ExlService (EXLS) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-33089
Entity Registrant Name	EXLSERVICE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0572194
Entity Address, Address Line One	320 Park Avenue,
Entity Address, Address Line Two	29th Floor,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	277-7100
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	EXLS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,176,255
Entity Central Index Key	0001297989
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 163,619	$ 119,165
Short-term investments	171,962	202,238
Restricted cash	4,858	5,453
Accounts receivable, net	157,505	171,864
Prepaid expenses	10,121	13,246
Advance income tax, net	1,003	4,698
Other current assets	27,472	24,594
Total current assets	536,540	541,258
Property and equipment, net	91,848	79,142
Operating lease right-of-use assets	96,789	86,396
Restricted cash	2,298	2,426
Deferred tax assets, net	17,070	11,855
Intangible assets, net	66,296	73,982
Goodwill	348,110	349,529
Other assets	31,599	36,016
Investment in equity affiliate	3,063	2,484
Total assets	1,193,613	1,183,088
Current liabilities:
Accounts payable	9,048	6,564
Current portion of long-term borrowings	20,657	40,867
Deferred revenue	16,752	13,436
Accrued employee costs	42,376	68,885
Accrued expenses and other current liabilities	74,772	74,017
Current portion of operating lease liabilities	18,199	24,148
Income taxes payable, net	2,359	1,432
Total current liabilities	184,163	229,349
Long-term borrowings, less current portion	215,527	194,131
Operating lease liabilities, less current portion	90,934	74,709
Income taxes payable	1,790	1,790
Deferred tax liabilities, net	705	966
Other non-current liabilities	19,566	12,142
Total liabilities	512,685	513,087
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, 38,818,365 shares issued and 34,320,586 shares outstanding as of June 30, 2020 and 38,480,654 shares issued and 34,185,241 shares outstanding as of December 31, 2019	39	39
Additional paid-in capital	404,704	391,240
Retained earnings	582,743	551,903
Accumulated other comprehensive loss	(104,274)	(84,892)
Total including shares held in treasury	883,212	858,290
Less: 4,497,779 shares as of June 30, 2020 and 4,295,413 shares as of December 31, 2019, held in treasury, at cost	(202,284)	(188,289)
Stockholders’ equity	680,928	670,001
Total equity	680,928	670,001
Total liabilities and stockholders’ equity	$ 1,193,613	$ 1,183,088

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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)	38,818,365	38,480,654
Common stock, outstanding (in shares)	34,320,586	34,185,241
Treasury stock (in shares)	4,497,779	4,295,413

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenues, net		$ 222,473	$ 243,509	$ 468,463	$ 483,082
Cost of revenues	[1]	158,401	162,446	321,057	319,686
Gross profit	[1]	64,072	81,063	147,406	163,396
Operating expenses:
General and administrative expenses		28,750	31,228	57,691	63,759
Selling and marketing expenses		13,051	17,647	27,507	35,694
Depreciation and amortization expense		12,405	12,752	24,855	26,419
Impairment and restructuring charges		0	5,580	0	6,807
Total operating expenses		54,206	67,207	110,053	132,679
Income from operations		9,866	13,856	37,353	30,717
Foreign exchange gain, net		1,359	1,202	2,736	2,462
Interest expense		(2,883)	(3,864)	(5,955)	(7,446)
Other income, net		4,225	4,102	6,754	8,525
Income before income tax expense and earnings from equity affiliates		12,567	15,296	40,888	34,258
Income tax expense		4,072	2,670	9,927	6,870
Income before earnings from equity affiliates		8,495	12,626	30,961	27,388
Loss from equity-method investment		66	62	121	129
Net income attributable to ExlService Holdings, Inc. stockholders		$ 8,429	$ 12,564	$ 30,840	$ 27,259
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic (in dollars per share)		$ 0.24	$ 0.36	$ 0.90	$ 0.79
Diluted (in dollars per share)		$ 0.24	$ 0.36	$ 0.89	$ 0.78
Weighted-average number of shares used in computing earnings per share attributable to ExlService Holdings Inc. stockholders:
Basic (in shares)		34,486,202	34,451,671	34,443,884	34,413,455
Diluted (in shares)		34,597,688	34,702,547	34,659,146	34,768,203
[1]	Exclusive of depreciation and amortization expense.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss)/Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income		$ 8,429	$ 12,564	$ 30,840	$ 27,259
Other comprehensive (loss)/income:
Unrealized gain/(loss) on cash flow hedges		7,721	3,268	(7,125)	9,205
Foreign currency translation gain/(loss)		6,534	1,017	(10,803)	4,403
Reclassification adjustments
Loss/(Gain) on cash flow hedges	[1]	1,127	(884)	198	(1,555)
Retirement benefits	[2]	97	(40)	198	(79)
Income tax expense relating to above	[3]	(6,649)	(507)	(1,850)	(2,865)
Total other comprehensive income/(loss)		8,830	2,854	(19,382)	9,109
Total comprehensive income		$ 17,259	$ 15,418	$ 11,458	$ 36,368
[1]	These are reclassified to net income and are included either in cost of revenues or operating expenses, as applicable in the unaudited consolidated statements of income. Refer to Note 16 - Derivatives and Hedge Accounting 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 - Employee Benefit Plans to the unaudited consolidated financial statements.
[3]	These are income tax (expense)/benefit recognized on cash flow hedges, retirement benefits and foreign currency translation gains/(losses). Refer to Note 21 - Income Taxes to the unaudited consolidated financial statements.

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)/Income	Treasury Stock	Non - Controlling Interest
Beginning balance (in shares) at Dec. 31, 2018		37,850,544				(3,628,068)
Beginning balance at Dec. 31, 2018	$ 618,319	$ 38	$ 364,179	$ 484,244	$ (83,467)	$ (146,925)	$ 250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		444,539
Stock issued against stock-based compensation plans	338		338
Stock-based compensation	$ 14,111		14,111
Acquisition of treasury stock (in shares)	(438,025)					(460,691)
Acquisition of treasury stock	$ (27,538)					$ (27,538)
Allocation of equity component related to issuance costs on convertible notes	(13)		(13)
Non-controlling interest	(232)		18				(250)
Other comprehensive income (loss)	9,109				9,109
Net income	27,259			27,259
Ending balance (in shares) at Jun. 30, 2019		38,295,083				(4,088,759)
Ending balance at Jun. 30, 2019	641,353	$ 38	378,633	511,503	(74,358)	$ (174,463)	0
Beginning balance (in shares) at Mar. 31, 2019		38,256,036				(3,890,599)
Beginning balance at Mar. 31, 2019	630,835	$ 38	371,144	498,939	(77,212)	$ (162,333)	259
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		39,047
Stock issued against stock-based compensation plans	316		316
Stock-based compensation	$ 7,155		7,155
Acquisition of treasury stock (in shares)	(198,160)					(198,160)
Acquisition of treasury stock	$ (12,130)					$ (12,130)
Non-controlling interest	(241)		18				(259)
Other comprehensive income (loss)	2,854				2,854
Net income	12,564			12,564
Ending balance (in shares) at Jun. 30, 2019		38,295,083				(4,088,759)
Ending balance at Jun. 30, 2019	$ 641,353	$ 38	378,633	511,503	(74,358)	$ (174,463)	$ 0
Beginning balance (in shares) at Dec. 31, 2019	34,185,241	38,480,654				(4,295,413)
Beginning balance at Dec. 31, 2019	$ 670,001	$ 39	391,240	551,903	(84,892)	$ (188,289)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		337,711
Stock issued against stock-based compensation plans	960		960
Stock-based compensation	$ 12,504		12,504
Acquisition of treasury stock (in shares)	(175,765)					(202,366)
Acquisition of treasury stock	$ (13,995)					$ (13,995)
Other comprehensive income (loss)	(19,382)				(19,382)
Net income	$ 30,840			30,840
Ending balance (in shares) at Jun. 30, 2020	34,320,586	38,818,365				(4,497,779)
Ending balance at Jun. 30, 2020	$ 680,928	$ 39	404,704	582,743	(104,274)	$ (202,284)
Beginning balance (in shares) at Mar. 31, 2020		38,813,775				(4,497,779)
Beginning balance at Mar. 31, 2020	655,904	$ 39	396,939	574,314	(113,104)	$ (202,284)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		4,590
Stock issued against stock-based compensation plans	39		39
Stock-based compensation	$ 7,726		7,726
Acquisition of treasury stock (in shares)	0
Acquisition of treasury stock	$ 0
Other comprehensive income (loss)	8,830				8,830
Net income	$ 8,429			8,429
Ending balance (in shares) at Jun. 30, 2020	34,320,586	38,818,365				(4,497,779)
Ending balance at Jun. 30, 2020	$ 680,928	$ 39	$ 404,704	$ 582,743	$ (104,274)	$ (202,284)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 30,840	$ 27,259
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	24,806	26,532
Stock-based compensation expense	12,504	14,111
Amortization of operating lease right-of-use assets	13,703	13,701
Unrealized gain on short term investments	(2,842)	(4,362)
Unrealized foreign exchange (gain)/loss, net	(3,316)	1,967
Deferred income tax expense/(benefit)	(663)	(2,631)
Allowance for expected credit losses	389	281
Loss from equity-method investment	121	129
Amortization of non-cash interest expense related to convertible senior notes	1,289	1,218
Impairment charges	0	3,167
Others, net	(1,204)	961
Change in operating assets and liabilities:
Accounts receivable	12,380	(16,478)
Prepaid expenses and other current assets	(1,091)	(2,033)
Advance income tax, net	4,446	1,345
Other assets	3,046	126
Accounts payable	1,943	(2,114)
Deferred revenue	3,066	5,654
Accrued employee costs	(23,497)	(12,567)
Accrued expenses and other liabilities	(4,182)	5,200
Operating lease liabilities	(12,831)	(13,749)
Net cash provided by operating activities	58,907	47,717
Cash flows from investing activities:
Purchases of property and equipment	(22,051)	(22,287)
Investment in equity affiliate	(700)	0
Purchase of non-controlling interest	0	(241)
Purchase of investments	(49,027)	(68,188)
Proceeds from redemption of investments	72,844	91,669
Net cash provided by investing activities	1,066	953
Cash flows from financing activities:
Principal payments of finance lease liabilities	(124)	(207)
Proceeds from borrowings	110,000	46,000
Repayments of borrowings	(110,210)	(79,590)
Payment of debt issuance costs	0	(117)
Acquisition of treasury stock	(13,995)	(27,538)
Proceeds from exercise of stock options	960	338
Net cash used for financing activities	(13,369)	(61,114)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,873)	(240)
Net increase/(decrease) in cash, cash equivalents and restricted cash	43,731	(12,684)
Cash, cash equivalents and restricted cash at the beginning of the period	127,044	104,131
Cash, cash equivalents and restricted cash at the end of the period	$ 170,775	$ 91,447

Organization

Organization	6 Months Ended
	Jun. 30, 2020
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 helps its clients build and grow sustainable businesses. By orchestrating its domain expertise, data, analytics and digital technology, the Company looks deeper to design and manage agile, customer-centric operating models to improve global operations, drive profitability, enhance customer satisfaction, increase data-driven insights, and manage risk and compliance. The Company’s clients are located principally in the United States of America (“U.S.”) and the United Kingdom (“U.K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Basis of Preparation and Principles of Consolidation The unaudited consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. The unaudited consolidated financial statements reflect all adjustments (of a normal and recurring nature) that management considers necessary for a fair presentation of such statements for the interim periods presented. The unaudited consolidated statements of income for the interim periods presented are not necessarily indicative of the results for the full year or for any subsequent period. The accompanying unaudited consolidated financial statements include the financial statements of ExlService Holdings and all of its subsidiaries. The standalone financial statements of subsidiaries are fully consolidated on a line-by-line basis. Intra-group balances and transactions, and gains and losses arising from intra-group transactions, are eliminated while preparing those financial statements. Accounting policies of the respective individual subsidiary and associate are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under U.S. GAAP. The Company’s investments in equity affiliates are initially recorded at cost and any excess purchase consideration paid over proportionate share of the fair value of the net assets of the investee at the acquisition date is recognized as goodwill. The proportionate share of net income or loss of the investee is recognized in the unaudited consolidated statements of income. Effective January 1, 2020, the Company made certain operational and structural changes to more closely integrate the Company’s businesses and to simplify its organizational structure. Under the new structure, the Company reports its financial performance based on new segments described in Note 3 - Segment and Geographical Information to the unaudited consolidated financial statements. In conjunction with the new reporting structure, the Company has recast certain prior period amounts, wherever applicable, to conform to the way the Company internally manages and monitors segment performance. This change primarily impacted Note 3 - Segment and Geographical Information and Note 9 - Goodwill and Intangible Assets to the unaudited consolidated financial statements, with no impact on the unaudited consolidated balance sheets, statements of income, comprehensive (loss)/income, equity and cash flows. (b) Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the unaudited consolidated statements of income during the reporting period. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the unaudited consolidated financial statements include, but are not limited to, allowance for expected credit losses, expected recoverability from customers with contingent fee arrangements, recoverability of dues from statutory authorities, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments, assumptions used to calculate stock-based compensation expense, assumptions used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, lease term to calculate lease cost, depreciation and amortization periods, purchase price allocation, recoverability of long-lived assets including goodwill and intangibles, and estimated costs to complete fixed price contracts. As of June 30, 2020, the extent to which the global Coronavirus Disease 2019 pandemic (“COVID-19”) will ultimately impact the Company's business depends on numerous dynamic factors, which the Company still cannot reliably predict. As a result, many of the Company's estimates and assumptions herein required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve with respect to COVID-19, the Company’s estimates may materially change in future periods. (c) Leases The Company determines if an arrangement is a lease at inception of the contract. Operating leases are recorded in "operating lease right-of-use assets", "current portion of operating lease liabilities" and "operating lease liabilities, less current portion" in the Company's unaudited consolidated balance sheets. Finance leases are recorded in "property and equipment", and current and non-current portion of finance lease liabilities are presented within “accrued expenses and other current liabilities” and “other non-current liabilities,” respectively in the Company's unaudited consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For leases in which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date for determining the present value of lease payments. Lease terms includes the effects of options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately. The Company accounts for lease-related concessions to mitigate the economic effects of COVID-19 on lessees in accordance with guidance in Topic 842, Leases , to determine, on a lease-by-lease basis, whether the concession provided by lessor should be accounted for as a lease modification. The Company accounts for a modification as a separate contract when it grants an additional right of use not included in the original lease and the increase is commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. Modifications which are not accounted for as a separate contract are reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date. On January 1, 2019, the date of initial application, the Company adopted Topic 842, Leases , using the modified retrospective method. The modified retrospective method provides a method of recognizing those leases which had not expired as of the date of adoption of January 1, 2019. The adoption resulted in the recognition of ROU assets of $80,328 (net of deferred rent of $8,626) and lease liabilities of $88,954 for operating leases as of January 1, 2019. The Company's accounting for finance leases remained substantially unchanged. The adoption had no impact on opening balance of retained earnings. Refer to Note 20 - Leases to the unaudited consolidated financial statements for details. (d) Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (("Subtopic 715-20")): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. The adoption of this ASU is not expected to have any material effect on the Company’s consolidated financial statements. In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. The ASU provides practical expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and are effective upon issuance for all entities through December 31, 2022. The Company is currently evaluating the impact of this ASU. (e) Recently Adopted Accounting Pronouncements In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The new guidance replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. These changes will result in earlier recognition of credit losses. The allowance for credit losses is a valuation account that is to be deducted from the amortized cost of the financial asset(s) so as to present the net carrying value at the amount expected to be collected on the financial asset. The Company adopted Topic 326 as of January 1, 2020 using a modified retrospective approach through a cumulative-effect adjustment to its retained earnings. The adoption of the ASU had no impact to equity as of January 1, 2020 with a corresponding offset to accounts receivable. Further, the impact of adoption of this guidance did not have a material effect on the Company's accounting policies, processes, and systems. Refer to Note 4 - Revenues, net to the unaudited consolidated financial statements for details. In August 2018, FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU modify the disclosure requirements on fair value measurements in Topic 820, by prescribing new disclosure requirements, and the elimination and modification of disclosure requirements based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity was permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The early adoption of this ASU, effective January 1, 2020, did not have any material effect on the Company’s disclosures in the unaudited consolidated financial statements. In August 2018, FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software ("Subtopic 350-40"): This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the ASU requires an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in FASB Accounting Standard Codification Subtopic 350-40 on internal-use software to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The ASU 2018-15 also provides guidance on amortization and impairment of any costs capitalized, along with new presentation and disclosure requirements. The new guidance is effective for fiscal years beginning after December 15, 2019 and adoption was allowed prospectively. The adoption of this ASU effective January 1, 2020 did not have any material effect on the Company’s unaudited consolidated financial statements. In April 2019, FASB issued ASU No. 2019-04, Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments: Targeted Transition Relief (Topic 825). The amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. With respect to hedge accounting, the amendments address partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, among other things. With respect to recognizing and measuring financial instruments, the amendment in the ASU address the scope of the guidance, the requirement for remeasurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be remeasured at historical exchange rates. This ASU is effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Early adoption was permitted. The adoption of this ASU did not have any material effect on the Company’s unaudited consolidated financial statements. In May 2019, FASB issued ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief. This ASU provides entities with the option to irrevocably elect the fair value option, on an instrument-by-instrument basis in accordance with Subtopic 825-10, for certain financial instruments that are within the scope of Subtopic 326-20, upon adopting Topic 326. The fair value option election does not apply to held-to-maturity debt securities. The amendments in this ASU provide entities with targeted transition relief that is intended to increase comparability of financial statement information for some entities that otherwise would have measured similar financial instruments using different measurement methodologies. The Company adopted Topic 326 as of January 1, 2020, whereby no such fair value election was made, accordingly, the adoption of this ASU did not have any material effect on the Company’s unaudited consolidated financial statements.

