ExlService (EXLS) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 27, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		160,882,437
Entity Central Index Key	0001297989
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 150,102	$ 136,953
Short-term investments	175,648	153,881
Restricted cash	7,342	4,062
Accounts receivable, net	340,904	308,108
Other current assets	93,693	76,669
Total current assets	767,689	679,673
Property and equipment, net	107,395	100,373
Operating lease right-of-use assets	71,796	64,856
Restricted cash	5,820	4,386
Deferred tax assets, net	106,881	82,927
Goodwill	427,663	405,639
Other intangible assets, net	51,291	50,164
Long-term investments	14,184	4,430
Other assets	57,113	49,524
Total assets	1,609,832	1,441,972
Current liabilities:
Accounts payable	4,082	5,055
Current portion of long-term borrowings	4,891	65,000
Deferred revenue	12,472	12,318
Accrued employee costs	110,677	117,137
Accrued expenses and other current liabilities	105,159	114,113
Current portion of operating lease liabilities	16,904	12,780
Total current liabilities	254,185	326,403
Long-term borrowings, less current portion	339,828	135,000
Operating lease liabilities, less current portion	62,336	58,175
Deferred tax liabilities, net	3,245	1,495
Other non-current liabilities	42,675	31,462
Total liabilities	702,269	552,535
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued	0	0
Common stock, $0.001 par value; 400,000,000 shares authorized, 205,317,002 shares issued and 160,880,592 shares outstanding as of September 30, 2024 and 203,410,038 shares issued and 165,277,880 shares outstanding as of December 31, 2023	205	203
Additional paid-in capital	572,430	508,028
Retained earnings	1,231,288	1,083,663
Accumulated other comprehensive loss	(122,593)	(127,040)
Total including shares held in treasury	1,681,330	1,464,854
Less: 44,436,410 shares as of September 30, 2024 and 38,132,158 shares as of December 31, 2023, held in treasury, at cost	(773,767)	(575,417)
Total stockholders’ equity	907,563	889,437
Total liabilities and stockholders’ equity	$ 1,609,832	$ 1,441,972

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	15,000,000	15,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	205,317,002	203,410,038
Common stock, outstanding (in shares)	160,880,592	165,277,880
Treasury stock, common (in shares)	44,436,410	38,132,158

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues, net		$ 472,073	$ 410,971	$ 1,356,946	$ 1,216,610
Cost of revenues	[1]	293,806	256,002	849,336	760,691
Gross profit	[1]	178,267	154,969	507,610	455,919
Operating expenses:
General and administrative expenses		57,495	52,213	167,195	144,564
Selling and marketing expenses		37,568	30,943	108,982	88,674
Depreciation and amortization expense		13,799	11,583	39,055	38,192
Total operating expenses		108,862	94,739	315,232	271,430
Income from operations		69,405	60,230	192,378	184,489
Foreign exchange gain, net		278	409	673	838
Interest expense		(5,526)	(3,405)	(14,145)	(10,030)
Other income, net		4,374	778	11,876	6,594
Income before income tax expense and earnings from equity affiliates		68,531	58,012	190,782	181,891
Income tax expense		15,460	14,161	43,086	37,773
Income before earnings from equity affiliates		53,071	43,851	147,696	144,118
Gain/(loss) from equity-method investment		(34)	25	(71)	157
Net income		$ 53,037	$ 43,876	$ 147,625	$ 144,275
Earnings per share:
Basic (in dollars per share)		$ 0.33	$ 0.26	$ 0.90	$ 0.87
Diluted (in dollars per share)		$ 0.33	$ 0.26	$ 0.90	$ 0.86
Weighted average number of shares used in computing earnings per share:
Basic (in shares)		161,732,872	166,159,619	163,197,767	166,707,599
Diluted (in shares)		163,187,733	167,688,374	164,620,081	168,591,612
[1]Exclusive of depreciation and amortization expense.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income		$ 53,037	$ 43,876	$ 147,625	$ 144,275
Other comprehensive income/(loss):
Unrealized gain/(loss) on cash flow hedges		10,097	(7,903)	7,257	8,242
Currency translation adjustments		5,770	(7,782)	(483)	(2,605)
Reclassification adjustments:
(Gain)/loss on cash flow hedges	[1]	(882)	32	(850)	4,261
Retirement benefits	[2]	(153)	(22)	(455)	(70)
Income tax effects relating to above	[3]	(1,317)	3,017	(1,022)	(2,490)
Total other comprehensive income/(loss)		13,515	(12,658)	4,447	7,338
Total comprehensive income		$ 66,552	$ 31,218	$ 152,072	$ 151,613
[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. These are reclassified to net income and are included in other income, net in the unaudited consolidated statements of income. These are income tax effects recognized on cash flow hedges, retirement benefits and currency translation adjustments.

