ExlService (EXLS) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-33089
Entity Registrant Name	EXLSERVICE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0572194
Entity Address, Address Line One	320 Park Avenue,
Entity Address, Address Line Two	29th Floor,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	277-7100
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	EXLS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,246,709
Entity Central Index Key	0001297989
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 87,298	$ 118,669
Short-term investments	116,479	179,027
Restricted cash	5,598	4,897
Accounts receivable, net	290,512	259,222
Other current assets	66,340	50,979
Total current assets	566,227	612,794
Property and equipment, net	86,652	82,828
Operating lease right-of-use assets	52,782	55,347
Restricted cash	2,069	2,055
Deferred tax assets, net	62,252	55,791
Intangible assets, net	60,681	64,819
Goodwill	405,824	405,637
Long-term investments	35,559	34,779
Other assets	36,525	32,069
Total assets	1,308,571	1,346,119
Current liabilities:
Accounts payable	3,384	7,789
Current portion of long-term borrowings	40,000	30,000
Deferred revenue	21,525	18,782
Accrued employee costs	49,955	108,100
Accrued expenses and other current liabilities	133,400	95,352
Current portion of operating lease liabilities	14,095	14,978
Income taxes payable, net	18,545	2,945
Total current liabilities	280,904	277,946
Long-term borrowings, less current portion	160,000	220,000
Operating lease liabilities, less current portion	45,655	48,155
Deferred tax liabilities, net	493	547
Other non-current liabilities	26,297	41,292
Total liabilities	513,349	587,940
Commitments and contingencies (Refer to Note 25)
ExlService Holdings, Inc. Stockholders’ equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued	0	0
Common stock, $0.001 par value; 100,000,000 shares authorized, 40,334,368 shares issued and 33,321,455 shares outstanding as of March 31, 2023 and 39,987,976 shares issued and 33,234,444 shares outstanding as of December 31, 2022	40	40
Additional paid-in capital	460,527	445,108
Retained earnings	950,436	899,105
Accumulated other comprehensive loss	(131,487)	(144,143)
Total including shares held in treasury	1,279,516	1,200,110
Less: 7,012,913 shares as of March 31, 2023 and 6,753,532 shares as of December 31, 2022, held in treasury, at cost	(484,294)	(441,931)
Total stockholders’ equity	795,222	758,179
Total liabilities and stockholders’ equity	$ 1,308,571	$ 1,346,119

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	40,334,368	39,987,976
Common stock, shares outstanding (in shares)	33,321,455	33,234,444
Held in treasury at cost (in shares)	7,012,913	6,753,532

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues, net		$ 400,643	$ 329,208
Cost of revenues	[1]	251,469	207,516
Gross profit	[1]	149,174	121,692
Operating expenses:
General and administrative expenses		46,746	39,945
Selling and marketing expenses		29,493	24,170
Depreciation and amortization expense		13,487	13,602
Total operating expenses		89,726	77,717
Income from operations		59,448	43,975
Foreign exchange gain, net		105	1,756
Interest expense		(3,385)	(876)
Other income, net		3,155	2,411
Income before income tax expense and earnings from equity affiliates		59,323	47,266
Income tax expense		8,058	11,202
Income before earnings from equity affiliates		51,265	36,064
Gain from equity-method investment		66	114
Net income attributable to ExlService Holdings, Inc. stockholders		$ 51,331	$ 36,178
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic (in dollars per share)		$ 1.54	$ 1.08
Diluted (in dollars per share)		$ 1.51	$ 1.07
Weighted average number of shares used in computing earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic (in shares)		33,439,564	33,442,038
Diluted (in shares)		33,931,480	33,894,868
[1]Exclusive of depreciation and amortization expense.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income		$ 51,331	$ 36,178
Other comprehensive income/(loss):
Unrealized gain/(loss) on cash flow hedges		7,294	(517)
Foreign currency translation gain/(loss)		5,313	(7,445)
Reclassification adjustments:
(Gain)/ loss on cash flow hedges	[1]	3,065	(1,989)
Retirement benefits	[2]	(25)	155
Income tax effects relating to above	[3]	(2,991)	964
Total other comprehensive income/(loss)		12,656	(8,832)
Total comprehensive income		$ 63,987	$ 27,346
[1]These are reclassified to net income and are included in cost of revenues, operating expenses and interest expense, as applicable in the unaudited consolidated statements of income. Refer to Note 17 - Derivatives and Hedge Accounting to the unaudited consolidated financial statements.[2]These are reclassified to net income and are included in other income, net in the unaudited consolidated statements of income. Refer to Note 20 - Employee Benefit Plans to the unaudited consolidated financial statements.[3]These are income tax effects recognized on cash flow hedges, retirement benefits and foreign currency translation gain/(loss). Refer to Note 22 - Income Taxes to the unaudited consolidated financial statements.

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income/(loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021		39,508,340
Beginning balance at Dec. 31, 2021	$ 693,156	$ 40	$ 395,742	$ 756,137	$ (89,474)	$ (369,289)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021						(6,216,858)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		285,814
Stock issued against stock-based compensation plans	0
Stock-based compensation	$ 11,224		11,224
Acquisition of treasury stock (in shares)	(221,333)					(248,552)
Acquisition of treasury stock	$ (31,385)					$ (31,385)
Other comprehensive income (loss)	(8,832)				(8,832)
Net income	36,178			36,178
Ending balance (in shares) at Mar. 31, 2022		39,794,154
Ending balance at Mar. 31, 2022	$ 700,341	$ 40	406,966	792,315	(98,306)	$ (400,674)
Treasury stock, ending balance (in shares) at Mar. 31, 2022						(6,465,410)
Beginning balance (in shares) at Dec. 31, 2022	33,234,444	39,987,976
Beginning balance at Dec. 31, 2022	$ 758,179	$ 40	445,108	899,105	(144,143)	$ (441,931)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022	(6,753,532)					(6,753,532)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		346,392
Stock issued against stock-based compensation plans	$ 1,012		1,012
Stock-based compensation	$ 14,407		14,407
Acquisition of treasury stock (in shares)	(221,025)					(259,381)
Acquisition of treasury stock	$ (42,363)					$ (42,363)
Other comprehensive income (loss)	12,656				12,656
Net income	$ 51,331			51,331
Ending balance (in shares) at Mar. 31, 2023	33,321,455	40,334,368
Ending balance at Mar. 31, 2023	$ 795,222	$ 40	$ 460,527	$ 950,436	$ (131,487)	$ (484,294)
Treasury stock, ending balance (in shares) at Mar. 31, 2023	(7,012,913)					(7,012,913)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 51,331	$ 36,178
Adjustments to reconcile net income to net cash provided by/(used for) operating activities:
Depreciation and amortization expense	13,408	13,669
Stock-based compensation expense	14,407	11,224
Amortization of operating lease right-of-use assets	4,883	6,043
Unrealized loss/(gain) on investments	8,186	(384)
Unrealized foreign currency exchange loss/(gain), net	2,814	(3,165)
Deferred income tax benefit	(9,444)	(193)
Allowance for expected credit losses	342	34
Others, net	1,160	705
Change in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(30,896)	(45,659)
Other current assets	(6,046)	(1,116)
Income taxes payable, net	7,883	6,185
Other assets	(4,172)	(2,924)
Accounts payable	(4,445)	(808)
Deferred revenue	2,451	3,707
Accrued employee costs	(57,315)	(60,008)
Accrued expenses and other liabilities	26,931	15,647
Operating lease liabilities	(5,453)	(6,005)
Net cash provided by/(used for) operating activities	16,025	(26,870)
Cash flows from investing activities:
Purchases of property and equipment	(12,479)	(16,101)
Proceeds from sale of property and equipment	565	63
Business acquisition (net of cash and cash equivalents acquired)	0	(1,367)
Purchases of investments	(51,495)	(36,804)
Proceeds from redemption of investments	106,750	49,515
Net cash provided by/(used for) investing activities	43,341	(4,694)
Cash flows from financing activities:
Principal payments of finance lease liabilities	(43)	(39)
Proceeds from borrowings	50,000	35,000
Repayments of borrowings	(100,000)	0
Acquisition of treasury stock	(42,363)	(31,385)
Proceeds from ESPP contribution	1,102	0
Net cash (used for)/provided by financing activities	(91,304)	3,576
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,282	(753)
Net decrease in cash, cash equivalents and restricted cash	(30,656)	(28,741)
Cash, cash equivalents and restricted cash at the beginning of the period	125,621	143,810
Cash, cash equivalents and restricted cash at the end of the period	94,965	115,069
Cash paid during the period for:
Interest	3,325	1,277
Income taxes, net of refunds	6,525	5,404
Supplemental disclosure of non-cash investing and financing activities:
Assets acquired under finance lease	$ 99	$ 50

Organization

Organization	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization ExlService Holdings, Inc. (“ExlService Holdings”) is organized as a corporation under the laws of the state of Delaware. ExlService Holdings, together with its subsidiaries and affiliates (collectively, the “Company”), is a leading data analytics and digital operations and solutions company that partners with clients to improve business outcomes and unlock growth. By bringing together deep domain expertise with robust data, powerful analytics, cloud, artificial intelligence and machine learning, the Company creates agile, scalable solutions and executes complex operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media, and retail, among others. The Company’s data-led value creation framework enables better and faster decision making, leveraging its end-to-end data and analytics capabilities to drive improved business outcomes, and re-designing of operating models to integrate advanced technology into operational workflows. The Company embeds digital operations and solutions into clients’ businesses and introduces its data led approach to transform operations. The Company’s clients are located principally in the United States of America (“U.S.”) and the United Kingdom (“U.K.”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) Basis of Preparation and Principles of Consolidation The unaudited consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The unaudited consolidated financial statements reflect all adjustments (of a normal and recurring nature) that management considers necessary for a fair presentation of such statements for the interim periods presented. The unaudited consolidated statements of income for the interim periods presented are not necessarily indicative of the results for the full year or for any subsequent period. The accompanying unaudited consolidated financial statements include the financial statements of ExlService Holdings and all of its subsidiaries. The standalone financial statements of subsidiaries are fully consolidated on a line-by-line basis. Intra-group balances and transactions, and gains and losses arising from intra-group transactions, are eliminated while preparing consolidated financial statements. The Company’s investments in equity affiliates are initially recorded at cost and any excess purchase consideration paid over proportionate share of the fair value of the net assets of the investee at the acquisition date is recognized as goodwill. The proportionate share of net income or loss of the investee after its acquisition is recognized in the unaudited consolidated statements of income. Accounting policies of the respective individual subsidiaries and equity affiliates are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under U.S. GAAP. (b) Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the unaudited consolidated statements of income during the reporting period. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the unaudited consolidated financial statements include, but are not limited to, estimates of the fair value of the identifiable intangible assets and contingent consideration, purchase price allocation, including revenue projections and the discount rate applied within the discounted cash flow model for business acquisitions, credit risk of customers, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and variable consideration in a customer contract, expected recoverability from customers with contingent fee arrangements, estimated costs to complete fixed price contracts, recoverability of dues from statutory authorities, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments, stock-based awards, and debt instruments, assumptions used to calculate stock-based compensation expense, assumptions used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, lease term to calculate amortization of ROU, depreciation and amortization periods, and recoverability of long-lived assets, goodwill and intangibles. (c) Recent Accounting Pronouncements In March 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-01, Leases (“ASC Topic 842”): Common Control Arrangements . This ASU provides guidance in ASC Topic 842 that leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment to equity if and when the lessee no longer controls the use of the underlying asset. The ASU is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been issued. When adopted in an interim period, it must be adopted from the beginning of the year that includes that interim period. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. (d) Recently adopted Accounting Pronouncements In October 2021, FASB issued ASU No. 2021-08, Business Combinations (“ASC Topic 805”) : Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . This ASU provides guidance in ASC Topic 805 to require the acquirer entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contract with Customers , as if it had originated the contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements, if the acquiree prepared financial statements in accordance with U.S. GAAP. The ASU is effective for fiscal years beginning after December 15, 2022. An entity may early adopt the ASU including adoption in an interim period, with retrospective application to all business combinations within the fiscal year that includes such interim period. The adoption of this ASU is applicable for future business combinations.

Segment and Geographical Inform

Segment and Geographical Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment and Geographical Information	Segment and Geographical Information The Company is a provider of data analytics and digital operations and solutions. The Company manages and reports financial information through its four reportable segments: Insurance, Healthcare, Analytics and Emerging Business, which reflects how management reviews financial information and makes operating decisions. These business units develop client-specific solutions, build capabilities, maintain a unified go-to-market approach and are integrally responsible for service delivery, customer satisfaction, growth and profitability. The chief operating decision maker (“CODM”) generally reviews financial information such as revenues, cost of revenues and gross profit, disaggregated by the operating segments to allocate an overall budget among the operating segments. The Company does not allocate, and therefore the CODM does not evaluate, certain operating expenses, interest expense or income taxes by segment. Many of the Company’s assets are shared by multiple operating segments. The Company manages these assets on a total Company basis, not by operating segment, and therefore asset information and capital expenditures by operating segment are not presented. Revenues and cost of revenues for the three months ended March 31, 2023 and 2022, respectively, for each of the reportable segments, are as follows: Three months ended March 31, 2023 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 125,937 $ 26,703 $ 66,161 $ 181,842 $ 400,643 Cost of revenues (1) 82,324 18,809 35,970 114,366 251,469 Gross profit (1) $ 43,613 $ 7,894 $ 30,191 $ 67,476 $ 149,174 Operating expenses 89,726 Foreign exchange gain, net, interest expense and other income, net (125) Income tax expense 8,058 Gain from equity-method investment 66 Net income $ 51,331 (1) Exclusive of depreciation and amortization expense. Three months ended March 31, 2022 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 103,266 $ 26,156 $ 50,747 $ 149,039 $ 329,208 Cost of revenues (1) 65,082 17,651 29,213 95,570 207,516 Gross profit (1) $ 38,184 $ 8,505 $ 21,534 $ 53,469 $ 121,692 Operating expenses 77,717 Foreign exchange gain, net, interest expense and other income, net 3,291 Income tax expense 11,202 Gain from equity-method investment 114 Net income $ 36,178 (1) Exclusive of depreciation and amortization expense. Revenues, net by service type, were as follows: Three months ended March 31, 2023 2022 Digital operations and solutions (1) $ 218,801 $ 180,169 Analytics services 181,842 149,039 Revenues, net $ 400,643 $ 329,208 (1) Digital operations and solutions include revenues of the Company’s Insurance, Healthcare and Emerging Business reportable segments. Refer to the reportable segment disclosure above. The Company attributes the revenues to regions based upon the location of its customers. Three months ended March 31, 2023 2022 Revenues, net United States $ 339,073 $ 282,379 Non-United States United Kingdom 41,574 32,773 Rest of World 19,996 14,056 Total Non-United States 61,570 46,829 Revenues, net $ 400,643 $ 329,208 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 March 31, 2023 December 31, 2022 Long-lived assets United States $ 61,183 $ 60,709 India 46,732 50,118 Philippines 17,686 18,406 Rest of World 13,833 8,942 Long-lived assets $ 139,434 $ 138,175