Segment and Geographical Inform

Segment and Geographical Information	6 Months Ended
	Jun. 30, 2020
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. Effective January 1, 2020, the Company made certain operational and structural changes to more closely integrate its businesses and to simplify its organizational structure. The Company now manages and reports financial information through its four strategic business units: Insurance, Healthcare, Analytics and Emerging Business, which reflects how management will review financial information and make operating decisions. These business units will develop client-specific solutions, build capabilities, maintain a unified go-to-market approach and be integrally responsible for service delivery, customer satisfaction, growth and profitability. In line with the Company’s strategy of vertical integration and focus on domain expertise, the Company has integrated its Finance & Accounting and Consulting operating segments within each of the Insurance and Healthcare operating segments based on the corresponding industry-specific clients to whom those services are provided. Finance & Accounting and Consulting services to clients outside of the Insurance and Healthcare industries will now be part of the Company’s newly formed business unit and reportable segment Emerging Business. In addition, the Company integrated its former Travel, Transportation and Logistics, Banking and Financial Services, and Utilities operating segments under the Emerging Business unit to further leverage and optimize the operating scale in providing operations management services. The Company’s new reportable segments effective January 1, 2020 are as follows: • Insurance, • Healthcare, • Emerging Business, and • Analytics In conjunction with the new reporting structure, the Company has recasted its segment disclosures for prior periods presented to conform to the way the Company internally manages and monitors segment performance. The chief operating decision maker (“CODM”) generally reviews financial information such as revenues, cost of revenues and gross profit, disaggregated by the operating segments to allocate an overall budget among the operating segments. The Company does not allocate and therefore the CODM does not evaluate, certain operating expenses, interest expense or income taxes by segment. Many of the Company’s assets are shared by multiple operating segments. The Company manages these assets on a total Company basis, not by operating segment, and therefore asset information and capital expenditures by operating segment are not presented. Revenues and cost of revenues for the three months ended June 30, 2020 and 2019, respectively, for each of the reportable segments, are as follows: Three months ended June 30, 2020 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 81,281 $ 24,978 $ 34,535 $ 81,679 $ 222,473 Cost of revenues (1) 59,113 19,640 22,416 57,232 158,401 Gross profit (1) $ 22,168 $ 5,338 $ 12,119 $ 24,447 $ 64,072 Operating expenses 54,206 Foreign exchange gain, interest expense and other income, net 2,701 Income tax expense 4,072 Loss from equity-method investment 66 Net income $ 8,429 (1) Exclusive of depreciation and amortization expense. Three months ended June 30, 2019 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 85,581 $ 21,730 $ 48,327 $ 87,871 $ 243,509 Cost of revenues (1) 59,414 17,749 27,852 57,431 162,446 Gross profit (1) $ 26,167 $ 3,981 $ 20,475 $ 30,440 $ 81,063 Operating expenses 67,207 Foreign exchange gain, interest expense and other income, net 1,440 Income tax expense 2,670 Loss from equity-method investment 62 Net income $ 12,564 (1) Exclusive of depreciation and amortization expense. Revenues and cost of revenues for the six months ended June 30, 2020 and 2019, respectively, for each of the reportable segments, are as follows: Six months ended June 30, 2020 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 165,020 $ 52,007 $ 77,326 $ 174,110 $ 468,463 Cost of revenues (1) 118,078 39,233 47,898 115,848 321,057 Gross profit (1) $ 46,942 $ 12,774 $ 29,428 $ 58,262 $ 147,406 Operating expenses 110,053 Foreign exchange gain, interest expense and other income, net 3,535 Income tax expense 9,927 Loss from equity-method investment 121 Net income $ 30,840 (1) Exclusive of depreciation and amortization expense. Six months ended June 30, 2019 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 166,867 $ 43,978 $ 97,405 $ 174,832 $ 483,082 Cost of revenues (1) 114,657 35,551 55,145 114,333 319,686 Gross profit (1) $ 52,210 $ 8,427 $ 42,260 $ 60,499 $ 163,396 Operating expenses 132,679 Foreign exchange gain, interest expense and other income, net 3,541 Income tax expense 6,870 Loss from equity-method investment 129 Net income $ 27,259 (1) Exclusive of depreciation and amortization expense. Revenues, net by service type, were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 BPM and related services (1) $ 140,794 $ 155,638 $ 294,353 $ 308,250 Analytics services 81,679 87,871 174,110 174,832 Revenues, net $ 222,473 $ 243,509 $ 468,463 $ 483,082 (1) BPM and related services include revenues of the Company's Insurance, Healthcare and Emerging Business operating segments. Refer to the reportable segment disclosure above. The Company attributes the revenues to regions based upon the location of its customers. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Revenues, net United States $ 189,032 $ 197,901 $ 396,912 $ 394,005 Non-United States United Kingdom 18,830 30,155 42,108 59,256 Rest of World 14,611 15,453 29,443 29,821 Total Non-United States 33,441 45,608 71,551 89,077 Revenues, net $ 222,473 $ 243,509 $ 468,463 $ 483,082 Long-lived assets by geographic area, which consist of property and equipment, net and operating lease right-of-use assets were as follows: As of June 30, 2020 December 31, 2019 Long-lived assets India $ 101,073 $ 78,244 United States 50,121 52,375 Philippines 28,558 26,006 Rest of World 8,885 8,913 Long-lived assets $ 188,637 $ 165,538

Revenues, net

Revenues, net	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues, net	Revenues, net Refer to Note 3 - Segment and Geographical Information to the unaudited consolidated financial statements for revenues disaggregated by reportable segments and geography. Contract balances The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers: As of June 30, 2020 December 31, 2019 Accounts receivable, net $ 157,505 $ 171,864 Contract assets $ 5,074 $ 5,391 Contract liabilities Deferred revenue (consideration received in advance) $ 14,739 $ 11,259 Consideration received for process transition activities $ 2,579 $ 3,036 Accounts receivable includes $71,489 and $73,920 as of June 30, 2020 and December 31, 2019, respectively, representing unbilled receivables. The Company has accrued the unbilled receivables for work performed in accordance with the terms of contracts with customers and considers no significant performance risk associated with its unbilled receivables. Contract assets represent upfront payments such as deal signing discounts or deal signing bonuses made to customers. These costs are amortized over the expected period of the benefit and are recorded as an adjustment to transaction price and reduced from revenues. The Company’s assessment did not indicate any impairment losses on its contract assets for the periods presented. Contract liabilities represent that portion of deferred revenue for which payments have been received in advance from customers. This may also include revenues deferred for certain contracts where services have been rendered but other conditions for revenue recognition have not been met for example, where a legally enforceable contract is not executed. The Company also defers revenues attributable to certain process transition activities for which costs have been capitalized by the Company as contract fulfillment costs. Consideration received from customers, if any, relating to such transition activities are classified under contract liabilities and are included within “Deferred revenues” and “other non-current liabilities” in the unaudited consolidated balance sheets. The revenues are recognized as (or when) the performance obligation is fulfilled under the contract with customer. Revenue recognized during the three and six months ended June 30, 2020 and 2019, which was included in the contract liabilities balance at the beginning of the respective periods: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Revenue recognized $ 2,226 $ 1,450 $ 8,194 $ 4,226 Contract acquisition and fulfillment costs Contract Acquisition Costs Three months ended Six months ended Year ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 December 31, 2019 (Audited) Opening Balance $ 1,215 $ 513 $ 1,307 $ 713 $ 713 Addition 187 — 187 — 1,222 Amortization (132) (44) (224) (244) (628) Closing Balance $ 1,270 $ 469 $ 1,270 $ 469 $ 1,307 Contract Fulfillment Costs Three months ended Six months ended Year ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 December 31, 2019 (Audited) Opening Balance $ 6,916 $ 4,472 $ 7,255 $ 4,051 $ 4,051 Addition 363 1,441 647 2,167 4,652 Amortization (499) (305) (1,122) (610) (1,448) Closing Balance $ 6,780 $ 5,608 $ 6,780 $ 5,608 $ 7,255 There was no impairment for contract acquisition and contract fulfillment costs as of June 30, 2020 and December 31, 2019. The capitalized costs are amortized on a straight line basis over the life of the contract. Allowance for expected credit losses On January 1, 2020, the Company adopted ASC Topic 326, Financial Instruments-Credit Losses. Accounts receivable and contract assets are in the scope for which assessment is made. The Company evaluates the credit risk of its customers based on a combination of various financial and qualitative factors that may affect the ability of each customer to pay. The Company considered current and anticipated future economic conditions relating to the industries of the Company’s customers and the countries where it operates. In calculating expected credit loss, the Company also considered past payment trends, credit rating and other related credit information for its significant customers to estimate the probability of default in the future and estimates relating to the possible effects resulting from COVID-19. The duration and severity of COVID-19 and continued market volatility is highly uncertain and, as such, the impact on expected losses is subject to significant judgment, including but not limited to changes in customers’ credit rating, and may cause variability in the Company’s allowance for credit losses in future periods. As of January 1, 2020 the Company’s provision for doubtful receivables was $1,163, which was based on previous U.S. GAAP standards. There was no material impact on provision when calculated by applying the Topic 326 guidance. As of June 30, 2020 January 1, 2020 Accounts receivable, including unbilled receivables $ 158,939 $ 173,027 Less: Allowance for lifetime expected credit loss (1,434) (1,163) Accounts receivable, net $ 157,505 $ 171,864 The movement in allowance for current expected credit loss on customer balances for the three and six months ended June 30, 2020 and 2019 and year ended December 31, 2019 was as follows: Three months ended Six months ended Year ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 December 31, 2019 Balance at the beginning of the period $ 1,346 $ 1,255 $ 1,163 $ 956 $ 956 Additions during the period, net 186 (33) 381 265 354 Charged against allowance (100) (53) (100) (54) (156) Translation adjustment, if any 2 (1) (10) 1 9 Balance at the end of the period $ 1,434 $ 1,168 $ 1,434 $ 1,168 $ 1,163

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareBasic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding, adjusted for outstanding shares that are subject to repurchase during each period. Diluted earnings per share is computed using the weighted average number of common shares plus the potentially dilutive effect of common stock equivalents (outstanding stock options, restricted stock and restricted stock units) issued and outstanding at the reporting date, using the treasury stock method. Common stock equivalents that are anti-dilutive are excluded from the computation of weighted average shares outstanding. The Company includes performance stock unit awards in dilutive potential common shares when they become contingently issuable and have a dilutive impact per authoritative guidance and excludes such awards when they are not contingently issuable. The following table sets forth the computation of basic and diluted earnings per share: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Numerators: Net income $ 8,429 $ 12,564 $ 30,840 $ 27,259 Denominators: Basic weighted average common shares outstanding 34,486,202 34,451,671 34,443,884 34,413,455 Dilutive effect of share-based awards 111,486 250,876 215,262 354,748 Diluted weighted average common shares outstanding 34,597,688 34,702,547 34,659,146 34,768,203 Earnings per share attributable to ExlService Holdings Inc. stockholders: Basic $ 0.24 $ 0.36 $ 0.90 $ 0.79 Diluted $ 0.24 $ 0.36 $ 0.89 $ 0.78 Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share 638,318 69 404,315 212,751

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 June 30, 2019 Cash and cash equivalents $ 163,619 $ 84,842 Restricted cash (current) 4,858 4,098 Restricted cash (non-current) 2,298 2,507 Cash, cash equivalents and restricted cash $ 170,775 $ 91,447

Other Income, net

Other Income, net	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Other Income, net	Other Income, net Other income, net consists of the following: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Gain on sale and mark-to-market of mutual funds, net $ 3,109 $ 3,318 $ 5,166 $ 6,844 Interest income 632 697 1,164 1,493 Others, net 484 87 424 188 Other income, net $ 4,225 $ 4,102 $ 6,754 $ 8,525

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net consists of the following: Estimated useful lives As of (Years) June 30, 2020 December 31, 2019 Owned Assets: Network equipment and computers 3-5 $ 96,759 $ 98,309 Software 3-5 90,746 79,746 Leasehold improvements 3-8 44,328 44,982 Office furniture and equipment 3-8 20,675 22,046 Motor vehicles 2-5 578 601 Buildings 30 1,053 1,114 Land — 689 729 Capital work in progress — 10,784 10,309 265,612 257,836 Less: Accumulated depreciation and amortization (174,333) (179,331) $ 91,279 $ 78,505 Right-of-use assets under finance leases: Leasehold improvements $ 644 $ 738 Office furniture and equipment 210 308 Motor vehicles 710 711 1,564 1,757 Less: Accumulated depreciation and amortization (995) (1,120) $ 569 $ 637 Property and equipment, net $ 91,848 $ 79,142 Capital work in progress represents advances paid towards acquisition of property and equipment and costs incurred on internally developed software not yet ready to be placed in service. During the three and six months ended June 30, 2020, there were no changes in estimated useful lives of property and equipment. The depreciation and amortization expense, excluding amortization of acquisition-related intangibles, recognized in the unaudited consolidated statements of income was as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Depreciation and amortization expense $ 8,975 $ 7,198 $ 17,271 $ 15,337 The effect of foreign exchange (loss)/gain upon settlement of cash flow hedges recorded under depreciation and amortization, was as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Effect of foreign exchange (loss)/gain $ (71) $ 56 $ (49) $ 113 Internally developed software costs, included under Software, was as follows: As of June 30, 2020 December 31, 2019 Cost $ 14,891 $ 15,784 Less : Accumulated amortization (4,477) (4,989) Internally developed software, net $ 10,414 $ 10,795 The amortization expense on internally developed software recognized in the unaudited consolidated statements of income was as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Amortization expense $ 1,846 $ 559 $ 2,677 $ 1,206 During the three and six months ended June 30, 2019, the Company performed an impairment test of its long-lived assets related to its Health Integrated business. Based on the results, the long-lived assets carrying value exceeded its fair value. The primary factor contributing to a reduction in the fair value is the wind-down of the Health Integrated business, due to reduction to the Company's estimated future cash flows. As a result of this analysis, the Company recognized impairment charges of $951 and $2,178 during the three and six months ended June 30, 2019, respectively, to write down the carrying value of property and equipment to its fair value. This impairment charge was recorded in the unaudited consolidated statements of income under "Impairment and restructuring charges". As of June 30, 2020, the Company believes no impairment exists because the long-lived asset's future undiscounted net cash flows expected to be generated exceeds its carrying value; however, there can be no assurances that long-lived assets will not be impaired in future periods. Determining whether an impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. It is reasonably possible that the judgments and estimates described above could change in future periods. The duration and severity of COVID-19 and continued market volatility is highly uncertain and, as such, the impact on undiscounted cash flows is subject to significant judgment and may cause variability in the Company’s assessment of the existence of any impairment.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The Company transitioned to new segment reporting structure effective January 1, 2020, which resulted in certain changes to its operating segments and reporting units. The Company reallocated goodwill to its reporting units using a relative fair value approach. In addition, the Company completed an assessment of any potential goodwill impairment for all its reporting units immediately prior to the reallocation and determined that no impairment existed. The following table sets forth details of changes in goodwill by reportable segment of the Company: Insurance Healthcare Emerging Business TT&L F&A All Other Analytics Total Balance at January 1, 2019 $ 38,203 $ 19,276 $ — $ 12,697 $ 47,193 $ 5,326 $ 227,289 $ 349,984 Currency translation adjustments 73 — — (240) (288) — — (455) Balance at December 31, 2019 $ 38,276 $ 19,276 $ — $ 12,457 $ 46,905 $ 5,326 $ 227,289 $ 349,529 Goodwill reallocation (1) 12,192 2,693 49,803 (12,457) (46,905) (5,326) — — Currency translation adjustments (303) (38) (1,076) — — — (2) (1,419) Balance at June 30, 2020 $ 50,165 $ 21,931 $ 48,727 $ — $ — $ — $ 227,287 $ 348,110 (1) Represents the reallocation of goodwill as a result of the Company reorganizing its operating segments as described in Note 3 - Segment and Geographical Information to the unaudited consolidated financial statements. As of March 31, 2020, due to the deteriorating macroeconomic conditions arising from the COVID-19 pandemic, the Company performed a goodwill impairment test for its reporting units. The Company considered the effects of the COVID-19 pandemic on its significant inputs used in determining the fair value of the Company’s reporting units. Based on the results, the fair value of each of the Company’s reporting units exceeded their carrying value and the Company’s goodwill was not impaired. During the second quarter of 2020, the Company evaluated the continuing effects of COVID-19 and its impact on the global economy on each of the Company’s reporting units to assess whether there was a triggering event during the quarter requiring the Company to perform a goodwill impairment test. The Company considered certain improvements in current and forecasted economic and market conditions and qualitative factors, such as, the Company’s performance and business forecasts, stock price movements and expansion plans. The Company reviewed key assumptions, including revisions of projected future revenues for reporting units against the results of the interim impairment quantitative test performed during the first quarter of 2020. The Company did not identify any triggers or indications of potential impairment for its reporting units as of June 30, 2020. The Company will continue to monitor the impacts of COVID-19 on the Company and significant changes in key assumptions that could result in future period impairment charges. The recoverability of goodwill is dependent upon the continued growth of cash flows from our business activities. There can be no assurances that goodwill will not be impaired in future periods. Estimating the fair value of reporting units requires the use of estimates and significant judgments that are based on a number of factors including actual operating results. These estimates and judgements may not be within the control of the Company and accordingly it is reasonably possible that the judgments and estimates described above could change in future periods. The duration and severity of COVID-19 and continued market volatility is highly uncertain and, as such, the impact on cash flows, long-term debt-free net cash flow growth rate in the terminal year and discount rates are subject to significant judgments and may cause variability in the Company’s assessment of existence of any impairment. Intangible Assets Information regarding the Company’s intangible assets is set forth below: As of June 30, 2020 Gross Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 73,160 $ (23,440) $ 49,720 Developed technology 23,348 (9,511) 13,837 Trade names and trademarks 5,100 (3,261) 1,839 $ 101,608 $ (36,212) $ 65,396 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 Total intangible assets $ 102,508 $ (36,212) $ 66,296 As of December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Finite-lived intangible assets: Customer relationships $ 97,602 $ (43,330) $ 54,272 Developed technology 26,976 (10,687) 16,289 Trade names and trademarks 5,100 (2,579) 2,521 $ 129,678 $ (56,596) $ 73,082 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 Total intangible assets $ 130,578 $ (56,596) $ 73,982 The amortization expense for the period is as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Amortization expense $ 3,430 $ 5,554 $ 7,584 $ 11,082 The remaining weighted average life of intangible assets is as follows: (in years) Customer relationships 7.33 Developed technology 3.17 Trade names and trademarks (Finite lived) 2.09 Estimated future amortization expense related to intangible assets as of June 30, 2020 is as follows: 2020 (July 1 - December 31) $ 6,822 2021 12,730 2022 11,325 2023 9,036 2024 6,694 2025 and thereafter 18,789 Total $ 65,396