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	Treasury Stock Accelerated Share Repurchase Agreement, ASR Agreement
Beginning balance (in shares) at Dec. 31, 2022		199,939,880
Beginning balance at Dec. 31, 2022	$ 758,179	$ 200	$ 444,948	$ 899,105	$ (144,143)	$ (441,931)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022						(33,767,660)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		2,184,305
Stock issued against stock-based compensation plans	4,646	$ 2	4,644
Stock-based compensation	$ 42,985		42,985
Acquisition of treasury stock (in shares)	(3,001,619)					(3,238,666)
Acquisition of treasury stock	$ (101,336)					$ (101,336)
Other comprehensive (loss)/income	7,338				7,338
Net income	144,275			144,275
Ending balance (in shares) at Sep. 30, 2023		202,124,185
Ending balance at Sep. 30, 2023	856,087	$ 202	492,577	1,043,380	(136,805)	$ (543,267)
Treasury stock, ending balance (in shares) at Sep. 30, 2023						(37,006,326)
Beginning balance (in shares) at Jun. 30, 2023		201,748,635
Beginning balance at Jun. 30, 2023	834,214	$ 202	471,962	999,504	(124,147)	$ (513,307)
Treasury stock, beginning balance (in shares) at Jun. 30, 2023						(35,985,285)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		375,550
Stock issued against stock-based compensation plans	3,548		3,548
Stock-based compensation	$ 17,067		17,067
Acquisition of treasury stock (in shares)	(975,774)					(1,021,041)
Acquisition of treasury stock	$ (29,960)					$ (29,960)
Other comprehensive (loss)/income	(12,658)				(12,658)
Net income	43,876			43,876
Ending balance (in shares) at Sep. 30, 2023		202,124,185
Ending balance at Sep. 30, 2023	$ 856,087	$ 202	492,577	1,043,380	(136,805)	$ (543,267)
Treasury stock, ending balance (in shares) at Sep. 30, 2023						(37,006,326)
Beginning balance (in shares) at Dec. 31, 2023	165,277,880	203,410,038
Beginning balance at Dec. 31, 2023	$ 889,437	$ 203	508,028	1,083,663	(127,040)	$ (575,417)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	(38,132,158)					(38,132,158)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		1,906,964
Stock issued against stock-based compensation plans	$ 4,363	$ 2	4,361
Stock-based compensation	$ 57,179		57,179
Acquisition of treasury stock (in shares)	(6,012,285)					(2,133,735)	(4,170,517)
Acquisition of treasury stock	$ (69,458)					$ (69,458)
Excise tax on repurchase of common stock, net of stock issuances	(1,030)					(1,030)
Accelerated share repurchase	(125,000)		2,862			(127,862)
Other comprehensive (loss)/income	4,447				4,447
Net income	$ 147,625			147,625
Ending balance (in shares) at Sep. 30, 2024	160,880,592	205,317,002
Ending balance at Sep. 30, 2024	$ 907,563	$ 205	572,430	1,231,288	(122,593)	$ (773,767)
Treasury stock, ending balance (in shares) at Sep. 30, 2024	(44,436,410)					(44,436,410)
Beginning balance (in shares) at Jun. 30, 2024		204,783,113
Beginning balance at Jun. 30, 2024	$ 852,606	$ 204	520,922	1,178,251	(136,108)	$ (710,663)
Treasury stock, beginning balance (in shares) at Jun. 30, 2024						(42,606,731)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)		533,889
Stock issued against stock-based compensation plans	2,415	$ 1	2,414
Stock-based compensation	$ 21,232		21,232
Acquisition of treasury stock (in shares)	(1,738,114)					(1,009,246)	(820,433)
Acquisition of treasury stock	$ (34,830)					$ (34,830)
Excise tax on repurchase of common stock, net of stock issuances	(412)					(412)
Accelerated share repurchase	0		27,862			(27,862)
Other comprehensive (loss)/income	13,515				13,515
Net income	$ 53,037			53,037
Ending balance (in shares) at Sep. 30, 2024	160,880,592	205,317,002
Ending balance at Sep. 30, 2024	$ 907,563	$ 205	$ 572,430	$ 1,231,288	$ (122,593)	$ (773,767)
Treasury stock, ending balance (in shares) at Sep. 30, 2024	(44,436,410)					(44,436,410)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 147,625	$ 144,275
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	39,068	38,010
Stock-based compensation expense	57,179	42,985
Reduction in the carrying amount of operating lease right-of-use assets	16,070	15,171
Fair value mark-to-market of investments	(1,233)	6,003
Unrealized foreign currency exchange (gain)/loss, net	(3,064)	(862)
Deferred income tax benefit	(25,423)	(26,555)
Others, net	(341)	6,328
Change in operating assets and liabilities:
Accounts receivable	(28,900)	(46,488)
Other current and non-current assets	(6,961)	(19,204)
Income taxes payable, net	(8,438)	(12,022)
Deferred revenue	35	2,319
Accrued employee costs	(6,435)	(1,853)
Accounts payable, accrued expenses and other liabilities	10,177	(325)
Operating lease liabilities	(15,180)	(15,622)
Payment of contingent consideration	(11,000)	0
Net cash provided by operating activities	163,179	132,160
Cash flows from investing activities:
Purchases of property and equipment	(36,188)	(41,106)
Proceeds from sale of property and equipment	172	640
Investment in equity affiliate	(600)	(600)
Business acquisition (net of cash acquired)	(24,466)	0
Purchases of investments	(225,555)	(165,021)
Proceeds from redemption of investments	192,162	217,525
Net cash (used for)/provided by investing activities	(94,475)	11,438
Cash flows from financing activities:
Principal payments of finance lease liabilities	(222)	(120)
Proceeds from borrowings	290,000	70,000
Repayments of borrowings	(145,000)	(110,000)
Acquisition of treasury stock	(195,880)	(100,542)
Payment of contingent consideration	(4,000)	(5,000)
Proceeds from issuance of common stock	3,524	4,690
Payment of debt issuance costs	(593)	0
Net cash used for financing activities	(52,171)	(140,972)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,330	(288)
Net increase in cash, cash equivalents and restricted cash	17,863	2,338
Cash, cash equivalents and restricted cash at the beginning of the period	145,401	125,621
Cash, cash equivalents and restricted cash at the end of the period	163,264	127,959
Cash paid during the period for:
Interest	14,346	10,580
Income taxes	78,069	76,743
Supplemental disclosure of non-cash investing and financing activities:
Additions to property and equipment not yet paid	2,756	3,975
Assets acquired under finance lease	$ 972	$ 285

Organization

Organization	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization ExlService Holdings, Inc. (“ExlService Holdings”) is organized as a corporation under the laws of the State of Delaware. ExlService Holdings, together with its subsidiaries and affiliates (collectively, the “Company”), is a leading data analytics and digital operations and solutions company. The Company partners with clients using a data and AI-led approach to reinvent business models, drive better business outcomes and unlock growth with speed. The Company harnesses the power of data, analytics, artificial intelligence (“AI”), and deep industry knowledge to transform operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. The Company’s clients are located principally in the United States of America (“U.S.”) and the United Kingdom (“U.K.”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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, 2023. 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 carrying amounts of assets and liabilities and disclosure of contingent assets and liabilities included in the unaudited consolidated financial statements. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates that affect the unaudited consolidated financial statements include, but are not limited to, estimates of the fair value of the identifiable intangible assets and contingent consideration, purchase price allocation, including revenue projections and the discount rate applied within the discounted cash flow model for business acquisitions, credit risk of customers, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and variable consideration in a customer contract, expected recoverability from customers with contingent fee arrangements, estimated costs to complete fixed price contracts, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income tax uncertainties and other contingencies, valuation of derivative financial instruments and stock-based awards, and useful life of long-lived assets and other intangible assets. The significant assumptions underneath these estimates include, but are not limited to assumptions to calculate stock-based compensation expense, determine incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, determine lease term to calculate single operating lease cost, determine pattern of generation of economic benefits to calculate depreciation and amortization for long-lived assets and other intangible assets, and recoverability of long-lived assets, goodwill and other intangible assets. (c) Recent Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative . This ASU modifies the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in this ASU should be applied prospectively. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The adoption of this ASU will not have a material impact on the Company’s unaudited consolidated financial statements. The Company will continue to monitor for SEC action, and plan accordingly for adoption. In November 2023, FASB issued ASU No. 2023-07, Segment Reporting (“Accounting Standards Codification (“ASC”) Topic 280”): Improvements to Reportable Segment Disclosures . This ASU improves reportable segment disclosure requirements on an annual and interim basis for all public entities by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its unaudited consolidated financial statements. In December 2023, FASB issued ASU No. 2023-09, Income Taxes (“ASC Topic 740”), Improvements to Income Tax Disclosures . This ASU expands disclosures relating to the entity’s income tax rate reconciliation, income taxes paid and certain other disclosures related to income taxes. The ASU will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on its unaudited consolidated financial statements. (d) Recently adopted Accounting Pronouncements In March 2023, FASB issued 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 does not have any lease arrangements with entities under common control and the adoption of this ASU did not have a material impact on its unaudited consolidated financial statements. In March 2024, FASB issued ASU No. 2024-01, Compensation-Stock Compensation (“ASC Topic 718”) . This ASU clarifies how to evaluate whether profits interest and similar awards given to employees and non-employees are within the scope of share-based payment arrangement under ASC Topic 718. The ASU will be effective for annual periods beginning after December 15, 2024, including interim periods within those years, with early adoption permitted. The Company has early adopted this ASU beginning January 1, 2024. The adoption of this ASU did not have a material impact on the Company’s unaudited consolidated financial statements. In March 2024, FASB issued ASU No. 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements . This ASU contains amendments to the ASC that remove references to various FASB Concepts Statements. The ASU will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company has early adopted this ASU beginning January 1, 2024. The adoption of this ASU did not have a material impact on the Company’s unaudited consolidated financial statements.

