost $ 3,864 $ 2,571 Less : Accumulated amortization 1,194 976 $ 2,670 $ 1,595

Business Combinations, Goodwill

Business Combinations, Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2018
Business Combination, Goodwill And Intangible Assets Disclosure [Abstract]
Business Combinations, Goodwill and Intangible Assets	Business Combinations, Goodwill and Intangible Assets Health Integrated, Inc. On December 22, 2017 , a wholly owned subsidiary of the Company entered into an Asset Purchase Agreement to acquire substantially all the assets and assumed certain liabilities of Health Integrated, Inc. (“Health Integrated”), a company based in Tampa, Florida. The initial purchase price consisted of $22,577 in cash including working capital adjustment. The purchase agreement allows sellers the ability to earn up to $5,000 as earn-out, based on the achievement of certain performance goals by Health Integrated during the 2018 calendar year. The earn-out was fair valued at $920 as of December 31, 2017. As of March 31, 2018 the earn-out has been fair valued at Nil upon receipt of additional information which existed at the acquisition date, however, was gathered subsequently. A portion of the purchase price otherwise payable was placed into escrow as security for the post-closing working capital adjustments and the indemnification obligations under the Asset Purchase Agreement. Health Integrated is a Florida-based care management company that provides end-to-end analytics- and behavioral IP-enabled care management services including case management, utilization management, disease management, special needs programs, and multichronic care management on behalf of health plans. Health Integrated serves millions of lives in the Medicaid, Medicare, and dual eligible populations. It is known for its strong capabilities in improving member health status through behavioral change. Accordingly, the Company paid a premium for the acquisition, which is reflected in the goodwill recognized from the purchase price allocation. The acquisition of Health Integrated is included in the Healthcare reportable segment. The Company is in the process of finalizing its allocation of purchase price to the net tangible and intangible assets. During the three months ended March 31, 2018, the Company gathered additional information subsequent to the closing date that affected the allocation of purchase price. The below allocation is based on such additional information gathered: Amount Tangible Assets $ 5,475 Liabilities (5,733 ) Identifiable Intangible Assets: Customer relationships 6,760 Developed technology 1,510 Trade names and trademarks 570 Goodwill 14,229 Total purchase price $ 22,811 The amount of goodwill recognized from the Health Integrated acquisition is deductible for tax purposes. The customer relationships from the Health Integrated acquisition are being amortized over the weighted average useful life of 7.0 years and developed technology and trademarks are being amortized over the useful life of 1.0 year and 2.0 years , respectively. Goodwill The following table sets forth details of the Company’s goodwill balance as of March 31, 2018 : Insurance Healthcare TT&L F&A All Other Analytics Total Balance as at January 1, 2017 $ 38,110 $ 19,276 $ 12,983 $ 47,537 $ 5,326 $ 63,538 $ 186,770 Acquisitions — 15,957 — — — — 15,957 Currency translation adjustments 223 — 696 835 — — 1,754 Balance as at December 31, 2017 $ 38,333 $ 35,233 $ 13,679 $ 48,372 $ 5,326 $ 63,538 $ 204,481 Measurement period adjustments* (1,728 ) (1,728 ) Currency translation adjustments 93 — (232 ) (277 ) — — (416 ) Balance as at March 31, 2018 $ 38,426 $ 33,505 $ 13,447 $ 48,095 $ 5,326 $ 63,538 $ 202,337 * Represents adjustments of $1,728 that have been identified during the three months ended March 31, 2018 to the provisional amounts of net tangible assets acquired and the earn-out with the corresponding offsets to goodwill. These adjustments are within the measurement period and have been accounted for prospectively. These adjustments did not have a significant impact on the Company’s unaudited consolidated statements of income, balance sheets or cash flows. Intangible Assets Information regarding the Company’s intangible assets is set forth below: As of March 31, 2018 Gross Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 82,218 $ (46,347 ) $ 35,871 Leasehold benefits 2,831 (2,595 ) 236 Developed technology 15,894 (9,731 ) 6,163 Non-compete agreements 2,045 (1,820 ) 225 Trade names and trademarks 5,959 (4,250 ) 1,709 $ 108,947 $ (64,743 ) $ 44,204 Indefinite-lived intangible assets: Trade names and trademarks $ 900 $ — $ 900 Total intangible assets $ 109,847 $ (64,743 ) $ 45,104 As of December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 82,165 $ (43,667 ) $ 38,498 Leasehold benefits 2,888 (2,596 ) 292 Developed technology 15,835 (8,749 ) 7,086 Non-compete agreements 2,045 (1,780 ) 265 Trade names and trademarks 5,951 (4,034 ) 1,917 $ 108,884 $ (60,826 ) $ 48,058 Indefinite-lived intangible assets: Trade names and trademarks $ 900 $ — $ 900 Total intangible assets $ 109,784 $ (60,826 ) $ 48,958 The amortization expense for the period is as follows: Three months ended March 31, 2018 2017 Amortization expense $ 3,947 $ 3,498 The remaining weighted average life of intangible assets is as follows: (in years) Customer relationships 5.24 Leasehold benefits 1.17 Developed technology 3.06 Non-compete agreements 1.45 Trade names and trademarks (Finite lived) 4.28 Estimated amortization of intangible assets during the next twelve months ending March 31, 2019 $ 14,329 2020 11,150 2021 4,522 2022 3,887 2023 3,074 2024 and thereafter 7,242 Total $ 44,204

Investment in equity affiliate

Investment in equity affiliate	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in equity affiliate	Investment in equity affiliate On December 12, 2017, the Company acquired preferred stock in Corridor Platform Inc. (“Corridor”), a big data credit risk management platform for $3,000 . The Company has determined that based on its ownership interest and other rights, Corridor is an equity affiliate. The Company has the right and option to acquire additional preferred stock from Corridor as per the terms of the agreement. The Company's proportionate share of net loss for the three months ended March 31, 2018 was $56 .

Other current assets

Other current assets	3 Months Ended
	Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other current assets	Other current assets Other current assets consist of the following: As of March 31, 2018 December 31, 2017 Derivative instruments $ 8,556 $ 10,938 Advances to suppliers 2,547 2,451 Receivables from statutory authorities 9,107 7,598 Others 8,067 8,595 Other current assets $ 28,277 $ 29,582

Accrued expenses and other curr

Accrued expenses and other current liabilities	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: As of March 31, 2018 December 31, 2017 Accrued expenses $ 42,401 $ 43,235 Derivative instruments 1,909 555 Client liabilities 5,500 8,982 Other current liabilities 11,338 8,594 Accrued expenses and other current liabilities $ 61,148 $ 61,366

Other non-current liabilities

Other non-current liabilities	3 Months Ended
	Mar. 31, 2018
Liabilities, Noncurrent [Abstract]
Other non-current liabilities	Other non-current liabilities Other non-current liabilities consist of the following: As of March 31, 2018 December 31, 2017 Derivative instruments $ 1,950 $ 322 Unrecognized tax benefits 892 892 Deferred rent 7,917 8,176 Retirement benefits 3,322 3,377 Other non-current liabilities 1,181 3,435 Non-current liabilities $ 15,262 $ 16,202

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of amortization of actuarial gain/(loss) on retirement benefits and changes in the cumulative foreign currency translation adjustments. In addition, the Company enters into foreign currency exchange contracts, which are designated as cash flow hedges in accordance with ASC topic 815. Changes in the fair values of contracts are recognized in accumulated other comprehensive loss on the Company's consolidated balance sheet until the settlement of those contracts. The balances as of March 31, 2018 and December 31, 2017 are as follows: As of March 31, 2018 December 31, 2017 Cumulative foreign currency translation (loss) $ (66,216 ) $ (58,405 ) Unrealized gain on cash flow hedges, net of taxes of $3,342 and $4,918, respectively 5,823 11,932 Retirement benefits, net of taxes of ($73) and ($74), respectively 723 763 Accumulated other comprehensive loss $ (59,670 ) $ (45,710 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value The following table sets forth the Company’s assets and liabilities that were accounted for at fair value as of March 31, 2018 and December 31, 2017 . The table excludes accounts receivable, accounts payable and accrued expenses for which fair values approximate their carrying amounts. As of March 31, 2018 Level 1 Level 2 Level 3 Total Assets Money market and mutual funds* $ 154,561 $ — $ — $ 154,561 Derivative financial instruments — 13,240 — 13,240 Total $ 154,561 $ 13,240 $ — $ 167,801 Liabilities Derivative financial instruments $ — $ 3,859 $ — $ 3,859 Total $ — $ 3,859 $ — $ 3,859 As of December 31, 2017 Level 1 Level 2 Level 3 Total As of Assets Money market and mutual funds* $ 162,906 $ — $ — $ 162,906 Derivative financial instruments — 18,298 — 18,298 Total $ 162,906 $ 18,298 $ — $ 181,204 Liabilities Derivative financial instruments $ — $ 877 $ — $ 877 Fair value of earn-out consideration — — 920 920 Total $ — $ 877 $ 920 $ 1,797 * Represents short-term investments carried on fair value option under ASC 825 “Financial Instruments” as of March 31, 2018 and December 31, 2017. Derivative Financial Instruments: The Company’s derivative financial instruments consist of foreign currency forward exchange contracts. Fair values for derivative financial instruments are based on independent sources including highly rated financial institutions and are classified as Level 2. Refer to Note 16 to the unaudited consolidated financial statements for further details. Fair value of earn-out consideration: The fair value measurement of earn-out consideration is determined using Level 3 inputs. The Company’s earn-out consideration represents a component of the total purchase consideration for its acquisition of Health Integrated. The measurement was calculated using unobservable inputs based on the Company’s own assessment of achievement of certain performance goals by Health Integrated during the 2018 calendar year. The earn-out was fair valued at $920 as of December 31, 2017. As of March 31, 2018, the earn-out has been fair valued at Nil upon receipt of additional information which existed at the acquisition date, however, was gathered subsequently.