Revenues, net

Revenues, net	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Accounts receivable, net $ 290,512 $ 259,222 Contract assets $ 2,628 $ 2,768 Contract liabilities: Deferred revenue (consideration received in advance) $ 19,685 $ 17,079 Consideration received for process transition activities $ 5,295 $ 5,423 Accounts receivable includes $155,992 and $126,027 as of March 31, 2023 and December 31, 2022, respectively, representing unbilled receivables. The Company has accrued the unbilled receivables for work performed in accordance with the terms of contracts with customers and considers no significant performance risk associated with its unbilled receivables. Contract assets represent upfront payments such as deal signing discounts or deal signing bonuses made to customers. These costs are amortized over the expected period of the benefit and are recorded as an adjustment to transaction price and reduced from revenues. The Company’s assessment did not indicate any impairment losses on its contract assets for the periods presented. Contract liabilities represent that portion of deferred revenue for which payments have been received in advance from customers. The Company also defers revenues attributable to certain process transition activities for which costs have been capitalized by the Company as contract fulfillment costs. Consideration received from customers, if any, relating to such transition activities are classified under contract liabilities and are included within “Deferred revenues” and “Other non-current liabilities” in the consolidated balance sheets. The revenues are recognized as (or when) the performance obligation is fulfilled under the contract with customer. Revenue recognized during the three months ended March 31, 2023 and 2022, which was included in the contract liabilities balance at the beginning of the respective periods: Three months ended March 31, 2023 2022 Deferred revenue (consideration received in advance) $ 13,002 $ 9,564 Consideration received for process transition activities $ 703 $ 366 Contract acquisition and fulfillment costs The following table provides details of the Company’s contract acquisition and fulfillment costs: Contract Acquisition Costs Contract Fulfillment Costs Three months ended Year ended Three months ended Year ended March 31, 2023 March 31, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 Opening Balance $ 1,095 $ 511 $ 511 $ 13,871 $ 5,795 $ 5,795 Additions 1,079 547 1,014 4,618 2,177 15,509 Amortization (180) (131) (430) (616) (537) (7,433) Closing Balance $ 1,994 $ 927 $ 1,095 $ 17,873 $ 7,435 $ 13,871 There was no impairment for contract acquisition and contract fulfillment costs as of March 31, 2023 and December 31, 2022. The capitalized costs are amortized over the expected period of benefit of the contract. Allowance for expected credit losses The Company evaluates the credit risk of its customers based on a combination of various financial and qualitative factors that may affect the ability of each customer to pay. The Company considered current and anticipated future economic conditions relating to the industries of the Company’s customers and the countries where it operates. In calculating expected credit loss, the Company also considered past payment trends, credit rating and other related credit information for its significant customers to estimate the probability of default in the future. As of March 31, 2023 December 31, 2022 Accounts receivable, including unbilled receivables $ 292,183 $ 260,554 Less: Allowance for expected credit losses (1,671) (1,332) Accounts receivable, net $ 290,512 $ 259,222 The movement in “Allowance for expected credit losses” on customer balances was as follows: Three months ended March 31, Year ended 2023 2022 December 31, 2022 Opening Balance $ 1,332 $ 573 $ 573 Additions 451 172 815 Reductions due to write-off of Accounts Receivables (112) (158) (60) Currency translation adjustments — 1 4 Closing Balance $ 1,671 $ 588 $ 1,332 Concentration of credit risk To reduce credit risk, the Company conducts ongoing credit evaluations of its customers. No customer accounted for more than 10% of accounts receivable, net, as of March 31, 2023 and December 31, 2022.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding, adjusted for outstanding shares that are subject to repurchase during each period. Diluted earnings per share is computed using the weighted average number of common shares plus the potentially dilutive effect of common stock equivalents (outstanding stock options, restricted stock, restricted stock units and employee stock purchase plans) issued and outstanding at the reporting date, using the treasury stock method. Common stock equivalents that are anti-dilutive are excluded from the computation of weighted average shares outstanding. The following table sets forth the computation of basic and diluted earnings per share: Three months ended March 31, 2023 2022 Numerators: Net income $ 51,331 $ 36,178 Denominators: Basic weighted average common shares outstanding 33,439,564 33,442,038 Dilutive effect of share-based awards 491,916 452,830 Diluted weighted average common shares outstanding 33,931,480 33,894,868 Earnings per share attributable to ExlService Holdings, Inc. stockholders: Basic $ 1.54 $ 1.08 Diluted $ 1.51 $ 1.07 Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share 109,269 1,082

Other Income, net

Other Income, net	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Other Income, net	Other Income, net Other income, net consists of the following: Three months ended March 31, 2023 2022 Gain on sale and mark-to-market on investments $ 1,644 $ 1,236 Interest and dividend income 1,721 1,370 Others, net (210) (195) Other income, net $ 3,155 $ 2,411

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash For the purposes of unaudited statements of cash flows, cash, cash equivalents and restricted cash consist of the following: As of March 31, 2023 March 31, 2022 December 31, 2022 Cash and cash equivalents $ 87,298 $ 106,540 $ 118,669 Restricted cash (current) 5,598 6,274 4,897 Restricted cash (non-current) 2,069 2,255 2,055 Cash, cash equivalents and restricted cash $ 94,965 $ 115,069 $ 125,621 Restricted cash (current) primarily represents funds held on behalf of clients in dedicated bank accounts. The corresponding liability against the same is included under “Accrued Expenses and other current liabilities.” Restricted cash (non-current) represents amounts on deposit with banks against bank guarantees issued through banks in favor of relevant statutory authorities for equipment imports, deposits for obtaining indirect tax registrations and for demands against pending income tax assessments. These deposits with banks will mature one year after the balance sheet date.

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Investments	Investments Investments consist of the following: As of March 31, 2023 December 31, 2022 Short-term investments Mutual funds $ 64,253 $ 110,964 Term deposits 52,226 68,063 Total Short-term investments $ 116,479 $ 179,027 Long-term investments Term deposits $ 32,055 $ 31,341 Investment in equity affiliate 3,504 3,438 Total Long-term investments $ 35,559 $ 34,779

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net consists of the following: As of Estimated useful lives (Years) March 31, 2023 December 31, 2022 Owned Assets: Network equipment and computers 3-5 $ 136,289 $ 130,218 Software 2-5 98,410 88,487 Leasehold improvements 3-8 41,040 42,890 Office furniture and equipment 3-8 19,936 20,211 Motor vehicles 2-5 683 605 Buildings 30 968 961 Land — 633 629 Capital work in progress — 9,750 14,459 307,709 298,460 Less: Accumulated depreciation and amortization (221,621) (216,132) $ 86,088 $ 82,328 Right-of-use assets under finance leases*: Network equipment and computers 58 82 Leasehold improvements 611 1,013 Office furniture and equipment 437 662 Motor vehicles 816 742 1,922 2,499 Less: Accumulated depreciation and amortization (1,358) (1,999) $ 564 $ 500 Property and equipment, net $ 86,652 $ 82,828 *Depreciation on assets held under finance leases are computed using the straight-line method over the shorter of the assets estimated useful lives or the lease term. Capital work in progress represents advances paid towards acquisition of property and equipment and costs incurred on internally developed software not yet ready to be placed in service. During the three months ended March 31, 2023, there were no changes in estimated useful lives of property and equipment during the ordinary course of operations. The depreciation and amortization expense, excluding amortization of acquisition-related intangibles, recognized in the unaudited consolidated statements of income was as follows: Three months ended March 31, 2023 2022 Depreciation and amortization expense $ 9,338 $ 9,116 The effect of foreign exchange gain/(loss) upon settlement of cash flow hedges recorded under depreciation and amortization expense, was as follows: Three months ended March 31, 2023 2022 Effect of foreign exchange gain/(loss) $ (79) $ 67 Internally developed software costs, included under Software, was as follows: As of March 31, 2023 December 31, 2022 Cost $ 40,944 $ 31,544 Less : Accumulated amortization (18,114) (16,134) Internally developed software, net $ 22,830 $ 15,410 The amortization expense on internally developed software recognized in the unaudited consolidated statements of income was as follows: Three months ended March 31, 2023 2022 Amortization expense $ 1,975 $ 1,033 As of March 31, 2023 and December 31, 2022, the Company believes no impairment exists because the long-lived asset's future undiscounted net cash flows expected to be generated exceeds its carrying value; however, there can be no assurance that long-lived assets will not be impaired in future periods. Determining whether an impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, the asset’s residual value, if any. It is reasonably possible that the judgments and estimates described above could change in future periods.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Other Intangible Assets Goodwill The following table sets forth details of changes in goodwill by reportable segment of the Company: Insurance Healthcare Emerging Business Analytics Total Balance as of January 1, 2023 $ 49,929 $ 21,875 $ 47,101 $ 286,732 $ 405,637 Currency translation adjustments 68 4 115 — 187 Balance as of March 31, 2023 $ 49,997 $ 21,879 $ 47,216 $ 286,732 $ 405,824 As of March 31, 2023, the Company performed an assessment to determine whether events or circumstances exist that may lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company considered current and forecasted economic and market conditions and qualitative factors, such as the Company’s performance during the first quarter of the current fiscal year, business forecasts for the remainder of the year, stock price movements, generation and availability of cash and expansion plans. The Company reviewed key assumptions, including revisions of projected future revenues for reporting units against the results of the annual impairment test performed during the fourth quarter of 2022. The Company did not identify any triggers or indications of potential impairment for its reporting units as of March 31, 2023. The recoverability of goodwill is dependent upon the continued growth of cash flows from the Company’s business activities. This growth is based on business forecasts and improvement in profitability of its reporting units. The Company continues to maintain its focus on cultivating long-term client relationships as well as attracting new clients. Other Intangible Assets Information regarding the Company’s intangible assets is set forth below: As of March 31, 2023 Gross Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 99,146 $ (42,642) $ 56,504 Developed technology 24,912 (22,185) 2,727 Trade names and trademarks 1,700 (1,375) 325 Non-compete agreements 336 (111) 225 126,094 (66,313) 59,781 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 Total intangible assets $ 126,994 $ (66,313) $ 60,681 As of December 31, 2022 Gross Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 99,146 $ (39,848) $ 59,298 Developed technology 24,878 (20,902) 3,976 Trade names and trademarks 1,700 (1,303) 397 Non-compete agreements 336 (88) 248 126,060 (62,141) 63,919 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 Total intangible assets $ 126,960 $ (62,141) $ 64,819 The amortization expense recognized in the unaudited consolidated statements of income was as follows: Three months ended March 31, 2023 2022 Amortization expense $ 4,149 $ 4,486 The remaining weighted average life of intangible assets is as follows: (in years) Customer relationships 5.3 Developed technology 1.4 Trade names and trademarks (finite lived) 1.3 Non-compete agreements 2.6 Estimated future amortization expense related to finite-lived intangible assets as of March 31, 2023 was as follows: 2023 (April 1 - December 31) $ 10,503 2024 12,137 2025 10,702 2026 10,364 2027 9,364 2028 and thereafter 6,711 Total $ 59,781

Other Current Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	Other Current Assets Other current assets consist of the following: As of March 31, 2023 December 31, 2022 Prepaid expenses $ 23,256 $ 18,132 Receivables from statutory authorities 15,609 15,724 Advance income tax, net 13,568 5,716 Derivative instruments 2,949 1,526 Advances to suppliers 2,047 1,944 Deferred contract fulfillment costs 1,934 1,178 Contract assets 826 904 Others 6,151 5,855 Other current assets $ 66,340 $ 50,979

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following: As of March 31, 2023 December 31, 2022 Deferred contract fulfillment costs $ 15,939 $ 12,693 Lease deposits 6,514 6,621 Deposits with statutory authorities 6,310 6,276 Contract assets 1,802 1,864 Derivative instruments 1,483 820 Others 4,477 3,795 Other assets $ 36,525 $ 32,069

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: As of March 31, 2023 December 31, 2022 Accrued expenses $ 53,061 $ 47,854 Payable to statutory authorities 40,235 20,430 Contingent consideration 18,100 5,000 Client liabilities 5,609 5,110 Derivative instruments 5,140 10,059 Accrued capital expenditures 4,619 4,032 Other current liabilities 6,636 2,867 Accrued expenses and other current liabilities $ 133,400 $ 95,352

Other Non-Current Liabilities

Other Non-Current Liabilities	3 Months Ended
	Mar. 31, 2023
Liabilities, Noncurrent [Abstract]
Other Non-Current Liabilities	Other Non-Current Liabilities Other non-current liabilities consist of the following: As of March 31, 2023 December 31, 2022 Retirement benefits $ 14,220 $ 12,982 Deferred transition revenue 4,223 4,408 Derivative instruments 3,209 6,218 Unrecognized tax benefits 2,329 2,329 Contingent consideration 589 13,689 Others 1,727 1,666 Other non-current liabilities $ 26,297 $ 41,292