Segment and Geographical Inform

Segment and Geographical Information	9 Months Ended
	Sep. 30, 2024
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 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. The August 2024 acquisition of Incandescent Technologies, Inc. (“ITI Data”) is included in the Analytics reportable segment. Refer to Note 10 - Business Combinations, Goodwill and Other Intangible Assets to the unaudited consolidated financial statements for further details. Revenues and cost of revenues for the three months ended September 30, 2024 and 2023, respectively, for each of the reportable segments, are as follows: Three months ended September 30, 2024 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 157,574 $ 30,498 $ 79,999 $ 204,002 $ 472,073 Cost of revenues (1) 100,327 20,254 47,834 125,391 293,806 Gross profit (1) $ 57,247 $ 10,244 $ 32,165 $ 78,611 $ 178,267 Operating expenses 108,862 Foreign exchange gain, net, interest expense and other income, net (874) Income tax expense 15,460 Loss from equity-method investment (34) Net income $ 53,037 (1) Exclusive of depreciation and amortization expense. Three months ended September 30, 2023 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 136,369 $ 26,177 $ 65,316 $ 183,109 $ 410,971 Cost of revenues (1) 86,435 16,533 37,599 115,435 256,002 Gross profit (1) $ 49,934 $ 9,644 $ 27,717 $ 67,674 $ 154,969 Operating expenses 94,739 Foreign exchange gain, net, interest expense and other income, net (2,218) Income tax expense 14,161 Gain from equity-method investment 25 Net income $ 43,876 (1) Exclusive of depreciation and amortization expense. Revenues and cost of revenues for the nine months ended September 30, 2024 and 2023, respectively, for each of the reportable segments, are as follows: Nine months ended September 30, 2024 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 452,010 $ 84,846 $ 231,576 $ 588,514 $ 1,356,946 Cost of revenues (1) 288,143 56,373 133,882 370,938 849,336 Gross profit (1) $ 163,867 $ 28,473 $ 97,694 $ 217,576 $ 507,610 Operating expenses 315,232 Foreign exchange gain, net, interest expense and other income, net (1,596) Income tax expense 43,086 Loss from equity-method investment (71) Net income $ 147,625 (1) Exclusive of depreciation and amortization expense. Nine months ended September 30, 2023 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 390,762 $ 80,036 $ 198,677 $ 547,135 $ 1,216,610 Cost of revenues (1) 253,081 52,882 111,414 343,314 760,691 Gross profit (1) $ 137,681 $ 27,154 $ 87,263 $ 203,821 $ 455,919 Operating expenses 271,430 Foreign exchange gain, net, interest expense and other income, net (2,598) Income tax expense 37,773 Gain from equity-method investment 157 Net income $ 144,275 (1) Exclusive of depreciation and amortization expense. Revenues, net by service type, were as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Digital operations and solutions (1) $ 268,071 $ 227,862 $ 768,432 $ 669,475 Analytics services 204,002 183,109 588,514 547,135 Revenues, net $ 472,073 $ 410,971 $ 1,356,946 $ 1,216,610 (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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenues, net The United States $ 388,067 $ 343,135 $ 1,121,122 $ 1,022,883 Non-United States The United Kingdom 56,650 46,327 160,019 131,549 Rest of World 27,356 21,509 75,805 62,178 Total Non-United States 84,006 67,836 235,824 193,727 Revenues, net $ 472,073 $ 410,971 $ 1,356,946 $ 1,216,610 Long-lived assets by geographic area, which consist of property and equipment, net and operating lease ROU assets were as follows: As of September 30, 2024 December 31, 2023 Long-lived assets India $ 61,015 $ 53,813 The United States 57,307 61,592 South Africa 27,783 20,890 The Philippines 27,600 21,952 Rest of World 5,486 6,982 Long-lived assets $ 179,191 $ 165,229

Revenues, net and Accounts Rece

Revenues, net and Accounts Receivable, net	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues, net and Accounts Receivable, net	Revenues, net and Accounts Receivable, 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 September 30, 2024 December 31, 2023 Accounts receivable, net $ 340,904 $ 308,108 Contract assets $ 6,083 $ 9,665 Contract liabilities: Deferred revenue (consideration received in advance) $ 9,346 $ 9,764 Consideration received for process transition activities $ 18,710 $ 12,411 Accounts receivable includes $168,420 and $148,735 as of September 30, 2024 and December 31, 2023, respectively, representing unbilled receivables. The Company has accrued the unbilled receivables for work performed in accordance with the terms of contracts with customers and considers no significant performance risk associated with its unbilled receivables. There was no significant impairment of contract assets as of September 30, 2024 and December 31, 2023. Revenue recognized during the three and nine months ended September 30, 2024 and 2023, which was included in the contract liabilities balance at the beginning of the respective periods: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Deferred revenue (consideration received in advance) $ 803 $ 690 $ 9,095 $ 16,682 Consideration received for process transition activities $ 717 $ 373 $ 1,996 $ 1,381 Contract acquisition and fulfillment costs The following table provides details of the Company’s contract acquisition and fulfillment costs: Contract Acquisition Costs Three months ended Nine months ended Year ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 December 31, 2023 Opening Balance $ 1,990 $ 2,183 $ 2,122 $ 1,095 $ 1,095 Additions 6 115 377 1,591 1,841 Amortization (218) (233) (721) (621) (814) Closing Balance $ 1,778 $ 2,065 $ 1,778 $ 2,065 $ 2,122 Contract Fulfillment Costs Three months ended Nine months ended Year ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 December 31, 2023 Opening Balance $ 30,404 $ 21,445 $ 24,673 $ 13,871 $ 13,871 Additions 3,530 3,790 10,814 12,633 13,605 Amortization (713) (878) (2,266) (2,147) (2,803) Closing Balance $ 33,221 $ 24,357 $ 33,221 $ 24,357 $ 24,673 There was no significant impairment for contract acquisition and contract fulfillment costs as of September 30, 2024 and December 31, 2023. Allowance for expected credit losses The following table provides information about accounts receivable, net of allowance for expected credit losses: As of September 30, 2024 December 31, 2023 Accounts receivable, including unbilled receivables $ 344,778 $ 311,811 Less: Allowance for expected credit losses (3,874) (3,703) Accounts receivable, net $ 340,904 $ 308,108 The movement in “Allowance for expected credit losses” was as follows: Three months ended Nine months ended Year ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 December 31, 2023 Opening Balance $ 3,560 $ 1,800 $ 3,703 $ 1,332 $ 1,332 Additions/(reductions) 342 1,964 274 2,441 2,450 Reductions due to write-off of accounts receivable (27) (70) (103) (78) (79) Currency translation adjustments (1) 2 — 1 — Closing Balance $ 3,874 $ 3,696 $ 3,874 $ 3,696 $ 3,703 Customer and credit risk concentration No single customer accounted for more than 10% of the Company's revenues, net during the three and nine months ended September 30, 2024 and 2023. The Company’s management believes that the loss of any of its top ten clients could have a material adverse effect on its financial performance. To reduce credit risk, the Company conducts ongoing credit evaluations of its customers. No customer accounted for more than 10% of accounts receivable, net, as of September 30, 2024 and December 31, 2023.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Numerators: Net income $ 53,037 $ 43,876 $ 147,625 $ 144,275 Denominators: Basic weighted average common shares outstanding 161,732,872 166,159,619 163,197,767 166,707,599 Dilutive effect of stock-based awards 1,454,861 1,528,755 1,422,314 1,884,013 Diluted weighted average common shares outstanding 163,187,733 167,688,374 164,620,081 168,591,612 Earnings per share: Basic $ 0.33 $ 0.26 $ 0.90 $ 0.87 Diluted $ 0.33 $ 0.26 $ 0.90 $ 0.86 Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share 1,790,695 2,899,035 2,762,178 1,564,844 On March 15, 2024, the Company entered into a master confirmation (the “Master Accelerated Share Repurchase Confirmation”) and a supplemental confirmation (together with the Master Accelerated Share Repurchase Confirmation, the “2024 ASR Agreement”), with Citibank, N.A. (“Citibank”). Refer to Note 19 - Capital Structure to the unaudited consolidated financial statements for further details. During the nine months ended September 30, 2024, the Company recorded the initial delivery and final settlement of shares in treasury stock, which resulted in an immediate reduction of its outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share.