Other Current Assets

Other Current Assets	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	Other Current Assets Other current assets consist of the following: As of June 30, 2020 December 31, 2019 Derivative instruments $ 4,128 $ 4,076 Advances to suppliers 1,837 1,581 Receivables from statutory authorities 13,827 12,608 Contract assets 1,744 1,414 Deferred contract fulfillment costs 2,208 1,673 Interest accrued on fixed deposits 344 439 Others 3,384 2,803 Other current assets $ 27,472 $ 24,594

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following: As of June 30, 2020 December 31, 2019 Lease deposits $ 9,738 $ 9,983 Derivative instruments 1,734 3,433 Deposits with statutory authorities 7,423 7,540 Term deposits 1,829 1,983 Contract assets 3,330 3,977 Deferred contract fulfillment costs 4,572 5,582 Others 2,973 3,518 Other assets $ 31,599 $ 36,016

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 December 31, 2019 Accrued expenses $ 41,724 $ 50,097 Payable to statutory authorities 9,360 9,247 Accrued capital expenditure 9,043 3,035 Derivative instruments 4,749 1,783 Client liabilities 5,070 6,378 Interest payable 1,416 1,492 Other current liabilities 3,157 1,732 Finance lease liabilities 253 253 Accrued expenses and other current liabilities $ 74,772 $ 74,017

Other Non-Current Liabilities

Other Non-Current Liabilities	6 Months Ended
	Jun. 30, 2020
Liabilities, Noncurrent [Abstract]
Other Non-Current Liabilities	Other Non-Current Liabilities Other non-current liabilities consist of the following: As of June 30, 2020 December 31, 2019 Derivative instruments $ 3,496 $ 1,250 Unrecognized tax benefits 1,047 1,047 Retirement benefits 6,803 6,517 Deferred transition revenue 1,586 1,911 Accrued capital expenditure 3,373 — Others 2,904 987 Finance lease liabilities 357 430 Other non-current liabilities $ 19,566 $ 12,142

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss (“AOCI”), consists 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 815. Changes in the fair values of these foreign currency exchange contracts are recognized in AOCI on the Company's unaudited consolidated balance sheets until the settlement of those contracts. The balances as of June 30, 2020 and December 31, 2019 are as follows: As of June 30, 2020 December 31, 2019 Cumulative foreign currency translation loss $ (97,766) $ (86,963) Unrealized (loss)/gain on cash flow hedges (2,323) 4,604 Retirement benefits (1,582) (1,780) Income tax expense relating to above (1) (2,603) (753) Accumulated other comprehensive loss $ (104,274) $ (84,892) (1) These are income tax (expenses)/benefits recognized on cash flow hedges, retirement benefits and foreign currency translation losses. Refer to Note 21 - Income Taxes to the unaudited consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019. As of June 30, 2020 Level 1 Level 2 Level 3 Total Assets Mutual funds* $ 117,490 $ — $ — $ 117,490 Derivative financial instruments — 5,862 — 5,862 Total $ 117,490 $ 5,862 $ — $ 123,352 Liabilities Derivative financial instruments $ — $ 8,245 $ — $ 8,245 Total $ — $ 8,245 $ — $ 8,245 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Mutual funds* $ 166,330 $ — $ — $ 166,330 Derivative financial instruments — 7,509 — 7,509 Total $ 166,330 $ 7,509 $ — $ 173,839 Liabilities Derivative financial instruments $ — $ 3,033 $ — $ 3,033 Total $ — $ 3,033 $ — $ 3,033 * Represents those short-term investments, which are carried at the fair value option under ASC 825 "Financial Instruments” as of June 30, 2020 and December 31, 2019. 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 - Derivatives and Hedge Accounting to the unaudited consolidated financial statements for further details. Financial instruments not carried at fair value : The Company’s other financial instruments not carried at fair value consist primarily of cash and cash equivalents, short-term investments (except investment in mutual funds, as disclosed above), restricted cash, accrued interest on term deposits, accrued capital expenditure, accrued expenses and interest payable on borrowings for which fair values approximate their carrying amounts due to their short-term nature. The carrying value of the Company’s outstanding revolving credit facility approximates its fair value because the Company’s interest rate yield is near current market rates for comparable debt instruments. Convertible Senior Notes: The total estimated fair value of the convertible senior notes as of June 30, 2020 and December 31, 2019 was $141,023 and $149,934, respectively. The fair value was determined based on the market yields for similar Notes as of the June 30, 2020 and December 31, 2019, respectively. The Company considers the fair value of the Notes to be a Level 2 measurement due to the limited inputs available for its fair valuation. Nonrecurring fair value measurements of assets: Nonrecurring fair value measurements include impairment tests conducted by the Company during the six months ended June 30, 2020 of its goodwill related to its Healthcare Analytics and Healthcare BPM reporting units. The fair value determination for goodwill was based on Company’s internal assessment, which are Level 3 inputs. During the six months ended June 30, 2020, the Company did not recognize any impairment charges on goodwill as the fair values exceeded their carrying value. Refer to Note 9 - Goodwill and Intangible Assets to the unaudited consolidated financial statements for further details.

Derivatives and Hedge Accountin

Derivatives and Hedge Accounting	6 Months Ended
	Jun. 30, 2020
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 so as to minimize earnings and cash flow volatility associated with changes in foreign currency exchange rates. The Company’s derivative financial instruments are largely forward foreign exchange contracts that are designated as effective hedges and that qualify as cash flow hedges under ASC 815. The Company had outstanding cash flow hedges totaling $421,630 (including $750 of range forward contracts) as of June 30, 2020 and $410,390 (including $4,300 of range forward contracts) as of December 31, 2019. Changes in the fair value of these cash flow hedges are recorded as a component of accumulated other comprehensive income/(loss), net of tax, until the hedged transactions occurs. The resultant foreign exchange gain/(loss) upon settlement of these cash flow hedges is recorded along with the underlying hedged item in the same line of unaudited consolidated statements of income as either a part of “Cost of revenues”, “General and administrative expenses”, “Selling and marketing expenses”, “Depreciation and amortization expense”, as applicable. The impact of COVID-19 on the economic environment is uncertain and may cause variability in determination of fair value of these cash flow hedges, which could impact the effects of change in fair value that get recorded as a component of accumulated other comprehensive income/(loss) and also resultant exchange gain/(loss) upon settlement of derivative financial instruments. The Company evaluates hedge effectiveness at the time a contract is entered into as well as on an ongoing basis. For hedging positions that are discontinued because the forecasted transaction is not expected to occur by the end of the originally specified period, any related amounts recorded in equity are reclassified to earnings. The Company estimates that approximately $561 of net derivative losses, excluding tax effects, included in AOCI, representing changes in the fair value of cash flow hedges, could be reclassified into earnings within the next twelve months based on exchange rates prevailing as of June 30, 2020. At June 30, 2020, the maximum outstanding term of the cash flow hedges was 45 months. The Company also enters into foreign currency forward contracts to economically hedge its intercompany balances and other monetary assets and liabilities denominated in currencies other than functional currencies, against the risk of foreign currency fluctuations associated with remeasurement of such assets and liabilities to functional currency. These derivatives do not qualify as fair value hedges under ASC 815. Changes in the fair value of these derivatives are recognized in the unaudited consolidated statements of income and are included in the foreign exchange gain/(loss) line item. The impact of COVID-19 on the economic environment is uncertain and may cause variability in determination of fair value of these derivatives, which could impact the effects of change in fair value that get recorded in the foreign exchange gain/(loss) line item. The Company’s primary exchange rate exposure is with the Indian Rupee, the U.K. pound sterling and the Philippine peso. The Company also has exposure to Colombian pesos, Czech Koruna, the Euro, South African ZAR and other local currencies in which it operates. Outstanding foreign currency forward contracts amounted to $106,988, GBP 9,487 and EUR 1,453 as of June 30, 2020 and $124,045, GBP 10,843 and EUR 1,289 as of December 31, 2019. 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 June 30, 2020 December 31, 2019 Other current assets $ 4,070 $ 3,945 Other assets $ 1,734 $ 3,433 Accrued expenses and other current liabilities $ 4,631 $ 1,524 Other non-current liabilities $ 3,496 $ 1,250 Derivatives not designated as hedging instruments: As of Foreign currency exchange contracts June 30, 2020 December 31, 2019 Other current assets $ 58 $ 131 Accrued expenses and other current liabilities $ 118 $ 259 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 and six months ended June 30, 2020 and 2019: Three months ended June 30, Six months ended June 30, Forward Exchange Contracts: 2020 2019 2020 2019 Unrealized gain/(loss) recognized in AOCI Derivatives in cash flow hedging relationships $ 7,721 $ 3,268 $ (7,125) $ 9,205 Gain/(loss) recognized in consolidated statements of income Derivatives not designated as hedging instruments $ 3,204 $ 2,923 $ (1,011) $ 4,319 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 June 30, 2020 2019 As per unaudited consolidated statements of income (Loss)/Gain on foreign currency exchange contracts As per unaudited consolidated statements of income Gain 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 $ 158,401 $ (851) $ 162,446 $ 719 General and administrative expenses $ 28,750 (187) $ 31,228 106 Selling & marketing expenses $ 13,051 (9) $ 17,647 12 Depreciation & amortization expense $ 12,405 (80) $ 12,752 47 $ (1,127) $ 884 Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where gain/(loss) was recognized Foreign exchange gain, net $ 1,359 $ 3,204 $ 1,202 $ 2,923 $ 1,359 $ 3,204 $ 1,202 $ 2,923 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 Six months ended June 30, 2020 2019 As per unaudited consolidated statements of income Loss on foreign currency exchange contracts As per unaudited consolidated statements of income Gain 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 $ 321,057 $ (39) $ 319,686 $ 1,250 General and administrative expenses $ 57,691 (114) $ 63,759 186 Selling & marketing expenses $ 27,507 (5) $ 35,694 19 Depreciation & amortization expense $ 24,855 (40) $ 26,419 100 $ (198) $ 1,555 Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where gain/(loss) was recognized Foreign exchange gain/(loss), net $ 2,736 $ (1,011) $ 2,462 $ 4,319 $ 2,736 $ (1,011) $ 2,462 $ 4,319

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Borrowings	Borrowings The following tables summarizes the Company’s debt position as of June 30, 2020 and December 31, 2019. As of June 30, 2020 Revolver Credit Facility Structured Payables Notes Total Current portion of long-term borrowings $ 20,000 $ 657 $ — $ 20,657 Long-term borrowings 79,000 — 150,000 229,000 Unamortized debt discount — — (12,562) (12,562) Unamortized debt issuance costs* — — (911) (911) Long-term borrowings 79,000 — 136,527 215,527 Total borrowings $ 99,000 $ 657 $ 136,527 $ 236,184 As of December 31, 2019 Revolver Credit Facility Structured Payables Notes Total Current portion of long-term borrowings $ 40,000 $ 867 $ — $ 40,867 Long-term borrowings 59,000 — 150,000 209,000 Unamortized debt discount — — (13,851) (13,851) Unamortized debt issuance costs* — — (1,018) (1,018) Long-term borrowings 59,000 — 135,131 194,131 Total borrowings $ 99,000 $ 867 $ 135,131 $ 234,998 *Unamortized debt issuance costs for the Company’s revolver Credit Facility of $619 and $748 as of June 30, 2020 and December 31, 2019, respectively, is presented under “Other current assets” and “Other assets” in the consolidated balance sheets. Revolver Credit Agreement The Company’s $300,000 revolving credit facility pursuant to its credit agreement (the “Credit Agreement”) with certain lenders and Citibank N.A. as Administrative Agent (the “Credit Facility”) carried an effective interest rate as shown below. Three months ended Six months ended 2020 2019 2020 2019 Effective interest rate 2.2 % 4.2 % 2.6 % 4.0 % As of June 30, 2020 and December 31, 2019, the Company was in compliance with all financial and non-financial covenants listed under the Credit Agreement. Convertible Senior Notes On October 1, 2018, the Company entered into an investment agreement (the “Investment Agreement”) with Orogen Echo LLC (the “Purchaser”), an affiliate of The Orogen Group LLC, relating to the issuance to the Purchaser of $150,000 in an aggregate principal amount of 3.50% Convertible Senior Notes due October 1, 2024 (the “Notes”). The transactions contemplated by the Investment Agreement, including the issuance of the Notes, closed on October 4, 2018. The Notes bear interest at a rate of 3.50% per annum, payable semi-annually in arrears in cash on April 1 and October 1 of each year. During the three and six months ended June 30, 2020 and 2019, the Company recognized interest expense and amortization of debt discount, on the Notes as below: Three months ended Six months ended 2020 2019 2020 2019 Interest expense on Notes $ 1,313 $ 1,269 $ 2,625 $ 2,581 Amortization of debt discount on Notes $ 654 $ 618 $ 1,289 $ 1,218 Future principal payments/maturities for all of the Company's borrowings as of June 30, 2020 were as follows: Notes Revolver Credit Facility Structured Payables Total 2020 (July - December) $ — $ 20,000 $ 657 $ 20,657 2021 — 20,000 — 20,000 2022 — 59,000 — 59,000 2023 — — — — 2024 150,000 — — 150,000 Total $ 150,000 $ 99,000 $ 657 $ 249,657 Letters of Credit In the ordinary course of business, the Company provides standby letters of credit to third parties primarily for facility leases. As of June 30, 2020 and December 31, 2019, the Company had outstanding letters of credit of $461 each, that were not recognized in the consolidated balance sheets.