Derivatives and Hedge Accountin

Derivatives and Hedge Accounting	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedge Accounting	Derivatives and Hedge Accounting The Company uses derivative instruments and hedging transactions to mitigate exposure to foreign currency fluctuation risks associated with forecasted transactions denominated in certain foreign currencies and to minimize earnings and cash flow volatility associated with changes in foreign currency exchange rates. The Company’s derivative financial instruments are largely forward foreign exchange contracts that are designated as effective hedges and that qualify as cash flow hedges under ASC 815. The Company had outstanding cash flow hedges totaling $356,220 as of March 31, 2018 and $300,757 as of December 31, 2017. Changes in the fair value of these cash flow hedges are recorded as a component of accumulated other comprehensive income/(loss), net of tax, until the hedged transactions occurs. The Company early adopted ASU 2017-12, Derivative and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. Pursuant to this adoption, effective January 1, 2017, the resultant foreign exchange gain/(loss) are recorded along with the underlying hedged item in the same line of consolidated statements of income as either part of “Cost of revenues”, “General and administrative expenses”, “Selling and marketing expenses”, “Depreciation and amortization”, as applicable. Prior to January 1, 2017, the resultant foreign exchange gain/(loss) on settlement of cash flow hedges and changes in the fair value of cash flow hedges deemed ineffective were recorded in “Foreign exchange gain, net” in the consolidated statements of income. The Company also enters into foreign currency forward contracts to economically hedge its intercompany balances and other monetary assets and liabilities denominated in currencies other than functional currencies. These derivatives do not qualify as fair value hedges under ASC 815. Changes in the fair value of these derivatives are recognized in the unaudited consolidated statements of income and are included in foreign exchange gain/(loss). The Company’s primary exchange rate exposure is with the Indian Rupee, the U.K. Pound sterling and the Philippine peso. The Company also has exposure to Colombian pesos, Czech Koruna, the Euro, South African ZAR and other local currencies in which it operates. Outstanding foreign currency forward contracts amounted to $107,480 and GBP 16,976 as of March 31, 2018 and amounted to $98,967 and GBP 17,947 as of December 31, 2017. The Company estimates that approximately $6,742 of net derivative gains included in accumulated other comprehensive loss (“AOCI”) could be reclassified into earnings within the next twelve months based on exchange rates prevailing as of March 31, 2018 . At March 31, 2018 , the maximum outstanding term of the cash flow hedges was 45 months. The Company evaluates hedge effectiveness at the time a contract is entered into as well as on an ongoing basis. For hedging positions that are discontinued because the forecasted transaction is not expected to occur by the end of the originally specified period, any related amounts recorded in equity are reclassified to earnings. The following tables set forth the fair value of the foreign currency exchange contracts and their location on the unaudited consolidated financial statements: Derivatives designated as hedging instruments : As of Foreign currency exchange contracts March 31, 2018 December 31, 2017 Other current assets $ 8,512 $ 10,892 Other assets $ 4,684 $ 7,360 Accrued expense and other current liabilities $ 1,770 $ 481 Other non-current liabilities $ 1,950 $ 322 Derivatives not designated as hedging instruments : As of Foreign currency exchange contracts March 31, 2018 December 31, 2017 Other current assets $ 44 $ 46 Accrued expense and other current liabilities $ 139 $ 74 The following tables set forth the effect of foreign currency exchange contracts on the unaudited consolidated statements of income and accumulated other comprehensive loss for the three months ended March 31, 2018 and 2017 : Three months ended March 31, Forward Exchange Contracts : 2018 2017 (Gain)/loss recognized in AOCI Derivatives in cash flow hedging relationships $ 5,014 $ (9,029 ) (Gain)/loss recognized in unaudited consolidated statements of income Derivatives not designated as hedging instruments $ 2,928 $ (2,622 ) Location and amount of (gain)/loss recognized in unaudited consolidated statements of income for cash flow hedging relationships and derivatives not designated as hedging instruments Three months ended March 31, 2018 2017 As per unaudited consolidated statements of income (Gain)/loss on foreign currency exchange contracts As per unaudited consolidated statements of income (Gain)/loss on foreign currency exchange contracts Cash flow hedging relationships Location in unaudited consolidated statements of income where (gain)/loss was reclassed from AOCI Cost of revenues $ 138,101 $ (2,145 ) $ 119,072 $ (730 ) General & administrative expenses $ 29,266 (331 ) $ 24,037 (141 ) Selling & marketing expenses $ 13,952 (33 ) $ 13,340 (18 ) Depreciation & amortization $ 10,504 (162 ) $ 9,372 (41 ) $ (2,671 ) $ (930 ) Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where (gain)/loss was recognized Foreign exchange (gain)/loss, net $ (615 ) $ 2,928 $ (382 ) $ (2,622 ) $ (615 ) $ 2,928 $ (382 ) $ (2,622 )

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Borrowings	Borrowings On October 24, 2014, the Company entered into a credit agreement that provided for a $50,000 revolving credit facility (the “Credit Facility”). On February 23, 2015, the Company increased the commitments under the Credit Facility by up to an additional $50,000 . The Credit Facility had a maturity date of October 24, 2019 and was voluntarily pre-payable from time to time without premium or penalty. On November 21, 2017, the Company prepaid all outstanding amounts, including accrued interest and fees, and terminated all commitments, under the Credit Agreement. The Credit Facility carried an effective interest rate of 2.5% per annum during the three months ended March 31, 2017. On November 21, 2017, the Company and each of the Company’s wholly owned material domestic subsidiaries entered into a Credit Agreement with certain lenders, and Citibank, N.A. as Administrative Agent (the “New Credit Agreement”). The New Credit Agreement provides for a $200,000 revolving credit facility (the “New Credit Facility”) with an option to increase the commitments by up to $100,000 , subject to certain approvals and conditions as set forth in the New Credit Agreement. The New Credit Agreement also includes a letter of credit sub facility. The New Credit Facility has a maturity date of November 21, 2022 and is voluntarily pre-payable from time to time without premium or penalty. Borrowings under the New Credit Agreement were used to repay amounts outstanding under the Credit Facility and may otherwise be used for working capital and general corporate purposes, including permitted acquisitions. Depending on the type of borrowing, loans under the New Credit Agreement bear interest at a rate equal to the specified prime rate (alternate base rate) or adjusted LIBO rate, plus, in each case, an applicable margin. The applicable margin is tied to the Company’s total net leverage ratio and ranges from 0% to 0.75% per annum with respect to loans pegged to the specified prime rate, and 1.00% to 1.75% per annum on loans pegged to the adjusted LIBO rate. The revolving credit commitments under the New Credit Agreement are subject to a commitment fee, which is also tied to the Company’s total net leverage ratio, and ranges from 0.15% to 0.30% per annum on the average daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations. The New Credit Facility carried an effective interest rate of 3.3% per annum during the three months ended March 31, 2018. Obligations under the New Credit Agreement are guaranteed by the Company’s material domestic subsidiaries and are secured by all or substantially all of the assets of the Company and our material domestic subsidiaries. The New Credit Agreement contains affirmative and negative covenants, including, but not limited to, restrictions on the ability to incur indebtedness, create liens, make certain investments, make certain dividends and related distributions, enter into, or undertake, certain liquidations, mergers, consolidations or acquisitions and dispose of assets or subsidiaries. In addition, the New Credit Agreement contains a covenant to not permit the interest coverage ratio or the total net leverage ratio, both as defined for the four consecutive quarter period ending on the last day of each fiscal quarter, to be less than 3.5 to 1.0 or more than 3.0 to 1.0 , respectively. As of March 31, 2018, the Company was in compliance with all financial and non-financial covenants listed under the New Credit Agreement. As of March 31, 2018, we had outstanding debt of $67,000 , which is included under "long-term borrowings" in the unaudited consolidated balance sheets. As of December 31, 2017, we had an outstanding debt of $60,000 , of which $10,000 was included under "current portion of long-term borrowings" and the balance of $50,000 was included under "long-term borrowings" in the consolidated balance sheets. In connection with the New Credit Agreement, the Company incurred issuance costs of $790 , which are deferred and amortized as an adjustment to interest expense over the term of the New Credit Facility. The unamortized debt issuance costs as of March 31, 2018 and December 31, 2017 was $733 and $773 , respectively, and is included under "other current assets" and “other assets” in the unaudited consolidated balance sheets. Borrowings also includes structured payables which are in the nature of debt, amounting to $673 , of which $318 and $355 is included under "current portion of long-term borrowings" and "long-term borrowings", respectively, in the unaudited consolidated balance sheet as of March 31, 2018.

Capital Structure

Capital Structure	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Capital Structure	Capital Structure Common Stock The Company has one class of common stock outstanding. During the three months ended March 31, 2018 and 2017 , the Company acquired 41,811 and 62,784 shares of common stock, respectively, from employees in connection with withholding tax payments related to the vesting of restricted stock for a total consideration of $2,565 and $2,913 , respectively. The weighted average purchase price per share of $61.34 and $46.39 , respectively, was the average of the high and low price of the Company's share of common stock on the Nasdaq Global Select Market on the trading day prior to the vesting date of the shares of restricted stock. On December 30, 2014, the Company’s Board of Directors authorized a common stock repurchase program (the “2014 Repurchase Program”), under which shares were authorized to be purchased by the Company from time to time from the open market and through private transactions during each of the fiscal years 2015 through 2017 up to an annual amount of $20,000 . On February 28, 2017, the Company’s Board of Directors authorized an additional common stock repurchase program (the “2017 Repurchase Program”), under which shares may be purchased by the Company from time to time from the open market and through private transactions during each of the fiscal years 2017 through 2019 up to an aggregate additional amount of $100,000 . The approval increased the 2017 authorization from $20,000 to $40,000 and authorizes stock repurchases of up to $40,000 in each of 2018 and 2019. During the three months ended March 31, 2018 , the Company purchased 182,182 shares of its common stock, for an aggregate purchase price of approximately $10,939 , including commissions, representing an average purchase price per share of $60.05 under the 2017 Repurchase Program. During the three months ended March 31, 2017, the Company purchased 193,962 shares of its common stock for an aggregate purchase price of $9,000 , including commissions, representing an average purchase price per share of $46.40 under the 2014 and 2017 Repurchase Programs. Repurchased shares have been recorded as treasury shares and will be held until the Board of Directors designates that these shares be retired or used for other purposes.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company’s Gratuity Plans in India ("Gratuity Plan") provide for lump sum payment to vested employees on retirement or upon termination of employment in an amount based on the respective employee’s salary and years of employment with the Company. Liabilities with regard to the Gratuity Plans are determined by actuarial valuation using the projected unit credit method. Current service costs for the Gratuity Plan are accrued in the year to which they relate. Actuarial gains or losses or prior service costs, if any, resulting from amendments to the plans are recognized and amortized over the remaining period of service of the employees. In addition, the Company’s subsidiary operating in the Philippines conforms to the minimum regulatory benefit which provide for lump sum payment to vested employees on retirement from employment in an amount based on the respective employee’s salary and years of employment with the Company (the "Philippines Plan"). The benefit costs of the Philippines Plan for the year are calculated on an actuarial basis. Components of net periodic benefit cost: Three months ended March 31, 2018 2017 Service cost $ 438 $ 484 Interest cost 180 162 Expected return on plan assets (124 ) (107 ) Amortization of actuarial (gain)/loss (39 ) 69 Net periodic benefit cost $ 455 $ 608 On January 1, 2018, the Company adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Pursuant to this, the Company presented service cost separately from other components of net periodic costs for all periods presented. The interest cost, expected return on plan assets and amortization of actuarial (gain)/loss, have been reclassified from “Cost of revenues”, “General and administrative expenses” and “Selling and marketing expenses” to “Other income, net”. The effect of the retrospective presentation change related to the net periodic cost of our defined benefit Gratuity Plan on applicable lines of our unaudited consolidated statements of income was as follows - Three months ended March 31, 2017 As revised Previously reported* Effect of change Higher/(Lower) Location in unaudited consolidated statements of income Cost of revenues $ 119,072 $ 119,182 $ (110 ) General and administrative expenses $ 24,037 $ 24,050 $ (13 ) Selling and marketing expenses $ 13,340 $ 13,341 $ (1 ) Other income, net $ (3,186 ) $ (3,310 ) $ (124 ) * Adjusted for the impact of adoption of ASU 2017-12. Refer to Note 16 of the unaudited consolidated financial statements. The Gratuity Plan in India is partially funded and the Philippines plan is unfunded. The Company makes annual contributions to the employees' gratuity fund established with Life Insurance Corporation of India and HDFC Standard Life Insurance Company. They calculate the annual contribution required to be made by the Company and manage the Gratuity Plans, including any required payouts. Fund managers manage these funds on a cash accumulation basis and declare interest retrospectively on March 31 of each year. The Company earned a return of approximately 7.8% on these Gratuity Plans for the three months ended March 31, 2018. Change in Plan Assets Plan assets at January 1, 2018 $ 6,915 Actual return 114 Employer contribution — Benefits paid (321 ) Effect of exchange rate changes (136 ) Plan assets at March 31, 2018 $ 6,572 The Company maintains several 401(k) plans (the "401(k) Plans") under Section 401(k) of the Internal Revenue Code of 1986 (the “Code”), covering all eligible employees, as defined in the Code as a defined contribution plan. The Company may make discretionary contributions of up to a maximum of 4% of employee compensation within certain limits. Accruals and contributions to the 401(k) Plans amounting to $1,230 and $1,068 were made during the three months ended March 31, 2018 and 2017, respectively. During the three months ended March 31, 2018 and 2017 , the Company contributed $1,914 and $1,713 , respectively, for various defined contribution plans on behalf of its employees in India, the Philippines, Bulgaria, Romania, the Czech Republic, South Africa, Colombia, and Singapore.