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income/( Loss)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income/( Loss)	Accumulated Other Comprehensive Income/(Loss) Accumulated other comprehensive income/(loss) (“AOCI”) consists of actuarial gain/(loss) on retirement benefits and foreign currency translation adjustments. In addition, the Company enters into foreign currency forward contracts and interest rate swaps, which are designated as cash flow hedges and net investment hedges, as applicable, in accordance with ASC Topic 815, Derivatives and Hedging . Cumulative changes in the fair values of cash flow hedges are recognized in AOCI on the Company’s consolidated balance sheets. The fair value changes are reclassified from AOCI to unaudited consolidated statements of income upon settlement of foreign currency forward contracts designated as cash flow hedges of a forecast transaction, whereas such changes for interest rate swaps are reclassified over the term of the contract. Fair value changes related to net investment hedges are included in AOCI and are reclassified to unaudited consolidated statements of income when a foreign operation is disposed or partially disposed. The following table sets forth the changes in AOCI during the three months ended March 31, 2023 and 2022: Accumulated Other Comprehensive Income/(Loss) Foreign currency translation gain/(loss) Unrealized gain/(loss) on cash flow hedges Retirement benefits Total Balance as of January 1, 2023 $ (133,139) $ (11,303) $ 299 $ (144,143) Gains recognized during the period 5,313 7,294 — 12,607 Reclassification to net income — 3,065 (25) 3,040 Income tax effects (2) (1,138) (1,834) (19) (2,991) Accumulated other comprehensive income/(loss) as of March 31, 2023 $ (128,964) $ (2,778) $ 255 $ (131,487) Balance as of January 1, 2022 $ (95,437) $ 8,420 $ (2,457) $ (89,474) Losses recognized during the period (7,445) (517) — (7,962) Reclassification to net income (1) — (1,989) 155 (1,834) Income tax effects (2) 499 512 (47) 964 Accumulated other comprehensive income/(loss) as of March 31, 2022 $ (102,383) $ 6,426 $ (2,349) $ (98,306) 1. Refer to Note 17 - Derivatives and Hedge Accounting and Note 20 - Employee Benefit Plans to the unaudited consolidated financial statements for reclassification to net income. 2. These are income tax effects recognized on cash flow hedges, retirement benefits and foreign currency translation gain/(loss). Refer to Note 22 - Income Taxes to the unaudited consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 recognized at fair value: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs As of March 31, 2023 (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents - Money market funds* $ 789 $ — $ — $ 789 Mutual funds** 64,253 — — 64,253 Derivative financial instruments — 4,432 — 4,432 Total $ 65,042 $ 4,432 $ — $ 69,474 Liabilities Derivative financial instruments $ — $ 8,349 $ — $ 8,349 Contingent consideration*** — — 18,689 18,689 Total $ — $ 8,349 $ 18,689 $ 27,038 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs As of December 31, 2022 (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents - Money market funds* $ 1,137 $ — $ — $ 1,137 Mutual funds** 110,964 — — 110,964 Derivative financial instruments — 2,346 — 2,346 Total $ 112,101 $ 2,346 $ — $ 114,447 Liabilities Derivative financial instruments $ — $ 16,277 $ — $ 16,277 Contingent consideration*** — — 18,689 18,689 Total $ — $ 16,277 $ 18,689 $ 34,966 * Represents money market funds which are carried at the fair value option under ASC Topic 825 “ Financial Instruments ” . ** Represents those short-term investments which are carried at the fair value option under ASC Topic 825 “ Financial Instruments ” . *** Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets. Derivative Financial Instruments : The Company’s derivative financial instruments consist of foreign currency forward contracts and interest rate swaps. Fair values for derivative financial instruments are based on independent sources including highly rated financial institutions and are classified as Level 2. Refer to Note 17 - Derivatives and Hedge Accounting to the unaudited consolidated financial statements for further details. Fair Value of Contingent Consideration : The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for business acquisitions. The measurement is calculated using unobservable inputs based on the Company’s own assessment of achievement of certain performance goals. The Company estimated the fair value of the contingent consideration based on the Monte Carlo simulation model and scenario-based method. The following table summarizes the changes in the fair value of contingent consideration: Three months ended March 31, 2023 2022 Opening balance $ 18,689 $ 9,000 Acquisitions — — Fair value changes — — Closing balance $ 18,689 $ 9,000 During the three months ended March 31, 2023 and 2022, there were no transfers among Level 1, Level 2 and Level 3. Financial Instruments Not Carried at Fair Value : The Company’s other financial instruments not carried at fair value consist primarily of cash and cash equivalents (except investments in money market funds, as disclosed above), short-term investments (except investments in mutual funds, as disclosed above), restricted cash, accounts receivable, net, long-term investments, accrued capital expenditures, accrued expenses, client liabilities and interest payable on borrowings for which fair values approximate their carrying amounts. The carrying value of the Company’s outstanding revolving credit facility approximates its fair value because the Company’s interest rate yield is near current market rates for comparable debt instruments.

Derivatives and Hedge Accountin

Derivatives and Hedge Accounting	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedge Accounting	Derivatives and Hedge Accounting The Company uses derivative instruments to mitigate cash flow volatility from risk of fluctuations in foreign currency exchange rates and interest rates. The Company enters into foreign currency forward contracts to hedge cash flow risks from forecasted transactions denominated in certain foreign currencies, and interest rate swaps to hedge cash flow risks from its revolving credit facility having variable interest rate obligations. These contracts qualify as cash flow hedges under ASC Topic 815, Derivatives and Hedging, and are with counterparties that are highly rated financial institutions. For derivatives in cash flow hedging relationships as of March 31, 2023 and December 31, 2022, the Company had outstanding foreign currency forward contracts totaling $877,820 and $841,620, respectively and interest rate swaps totaling $75,000, each. The Company estimates that approximately $2,086 of derivative losses, net, excluding tax effects, included in AOCI, representing changes in the value of cash flow hedges based on exchange rates prevailing as of March 31, 2023, could be reclassified into earnings within the next twelve months. As of March 31, 2023, the maximum outstanding term of the cash flow hedges was approximately 42 months. The Company also enters into foreign currency forward contracts to hedge its intercompany balances and other monetary assets and liabilities denominated in currencies other than functional currencies, against the risk of fluctuations in foreign currency exchange rates associated with remeasurement of such assets and liabilities to functional currency. These foreign currency forward contracts do not qualify as fair value hedges under ASC Topic 815, Derivatives and Hedging . Changes in the fair value of these financial instruments are recognized in the unaudited consolidated statements of income and are included in the foreign exchange gain/(loss) line item. The Company’s primary exchange rate exposure is with the Indian rupee, the Philippine peso and the U.K. pound sterling (GBP). The Company also has exposure to Colombian pesos (COP), Czech koruna, the Euro (EUR), South African ZAR, the Australian dollar (AUD), the Canadian dollar (CAD) and other local currencies in which it operates. The following table sets forth the aggregate notional principal amounts of outstanding foreign currency forward contracts for derivatives not designated as hedging instruments: As of Foreign currency forward contracts denominated in: March 31, 2023 December 31, 2022 U. S. dollar (USD) 170,630 163,990 U.K. pound sterling (GBP) 11,798 8,351 Euro (EUR) 2,647 1,956 Australian dollar (AUD) 2,090 1,951 South African ZAR 34,704 — Colombian peso (COP) 1,970,314 — The following table sets forth the fair value of the foreign currency forward contracts and interest rate swaps and their location on the consolidated balance sheets: Derivatives in cash flow hedging relationships Derivatives not designated as hedging instruments As of As of March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Assets: Other current assets $ 2,866 $ 1,271 $ 83 $ 255 Other assets $ 1,483 $ 820 $ — $ — Liabilities: Accrued expenses and other current liabilities $ 4,952 $ 10,044 $ 188 $ 15 Other non-current liabilities $ 3,209 $ 6,218 $ — $ — The following tables set forth the effect of foreign currency forward contracts and interest rate swaps on AOCI and the unaudited consolidated statements of income: Three months ended March 31, Derivative financial instruments: 2023 2022 Unrealized gain/(loss) recognized in AOCI Derivatives in cash flow hedging relationships $ 7,294 $ (517) Gain/(loss) recognized in unaudited consolidated statements of income Derivatives not designated as hedging instruments $ 2,528 $ (899) Location and amount of gain/(loss) recognized in unaudited consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments: Three months ended March 31, 2023 2022 As per unaudited consolidated statements of income Gain/(loss) on derivative financial instruments As per unaudited consolidated statements of income Gain/(loss) on derivative financial instruments Cash flow hedging relationships Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI Cost of revenues $ 251,469 $ (2,755) $ 207,516 $ 1,583 General and administrative expenses $ 46,746 (242) $ 39,945 294 Selling and marketing expenses $ 29,493 (19) $ 24,170 14 Depreciation and amortization expense $ 13,487 (123) $ 13,602 98 Interest expense $ 3,385 74 $ 876 — Total before tax (3,065) 1,989 Income tax effects on above 534 (515) Net of tax $ (2,531) $ 1,474 Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where gain/(loss) was recognized Foreign exchange gain/(loss), net $ 105 $ 2,528 $ 1,756 $ (899) $ 105 $ 2,528 $ 1,756 $ (899)

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Borrowings	Borrowings The following tables summarizes the Company’s debt position: As of March 31, 2023 December 31, 2022 Revolving credit facility Current portion of long-term borrowings $ 40,000 $ 30,000 Long-term borrowings 160,000 220,000 Total borrowings $ 200,000 $ 250,000 Unamortized debt issuance costs for the Company’s revolving credit facility of $1,109 and $1,177 as of March 31, 2023 and December 31, 2022, respectively, are presented under “Other current assets” and “Other assets,” as applicable in the consolidated balance sheets. Credit Agreement The Company held a $300,000 revolving credit facility pursuant to its credit agreement (the “Credit Agreement”), dated as of November 21, 2017 with certain lenders and Citibank N.A. as Administrative Agent. The revolving credit facility originally had a maturity date of November 21, 2022 and was voluntarily pre-payable from time to time without premium or penalty. On April 18, 2022, the Company and each of the Company’s wholly owned material domestic subsidiaries entered into an Amendment and Restatement Agreement with Citibank, N.A. as Administrative Agent and certain lenders (the “2022 Credit Agreement”), pursuant to which the parties thereto amended and restated the Credit Agreement. Among other things, the 2022 Credit Agreement (a) provides for the issuance of new revolving credit commitments such that the aggregate amount of revolving credit commitments available to the Company is equal to $400,000; (b) extends the maturity date of the revolving credit facility from November 21, 2022 to April 18, 2027; and (c) replaces LIBOR with Secured Overnight Financing Rate (“SOFR”) as the reference rate for the U.S. dollar borrowings. The 2022 Credit Agreement provides an option to increase the commitments by up to $200,000, subject to certain approvals and conditions. The 2022 Credit Agreement includes a letter of credit sub facility and is voluntarily pre-payable from time to time without premium or penalty. Borrowings under the 2022 Credit Agreement can be used for working capital and general corporate purposes, including permitted acquisitions. Obligations under the 2022 Credit Agreement are guaranteed by the Company’s material domestic subsidiaries and are secured by all or substantially all of the Company’s and its material domestic subsidiaries’ assets. The 2022 Credit Agreement contains customary affirmative and negative covenants, including, but not limited to, restrictions on the ability to incur indebtedness, create liens, make certain investments, make certain dividends and related distributions, enter into, or undertake, certain liquidations, mergers, consolidations or acquisitions and dispose of certain assets or subsidiaries. The revolving credit facility carried an effective interest rate as shown below: Three months ended March 31, 2023 2022 Effective Interest Rate 5.9 % 1.3 % As of March 31, 2023 and December 31, 2022, the Company was in compliance with all financial and non-financial covenants listed under the revolving credit facility. Expected payments for all of the Company’s borrowings as of March 31, 2023 were as follows: Revolving credit facility Principal Payments Interest Payments* 2023 (April 1 - December 31) $ 40,000 $ 8,048 2024 — 9,364 2025 — 9,364 2026 — 9,364 2027 160,000 3,512 Total $ 200,000 $ 39,652 * Interest payments are based on effective interest rate as of March 31, 2023. Letters of Credit In the ordinary course of business, the Company provides standby letters of credit to third parties primarily for facility leases. As of each of March 31, 2023 and December 31, 2022, the Company had outstanding letters of credit of $461, that were not recognized in the consolidated balance sheets.

Capital Structure

Capital Structure	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Capital Structure	Capital Structure Common Stock The Company has one class of common stock outstanding. The Company purchased shares of its common stock from employees in connection with withholding tax payments related to the vesting of restricted stock units and performance-based restricted stock units, as below: Shares repurchased Total consideration Weighted average purchase price per share (1) Three months ended March 31, 2023 38,356 $ 6,529 $ 170.22 Three months ended March 31, 2022 27,219 $ 3,191 $ 117.23 (1) The weighted average purchase price per share is based on the closing price of the Company’s common stock on the Nasdaq Global Select Market on the trading day prior to the applicable vesting date of the shares of restricted stock. On October 5, 2021, the Company’s board of directors authorized a $300,000 common stock repurchase program beginning January 1, 2022 (the “2022 Repurchase Program”). Under the 2022 Repurchase Program, shares may be purchased by the Company from time to time from the open market and through private transactions, or otherwise, as determined by the Company’s management as market conditions warrant. Repurchases may be discontinued at any time by the management. The Company purchased shares of its common stock, for a total consideration including commissions, under the 2022 Repurchase Program, as below: Shares repurchased Total consideration Weighted average purchase price per share Three months ended March 31, 2023 221,025 $ 35,834 $ 162.13 Three months ended March 31, 2022 221,333 $ 28,194 $ 127.38 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.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company’s Gratuity Plan in India (the “India Plan”) provides for a lump sum payment to vested employees on retirement or upon termination of employment in an amount based on the respective employee’s salary and years of employment with the Company. In addition, the Company’s subsidiary operating in the Philippines conforms to the minimum regulatory benefit, which provide for lump sum payment to vested employees on retirement from employment in an amount based on the respective employee’s salary and years of employment with the Company (the “Philippines Plan”). Liabilities with regard to the India Plan and the Philippines Plan are determined by actuarial valuation using the projected unit credit method. Current service costs for these plans are accrued in the year to which they relate. Actuarial gains or losses or prior service costs, if any, resulting from amendments to the plans are recognized and amortized over the remaining period of service of the employees. The India Plan is partially funded whereas the Philippines Plan is unfunded. The Company makes annual contributions to the India Plan established with insurance companies. Fund managers manage these funds and calculate the annual contribution required to be made by the Company and manage the India Plan, including any required payouts. These funds are managed on a cash accumulation basis and interest is declared retrospectively on March 31 of each year. The Company expects to earn a return of approximately 7.2% per annum on the India Plan for the year ending on December 31, 2023. Change in Plan Assets Plan assets as of January 1, 2023 $ 14,449 Actual return 257 Employer contribution — Benefits paid (302) Effect of exchange rate changes 98 Plan assets as of March 31, 2023 $ 14,502 Components of net periodic benefit costs recognized in unaudited consolidated statements of income and actuarial (gain)/loss reclassified from AOCI, were as follows: Three months ended March 31, 2023 2022 Service cost $ 956 $ 990 Interest cost 395 323 Expected return on plan assets (263) (228) Amortization of actuarial (gain)/loss, gross of tax (25) 155 Net gratuity cost $ 1,063 $ 1,240 Amortization of actuarial (gain)/loss, gross of tax $ (25) $ 155 Income tax effects on above (19) (47) Amortization of actuarial (gain)/loss, net of tax $ (44) $ 108 The Company maintains several 401(k) plans (the “401(k) Plans”) under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”), covering all eligible employees, as defined in the Code as a defined social security contribution plan. The Company may make discretionary contributions of up to a maximum of 3.0% of employee compensation within certain limits. The Company’s accrual for contributions to the 401(k) Plans were as follows: Three months ended March 31, 2023 2022 Contribution to the 401(k) Plans $ 2,386 $ 2,017 The Company’s contribution for various defined social security contribution plans on behalf of employees in foreign subsidiaries of the Company were as follows: Three months ended March 31, 2023 2022 Contributions to the defined social security contribution plans $ 5,392 $ 4,213