Capital Structure

Capital Structure	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Capital Structure	Capital Structure Common Stock The Company has one class of common stock outstanding. During the three and six months ended June 30, 2020 and 2019, the Company purchased shares of common stock from employees in connection with withholding tax payments related to the vesting of restricted stock, as below: Shares repurchased Total consideration Weighted average purchase price per share (1) Three months ended June 30, 2020 — $ — $ — Three months ended June 30, 2019 — $ — $ — Six months ended June 30, 2020 26,601 $ 2,012 $ 75.63 Six months ended June 30, 2019 22,666 $ 1,408 $ 62.11 (1) The weighted average purchase price per share was the closing price of the Company's share of common stock on the Nasdaq Global Select Market on the trading day prior to the vesting date of the shares of restricted stock. On February 28, 2017, the Company’s Board of Directors authorized an additional common stock repurchase program (the “2017 Repurchase Program”), under which shares may be purchased by the Company from time to time from the open market and through private transactions during each of the fiscal years 2017 through 2019 up to an aggregate additional amount of $100,000. The approval 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. On December 16, 2019, the Company’s Board of Directors authorized a $200,000 common stock repurchase program beginning January 1, 2020 through December 31, 2022 (the “2019 Repurchase Program”). The shares may be purchased by the Company from time to time from the open market and through private transactions, or otherwise, as determined by the Company’s management as market conditions warrant. During the three and six months ended June 30, 2020 and 2019, the Company purchased shares of its common stock, including commissions, under the 2019 Repurchase Program and the 2017 Repurchase Program, respectively, as below: Shares repurchased Total consideration Weighted average purchase price per share Three months ended June 30, 2020 — $ — $ — Three months ended June 30, 2019 198,160 $ 12,130 $ 61.21 Six months ended June 30, 2020 175,765 $ 11,983 $ 68.18 Six months ended June 30, 2019 438,025 $ 26,130 $ 59.65 Repurchased shares have been recorded as treasury shares and will be held until the Company’s Board of Directors designates that these shares be retired or used for other purposes. The 2019 Repurchase Program may be suspended or discontinued at any time. During the quarter ended March 31, 2020, to enhance the Company’s liquidity position in response to COVID-19, the Company elected to temporarily suspend share repurchases under the 2019 Repurchase Program. The 2019 Repurchase Program remains authorized by the Board of Directors and the Company resumed share repurchases effective July 1, 2020, considering improved market conditions, the Company’s capital and liquidity needs and other factors.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2020
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 were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Service cost $ 664 $ 493 $ 1,342 $ 980 Interest cost 237 221 480 440 Expected return on plan assets (157) (144) (318) (286) Amortization of actuarial (gain)/loss 97 (40) 198 (79) Net gratuity cost $ 841 $ 530 $ 1,702 $ 1,055 The Gratuity Plan in India is partially funded whereas the Philippines plan is unfunded. The Company makes annual contributions to the employees' gratuity fund of the Gratuity Plan established with Life Insurance Corporation of India and HDFC Standard Life Insurance Company. Fund managers manage these funds and calculate the annual contribution required to be made by the Company and manage the Gratuity Plans, including any required payouts. These funds are managed on a cash accumulation basis and interest is declared retrospectively on March 31 of each year. The Company expects to earn a return of approximately 7.0% per annum on these Gratuity Plans for the year ended December 31, 2020. The duration and severity of COVID-19 and continued market volatility is highly uncertain and, as such, the impact on assets and obligations related to employee benefit plans is subject to significant judgment and may cause variability in the Company’s net periodic benefit cost in future periods. Change in Plan Assets Plan assets at January 1, 2020 $ 8,784 Actual return 285 Employer contribution — Benefits paid* (431) Effect of exchange rate changes (477) Plan assets at June 30, 2020 $ 8,161 * Benefits payments were substantially made through the plan assets during the six months ended June 30, 2020. The Company maintains several 401(k) plans (the “401(k) Plans”) under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”), covering all eligible employees, as defined in the Code as a defined contribution plan. The Company may make discretionary contributions of up to a maximum of 4.0% of employee compensation within certain limits. During the three months ended March 31, 2020 and six months ended June 30, 2020, to enhance the Company’s liquidity position in response to COVID-19, the Company elected to temporarily suspend making any discretionary contributions to the 401(k) Plans. The Company's accrual for contributions to the 401(k) Plans were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Contribution to the 401(k) Plan $ 29 $ 909 $ 255 $ 2,122 The Company's contribution for various defined benefit plans on behalf of employees in India, the Philippines, Bulgaria, Romania, the Czech Republic, South Africa, Colombia, Australia and Singapore were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Contribution to the defined benefit plans $ 2,646 $ 2,762 $ 5,624 $ 4,816

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The Company had performed an evaluation of its contracts with suppliers in accordance with Topic 842 and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease. In assessment of the lease term, the Company considers the extension option as part of its lease term for those lease arrangements where the Company is reasonably certain of availing the extension option. The lease agreements do not contain any covenant to impose any restrictions except for market-standard practice for similar lease arrangements. The impact of the COVID-19 pandemic on the economic environment is uncertain and has caused variability in the determination of the incremental borrowing rate, which has impacted the measurement of lease liabilities and ROU assets. The Company accounts for lease-related concessions to mitigate the economic effects of COVID-19 on lessees in accordance with guidance in Topic 842, Leases , to determine on lease-by-lease basis, whether the concession provided by a lessor should be accounted for as a lease modification. Such concessions had an insignificant impact on our unaudited consolidated financial statements during the three and six months ended June 30, 2020. Supplemental balance sheet information As of June 30, 2020 December 31, 2019 Operating Lease Operating lease right-of-use assets $ 96,789 $ 86,396 Operating lease liabilities - Current $ 18,199 $ 24,148 Operating lease liabilities - Non-current 90,934 74,709 Total operating lease liabilities $ 109,133 $ 98,857 Finance Lease Property and equipment, gross $ 1,564 $ 1,757 Accumulated depreciation (995) (1,120) Property and equipment, net $ 569 $ 637 Finance lease liabilities - Current $ 253 $ 253 Finance lease liabilities - Non-current 357 430 Total finance lease liabilities $ 610 $ 683 Finance lease liabilities are presented as a part of “accrued expenses and other current liabilities” and “other non-current liabilities,” as applicable, in the Company’s consolidated balance sheets. During the three months ended June 30, 2019, the Company performed an impairment test of its long-lived assets of its Health Integrated business. Based on the results, the operating lease ROU assets carrying value exceeded their fair value. As a result of this analysis, the Company recognized impairment on ROU assets of $989 during the three and six months ended June 30, 2019, in the unaudited consolidated statements of income under "impairment and restructuring charges". The components of lease cost, which are included in the Company's unaudited consolidated statements of income, are as follows: Lease cost Three months ended June 30, Six months ended June 30, Finance lease: 2020 2019 2020 2019 Amortization of right-of-use assets $ 63 $ 92 $ 125 $ 187 Interest on lease liabilities 20 20 50 45 83 112 175 232 Operating lease (a) 6,850 6,684 13,703 13,701 6,850 6,684 13,703 13,701 Sublease income — (105) — (105) Total lease cost $ 6,933 $ 6,691 $ 13,878 $ 13,828 (a) Includes short-term leases, which are immaterial. Supplemental cash flow and other information related to leases are as follows: Six months ended June 30, 2020 2019 Cash payments for amounts included in the measurement of lease liabilities : Operating cash outflows for operating leases $ 12,831 $ 13,749 Operating cash outflows for finance leases $ 50 $ 45 Financing cash outflows for finance leases $ 124 $ 207 Right-of-use assets obtained in exchange for new operating lease liabilities $ 17,999 $ 27,750 Right-of-use assets obtained in exchange for new finance lease liabilities $ 75 $ 144 Weighted-average remaining lease term Finance lease 2.1 years 2.4 years Operating lease 6.8 years 6.5 years Weighted-average discount rate Finance lease 10.2 % 8.7 % Operating lease 7.4 % 7.3 % The Company determines the incremental borrowing rate by adjusting the benchmark reference rates, applicable to the respective geographies where the leases were entered, with appropriate financing spreads and lease specific adjustments for the effects of collateral. Maturities of lease liabilities as of June 30, 2020 are as follows: Operating Leases Finance Leases 2020 (July 1 - December 31) $ 12,989 $ 183 2021 24,909 266 2022 23,121 153 2023 21,205 103 2024 16,841 32 2025 and thereafter 43,770 6 Total lease payments $ 142,835 $ 743 Less: Imputed interest 33,702 133 Present value of lease liabilities $ 109,133 $ 610 Maturities of minimum lease payments as of December 31, 2019 are as follows: During the next twelve months ending December 31, Operating Leases Capital Leases 2020 $ 26,932 $ 325 2021 23,783 251 2022 21,526 157 2023 19,381 86 2024 14,865 22 2025 and thereafter 23,983 — Total minimum lease payment $ 130,470 $ 841 Less: Imputed interest 31,613 158 Present value of minimum lease payments $ 98,857 $ 683
Leases	Leases The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The Company had performed an evaluation of its contracts with suppliers in accordance with Topic 842 and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease. In assessment of the lease term, the Company considers the extension option as part of its lease term for those lease arrangements where the Company is reasonably certain of availing the extension option. The lease agreements do not contain any covenant to impose any restrictions except for market-standard practice for similar lease arrangements. The impact of the COVID-19 pandemic on the economic environment is uncertain and has caused variability in the determination of the incremental borrowing rate, which has impacted the measurement of lease liabilities and ROU assets. The Company accounts for lease-related concessions to mitigate the economic effects of COVID-19 on lessees in accordance with guidance in Topic 842, Leases , to determine on lease-by-lease basis, whether the concession provided by a lessor should be accounted for as a lease modification. Such concessions had an insignificant impact on our unaudited consolidated financial statements during the three and six months ended June 30, 2020. Supplemental balance sheet information As of June 30, 2020 December 31, 2019 Operating Lease Operating lease right-of-use assets $ 96,789 $ 86,396 Operating lease liabilities - Current $ 18,199 $ 24,148 Operating lease liabilities - Non-current 90,934 74,709 Total operating lease liabilities $ 109,133 $ 98,857 Finance Lease Property and equipment, gross $ 1,564 $ 1,757 Accumulated depreciation (995) (1,120) Property and equipment, net $ 569 $ 637 Finance lease liabilities - Current $ 253 $ 253 Finance lease liabilities - Non-current 357 430 Total finance lease liabilities $ 610 $ 683 Finance lease liabilities are presented as a part of “accrued expenses and other current liabilities” and “other non-current liabilities,” as applicable, in the Company’s consolidated balance sheets. During the three months ended June 30, 2019, the Company performed an impairment test of its long-lived assets of its Health Integrated business. Based on the results, the operating lease ROU assets carrying value exceeded their fair value. As a result of this analysis, the Company recognized impairment on ROU assets of $989 during the three and six months ended June 30, 2019, in the unaudited consolidated statements of income under "impairment and restructuring charges". The components of lease cost, which are included in the Company's unaudited consolidated statements of income, are as follows: Lease cost Three months ended June 30, Six months ended June 30, Finance lease: 2020 2019 2020 2019 Amortization of right-of-use assets $ 63 $ 92 $ 125 $ 187 Interest on lease liabilities 20 20 50 45 83 112 175 232 Operating lease (a) 6,850 6,684 13,703 13,701 6,850 6,684 13,703 13,701 Sublease income — (105) — (105) Total lease cost $ 6,933 $ 6,691 $ 13,878 $ 13,828 (a) Includes short-term leases, which are immaterial. Supplemental cash flow and other information related to leases are as follows: Six months ended June 30, 2020 2019 Cash payments for amounts included in the measurement of lease liabilities : Operating cash outflows for operating leases $ 12,831 $ 13,749 Operating cash outflows for finance leases $ 50 $ 45 Financing cash outflows for finance leases $ 124 $ 207 Right-of-use assets obtained in exchange for new operating lease liabilities $ 17,999 $ 27,750 Right-of-use assets obtained in exchange for new finance lease liabilities $ 75 $ 144 Weighted-average remaining lease term Finance lease 2.1 years 2.4 years Operating lease 6.8 years 6.5 years Weighted-average discount rate Finance lease 10.2 % 8.7 % Operating lease 7.4 % 7.3 % The Company determines the incremental borrowing rate by adjusting the benchmark reference rates, applicable to the respective geographies where the leases were entered, with appropriate financing spreads and lease specific adjustments for the effects of collateral. Maturities of lease liabilities as of June 30, 2020 are as follows: Operating Leases Finance Leases 2020 (July 1 - December 31) $ 12,989 $ 183 2021 24,909 266 2022 23,121 153 2023 21,205 103 2024 16,841 32 2025 and thereafter 43,770 6 Total lease payments $ 142,835 $ 743 Less: Imputed interest 33,702 133 Present value of lease liabilities $ 109,133 $ 610 Maturities of minimum lease payments as of December 31, 2019 are as follows: During the next twelve months ending December 31, Operating Leases Capital Leases 2020 $ 26,932 $ 325 2021 23,783 251 2022 21,526 157 2023 19,381 86 2024 14,865 22 2025 and thereafter 23,983 — Total minimum lease payment $ 130,470 $ 841 Less: Imputed interest 31,613 158 Present value of minimum lease payments $ 98,857 $ 683

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
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 impact of COVID-19 on the economic environment is uncertain and may change the annual effective tax rate, which could impact tax expense. The Company recorded income tax expense of $4,072 and $2,670 for the three months ended June 30, 2020 and 2019, respectively. The Company's effective tax rate increased from 17.5% during the three months ended June 30, 2019 to 32.4% during the three months ended June 30, 2020, primarily as a result of recording a one-time tax expense of $1,320 due to electing a new tax regime for two of the Company’s Indian subsidiaries which provides for a lower tax rate on earnings in exchange for foregoing certain tax credits, including minimum alternative tax credits. Accordingly, the Company recorded one-time tax expense of $573 on re-measurement of the Company’s Indian subsidiaries’ deferred taxes to a lower corporate tax rate and one-time tax expense of $747 resulting from foregoing the minimum alternative tax credits. The Company recorded income tax expense of $9,927 and $6,870 for the six months ended June 30, 2020 and 2019, respectively. The Company's effective tax rate increased from 20.1% during the six months ended June 30, 2019 to 24.3% during the six months ended June 30, 2020, primarily as a result of (i) recording a one-time tax expense of $1,320 due to electing a new tax regime for two of the Company’s Indian subsidiaries which provides for a lower tax rate on earnings in exchange for foregoing certain tax credits, including minimum alternative tax credits during the six months ended June 30, 2020, compared to a benefit of $1,471 recorded during the six months ended June 30, 2019 and (ii) recording of excess tax benefits related to stock awards of $1,822 pursuant to ASU No. 2016-09 during the six months ended June 30, 2020 compared to $1,072 during the six months ended June 30, 2019. Income tax (deferred) recognized in other comprehensive income are as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Income tax benefit/(expense) on: Unrealized gain/(loss) on cash flow hedges $ (2,702) $ (113) $ 2,106 $ (1,656) Retirement benefits 257 19 248 (90) Currency translation adjustments (4,204) (413) (4,204) (1,119) Total income tax expense recognized in other comprehensive income $ (6,649) $ (507) $ (1,850) $ (2,865)

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock-Based Compensation The following costs related to the Company’s stock-based compensation plan are included in the unaudited consolidated statements of income: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Cost of revenues $ 1,624 $ 1,638 $ 3,042 $ 2,964 General and administrative expenses 3,112 2,781 4,680 5,756 Selling and marketing expenses 2,990 2,736 4,782 5,391 Total $ 7,726 $ 7,155 $ 12,504 $ 14,111 As of June 30, 2020, the Company had 2,305,155 shares available for grant under the 2018 Omnibus Incentive Plan. Stock Options Stock option activity under the Company’s stock-based compensation plans is shown below: Number of Weighted-Average Aggregate Weighted-Average Outstanding at December 31, 2019 98,161 $ 23.39 $ 4,522 1.86 Granted — — — — Exercised (41,422) 23.18 1,993 — Forfeited — — — — Outstanding at June 30, 2020 56,739 $ 23.54 $ 2,261 1.54 Vested and exercisable at June 30, 2020 56,739 $ 23.54 $ 2,261 1.54 The unrecognized compensation cost for unvested options as of June 30, 2020 was $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 Number Weighted Average Outstanding at December 31, 2019* 27,384 $ 48.72 913,094 $ 59.61 Granted — — 392,287 77.01 Vested — — (310,657) 56.59 Forfeited — — (43,318) 63.87 Outstanding at June 30, 2020* 27,384 $ 48.72 951,406 $ 67.58 * As of June 30, 2020 and December 31, 2019 restricted stock units vested for which the underlying common stock is yet to be issued were 181,638 and 167,270, respectively. As of June 30, 2020, unrecognized compensation cost of $55,720 is expected to be expensed over a weighted average period of 2.85 years. Performance Based Stock Awards Performance based restricted stock unit activity under the Company’s stock plans is shown below: Revenue Based PRSUs Market Condition Based PRSUs Number Weighted Average Number Weighted Average Outstanding at December 31, 2019 87,685 $ 62.54 87,670 $ 82.10 Granted 61,368 78.29 61,352 102.10 Vested — — — — Forfeited (2,063) 62.24 (2,062) 80.33 Outstanding at June 30, 2020 146,990 $ 69.12 146,960 $ 90.47 As of June 30, 2020, unrecognized compensation cost of $8,959 is expected to be expensed over a weighted average period of 2.01 years.