Leases

Leases	3 Months Ended
	Mar. 31, 2018
Leases [Abstract]
Leases	Leases The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. Future minimum lease payments under these capital leases as of March 31, 2018 are as follows: During the next twelve months ending March 31, 2019 $ 301 2020 177 2021 104 2022 48 Total minimum lease payments 630 Less: amount representing interest 102 Present value of minimum lease payments 528 Less: current portion 246 Long term capital lease obligation $ 282 The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. Future minimum lease payments under such agreements expiring after March 31, 2018 are set forth below: During the next twelve months ending March 31, 2019 $ 19,740 2020 16,538 2021 14,755 2022 11,740 2023 10,244 2024 and thereafter 26,260 $ 99,277 Rent expense The operating leases are subject to renewal periodically and have scheduled rent increases. The Company recognizes rent expense on such leases on a straight-line basis over cancelable and non-cancelable lease period determined under ASC topic 840, Leases: Three months ended March 31, 2018 2017 Rent expense $ 6,422 $ 5,667 Deferred rent As of March 31, 2018 December 31, 2017 Cancelable and non-cancelable operating leases $ 8,849 $ 8,959 Deferred rent is included under “Accrued expenses and other current liabilities” and “Other non-current liabilities” in the unaudited consolidated balance sheets.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company determines the tax provision for interim periods using an estimate of its annual effective tax rate adjusted for discrete items, if any, that are taken into account in the relevant period. 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 Company recorded income tax (benefit)/expense of $(4,453) and $3,560 for the three months ended March 31, 2018 and 2017, respectively. The effective tax rate decreased from 17.5% during the three months ended March 31, 2017 to ( 23.7% ) during the three months ended March 31, 2018 primarily as a result of: (i) an adjustment of $4,836 reducing the provisional transition tax on the mandatory deemed repatriation of accumulated earnings and profits ("E&P") of foreign subsidiaries recognized during the year-ended December 31, 2017, (ii) a reduction in the U.S. federal corporate tax rate from 35.0% to 21.0% effective January 1, 2018, and (iii) excess tax benefits related to stock awards of $4,827 pursuant to ASU No. 2016-09 during the three months ended March 31, 2018 compared to $2,057 during the three months ended March 31, 2017. The SEC staff issued Staff Accounting Bulletin ("SAB 118"), which provides guidance on accounting for the tax effects of the U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Reform Act”). SAB 118 provides a measurement period that should not extend beyond one year from the Tax Reform Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Reform Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Reform Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Reform Act. The deemed repatriation transition tax (the “Transition Tax”) is a tax on certain previously untaxed accumulated and current E&P of the Company's foreign subsidiaries. The Company was able to reasonably estimate the Transition Tax and recorded an initial provisional Transition Tax obligation of $27,236 , with a corresponding adjustment of $27,236 to income tax expense for the year ended December 31, 2017. On the basis of additional technical research and analysis, the Company recognized a measurement-period reduction of $4,836 to the Transition Tax obligation, with a corresponding adjustment of $4,836 to the income tax expense during the three months ended March 31, 2018. As of March 31, 2018 total Transition Tax obligation of $22,400 has been recorded, with a corresponding adjustment of $22,400 to the income tax expense. However, the Company continues to gather additional information to more precisely compute the amount of the Transition Tax, and its accounting for this item is not yet complete because of, among other things, changes in the interpretations and assumptions, additional guidance that may be issued by the Internal Revenue Service ("I.R.S."), and actions the Company may take. The Company expects to complete its accounting within the prescribed measurement period. As noted at year-end, the Company was able to reasonably estimate and record provisional adjustments associated with the corporate rate change in the amount of $1,949 . The Company has not made any additional measurement period adjustment related to this item during the quarter because it continues to evaluate potential method changes and implications of certain provisions of the Act, as well as additional guidance provided by the tax authorities. The Company continues to gather additional information and expects to complete its accounting within the prescribed measurement period.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	Stock-Based Compensation The following costs related to the Company’s stock-based compensation plans are included in the unaudited consolidated statements of income: Three months ended March 31, 2018 2017 Cost of revenues $ 1,093 $ 1,210 General and administrative expenses 2,250 2,596 Selling and marketing expenses 1,731 2,150 Total $ 5,074 $ 5,956 As of March 31, 2018 , the Company had 912,584 shares available for grant under the 2015 Plan. Stock Options Stock option activity under the Company’s stock-based compensation plans is shown below: Number of Weighted Avg Aggregate Weighted Avg Outstanding at December 31, 2017 259,563 $ 18.03 $ 10,985 2.76 Granted — — Exercised (25,000 ) 17.22 1,092 Forfeited — — Outstanding at March 31, 2018 234,563 $ 18.12 $ 8,832 2.60 Vested and exercisable at March 31, 2018 234,563 $ 18.12 $ 8,832 2.60 The unrecognized compensation cost for unvested options as of March 31, 2018 is Nil . Restricted Stock and Restricted Stock Units Restricted stock and restricted stock unit activity under the Company’s stock-based compensation plans is shown below: Restricted Stock Restricted Stock Units Number Weighted Average Fair Value Number Weighted Average Fair Value Outstanding at December 31, 2017* 182,267 $ 42.64 1,046,999 $ 42.26 Granted — — 347,802 60.61 Vested (36,639 ) 35.91 (364,590 ) 38.84 Forfeited (5,098 ) 52.41 (6,133 ) 49.44 Outstanding at March 31, 2018* 140,530 $ 44.04 1,024,078 $ 49.67 * As of March 31, 2018 and December 31, 2017 restricted stock units vested for which the underlying common stock is yet to be issued are 148,337 and 146,112 , respectively. As of March 31, 2018 , unrecognized compensation cost of $50,335 is expected to be expensed over a weighted average period of 2.94 years. Performance Based Stock Awards Performance based restricted stock unit (the “PRSUs”) activity under the Company’s stock-based compensation plans is shown below: Revenue Based PRSUs Market Condition Based PRSUs Number Weighted Average Fair Value Number Weighted Average Fair Value Outstanding at December 31, 2017 113,190 $ 48.13 113,174 $ 60.80 Granted 55,268 60.58 55,262 70.97 Vested — — — — Forfeited — — — — Outstanding at March 31, 2018 168,458 $ 52.21 168,436 $ 64.14 As of March 31, 2018 , unrecognized compensation cost of $12,137 is expected to be expensed over a weighted average period of 2.25 years.

Related Party Disclosures

Related Party Disclosures	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Disclosures	Related Party Disclosures The Company provides consulting services to PharmaCord, LLC. One of the Company’s directors, Nitin Sahney, is the member-manager and chief executive officer of PharmaCord, LLC. The Company recognized revenue of $199 and $477 in the three months ended March 31, 2018 and 2017, respectively, for services provided. As of March 31, 2018 and December 31, 2017, the Company had accounts receivable of $8 and $ 140 , respectively, related to these services.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Fixed Asset Commitments At March 31, 2018 , the Company has committed to spend approximately $6,852 under agreements to purchase fixed assets. This amount is net of capital advances paid in respect of these purchases. Other Commitments Certain units of the Company’s Indian subsidiaries were established as 100% Export-Oriented units or under the Software Technology Parks of India (“STPI”) scheme promulgated by the Government of India. These units are exempt from customs, central excise duties, and levies on imported and indigenous capital goods, stores, and spares. The Company has undertaken to pay custom duties, service taxes, levies, and liquidated damages payable, if any, in respect of imported and indigenous capital goods, stores and spares consumed duty free, in the event that certain terms and conditions are not fulfilled. The Company’s management believes, however, that these units have in the past satisfied and will continue to satisfy the required conditions. The Company’s operations centers in the Philippines are registered with the Philippine Economic Zone Authority (“PEZA”). The registration provides the Company with certain fiscal incentives on the import of capital goods and requires ExlService Philippines, Inc. to meet certain performance and investment criteria. The Company’s management believes that these centers have in the past satisfied and will continue to satisfy the required criteria. Contingencies U.S. and Indian transfer pricing regulations require that any international transaction involving associated enterprises be at an arm’s-length price. Accordingly, the Company determines the appropriate pricing for the international transactions among its associated enterprises on the basis of a detailed functional and economic analysis involving benchmarking against transactions among entities that are not under common control. The tax authorities have jurisdiction to review this arrangement and in the event that they determine that the transfer price applied was not appropriate, the Company may incur increased tax liability, including accrued interest and penalties. The Company is currently involved in disputes with the Indian tax authorities over the application of some of its transfer pricing policies for some of its subsidiaries. Further, the Company and a U.S. subsidiary are engaged in tax litigation with the income-tax authorities in India on the issue of permanent establishment. The aggregate disputed amount demanded by Indian tax authorities from the Company primarily related to its transfer pricing issues for years ranging from tax years 2003 to 2014 and its permanent establishment issues ranging from tax years 2003 to 2007 as of March 31, 2018 and December 31, 2017 is $17,706 and $18,065 , respectively, of which the Company has made payments or provided bank guarantee to the extent $8,742 and $8,573 , respectively. Amounts paid as deposits in respect of such assessments aggregating to $6,709 and $6,499 as of March 31, 2018 and December 31, 2017 , respectively, are included in “Other assets” and amounts for bank guarantees aggregating to $2,033 and $2,074 as of March 31, 2018 and December 31, 2017 , respectively, are included in “Restricted cash” in the non-current assets section of the Company’s consolidated balance sheets as of March 31, 2018 and December 31, 2017 . Based on the facts underlying the Company’s position and its experience with these types of assessments, the Company believes that its position will more likely than not be sustained upon final examination by the tax authorities based on its technical merits as of the reporting date and accordingly has not accrued any amount with respect to these matters in its consolidated financial statements. The Company does not expect any impact from these assessments on its future income tax expense. It is possible that the Company might receive similar orders or assessments from tax authorities for subsequent years. Accordingly even if these disputes are resolved, the Indian tax authorities may still serve additional orders or assessments. In March 2017, the Company was named in a putative class action lawsuit filed in California, which included several causes of action seeking damages but did not include a monetary demand. The Company filed its answer in April 2017 vigorously denying the allegations. Both parties agreed to participate in a court-approved mediation which occurred in March 2018. The parties reached an agreement in principle whereby the Company, without any admission of wrongdoing or liability, would pay $2,400 to settle the litigation, which amount has been accrued under “General and administrative expenses” for the three months ended March 31, 2018. The agreement remains subject to final court approval, which is expected to occur in the fourth quarter of 2018 although there can be no guarantee as to approval or timing.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On April 28, 2018, the Company entered into an Agreement of Merger (the “Merger Agreement”) for the acquisition of SCIOInspire Holdings Inc. (“SCIO”), a West Hartford CT-based healthcare analytics solution and services company. The acquisition would combine the Company’s healthcare and analytics businesses with SCIO’s healthcare analytics solutions and services. SCIO generates revenues from two healthcare areas, payment integrity and care optimization. The aggregate merger consideration is $240,000 , subject to adjustment based on, among other things, SCIO’s cash, debt, working capital position and other adjustments set forth in the Merger Agreement. The Company intends to fund the purchase consideration with available cash on hand and borrowing from its credit facility. The acquisition is expected to close in the next three months, subject to the fulfillment of certain closing conditions, including regulatory and other customary consents.