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	LeasesThe Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements. The Company had performed an evaluation of its contracts with suppliers in accordance with ASC Topic 842, Leases , and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease. As part of the Company’s efforts to optimize its existing network of operations centers, the Company continued to evaluate its office facilities to determine where it can exit or consolidate its use of office space. Supplemental balance sheet information As of March 31, 2023 December 31, 2022 Operating Lease Operating lease right-of-use assets $ 52,782 $ 55,347 Operating lease liabilities - Current $ 14,095 $ 14,978 Operating lease liabilities - Non-current 45,655 48,155 Total operating lease liabilities $ 59,750 $ 63,133 Finance Lease Property and equipment, gross $ 1,922 $ 2,499 Accumulated depreciation (1,358) (1,999) Property and equipment, net $ 564 $ 500 Finance lease liabilities - Current $ 176 $ 164 Finance lease liabilities - Non-current 407 355 Total finance lease liabilities $ 583 $ 519 Finance lease liabilities are presented as a part of “Accrued expenses and other current liabilities” and “Other non-current liabilities,” as applicable, in the Company’s consolidated balance sheets. The components of lease cost, which are included in the Company’s unaudited consolidated statements of income, are as follows: Three months ended March 31, Lease cost 2023 2022 Finance lease: Amortization of right-of-use assets $ 38 $ 38 Interest on lease liabilities 20 14 58 52 Operating lease (a) 4,883 6,043 Variable lease costs 1,007 1,121 Total lease cost $ 5,948 $ 7,216 (a) Includes short-term leases, which are immaterial. Supplemental cash flow and other information related to leases are as follows: Three months ended March 31, 2023 2022 Cash payments for amounts included in the measurement of lease liabilities : Operating cash outflows for operating leases $ 5,453 $ 6,005 Operating cash outflows for finance leases $ 20 $ 14 Financing cash outflows for finance leases $ 43 $ 39 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,213 $ 3,834 Right-of-use assets obtained in exchange for new finance lease liabilities $ 99 $ 50 Weighted average remaining lease term (in years) Finance lease 2.9 years 2.1 years Operating lease 5.8 years 5.6 years Weighted average discount rate Finance lease 14.0% 14.6% Operating lease 7.0% 7.0% The Company modified certain of its operating leases, resulting in a decrease of its lease liabilities by $3,094 and an increase of its lease liabilities by $367, during the three months ended March 31, 2023 and 2022, respectively, with a corresponding adjustment to ROU assets. As of March 31, 2023 and December 31, 2022, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company. Maturities of lease liabilities as of March 31, 2023 were as follows: Operating Leases Finance Leases 2023 (April 1 - December 31) $ 13,501 $ 190 2024 15,228 191 2025 10,387 142 2026 9,295 115 2027 6,765 104 2028 and thereafter 19,429 14 Total lease payments 74,605 756 Less: Imputed interest 14,855 173 Present value of lease liabilities $ 59,750 $ 583 Maturities of lease liabilities as of December 31, 2022 were as follows: Operating Leases Finance Leases 2023 $ 18,711 $ 228 2024 14,846 162 2025 10,037 114 2026 8,941 88 2027 6,474 79 2028 and thereafter 19,624 — Total lease payments 78,633 671 Less: Imputed interest 15,500 152 Present value of lease liabilities $ 63,133 $ 519
Leases	LeasesThe Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements. The Company had performed an evaluation of its contracts with suppliers in accordance with ASC Topic 842, Leases , and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease. As part of the Company’s efforts to optimize its existing network of operations centers, the Company continued to evaluate its office facilities to determine where it can exit or consolidate its use of office space. Supplemental balance sheet information As of March 31, 2023 December 31, 2022 Operating Lease Operating lease right-of-use assets $ 52,782 $ 55,347 Operating lease liabilities - Current $ 14,095 $ 14,978 Operating lease liabilities - Non-current 45,655 48,155 Total operating lease liabilities $ 59,750 $ 63,133 Finance Lease Property and equipment, gross $ 1,922 $ 2,499 Accumulated depreciation (1,358) (1,999) Property and equipment, net $ 564 $ 500 Finance lease liabilities - Current $ 176 $ 164 Finance lease liabilities - Non-current 407 355 Total finance lease liabilities $ 583 $ 519 Finance lease liabilities are presented as a part of “Accrued expenses and other current liabilities” and “Other non-current liabilities,” as applicable, in the Company’s consolidated balance sheets. The components of lease cost, which are included in the Company’s unaudited consolidated statements of income, are as follows: Three months ended March 31, Lease cost 2023 2022 Finance lease: Amortization of right-of-use assets $ 38 $ 38 Interest on lease liabilities 20 14 58 52 Operating lease (a) 4,883 6,043 Variable lease costs 1,007 1,121 Total lease cost $ 5,948 $ 7,216 (a) Includes short-term leases, which are immaterial. Supplemental cash flow and other information related to leases are as follows: Three months ended March 31, 2023 2022 Cash payments for amounts included in the measurement of lease liabilities : Operating cash outflows for operating leases $ 5,453 $ 6,005 Operating cash outflows for finance leases $ 20 $ 14 Financing cash outflows for finance leases $ 43 $ 39 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,213 $ 3,834 Right-of-use assets obtained in exchange for new finance lease liabilities $ 99 $ 50 Weighted average remaining lease term (in years) Finance lease 2.9 years 2.1 years Operating lease 5.8 years 5.6 years Weighted average discount rate Finance lease 14.0% 14.6% Operating lease 7.0% 7.0% The Company modified certain of its operating leases, resulting in a decrease of its lease liabilities by $3,094 and an increase of its lease liabilities by $367, during the three months ended March 31, 2023 and 2022, respectively, with a corresponding adjustment to ROU assets. As of March 31, 2023 and December 31, 2022, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company. Maturities of lease liabilities as of March 31, 2023 were as follows: Operating Leases Finance Leases 2023 (April 1 - December 31) $ 13,501 $ 190 2024 15,228 191 2025 10,387 142 2026 9,295 115 2027 6,765 104 2028 and thereafter 19,429 14 Total lease payments 74,605 756 Less: Imputed interest 14,855 173 Present value of lease liabilities $ 59,750 $ 583 Maturities of lease liabilities as of December 31, 2022 were as follows: Operating Leases Finance Leases 2023 $ 18,711 $ 228 2024 14,846 162 2025 10,037 114 2026 8,941 88 2027 6,474 79 2028 and thereafter 19,624 — Total lease payments 78,633 671 Less: Imputed interest 15,500 152 Present value of lease liabilities $ 63,133 $ 519

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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. Each quarter, the Company updates its estimate of annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment. The effective tax rate decreased from 23.7% during the three months ended March 31, 2022 to 13.6% during the three months ended March 31, 2023. The Company recorded income tax expense of $8,058 and $11,202 for the three months ended March 31, 2023 and 2022, respectively. The decrease in income tax expense was primarily as a result of higher excess tax benefits related to stock-based compensation during the three months ended March 31, 2023, compared to the three months ended March 31, 2022, partially offset by an increase in income tax expense on higher profit and an increase in non-deductible expenses during the three months ended March 31, 2023. During the three months ended March 31, 2023, the Company’s subsidiaries in India, U.K. and Australia repatriated $76,000 (net of $4,015 withholding taxes), $15,598 and $9,081, respectively, to the United States. These distributions do not constitute a change in the Company’s permanent reinvestment assertion. Deferred income taxes recognized in AOCI were as follows: Three months ended March 31, 2023 2022 Deferred taxes benefit / (expense) recognized on: Unrealized gain/(loss) on cash flow hedges $ (1,300) $ (3) Reclassification adjustment for cash flow hedges (534) 515 Reclassification adjustment for retirement benefits (19) (47) Foreign currency translation gain/(loss) (1,138) 499 Total $ (2,991) $ 964

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation Stock-based compensation expense by nature of function, as below, are included in the unaudited consolidated statements of income: Three months ended March 31, 2023 2022 Cost of revenues $ 3,566 $ 2,641 General and administrative expenses 5,825 4,395 Selling and marketing expenses 5,016 4,188 Total $ 14,407 $ 11,224 Income tax benefit related to share-based compensation (1) $ 9,830 $ 2,806 (1) Includes $12,520 and $3,610 during the three months ended March 31, 2023 and 2022 respectively, related to discrete benefits recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation. As of March 31, 2023 and December 31, 2022, the Company had 952,074 and 1,324,755 shares, respectively, available for grant under the 2018 Omnibus Incentive Plan. Stock Options During the three months ended March 31, 2023 and 2022, there was no stock option activity under the Company’s stock-based compensation plans. The number of stock options that were vested and exercisable as of each of March 31, 2023 and December 31, 2022 were 3,093 units. Share Matching Program Under the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”), the Company established a share matching program (“SMP”) for executive officers and other specified employees. Under the SMP, the Company agreed to issue a number of restricted stock units equal to the number of newly acquired shares of the Company's common stock. During the three months ended March 31, 2023 and 2022, nil and 52,636, respectively, restricted stock units were issued under the Company’s SMP. As of each of March 31, 2023 and December 31, 2022, the number of unvested restricted stock units was 47,623 units. Restricted Stock Units Restricted stock unit activity under the Company’s stock-based compensation plans is shown below: Restricted Stock Units Number Weighted Average Outstanding as of December 31, 2022* 923,126 $ 98.71 Granted 217,194 172.80 Vested (284,174) 87.52 Forfeited (8,513) 99.41 Outstanding as of March 31, 2023* 847,633 $ 121.44 * As of March 31, 2023 and December 31, 2022 restricted stock units vested for which the underlying common stock is yet to be issued are 119,908 and 174,490 respectively. As of March 31, 2023, unrecognized compensation cost of $86,957 is expected to be expensed over a weighted average period of 2.9 years. Performance Based Stock Awards Under the 2018 Plan, the Company grants performance-based restricted stock units (“PRSUs”) to executive officers and other specified employees. During the three months ended March 31, 2023, the Company granted 40% of each award recipient’s equity grants in the form of PRSUs that cliff vest at the end of a three-year period based on an aggregated revenue target for a three-year period (“PU”). The remaining 60% of each award recipient’s equity grants are PRSUs that are based on market conditions, contingent on the Company's meeting a total shareholder return relative to a group of peer companies specified under the 2018 Plan, and are measured over a three-year performance period (“MU”). PRSU activity under the Company’s stock plans is shown below: Revenue Based PRSUs Market Condition Based PRSUs Number Weighted Average Number Weighted Average Outstanding as of December 31, 2022 49,591 $ 119.99 178,712 $ 134.72 Granted 43,868 172.82 65,729 223.61 Vested — — — — Forfeited (130) 119.98 (194) 155.67 Outstanding as of March 31, 2023 93,329 $ 144.82 244,247 $ 158.62 As of March 31, 2023, unrecognized compensation cost of $43,169 is expected to be expensed over a weighted average period of 2.3 years. Employee Stock Purchase Plan On June 21, 2022, at the annual meeting of stockholders of the Company, the Company’s stockholders approved the ExlService Holdings, Inc. 2022 Employee Stock Purchase Plan (the “2022 ESPP”). The 2022 ESPP allows eligible employees to purchase the Company’s shares of common stock through payroll deductions at a pre-specified discount to the lower of closing price of the Company’s common shares on the date of offering or the last business day of each purchase interval. The dollar amount of shares of common stock that can be purchased under the 2022 ESPP must not exceed 15% of the participating employee’s compensation during the offering period, subject to a cap of $25 per employee per calendar year. The Company has registered 800,000 shares of common stock to be reserved for issuance over the term of the 2022 ESPP. The second offering period under the 2022 ESPP commenced on January 1, 2023 with a term of six months. During the three months ended March 31, 2023, 7,636 common shares were issued under the 2022 ESPP for purchases of common stock made during the first offering period that completed on December 31, 2022. As of March 31, 2023 and December 31, 2022, 792,364 and 800,000 shares, respectively, remain available for future issuance under the 2022 ESPP.