Related Party Disclosures

Related Party Disclosures	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Disclosures	Related Party Disclosures On October 1, 2018, the Company entered into the Investment Agreement with the Purchaser relating to the issuance to the Purchaser of $150,000 aggregate principal amount of the Notes. In connection with the investment, Vikram S. Pandit, Chairman and CEO of The Orogen Group LLC (an affiliate of the Purchaser), was appointed to Company’s Board of Directors. The Company had outstanding Notes with a principal amount of $150,000 each as of June 30, 2020 and December 31, 2019 and interest accrued of $1,313 each as of June 30, 2020 and December 31, 2019, related to the Investment Agreement. The Company recognized interest expense on the Notes related to the Investment Agreement s as below. Refer to Note 17 – Borrowings to the unaudited consolidated financial statements for details. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Interest expense on Notes $ 1,313 $ 1,269 $ 2,625 $ 2,581

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Commitments At June 30, 2020, the Company had committed to spend approximately $9,900 under agreements to purchase property and equipment. This amount is net of capital advances paid as of June 30, 2020 which are recognized in the unaudited consolidated balance sheets as property and equipment. Other Commitments Certain units of the Company’s Indian subsidiaries were established as 100% Export-Oriented units or under the Software Technology Parks of India (“STPI”) or Special Economic Zone (“SEZ”) scheme promulgated by the Government of India. These units are exempt from customs, central excise duties, and levies on imported and indigenous capital goods, stores, and spares. The Company has undertaken to pay custom duties, service taxes, levies, and liquidated damages payable, if any, in respect of imported and indigenous capital goods, stores and spares consumed duty free, in the event that certain terms and conditions are not fulfilled. The Company’s management believes, however, that these units have in the past satisfied and will continue to satisfy the required conditions. The Company’s operations centers in the Philippines are registered with the Philippine Economic Zone Authority (“PEZA”). The registration provides the Company with certain fiscal incentives on the import of capital goods and local purchase of services and materials and requires ExlService Philippines, Inc. to meet certain performance and investment criteria. The Company’s management believes that these centers have in the past satisfied and will continue to satisfy the required criteria. Contingencies The U.S. and Indian transfer pricing regulations require that any international transaction involving associated enterprises be at an arm’s-length price. Accordingly, the Company determines the appropriate pricing for the international transactions among its associated enterprises on the basis of a detailed functional and economic analysis involving benchmarking against transactions among entities that are not under common control. The tax authorities have jurisdiction to review this arrangement and in the event that they determine that the transfer price applied was not appropriate, the Company may incur increased tax liability, including accrued interest and penalties. The Company is currently involved in disputes with the Indian tax authorities over the application of some of its transfer pricing policies for some of its subsidiaries. Further, the Company and a U.S. subsidiary are engaged in tax litigation with the income-tax authorities in India on the issue of permanent establishment. The Company is subject to taxation in the United States and various states and foreign jurisdictions. For the U.S., the Philippines and India, tax year 2016 and subsequent tax years remain open for examination by the tax authorities as of June 30, 2020. The aggregate amount demanded by income tax authorities (net of advance payments, if any) from the Company related to its transfer pricing issues for tax years 2003 to 2015 and its permanent establishment issues for tax years 2003 to 2007 as of June 30, 2020 and December 31, 2019 is $16,152 and $16,220, respectively, of which the Company has made payments and/or provided bank guarantees to the extent $7,856 and $8,108, respectively. Amounts paid as deposits in respect of such assessments aggregating to $6,102 and $6,252 as of June 30, 2020 and December 31, 2019, respectively, are included in “Other assets” and amounts deposited for bank guarantees aggregating to $1,754 and $1,856 as of June 30, 2020 and December 31, 2019, respectively, are included in “Restricted cash” in the non-current assets section of the Company’s unaudited consolidated balance sheets. Based on the facts underlying the Company’s position and its experience with these types of assessments, the Company believes that its position will more likely than not be sustained upon final examination by the tax authorities based on its technical merits as of the reporting date and accordingly has not accrued any amount with respect to these matters in its unaudited consolidated financial statements. The Company does not expect any impact from these assessments on its future income tax expense. It is possible that the Company might receive similar orders or assessments from tax authorities for subsequent years. Accordingly, even if these disputes are resolved, the Indian tax authorities may still serve additional orders or assessments. In February 2019, there was a judicial pronouncement in India with respect to defined contribution benefits payments interpreting certain statutory defined contribution obligations of employees and employers. Currently some of the Company's subsidiaries in India are undergoing assessment with the statutory authorities. As of the reporting date, it is unclear whether the interpretation set out in the pronouncement has retrospective application. If applied retrospectively, the interpretation may result in a significant increase in contributions payable by the Company for past periods for certain of its India-based employees. There are numerous interpretative challenges concerning the retrospective application of the judgment. Due to such challenges and a lack of interpretive guidance, and based on legal advice, the Company believes it is currently impracticable to reliably estimate the timing and amount of any payments the Company may be required to make. Accordingly, the Company will re-evaluate the amount of a potential provision, if any, upon further developments. From time to time, the Company and/or its present officers or directors, on individual basis, may be or have been, named as a defendant in litigation matters, including employment-related claims. The plaintiffs in those cases seek damages, including, where applicable, compensatory damages, punitive damages and attorney’s fees. With respect to pending litigation matters as of the reporting date, the Company believes that the damages amounts claimed in such cases are not meaningful indicators of the potential liabilities of the Company, that these matters are without merit, and that the Company intends to vigorously defend each of them. The outcomes of legal actions are unpredictable and subject to significant uncertainties, and thus it is inherently difficult to determine the likelihood of the Company incurring a material loss or quantification of any such loss. With respect to pending litigation matters as of the reporting date, based on information currently available, including the Company’s assessment of the facts underlying each matter and advice of counsel, the amount or range of reasonably possible losses, if any, cannot be reasonably estimated. Based on the Company’s assessment, including the availability of insurance recoveries, the Company’s management does not believe that currently pending litigation, individually or in aggregate, will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Preparation	The unaudited consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. 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 gains and losses arising from intra-group transactions, are eliminated while preparing those financial statements. Accounting policies of the respective individual subsidiary and associate are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under U.S. GAAP. The Company’s investments in equity affiliates are initially recorded at cost and any excess purchase consideration paid over proportionate share of the fair value of the net assets of the investee at the acquisition date is recognized as goodwill. The proportionate share of net income or loss of the investee is recognized in the unaudited consolidated statements of income.
Use of Estimates	The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the unaudited consolidated statements of income during the reporting period. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the unaudited consolidated financial statements include, but are not limited to, allowance for expected credit losses, expected recoverability from customers with contingent fee arrangements, recoverability of dues from statutory authorities, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments, assumptions used to calculate stock-based compensation expense, assumptions used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, lease term to calculate lease cost, depreciation and amortization periods, purchase price allocation, recoverability of long-lived assets including goodwill and intangibles, and estimated costs to complete fixed price contracts. As of June 30, 2020, the extent to which the global Coronavirus Disease 2019 pandemic (“COVID-19”) will ultimately impact the Company's business depends on numerous dynamic factors, which the Company still cannot reliably predict. As a result, many of the Company's estimates and assumptions herein required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve with respect to COVID-19, the Company’s estimates may materially change in future periods.
Leases	The Company determines if an arrangement is a lease at inception of the contract. Operating leases are recorded in "operating lease right-of-use assets", "current portion of operating lease liabilities" and "operating lease liabilities, less current portion" in the Company's unaudited consolidated balance sheets. Finance leases are recorded in "property and equipment", and current and non-current portion of finance lease liabilities are presented within “accrued expenses and other current liabilities” and “other non-current liabilities,” respectively in the Company's unaudited consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For leases in which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date for determining the present value of lease payments. Lease terms includes the effects of options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately. The Company accounts for lease-related concessions to mitigate the economic effects of COVID-19 on lessees in accordance with guidance in Topic 842, Leases , to determine, on a lease-by-lease basis, whether the concession provided by lessor should be accounted for as a lease modification. The Company accounts for a modification as a separate contract when it grants an additional right of use not included in the original lease and the increase is commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. Modifications which are not accounted for as a separate contract are reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date. On January 1, 2019, the date of initial application, the Company adopted Topic 842, Leases , using the modified retrospective method. The modified retrospective method provides a method of recognizing those leases which had not expired as of the date of adoption of January 1, 2019.
Recent Accounting Pronouncements and Recently Adopted Accounting Pronouncements	In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (("Subtopic 715-20")): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. The adoption of this ASU is not expected to have any material effect on the Company’s consolidated financial statements. In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. The ASU provides practical expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and are effective upon issuance for all entities through December 31, 2022. The Company is currently evaluating the impact of this ASU. (e) Recently Adopted Accounting Pronouncements In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The new guidance replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. These changes will result in earlier recognition of credit losses. The allowance for credit losses is a valuation account that is to be deducted from the amortized cost of the financial asset(s) so as to present the net carrying value at the amount expected to be collected on the financial asset. The Company adopted Topic 326 as of January 1, 2020 using a modified retrospective approach through a cumulative-effect adjustment to its retained earnings. The adoption of the ASU had no impact to equity as of January 1, 2020 with a corresponding offset to accounts receivable. Further, the impact of adoption of this guidance did not have a material effect on the Company's accounting policies, processes, and systems. Refer to Note 4 - Revenues, net to the unaudited consolidated financial statements for details. In August 2018, FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU modify the disclosure requirements on fair value measurements in Topic 820, by prescribing new disclosure requirements, and the elimination and modification of disclosure requirements based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity was permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The early adoption of this ASU, effective January 1, 2020, did not have any material effect on the Company’s disclosures in the unaudited consolidated financial statements. In August 2018, FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software ("Subtopic 350-40"): This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the ASU requires an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in FASB Accounting Standard Codification Subtopic 350-40 on internal-use software to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The ASU 2018-15 also provides guidance on amortization and impairment of any costs capitalized, along with new presentation and disclosure requirements. The new guidance is effective for fiscal years beginning after December 15, 2019 and adoption was allowed prospectively. The adoption of this ASU effective January 1, 2020 did not have any material effect on the Company’s unaudited consolidated financial statements. In April 2019, FASB issued ASU No. 2019-04, Codification Improvements to Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Financial Instruments: Targeted Transition Relief (Topic 825). The amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. With respect to hedge accounting, the amendments address partial-term fair value hedges, fair value hedge basis adjustments, and certain transition requirements, among other things. With respect to recognizing and measuring financial instruments, the amendment in the ASU address the scope of the guidance, the requirement for remeasurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be remeasured at historical exchange rates. This ASU is effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Early adoption was permitted. The adoption of this ASU did not have any material effect on the Company’s unaudited consolidated financial statements. In May 2019, FASB issued ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief. This ASU provides entities with the option to irrevocably elect the fair value option, on an instrument-by-instrument basis in accordance with Subtopic 825-10, for certain financial instruments that are within the scope of Subtopic 326-20, upon adopting Topic 326. The fair value option election does not apply to held-to-maturity debt securities. The amendments in this ASU provide entities with targeted transition relief that is intended to increase comparability of financial statement information for some entities that otherwise would have measured similar financial instruments using different measurement methodologies. The Company adopted Topic 326 as of January 1, 2020, whereby no such fair value election was made, accordingly, the adoption of this ASU did not have any material effect on the Company’s unaudited consolidated financial statements.

Segment and Geographical Info_2

Segment and Geographical Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Revenues and Cost of Revenues for Company's Reportable Segments	Revenues and cost of revenues for the three months ended June 30, 2020 and 2019, respectively, for each of the reportable segments, are as follows: Three months ended June 30, 2020 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 81,281 $ 24,978 $ 34,535 $ 81,679 $ 222,473 Cost of revenues (1) 59,113 19,640 22,416 57,232 158,401 Gross profit (1) $ 22,168 $ 5,338 $ 12,119 $ 24,447 $ 64,072 Operating expenses 54,206 Foreign exchange gain, interest expense and other income, net 2,701 Income tax expense 4,072 Loss from equity-method investment 66 Net income $ 8,429 (1) Exclusive of depreciation and amortization expense. Three months ended June 30, 2019 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 85,581 $ 21,730 $ 48,327 $ 87,871 $ 243,509 Cost of revenues (1) 59,414 17,749 27,852 57,431 162,446 Gross profit (1) $ 26,167 $ 3,981 $ 20,475 $ 30,440 $ 81,063 Operating expenses 67,207 Foreign exchange gain, interest expense and other income, net 1,440 Income tax expense 2,670 Loss from equity-method investment 62 Net income $ 12,564 (1) Exclusive of depreciation and amortization expense. Revenues and cost of revenues for the six months ended June 30, 2020 and 2019, respectively, for each of the reportable segments, are as follows: Six months ended June 30, 2020 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 165,020 $ 52,007 $ 77,326 $ 174,110 $ 468,463 Cost of revenues (1) 118,078 39,233 47,898 115,848 321,057 Gross profit (1) $ 46,942 $ 12,774 $ 29,428 $ 58,262 $ 147,406 Operating expenses 110,053 Foreign exchange gain, interest expense and other income, net 3,535 Income tax expense 9,927 Loss from equity-method investment 121 Net income $ 30,840 (1) Exclusive of depreciation and amortization expense. Six months ended June 30, 2019 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 166,867 $ 43,978 $ 97,405 $ 174,832 $ 483,082 Cost of revenues (1) 114,657 35,551 55,145 114,333 319,686 Gross profit (1) $ 52,210 $ 8,427 $ 42,260 $ 60,499 $ 163,396 Operating expenses 132,679 Foreign exchange gain, interest expense and other income, net 3,541 Income tax expense 6,870 Loss from equity-method investment 129 Net income $ 27,259 (1) Exclusive of depreciation and amortization expense. Revenues, net by service type, were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 BPM and related services (1) $ 140,794 $ 155,638 $ 294,353 $ 308,250 Analytics services 81,679 87,871 174,110 174,832 Revenues, net $ 222,473 $ 243,509 $ 468,463 $ 483,082 (1) BPM and related services include revenues of the Company's Insurance, Healthcare and Emerging Business operating segments. Refer to the reportable segment disclosure above.
Revenues Based on Geographical Information	The Company attributes the revenues to regions based upon the location of its customers. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Revenues, net United States $ 189,032 $ 197,901 $ 396,912 $ 394,005 Non-United States United Kingdom 18,830 30,155 42,108 59,256 Rest of World 14,611 15,453 29,443 29,821 Total Non-United States 33,441 45,608 71,551 89,077 Revenues, net $ 222,473 $ 243,509 $ 468,463 $ 483,082
Long-lived Assets Based on Geographical Information	Long-lived assets by geographic area, which consist of property and equipment, net and operating lease right-of-use assets were as follows: As of June 30, 2020 December 31, 2019 Long-lived assets India $ 101,073 $ 78,244 United States 50,121 52,375 Philippines 28,558 26,006 Rest of World 8,885 8,913 Long-lived assets $ 188,637 $ 165,538

Revenues, net (Tables)

Revenues, net (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Contracts with Customer, Receivables, Liabilities and Revenue Recognized	The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers: As of June 30, 2020 December 31, 2019 Accounts receivable, net $ 157,505 $ 171,864 Contract assets $ 5,074 $ 5,391 Contract liabilities Deferred revenue (consideration received in advance) $ 14,739 $ 11,259 Consideration received for process transition activities $ 2,579 $ 3,036 Revenue recognized during the three and six months ended June 30, 2020 and 2019, which was included in the contract liabilities balance at the beginning of the respective periods: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Revenue recognized $ 2,226 $ 1,450 $ 8,194 $ 4,226
Contract Acquisition and Fulfillment Costs	Contract Acquisition Costs Three months ended Six months ended Year ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 December 31, 2019 (Audited) Opening Balance $ 1,215 $ 513 $ 1,307 $ 713 $ 713 Addition 187 — 187 — 1,222 Amortization (132) (44) (224) (244) (628) Closing Balance $ 1,270 $ 469 $ 1,270 $ 469 $ 1,307 Contract Fulfillment Costs Three months ended Six months ended Year ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 December 31, 2019 (Audited) Opening Balance $ 6,916 $ 4,472 $ 7,255 $ 4,051 $ 4,051 Addition 363 1,441 647 2,167 4,652 Amortization (499) (305) (1,122) (610) (1,448) Closing Balance $ 6,780 $ 5,608 $ 6,780 $ 5,608 $ 7,255
Movement in Allowance for Expected Credit Loss	As of June 30, 2020 January 1, 2020 Accounts receivable, including unbilled receivables $ 158,939 $ 173,027 Less: Allowance for lifetime expected credit loss (1,434) (1,163) Accounts receivable, net $ 157,505 $ 171,864 The movement in allowance for current expected credit loss on customer balances for the three and six months ended June 30, 2020 and 2019 and year ended December 31, 2019 was as follows: Three months ended Six months ended Year ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 December 31, 2019 Balance at the beginning of the period $ 1,346 $ 1,255 $ 1,163 $ 956 $ 956 Additions during the period, net 186 (33) 381 265 354 Charged against allowance (100) (53) (100) (54) (156) Translation adjustment, if any 2 (1) (10) 1 9 Balance at the end of the period $ 1,434 $ 1,168 $ 1,434 $ 1,168 $ 1,163

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings per share: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Numerators: Net income $ 8,429 $ 12,564 $ 30,840 $ 27,259 Denominators: Basic weighted average common shares outstanding 34,486,202 34,451,671 34,443,884 34,413,455 Dilutive effect of share-based awards 111,486 250,876 215,262 354,748 Diluted weighted average common shares outstanding 34,597,688 34,702,547 34,659,146 34,768,203 Earnings per share attributable to ExlService Holdings Inc. stockholders: Basic $ 0.24 $ 0.36 $ 0.90 $ 0.79 Diluted $ 0.24 $ 0.36 $ 0.89 $ 0.78 Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share 638,318 69 404,315 212,751

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 June 30, 2019 Cash and cash equivalents $ 163,619 $ 84,842 Restricted cash (current) 4,858 4,098 Restricted cash (non-current) 2,298 2,507 Cash, cash equivalents and restricted cash $ 170,775 $ 91,447
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 June 30, 2020 June 30, 2019 Cash and cash equivalents $ 163,619 $ 84,842 Restricted cash (current) 4,858 4,098 Restricted cash (non-current) 2,298 2,507 Cash, cash equivalents and restricted cash $ 170,775 $ 91,447

Other Income, net (Tables)

Other Income, net (Tables)	6 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Summary of Other Income, Net	Other income, net consists of the following: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Gain on sale and mark-to-market of mutual funds, net $ 3,109 $ 3,318 $ 5,166 $ 6,844 Interest income 632 697 1,164 1,493 Others, net 484 87 424 188 Other income, net $ 4,225 $ 4,102 $ 6,754 $ 8,525