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Preparation	The unaudited consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“US 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 US 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, 2017. 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.
Principles of Consolidation	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 income and expenses arising from intra-group transactions, are eliminated while preparing those financial statements. The un-realized gains resulting from intra-group transactions are also eliminated. Similarly, the un-realized losses are eliminated, unless the transaction provides evidence as to impairment of the asset transferred. Accounting policies of the respective individual subsidiary and associate are aligned, wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under US GAAP. The Company’s investments in equity affiliates are initially recorded at cost and any excess cost over proportionate share of the fair value of the net assets of the investee at the acquisition date is recognized as goodwill. The proportionate share of net income or loss of the investee is recognized in the unaudited consolidated statements of income. Non-controlling interest is the equity in a subsidiary not attributable, directly or indirectly, to the parent and it represents the minority partner’s interest in the operations of ExlService Colombia S.A.S. Non-controlling interest consists of the amount of such interest at the date of obtaining control over the subsidiary, and the non-controlling interest's share of changes in equity since that date. The non-controlling interest in the operations for all periods presented were insignificant and is included under general and administrative expenses in the unaudited consolidated statements of income.
Use of Estimates	The preparation of the unaudited consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the unaudited consolidated statements of income during the reporting period. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the financial statements include, but are not limited to, allowance for doubtful receivables, recoverability of service tax receivables, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments, assumptions used to calculate stock-based compensation expense, depreciation and amortization periods, purchase price allocation, recoverability of long-term assets including goodwill and intangibles, and estimated costs to complete fixed price contracts.
Employee Benefits	Contributions to defined contribution plans are charged to the consolidated statements of income in the period in which services are rendered by the covered employees. Current service costs for defined benefit plans are accrued in the period to which they relate. The liability in respect of defined benefit plans is calculated annually by the Company using the projected unit credit method. Prior service cost, if any, resulting from an amendment to a plan is recognized and amortized over the remaining period of service of the covered employees. The Company recognizes its liabilities for compensated absences depending on whether the obligation is attributable to employee services already rendered, relates to rights that vest or accumulate and payment is probable and estimable. Effective January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2017-07, Compensation -Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post Retirement Benefit Cost. Pursuant to this, the Company retrospectively adopted the presentation of service cost separate from other components of net periodic costs for each period presented. The interest cost, expected return on plan assets and amortization of actuarial gains / loss, have been reclassified from “Cost of revenues”, “General and administrative expenses” and “Selling and marketing expenses” to “Other income, net”. Refer to Note 19 to the unaudited consolidated financial statements for details.
Cash and Cash Equivalents and Restricted Cash	The Company considers all highly liquid investments purchased with an original maturity of ninety days or less to be cash equivalents. Pursuant to the Company’s investment policy, surplus funds are invested in highly-rated debt mutual funds, money market accounts and time deposits to reduce its exposure to market risk with regard to these funds. Restricted cash represents amounts on deposit with banks against bank guarantees issued through banks in favor of relevant statutory authorities for equipment imports, deposits for obtaining indirect tax registrations and for demands against pending income tax assessments (refer to Note 24 to the unaudited consolidated financial statements for details). These deposits with banks have maturity dates after March 31, 2019. Restricted cash presented under current assets represents funds held on behalf of clients in dedicated bank accounts. Effective January 1, 2018, the Company adopted ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. Pursuant to this adoption the Company includes in its cash and cash-equivalent balances in the unaudited statements of cash flows those amounts that have been classified as restricted cash and restricted cash equivalents for each of the periods presented.
Revenue Recognition	Payment terms All Contracts entered into by the Company specify the payment terms. Usual payment terms range between 30 - 60 days. The Company does not have any extended payment terms clauses in existing contracts. At times the Company does enter into fixed price contracts and software licenses involving significant implementation wherein the milestones are defined such that the Company can recover the costs with a reasonable margin. The payment terms do not have any linkage to segment or types of contracts, as they are defined for each contract separately. Variable Consideration Variability in the transaction price arises primarily due to service level agreements, cost of living adjustments, and pre-payment and volume discounts. The Company considers its experience with similar transactions and expectations regarding the contract in estimating the amount of variable consideration that should be recognized during a period. The Company believes that the expected value method is most appropriate for determining the variable consideration since the company has large number of contracts with similar nature of transactions/services. Allocation of transaction price to performance obligations The transaction price is allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated by reference to the total transaction price less the sum of the observable standalone selling prices of other goods or services promised in the contract. In assessing whether to allocate variable consideration to a specific part of the contract, the Company considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. Practical expedients and exemptions We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. Revenue is recognized when services are provided to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for our services. Revenue is measured based on consideration specified in a contract with a customer and excludes discounts and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by providing services to a customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Adoption of ASU 2014-09 Topic 606, "Revenue from Contracts with Customers" (Topic 606) On January 1, 2018, the date of initial application, the Company adopted Topic 606 using the modified retrospective method by recognizing the cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of equity, resulting in an increase of $454 , primarily due to new contract acquisition costs. The initial application scopes in those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with Company’s historical accounting under Topic 605. The key area impacted upon adoption of Topic 606 relates to the accounting for sales commissions costs. Specifically, under Topic 606 a portion of sales commissions costs have been recorded as an asset and recognized as an operating expense on a straight line basis over the life of the contract. Prior to adoption, the Company was expensing sales commission costs as incurred. Nature of services The Company derives its revenues from operations management and analytics services. The Company operates in the business process management (“BPM”) industry providing operations management and analytics services helping businesses enhance revenue growth and improve profitability. The Company provides BPM or “operations management” services, which typically involve transfer to the Company of business operations of a client, after which it administers and manages those operations for its client on an ongoing basis. The Company also provides industry-specific digital transformational services related to operations management services, and analytics services that focus on driving improved business outcomes for clients by generating data-driven insights across all parts of their business. Arrangements with Multiple Performance Obligations The Company’s contracts with customers do not generally bundle different services together except for software and related services contracts, which are not significant, involving implementation services and post contract maintenance services. In such software and related services contracts, revenue is allocated to each performance obligation based on the relative standalone selling price. A separate contract is generally drafted for each type of service sold, even if to the same customer. The typical length of a contract is 3 to 5 years. Type of Contracts i. a) Revenues under time-and-material, transaction and outcome-based contracts are recognized as the services are performed. When the terms of the client contract specify service level parameters that must be met (such as turnaround time or accuracy), the Company monitors such service level parameters to determine if any service credits or penalties have been incurred. Revenues are recognized net of any penalties or service credits that are due to a client. b) In respect of arrangements involving subcontracting, in part or whole of the assigned work, the Company evaluates revenues to be recognized under Accounting Standard Codification ("ASC") topic 606-10-55-36 and 37, “Principal versus agent considerations”. ii. Revenues for Company’s fixed-price contracts are recognized using the time-elapsed output method because the Company transfers control evenly during execution of its projects. Determining a measure of progress requires management to make judgments that affect the timing of revenue recognized. The Company regularly monitors its estimates for progress on completion of a project and records changes in the period in which a change in an estimate is determined. If a change in an estimate results in a projected loss on a project, such loss is recognized in the period in which it is first identified. iii. Revenues from the Company's software and related services contracts, which are not significant, are primarily related to maintenance renewals or incremental license fees for additional users. Maintenance revenues are generally recognized on a straight-line basis over the annual contract term. Fees for incremental license fees without any associated services are recognized upon delivery of the related incremental license. The Company accrues revenues for services rendered between the last billing date and the balance sheet date. Accordingly amounts for services, that the Company has performed and for which an invoice has not yet been issued to the client are presented as a part of contract assets as receivables. The Company defers the revenues and related cost of revenue during the period while production set-ups are underway and recognize such revenues and costs ratably over the period during which the related services are expected to be performed. The deferred costs are limited to the amounts of the deferred revenues. Deferred revenue also includes the amount for which the services have been rendered but the other conditions of revenue recognition are not met, for example where the Company does not have the persuasive evidence of the arrangements. Reimbursements of out-of-pocket expenses received from clients are included as part of revenues.
Recent Accounting Pronouncements and Recently Adopted Accounting Pronouncements	(f) Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases (Topic 842) which requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelve month term, these arrangements must now be recognized as assets and liabilities on the balance sheet of the lessee. This ASU requires recording a right-of-use asset and lease obligation for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption of this ASU must be calculated using the applicable incremental borrowing rate at the date of adoption. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and the implementation approach to be used. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is to be deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The amendment should be applied through a modified retrospective approach. Early adoption as of the fiscal years beginning after December 15, 2018 is permitted. The adoption of this ASU is not expected to have a material effect on the Company's consolidated financial statements. (g) Recently Adopted Accounting Pronouncements In May 2014, FASB issued ASU No. 2014-09 (Topic 606) "Revenue from Contracts with Customers." Topic 606 supersedes the revenue recognition requirements in Topic 605 “Revenue Recognition” (Topic 605), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted Topic 606 as of January 1, 2018 using the modified retrospective transition method. Refer to Note 4 to the unaudited consolidated financial statements for details. In August 2016, FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendments apply to all entities that are required to present a statement of cash flows under Topic 230. The amendments are an improvement to US GAAP because they provide guidance for each of the eight issues, thereby reducing the current and potential future diversity in practice. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods and should be applied using a retrospective transition method to each period presented. The Company has adopted the guidance retrospectively to each period presented. The adoption does not have any material effect on the presentation of its unaudited consolidated statements of cash flows. In November 2016, FASB issued ASU No. 2016-18, Statement of cash flows (Topic 230) - Restricted cash. The amendments apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. The amendments in this update require that a statement of cash flows should explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods and should be applied using a retrospective transition method to each period presented. Early adoption is permitted with an adjustment reflected as of the beginning of the fiscal year in which the amendment is adopted. The Company has adopted the guidance retrospectively to each period presented. The adoption does not have any material effect on the presentation of its unaudited consolidated statements of cash flows. Refer to Note 6 to the unaudited consolidated financial statements for details. In January 2017, FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment, which eliminates Step 2 from the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017 and should be applied prospectively. The Company has adopted the guidance effective January 1, 2018. The adoption does not have any material effect on its unaudited consolidated financial statements. In March, 2017, FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The ASU amends ASC 715, Compensation — Retirement Benefits, to require employers that present a measure of operating income in their statement of income to include only the service cost component of net periodic pension cost and net periodic post-retirement benefit cost in operating expenses (together with other employee compensation costs). The other components of net benefit cost, including amortization of prior service cost/credit, and settlement and curtailment effects, are to be included in non-operating expenses. The update also stipulates that only the service cost component of net benefit cost is eligible for capitalization. The amendments are effective for fiscal years beginning after December 15, 2017 and interim periods within those annual periods and should be applied using a retrospective transition method to each period presented. The Company has adopted the guidance retrospectively to each period presented. Refer to Note 2(c) and Note 19 to the unaudited consolidated financial statements for details. In May 2017, FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. Modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. The Company has adopted the guidance effective January 1, 2018. The adoption does not have any material effect on its unaudited consolidated financial statements.

Segment and Geographical Info35

Segment and Geographical Information (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 and 2017, respectively, for each of the reportable segments, are as follows: Three months ended March 31, 2018 Insurance Healthcare TT&L F&A All Other Analytics Total Revenues, net $ 63,903 $ 22,797 $ 17,499 $ 23,972 $ 21,700 $ 57,102 $ 206,973 Cost of revenues (exclusive of depreciation and amortization) 42,427 17,242 10,443 14,729 15,185 38,075 138,101 Gross profit $ 21,476 $ 5,555 $ 7,056 $ 9,243 $ 6,515 $ 19,027 $ 68,872 Operating expenses 53,722 Foreign exchange gain, interest expense and other income, net 3,611 Income tax benefit (4,453 ) Loss from equity-method investment 56 Net income $ 23,158 Three months ended March 31, 2017 Insurance Healthcare TT&L F&A All Other Analytics Total Revenues, net $ 55,921 $ 18,932 $ 17,043 $ 21,014 $ 21,116 $ 49,007 $ 183,033 Cost of revenues (exclusive of depreciation and amortization)* 38,030 12,309 10,138 12,426 14,413 31,756 119,072 Gross profit* $ 17,891 $ 6,623 $ 6,905 $ 8,588 $ 6,703 $ 17,251 $ 63,961 Operating expenses* 46,749 Foreign exchange gain, interest expense and other income, net* 3,136 Income tax expense 3,560 Net income $ 16,788 *The Company early adopted ASU 2017-12, Derivative and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. Pursuant to this adoption, effective January 1, 2017, the resultant foreign exchange gain/(loss) upon settlement of cash flow hedges are recorded along with the underlying hedged item in the same income statement line as either part of “Cost of revenues”, “General and administrative expenses”, “Selling and marketing expenses”, "Depreciation and Amortization”, as applicable. Refer to Note 16 to the unaudited consolidated financial statements for details. Net revenues of the Company by service type, were as follows: Three months ended March 31, 2018 2017 BPM and related services (1) $ 149,871 $ 134,026 Analytics services 57,102 49,007 Total $ 206,973 $ 183,033 (1) BPM and related services include revenues of the Company's five industry-focused operating segments, one capability operating segment and consulting operating segment, which provides services related to operations management services. See reportable segment disclosure above.
Revenues Based on Geographical Information	The Company attributes the revenues to regions based upon the location of its customers. Three months ended March 31, 2018 2017 Revenues, net United States $ 171,198 $ 150,281 Non-United States United Kingdom 28,016 26,082 Rest of World 7,759 6,670 Total Non-United States 35,775 32,752 $ 206,973 $ 183,033
Property, Plant and Equipment based on Geographical Information	Property and equipment, net by geographic area, were as follows: As of March 31, 2018 December 31, 2017 Property and equipment, net India $ 37,469 $ 39,143 United States 19,249 16,371 Philippines 7,301 8,217 Rest of World 3,729 3,026 $ 67,748 $ 66,757