Related Party Disclosures

Related Party Disclosures	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Disclosures	Related Party DisclosuresIn April 2022, the Company entered into a service contract for providing analytics services to The Vanguard Group Inc., which beneficially owns more than 10% of the Company’s common stock as of March 31, 2023. During the three months ended March 31, 2023, the Company recognized revenues, net of $951 related to this service contract. The Company had outstanding accounts receivable of $1,217 and $856, related to this service contract as of March 31, 2023 and December 31, 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Commitments As of March 31, 2023, the Company had committed to spend approximately $7,500 under agreements to purchase property and equipment. This amount is net of capital advances paid which are recognized in unaudited consolidated balance sheets as “Capital work in progress” under “Property and equipment, net.” Other Commitments Certain units of the Company’s Indian subsidiaries were established as 100% Export-Oriented units or under the Software Technology Parks of India or Special Economic Zone scheme promulgated by the Government of India. These units are exempt from customs, central excise duties, and levies on imported and indigenous capital goods, stores, and spares. The Company has undertaken to pay custom duties, service taxes, levies, and liquidated damages payable, if any, in respect of imported and indigenous capital goods, stores and spares consumed duty free, in the event that certain terms and conditions are not fulfilled. The Company believes, however, that these units have in the past satisfied, and will continue to satisfy, the required conditions. The Company’s operations centers in the Philippines are registered as qualified Philippines Economic Zone Authority units, which provides the Company fiscal incentives on the import of capital goods and local purchase of services and materials. The Company is required to meet certain requirements to retain the incentives. The Company has complied, and intends to continue compliance, with the requirements to avail itself of the incentives. Contingencies The transfer pricing regulations in the countries in which the Company operates require that controlled intercompany transactions be at arm’s-length. Accordingly, the Company determines and documents pricing for controlled intercompany transactions based on an economic analysis as prescribed in the respective regulations. The tax authorities have jurisdiction to review the Company’s transfer pricing. If the Company’s transfer pricing is challenged by the authorities, they could assess additional tax, interest and penalties, thereby impacting the Company’s profitability and cash flows. The Company is currently involved in transfer pricing and related income tax disputes with Indian tax authorities. The aggregate amount demanded by Indian tax authorities (net of advance payments) as of March 31, 2023 and December 31, 2022 is $37,072 and $37,088, respectively. The Company has made payments and/or provided bank guarantees against these demands in the amounts of $7,316 and $7,532, as of March 31, 2023 and December 31, 2022, respectively. The Company believes that its positions will more likely than not be sustained upon final examination by the tax authorities, and accordingly has not accrued any liabilities with respect to these matters in its consolidated financial statements. India’s Value Added Tax (“VAT”) regime ended in June 2017 and was replaced by the current Goods and Service Tax (“GST”) regime. Pursuant to reviewing the Company’s annual VAT filings, the Indian tax authorities raised aggregate VAT tax demands for tax years 2015 and 2017, in the amounts of $5,563 and $5,526, as of March 31, 2023 and December 31, 2022, respectively. The GST authorities rejected the Company’s refunds claims in the amounts of $3,892 and $3,866 as of March 31, 2023 and December 31, 2022, respectively. The Company has filed appeals against these matters and believes that it is more likely than not that upon final examination its position will be sustained based on its technical merits. Accordingly, no provision was recognized as of March 31, 2023 and December 31, 2022, respectively. One of the Company’s subsidiaries in India has undergone an assessment with the statutory authority with respect to defined social security contribution plan. Except for some components of the assessment for which the Company has recognized a provision in the financial statements, the Company believes that the amount demanded by such authority is not a meaningful indicator of the potential liabilities of the Company, and that the matter is without merit. The Company is defending against the assessment order and has accordingly instituted an appeal against the order before the relevant tribunal while also making a payment under protest of the amount demanded, being a prerequisite for the appeal to be admitted. As of the reporting date, the Company’s management does not believe that the ultimate assessment will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. The Company will continue to monitor and evaluate its position based on future events and developments in this matter. In August 2019 and September 2020, the Indian Parliament passed various consolidating labor codes, including the Code on Social Security, 2020 (the “Indian Social Security Code”) which aims to rationalize labor laws. The Indian Social Security Code has implications on defined social security contribution plans, provision of certain benefits or facilities to employees at employer’s costs and post-retirement benefits. Most specifically, it broadens the definition of an employee and wages and liberalizes the definition of “continuous period” for the purpose of determining employee benefits, among others. However, the rules for the Indian Social Security Code are yet to be published and the effective date from which these changes are applicable is yet to be notified. The Company will complete its evaluation once the subject rules are notified and will give appropriate impact in the financial statements in the period in which, the Indian Social Security Code becomes effective and the related rules to determine the financial impact are published. From time to time, the Company, its subsidiaries, and/or their present officers or directors, may be or have been, named as a defendant in litigation matters, including employment-related claims. The plaintiffs in those cases seek damages, including, where applicable, compensatory damages, punitive damages and attorney’s fees. With respect to pending litigation matters as of the reporting date, the Company believes that the damages claimed are without merit, and the Company intends to vigorously defend them. The Company will continuously monitor developments on these matters to assess potential impacts to the financial statements. The outcomes of legal actions are unpredictable and subject to significant uncertainties, and thus it is inherently difficult to determine the likelihood of the Company incurring a material loss or quantification of any such loss. With respect to pending litigation matters as of the reporting date, based on information currently available, including the Company’s assessment of the facts underlying each matter and advice of counsel, the amount or range of reasonably possible losses, if any, cannot be reasonably estimated. Based on the Company’s assessment, including the availability of insurance recoveries, the Company’s management does not believe that currently pending litigation, individually or in aggregate, will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. The Company will continuously monitor these matters to assess potential impacts to the financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Preparation	Basis of Preparation and Principles of ConsolidationThe unaudited consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”)
Principles of Consolidation	for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The unaudited consolidated financial statements reflect all adjustments (of a normal and recurring nature) that management considers necessary for a fair presentation of such statements for the interim periods presented. The unaudited consolidated statements of income for the interim periods presented are not necessarily indicative of the results for the full year or for any subsequent period. The accompanying unaudited consolidated financial statements include the financial statements of ExlService Holdings and all of its subsidiaries. The standalone financial statements of subsidiaries are fully consolidated on a line-by-line basis. Intra-group balances and transactions, and gains and losses arising from intra-group transactions, are eliminated while preparing consolidated financial statements. The Company’s investments in equity affiliates are initially recorded at cost and any excess purchase consideration paid over proportionate share of the fair value of the net assets of the investee at the acquisition date is recognized as goodwill. The proportionate share of net income or loss of the investee after its acquisition is recognized in the unaudited consolidated statements of income. Accounting policies of the respective individual subsidiaries and equity affiliates are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under U.S. GAAP.
Use of Estimates	Use of EstimatesThe preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the unaudited consolidated statements of income during the reporting period. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates and assumptions that affect the unaudited consolidated financial statements include, but are not limited to, estimates of the fair value of the identifiable intangible assets and contingent consideration, purchase price allocation, including revenue projections and the discount rate applied within the discounted cash flow model for business acquisitions, credit risk of customers, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and variable consideration in a customer contract, expected recoverability from customers with contingent fee arrangements, estimated costs to complete fixed price contracts, recoverability of dues from statutory authorities, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments, stock-based awards, and debt instruments, assumptions used to calculate stock-based compensation expense, assumptions used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, lease term to calculate amortization of ROU, depreciation and amortization periods, and recoverability of long-lived assets, goodwill and intangibles.
Recent Accounting Pronouncements and Recently adopted Accounting Pronouncements	Recent Accounting Pronouncements In March 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-01, Leases (“ASC Topic 842”): Common Control Arrangements . This ASU provides guidance in ASC Topic 842 that leasehold improvements associated with common control leases should be (i) amortized by the lessee over the useful life of the leasehold improvements to the common control group, regardless of the lease term, as long as the lessee controls the use of the underlying asset through a lease, and (ii) accounted for as a transfer between entities under common control through an adjustment to equity if and when the lessee no longer controls the use of the underlying asset. The ASU is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been issued. When adopted in an interim period, it must be adopted from the beginning of the year that includes that interim period. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. (d) Recently adopted Accounting Pronouncements In October 2021, FASB issued ASU No. 2021-08, Business Combinations (“ASC Topic 805”) : Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . This ASU provides guidance in ASC Topic 805 to require the acquirer entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contract with Customers , as if it had originated the contracts. Generally, this should result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements, if the acquiree prepared financial statements in accordance with U.S. GAAP. The ASU is effective for fiscal years beginning after December 15, 2022. An entity may early adopt the ASU including adoption in an interim period, with retrospective application to all business combinations within the fiscal year that includes such interim period. The adoption of this ASU is applicable for future business combinations.

Segment and Geographical Info_2

Segment and Geographical Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Revenues and Cost of Revenues for Company's Reportable Segments	Revenues and cost of revenues for the three months ended March 31, 2023 and 2022, respectively, for each of the reportable segments, are as follows: Three months ended March 31, 2023 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 125,937 $ 26,703 $ 66,161 $ 181,842 $ 400,643 Cost of revenues (1) 82,324 18,809 35,970 114,366 251,469 Gross profit (1) $ 43,613 $ 7,894 $ 30,191 $ 67,476 $ 149,174 Operating expenses 89,726 Foreign exchange gain, net, interest expense and other income, net (125) Income tax expense 8,058 Gain from equity-method investment 66 Net income $ 51,331 (1) Exclusive of depreciation and amortization expense. Three months ended March 31, 2022 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 103,266 $ 26,156 $ 50,747 $ 149,039 $ 329,208 Cost of revenues (1) 65,082 17,651 29,213 95,570 207,516 Gross profit (1) $ 38,184 $ 8,505 $ 21,534 $ 53,469 $ 121,692 Operating expenses 77,717 Foreign exchange gain, net, interest expense and other income, net 3,291 Income tax expense 11,202 Gain from equity-method investment 114 Net income $ 36,178 (1) Exclusive of depreciation and amortization expense. Revenues, net by service type, were as follows: Three months ended March 31, 2023 2022 Digital operations and solutions (1) $ 218,801 $ 180,169 Analytics services 181,842 149,039 Revenues, net $ 400,643 $ 329,208 (1) Digital operations and solutions include revenues of the Company’s Insurance, Healthcare and Emerging Business reportable segments. Refer to the reportable segment disclosure above.
Revenues Based on Geographical Information	The Company attributes the revenues to regions based upon the location of its customers. Three months ended March 31, 2023 2022 Revenues, net United States $ 339,073 $ 282,379 Non-United States United Kingdom 41,574 32,773 Rest of World 19,996 14,056 Total Non-United States 61,570 46,829 Revenues, net $ 400,643 $ 329,208
Property and Equipment, Net 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 March 31, 2023 December 31, 2022 Long-lived assets United States $ 61,183 $ 60,709 India 46,732 50,118 Philippines 17,686 18,406 Rest of World 13,833 8,942 Long-lived assets $ 139,434 $ 138,175

Revenues, net (Tables)

Revenues, net (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognized, Contract with Customer, Receivables, Assets and Liabilities Recognized	The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers: As of March 31, 2023 December 31, 2022 Accounts receivable, net $ 290,512 $ 259,222 Contract assets $ 2,628 $ 2,768 Contract liabilities: Deferred revenue (consideration received in advance) $ 19,685 $ 17,079 Consideration received for process transition activities $ 5,295 $ 5,423 Revenue recognized during the three months ended March 31, 2023 and 2022, which was included in the contract liabilities balance at the beginning of the respective periods: Three months ended March 31, 2023 2022 Deferred revenue (consideration received in advance) $ 13,002 $ 9,564 Consideration received for process transition activities $ 703 $ 366
Contract Acquisition and Fulfillment Costs	The following table provides details of the Company’s contract acquisition and fulfillment costs: Contract Acquisition Costs Contract Fulfillment Costs Three months ended Year ended Three months ended Year ended March 31, 2023 March 31, 2022 December 31, 2022 March 31, 2023 March 31, 2022 December 31, 2022 Opening Balance $ 1,095 $ 511 $ 511 $ 13,871 $ 5,795 $ 5,795 Additions 1,079 547 1,014 4,618 2,177 15,509 Amortization (180) (131) (430) (616) (537) (7,433) Closing Balance $ 1,994 $ 927 $ 1,095 $ 17,873 $ 7,435 $ 13,871
Accounts Receivable, Allowance for Expected Credit Loss	As of March 31, 2023 December 31, 2022 Accounts receivable, including unbilled receivables $ 292,183 $ 260,554 Less: Allowance for expected credit losses (1,671) (1,332) Accounts receivable, net $ 290,512 $ 259,222 The movement in “Allowance for expected credit losses” on customer balances was as follows: Three months ended March 31, Year ended 2023 2022 December 31, 2022 Opening Balance $ 1,332 $ 573 $ 573 Additions 451 172 815 Reductions due to write-off of Accounts Receivables (112) (158) (60) Currency translation adjustments — 1 4 Closing Balance $ 1,671 $ 588 $ 1,332

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings per share: Three months ended March 31, 2023 2022 Numerators: Net income $ 51,331 $ 36,178 Denominators: Basic weighted average common shares outstanding 33,439,564 33,442,038 Dilutive effect of share-based awards 491,916 452,830 Diluted weighted average common shares outstanding 33,931,480 33,894,868 Earnings per share attributable to ExlService Holdings, Inc. stockholders: Basic $ 1.54 $ 1.08 Diluted $ 1.51 $ 1.07 Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share 109,269 1,082

Other Income, net (Tables)

Other Income, net (Tables)	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Summary of Other Income, net	Other income, net consists of the following: Three months ended March 31, 2023 2022 Gain on sale and mark-to-market on investments $ 1,644 $ 1,236 Interest and dividend income 1,721 1,370 Others, net (210) (195) Other income, net $ 3,155 $ 2,411

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	For the purposes of unaudited statements of cash flows, cash, cash equivalents and restricted cash consist of the following: As of March 31, 2023 March 31, 2022 December 31, 2022 Cash and cash equivalents $ 87,298 $ 106,540 $ 118,669 Restricted cash (current) 5,598 6,274 4,897 Restricted cash (non-current) 2,069 2,255 2,055 Cash, cash equivalents and restricted cash $ 94,965 $ 115,069 $ 125,621
Restrictions on Cash and Cash Equivalents	For the purposes of unaudited statements of cash flows, cash, cash equivalents and restricted cash consist of the following: As of March 31, 2023 March 31, 2022 December 31, 2022 Cash and cash equivalents $ 87,298 $ 106,540 $ 118,669 Restricted cash (current) 5,598 6,274 4,897 Restricted cash (non-current) 2,069 2,255 2,055 Cash, cash equivalents and restricted cash $ 94,965 $ 115,069 $ 125,621

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Investment	Investments consist of the following: As of March 31, 2023 December 31, 2022 Short-term investments Mutual funds $ 64,253 $ 110,964 Term deposits 52,226 68,063 Total Short-term investments $ 116,479 $ 179,027 Long-term investments Term deposits $ 32,055 $ 31,341 Investment in equity affiliate 3,504 3,438 Total Long-term investments $ 35,559 $ 34,779

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, net	Property and equipment, net consists of the following: As of Estimated useful lives (Years) March 31, 2023 December 31, 2022 Owned Assets: Network equipment and computers 3-5 $ 136,289 $ 130,218 Software 2-5 98,410 88,487 Leasehold improvements 3-8 41,040 42,890 Office furniture and equipment 3-8 19,936 20,211 Motor vehicles 2-5 683 605 Buildings 30 968 961 Land — 633 629 Capital work in progress — 9,750 14,459 307,709 298,460 Less: Accumulated depreciation and amortization (221,621) (216,132) $ 86,088 $ 82,328 Right-of-use assets under finance leases*: Network equipment and computers 58 82 Leasehold improvements 611 1,013 Office furniture and equipment 437 662 Motor vehicles 816 742 1,922 2,499 Less: Accumulated depreciation and amortization (1,358) (1,999) $ 564 $ 500 Property and equipment, net $ 86,652 $ 82,828 *Depreciation on assets held under finance leases are computed using the straight-line method over the shorter of the assets estimated useful lives or the lease term. The depreciation and amortization expense, excluding amortization of acquisition-related intangibles, recognized in the unaudited consolidated statements of income was as follows: Three months ended March 31, 2023 2022 Depreciation and amortization expense $ 9,338 $ 9,116 The effect of foreign exchange gain/(loss) upon settlement of cash flow hedges recorded under depreciation and amortization expense, was as follows: Three months ended March 31, 2023 2022 Effect of foreign exchange gain/(loss) $ (79) $ 67 Internally developed software costs, included under Software, was as follows: As of March 31, 2023 December 31, 2022 Cost $ 40,944 $ 31,544 Less : Accumulated amortization (18,114) (16,134) Internally developed software, net $ 22,830 $ 15,410 The amortization expense on internally developed software recognized in the unaudited consolidated statements of income was as follows: Three months ended March 31, 2023 2022 Amortization expense $ 1,975 $ 1,033

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table sets forth details of changes in goodwill by reportable segment of the Company: Insurance Healthcare Emerging Business Analytics Total Balance as of January 1, 2023 $ 49,929 $ 21,875 $ 47,101 $ 286,732 $ 405,637 Currency translation adjustments 68 4 115 — 187 Balance as of March 31, 2023 $ 49,997 $ 21,879 $ 47,216 $ 286,732 $ 405,824
Schedule of Indefinite Lived Intangible Assets	Information regarding the Company’s intangible assets is set forth below: As of March 31, 2023 Gross Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 99,146 $ (42,642) $ 56,504 Developed technology 24,912 (22,185) 2,727 Trade names and trademarks 1,700 (1,375) 325 Non-compete agreements 336 (111) 225 126,094 (66,313) 59,781 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 Total intangible assets $ 126,994 $ (66,313) $ 60,681 As of December 31, 2022 Gross Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 99,146 $ (39,848) $ 59,298 Developed technology 24,878 (20,902) 3,976 Trade names and trademarks 1,700 (1,303) 397 Non-compete agreements 336 (88) 248 126,060 (62,141) 63,919 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 Total intangible assets $ 126,960 $ (62,141) $ 64,819
Schedule of Finite Lived Intangible Assets Useful Lives	Information regarding the Company’s intangible assets is set forth below: As of March 31, 2023 Gross Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 99,146 $ (42,642) $ 56,504 Developed technology 24,912 (22,185) 2,727 Trade names and trademarks 1,700 (1,375) 325 Non-compete agreements 336 (111) 225 126,094 (66,313) 59,781 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 Total intangible assets $ 126,994 $ (66,313) $ 60,681 As of December 31, 2022 Gross Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 99,146 $ (39,848) $ 59,298 Developed technology 24,878 (20,902) 3,976 Trade names and trademarks 1,700 (1,303) 397 Non-compete agreements 336 (88) 248 126,060 (62,141) 63,919 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 Total intangible assets $ 126,960 $ (62,141) $ 64,819 (in years) Customer relationships 5.3 Developed technology 1.4 Trade names and trademarks (finite lived) 1.3 Non-compete agreements 2.6
Schedule of Amortization of Intangible Assets	The amortization expense recognized in the unaudited consolidated statements of income was as follows: Three months ended March 31, 2023 2022 Amortization expense $ 4,149 $ 4,486
Schedule of Estimated Future Amortization of Intangible Assets	Estimated future amortization expense related to finite-lived intangible assets as of March 31, 2023 was as follows: 2023 (April 1 - December 31) $ 10,503 2024 12,137 2025 10,702 2026 10,364 2027 9,364 2028 and thereafter 6,711 Total $ 59,781