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consists of the following: Estimated useful lives As of (Years) June 30, 2020 December 31, 2019 Owned Assets: Network equipment and computers 3-5 $ 96,759 $ 98,309 Software 3-5 90,746 79,746 Leasehold improvements 3-8 44,328 44,982 Office furniture and equipment 3-8 20,675 22,046 Motor vehicles 2-5 578 601 Buildings 30 1,053 1,114 Land — 689 729 Capital work in progress — 10,784 10,309 265,612 257,836 Less: Accumulated depreciation and amortization (174,333) (179,331) $ 91,279 $ 78,505 Right-of-use assets under finance leases: Leasehold improvements $ 644 $ 738 Office furniture and equipment 210 308 Motor vehicles 710 711 1,564 1,757 Less: Accumulated depreciation and amortization (995) (1,120) $ 569 $ 637 Property and equipment, net $ 91,848 $ 79,142 The depreciation and amortization expense, excluding amortization of acquisition-related intangibles, recognized in the unaudited consolidated statements of income was as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Depreciation and amortization expense $ 8,975 $ 7,198 $ 17,271 $ 15,337 The effect of foreign exchange (loss)/gain upon settlement of cash flow hedges recorded under depreciation and amortization, was as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Effect of foreign exchange (loss)/gain $ (71) $ 56 $ (49) $ 113 Internally developed software costs, included under Software, was as follows: As of June 30, 2020 December 31, 2019 Cost $ 14,891 $ 15,784 Less : Accumulated amortization (4,477) (4,989) Internally developed software, net $ 10,414 $ 10,795 The amortization expense on internally developed software recognized in the unaudited consolidated statements of income was as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Amortization expense $ 1,846 $ 559 $ 2,677 $ 1,206

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table sets forth details of changes in goodwill by reportable segment of the Company: Insurance Healthcare Emerging Business TT&L F&A All Other Analytics Total Balance at January 1, 2019 $ 38,203 $ 19,276 $ — $ 12,697 $ 47,193 $ 5,326 $ 227,289 $ 349,984 Currency translation adjustments 73 — — (240) (288) — — (455) Balance at December 31, 2019 $ 38,276 $ 19,276 $ — $ 12,457 $ 46,905 $ 5,326 $ 227,289 $ 349,529 Goodwill reallocation (1) 12,192 2,693 49,803 (12,457) (46,905) (5,326) — — Currency translation adjustments (303) (38) (1,076) — — — (2) (1,419) Balance at June 30, 2020 $ 50,165 $ 21,931 $ 48,727 $ — $ — $ — $ 227,287 $ 348,110 (1) Represents the reallocation of goodwill as a result of the Company reorganizing its operating segments as described in Note 3 - Segment and Geographical Information to the unaudited consolidated financial statements. As of March 31, 2020, due to the deteriorating macroeconomic conditions arising from the COVID-19 pandemic, the Company performed a goodwill impairment test for its reporting units. The Company considered the effects of the COVID-19 pandemic on its significant inputs used in determining the fair value of the Company’s reporting units. Based on the results, the fair value of each of the Company’s reporting units exceeded their carrying value and the Company’s goodwill was not impaired.
Schedule of Indefinite Lived Intangible Assets	Information regarding the Company’s intangible assets is set forth below: As of June 30, 2020 Gross Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 73,160 $ (23,440) $ 49,720 Developed technology 23,348 (9,511) 13,837 Trade names and trademarks 5,100 (3,261) 1,839 $ 101,608 $ (36,212) $ 65,396 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 Total intangible assets $ 102,508 $ (36,212) $ 66,296 As of December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Finite-lived intangible assets: Customer relationships $ 97,602 $ (43,330) $ 54,272 Developed technology 26,976 (10,687) 16,289 Trade names and trademarks 5,100 (2,579) 2,521 $ 129,678 $ (56,596) $ 73,082 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 Total intangible assets $ 130,578 $ (56,596) $ 73,982
Schedule of Amortization of Intangible Assets	The amortization expense for the period is as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Amortization expense $ 3,430 $ 5,554 $ 7,584 $ 11,082
Schedule of Finite Lived Intangible Assets Useful Lives	The remaining weighted average life of intangible assets is as follows: (in years) Customer relationships 7.33 Developed technology 3.17 Trade names and trademarks (Finite lived) 2.09
Schedule of Estimated Future Amortization of Intangible Assets	Estimated future amortization expense related to intangible assets as of June 30, 2020 is as follows: 2020 (July 1 - December 31) $ 6,822 2021 12,730 2022 11,325 2023 9,036 2024 6,694 2025 and thereafter 18,789 Total $ 65,396

Other Current Assets (Tables)

Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Other current assets consist of the following: As of June 30, 2020 December 31, 2019 Derivative instruments $ 4,128 $ 4,076 Advances to suppliers 1,837 1,581 Receivables from statutory authorities 13,827 12,608 Contract assets 1,744 1,414 Deferred contract fulfillment costs 2,208 1,673 Interest accrued on fixed deposits 344 439 Others 3,384 2,803 Other current assets $ 27,472 $ 24,594

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: As of June 30, 2020 December 31, 2019 Lease deposits $ 9,738 $ 9,983 Derivative instruments 1,734 3,433 Deposits with statutory authorities 7,423 7,540 Term deposits 1,829 1,983 Contract assets 3,330 3,977 Deferred contract fulfillment costs 4,572 5,582 Others 2,973 3,518 Other assets $ 31,599 $ 36,016

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: As of June 30, 2020 December 31, 2019 Accrued expenses $ 41,724 $ 50,097 Payable to statutory authorities 9,360 9,247 Accrued capital expenditure 9,043 3,035 Derivative instruments 4,749 1,783 Client liabilities 5,070 6,378 Interest payable 1,416 1,492 Other current liabilities 3,157 1,732 Finance lease liabilities 253 253 Accrued expenses and other current liabilities $ 74,772 $ 74,017

Other Non-Current Liabilities (

Other Non-Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Liabilities, Noncurrent [Abstract]
Summary of Other Non-Current Liabilities	Other non-current liabilities consist of the following: As of June 30, 2020 December 31, 2019 Derivative instruments $ 3,496 $ 1,250 Unrecognized tax benefits 1,047 1,047 Retirement benefits 6,803 6,517 Deferred transition revenue 1,586 1,911 Accrued capital expenditure 3,373 — Others 2,904 987 Finance lease liabilities 357 430 Other non-current liabilities $ 19,566 $ 12,142

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The balances as of June 30, 2020 and December 31, 2019 are as follows: As of June 30, 2020 December 31, 2019 Cumulative foreign currency translation loss $ (97,766) $ (86,963) Unrealized (loss)/gain on cash flow hedges (2,323) 4,604 Retirement benefits (1,582) (1,780) Income tax expense relating to above (1) (2,603) (753) Accumulated other comprehensive loss $ (104,274) $ (84,892) (1) These are income tax (expenses)/benefits recognized on cash flow hedges, retirement benefits and foreign currency translation losses. Refer to Note 21 - Income Taxes to the unaudited consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value	The following table sets forth the Company’s assets and liabilities that were accounted for at fair value as of June 30, 2020 and December 31, 2019. As of June 30, 2020 Level 1 Level 2 Level 3 Total Assets Mutual funds* $ 117,490 $ — $ — $ 117,490 Derivative financial instruments — 5,862 — 5,862 Total $ 117,490 $ 5,862 $ — $ 123,352 Liabilities Derivative financial instruments $ — $ 8,245 $ — $ 8,245 Total $ — $ 8,245 $ — $ 8,245 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Mutual funds* $ 166,330 $ — $ — $ 166,330 Derivative financial instruments — 7,509 — 7,509 Total $ 166,330 $ 7,509 $ — $ 173,839 Liabilities Derivative financial instruments $ — $ 3,033 $ — $ 3,033 Total $ — $ 3,033 $ — $ 3,033 * Represents those short-term investments, which are carried at the fair value option under ASC 825 "Financial Instruments” as of June 30, 2020 and December 31, 2019.

Derivatives and Hedge Account_2

Derivatives and Hedge Accounting (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Foreign Currency Exchange Contracts	The following tables set forth the fair value of the foreign currency exchange contracts and their location on the unaudited consolidated financial statements: Derivatives designated as hedging instruments: As of Foreign currency exchange contracts June 30, 2020 December 31, 2019 Other current assets $ 4,070 $ 3,945 Other assets $ 1,734 $ 3,433 Accrued expenses and other current liabilities $ 4,631 $ 1,524 Other non-current liabilities $ 3,496 $ 1,250 Derivatives not designated as hedging instruments: As of Foreign currency exchange contracts June 30, 2020 December 31, 2019 Other current assets $ 58 $ 131 Accrued expenses and other current liabilities $ 118 $ 259
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 and six months ended June 30, 2020 and 2019: Three months ended June 30, Six months ended June 30, Forward Exchange Contracts: 2020 2019 2020 2019 Unrealized gain/(loss) recognized in AOCI Derivatives in cash flow hedging relationships $ 7,721 $ 3,268 $ (7,125) $ 9,205 Gain/(loss) recognized in consolidated statements of income Derivatives not designated as hedging instruments $ 3,204 $ 2,923 $ (1,011) $ 4,319 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 June 30, 2020 2019 As per unaudited consolidated statements of income (Loss)/Gain on foreign currency exchange contracts As per unaudited consolidated statements of income Gain 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 $ 158,401 $ (851) $ 162,446 $ 719 General and administrative expenses $ 28,750 (187) $ 31,228 106 Selling & marketing expenses $ 13,051 (9) $ 17,647 12 Depreciation & amortization expense $ 12,405 (80) $ 12,752 47 $ (1,127) $ 884 Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where gain/(loss) was recognized Foreign exchange gain, net $ 1,359 $ 3,204 $ 1,202 $ 2,923 $ 1,359 $ 3,204 $ 1,202 $ 2,923 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 Six months ended June 30, 2020 2019 As per unaudited consolidated statements of income Loss on foreign currency exchange contracts As per unaudited consolidated statements of income Gain 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 $ 321,057 $ (39) $ 319,686 $ 1,250 General and administrative expenses $ 57,691 (114) $ 63,759 186 Selling & marketing expenses $ 27,507 (5) $ 35,694 19 Depreciation & amortization expense $ 24,855 (40) $ 26,419 100 $ (198) $ 1,555 Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where gain/(loss) was recognized Foreign exchange gain/(loss), net $ 2,736 $ (1,011) $ 2,462 $ 4,319 $ 2,736 $ (1,011) $ 2,462 $ 4,319

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Company's Debt Position	The following tables summarizes the Company’s debt position as of June 30, 2020 and December 31, 2019. As of June 30, 2020 Revolver Credit Facility Structured Payables Notes Total Current portion of long-term borrowings $ 20,000 $ 657 $ — $ 20,657 Long-term borrowings 79,000 — 150,000 229,000 Unamortized debt discount — — (12,562) (12,562) Unamortized debt issuance costs* — — (911) (911) Long-term borrowings 79,000 — 136,527 215,527 Total borrowings $ 99,000 $ 657 $ 136,527 $ 236,184 As of December 31, 2019 Revolver Credit Facility Structured Payables Notes Total Current portion of long-term borrowings $ 40,000 $ 867 $ — $ 40,867 Long-term borrowings 59,000 — 150,000 209,000 Unamortized debt discount — — (13,851) (13,851) Unamortized debt issuance costs* — — (1,018) (1,018) Long-term borrowings 59,000 — 135,131 194,131 Total borrowings $ 99,000 $ 867 $ 135,131 $ 234,998 *Unamortized debt issuance costs for the Company’s revolver Credit Facility of $619 and $748 as of June 30, 2020 and December 31, 2019, respectively, is presented under “Other current assets” and “Other assets” in the consolidated balance sheets.
Schedule of Credit Facilities Carried an Effective Interest Rate	Three months ended Six months ended 2020 2019 2020 2019 Effective interest rate 2.2 % 4.2 % 2.6 % 4.0 %
Schedule of Interest Expense Debt Recognized	During the three and six months ended June 30, 2020 and 2019, the Company recognized interest expense and amortization of debt discount, on the Notes as below: Three months ended Six months ended 2020 2019 2020 2019 Interest expense on Notes $ 1,313 $ 1,269 $ 2,625 $ 2,581 Amortization of debt discount on Notes $ 654 $ 618 $ 1,289 $ 1,218
Schedule of Maturities of Long-term Debt	Future principal payments/maturities for all of the Company's borrowings as of June 30, 2020 were as follows: Notes Revolver Credit Facility Structured Payables Total 2020 (July - December) $ — $ 20,000 $ 657 $ 20,657 2021 — 20,000 — 20,000 2022 — 59,000 — 59,000 2023 — — — — 2024 150,000 — — 150,000 Total $ 150,000 $ 99,000 $ 657 $ 249,657

Capital Structure (Tables)

Capital Structure (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Purchase of Common Stock from Employees Withholding Tax Payments Related to Vesting of Restricted Stock	During the three and six months ended June 30, 2020 and 2019, the Company purchased shares of common stock from employees in connection with withholding tax payments related to the vesting of restricted stock, as below: Shares repurchased Total consideration Weighted average purchase price per share (1) Three months ended June 30, 2020 — $ — $ — Three months ended June 30, 2019 — $ — $ — Six months ended June 30, 2020 26,601 $ 2,012 $ 75.63 Six months ended June 30, 2019 22,666 $ 1,408 $ 62.11 (1) The weighted average purchase price per share was the closing price of the Company's share of common stock on the Nasdaq Global Select Market on the trading day prior to the vesting date of the shares of restricted stock.
Summary of Company's Purchased Shares of its Common Stock, Including Commissions	During the three and six months ended June 30, 2020 and 2019, the Company purchased shares of its common stock, including commissions, under the 2019 Repurchase Program and the 2017 Repurchase Program, respectively, as below: Shares repurchased Total consideration Weighted average purchase price per share Three months ended June 30, 2020 — $ — $ — Three months ended June 30, 2019 198,160 $ 12,130 $ 61.21 Six months ended June 30, 2020 175,765 $ 11,983 $ 68.18 Six months ended June 30, 2019 438,025 $ 26,130 $ 59.65

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	Components of net periodic benefit cost were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Service cost $ 664 $ 493 $ 1,342 $ 980 Interest cost 237 221 480 440 Expected return on plan assets (157) (144) (318) (286) Amortization of actuarial (gain)/loss 97 (40) 198 (79) Net gratuity cost $ 841 $ 530 $ 1,702 $ 1,055
Change in Plan Assets	Change in Plan Assets Plan assets at January 1, 2020 $ 8,784 Actual return 285 Employer contribution — Benefits paid* (431) Effect of exchange rate changes (477) Plan assets at June 30, 2020 $ 8,161 * Benefits payments were substantially made through the plan assets during the six months ended June 30, 2020.
Schedule of Company's Contribution Plan	The Company's accrual for contributions to the 401(k) Plans were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Contribution to the 401(k) Plan $ 29 $ 909 $ 255 $ 2,122 The Company's contribution for various defined benefit plans on behalf of employees in India, the Philippines, Bulgaria, Romania, the Czech Republic, South Africa, Colombia, Australia and Singapore were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Contribution to the defined benefit plans $ 2,646 $ 2,762 $ 5,624 $ 4,816

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information	Supplemental balance sheet information As of June 30, 2020 December 31, 2019 Operating Lease Operating lease right-of-use assets $ 96,789 $ 86,396 Operating lease liabilities - Current $ 18,199 $ 24,148 Operating lease liabilities - Non-current 90,934 74,709 Total operating lease liabilities $ 109,133 $ 98,857 Finance Lease Property and equipment, gross $ 1,564 $ 1,757 Accumulated depreciation (995) (1,120) Property and equipment, net $ 569 $ 637 Finance lease liabilities - Current $ 253 $ 253 Finance lease liabilities - Non-current 357 430 Total finance lease liabilities $ 610 $ 683
Schedule of Components of Lease Cost	The components of lease cost, which are included in the Company's unaudited consolidated statements of income, are as follows: Lease cost Three months ended June 30, Six months ended June 30, Finance lease: 2020 2019 2020 2019 Amortization of right-of-use assets $ 63 $ 92 $ 125 $ 187 Interest on lease liabilities 20 20 50 45 83 112 175 232 Operating lease (a) 6,850 6,684 13,703 13,701 6,850 6,684 13,703 13,701 Sublease income — (105) — (105) Total lease cost $ 6,933 $ 6,691 $ 13,878 $ 13,828 (a) Includes short-term leases, which are immaterial.
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow and other information related to leases are as follows: Six months ended June 30, 2020 2019 Cash payments for amounts included in the measurement of lease liabilities : Operating cash outflows for operating leases $ 12,831 $ 13,749 Operating cash outflows for finance leases $ 50 $ 45 Financing cash outflows for finance leases $ 124 $ 207 Right-of-use assets obtained in exchange for new operating lease liabilities $ 17,999 $ 27,750 Right-of-use assets obtained in exchange for new finance lease liabilities $ 75 $ 144 Weighted-average remaining lease term Finance lease 2.1 years 2.4 years Operating lease 6.8 years 6.5 years Weighted-average discount rate Finance lease 10.2 % 8.7 % Operating lease 7.4 % 7.3 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of lease liabilities as of June 30, 2020 are as follows: Operating Leases Finance Leases 2020 (July 1 - December 31) $ 12,989 $ 183 2021 24,909 266 2022 23,121 153 2023 21,205 103 2024 16,841 32 2025 and thereafter 43,770 6 Total lease payments $ 142,835 $ 743 Less: Imputed interest 33,702 133 Present value of lease liabilities $ 109,133 $ 610 Maturities of minimum lease payments as of December 31, 2019 are as follows: During the next twelve months ending December 31, Operating Leases Capital Leases 2020 $ 26,932 $ 325 2021 23,783 251 2022 21,526 157 2023 19,381 86 2024 14,865 22 2025 and thereafter 23,983 — Total minimum lease payment $ 130,470 $ 841 Less: Imputed interest 31,613 158 Present value of minimum lease payments $ 98,857 $ 683
Schedule of Maturities of Finance Lease Liabilities	Maturities of lease liabilities as of June 30, 2020 are as follows: Operating Leases Finance Leases 2020 (July 1 - December 31) $ 12,989 $ 183 2021 24,909 266 2022 23,121 153 2023 21,205 103 2024 16,841 32 2025 and thereafter 43,770 6 Total lease payments $ 142,835 $ 743 Less: Imputed interest 33,702 133 Present value of lease liabilities $ 109,133 $ 610 Maturities of minimum lease payments as of December 31, 2019 are as follows: During the next twelve months ending December 31, Operating Leases Capital Leases 2020 $ 26,932 $ 325 2021 23,783 251 2022 21,526 157 2023 19,381 86 2024 14,865 22 2025 and thereafter 23,983 — Total minimum lease payment $ 130,470 $ 841 Less: Imputed interest 31,613 158 Present value of minimum lease payments $ 98,857 $ 683