Revenues, Net (Tables)

Revenues, Net (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Contracts with Customer, Receivables and Liabilities	The following table provides information about accounts receivable and contract liabilities from contracts with customers: As of March 31, 2018 December 31, 2017 Accounts Receivable, net $ 137,150 $ 135,705 Contract Liabilities Deferred revenue $ 10,375 $ 9,311

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 Numerator: Net income $ 23,158 $ 16,788 Denominators: Basic weighted average common shares outstanding 34,446,265 33,845,560 Dilutive effect of share based awards 856,661 1,263,322 Diluted weighted average common shares outstanding 35,302,926 35,108,882 Earnings per share attributable to ExlService Holdings Inc. stockholders: Basic $ 0.67 $ 0.50 Diluted $ 0.66 $ 0.48 Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share 148,522 452,988

Cash, Cash Equivalents and Re38

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	For the purpose of unaudited statements of cash flows, cash, cash equivalents and restricted cash comprise of the following: As of March 31, 2018 March 31, 2017 Cash and cash equivalents $ 69,955 $ 91,700 Restricted cash (current) 2,727 2,691 Restricted cash (non-current) 3,783 3,657 $ 76,465 $ 98,048
Restrictions on Cash and Cash Equivalents	For the purpose of unaudited statements of cash flows, cash, cash equivalents and restricted cash comprise of the following: As of March 31, 2018 March 31, 2017 Cash and cash equivalents $ 69,955 $ 91,700 Restricted cash (current) 2,727 2,691 Restricted cash (non-current) 3,783 3,657 $ 76,465 $ 98,048

Other Income, net (Tables)

Other Income, net (Tables)	3 Months Ended
	Mar. 31, 2018
Other Income and Expenses [Abstract]
Summary of Other Income, net	Other income, net consists of the following: Three months ended March 31, 2018 2017 Interest and dividend income $ 308 $ 672 Gain on sale of mutual funds 3,133 1,783 Others, net 93 731 Other income, net $ 3,534 $ 3,186

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The depreciation and amortization expense excluding amortization of acquisition-related intangibles recognized in the consolidated statements of income was as follows: Three months ended March 31, 2018 2017 Depreciation and amortization expense $ 6,557 $ 5,874 Internally developed software costs, included under Software, was as follows: As of March 31, 2018 December 31, 2017 Internally Developed Software Cost $ 3,864 $ 2,571 Less : Accumulated amortization 1,194 976 $ 2,670 $ 1,595 Property and equipment, net consist of the following: Estimated useful lives As of (Years) March 31, 2018 December 31, 2017 Owned Assets: Network equipment and computers 3-5 $ 77,260 $ 77,587 Software 3-5 61,160 59,325 Leasehold improvements 3-8 38,769 38,857 Office furniture and equipment 3-8 19,759 19,667 Motor vehicles 2-5 624 638 Buildings 30 1,220 1,245 Land — 798 815 Capital work in progress — 12,006 9,184 211,596 207,318 Less: Accumulated depreciation and amortization (144,278 ) (141,059 ) $ 67,318 $ 66,259 Assets under capital leases: Leasehold improvements $ 903 $ 941 Office furniture and equipment 140 167 Motor vehicles 647 710 1,690 1,818 Less: Accumulated depreciation and amortization (1,260 ) (1,320 ) $ 430 $ 498 Property and equipment, net $ 67,748 $ 66,757

Business Combinations, Goodwi41

Business Combinations, Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combination, Goodwill And Intangible Assets Disclosure [Abstract]
Allocation of Purchase Price to Assets Acquired and Liabilities Assumed	The below allocation is based on such additional information gathered: Amount Tangible Assets $ 5,475 Liabilities (5,733 ) Identifiable Intangible Assets: Customer relationships 6,760 Developed technology 1,510 Trade names and trademarks 570 Goodwill 14,229 Total purchase price $ 22,811
Summary of Company's Goodwill	The following table sets forth details of the Company’s goodwill balance as of March 31, 2018 : Insurance Healthcare TT&L F&A All Other Analytics Total Balance as at January 1, 2017 $ 38,110 $ 19,276 $ 12,983 $ 47,537 $ 5,326 $ 63,538 $ 186,770 Acquisitions — 15,957 — — — — 15,957 Currency translation adjustments 223 — 696 835 — — 1,754 Balance as at December 31, 2017 $ 38,333 $ 35,233 $ 13,679 $ 48,372 $ 5,326 $ 63,538 $ 204,481 Measurement period adjustments* (1,728 ) (1,728 ) Currency translation adjustments 93 — (232 ) (277 ) — — (416 ) Balance as at March 31, 2018 $ 38,426 $ 33,505 $ 13,447 $ 48,095 $ 5,326 $ 63,538 $ 202,337 * Represents adjustments of $1,728 that have been identified during the three months ended March 31, 2018 to the provisional amounts of net tangible assets acquired and the earn-out with the corresponding offsets to goodwill. These adjustments are within the measurement period and have been accounted for prospectively. These adjustments did not have a significant impact on the Company’s unaudited consolidated statements of income, balance sheets or cash flows.
Schedule of Indefinite-Lived Intangible Assets	Information regarding the Company’s intangible assets is set forth below: As of March 31, 2018 Gross Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 82,218 $ (46,347 ) $ 35,871 Leasehold benefits 2,831 (2,595 ) 236 Developed technology 15,894 (9,731 ) 6,163 Non-compete agreements 2,045 (1,820 ) 225 Trade names and trademarks 5,959 (4,250 ) 1,709 $ 108,947 $ (64,743 ) $ 44,204 Indefinite-lived intangible assets: Trade names and trademarks $ 900 $ — $ 900 Total intangible assets $ 109,847 $ (64,743 ) $ 45,104 As of December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 82,165 $ (43,667 ) $ 38,498 Leasehold benefits 2,888 (2,596 ) 292 Developed technology 15,835 (8,749 ) 7,086 Non-compete agreements 2,045 (1,780 ) 265 Trade names and trademarks 5,951 (4,034 ) 1,917 $ 108,884 $ (60,826 ) $ 48,058 Indefinite-lived intangible assets: Trade names and trademarks $ 900 $ — $ 900 Total intangible assets $ 109,784 $ (60,826 ) $ 48,958
Schedule of Finite Lived Intangibles Assets and Weighted Average Life	The remaining weighted average life of intangible assets is as follows: (in years) Customer relationships 5.24 Leasehold benefits 1.17 Developed technology 3.06 Non-compete agreements 1.45 Trade names and trademarks (Finite lived) 4.28 Information regarding the Company’s intangible assets is set forth below: As of March 31, 2018 Gross Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 82,218 $ (46,347 ) $ 35,871 Leasehold benefits 2,831 (2,595 ) 236 Developed technology 15,894 (9,731 ) 6,163 Non-compete agreements 2,045 (1,820 ) 225 Trade names and trademarks 5,959 (4,250 ) 1,709 $ 108,947 $ (64,743 ) $ 44,204 Indefinite-lived intangible assets: Trade names and trademarks $ 900 $ — $ 900 Total intangible assets $ 109,847 $ (64,743 ) $ 45,104 As of December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-lived intangible assets: Customer relationships $ 82,165 $ (43,667 ) $ 38,498 Leasehold benefits 2,888 (2,596 ) 292 Developed technology 15,835 (8,749 ) 7,086 Non-compete agreements 2,045 (1,780 ) 265 Trade names and trademarks 5,951 (4,034 ) 1,917 $ 108,884 $ (60,826 ) $ 48,058 Indefinite-lived intangible assets: Trade names and trademarks $ 900 $ — $ 900 Total intangible assets $ 109,784 $ (60,826 ) $ 48,958
Amortization of Intangible Assets	The amortization expense for the period is as follows: Three months ended March 31, 2018 2017 Amortization expense $ 3,947 $ 3,498
Estimated Future Amortization of Intangible Assets	Estimated amortization of intangible assets during the next twelve months ending March 31, 2019 $ 14,329 2020 11,150 2021 4,522 2022 3,887 2023 3,074 2024 and thereafter 7,242 Total $ 44,204

Other current assets (Tables)

Other current assets (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 December 31, 2017 Derivative instruments $ 8,556 $ 10,938 Advances to suppliers 2,547 2,451 Receivables from statutory authorities 9,107 7,598 Others 8,067 8,595 Other current assets $ 28,277 $ 29,582

Accrued expenses and other cu43

Accrued expenses and other current liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: As of March 31, 2018 December 31, 2017 Accrued expenses $ 42,401 $ 43,235 Derivative instruments 1,909 555 Client liabilities 5,500 8,982 Other current liabilities 11,338 8,594 Accrued expenses and other current liabilities $ 61,148 $ 61,366

Other non-current liabilities (

Other non-current liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Liabilities, Noncurrent [Abstract]
Summary of Other Non-Current Liabilities	Other non-current liabilities consist of the following: As of March 31, 2018 December 31, 2017 Derivative instruments $ 1,950 $ 322 Unrecognized tax benefits 892 892 Deferred rent 7,917 8,176 Retirement benefits 3,322 3,377 Other non-current liabilities 1,181 3,435 Non-current liabilities $ 15,262 $ 16,202

Accumulated Other Comprehensi45

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The balances as of March 31, 2018 and December 31, 2017 are as follows: As of March 31, 2018 December 31, 2017 Cumulative foreign currency translation (loss) $ (66,216 ) $ (58,405 ) Unrealized gain on cash flow hedges, net of taxes of $3,342 and $4,918, respectively 5,823 11,932 Retirement benefits, net of taxes of ($73) and ($74), respectively 723 763 Accumulated other comprehensive loss $ (59,670 ) $ (45,710 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value	The following table sets forth the Company’s assets and liabilities that were accounted for at fair value as of March 31, 2018 and December 31, 2017 . The table excludes accounts receivable, accounts payable and accrued expenses for which fair values approximate their carrying amounts. As of March 31, 2018 Level 1 Level 2 Level 3 Total Assets Money market and mutual funds* $ 154,561 $ — $ — $ 154,561 Derivative financial instruments — 13,240 — 13,240 Total $ 154,561 $ 13,240 $ — $ 167,801 Liabilities Derivative financial instruments $ — $ 3,859 $ — $ 3,859 Total $ — $ 3,859 $ — $ 3,859 As of December 31, 2017 Level 1 Level 2 Level 3 Total As of Assets Money market and mutual funds* $ 162,906 $ — $ — $ 162,906 Derivative financial instruments — 18,298 — 18,298 Total $ 162,906 $ 18,298 $ — $ 181,204 Liabilities Derivative financial instruments $ — $ 877 $ — $ 877 Fair value of earn-out consideration — — 920 920 Total $ — $ 877 $ 920 $ 1,797 * Represents short-term investments carried on fair value option under ASC 825 “Financial Instruments” as of March 31, 2018 and December 31, 2017.