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Other current assets consist of the following: As of March 31, 2023 December 31, 2022 Prepaid expenses $ 23,256 $ 18,132 Receivables from statutory authorities 15,609 15,724 Advance income tax, net 13,568 5,716 Derivative instruments 2,949 1,526 Advances to suppliers 2,047 1,944 Deferred contract fulfillment costs 1,934 1,178 Contract assets 826 904 Others 6,151 5,855 Other current assets $ 66,340 $ 50,979

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: As of March 31, 2023 December 31, 2022 Deferred contract fulfillment costs $ 15,939 $ 12,693 Lease deposits 6,514 6,621 Deposits with statutory authorities 6,310 6,276 Contract assets 1,802 1,864 Derivative instruments 1,483 820 Others 4,477 3,795 Other assets $ 36,525 $ 32,069

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: As of March 31, 2023 December 31, 2022 Accrued expenses $ 53,061 $ 47,854 Payable to statutory authorities 40,235 20,430 Contingent consideration 18,100 5,000 Client liabilities 5,609 5,110 Derivative instruments 5,140 10,059 Accrued capital expenditures 4,619 4,032 Other current liabilities 6,636 2,867 Accrued expenses and other current liabilities $ 133,400 $ 95,352

Other Non-Current Liabilities (

Other Non-Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Liabilities, Noncurrent [Abstract]
Summary of Other Non-Current Liabilities	Other non-current liabilities consist of the following: As of March 31, 2023 December 31, 2022 Retirement benefits $ 14,220 $ 12,982 Deferred transition revenue 4,223 4,408 Derivative instruments 3,209 6,218 Unrecognized tax benefits 2,329 2,329 Contingent consideration 589 13,689 Others 1,727 1,666 Other non-current liabilities $ 26,297 $ 41,292

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income/( Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income/( Loss)	The following table sets forth the changes in AOCI during the three months ended March 31, 2023 and 2022: Accumulated Other Comprehensive Income/(Loss) Foreign currency translation gain/(loss) Unrealized gain/(loss) on cash flow hedges Retirement benefits Total Balance as of January 1, 2023 $ (133,139) $ (11,303) $ 299 $ (144,143) Gains recognized during the period 5,313 7,294 — 12,607 Reclassification to net income — 3,065 (25) 3,040 Income tax effects (2) (1,138) (1,834) (19) (2,991) Accumulated other comprehensive income/(loss) as of March 31, 2023 $ (128,964) $ (2,778) $ 255 $ (131,487) Balance as of January 1, 2022 $ (95,437) $ 8,420 $ (2,457) $ (89,474) Losses recognized during the period (7,445) (517) — (7,962) Reclassification to net income (1) — (1,989) 155 (1,834) Income tax effects (2) 499 512 (47) 964 Accumulated other comprehensive income/(loss) as of March 31, 2022 $ (102,383) $ 6,426 $ (2,349) $ (98,306) 1. Refer to Note 17 - Derivatives and Hedge Accounting and Note 20 - Employee Benefit Plans to the unaudited consolidated financial statements for reclassification to net income. 2. These are income tax effects recognized on cash flow hedges, retirement benefits and foreign currency translation gain/(loss). Refer to Note 22 - Income Taxes to the unaudited consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value	The following table sets forth the Company’s assets and liabilities that were recognized at fair value: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs As of March 31, 2023 (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents - Money market funds* $ 789 $ — $ — $ 789 Mutual funds** 64,253 — — 64,253 Derivative financial instruments — 4,432 — 4,432 Total $ 65,042 $ 4,432 $ — $ 69,474 Liabilities Derivative financial instruments $ — $ 8,349 $ — $ 8,349 Contingent consideration*** — — 18,689 18,689 Total $ — $ 8,349 $ 18,689 $ 27,038 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs As of December 31, 2022 (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents - Money market funds* $ 1,137 $ — $ — $ 1,137 Mutual funds** 110,964 — — 110,964 Derivative financial instruments — 2,346 — 2,346 Total $ 112,101 $ 2,346 $ — $ 114,447 Liabilities Derivative financial instruments $ — $ 16,277 $ — $ 16,277 Contingent consideration*** — — 18,689 18,689 Total $ — $ 16,277 $ 18,689 $ 34,966 * Represents money market funds which are carried at the fair value option under ASC Topic 825 “ Financial Instruments ” . ** Represents those short-term investments which are carried at the fair value option under ASC Topic 825 “ Financial Instruments ” . *** Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets.
Changes in the fair value of contingent consideration	The following table summarizes the changes in the fair value of contingent consideration: Three months ended March 31, 2023 2022 Opening balance $ 18,689 $ 9,000 Acquisitions — — Fair value changes — — Closing balance $ 18,689 $ 9,000 During the three months ended March 31, 2023 and 2022, there were no transfers among Level 1, Level 2 and Level 3.

Derivatives and Hedge Account_2

Derivatives and Hedge Accounting (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Foreign Currency Exchange Contracts	The following table sets forth the aggregate notional principal amounts of outstanding foreign currency forward contracts for derivatives not designated as hedging instruments: As of Foreign currency forward contracts denominated in: March 31, 2023 December 31, 2022 U. S. dollar (USD) 170,630 163,990 U.K. pound sterling (GBP) 11,798 8,351 Euro (EUR) 2,647 1,956 Australian dollar (AUD) 2,090 1,951 South African ZAR 34,704 — Colombian peso (COP) 1,970,314 — The following table sets forth the fair value of the foreign currency forward contracts and interest rate swaps and their location on the consolidated balance sheets: Derivatives in cash flow hedging relationships Derivatives not designated as hedging instruments As of As of March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Assets: Other current assets $ 2,866 $ 1,271 $ 83 $ 255 Other assets $ 1,483 $ 820 $ — $ — Liabilities: Accrued expenses and other current liabilities $ 4,952 $ 10,044 $ 188 $ 15 Other non-current liabilities $ 3,209 $ 6,218 $ — $ —
Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income/(Loss)	The following tables set forth the effect of foreign currency forward contracts and interest rate swaps on AOCI and the unaudited consolidated statements of income: Three months ended March 31, Derivative financial instruments: 2023 2022 Unrealized gain/(loss) recognized in AOCI Derivatives in cash flow hedging relationships $ 7,294 $ (517) Gain/(loss) recognized in unaudited consolidated statements of income Derivatives not designated as hedging instruments $ 2,528 $ (899) Location and amount of gain/(loss) recognized in unaudited consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments: Three months ended March 31, 2023 2022 As per unaudited consolidated statements of income Gain/(loss) on derivative financial instruments As per unaudited consolidated statements of income Gain/(loss) on derivative financial instruments Cash flow hedging relationships Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI Cost of revenues $ 251,469 $ (2,755) $ 207,516 $ 1,583 General and administrative expenses $ 46,746 (242) $ 39,945 294 Selling and marketing expenses $ 29,493 (19) $ 24,170 14 Depreciation and amortization expense $ 13,487 (123) $ 13,602 98 Interest expense $ 3,385 74 $ 876 — Total before tax (3,065) 1,989 Income tax effects on above 534 (515) Net of tax $ (2,531) $ 1,474 Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where gain/(loss) was recognized Foreign exchange gain/(loss), net $ 105 $ 2,528 $ 1,756 $ (899) $ 105 $ 2,528 $ 1,756 $ (899)

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Company's Debt Position	The following tables summarizes the Company’s debt position: As of March 31, 2023 December 31, 2022 Revolving credit facility Current portion of long-term borrowings $ 40,000 $ 30,000 Long-term borrowings 160,000 220,000 Total borrowings $ 200,000 $ 250,000
Schedule of Credit Facilities Carried an Effective Interest Rate	The revolving credit facility carried an effective interest rate as shown below: Three months ended March 31, 2023 2022 Effective Interest Rate 5.9 % 1.3 %
Schedule of Principal Maturities of Borrowings	Expected payments for all of the Company’s borrowings as of March 31, 2023 were as follows: Revolving credit facility Principal Payments Interest Payments* 2023 (April 1 - December 31) $ 40,000 $ 8,048 2024 — 9,364 2025 — 9,364 2026 — 9,364 2027 160,000 3,512 Total $ 200,000 $ 39,652 * Interest payments are based on effective interest rate as of March 31, 2023.

Capital Structure (Tables)

Capital Structure (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Purchase of Common Stock from Employees Withholding Tax Payments Related to Vesting of Restricted Stock	The Company purchased shares of its common stock from employees in connection with withholding tax payments related to the vesting of restricted stock units and performance-based restricted stock units, as below: Shares repurchased Total consideration Weighted average purchase price per share (1) Three months ended March 31, 2023 38,356 $ 6,529 $ 170.22 Three months ended March 31, 2022 27,219 $ 3,191 $ 117.23
Summary of Company's Purchased Shares of its Common Stock, Including Commissions	The Company purchased shares of its common stock, for a total consideration including commissions, under the 2022 Repurchase Program, as below: Shares repurchased Total consideration Weighted average purchase price per share Three months ended March 31, 2023 221,025 $ 35,834 $ 162.13 Three months ended March 31, 2022 221,333 $ 28,194 $ 127.38

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Summary of Change in Projected Benefit Obligation	Change in Plan Assets Plan assets as of January 1, 2023 $ 14,449 Actual return 257 Employer contribution — Benefits paid (302) Effect of exchange rate changes 98 Plan assets as of March 31, 2023 $ 14,502
Components of Net Periodic Benefit Costs	Components of net periodic benefit costs recognized in unaudited consolidated statements of income and actuarial (gain)/loss reclassified from AOCI, were as follows: Three months ended March 31, 2023 2022 Service cost $ 956 $ 990 Interest cost 395 323 Expected return on plan assets (263) (228) Amortization of actuarial (gain)/loss, gross of tax (25) 155 Net gratuity cost $ 1,063 $ 1,240 Amortization of actuarial (gain)/loss, gross of tax $ (25) $ 155 Income tax effects on above (19) (47) Amortization of actuarial (gain)/loss, net of tax $ (44) $ 108
Schedule of Company's Contribution Plan	The Company’s accrual for contributions to the 401(k) Plans were as follows: Three months ended March 31, 2023 2022 Contribution to the 401(k) Plans $ 2,386 $ 2,017 The Company’s contribution for various defined social security contribution plans on behalf of employees in foreign subsidiaries of the Company were as follows: Three months ended March 31, 2023 2022 Contributions to the defined social security contribution plans $ 5,392 $ 4,213

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information	Supplemental balance sheet information As of March 31, 2023 December 31, 2022 Operating Lease Operating lease right-of-use assets $ 52,782 $ 55,347 Operating lease liabilities - Current $ 14,095 $ 14,978 Operating lease liabilities - Non-current 45,655 48,155 Total operating lease liabilities $ 59,750 $ 63,133 Finance Lease Property and equipment, gross $ 1,922 $ 2,499 Accumulated depreciation (1,358) (1,999) Property and equipment, net $ 564 $ 500 Finance lease liabilities - Current $ 176 $ 164 Finance lease liabilities - Non-current 407 355 Total finance lease liabilities $ 583 $ 519
Schedule of Components of Lease Cost	The components of lease cost, which are included in the Company’s unaudited consolidated statements of income, are as follows: Three months ended March 31, Lease cost 2023 2022 Finance lease: Amortization of right-of-use assets $ 38 $ 38 Interest on lease liabilities 20 14 58 52 Operating lease (a) 4,883 6,043 Variable lease costs 1,007 1,121 Total lease cost $ 5,948 $ 7,216 (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: Three months ended March 31, 2023 2022 Cash payments for amounts included in the measurement of lease liabilities : Operating cash outflows for operating leases $ 5,453 $ 6,005 Operating cash outflows for finance leases $ 20 $ 14 Financing cash outflows for finance leases $ 43 $ 39 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,213 $ 3,834 Right-of-use assets obtained in exchange for new finance lease liabilities $ 99 $ 50 Weighted average remaining lease term (in years) Finance lease 2.9 years 2.1 years Operating lease 5.8 years 5.6 years Weighted average discount rate Finance lease 14.0% 14.6% Operating lease 7.0% 7.0%
Schedule of Maturities of Operating Lease Liabilities	Maturities of lease liabilities as of March 31, 2023 were as follows: Operating Leases Finance Leases 2023 (April 1 - December 31) $ 13,501 $ 190 2024 15,228 191 2025 10,387 142 2026 9,295 115 2027 6,765 104 2028 and thereafter 19,429 14 Total lease payments 74,605 756 Less: Imputed interest 14,855 173 Present value of lease liabilities $ 59,750 $ 583 Maturities of lease liabilities as of December 31, 2022 were as follows: Operating Leases Finance Leases 2023 $ 18,711 $ 228 2024 14,846 162 2025 10,037 114 2026 8,941 88 2027 6,474 79 2028 and thereafter 19,624 — Total lease payments 78,633 671 Less: Imputed interest 15,500 152 Present value of lease liabilities $ 63,133 $ 519
Schedule of Maturities of Finance Lease Liabilities	Maturities of lease liabilities as of March 31, 2023 were as follows: Operating Leases Finance Leases 2023 (April 1 - December 31) $ 13,501 $ 190 2024 15,228 191 2025 10,387 142 2026 9,295 115 2027 6,765 104 2028 and thereafter 19,429 14 Total lease payments 74,605 756 Less: Imputed interest 14,855 173 Present value of lease liabilities $ 59,750 $ 583 Maturities of lease liabilities as of December 31, 2022 were as follows: Operating Leases Finance Leases 2023 $ 18,711 $ 228 2024 14,846 162 2025 10,037 114 2026 8,941 88 2027 6,474 79 2028 and thereafter 19,624 — Total lease payments 78,633 671 Less: Imputed interest 15,500 152 Present value of lease liabilities $ 63,133 $ 519

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Tax Recognized in Other Comprehensive Income	Deferred income taxes recognized in AOCI were as follows: Three months ended March 31, 2023 2022 Deferred taxes benefit / (expense) recognized on: Unrealized gain/(loss) on cash flow hedges $ (1,300) $ (3) Reclassification adjustment for cash flow hedges (534) 515 Reclassification adjustment for retirement benefits (19) (47) Foreign currency translation gain/(loss) (1,138) 499 Total $ (2,991) $ 964