Other Income, net

Other Income, net	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Other Income, net	Other Income, net Other income, net consists of the following: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Gain on sale and fair value mark-to-market on investments $ 1,766 $ 1,337 $ 3,944 $ 4,076 Interest and dividend income 2,547 2,106 7,206 5,480 Fair value changes of contingent consideration (1) — (2,500) 589 (2,500) Others, net 61 (165) 137 (462) Other income, net $ 4,374 $ 778 $ 11,876 $ 6,594 (1) Refer to Note 16 - Fair Value Measurements to the unaudited consolidated financial statements for further details.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 September 30, 2023 December 31, 2023 Cash and cash equivalents $ 150,102 $ 122,655 $ 136,953 Restricted cash (current) (1) 7,342 3,257 4,062 Restricted cash (non-current) (2) 5,820 2,047 4,386 Cash, cash equivalents and restricted cash $ 163,264 $ 127,959 $ 145,401 (1) Restricted cash (current) primarily represents funds held on behalf of customers in dedicated bank accounts. The corresponding liability against the same is included under “Accrued Expenses and other current liabilities.” Restricted cash also includes funds held as collateral in a dedicated bank account for irrevocable letters of credit issued in favor of third parties for facility leases. (2) Restricted cash (non-current) represents deposits with banks against bank guarantees issued through banks in favor of relevant statutory authorities for equipment imports, deposits for obtaining indirect tax registrations and for demands against pending income tax and value added tax (“VAT”) assessments. These deposits with banks will mature one year after the balance sheet date.

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Investments	Investments Investments consist of the following: As of September 30, 2024 December 31, 2023 Short-term investments Mutual funds $ 99,621 $ 52,650 Term deposits 76,027 101,231 Total Short-term investments $ 175,648 $ 153,881 Long-term investments Term deposits $ 9,464 $ 239 Investment in equity affiliate 4,720 4,191 Total Long-term investments $ 14,184 $ 4,430 Refer to Note 16 - Fair Value Measurements to the unaudited consolidated financial statements for further details.

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment consists of the following: As of September 30, 2024 December 31, 2023 Property, plant and equipment, gross $ 357,102 $ 324,038 Less: Accumulated depreciation and amortization (249,707) (223,665) Property, plant and equipment, net $ 107,395 $ 100,373 During the three and nine months ended September 30, 2024, 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Depreciation and amortization expense $ 10,350 $ 8,426 $ 29,449 $ 26,682 Internally developed software costs included in property and equipment was as follows: As of September 30, 2024 December 31, 2023 Cost $ 59,286 $ 46,625 Less : Accumulated amortization (33,817) (25,413) Internally developed software, net $ 25,469 $ 21,212 The amortization expense on internally developed software recognized in the unaudited consolidated statements of income was as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Amortization expense $ 2,961 $ 2,311 $ 8,408 $ 6,711 There were no indicators of impairment related to long-lived assets as of September 30, 2024 and December 31, 2023.

Business Combinations, Goodwill

Business Combinations, Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Business Combinations, Goodwill and Other Intangible Assets	Business Combinations, Goodwill and Other Intangible Assets Incandescent Technologies, Inc. On August 1, 2024, the Company, through its wholly owned subsidiary Clairvoyant AI, Inc., completed the acquisition of ITI Data, a Nebraska corporation, pursuant to an equity securities purchase agreement dated July 31, 2024 (the "Purchase Agreement"). The Company purchased 100% of the issued and outstanding equity securities in ITI Data. ITI Data is a data management solutions firm that works with the global banks, financial services and healthcare companies. It delivers enterprise business solutions for clients processing significant data volumes with complex data management requirements. The acquisition strengthens the Company’s ability to deliver reliable, data-driven insights to its clients and ultimately drive greater value and innovation across their operations. The base purchase consideration payable at the closing of the transaction was $26,000, excluding cash acquired, debt and other estimated post-closing adjustments. The Purchase Agreement also allows the seller the ability to earn up to $13,000 of contingent consideration, based on the achievement of certain performance goals by ITI Data during the two years ending July 31, 2026. The contingent consideration had an estimated fair value of $7,700, and has been presented as contingent consideration under “Accrued expenses and other current liabilities” and “Other non-current liabilities,” as applicable in the consolidated balance sheets. A portion of the purchase consideration otherwise payable was placed into escrow as security for the post-closing working capital adjustments and the indemnification obligations under the Purchase Agreement. To finance the acquisition, the Company utilized its available cash on hand. The Company’s preliminary purchase price allocation to net tangible and intangible assets of ITI Data as of August 1, 2024 is as follows: Intangible assets $ 10,720 Other assets, net 581 Goodwill 22,035 Total purchase consideration* $ 33,336 * Includes contingent consideration of $7,700 recognized at fair value as of the date of acquisition. The fair value of assets acquired and liabilities assumed from the acquisition of ITI Data is based on a preliminary valuation and, as such, the Company's estimates and assumptions are subject to change within the measurement period. The Company is in the process of finalizing the adjustments related to debt, working capital position and other post-closing adjustments, which, when determined, may result in the recognition of additional assets or liabilities as of the acquisition date, and shall accordingly lead to finalization of the purchase consideration. The measurement period will not exceed one year from the acquisition date. In connection with this acquisition, the Company recorded $10,420 in customer-related intangibles which are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated weighted average amortization period of 5 years. The ITI Data acquisition is treated as a stock acquisition for tax purposes. The goodwill recognized represents the acquired capabilities, operating synergies and other benefits expected to result from combining the acquired operations with the Company’s existing operations. The goodwill has been assigned to the Company’s Analytics reportable segment based upon the Company’s assessment of nature of services rendered by ITI Data. The results of operations of the acquired business and the fair value of the acquired assets and assumed liabilities are included in the Company’s unaudited consolidated financial statements with effect from the date of the acquisition. The acquisition did not materially impact the Company's financial position, results of operations or cash flows, and therefore, the Company has not provided unaudited supplemental pro forma results. 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, 2024 $ 50,035 $ 21,872 $ 47,001 $ 286,731 $ 405,639 Acquisition — — — 22,035 22,035 Currency translation adjustments 112 (5) (118) — (11) Balance as of September 30, 2024 $ 50,147 $ 21,867 $ 46,883 $ 308,766 $ 427,663 As of September 30, 2024, the Company performed an assessment to determine whether events or circumstances exist that may lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company considered current and forecasted economic and market conditions and qualitative factors, such as the Company’s performance during the nine months ended September 30, 2024, 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 2023. The Company did not identify any triggers or indications of potential impairment for its reporting units as of September 30, 2024. 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 September 30, 2024 As of December 31, 2023 Gross Accumulated Net Gross Carrying Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 107,350 $ (57,757) $ 49,593 $ 99,050 $ (51,085) $ 47,965 Developed technology 3,631 (3,215) 416 3,552 (2,522) 1,030 Trade names and trademarks 1,700 (1,408) 292 1,400 (1,286) 114 Non-compete agreements 300 (210) 90 336 (181) 155 112,981 (62,590) 50,391 104,338 (55,074) 49,264 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 900 — 900 Total intangible assets $ 113,881 $ (62,590) $ 51,291 $ 105,238 $ (55,074) $ 50,164 The amortization expense recognized in the unaudited consolidated statements of income was as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Amortization expense $ 3,449 $ 3,157 $ 9,606 $ 11,510 Estimated future amortization expense related to finite-lived intangible assets as of September 30, 2024 was as follows: 2024 (October 1 - December 31) $ 3,431 2025 12,890 2026 12,548 2027 11,505 2028 and thereafter 10,017 Total $ 50,391

Other Current Assets

Other Current Assets	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	Other Current Assets Other current assets consist of the following: As of September 30, 2024 December 31, 2023 Advance income tax, net $ 31,632 $ 23,269 Receivables from statutory authorities 21,854 18,500 Prepaid expenses 18,179 18,171 Derivative instruments 8,492 4,308 Deferred contract fulfillment costs 4,208 3,303 Advances to suppliers 3,149 1,883 Contract assets 2,465 2,830 Others 3,714 4,405 Other current assets $ 93,693 $ 76,669

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following: As of September 30, 2024 December 31, 2023 Deferred contract fulfillment costs $ 29,013 $ 21,370 Deposits with statutory authorities 7,446 6,960 Lease deposits 6,505 5,159 Derivative instruments 4,720 3,299 Contract assets 3,618 6,835 Others 5,811 5,901 Other assets $ 57,113 $ 49,524