Derivatives and Hedge Account47

Derivatives and Hedge Accounting (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Foreign Currency Exchange Contracts	The following tables set forth the fair value of the foreign currency exchange contracts and their location on the unaudited consolidated financial statements: Derivatives designated as hedging instruments : As of Foreign currency exchange contracts March 31, 2018 December 31, 2017 Other current assets $ 8,512 $ 10,892 Other assets $ 4,684 $ 7,360 Accrued expense and other current liabilities $ 1,770 $ 481 Other non-current liabilities $ 1,950 $ 322 Derivatives not designated as hedging instruments : As of Foreign currency exchange contracts March 31, 2018 December 31, 2017 Other current assets $ 44 $ 46 Accrued expense and other current liabilities $ 139 $ 74
Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income	The following tables set forth the effect of foreign currency exchange contracts on the unaudited consolidated statements of income and accumulated other comprehensive loss for the three months ended March 31, 2018 and 2017 : Three months ended March 31, Forward Exchange Contracts : 2018 2017 (Gain)/loss recognized in AOCI Derivatives in cash flow hedging relationships $ 5,014 $ (9,029 ) (Gain)/loss recognized in unaudited consolidated statements of income Derivatives not designated as hedging instruments $ 2,928 $ (2,622 ) Location and amount of (gain)/loss recognized in unaudited consolidated statements of income for cash flow hedging relationships and derivatives not designated as hedging instruments Three months ended March 31, 2018 2017 As per unaudited consolidated statements of income (Gain)/loss on foreign currency exchange contracts As per unaudited consolidated statements of income (Gain)/loss on foreign currency exchange contracts Cash flow hedging relationships Location in unaudited consolidated statements of income where (gain)/loss was reclassed from AOCI Cost of revenues $ 138,101 $ (2,145 ) $ 119,072 $ (730 ) General & administrative expenses $ 29,266 (331 ) $ 24,037 (141 ) Selling & marketing expenses $ 13,952 (33 ) $ 13,340 (18 ) Depreciation & amortization $ 10,504 (162 ) $ 9,372 (41 ) $ (2,671 ) $ (930 ) Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where (gain)/loss was recognized Foreign exchange (gain)/loss, net $ (615 ) $ 2,928 $ (382 ) $ (2,622 ) $ (615 ) $ 2,928 $ (382 ) $ (2,622 )

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	Components of net periodic benefit cost: Three months ended March 31, 2018 2017 Service cost $ 438 $ 484 Interest cost 180 162 Expected return on plan assets (124 ) (107 ) Amortization of actuarial (gain)/loss (39 ) 69 Net periodic benefit cost $ 455 $ 608
Effect of Retrospective Presentation Change Related to the Net Periodic Cost of Defined Benefit Pension Plans on Consolidated Statements of Income	The effect of the retrospective presentation change related to the net periodic cost of our defined benefit Gratuity Plan on applicable lines of our unaudited consolidated statements of income was as follows - Three months ended March 31, 2017 As revised Previously reported* Effect of change Higher/(Lower) Location in unaudited consolidated statements of income Cost of revenues $ 119,072 $ 119,182 $ (110 ) General and administrative expenses $ 24,037 $ 24,050 $ (13 ) Selling and marketing expenses $ 13,340 $ 13,341 $ (1 ) Other income, net $ (3,186 ) $ (3,310 ) $ (124 ) * Adjusted for the impact of adoption of ASU 2017-12. Refer to Note 16 of the unaudited consolidated financial statements.
Change in Plan Assets	Change in Plan Assets Plan assets at January 1, 2018 $ 6,915 Actual return 114 Employer contribution — Benefits paid (321 ) Effect of exchange rate changes (136 ) Plan assets at March 31, 2018 $ 6,572

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2018
Leases [Abstract]
Future Minimum Lease Payments under Capital Leases	Future minimum lease payments under these capital leases as of March 31, 2018 are as follows: During the next twelve months ending March 31, 2019 $ 301 2020 177 2021 104 2022 48 Total minimum lease payments 630 Less: amount representing interest 102 Present value of minimum lease payments 528 Less: current portion 246 Long term capital lease obligation $ 282
Future Minimum Lease Payments under Operating Lease Agreements	Future minimum lease payments under such agreements expiring after March 31, 2018 are set forth below: During the next twelve months ending March 31, 2019 $ 19,740 2020 16,538 2021 14,755 2022 11,740 2023 10,244 2024 and thereafter 26,260 $ 99,277
Schedule of Rent Expense	The Company recognizes rent expense on such leases on a straight-line basis over cancelable and non-cancelable lease period determined under ASC topic 840, Leases: Three months ended March 31, 2018 2017 Rent expense $ 6,422 $ 5,667
Schedule of Deferred Rent	As of March 31, 2018 December 31, 2017 Cancelable and non-cancelable operating leases $ 8,849 $ 8,959

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Costs Related to Company's Stock-Based Compensation Plan	The following costs related to the Company’s stock-based compensation plans are included in the unaudited consolidated statements of income: Three months ended March 31, 2018 2017 Cost of revenues $ 1,093 $ 1,210 General and administrative expenses 2,250 2,596 Selling and marketing expenses 1,731 2,150 Total $ 5,074 $ 5,956
Stock Based Compensation Stock Option Activity	Stock option activity under the Company’s stock-based compensation plans is shown below: Number of Weighted Avg Aggregate Weighted Avg Outstanding at December 31, 2017 259,563 $ 18.03 $ 10,985 2.76 Granted — — Exercised (25,000 ) 17.22 1,092 Forfeited — — Outstanding at March 31, 2018 234,563 $ 18.12 $ 8,832 2.60 Vested and exercisable at March 31, 2018 234,563 $ 18.12 $ 8,832 2.60
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Activity Under Company's Stock Plans	Restricted stock and restricted stock unit activity under the Company’s stock-based compensation plans is shown below: Restricted Stock Restricted Stock Units Number Weighted Average Fair Value Number Weighted Average Fair Value Outstanding at December 31, 2017* 182,267 $ 42.64 1,046,999 $ 42.26 Granted — — 347,802 60.61 Vested (36,639 ) 35.91 (364,590 ) 38.84 Forfeited (5,098 ) 52.41 (6,133 ) 49.44 Outstanding at March 31, 2018* 140,530 $ 44.04 1,024,078 $ 49.67 * As of March 31, 2018 and December 31, 2017 restricted stock units vested for which the underlying common stock is yet to be issued are 148,337 and 146,112 , respectively.
Performance Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Activity Under Company's Stock Plans	Performance based restricted stock unit (the “PRSUs”) activity under the Company’s stock-based compensation plans is shown below: Revenue Based PRSUs Market Condition Based PRSUs Number Weighted Average Fair Value Number Weighted Average Fair Value Outstanding at December 31, 2017 113,190 $ 48.13 113,174 $ 60.80 Granted 55,268 60.58 55,262 70.97 Vested — — — — Forfeited — — — — Outstanding at March 31, 2018 168,458 $ 52.21 168,436 $ 64.14

Summary of Significant Accoun51

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect		$ 454	$ 1,453
Value of unsatisfied performance obligations not disclosed for contracts (less than)	1 year
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect		454	$ (4,546)
Accounting Standards Update 2014-09 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect		$ 454
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Typical length of contract	3 years
Payment terms	30 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Typical length of contract	5 years
Payment terms	60 days

Segment and Geographical Info52

Segment and Geographical Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018operating_segment
Segment Reporting [Abstract]
Number of operating segments	8
Number of operating segments, operations management	6
Number of operating segments, finance and accounting	1
Number of operating segments, company provides operations management services	6
Number of non-operations management services	2

Segment and Geographical Info53

Segment and Geographical Information - Revenues and Cost of Revenues for Company's Reportable Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)operating_segment	Mar. 31, 2017USD ($)
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	$ 206,973	$ 183,033
Cost of revenues (exclusive of depreciation and amortization)	138,101	119,072
Gross profit	68,872	63,961
Operating expenses	53,722	46,749
Foreign exchange gain, interest expense and other income, net	3,611	3,136
Income tax expense	(4,453)	3,560
Loss from equity-method investment	56	0
Net income attributable to ExlService Holdings, Inc. stockholders	$ 23,158	16,788
Number of operating segments, industry focused | operating_segment	5
Number of capability operating segments | operating_segment	1
BPM and related services
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	$ 149,871	134,026
Analytics services
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	57,102	49,007
Insurance
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	63,903	55,921
Cost of revenues (exclusive of depreciation and amortization)	42,427	38,030
Gross profit	21,476	17,891
Healthcare
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	22,797	18,932
Cost of revenues (exclusive of depreciation and amortization)	17,242	12,309
Gross profit	5,555	6,623
TT&L
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	17,499	17,043
Cost of revenues (exclusive of depreciation and amortization)	10,443	10,138
Gross profit	7,056	6,905
F&A
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	23,972	21,014
Cost of revenues (exclusive of depreciation and amortization)	14,729	12,426
Gross profit	9,243	8,588
All Other
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	21,700	21,116
Cost of revenues (exclusive of depreciation and amortization)	15,185	14,413
Gross profit	6,515	6,703
Analytics
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net	57,102	49,007
Cost of revenues (exclusive of depreciation and amortization)	38,075	31,756
Gross profit	$ 19,027	$ 17,251

Segment and Geographical Info54

Segment and Geographical Information - Revenues based on Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 206,973	$ 183,033
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	171,198	150,281
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	28,016	26,082
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	7,759	6,670
Total Non-United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 35,775	$ 32,752

Segment and Geographical Info55

Segment and Geographical Information - Property, Plant and Equipment, Net Based On Geographical Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 67,748	$ 66,757
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	37,469	39,143
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	19,249	16,371
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	7,301	8,217
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 3,729	$ 3,026

Revenues, Net - Additional Info

Revenues, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect			$ 454	$ 1,453
Accounts receivable not billed	$ 58,381		49,125
Contract liability, revenue recognized	3,710
Capitalized contract acquisition costs	672	$ 454
Capitalized contract acquisition costs, amount amortized	$ 73
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect			454	$ (4,546)
Retained Earnings | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect			$ 454

Revenues, Net - Contracts with

Revenues, Net - Contracts with Customer, Receivables, Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Accounts Receivable, net	$ 137,150	$ 135,705
Contract Liabilities
Deferred revenue	$ 10,375	$ 9,311

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income	$ 23,158	$ 16,788
Denominators:
Basic weighted average outstanding (in shares)	34,446,265	33,845,560
Dilutive effect of share based awards (in shares)	856,661	1,263,322
Diluted weighted average outstanding (in shares)	35,302,926	35,108,882
Earnings per share attributable to ExlService Holdings Inc. stockholders: :
Basic (in dollars per share)	$ 0.67	$ 0.50
Diluted (in dollars per share)	$ 0.66	$ 0.48
Weighted average potentially dilutive considered anti-dilutive and not included in computing diluted earnings per share (in shares)	148,522	452,988

Cash, Cash Equivalents and Re59

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 69,955	$ 86,795	$ 91,700
Restricted cash (current)	2,727	3,674	2,691
Restricted cash (non-current)	3,783	3,808	3,657
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 76,465	$ 94,277	$ 98,048	$ 220,394

Other Income, net - Summary of

Other Income, net - Summary of Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Income and Expenses [Abstract]
Interest and dividend income	$ 308	$ 672
Gain on sale of mutual funds	3,133	1,783
Others, net	93	731
Other income, net	$ 3,534	$ 3,186

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Owned Assets:
Owned assets, gross	$ 211,596	$ 207,318
Less: Accumulated depreciation and amortization	(144,278)	(141,059)
Owned assets, net	67,318	66,259
Assets under capital leases:
Capital leased assets, gross	1,690	1,818
Less: Accumulated depreciation and amortization	(1,260)	(1,320)
Assets under capital leases, net	430	498
Property and Equipment, net	67,748	66,757
Network equipment and computers
Owned Assets:
Owned assets, gross	77,260	77,587
Software
Owned Assets:
Owned assets, gross	61,160	59,325
Leasehold improvements
Owned Assets:
Owned assets, gross	38,769	38,857
Assets under capital leases:
Capital leased assets, gross	903	941
Office furniture and equipment
Owned Assets:
Owned assets, gross	19,759	19,667
Assets under capital leases:
Capital leased assets, gross	140	167
Motor vehicles
Owned Assets:
Owned assets, gross	624	638
Assets under capital leases:
Capital leased assets, gross	$ 647	710
Buildings
Owned Assets:
Estimated useful lives	30 years
Owned assets, gross	$ 1,220	1,245
Land
Owned Assets:
Owned assets, gross	798	815
Capital work in progress
Owned Assets:
Owned assets, gross	$ 12,006	$ 9,184
Minimum | Network equipment and computers
Owned Assets:
Estimated useful lives	3 years
Minimum | Software
Owned Assets:
Estimated useful lives	3 years
Minimum | Leasehold improvements
Owned Assets:
Estimated useful lives	3 years
Minimum | Office furniture and equipment
Owned Assets:
Estimated useful lives	3 years
Minimum | Motor vehicles
Owned Assets:
Estimated useful lives	2 years
Maximum | Network equipment and computers
Owned Assets:
Estimated useful lives	5 years
Maximum | Software
Owned Assets:
Estimated useful lives	5 years
Maximum | Leasehold improvements
Owned Assets:
Estimated useful lives	8 years
Maximum | Office furniture and equipment
Owned Assets:
Estimated useful lives	8 years
Maximum | Motor vehicles
Owned Assets:
Estimated useful lives	5 years