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Costs Related to Company's Stock-Based Compensation Plan	Stock-based compensation expense by nature of function, as below, are included in the unaudited consolidated statements of income: Three months ended March 31, 2023 2022 Cost of revenues $ 3,566 $ 2,641 General and administrative expenses 5,825 4,395 Selling and marketing expenses 5,016 4,188 Total $ 14,407 $ 11,224 Income tax benefit related to share-based compensation (1) $ 9,830 $ 2,806 (1) Includes $12,520 and $3,610 during the three months ended March 31, 2023 and 2022 respectively, related to discrete benefits recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation.
Restricted Stock Activity Under Company's Stock Plans	Restricted stock unit activity under the Company’s stock-based compensation plans is shown below: Restricted Stock Units Number Weighted Average Outstanding as of December 31, 2022* 923,126 $ 98.71 Granted 217,194 172.80 Vested (284,174) 87.52 Forfeited (8,513) 99.41 Outstanding as of March 31, 2023* 847,633 $ 121.44 * As of March 31, 2023 and December 31, 2022 restricted stock units vested for which the underlying common stock is yet to be issued are 119,908 and 174,490 respectively. PRSU activity under the Company’s stock plans is shown below: Revenue Based PRSUs Market Condition Based PRSUs Number Weighted Average Number Weighted Average Outstanding as of December 31, 2022 49,591 $ 119.99 178,712 $ 134.72 Granted 43,868 172.82 65,729 223.61 Vested — — — — Forfeited (130) 119.98 (194) 155.67 Outstanding as of March 31, 2023 93,329 $ 144.82 244,247 $ 158.62

Segment and Geographical Info_3

Segment and Geographical Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 operating_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
		Mar. 31, 2023	Mar. 31, 2022
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		$ 400,643	$ 329,208
Cost of revenues	[1]	251,469	207,516
Gross profit	[1]	149,174	121,692
Operating expenses		89,726	77,717
Foreign exchange gain, net, interest expense and other income, net		(125)	3,291
Income tax expense		8,058	11,202
Gain from equity-method investment		66	114
Net income attributable to ExlService Holdings, Inc. stockholders		51,331	36,178
Digital operations and solutions
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		218,801	180,169
Analytics services
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		181,842	149,039
Insurance
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		125,937	103,266
Cost of revenues		82,324	65,082
Gross profit		43,613	38,184
Healthcare
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		26,703	26,156
Cost of revenues		18,809	17,651
Gross profit		7,894	8,505
Emerging Business
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		66,161	50,747
Cost of revenues		35,970	29,213
Gross profit		30,191	21,534
Analytics
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		181,842	149,039
Cost of revenues		114,366	95,570
Gross profit		$ 67,476	$ 53,469
[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
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	$ 400,643	$ 329,208
United States
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	339,073	282,379
Non-United States
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	61,570	46,829
United Kingdom
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	41,574	32,773
Rest of World
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	$ 19,996	$ 14,056

Segment and Geographical Info_6

Segment and Geographical Information - Property and Equipment, Net Based on Geographical Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 139,434	$ 138,175
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	61,183	60,709
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	46,732	50,118
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	17,686	18,406
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 13,833	$ 8,942

Revenues, net - Contracts with

Revenues, net - Contracts with Customer, Receivables, Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 290,512	$ 259,222
Contract assets	2,628	2,768
Contract liabilities:
Deferred revenue (consideration received in advance)	19,685	17,079
Consideration received for process transition activities	$ 5,295	$ 5,423

Revenues, net - Additional Info

Revenues, net - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Accounts receivable not billed	$ 155,992,000	$ 126,027,000
Contract Fulfillment Costs
Capitalized Contract Cost [Line Items]
Capitalized contract cost, accumulated impairment	0	0
Contract Acquisition Costs
Capitalized Contract Cost [Line Items]
Capitalized contract cost, accumulated impairment	$ 0	$ 0

Revenues, net - Contract with C

Revenues, net - Contract with Customer Revenue Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue (consideration received in advance)	$ 13,002	$ 9,564
Consideration received for process transition activities	$ 703	$ 366

Revenues, net - Contract Acquis

Revenues, net - Contract Acquisition and Fulfillment Costs (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Contract Acquisition Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	$ 1,095	$ 511	$ 511
Additions	1,079	547	1,014
Amortization	(180)	(131)	(430)
Closing Balance	1,994	927	1,095
Contract Fulfillment Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	13,871	5,795	5,795
Additions	4,618	2,177	15,509
Amortization	(616)	(537)	(7,433)
Closing Balance	$ 17,873	$ 7,435	$ 13,871

Revenues, net - Accounts Receiv

Revenues, net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable, including unbilled receivables	$ 292,183	$ 260,554
Less: Allowance for expected credit losses	(1,671)	(1,332)	$ (588)	$ (573)
Accounts receivable, net	$ 290,512	$ 259,222

Revenues, net - Movement in All

Revenues, net - Movement in Allowance for Expected Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Opening Balance	$ 1,332	$ 573	$ 573
Additions	451	172	815
Reductions due to write-off of Accounts Receivables	(112)	(158)	(60)
Currency translation adjustments	0	1	4
Closing Balance	$ 1,671	$ 588	$ 1,332

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerators:
Net income	$ 51,331	$ 36,178
Denominators:
Basic weighted average common shares outstanding (in shares)	33,439,564	33,442,038
Dilutive effect of share based awards (in shares)	491,916	452,830
Diluted (in shares)	33,931,480	33,894,868
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic (in dollars per share)	$ 1.54	$ 1.08
Diluted (in dollars per share)	$ 1.51	$ 1.07
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share (in shares)	109,269	1,082

Other Income, net (Details)

Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Gain on sale and mark-to-market on investments	$ 1,644	$ 1,236
Interest and dividend income	1,721	1,370
Others, net	(210)	(195)
Other income, net	$ 3,155	$ 2,411

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 87,298	$ 118,669	$ 106,540
Restricted cash (current)	5,598	4,897	6,274
Restricted cash (non-current)	2,069	2,055	2,255
Cash, cash equivalents and restricted cash	$ 94,965	$ 125,621	$ 115,069	$ 143,810

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Short-term investments
Mutual funds	$ 64,253	$ 110,964
Term deposits	52,226	68,063
Total Short-term investments	116,479	179,027
Long-term investments
Term deposits	32,055	31,341
Investment in equity affiliate	3,504	3,438
Total Long-term investments	$ 35,559	$ 34,779

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Owned Assets:
Owned assets, gross	$ 307,709	$ 298,460
Less: Accumulated depreciation and amortization	(221,621)	(216,132)
Owned assets, net	86,088	82,328
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	1,922	2,499
Less: Accumulated depreciation and amortization	(1,358)	(1,999)
Right of use assets under finance leases, net	564	500
Property and equipment, net	$ 86,652	$ 82,828
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Network equipment and computers
Owned Assets:
Owned assets, gross	$ 136,289	$ 130,218
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 58	82
Network equipment and computers | Minimum
Owned Assets:
Estimated useful lives	3 years
Network equipment and computers | Maximum
Owned Assets:
Estimated useful lives	5 years
Software
Owned Assets:
Owned assets, gross	$ 98,410	88,487
Software | Minimum
Owned Assets:
Estimated useful lives	2 years
Software | Maximum
Owned Assets:
Estimated useful lives	5 years
Leasehold improvements
Owned Assets:
Owned assets, gross	$ 41,040	42,890
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 611	1,013
Leasehold improvements | Minimum
Owned Assets:
Estimated useful lives	3 years
Leasehold improvements | Maximum
Owned Assets:
Estimated useful lives	8 years
Office furniture and equipment
Owned Assets:
Owned assets, gross	$ 19,936	20,211
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 437	662
Office furniture and equipment | Minimum
Owned Assets:
Estimated useful lives	3 years
Office furniture and equipment | Maximum
Owned Assets:
Estimated useful lives	8 years
Motor vehicles
Owned Assets:
Owned assets, gross	$ 683	605
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 816	742
Motor vehicles | Minimum
Owned Assets:
Estimated useful lives	2 years
Motor vehicles | Maximum
Owned Assets:
Estimated useful lives	5 years
Buildings
Owned Assets:
Estimated useful lives	30 years
Owned assets, gross	$ 968	961
Land
Owned Assets:
Owned assets, gross	633	629
Capital work in progress
Owned Assets:
Owned assets, gross	$ 9,750	$ 14,459

Property and Equipment, net - D

Property and Equipment, net - Depreciation and Amortization Expense and Effect of Foreign Exchange Gain (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 9,338	$ 9,116
Depreciation and amortization
Property, Plant and Equipment [Line Items]
Effect of foreign exchange gain/(loss)	$ (79)	$ 67

Property and Equipment, net - I

Property and Equipment, net - Internally Developed Software Costs, Included under Software (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Cost	$ 40,944		$ 31,544
Less : Accumulated amortization	(18,114)		(16,134)
Internally developed software, net	22,830		$ 15,410
Amortization expense	$ 1,975	$ 1,033

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Long-lived assets impairment charges	$ 0	$ 0

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 405,637
Currency translation adjustments	187
Ending balance	405,824
Insurance
Goodwill [Roll Forward]
Beginning balance	49,929
Currency translation adjustments	68
Ending balance	49,997
Healthcare
Goodwill [Roll Forward]
Beginning balance	21,875
Currency translation adjustments	4
Ending balance	21,879
Emerging Business
Goodwill [Roll Forward]
Beginning balance	47,101
Currency translation adjustments	115
Ending balance	47,216
Analytics
Goodwill [Roll Forward]
Beginning balance	286,732
Currency translation adjustments	0
Ending balance	$ 286,732

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-lived intangible assets:
Gross Carrying Amount	$ 126,094	$ 126,060
Accumulated Amortization	(66,313)	(62,141)
Net Carrying Amount	59,781	63,919
Indefinite-lived intangible assets:
Total intangible assets, gross carrying amount	126,994	126,960
Total intangible assets, net carrying amount	60,681	64,819
Trade names and trademarks
Indefinite-lived intangible assets:
Trade names and trademarks	900	900
Customer relationships
Finite-lived intangible assets:
Gross Carrying Amount	99,146	99,146
Accumulated Amortization	(42,642)	(39,848)
Net Carrying Amount	56,504	59,298
Developed technology
Finite-lived intangible assets:
Gross Carrying Amount	24,912	24,878
Accumulated Amortization	(22,185)	(20,902)
Net Carrying Amount	2,727	3,976
Trade names and trademarks
Finite-lived intangible assets:
Gross Carrying Amount	1,700	1,700
Accumulated Amortization	(1,375)	(1,303)
Net Carrying Amount	325	397
Non-compete agreements
Finite-lived intangible assets:
Gross Carrying Amount	336	336
Accumulated Amortization	(111)	(88)
Net Carrying Amount	$ 225	$ 248

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 4,149	$ 4,486

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Weighted Average Life of Intangible Assets (Details)	Mar. 31, 2023
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	5 years 3 months 18 days
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	1 year 4 months 24 days
Trade names and trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	1 year 3 months 18 days
Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average life of intangible assets	2 years 7 months 6 days

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (April 1 - December 31)	$ 10,503
2024	12,137
2025	10,702
2026	10,364
2027	9,364
2028 and thereafter	6,711
Net Carrying Amount	$ 59,781	$ 63,919

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 23,256	$ 18,132
Receivables from statutory authorities	15,609	15,724
Advance income tax, net	13,568	5,716
Advances to suppliers	2,047	1,944
Derivative instruments	2,949	1,526
Deferred contract fulfillment costs	1,934	1,178
Contract assets	826	904
Others	6,151	5,855
Other current assets	$ 66,340	$ 50,979

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred contract fulfillment costs	$ 15,939	$ 12,693
Lease deposits	6,514	6,621
Deposits with statutory authorities	6,310	6,276
Contract assets	1,802	1,864
Derivative instruments	1,483	820
Others	4,477	3,795
Other assets	$ 36,525	$ 32,069

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued expenses	$ 53,061	$ 47,854
Payable to statutory authorities	40,235	20,430
Contingent consideration	18,100	5,000
Client liabilities	5,609	5,110
Derivative instruments	5,140	10,059
Accrued capital expenditures	4,619	4,032
Other current liabilities	6,636	2,867
Accrued expenses and other current liabilities	$ 133,400	$ 95,352

Other Non-Current liabilities_2

Other Non-Current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liabilities, Noncurrent [Abstract]
Retirement benefits	$ 14,220	$ 12,982
Deferred transition revenue	4,223	4,408
Derivative instruments	3,209	6,218
Unrecognized tax benefits	2,329	2,329
Contingent consideration	589	13,689
Others	1,727	1,666
Other non-current liabilities	$ 26,297	$ 41,292

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income/( Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 758,179	$ 693,156
Gains recognized during the period	12,607	(7,962)
Reclassification to net income	3,040	(1,834)
Income tax effects	(2,991)	964
Ending balance	795,222	700,341
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(144,143)	(89,474)
Ending balance	(131,487)	(98,306)
Foreign currency translation gain/(loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(133,139)	(95,437)
Gains recognized during the period	5,313	(7,445)
Reclassification to net income	0	0
Income tax effects	(1,138)	499
Ending balance	(128,964)	(102,383)
Unrealized gain/(loss) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(11,303)	8,420
Gains recognized during the period	7,294	(517)
Reclassification to net income	3,065	(1,989)
Income tax effects	(1,834)	512
Ending balance	(2,778)	6,426
Retirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	299	(2,457)
Gains recognized during the period	0	0
Reclassification to net income	(25)	155
Income tax effects	(19)	(47)
Ending balance	$ 255	$ (2,349)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash equivalents - Money market funds	$ 789	$ 1,137
Mutual funds	64,253	110,964
Derivative financial instruments	4,432	2,346
Total	69,474	114,447
Liabilities
Derivative financial instruments	8,349	16,277
Contingent consideration	18,689	18,689
Total	27,038	34,966
(Level 1)
Assets
Cash equivalents - Money market funds	789	1,137
Mutual funds	64,253	110,964
Derivative financial instruments	0	0
Total	65,042	112,101
Liabilities
Derivative financial instruments	0	0
Contingent consideration	0	0
Total	0	0
(Level 2)
Assets
Cash equivalents - Money market funds	0	0
Mutual funds	0	0
Derivative financial instruments	4,432	2,346
Total	4,432	2,346
Liabilities
Derivative financial instruments	8,349	16,277
Contingent consideration	0	0
Total	8,349	16,277
(Level 3)
Assets
Cash equivalents - Money market funds	0	0
Mutual funds	0	0
Derivative financial instruments	0	0
Total	0	0
Liabilities
Derivative financial instruments	0	0
Contingent consideration	18,689	18,689
Total	$ 18,689	$ 18,689

Fair Value Measurements - Chang

Fair Value Measurements - Changes in the fair value of contingent consideration (Details) - Contingent consideration - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance, contingent consideration	$ 18,689	$ 9,000
Acquisitions	0	0
Fair value changes	0	0
Ending balance, contingent consideration	$ 18,689	$ 9,000