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: As of September 30, 2024 December 31, 2023 Accrued expenses $ 62,552 $ 58,736 Payable to statutory authorities 23,443 20,591 Client liabilities 7,105 6,909 Contingent consideration 2,800 15,000 Accrued capital expenditures 2,791 4,134 Income taxes payable, net 1,249 1,213 Derivative instruments 991 2,009 Others 4,228 5,521 Accrued expenses and other current liabilities $ 105,159 $ 114,113

Other Non-Current Liabilities

Other Non-Current Liabilities	9 Months Ended
	Sep. 30, 2024
Liabilities, Noncurrent [Abstract]
Other Non-Current Liabilities	Other Non-Current Liabilities Other non-current liabilities consist of the following: As of September 30, 2024 December 31, 2023 Retirement benefits $ 17,185 $ 16,666 Deferred transition revenue 15,645 10,195 Contingent consideration 4,900 589 Unrecognized tax benefits 1,580 1,262 Derivative instruments 504 216 Others 2,861 2,534 Other non-current liabilities $ 42,675 $ 31,462

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income/(Loss)	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 and 2023: Accumulated Other Comprehensive Income/(Loss) Currency translation adjustments Unrealized gain/(loss) on cash flow hedges Retirement benefits Total Balance as of January 1, 2024 $ (132,643) $ 4,198 $ 1,405 $ (127,040) Gains / (losses) recognized during the period (483) 7,257 — 6,774 Reclassification to net income (1) — (850) (455) (1,305) Income tax effects (2) 146 (1,165) (3) (1,022) Accumulated other comprehensive income/(loss) as of September 30, 2024 $ (132,980) $ 9,440 $ 947 $ (122,593) Balance as of January 1, 2023 $ (133,139) $ (11,303) $ 299 $ (144,143) Gains / (losses) recognized during the period (2,605) 8,242 — 5,637 Reclassification to net income (1) — 4,261 (70) 4,191 Income tax effects (2) 466 (2,900) (56) (2,490) Accumulated other comprehensive income/(loss) as of September 30, 2023 $ (135,278) $ (1,700) $ 173 $ (136,805) (1) Refer to Note 17 - Derivatives and Hedge Accounting and Note 20 - Employee Benefit Plans to the unaudited consolidated financial statements for reclassification to net income. (2) These are income tax effects recognized on cash flow hedges, retirement benefits and currency translation adjustments. Refer to Note 22 - Income Taxes to the unaudited consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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 Significant Other Significant Other As of September 30, 2024 (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents - Money market funds (1) $ 73,071 $ — $ — $ 73,071 Mutual funds (2) 99,621 — — 99,621 Derivative financial instruments — 13,212 — 13,212 Total $ 172,692 $ 13,212 $ — $ 185,904 Liabilities Derivative financial instruments $ — $ 1,495 $ — $ 1,495 Contingent consideration (3) — — 7,700 7,700 Total $ — $ 1,495 $ 7,700 $ 9,195 Quoted Prices in Significant Other Significant Other As of December 31, 2023 (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents - Money market funds (1) $ 49,806 $ — $ — $ 49,806 Mutual funds (2) 52,650 — — 52,650 Derivative financial instruments — 7,607 — 7,607 Total $ 102,456 $ 7,607 $ — $ 110,063 Liabilities Derivative financial instruments $ — $ 2,225 $ — $ 2,225 Contingent consideration (3) — — 15,589 15,589 Total $ — $ 2,225 $ 15,589 $ 17,814 (1) Represents money market funds which are carried at the fair value option under ASC Topic 825 “Financial Instruments”. (2) Represents those short-term investments which are carried at the fair value option under ASC Topic 825 “Financial Instruments”. (3) Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets. Fair Value of Derivative Financial Instruments: The Company’s derivative financial instruments consist of foreign currency forward contracts and interest rate swaps. Fair values for derivative financial instruments are based on independent sources including highly rated financial institutions and are classified as Level 2. Refer to Note 17 - Derivatives and Hedge Accounting to the unaudited consolidated financial statements for further details. Fair Value of Contingent Consideration: The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for business acquisitions. The measurement is calculated using unobservable inputs based on the Company’s own assessment of achievement of certain performance goals. The Company estimated the fair value of the contingent consideration based on the Monte Carlo simulation model and scenario-based method. Refer to Note 10 - Business Combinations, Goodwill and Other Intangible Assets to the unaudited consolidated financial statements for further details. The following table summarizes the changes in the fair value of contingent consideration: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Opening balance $ — $ 13,689 $ 15,589 $ 18,689 Acquisitions 7,700 — 7,700 — Fair value changes — 2,500 (589) 2,500 Payments — — (15,000) (5,000) Closing balance $ 7,700 $ 16,189 $ 7,700 $ 16,189 During the three and nine months ended September 30, 2024 and 2023, 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 credit facilities approximates their 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	9 Months Ended
	Sep. 30, 2024
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. The following table sets forth the aggregate notional amount of derivatives in cash flow hedging relationship: As of September 30, 2024 December 31, 2023 Foreign currency forward contracts denominated in: Sell U.S. dollar (USD) 868,200 722,800 Interest rate swaps (Floating to fixed) denominated in: USD — 75,000 The Company estimates that approximately $7,631 of derivative gains, net, excluding tax effects, included in AOCI, representing changes in the value of cash flow hedges based on exchange rates prevailing as of September 30, 2024, could be reclassified into earnings within the next twelve months. As of September 30, 2024, 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 (INR), the Philippine peso (PHP), the U.K. pound sterling (GBP) and South African rand (ZAR). The Company also has exposure to the Colombian peso (COP), the Euro (EUR), the Australian dollar (AUD), the Canadian dollar (CAD) and other local currencies in which it operates. The following table sets forth the aggregate notional principal amounts of outstanding foreign currency forward contracts for derivatives not designated as hedging instruments: As of Foreign currency forward contracts denominated in: September 30, 2024 December 31, 2023 Sell USD 200,322 170,543 Sell GBP 27,321 14,544 Sell EUR 5,758 5,231 Sell AUD 6,887 3,452 Sell ZAR — 150,150 Buy USD 10,944 — 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 Derivatives not designated as hedging As of As of September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Assets: Other current assets $ 8,474 $ 4,216 $ 18 $ 92 Other assets $ 4,720 $ 3,299 $ — $ — Liabilities: Accrued expenses and other $ 843 $ 1,859 $ 148 $ 150 Other non-current liabilities $ 504 $ 216 $ — $ — The following table sets forth the effect of foreign currency forward contracts and interest rate swaps on AOCI and the unaudited consolidated statements of income: Three months ended September 30, Nine months ended September 30, Derivative financial instruments: 2024 2023 2024 2023 Unrealized gain/(loss) recognized in OCI Derivatives in cash flow hedging relationships $ 10,097 $ (7,903) $ 7,257 $ 8,242 Gain/(loss) recognized in unaudited consolidated statements of income Derivatives not designated as hedging instruments $ (259) $ (1,584) $ (2,332) $ 574 The following table sets forth the location and amount of gain/(loss) recognized in unaudited consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments: Three months ended September 30, 2024 2023 As per unaudited consolidated Gain/(loss) on derivative financial instruments As per unaudited consolidated Gain/(loss) on derivative financial instruments Derivatives in cash flow hedging relationships Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI Cost of revenues $ 293,806 $ 518 $ 256,002 $ (252) General and administrative expenses $ 57,495 77 $ 52,213 18 Selling and marketing expenses $ 37,568 9 $ 30,943 — Depreciation and amortization expense $ 13,799 38 $ 11,583 (19) Interest expense $ 5,526 240 $ 3,405 221 Total before tax 882 (32) Income tax effects on above (107) (64) Net of tax $ 775 $ (96) Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where gain/(loss) was recognized Foreign exchange gain/(loss), net $ 278 $ (259) $ 409 $ (1,584) $ 278 $ (259) $ 409 $ (1,584) The following table sets forth the location and amount of gain/(loss) recognized in unaudited consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments: Nine months ended September 30, 2024 2023 As per unaudited consolidated Gain/(loss) on derivative financial instruments As per unaudited consolidated Gain/(loss) on derivative financial instruments Derivatives in cash flow hedging relationships Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI Cost of revenues $ 849,336 $ (64) $ 760,691 $ (4,148) General and administrative expenses $ 167,195 156 $ 144,564 (357) Selling and marketing expenses $ 108,982 23 $ 88,674 (32) Depreciation and amortization expense $ 39,055 12 $ 38,192 (185) Interest expense $ 14,145 723 $ 10,030 461 Total before tax 850 (4,261) Income tax effects on above (416) 701 Net of tax $ 434 $ (3,560) Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where gain/(loss) was recognized Foreign exchange gain/(loss), net $ 673 $ (2,332) $ 838 $ 574 $ 673 $ (2,332) $ 838 $ 574