Income Taxes Income Taxes (Tabl

Income Taxes Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax (Deferred) Recognized in Other Comprehensive Income	Income tax (deferred) recognized in other comprehensive income are as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Income tax benefit/(expense) on: Unrealized gain/(loss) on cash flow hedges $ (2,702) $ (113) $ 2,106 $ (1,656) Retirement benefits 257 19 248 (90) Currency translation adjustments (4,204) (413) (4,204) (1,119) Total income tax expense recognized in other comprehensive income $ (6,649) $ (507) $ (1,850) $ (2,865)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Costs Related to Company's Stock-based Compensation Plan	The following costs related to the Company’s stock-based compensation plan are included in the unaudited consolidated statements of income: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Cost of revenues $ 1,624 $ 1,638 $ 3,042 $ 2,964 General and administrative expenses 3,112 2,781 4,680 5,756 Selling and marketing expenses 2,990 2,736 4,782 5,391 Total $ 7,726 $ 7,155 $ 12,504 $ 14,111
Schedule of Stock Options Activity	Stock option activity under the Company’s stock-based compensation plans is shown below: Number of Weighted-Average Aggregate Weighted-Average Outstanding at December 31, 2019 98,161 $ 23.39 $ 4,522 1.86 Granted — — — — Exercised (41,422) 23.18 1,993 — Forfeited — — — — Outstanding at June 30, 2020 56,739 $ 23.54 $ 2,261 1.54 Vested and exercisable at June 30, 2020 56,739 $ 23.54 $ 2,261 1.54
Schedule of Restricted Stock and RSU Activity	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 Number Weighted Average Outstanding at December 31, 2019* 27,384 $ 48.72 913,094 $ 59.61 Granted — — 392,287 77.01 Vested — — (310,657) 56.59 Forfeited — — (43,318) 63.87 Outstanding at June 30, 2020* 27,384 $ 48.72 951,406 $ 67.58 * As of June 30, 2020 and December 31, 2019 restricted stock units vested for which the underlying common stock is yet to be issued were 181,638 and 167,270, respectively.
Schedule of Performance Based Stock Awards Activity	Performance based restricted stock unit activity under the Company’s stock plans is shown below: Revenue Based PRSUs Market Condition Based PRSUs Number Weighted Average Number Weighted Average Outstanding at December 31, 2019 87,685 $ 62.54 87,670 $ 82.10 Granted 61,368 78.29 61,352 102.10 Vested — — — — Forfeited (2,063) 62.24 (2,062) 80.33 Outstanding at June 30, 2020 146,990 $ 69.12 146,960 $ 90.47

Related Party Disclosures (Tabl

Related Party Disclosures (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Company recognized interest expense on the Notes related to the Investment Agreement s as below. Refer to Note 17 – Borrowings to the unaudited consolidated financial statements for details. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Interest expense on Notes $ 1,313 $ 1,269 $ 2,625 $ 2,581

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 96,789	$ 86,396
Operating lease, liability	$ 109,133	$ 98,857
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets			$ 80,328
Deferred rent			8,626
Operating lease, liability			$ 88,954

Segment and Geographical Info_3

Segment and Geographical Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020operating_segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment and Geographical Info_4

Segment and Geographical Information - Revenues and Cost of Revenues for Company's Reportable Segments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		$ 222,473	$ 243,509	$ 468,463	$ 483,082
Cost of revenues	[1]	158,401	162,446	321,057	319,686
Gross profit	[1]	64,072	81,063	147,406	163,396
Operating expenses		54,206	67,207	110,053	132,679
Foreign exchange gain, interest expense and other income, net		2,701	1,440	3,535	3,541
Income tax expense		4,072	2,670	9,927	6,870
Loss from equity-method investment		66	62	121	129
Net income attributable to ExlService Holdings, Inc. stockholders		8,429	12,564	30,840	27,259
BPM and related services
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		140,794	155,638	294,353	308,250
Analytics services
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		81,679	87,871	174,110	174,832
Insurance
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		81,281	85,581	165,020	166,867
Cost of revenues		59,113	59,414	118,078	114,657
Gross profit		22,168	26,167	46,942	52,210
Healthcare
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		24,978	21,730	52,007	43,978
Cost of revenues		19,640	17,749	39,233	35,551
Gross profit		5,338	3,981	12,774	8,427
Emerging Business
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		34,535	48,327	77,326	97,405
Cost of revenues		22,416	27,852	47,898	55,145
Gross profit		12,119	20,475	29,428	42,260
Analytics
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		81,679	87,871	174,110	174,832
Cost of revenues		57,232	57,431	115,848	114,333
Gross profit		$ 24,447	$ 30,440	$ 58,262	$ 60,499
[1]	Exclusive of depreciation and amortization expense.

Segment and Geographical Info_5

Segment and Geographical Information - Revenues based on Geographical Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 222,473	$ 243,509	$ 468,463	$ 483,082
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	189,032	197,901	396,912	394,005
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	18,830	30,155	42,108	59,256
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	14,611	15,453	29,443	29,821
Total Non-United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 33,441	$ 45,608	$ 71,551	$ 89,077

Segment and Geographical Info_6

Segment and Geographical Information - Property, Plant and Equipment, Net Based On Geographical Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 188,637	$ 165,538
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	101,073	78,244
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	50,121	52,375
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	28,558	26,006
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 8,885	$ 8,913

Revenues, net - Contracts with

Revenues, net - Contracts with Customer, Receivables, Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 157,505	$ 171,864	$ 171,864
Contract assets	5,074		5,391
Contract liabilities
Deferred revenue (consideration received in advance)	14,739		11,259
Consideration received for process transition activities	$ 2,579		$ 3,036

Revenues, net - Additional Info

Revenues, net - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Mar. 31, 2020	Jan. 01, 2020	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable not billed	$ 71,489,000	$ 73,920,000
Provision for doubtful receivables	1,434,000	1,163,000	$ 1,346,000	$ 1,163,000	$ 1,168,000	$ 1,255,000	$ 956,000
Contract Acquisition Costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment loss in relation to costs capitalized	0	0
Contract Fulfillment Costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment loss in relation to costs capitalized	$ 0	$ 0
Previous U.S. GAAP Standards
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for doubtful receivables				$ 1,163,000

Revenues, net - Contract with C

Revenues, net - Contract with Customer Revenue Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 2,226	$ 1,450	$ 8,194	$ 4,226

Revenues, net - Contract Acquis

Revenues, net - Contract Acquisition and Fulfillment Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Contract Acquisition Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	$ 1,215	$ 513	$ 1,307	$ 713	$ 713
Addition	187	0	187	0	1,222
Amortization	(132)	(44)	(224)	(244)	(628)
Closing Balance	1,270	469	1,270	469	1,307
Contract Fulfillment Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	6,916	4,472	7,255	4,051	4,051
Addition	363	1,441	647	2,167	4,652
Amortization	(499)	(305)	(1,122)	(610)	(1,448)
Closing Balance	$ 6,780	$ 5,608	$ 6,780	$ 5,608	$ 7,255

Revenues, net - Accounts Receiv

Revenues, net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Accounts receivable, including unbilled receivables	$ 158,939		$ 173,027
Less: Allowance for lifetime expected credit loss	(1,434)	$ (1,346)	(1,163)	$ (1,163)	$ (1,168)	$ (1,255)	$ (956)
Accounts receivable, net	$ 157,505		$ 171,864	$ 171,864

Revenues, net - Allowance for C

Revenues, net - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning of the period	$ 1,346	$ 1,255	$ 1,163	$ 956	$ 956
Additions during the period, net	186	(33)	381	265	354
Charged against allowance	(100)	(53)	(100)	(54)	(156)
Translation adjustment, if any	2	(1)	(10)	1	9
Balance at the end of the period	$ 1,434	$ 1,168	$ 1,434	$ 1,168	$ 1,163

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerators:
Net income	$ 8,429	$ 12,564	$ 30,840	$ 27,259
Denominators:
Basic weighted average common shares outstanding (in shares)	34,486,202	34,451,671	34,443,884	34,413,455
Dilutive effect of share based awards (in shares)	111,486	250,876	215,262	354,748
Diluted weighted average common shares outstanding (in shares)	34,597,688	34,702,547	34,659,146	34,768,203
Earnings per share attributable to ExlService Holdings Inc. stockholders:
Basic (in dollars per share)	$ 0.24	$ 0.36	$ 0.90	$ 0.79
Diluted (in dollars per share)	$ 0.24	$ 0.36	$ 0.89	$ 0.78
Weighted average potentially dilutive considered anti-dilutive and not included in computing diluted earnings per share (in shares)	638,318	69	404,315	212,751

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 163,619	$ 119,165	$ 84,842
Restricted cash (current)	4,858	5,453	4,098
Restricted cash (non-current)	2,298	2,426	2,507
Cash, cash equivalents and restricted cash	$ 170,775	$ 127,044	$ 91,447	$ 104,131

Other Income, net - Summary of

Other Income, net - Summary of Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Income and Expenses [Abstract]
Gain on sale and mark-to-market of mutual funds, net	$ 3,109	$ 3,318	$ 5,166	$ 6,844
Interest income	632	697	1,164	1,493
Others, net	484	87	424	188
Other income, net	$ 4,225	$ 4,102	$ 6,754	$ 8,525

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Owned Assets:
Owned assets, gross	$ 265,612	$ 257,836
Less: Accumulated depreciation and amortization	(174,333)	(179,331)
Owned assets, net	91,279	78,505
Right-of-use assets under finance leases:
Finance lease, right of use asset, gross	1,564	1,757
Less: Accumulated depreciation and amortization	(995)	(1,120)
Property and equipment, net	569	637
Property and equipment, net	$ 91,848	$ 79,142
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:FinanceLeaseRightOfUseAsset	us-gaap:FinanceLeaseRightOfUseAsset
Network equipment and computers
Owned Assets:
Owned assets, gross	$ 96,759	$ 98,309
Software
Owned Assets:
Owned assets, gross	90,746	79,746
Leasehold improvements
Owned Assets:
Owned assets, gross	44,328	44,982
Right-of-use assets under finance leases:
Finance lease, right of use asset, gross	644	738
Office furniture and equipment
Owned Assets:
Owned assets, gross	20,675	22,046
Right-of-use assets under finance leases:
Finance lease, right of use asset, gross	210	308
Motor vehicles
Owned Assets:
Owned assets, gross	578	601
Right-of-use assets under finance leases:
Finance lease, right of use asset, gross	$ 710	711
Buildings
Owned Assets:
Estimated useful lives	30 years
Owned assets, gross	$ 1,053	1,114
Land
Owned Assets:
Owned assets, gross	689	729
Capital work in progress
Owned Assets:
Owned assets, gross	$ 10,784	$ 10,309
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, net - D

Property and Equipment, net - Depreciation and Amortization Expense and Effect of Foreign Exchange Gain/Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 8,975	$ 7,198	$ 17,271	$ 15,337
Depreciation and Amortization
Property, Plant and Equipment [Line Items]
Effect of foreign exchange (loss)/gain	$ (71)	$ 56	$ (49)	$ 113

Property and Equipment, net - I

Property and Equipment, net - Internally Developed Software Costs, Included under Software (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Cost	$ 14,891		$ 14,891		$ 15,784
Less : Accumulated amortization	(4,477)		(4,477)		(4,989)
Internally developed software, net	10,414		10,414		$ 10,795
Amortization expense	$ 1,846	$ 559	$ 2,677	$ 1,206

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Long-lived assets Impairment charges	$ 951,000	$ 0	$ 2,178,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Company's Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Beginning Balance	$ 349,529	$ 349,984
Goodwill Reallocation	0
Currency translation adjustments	(1,419)	(455)
Ending Balance	348,110	349,529
Insurance
Goodwill [Roll Forward]
Beginning Balance	38,276	38,203
Goodwill Reallocation	12,192
Currency translation adjustments	(303)	73
Ending Balance	50,165	38,276
Healthcare
Goodwill [Roll Forward]
Beginning Balance	19,276	19,276
Goodwill Reallocation	2,693
Currency translation adjustments	(38)	0
Ending Balance	21,931	19,276
Emerging Business
Goodwill [Roll Forward]
Beginning Balance	0	0
Goodwill Reallocation	49,803
Currency translation adjustments	(1,076)	0
Ending Balance	48,727	0
TT&L
Goodwill [Roll Forward]
Beginning Balance	12,457	12,697
Goodwill Reallocation	(12,457)
Currency translation adjustments	0	(240)
Ending Balance	0	12,457
F&A
Goodwill [Roll Forward]
Beginning Balance	46,905	47,193
Goodwill Reallocation	(46,905)
Currency translation adjustments	0	(288)
Ending Balance	0	46,905
All Other
Goodwill [Roll Forward]
Beginning Balance	5,326	5,326
Goodwill Reallocation	(5,326)
Currency translation adjustments	0	0
Ending Balance	0	5,326
Analytics
Goodwill [Roll Forward]
Beginning Balance	227,289	227,289
Goodwill Reallocation	0
Currency translation adjustments	(2)	0
Ending Balance	$ 227,287	$ 227,289

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Company's Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-lived intangible assets
Gross Carrying Amount	$ 101,608	$ 129,678
Accumulated Amortization	(36,212)	(56,596)
Total	65,396	73,082
Indefinite lived intangible assets
Total intangible assets, gross carrying amount	102,508	130,578
Total intangible assets, net carrying amount	66,296	73,982
Customer relationships
Finite-lived intangible assets
Gross Carrying Amount	73,160	97,602
Accumulated Amortization	(23,440)	(43,330)
Total	49,720	54,272
Developed technology
Finite-lived intangible assets
Gross Carrying Amount	23,348	26,976
Accumulated Amortization	(9,511)	(10,687)
Total	13,837	16,289
Trade names and trademarks
Finite-lived intangible assets
Gross Carrying Amount	5,100	5,100
Accumulated Amortization	(3,261)	(2,579)
Total	1,839	2,521
Trade names and trademarks
Indefinite lived intangible assets
Trade names and trademarks	$ 900	$ 900

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,430	$ 5,554	$ 7,584	$ 11,082

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Weighted Average Life of Intangible Assets (Details)	6 Months Ended
	Jun. 30, 2020
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	7 years 3 months 29 days
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	3 years 2 months 1 day
Trade names and trademarks (Finite lived)
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	2 years 1 month 2 days

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2020 (July 1 - December 31)	$ 6,822
2021	12,730
2022	11,325
2023	9,036
2024	6,694
2025 and thereafter	18,789
Total	$ 65,396	$ 73,082

Other Current Assets - Schedule

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Derivative instruments	$ 4,128	$ 4,076
Advances to suppliers	1,837	1,581
Receivables from statutory authorities	13,827	12,608
Contract assets	1,744	1,414
Deferred contract fulfillment costs	2,208	1,673
Interest accrued on fixed deposits	344	439
Others	3,384	2,803
Other current assets	$ 27,472	$ 24,594

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Lease deposits	$ 9,738	$ 9,983
Derivative instruments	1,734	3,433
Deposits with statutory authorities	7,423	7,540
Term deposits	1,829	1,983
Contract assets	3,330	3,977
Deferred contract fulfillment costs	4,572	5,582
Others	2,973	3,518
Other assets	$ 31,599	$ 36,016

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued expenses	$ 41,724	$ 50,097
Payable to statutory authorities	9,360	9,247
Accrued capital expenditure	9,043	3,035
Derivative instruments	4,749	1,783
Client liabilities	5,070	6,378
Interest payable	1,416	1,492
Other current liabilities	3,157	1,732
Finance lease liabilities	253	253
Accrued expenses and other current liabilities	$ 74,772	$ 74,017
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent

Other Non-Current Liabilities -

Other Non-Current Liabilities - Summary of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Liabilities, Noncurrent [Abstract]
Derivative instruments	$ 3,496	$ 1,250
Unrecognized tax benefits	1,047	1,047
Retirement benefits	6,803	6,517
Deferred transition revenue	1,586	1,911
Accrued capital expenditure	3,373	0
Others	2,904	987
Finance lease liabilities	357	430
Other non-current liabilities	$ 19,566	$ 12,142
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 680,928	$ 670,001
Income tax expense relating to above	(2,603)	(753)
Cumulative foreign currency translation loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(97,766)	(86,963)
Unrealized (loss)/gain on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(2,323)	4,604
Retirement benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(1,582)	(1,780)
Accumulated Other Comprehensive (Loss)/Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (104,274)	$ (84,892)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Mutual funds	$ 117,490	$ 166,330
Derivative financial instruments	5,862	7,509
Total	123,352	173,839
Liabilities
Derivative financial instruments	8,245	3,033
Total	8,245	3,033
Level 1
Assets
Mutual funds	117,490	166,330
Derivative financial instruments	0	0
Total	117,490	166,330
Liabilities
Derivative financial instruments	0	0
Total	0	0
Level 2
Assets
Mutual funds	0	0
Derivative financial instruments	5,862	7,509
Total	5,862	7,509
Liabilities
Derivative financial instruments	8,245	3,033
Total	8,245	3,033
Level 3
Assets
Mutual funds	0	0
Derivative financial instruments	0	0
Total	0	0
Liabilities
Derivative financial instruments	0	0
Total	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Impairment charges	$ 0
Level 2
Business Acquisition [Line Items]
Fair value of convertible notes	$ 141,023,000	$ 149,934,000