Property and Equipment - Deprec

Property and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 6,557	$ 5,874
Depreciation and Amortization
Property, Plant and Equipment [Line Items]
Effect of the foreign exchange gains upon settlement of cash flow hedges	$ 151	$ 54

Property and Equipment - Intern

Property and Equipment - Internally Developed Software Costs, Included under Software (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Internally Developed Software Cost	$ 3,864	$ 2,571
Less : Accumulated amortization	1,194	976
Net	$ 2,670	$ 1,595

Business Combinations, Goodwi64

Business Combinations, Goodwill and Intangible Assets - Additional Information (Details) - Health Integrated, Inc. - USD ($) $ in Thousands	Dec. 22, 2017	Mar. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Purchase consideration	$ 22,577
Maximum contingent consideration	$ 5,000
Contingent cash consideration		$ 0	$ 920
Customer relationships
Business Acquisition [Line Items]
Weighted average useful life	7 years
Developed technology
Business Acquisition [Line Items]
Weighted average useful life	1 year
Trade names and trademarks
Business Acquisition [Line Items]
Weighted average useful life	2 years

Business Combinations, Goodwi65

Business Combinations, Goodwill and Intangible Assets - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Dec. 22, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill	$ 202,337	$ 204,481		$ 186,770
Health Integrated, Inc.
Business Acquisition [Line Items]
Tangible Assets			$ 5,475
Liabilities			(5,733)
Goodwill			14,229
Total purchase price			22,811
Customer relationships | Health Integrated, Inc.
Business Acquisition [Line Items]
Identifiable Intangible Assets			6,760
Developed technology | Health Integrated, Inc.
Business Acquisition [Line Items]
Identifiable Intangible Assets			1,510
Trade names and trademarks | Health Integrated, Inc.
Business Acquisition [Line Items]
Identifiable Intangible Assets			$ 570

Business Combinations, Goodwi66

Business Combinations, Goodwill and Intangible Assets - Summary of Company's Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Beginning Balance	$ 204,481	$ 186,770
Acquisitions		15,957
Currency translation adjustments	(416)	1,754
Measurement period adjustments	(1,728)
Ending Balance	202,337	204,481
Insurance
Goodwill [Roll Forward]
Beginning Balance	38,333	38,110
Acquisitions		0
Currency translation adjustments	93	223
Ending Balance	38,426	38,333
Healthcare
Goodwill [Roll Forward]
Beginning Balance	35,233	19,276
Acquisitions		15,957
Currency translation adjustments	0	0
Measurement period adjustments	(1,728)
Ending Balance	33,505	35,233
TT&L
Goodwill [Roll Forward]
Beginning Balance	13,679	12,983
Acquisitions		0
Currency translation adjustments	(232)	696
Ending Balance	13,447	13,679
F&A
Goodwill [Roll Forward]
Beginning Balance	48,372	47,537
Acquisitions		0
Currency translation adjustments	(277)	835
Ending Balance	48,095	48,372
All Other
Goodwill [Roll Forward]
Beginning Balance	5,326	5,326
Acquisitions		0
Currency translation adjustments	0	0
Ending Balance	5,326	5,326
Analytics
Goodwill [Roll Forward]
Beginning Balance	63,538	63,538
Acquisitions		0
Currency translation adjustments	0	0
Ending Balance	63,538	$ 63,538
Health Integrated, Inc.
Goodwill [Roll Forward]
Measurement period adjustments, intangible assets acquired and earn-out	$ 1,728

Business Combinations, Goodwi67

Business Combinations, Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 108,947	$ 108,884
Accumulated Amortization	(64,743)	(60,826)
Total	44,204	48,058
Total intangible assets, gross carrying amount	109,847	109,784
Total intangible assets, net carrying amount	45,104	48,958
Trade names and trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, trade names and trademarks	900	900
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	82,218	82,165
Accumulated Amortization	(46,347)	(43,667)
Total	35,871	38,498
Leasehold benefits
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	2,831	2,888
Accumulated Amortization	(2,595)	(2,596)
Total	236	292
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	15,894	15,835
Accumulated Amortization	(9,731)	(8,749)
Total	6,163	7,086
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	2,045	2,045
Accumulated Amortization	(1,820)	(1,780)
Total	225	265
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	5,959	5,951
Accumulated Amortization	(4,250)	(4,034)
Total	$ 1,709	$ 1,917

Business Combinations, Goodwi68

Business Combinations, Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Business Combination, Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,947	$ 3,498

Business Combinations, Goodwi69

Business Combinations, Goodwill and Intangible Assets - Weighted Average Life of Intangible Assets (Details)	3 Months Ended
	Mar. 31, 2018
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	5 years 2 months 27 days
Leasehold benefits
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	1 year 2 months
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	3 years 22 days
Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	1 year 5 months 12 days
Trade names and trademarks (Finite lived)
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	4 years 3 months 10 days

Business Combinations, Goodwi70

Business Combinations, Goodwill and Intangible Assets - Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Business Combination, Goodwill And Intangible Assets Disclosure [Abstract]
2,019	$ 14,329
2,020	11,150
2,021	4,522
2,022	3,887
2,023	3,074
2024 and thereafter	7,242
Total	$ 44,204	$ 48,058

Investment in equity affiliate

Investment in equity affiliate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 12, 2017
Schedule of Equity Method Investments [Line Items]
Loss from equity-method investment	$ 56	$ 0
Corridor
Schedule of Equity Method Investments [Line Items]
Aggregate cost			$ 3,000
Loss from equity-method investment	$ 56

Other current assets - Schedule

Other current assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Derivative instruments	$ 8,556	$ 10,938
Advances to suppliers	2,547	2,451
Receivables from statutory authorities	9,107	7,598
Others	8,067	8,595
Other current assets	$ 28,277	$ 29,582

Accrued expenses and other cu73

Accrued expenses and other current liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accrued expenses	$ 42,401	$ 43,235
Derivative instruments	1,909	555
Client liability	5,500	8,982
Other current liabilities	11,338	8,594
Accrued expenses and other current liabilities	$ 61,148	$ 61,366

Other non-current liabilities -

Other non-current liabilities - Summary of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Liabilities, Noncurrent [Abstract]
Derivative instruments	$ 1,950	$ 322
Unrecognized tax benefits	892	892
Deferred rent	7,917	8,176
Retirement benefits	3,322	3,377
Other non-current liabilities	1,181	3,435
Non-current liabilities	$ 15,262	$ 16,202

Accumulated Other Comprehensi75

Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Cumulative foreign currency translation (loss)	$ (66,216)	$ (58,405)
Unrealized gain on cash flow hedges, net of taxes of $3,342 and $4,918, respectively	5,823	11,932
Retirement benefits, net of taxes of ($73) and ($74), respectively	723	763
Accumulated other comprehensive loss	(59,670)	(45,710)
Unrealized gain on cash flow hedges, taxes	3,342	4,918
Retirement benefits, taxes	$ (73)	$ (74)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Money market and mutual funds	$ 154,561	$ 162,906
Derivative financial instruments	13,240	18,298
Total	167,801	181,204
Liabilities
Derivative financial instruments	3,859	877
Fair value of earn-out consideration		920
Total	3,859	1,797
Level 1
Assets
Money market and mutual funds	154,561	162,906
Derivative financial instruments	0	0
Total	154,561	162,906
Liabilities
Derivative financial instruments	0	0
Fair value of earn-out consideration		0
Total	0	0
Level 2
Assets
Money market and mutual funds	0	0
Derivative financial instruments	13,240	18,298
Total	13,240	18,298
Liabilities
Derivative financial instruments	3,859	877
Fair value of earn-out consideration		0
Total	3,859	877
Level 3
Assets
Money market and mutual funds	0	0
Derivative financial instruments	0	0
Total	0	0
Liabilities
Derivative financial instruments	0	0
Fair value of earn-out consideration		920
Total	$ 0	$ 920

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Health Integrated, Inc.
Business Acquisition [Line Items]
Fair value of earn-out consideration	$ 0	$ 920

Derivatives and Hedge Account78

Derivatives and Hedge Accounting - Additional Information (Details) £ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2018GBP (£)	Dec. 31, 2017USD ($)	Dec. 31, 2017GBP (£)
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains which could be reclassified into earnings within the next 12 months	$ 6,742
Maximum outstanding term of cash flow hedges	45 months
Derivatives Designated as Hedging Instruments | Derivatives in Cash Flow Hedging Relationships | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 356,220		$ 300,757
Derivatives not Designated as Hedging Instruments | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 107,480	£ 16,976	$ 98,967	£ 17,947

Derivatives and Hedge Account79

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Details) - Foreign currency exchange contracts - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivatives Designated as Hedging Instruments | Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	$ 8,512	$ 10,892
Derivatives Designated as Hedging Instruments | Other assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	4,684	7,360
Derivatives Designated as Hedging Instruments | Accrued expense and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	1,770	481
Derivatives Designated as Hedging Instruments | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	1,950	322
Derivatives not Designated as Hedging Instruments | Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	44	46
Derivatives not Designated as Hedging Instruments | Accrued expense and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	$ 139	$ 74

Derivatives and Hedge Account80

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
(Gain)/loss recognized in unaudited consolidated statements of income	$ (615)	$ (382)
Derivatives in cash flow hedging relationships | Derivatives in hedging relationships | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives in cash flow hedging relationships	5,014	(9,029)
Reclassification out of Accumulated Other Comprehensive Income | Derivatives not Designated as Hedging Instruments | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
(Gain)/loss recognized in unaudited consolidated statements of income	$ 2,928	$ (2,622)

Derivatives and Hedge Account81

Derivatives and Hedge Accounting Derivatives and Hedge Accounting - Location of Gain or Loss Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Cost of revenues	$ 138,101	$ 119,072
General & administrative expenses	29,266	24,037
Selling & marketing expenses	13,952	13,340
Depreciation & amortization	10,504	9,372
Foreign exchange gain, net	(615)	(382)
Reclassification out of Accumulated Other Comprehensive Income | Derivatives Designated as Hedging Instruments | Derivatives in cash flow hedging relationships | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cost of revenues	(2,145)	(730)
General & administrative expenses	(331)	(141)
Selling & marketing expenses	(33)	(18)
Depreciation & amortization	(162)	(41)
Reclassification from AOCI, before tax	(2,671)	(930)
Reclassification out of Accumulated Other Comprehensive Income | Derivatives not Designated as Hedging Instruments | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange gain, net	$ 2,928	$ (2,622)

Borrowings - Additional Informa

Borrowings - Additional Information (Details)	Nov. 21, 2017USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017	Dec. 31, 2017USD ($)	Feb. 23, 2015USD ($)	Oct. 24, 2014USD ($)
Credit Facilities [Line Items]
Structured payable		$ 673,000
Current portion of long-term borrowings		318,000		$ 10,318,000
Long term borrowings		67,355,000		50,391,000
Notes Payable, Other Payables
Credit Facilities [Line Items]
Current portion of long-term borrowings		318,000
Long term borrowings		355,000
Revolving Credit Facility
Credit Facilities [Line Items]
Outstanding debt		67,000,000		60,000,000
Outstanding debt, current				10,000,000
Outstanding debt, noncurrent				50,000,000
Unamortized debt issuance costs		$ 733,000		$ 773,000
Revolving Credit Facility | Credit Facility
Credit Facilities [Line Items]
Maximum borrowing capacity						$ 50,000,000
Option to increase additional credit facility					$ 50,000,000
Revolving Credit Facility | New Credit Agreement
Credit Facilities [Line Items]
Maximum borrowing capacity	$ 200,000,000
Option to increase additional credit facility	$ 100,000,000
Interest rate		3.30%	2.50%
Interest coverage ratio, minimum	3.5
Interest coverage ratio, maximum	3
Debt issuance costs	$ 790,000
Revolving Credit Facility | New Credit Agreement | Minimum
Credit Facilities [Line Items]
Commitment fee percentage range on unused credit facility	0.15%
Revolving Credit Facility | New Credit Agreement | Maximum
Credit Facilities [Line Items]
Commitment fee percentage range on unused credit facility	0.30%
Revolving Credit Facility | New Credit Agreement | Prime Rate | Minimum
Credit Facilities [Line Items]
Basis spread on variable rate	0.00%
Revolving Credit Facility | New Credit Agreement | Prime Rate | Maximum
Credit Facilities [Line Items]
Basis spread on variable rate	0.75%
Revolving Credit Facility | New Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum
Credit Facilities [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility | New Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum
Credit Facilities [Line Items]
Basis spread on variable rate	1.75%