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings The following tables summarizes the Company’s debt position: As of September 30, 2024 December 31, 2023 Revolving credit facility Term loan facility Total Revolving credit facility Term loan facility Total Current portion of long-term borrowings $ — $ 5,000 $ 5,000 $ 65,000 $ — $ 65,000 Unamortized debt issuance costs — (109) (109) — — — Total current portion of long-term borrowings — 4,891 4,891 65,000 — 65,000 Long-term borrowings 245,000 95,000 340,000 135,000 — 135,000 Unamortized debt issuance costs — (172) (172) — — — Total long-term borrowings 245,000 94,828 339,828 135,000 — 135,000 Total borrowings $ 245,000 $ 99,719 $ 344,719 $ 200,000 $ — $ 200,000 Unamortized debt issuance costs for the Company’s revolving credit facility of $978 and $903 as of September 30, 2024 and December 31, 2023, 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. On August 9, 2024, the Company and each of the Company’s wholly owned material domestic subsidiaries entered into a First Amendment to Amended and Restated Credit Agreement with Citibank, N.A., as Administrative Agent, and certain lenders (the “2024 Credit Agreement”), pursuant to which the parties thereto amended and restated the 2022 Credit Agreement. Among other things, the 2024 Credit Agreement (a) provides for a $100,000 increase to the revolving credit commitments such that the aggregate amount of revolving credit commitments available to the Company is now equal to $500,000; and (b) provides for the issuance of a new term loan facility in the aggregate amount of $100,000 with an annual amortization of 5%. The increased credit facility and the new term loan facility both mature on April 18, 2027. The 2024 Credit Agreement includes a letter of credit sub facility and is voluntarily pre-payable from time to time without premium or penalty. Borrowings under the revolving credit facility can be used for working capital and general corporate purposes, including permitted acquisitions. Borrowings under the term loan facility can be used to repay the borrowings outstanding under the revolving facility on August 9, 2024, being the effective date of the 2024 Credit Agreement. Obligations under the 2024 Credit Agreement are guaranteed by the Company’s wholly-owned material domestic subsidiaries and are secured by all or substantially all of the Company’s and its material domestic subsidiaries’ assets. The 2024 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 distributions, enter into, or undertake, certain liquidations, mergers, consolidations or acquisitions and dispose of certain assets or subsidiaries. The Company has fully drawn $100,000 under its term loan facility based on adjusted SOFR, and repaid the borrowings outstanding under its revolving credit facility to that extent. The effective interest rates of the revolving credit facility and the term loan facility are as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revolving credit facility 6.4 % 6.5 % 6.3 % 6.2 % Term loan facility 6.8 % — 6.8 % — As of September 30, 2024 and December 31, 2023, the Company was in compliance with the financial covenants under the applicable credit agreement. The maturity profile of the Company’s long-term borrowings, excluding debt issuance costs, outstanding as of September 30, 2024 were as follows: Revolving credit facility Term loan facility 2024 (October 1 - December 31) $ — $ 1,250 2025 — 5,000 2026 — 5,000 2027 245,000 88,750 Total $ 245,000 $ 100,000 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 September 30, 2024 and December 31, 2023, the Company had outstanding letters of credit of $741 and $461, respectively, that were not recognized in the consolidated balance sheets.

Capital Structure

Capital Structure	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Capital Structure	Capital Structure Common Stock The Company has one class of common stock outstanding. Share Repurchases The Company purchased shares of its common stock from certain employees in connection with withholding tax payments related to the vesting of restricted stock units and performance-based restricted stock units, as below: Shares repurchased Total consideration Weighted average purchase price per share (1) Three months ended September 30, 2024 91,565 $ 3,346 $ 36.54 Three months ended September 30, 2023 45,267 $ 1,324 $ 29.25 Nine months ended September 30, 2024 291,967 $ 9,721 $ 33.29 Nine months ended September 30, 2023 237,047 $ 7,853 $ 33.13 (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 (excluding excise tax) common stock repurchase program beginning January 1, 2022 (the “2022 Repurchase Program”). On February 26, 2024, the Company’s board of directors authorized a $500,000 (excluding excise tax) common stock repurchase program beginning March 1, 2024 (the “2024 Repurchase Program”), and terminated the 2022 Repurchase Program on February 29, 2024. On March 15, 2024, the Company entered into a 2024 ASR Agreement with Citibank to repurchase shares of its common stock for an aggregate purchase price of $125,000, as part of the Company’s 2024 Repurchase Program. Upon payment of the aggregate purchase price of $125,000, the Company received an initial delivery of 3,350,084 shares of its common stock at an initial price of $29.85 per share, representing 80% of the aggregate purchase price. The Company funded the repurchase with available cash on hand and borrowing from its revolving credit facility. The 2024 ASR Agreement is accounted for as a treasury stock transaction and forward stock purchase agreement indexed to the Company’s common stock. The forward stock purchase agreement was classified as an equity instrument under ASC Topic 815-40, Contracts in Entity's Own Equity , and deemed to have a fair value of zero at the effective date. The prepayment of $25,000 was initially recorded in additional paid-in capital, which reflected the pending settlement of the 2024 ASR Agreement. Under the terms of the 2024 ASR Agreement, the ultimate number of shares of Common Stock that the Company repurchased was based on the average of the daily volume-weighted average prices of the Common Stock during the term of the 2024 ASR Agreement, less a discount and subject to adjustments pursuant to the terms and conditions of the 2024 ASR Agreement. On July 19, 2024, upon final settlement of the 2024 ASR Agreement, the Company received 820,433 additional shares of its common stock based on a daily volume-weighted average price of $29.97 per share during the term of the 2024 ASR Agreement. The additional shares received were recorded as treasury stock at a fair market value of $33.96 per share, and $2,862 was recorded in additional paid-in capital. Under the Company’s two repurchase programs, shares may be purchased by the Company from time to time from the open market and through private transactions, or otherwise, as determined by the Company’s management as market conditions warrant. Repurchases may be discontinued at any time by the management. The Company purchased shares of its common stock, for a total consideration including commissions and excluding excise tax, under its two repurchase programs, as below: Shares repurchased Total consideration Weighted average purchase price per share Three months ended September 30, 2024 1,738,114 $ 59,346 $ 34.14 Three months ended September 30, 2023 975,774 $ 28,636 $ 29.35 Nine months ended September 30, 2024 6,012,285 $ 187,599 $ 31.20 Nine months ended September 30, 2023 3,001,619 $ 93,483 $ 31.14 Repurchased shares have been recorded as treasury shares and will be held until the Company’s board of directors designates that these shares be retired or used for other purposes. Pursuant to the Inflation Reduction Act, effective January 1, 2023, the Company is required to pay a 1% excise tax on the fair market value of each share of common stock repurchased, net of stock issuances. The Company recognized excise tax of $412 and $1,030, respectively, on repurchase of common stock as a part of cost of such repurchases for the three and nine months ended September 30, 2024.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2024
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, inclusive of interest which is declared periodically. The Company expects to earn a return of approximately 7.2% per annum on the India Plan for the year ending on December 31, 2024. Change in Plan Assets Plan assets as of January 1, 2024 $ 17,134 Actual return 1,052 Employer contribution 3,366 Benefits paid (1,044) Currency translation adjustments (134) Plan assets as of September 30, 2024 $ 20,374 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Service cost $ 1,117 $ 947 $ 3,325 $ 2,856 Interest cost 386 392 1,160 1,180 Expected return on plan assets (309) (261) (931) (788) Amortization of actuarial (gain)/loss, gross of tax (153) (22) (455) (70) Net gratuity cost $ 1,041 $ 1,056 $ 3,099 $ 3,178 Amortization of actuarial (gain)/loss, gross of tax $ (153) $ (22) $ (455) $ (70) Income tax effects on above (1) (19) (3) (56) Amortization of actuarial (gain)/loss, net of tax $ (154) $ (41) $ (458) $ (126) The Company maintains several 401(k) plans (the “401(k) Plans”) under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”), covering all eligible employees, as defined in the Code as a defined contribution plan. The Company may make discretionary contributions of up to a maximum of 3.0% of employee compensation within certain limits. The Company’s contributions to various defined contribution plans was as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Contribution to the 401(k) Plans $ 1,358 $ 1,240 $ 4,991 $ 4,804 Contributions to the defined contribution plans on behalf of employees in foreign subsidiaries of the Company $ 7,112 $ 5,841 $ 20,752 $ 16,837