Derivatives and Hedge Account_3

Derivatives and Hedge Accounting - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge gain to be reclassified within twelve months	$ (2,086)
Maximum outstanding term of cash flow hedges	42 months
Derivatives in cash flow hedging relationships | Cash flow hedge | Foreign exchange contract
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts outstanding	$ 877,820	$ 841,620
Derivatives in cash flow hedging relationships | Cash flow hedge | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, notional amount	$ 75,000	$ 75,000

Derivatives and Hedge Account_4

Derivatives and Hedge Accounting - Foreign Currency Forward Contracts (Details) € in Thousands, £ in Thousands, R in Thousands, $ in Thousands, $ in Thousands, $ in Thousands

Mar. 31, 2023 USD ($)

Mar. 31, 2023 GBP (£)

Mar. 31, 2023 EUR (€)

Mar. 31, 2023 AUD ($)

Mar. 31, 2023 ZAR (R)

Mar. 31, 2023 COP ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2022 GBP (£)

Dec. 31, 2022 EUR (€)

Dec. 31, 2022 AUD ($)

Dec. 31, 2022 ZAR (R)

Dec. 31, 2022 COP ($)

Foreign exchange contract | Derivatives not designated as hedging instruments

Derivatives, Fair Value [Line Items]

Foreign exchange contracts outstanding

$ 170,630

£ 11,798

€ 2,647

$ 2,090

R 34,704

$ 1,970,314

$ 163,990

£ 8,351

€ 1,956

$ 1,951

R 0

$ 0

Derivatives and Hedge Account_5

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives in cash flow hedging relationships | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	$ 2,866	$ 1,271
Derivatives in cash flow hedging relationships | Other assets
Derivatives, Fair Value [Line Items]
Derivative asset	1,483	820
Derivatives in cash flow hedging relationships | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	4,952	10,044
Derivatives in cash flow hedging relationships | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	3,209	6,218
Derivatives not designated as hedging instruments | Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	83	255
Derivatives not designated as hedging instruments | Other assets
Derivatives, Fair Value [Line Items]
Derivative asset	0	0
Derivatives not designated as hedging instruments | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	188	15
Derivatives not designated as hedging instruments | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	$ 0	$ 0

Derivatives and Hedge Account_6

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in unaudited consolidated statements of income	$ 105	$ 1,756
Cash flow hedge | Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) recognized in AOCI	7,294	(517)
Fair value hedge | Gain/(loss) on foreign currency exchange contracts | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in unaudited consolidated statements of income	$ 2,528	$ (899)

Derivatives and Hedge Account_7

Derivatives and Hedge Accounting - Location of Gain or Loss Recognized (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cost of revenues	[1]	$ 251,469	$ 207,516
General and administrative expenses		46,746	39,945
Selling and marketing expenses		29,493	24,170
Depreciation and amortization expense		13,487	13,602
Interest expense		3,385	876
Income before income tax expense and earnings from equity affiliates		59,323	47,266
Income tax effects on above		(8,058)	(11,202)
Net income		51,331	36,178
Foreign exchange gain, net		105	1,756
Gain/(loss) on foreign currency exchange contracts | Derivatives in cash flow hedging relationships | Cash flow hedge
Derivative Instruments, Gain (Loss) [Line Items]
Cost of revenues		(2,755)	1,583
General and administrative expenses		(242)	294
Selling and marketing expenses		(19)	14
Depreciation and amortization expense		(123)	98
Interest expense		74	0
Income before income tax expense and earnings from equity affiliates		(3,065)	1,989
Income tax effects on above		534	(515)
Net income		(2,531)	1,474
Gain/(loss) on foreign currency exchange contracts | Derivatives not designated as hedging instruments | Fair value hedge
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange gain, net		$ 2,528	$ (899)
[1]Exclusive of depreciation and amortization expense.

Borrowings - Company's Debt Pos

Borrowings - Company's Debt Position (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Current portion of long-term borrowings	$ 40,000	$ 30,000
Long-term borrowings	160,000	220,000
Revolving credit facility
Debt Instrument [Line Items]
Current portion of long-term borrowings	40,000	30,000
Long-term borrowings	160,000	220,000
Total borrowings	$ 200,000	$ 250,000

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Apr. 18, 2022	Nov. 21, 2017
Credit Facilities [Line Items]
Outstanding letters of credit	$ 461	$ 461
Revolving credit facility
Credit Facilities [Line Items]
Unamortized debt issuance costs	$ 1,109	$ 1,177
Revolving credit facility | New Credit Agreement
Credit Facilities [Line Items]
Line of credit , maximum borrowing capacity				$ 300
Revolving credit facility | Credit Agreement
Credit Facilities [Line Items]
Line of credit , maximum borrowing capacity			$ 400
Option to increase additional credit facility			$ 200

Borrowings - Credit Facilities

Borrowings - Credit Facilities Carried an Effective Interest Rate (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Effective Interest Rate	5.90%	1.30%

Borrowings - Maturities of Borr

Borrowings - Maturities of Borrowings (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Principal Payments
Credit Facilities [Line Items]
2023 (April 1 - December 31)	$ 40,000
2024	0
2025	0
2026	0
2027	160,000
Total	200,000
Interest Payments
Credit Facilities [Line Items]
2023 (April 1 - December 31)	8,048
2024	9,364
2025	9,364
2026	9,364
2027	3,512
Total	$ 39,652

Capital Structure - Additional

Capital Structure - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 class_of_common_stock	Oct. 05, 2021 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of classes of common stock outstanding | class_of_common_stock	1
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors | $		$ 300,000,000

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
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Shares repurchased (in shares)	38,356	27,219
Total consideration	$ 6,529	$ 3,191
Weighted average purchase price per share (in dollars per share)	$ 170.22	$ 117.23

Capital Structure - Purchased S

Capital Structure - Purchased Shares of its Common Stock, Including Commissions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Shares repurchased (in shares)	221,025	221,333
Total consideration	$ 35,834	$ 28,194
Weighted average purchase price per share (in dollars per share)	$ 162.13	$ 127.38

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Percentage of expected return on plan assets	7.20%
Percentage of discretionary contributions towards 401(k) Plan, maximum	3%

Employee Benefit Plans - Change

Employee Benefit Plans - Change in Plan Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Change in Plan Assets
Plan assets at the beginning of the year	$ 14,449
Actual return	257
Employer contribution	0
Benefits paid	(302)
Effect of exchange rate changes	98
Plan assets at the end of the year	$ 14,502

Employee Benefit Plans - Net Pe

Employee Benefit Plans - Net Period Benefit Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Service cost	$ 956	$ 990
Interest cost	395	323
Expected return on plan assets	(263)	(228)
Amortization of actuarial (gain)/loss, gross of tax	(25)	155
Net gratuity cost	1,063	1,240
Income tax effects on above	(19)	(47)
Amortization of actuarial (gain)/loss, net of tax	$ (44)	$ 108

Employee Benefit Plans - Contri

Employee Benefit Plans - Contribution Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Contribution to the 401(k) Plans	$ 2,386	$ 2,017
Contributions to the defined social security contribution plans	$ 5,392	$ 4,213

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Lease
Operating lease right-of-use assets	$ 52,782	$ 55,347
Operating lease liabilities - Current	14,095	14,978
Operating lease liabilities - Non-current	45,655	48,155
Total operating lease liabilities	59,750	63,133
Finance Lease
Property and equipment, gross	1,922	2,499
Accumulated depreciation	(1,358)	(1,999)
Right of use assets under finance leases, net	564	500
Finance lease liabilities - Current	176	164
Finance lease liabilities - Non-current	407	355
Total finance lease liabilities	$ 583	$ 519

Leases - Components of Lease Co

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finance lease:
Amortization of right-of-use assets	$ 38	$ 38
Interest on lease liabilities	20	14
Total finance lease cost	58	52
Operating lease	4,883	6,043
Variable lease costs	1,007	1,121
Total lease cost	$ 5,948	$ 7,216

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$ 5,453	$ 6,005
Operating cash outflows for finance leases	20	14
Financing cash outflows for finance leases	43	39
Right-of-use assets obtained in exchange for new operating lease liabilities	1,213	3,834
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 99	$ 50
Weighted average remaining lease term (in years)
Finance lease	2 years 10 months 24 days	2 years 1 month 6 days
Operating lease	5 years 9 months 18 days	5 years 7 months 6 days
Weighted average discount rate
Finance lease	14%	14.60%
Operating lease	7%	7%

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Increase in lease liabilities	$ 3,094	$ (367)

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023 (April 1 - December 31)	$ 13,501
2024	15,228	$ 18,711
2025	10,387	14,846
2026	9,295	10,037
2027	6,765	8,941
2028 and thereafter	19,429
Total lease payments	74,605	78,633
Less: Imputed interest	14,855	15,500
Present value of lease liabilities	59,750	63,133
Finance Leases
2023 (April 1 - December 31)	190
2024	191	228
2025	142	162
2026	115	114
2027	104	88
2028 and thereafter	14
Total lease payments	756	671
Less: Imputed interest	173	152
Present value of lease liabilities	$ 583	$ 519

Leases - Maturities of Lease _2

Leases - Maturities of Lease Liabilities Prior Year (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023	$ 15,228	$ 18,711
2024	10,387	14,846
2025	9,295	10,037
2026	6,765	8,941
2027		6,474
2028 and thereafter		19,624
Total lease payments	74,605	78,633
Less: Imputed interest	14,855	15,500
Present value of lease liabilities	59,750	63,133
Finance Leases
2023	191	228
2024	142	162
2025	115	114
2026	104	88
2027		79
2028 and thereafter		0
Total lease payments	756	671
Less: Imputed interest	173	152
Present value of lease liabilities	$ 583	$ 519

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Taxes [Line Items]
Effective tax rate increased	13.60%	23.70%
Income tax expense	$ 8,058	$ 11,202
India
Income Taxes [Line Items]
Foreign earnings repatriated	76,000
Foreign earnings repatriated, withholding taxes	4,015
UNITED KINGDOM
Income Taxes [Line Items]
Foreign earnings repatriated	15,598
AUSTRALIA
Income Taxes [Line Items]
Foreign earnings repatriated	$ 9,081

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Taxes Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Deferred taxes benefit / (expense) recognized on:
Unrealized gain/(loss) on cash flow hedges		$ (1,300)	$ (3)
Reclassification adjustment for cash flow hedges		(534)	515
Reclassification adjustment for retirement benefits		(19)	(47)
Foreign currency translation gain/(loss)		(1,138)	499
Total	[1]	$ (2,991)	$ 964
[1]These are income tax effects recognized on cash flow hedges, retirement benefits and foreign currency translation gain/(loss). Refer to Note 22 - Income Taxes to the unaudited consolidated financial statements.

Stock Based Compensation - Cost

Stock Based Compensation - Costs Related to Company's Stock Based Compensation Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 14,407	$ 11,224
Income tax benefit related to share-based compensation	9,830	2,806
Income tax benefit, discrete benefits	12,520	3,610
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	3,566	2,641
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	5,825	4,395
Selling and marketing expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 5,016	$ 4,188

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
2018 Stock options plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	952,074	1,324,755

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Options, Narrative (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, vested and exercisable (in shares)	3,093	3,093

Stock Based Compensation - Shar

Stock Based Compensation - Share Matching Program, Narrative (Details) - Share Match Units - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number, granted (in shares)	0	52,636
Number of shares, unvested (in shares)	47,623		47,623

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Stock Unit Activity Under Company's Stock Plans (Detail) - Restricted Stock Units (RSUs) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares)	923,126
Number, granted (in shares)	217,194
Number, vested (in shares)	(284,174)
Number, forfeited (in shares)	(8,513)
Number, outstanding, ending balance (in shares)	847,633
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, beginning balance (in dollars per share)	$ 98.71
Weighted-average fair value, granted (in dollars per share)	172.80
Weighted-average fair value, vested (in dollars per share)	87.52
Weighted-average fair value, forfeited (in dollars per share)	99.41
Weighted-average fair value, outstanding, ending balance (in dollars per share)	$ 121.44
Restricted stock units vested (in shares)	119,908	174,490

Stock Based Compensation - Re_2

Stock Based Compensation - Restricted Stock Units, Narrative (Details) - Restricted Stock Units (RSUs) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 86,957
Cost not yet recognized, period for recognition	2 years 10 months 24 days

Stock Based Compensation - Perf

Stock Based Compensation - Performance Based Stock Awards, Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Revenue Based PRSUs | Amendment and Restatement of the 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage	40%
Vesting period	3 years
Market Condition Based PRSUs | Amendment and Restatement of the 2006 Omnibus Award Plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage	60%
Vesting period	3 years
Performance Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 43,169
Cost not yet recognized, period for recognition	2 years 3 months 18 days

Stock Based Compensation - Pe_2

Stock Based Compensation - Performance Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Revenue Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares) | shares	49,591
Number, granted (in shares) | shares	43,868
Number, vested (in shares) | shares	0
Number, forfeited (in shares) | shares	(130)
Number, outstanding, ending balance (in shares) | shares	93,329
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, beginning balance (in dollars per share) | $ / shares	$ 119.99
Weighted-average fair value, granted (in dollars per share) | $ / shares	172.82
Weighted-average fair value, vested (in dollars per share) | $ / shares	0
Weighted-average fair value, forfeited (in dollars per share) | $ / shares	119.98
Weighted-average fair value, outstanding, ending balance (in dollars per share) | $ / shares	$ 144.82
Market Condition Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares) | shares	178,712
Number, granted (in shares) | shares	65,729
Number, vested (in shares) | shares	0
Number, forfeited (in shares) | shares	(194)
Number, outstanding, ending balance (in shares) | shares	244,247
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, beginning balance (in dollars per share) | $ / shares	$ 134.72
Weighted-average fair value, granted (in dollars per share) | $ / shares	223.61
Weighted-average fair value, vested (in dollars per share) | $ / shares	0
Weighted-average fair value, forfeited (in dollars per share) | $ / shares	155.67
Weighted-average fair value, outstanding, ending balance (in dollars per share) | $ / shares	$ 158.62

Stock Based Compensation - Empl

Stock Based Compensation - Employee Stock Purchase Plan, Narrative (Details) - Employee Stock - 2022 Employee stock purchase plan - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2023	Mar. 31, 2023	Dec. 31, 2022	Nov. 01, 2022
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Share-based compensation arrangement by share-based payment award, maximum employee subscription rate				15%
Share-based compensation arrangement by share-based payment award, maximum employee subscription				$ 25
Common stock, capital shares reserved for future issuance (in shares)		792,364	800,000
Share-Based compensation arrangement by share-based payment award, purchase period	6 months
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)		7,636

Related Party Disclosures (Deta

Related Party Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenues, net	$ 400,643	$ 329,208
Accounts receivable, net	290,512		$ 259,222
Related Party
Related Party Transaction [Line Items]
Revenues, net	951
Accounts receivable, net	$ 1,217		$ 856

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment	$ 7,500
Percentage of export-oriented units established	100%
Aggregate disputed amount related to transfer pricing and permanent establishment	$ 37,072	$ 37,088
Total bank guarantees and deposits in respect of contingencies	7,316	7,532
Value added tax payable	5,563	5,526
GST refund rejected	$ 3,892	$ 3,866