Capital Structure - Additional

Capital Structure - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018USD ($)ClassOfCommonStock$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares	Feb. 28, 2017USD ($)	Dec. 30, 2014USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of classes of common stock outstanding | ClassOfCommonStock	1
Acquisition of restricted stock from employees in connection with withholding tax payments (in shares) | shares	41,811	62,784
Withholding tax payments related to the vesting of restricted stock for total consideration	$ 2,565,000	$ 2,913,000
Weighted average purchase price prior to the vesting date (in dollars per share) | $ / shares	$ 61.34	$ 46.39
2014 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors up to				$ 20,000,000
2017 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Additional authorized amount			$ 100,000,000
Authorized increase in repurchase amount, 2018			40,000,000
Authorized increase in repurchase amount, 2019			40,000,000
Common stock purchased under the repurchase program (in shares) | shares	182,182
Common stock aggregate purchase price including commissions	$ 10,939,000
Common stock average purchase price per share (in dollars per share) | $ / shares	$ 60.05
2017 Repurchase Program | Minimum
Equity, Class of Treasury Stock [Line Items]
Authorized increase in repurchase amount			20,000,000
2017 Repurchase Program | Maximum
Equity, Class of Treasury Stock [Line Items]
Authorized increase in repurchase amount			$ 40,000,000
2014 and 2017 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Common stock purchased under the repurchase program (in shares) | shares		193,962
Common stock aggregate purchase price including commissions		$ 9,000,000
Common stock average purchase price per share (in dollars per share) | $ / shares		$ 46.40

Employee Benefit Plans - Net Gr

Employee Benefit Plans - Net Gratuity Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Retirement Benefits [Abstract]
Service cost	$ 438	$ 484
Interest cost	180	162
Expected return on plan assets	(124)	(107)
Amortization of actuarial (gain)/loss	(39)	69
Net periodic benefit cost	$ 455	$ 608

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Retirement Benefits [Abstract]
Expected return on plan assets, percentage	7.80%
Discretionary contributions towards 401(k) Plan, maximum percentage	4.00%
Discretionary contributions to 401 (k) plans	$ 1,230	$ 1,068
Contributions to various defined contribution plans	$ 1,914	$ 1,713

Employee Benefit Plans - Effect

Employee Benefit Plans - Effect of Retrospective Presentation Change Related to the Net Periodic Cost of Defined Benefit Pension Plans on Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	$ 455	$ 608
Cost of revenues
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	119,072
Net periodic benefit cost, effect of change, higher/ (lower)	(110)
Cost of revenues | Previously reported
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	119,182
General and administrative expenses
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	24,037
Net periodic benefit cost, effect of change, higher/ (lower)	(13)
General and administrative expenses | Previously reported
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	24,050
Selling and marketing expenses
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	13,340
Net periodic benefit cost, effect of change, higher/ (lower)	(1)
Selling and marketing expenses | Previously reported
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	13,341
Other income, net
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	(3,186)
Net periodic benefit cost, effect of change, higher/ (lower)	(124)
Other income, net | Previously reported
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost	$ (3,310)

Employee Benefit Plans - Change

Employee Benefit Plans - Change in Plan Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at January 1, 2018	$ 6,915
Actual return	114
Employer contribution	0
Benefits paid	(321)
Effect of exchange rate changes	(136)
Plan assets at March 31, 2018	$ 6,572

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments under Capital Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Leases [Abstract]
2,019	$ 301
2,020	177
2,021	104
2,022	48
Total minimum lease payments	630
Less: amount representing interest	102
Present value of minimum lease payments	528
Less: current portion	246	$ 267
Long term capital lease obligation	$ 282	$ 331

Leases - Future Minimum Lease89

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2018USD ($)
Leases [Abstract]
2,019	$ 19,740
2,020	16,538
2,021	14,755
2,022	11,740
2,023	10,244
2024 and thereafter	26,260
Total operating lease payments	$ 99,277

Leases - Rent Expense and Defer

Leases - Rent Expense and Deferred Rent (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Leases [Abstract]
Rent expense	$ 6,422	$ 5,667
Cancelable and non-cancelable operating leases	$ 8,849		$ 8,959

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended	15 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (4,453)	$ 3,560
Effective tax rate, current income tax expense (benefit)	(23.70%)	17.50%
Measurement period adjustment, transition tax increase (decrease)	$ (4,836)
Excess tax benefits, stock awards	4,827	$ 2,057
Transition tax obligation	$ 22,400		$ 27,236	$ 22,400
Transition tax, income tax expense (benefit)			27,236	$ 22,400
Accrued interest and penalties			68
Provisional adjustments associated with the corporate rate change			$ 1,949

Stock Based Compensation - Cost

Stock Based Compensation - Costs Related to Company's Stock-Based Compensation Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	$ 5,074	$ 5,956
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	1,093	1,210
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	2,250	2,596
Selling and marketing expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expenses	$ 1,731	$ 2,150

Stock Based Compensation - Co93

Stock Based Compensation - Costs Related to Company's Stock-Based Compensation Plan Additional Information (Details)	Mar. 31, 2018shares
2015 Stock Options Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number available for grant (in shares)	912,584

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Based Compensation Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Options, Granted (in shares)		0
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Options, Outstanding, Beginning Balance (in shares)	259,563
Number of Options, Granted (in shares)	0
Number of Options, Exercised (in shares)	(25,000)
Number of Options, Forfeited (in shares)	0
Number of Options, Outstanding, Ending Balance (in shares)	234,563		259,563
Number of Options, Vested and exercisable at end of period (in shares)	234,563
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)	$ 18.03
Weighted-Average Exercise Price, Granted (in dollars per share)	0
Weighted-Average Exercise Price, Exercised (in dollars per share)	17.22
Weighted-Average Exercise Price, Forfeited (in dollars per share)	0
Weighted-Average Exercise Price, Outstanding, Ending Balance (in dollars per share)	18.12		$ 18.03
Weighted Average Exercise Price, Vested and exercisable at end of period (in dollars per share)	$ 18.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Aggregate Intrinsic Value, Outstanding, Beginning Balance	$ 10,985
Aggregate Intrinsic Value, Exercised	1,092
Aggregate Intrinsic Value, Outstanding, Ending Balance	$ 8,832		$ 10,985
Weighted-Average Remaining Contractual Life	2 years 7 months 5 days		2 years 9 months 3 days
Aggregate Intrinsic Value, Vested and exercisable at end of period	$ 8,832
Weighted-Average Remaining Contractual Life, Vested and exercisable at end of period	2 years 7 months 5 days

Stock Based Compensation - St95

Stock Based Compensation - Stock Options Additional Information (Details)	Mar. 31, 2018USD ($)
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, unvested options	$ 0

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Stock and Restricted Stock Units Activity Under Company's Stock Plans (Details) - $ / shares	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, Outstanding, at Beginning Balance (in shares)	182,267
Number, Granted (in shares)	0
Number, Vested (in shares)	(36,639)
Number, Forfeited (in shares)	(5,098)
Number, Outstanding, at Ending Balance (in shares)	140,530
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Fair Value, Outstanding, at Beginning Balance (in dollars per share)	$ 42.64
Weighted-Average Fair Value, Granted (in dollars per share)	0
Weighted-Average Fair Value, Vested (in dollars per share)	35.91
Weighted-Average Fair Value, Forfeited (in dollars per share)	52.41
Weighted-Average Fair Value, Outstanding, at Ending Balance (in dollars per share)	$ 44.04
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, Outstanding, at Beginning Balance (in shares)	1,046,999
Number, Granted (in shares)	347,802
Number, Vested (in shares)	(364,590)
Number, Forfeited (in shares)	(6,133)
Number, Outstanding, at Ending Balance (in shares)	1,024,078
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Fair Value, Outstanding, at Beginning Balance (in dollars per share)	$ 42.26
Weighted-Average Fair Value, Granted (in dollars per share)	60.61
Weighted-Average Fair Value, Vested (in dollars per share)	38.84
Weighted-Average Fair Value, Forfeited (in dollars per share)	49.44
Weighted-Average Fair Value, Outstanding, at Ending Balance (in dollars per share)	$ 49.67
Units vested for which the underlying common stock is yet to be issued (in shares)	148,337,000	146,112,000

Stock Based Compensation - Re97

Stock Based Compensation - Restricted Stock and Restricted Stock Unit Additional Information (Details) - Restricted Stock and Restricted Stock Units $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 50,335
Cost not yet recognized, period for recognition	2 years 11 months 8 days

Stock Based Compensation - Perf

Stock Based Compensation - Performance Based Stock Awards (Details)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Revenue Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, Outstanding, at Beginning Balance (in shares) | shares	113,190
Number, Granted (in shares) | shares	55,268
Number, Vested (in shares) | shares	0
Number, Forfeited (in shares) | shares	0
Number, Outstanding, at Ending Balance (in shares) | shares	168,458
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Fair Value, Outstanding, at Beginning Balance (in dollars per share) | $ / shares	$ 48.13
Weighted-Average Fair Value, Granted (in dollars per share) | $ / shares	60.58
Weighted-Average Fair Value, Vested (in dollars per share) | $ / shares	0
Weighted-Average Fair Value, Forfeited (in dollars per share) | $ / shares	0
Weighted-Average Fair Value, Outstanding, at Ending Balance (in dollars per share) | $ / shares	$ 52.21
Market Condition Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, Outstanding, at Beginning Balance (in shares) | shares	113,174
Number, Granted (in shares) | shares	55,262
Number, Vested (in shares) | shares	0
Number, Forfeited (in shares) | shares	0
Number, Outstanding, at Ending Balance (in shares) | shares	168,436
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Fair Value, Outstanding, at Beginning Balance (in dollars per share) | $ / shares	$ 60.80
Weighted-Average Fair Value, Granted (in dollars per share) | $ / shares	70.97
Weighted-Average Fair Value, Vested (in dollars per share) | $ / shares	0
Weighted-Average Fair Value, Forfeited (in dollars per share) | $ / shares	0
Weighted-Average Fair Value, Outstanding, at Ending Balance (in dollars per share) | $ / shares	$ 64.14

Stock Based Compensation - Pe99

Stock Based Compensation - Performance Based Stock Awards Additional Information (Details) - Performance Based Stock Awards $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 12,137
Cost not yet recognized, period for recognition	2 years 3 months

Related Party Disclosures (Deta

Related Party Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transactions [Abstract]
Revenue from related party	$ 199	$ 477
Accounts receivable from related party	$ 8		$ 140

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments, net of advances	$ 6,852
Export-oriented units established, percentage	100.00%
Transfer pricing issues starting period	2,003
Transfer pricing issues ending period	2,014
Permanent establishment issues starting period	2,003
Permanent establishment issues ending period	2,007
Aggregate disputed amount amount related to transfer pricing and permanent establishment	$ 17,706	$ 18,065
Total bank guarantees and deposits in respect of contingencies	8,742	8,573
Amounts paid as deposits in respect of contingencies	6,709	6,499
Bank guarantee issued	2,033	$ 2,074
Litigation settlement, amount	$ 2,400

Subsequent Event (Details)

Subsequent Event (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2018USD ($)
Scenario, Forecast | SCIOInspire Holdings, Inc.
Subsequent Event [Line Items]
Purchase consideration	$ 240,000