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements. The Company had performed an evaluation of its contracts with suppliers in accordance with ASC Topic 842, Leases , and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease. The components of lease cost, which are included in the Company’s unaudited consolidated statements of income, are as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Finance lease: Depreciation on underlying ROU assets $ 111 $ 50 $ 261 $ 127 Interest on lease liabilities 53 25 134 63 164 75 395 190 Operating lease (1) 5,995 4,839 17,088 15,171 Variable lease costs 1,240 1,170 3,329 3,334 Sub lease income (49) — (49) — Total lease cost $ 7,350 $ 6,084 $ 20,763 $ 18,695 (1) Includes short-term leases, which are immaterial. Supplemental cash flow and other information related to leases are as follows: Nine months ended September 30, 2024 2023 Cash payments for amounts included in the measurement of lease liabilities : Operating cash outflows for operating leases $ 15,180 $ 15,622 Operating cash outflows for finance leases $ 134 $ 63 Financing cash outflows for finance leases $ 222 $ 120 ROU assets obtained in exchange for new operating lease liabilities $ 17,753 $ 13,477 ROU assets obtained in exchange for new finance lease liabilities $ 972 $ 285 Weighted average remaining lease term (in years) Finance lease 3.2 years 3.1 years Operating lease 4.9 years 5.6 years Weighted average discount rate Finance lease 14.9 % 14.2 % Operating lease 7.9 % 7.4 % As part of the Company’s efforts to optimize its existing network of operations centers, the Company continued to evaluate its office facilities to determine where it can exit or consolidate its use of office space. The Company modified certain of its operating leases, resulting in an increase of its lease liabilities by $3,383 and a decrease of its lease liabilities by $1,876, during the nine months ended September 30, 2024 and 2023, respectively, with a corresponding adjustment to ROU assets. As of September 30, 2024 and December 31, 2023, 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 September 30, 2024 were as follows: Operating Leases Finance Leases 2024 (October 1 - December 31) $ 5,621 $ 146 2025 22,142 565 2026 20,710 522 2027 18,190 433 2028 14,738 282 2029 and thereafter 15,502 96 Total lease payments 96,903 2,044 Less: Imputed interest 17,663 496 Present value of lease liabilities $ 79,240 $ 1,548
Leases	Leases The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements. The Company had performed an evaluation of its contracts with suppliers in accordance with ASC Topic 842, Leases , and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease. The components of lease cost, which are included in the Company’s unaudited consolidated statements of income, are as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Finance lease: Depreciation on underlying ROU assets $ 111 $ 50 $ 261 $ 127 Interest on lease liabilities 53 25 134 63 164 75 395 190 Operating lease (1) 5,995 4,839 17,088 15,171 Variable lease costs 1,240 1,170 3,329 3,334 Sub lease income (49) — (49) — Total lease cost $ 7,350 $ 6,084 $ 20,763 $ 18,695 (1) Includes short-term leases, which are immaterial. Supplemental cash flow and other information related to leases are as follows: Nine months ended September 30, 2024 2023 Cash payments for amounts included in the measurement of lease liabilities : Operating cash outflows for operating leases $ 15,180 $ 15,622 Operating cash outflows for finance leases $ 134 $ 63 Financing cash outflows for finance leases $ 222 $ 120 ROU assets obtained in exchange for new operating lease liabilities $ 17,753 $ 13,477 ROU assets obtained in exchange for new finance lease liabilities $ 972 $ 285 Weighted average remaining lease term (in years) Finance lease 3.2 years 3.1 years Operating lease 4.9 years 5.6 years Weighted average discount rate Finance lease 14.9 % 14.2 % Operating lease 7.9 % 7.4 % As part of the Company’s efforts to optimize its existing network of operations centers, the Company continued to evaluate its office facilities to determine where it can exit or consolidate its use of office space. The Company modified certain of its operating leases, resulting in an increase of its lease liabilities by $3,383 and a decrease of its lease liabilities by $1,876, during the nine months ended September 30, 2024 and 2023, respectively, with a corresponding adjustment to ROU assets. As of September 30, 2024 and December 31, 2023, 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 September 30, 2024 were as follows: Operating Leases Finance Leases 2024 (October 1 - December 31) $ 5,621 $ 146 2025 22,142 565 2026 20,710 522 2027 18,190 433 2028 14,738 282 2029 and thereafter 15,502 96 Total lease payments 96,903 2,044 Less: Imputed interest 17,663 496 Present value of lease liabilities $ 79,240 $ 1,548

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
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 24.4% during the three months ended September 30, 2023 to 22.6% during the three months ended September 30, 2024. The Company recorded income tax expense of $15,460 and $14,161 for the three months ended September 30, 2024 and 2023, respectively. The increase in income tax expense was primarily as a result of higher profit during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, partially offset by higher excess tax benefits related to stock-based compensation during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. The effective tax rate increased from 20.8% during the nine months ended September 30, 2023 to 22.6% during the nine months ended September 30, 2024. The Company recorded income tax expense of $43,086 and $37,773 for the nine months ended September 30, 2024 and 2023, respectively. The increase in income tax expense was primarily as a result of higher profit during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023 and lower excess tax benefits related to stock-based compensation during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Company’s subsidiaries in India repatriated $18,255 (net of $996 withholding taxes) to the United States. Deferred income taxes recognized in OCI were as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Deferred taxes benefit / (expense) recognized on: Unrealized gain/(loss) on cash flow hedges $ (342) $ 1,370 $ (1,581) $ (2,199) Reclassification adjustment for cash flow hedges 107 64 416 (701) Reclassification adjustment for retirement benefits (1) (19) (3) (56) Currency translation adjustments (1,081) 1,602 146 466 Total $ (1,317) $ 3,017 $ (1,022) $ (2,490)