Derivatives and Hedge Account_3

Derivatives and Hedge Accounting - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Jun. 30, 2020EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019GBP (£)	Dec. 31, 2019EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative losses to be reclassified within 12 months	$ 561,000
Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Term of cash flow hedge	45 months
Designated as Hedging Instrument | Derivatives in Cash Flow Hedging Relationships | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 421,630,000			$ 410,390,000
Derivatives not designated as hedging instruments | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	106,988,000	£ 9,487,000	€ 1,453,000	124,045,000	£ 10,843,000	€ 1,289,000
Forward Contracts | Designated as Hedging Instrument | Derivatives in Cash Flow Hedging Relationships | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 750,000			$ 4,300,000

Derivatives and Hedge Account_4

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Details) - Foreign currency exchange contracts - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Designated as Hedging Instrument | Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	$ 4,070	$ 3,945
Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	1,734	3,433
Designated as Hedging Instrument | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	4,631	1,524
Designated as Hedging Instrument | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	3,496	1,250
Derivatives not designated as hedging instruments | Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	58	131
Derivatives not designated as hedging instruments | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	$ 118	$ 259

Derivatives and Hedge Account_5

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in consolidated statements of income	$ 1,359	$ 1,202	$ 2,736	$ 2,462
Derivatives in cash flow hedging relationships | Designated as Hedging Instrument | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) recognized in AOCI	7,721	3,268	(7,125)	9,205
(Loss)/Gain on foreign currency exchange contracts | Derivatives not designated as hedging instruments | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in consolidated statements of income	$ 3,204	$ 2,923	$ (1,011)	$ 4,319

Derivatives and Hedge Account_6

Derivatives and Hedge Accounting- Location of Gain or Loss Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Cost of revenues	$ 158,401	$ 162,446	$ 321,057	$ 319,686
General and administrative expenses	28,750	31,228	57,691	63,759
Selling & marketing expenses	13,051	17,647	27,507	35,694
Depreciation & amortization expense	12,405	12,752	24,855	26,419
Foreign exchange gain, net	1,359	1,202	2,736	2,462
(Loss)/Gain on foreign currency exchange contracts | Derivatives Designated as Hedging Instruments | Derivatives in cash flow hedging relationships | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cost of revenues	(851)	719	(39)	1,250
General and administrative expenses	(187)	106	(114)	186
Selling & marketing expenses	(9)	12	(5)	19
Depreciation & amortization expense	(80)	47	(40)	100
Reclassification from AOCI, before tax	(1,127)	884	(198)	1,555
(Loss)/Gain on foreign currency exchange contracts | Derivatives not designated as hedging instruments | Foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange gain, net	$ 3,204	$ 2,923	$ (1,011)	$ 4,319

Borrowings - Company's Debt Pos

Borrowings - Company's Debt Position (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Current portion of long-term borrowings	$ 20,657	$ 40,867
Long-term borrowings gross	229,000	209,000
Unamortized debt discount	(12,562)	(13,851)
Unamortized debt issuance cost	(911)	(1,018)
Long-term borrowings	215,527	194,131
Total borrowings	236,184	234,998
Revolver Credit Facility
Debt Instrument [Line Items]
Current portion of long-term borrowings	20,000	40,000
Long-term borrowings gross	79,000	59,000
Unamortized debt discount	0	0
Unamortized debt issuance cost	0	0
Long-term borrowings	79,000	59,000
Total borrowings	99,000	99,000
Unamortized debt issuance costs	619	748
Structured Payables
Debt Instrument [Line Items]
Current portion of long-term borrowings	657	867
Long-term borrowings gross	0	0
Unamortized debt discount	0	0
Unamortized debt issuance cost	0	0
Long-term borrowings	0	0
Total borrowings	657	867
Notes
Debt Instrument [Line Items]
Current portion of long-term borrowings	0	0
Long-term borrowings gross	150,000	150,000
Unamortized debt discount	(12,562)	(13,851)
Unamortized debt issuance cost	(911)	(1,018)
Long-term borrowings	136,527	135,131
Total borrowings	$ 136,527	$ 135,131

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Oct. 01, 2018
Credit Facilities [Line Items]
Letters of credit outstanding	$ 461,000	$ 461,000
3.50% Convertible Senior Notes due October 1, 2024 | Notes
Credit Facilities [Line Items]
Debt instrument face amount			$ 150,000,000
Interest rate			3.50%
Revolver Credit Facility | New Credit Agreement
Credit Facilities [Line Items]
Maximum borrowing capacity	$ 300,000,000

Borrowings - Credit Facilities

Borrowings - Credit Facilities Carried an Effective Interest Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revolver Credit Facility | New Credit Agreement
Debt Instrument [Line Items]
Effective interest rate	2.20%	4.20%	2.60%	4.00%

Borrowings - Interest Expense o

Borrowings - Interest Expense of Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Amortization of debt discount on Notes			$ 1,289	$ 1,218
3.50% Convertible Senior Notes due October 1, 2024 | Notes
Debt Instrument [Line Items]
Interest expense on Notes	$ 1,313	$ 1,269	2,625	2,581
Amortization of debt discount on Notes	$ 654	$ 618	$ 1,289	$ 1,218

Borrowings - Principle Maturiti

Borrowings - Principle Maturities of Borrowings and Credit Arrangements (Details) $ in Thousands	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
2020 (July - December)	$ 20,657
2021	20,000
2022	59,000
2023	0
2024	150,000
Total	249,657
Notes | 3.50% Convertible Senior Notes due October 1, 2024
Debt Instrument [Line Items]
2020 (July - December)	0
2021	0
2022	0
2023	0
2024	150,000
Total	150,000
Structured Payables
Debt Instrument [Line Items]
2020 (July - December)	657
2021	0
2022	0
2023	0
2024	0
Total	657
Revolver Credit Facility
Debt Instrument [Line Items]
2020 (July - December)	20,000
2021	20,000
2022	59,000
2023	0
2024	0
Total	$ 99,000

Capital Structure - Additional

Capital Structure - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020class_of_common_stock	Dec. 16, 2019USD ($)	Feb. 28, 2017USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of classes of common stock outstanding | class_of_common_stock	1
2017 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Additional authorized amount			$ 100,000,000
Authorized increase in repurchase amount, 2018			40,000,000
Authorized increase in repurchase amount, 2019			40,000,000
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
2019 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized, maximum		$ 200,000,000

Capital Structure - Purchase of

Capital Structure - Purchase of Common Stock from Employees Withholding Tax Payments Related to Vesting of Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Shares repurchased (in shares)	0	0	26,601	22,666
Total consideration	$ 0	$ 0	$ 2,012	$ 1,408
Weighted average purchase price per share (in dollars per share)	$ 0	$ 0	$ 75.63	$ 62.11

Capital Structure - Purchased S

Capital Structure - Purchased Shares of its Common Stock, Including Commissions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Shares repurchased (in shares)	0	198,160	175,765	438,025
Total consideration	$ 0	$ 12,130	$ 11,983	$ 26,130
Average purchase price per share (in dollars per share)	$ 0	$ 61.21	$ 68.18	$ 59.65

Employee Benefit Plans - Net Gr

Employee Benefit Plans - Net Gratuity Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Retirement Benefits [Abstract]
Service cost	$ 664	$ 493	$ 1,342	$ 980
Interest cost	237	221	480	440
Expected return on plan assets	(157)	(144)	(318)	(286)
Amortization of actuarial (gain)/loss	97	(40)	198	(79)
Net gratuity cost	$ 841	$ 530	$ 1,702	$ 1,055

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Expected return on plan assets, percentage	7.00%
Discretionary contributions towards 401(k) plan, maximum percentage	4.00%

Employee Benefit Plans - Change

Employee Benefit Plans - Change in Plan Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Change in Plan Assets
Plan assets at January 1, 2020	$ 8,784
Actual return	285
Employer contribution	0
Benefit paid	(431)
Effect of exchange rate changes	(477)
Plan assets at June 30, 2020	$ 8,161

Employee Benefit Plans - Contri

Employee Benefit Plans - Contribution Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Retirement Benefits [Abstract]
Contribution to the 401(k) Plan	$ 29	$ 909	$ 255	$ 2,122
Contribution to the defined benefit plans	$ 2,646	$ 2,762	$ 5,624	$ 4,816

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Lease
Operating lease right-of-use assets	$ 96,789	$ 86,396
Operating lease liabilities - Current	18,199	24,148
Operating lease liabilities - Non-current	90,934	74,709
Total operating lease liabilities	109,133	98,857
Finance Lease
Property and equipment, gross	1,564	1,757
Accumulated depreciation	(995)	(1,120)
Property and equipment, net	569	637
Finance lease liabilities - Current	253	253
Finance lease liabilities - Non-current	357	430
Total finance lease liabilities	$ 610	$ 683

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease, impairment charges	$ 989	$ 989

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Finance lease:
Amortization of right-of-use assets	$ 63	$ 92	$ 125	$ 187
Interest on lease liabilities	20	20	50	45
Total finance lease cost	83	112	175	232
Operating lease	6,850	6,684	13,703	13,701
Sublease income	0	(105)	0	(105)
Lease cost	$ 6,933	$ 6,691	$ 13,878	$ 13,828

Leases - Cash Flow and Other In

Leases - Cash Flow and Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$ 12,831	$ 13,749
Operating cash outflows for finance leases	50	45
Financing cash outflows for finance leases	124	207
Right-of-use assets obtained in exchange for new operating lease liabilities	17,999	27,750
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 75	$ 144
Weighted-average remaining lease term
Finance lease	2 years 1 month 6 days	2 years 4 months 24 days
Operating lease	6 years 9 months 18 days	6 years 6 months
Weighted-average discount rate
Finance lease	10.20%	8.70%
Operating lease	7.40%	7.30%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Leases
Remainder of fiscal year	$ 12,989
Year one	24,909	$ 26,932
Year two	23,121	23,783
Year three	21,205	21,526
Year four	16,841	19,381
After year​ four	43,770
Year five		14,865
After year five		23,983
Total lease payments	142,835	130,470
Less: Imputed interest	33,702	31,613
Present value of lease liabilities	109,133	98,857
Finance Leases
Remainder of fiscal year	183
Year one	266	325
Year two	153	251
Year three	103	157
Year four	32	86
After year ​four	6
Year five		22
After year five		0
Total lease payments	743	841
Less: Imputed interest	133	158
Present value of lease liabilities	$ 610	$ 683

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,072	$ 2,670	$ 9,927	$ 6,870
Effective tax rate, current income tax expense (benefit) (as a percent)	32.40%	17.50%	24.30%	20.10%
Tax expense as a result of electing new tax regime for two Indian subsidiaries	$ 1,320		$ 1,320
Tax expense from re-measurement of Indian subsidiaries' deferred taxes to lower corporate tax rate			573
Tax expense resulting from foregoing the minimum alternative tax credits			747
Measurement period adjustment, transition tax expense (benefit)				$ (1,471)
Excess tax benefits related to stock awards			$ 1,822	$ 1,072

Income Taxes - Recognized in Co

Income Taxes - Recognized in Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Unrealized gain/(loss) on cash flow hedges		$ (2,702)	$ (113)	$ 2,106	$ (1,656)
Retirement benefits		257	19	248	(90)
Currency translation adjustments		(4,204)	(413)	(4,204)	(1,119)
Total income tax expense recognized in other comprehensive income	[1]	$ (6,649)	$ (507)	$ (1,850)	$ (2,865)
[1]	These are income tax (expense)/benefit recognized on cash flow hedges, retirement benefits and foreign currency translation gains/(losses). Refer to Note 21 - Income Taxes to the unaudited consolidated financial statements.

Stock-Based Compensation - Cost

Stock-Based Compensation - Costs Related to Company's Stock-Based Compensation Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 7,726	$ 7,155	$ 12,504	$ 14,111
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	1,624	1,638	3,042	2,964
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	3,112	2,781	4,680	5,756
Selling and marketing expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 2,990	$ 2,736	$ 4,782	$ 5,391

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	6 Months Ended
	Jun. 30, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number available for grant (in shares) | shares	2,305,155
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 55,720,000
Cost not yet recognized, period for recognition	2 years 10 months 6 days
Performance Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 8,959,000
Cost not yet recognized, period for recognition	2 years 3 days

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Based Compensation Stock Option Activity (Details) - Employee Stock Option $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options, outstanding, beginning balance (in shares) | shares	98,161
Number of options, granted (in shares) | shares	0
Number of options, exercised (in shares) | shares	(41,422)
Number of options, forfeited (in shares) | shares	0
Number of options, outstanding, ending Balance (in shares) | shares	56,739	98,161
Number of options, vested and exercisable at end of period (in shares) | shares	56,739
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) | $ / shares	$ 23.39
Weighted-average exercise price, granted (in dollars per share) | $ / shares	0
Weighted-average exercise price, exercised (in dollars per share) | $ / shares	23.18
Weighted-average exercise price, forfeited (in dollars per share) | $ / shares	0
Weighted-average exercise price, outstanding, ending balance (in dollars per share) | $ / shares	23.54	$ 23.39
Weighted-average exercise price, vested and exercisable at end of period (in dollars per share) | $ / shares	$ 23.54
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Aggregate intrinsic value, outstanding | $	$ 2,261	$ 4,522
Aggregate intrinsic value, exercised | $	1,993
Aggregate intrinsic value, vested and exercisable at end of period | $	$ 2,261
Weighted-average remaining contractual life	1 year 6 months 14 days	1 year 10 months 9 days
Weighted-average remaining contractual life, vested and exercisable at end of period	1 year 6 months 14 days

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Stock and Restricted Stock Units Activity Under Company's Stock Plans (Details) - $ / shares	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Units vested for which the underlying common stock is yet to be issued (in shares)	181,638	167,270
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)	27,384
Number, granted (in shares)	0
Number, vested (in shares)	0
Number, forfeited (in shares)	0
Number, outstanding, at ending balance (in shares)	27,384
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)	$ 48.72
Weighted-average fair value, granted (in dollars per share)	0
Weighted-average fair value, vested (in dollars per share)	0
Weighted-average fair value, forfeited (in dollars per share)	0
Weighted-average fair value, outstanding, at ending balance (in dollars per share)	$ 48.72
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)	913,094
Number, granted (in shares)	392,287
Number, vested (in shares)	(310,657)
Number, forfeited (in shares)	(43,318)
Number, outstanding, at ending balance (in shares)	951,406
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)	$ 59.61
Weighted-average fair value, granted (in dollars per share)	77.01
Weighted-average fair value, vested (in dollars per share)	56.59
Weighted-average fair value, forfeited (in dollars per share)	63.87
Weighted-average fair value, outstanding, at ending balance (in dollars per share)	$ 67.58

Stock Based Compensation - Perf

Stock Based Compensation - Performance Based Stock Awards (Details)	6 Months Ended
	Jun. 30, 2020$ / 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	87,685
Number, granted (in shares) | shares	61,368
Number, vested (in shares) | shares	0
Number, forfeited (in shares) | shares	(2,063)
Number, outstanding, at ending balance (in shares) | shares	146,990
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	$ 62.54
Weighted-average fair value, granted (in dollars per share) | $ / shares	78.29
Weighted-average fair value, vested (in dollars per share) | $ / shares	0
Weighted-average fair value, forfeited (in dollars per share) | $ / shares	62.24
Weighted-average fair value, outstanding, at ending balance (in dollars per share) | $ / shares	$ 69.12
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	87,670
Number, granted (in shares) | shares	61,352
Number, vested (in shares) | shares	0
Number, forfeited (in shares) | shares	(2,062)
Number, outstanding, at ending balance (in shares) | shares	146,960
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	$ 82.10
Weighted-average fair value, granted (in dollars per share) | $ / shares	102.10
Weighted-average fair value, vested (in dollars per share) | $ / shares	0
Weighted-average fair value, forfeited (in dollars per share) | $ / shares	80.33
Weighted-average fair value, outstanding, at ending balance (in dollars per share) | $ / shares	$ 90.47

Related Party Disclosures (Deta

Related Party Disclosures (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Oct. 01, 2018
Related Party Transaction [Line Items]
Debt outstanding	$ 236,184,000		$ 236,184,000		$ 234,998,000
Notes
Related Party Transaction [Line Items]
Debt outstanding	136,527,000		136,527,000		135,131,000
Notes | 3.50% Convertible Senior Notes due October 1, 2024
Related Party Transaction [Line Items]
Debt instrument face amount						$ 150,000,000
Debt outstanding	150,000,000		150,000,000		150,000,000
Interest accrued	1,313,000		1,313,000		$ 1,313,000
Interest expense on Notes	$ 1,313,000	$ 1,269,000	$ 2,625,000	$ 2,581,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments, net of advances	$ 9,900
Export-oriented units established, percentage	100.00%
Aggregate amount demanded by income tax authorities related to its transfer pricing issues	$ 16,152	$ 16,220
Bank guarantees and deposits in respect to contingencies	7,856	8,108
Amounts paid on deposits	6,102	6,252
Deposits for bank guarantees issued	$ 1,754	$ 1,856