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Cost of revenues $ 4,182 $ 4,038 $ 11,989 $ 10,945 General and administrative expenses 8,514 6,544 22,635 15,579 Selling and marketing expenses 8,536 6,485 22,555 16,461 Total $ 21,232 $ 17,067 $ 57,179 $ 42,985 Income tax benefit related to share-based compensation (1) $ 5,830 $ 4,340 $ 15,807 $ 16,959 (1) Includes $1,673 and $462 during the three months ended September 30, 2024 and 2023, respectively, and $9,214 and $13,172 during the nine months ended September 30, 2024 and 2023, respectively, related to discrete benefits recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation. As of September 30, 2024 and December 31, 2023, the Company had 1,774,815 and 4,096,102 shares, respectively, available for grant under the 2018 Omnibus Incentive Plan. Stock Options Stock option activity under the Company’s stock-based compensation plans is shown below: Stock Options Number Weighted Average Outstanding as of December 31, 2023 1,790,695 $ 30.14 Granted — — Vested 447,655 30.14 Forfeited — — Outstanding as of September 30, 2024* 1,343,040 $ 30.14 *As of September 30, 2024 and December 31, 2023 the number of stock options vested and not yet exercised are 447,655 and nil, respectively. As of September 30, 2024, unrecognized compensation cost of $14,683 is expected to be expensed over a weighted average period of 2.8 years. Share Matching Program Under the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”), the Company established a share matching program (“SMP”) for executive officers and other specified employees. Under the SMP, the Company agreed to issue a number of restricted stock units equal to the number of newly acquired shares of the Company's common stock. Restricted stock unit activity under the SMP is shown below: Restricted Stock Units (SMP) Number Weighted Average Outstanding as of December 31, 2023 217,230 $ 24.95 Granted — — Vested (72,385) 24.95 Forfeited — — Outstanding as of September 30, 2024* 144,845 $ 24.95 * As of September 30, 2024 and December 31, 2023 restricted stock units vested for which the underlying common stock is yet to be issued are 72,385 and nil, respectively. As of September 30, 2024, unrecognized compensation cost of $900 is expected to be expensed over a weighted average period of 0.5 years. 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, 2023* 3,731,512 $ 24.96 Granted 1,592,573 30.60 Vested (1,797,779) 22.18 Forfeited (250,827) 28.26 Outstanding as of September 30, 2024* 3,275,479 $ 28.98 * As of September 30, 2024 and December 31, 2023 restricted stock units vested for which the underlying common stock is yet to be issued are 373,521 and 324,125, respectively. As of September 30, 2024, unrecognized compensation cost of $71,783 is expected to be expensed over a weighted average period of 2.7 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 nine months ended September 30, 2024, 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. 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. 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, 2023 438,000 $ 29.16 656,450 $ 37.78 Granted 344,535 30.44 516,692 44.33 Vested — — — — Forfeited (26,338) 29.72 (39,436) 39.89 Outstanding as of September 30, 2024 756,197 $ 29.72 1,133,706 $ 40.69 As of September 30, 2024, unrecognized compensation cost of $36,698 is expected to be expensed over a weighted average period of 1.9 years. Employee Stock Purchase Plan On June 21, 2022, at the annual meeting of stockholders of the Company, the Company’s stockholders approved the ExlService Holdings, Inc. 2022 Employee Stock Purchase Plan (the “2022 ESPP”). The 2022 ESPP allows eligible employees to purchase the Company’s shares of common stock through payroll deductions at a pre-specified discount to the lower of closing price of the Company’s common shares on the date of offering or the last business day of each purchase interval. The dollar amount of shares of common stock that can be purchased under the 2022 ESPP must not exceed 15% of the participating employee’s compensation during the offering period, subject to a cap of $25 per employee per calendar year. The Company has reserved 4,000,000 shares of common stock for issuance under the 2022 ESPP. The fifth offering period under the 2022 ESPP commenced on July 1, 2024 with a term of six months. Activity under the Company’s 2022 ESPP is shown below: Number Total Proceeds Received Shares available for issuance as of December 31, 2023 3,831,325 Issuance of common stock related to the: Third offering period 71,645 $ 1,948 Fourth offering period 86,936 $ 2,414 Shares available for issuance as of September 30, 2024 3,672,744 Contributions received for the fifth offering period up to September 30, 2024 $ 1,146

Related Party Disclosures

Related Party Disclosures	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Disclosures	Related Party Disclosures In April 2022, the Company entered into a service contract for providing analytics services to The Vanguard Group Inc., which reported that it beneficially owns approximately 10% of the Company’s common stock as of December 31, 2023. During the three months ended September 30, 2024 and 2023, the Company recognized revenues, net of $140 and $354, respectively, related to this service contract. During the nine months ended September 30, 2024 and 2023, the Company recognized revenues, net of $516 and $1,684, respectively, related to this service contract. The Company had outstanding accounts receivable, net of $84 and $209, related to this service contract as of September 30, 2024 and December 31, 2023, respectively. In February 2024, the Company entered into a service contract for providing analytics services to Corridor Platforms, Inc., which is an equity affiliate of the Company. During the three and nine months ended September 30, 2024, the Company recognized revenues, net of $80 and $382, respectively, related to this service contract. The Company had outstanding accounts receivable, net of $65 related to this service contract as of September 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Commitments As of September 30, 2024, the Company had committed to spend approximately $6,300 under agreements to purchase property and equipment. This amount is net of capital advances paid which are recognized in unaudited consolidated balance sheets as “Capital work in progress” under “Property and equipment.” On June 15, 2023, the Company, along with other limited partners, entered into a limited partnership agreement with the general partner, PNP Financial Services Fund GP I, LLC and initial limited partner and outgoing partner, to form a partnership with the name Plug and Play Financial Services Fund I, L.P. (the “Partnership”) for the primary purpose of making investments in growth-stage technology companies. During the nine months ended September 30, 2024, the Company further invested $600 in the Partnership and is committed under the Partnership to make further investments up to an amount of $2,800. Other Commitments Certain units of the Company’s Indian subsidiaries were established as 100% Export-Oriented units or under the Software Technology Parks of India or Special Economic Zone scheme promulgated by the Government of India. These units are exempt from customs, central excise duties, and levies on imported and indigenous capital goods, stores, and spares. The Company has undertaken to pay custom duties, service taxes, levies, and liquidated damages payable, if any, in respect of imported and indigenous capital goods, stores and spares consumed duty free, in the event that certain terms and conditions are not fulfilled. The Company believes, however, that these units have in the past satisfied, and will continue to satisfy, the required conditions. The Company’s operations centers in the Philippines are registered as qualified Philippines Economic Zone Authority units, which provides the Company fiscal incentives on the import of capital goods and local purchase of services and materials. The Company is required to meet certain requirements to retain the incentives. The Company has complied, and intends to continue compliance, with the requirements to avail itself of the incentives. Contingencies The transfer pricing regulations in the countries where the Company operates require that controlled intercompany transactions be at arm’s-length. Accordingly, the Company determines and documents pricing for controlled intercompany transactions based on an economic analysis as prescribed in the respective regulations. The tax authorities have jurisdiction to review the Company’s transfer pricing. If the Company’s transfer pricing is challenged by the authorities, they could assess additional tax, interest and penalties, thereby impacting the Company’s profitability and cash flows. The Company is currently involved in transfer pricing and related income tax disputes with Indian tax authorities. The aggregate amount demanded by Indian tax authorities (net of advance payments) as of September 30, 2024 and December 31, 2023 is $37,144 and $36,694, respectively. The Company has made payments and/or provided bank guarantees against these demands in the amounts of $7,669 and $7,227, as of September 30, 2024 and December 31, 2023, 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 VAT regime ended in June 2017 and was replaced by the current Goods and Service Tax (“GST”) regime. Pursuant to reviewing the Company’s annual VAT filings, the Indian tax authorities raised aggregate VAT demands for tax years 2015 and 2017, in the amounts of $5,455 and $5,493, as of September 30, 2024 and December 31, 2023, respectively. The Company has provided bank guarantees against these demands in the amounts of $5,455 and $4,570, as of September 30, 2024 and December 31, 2023, respectively. The GST authorities rejected the Company’s refunds claims in the amounts of $5,023 and $4,748 as of September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, respectively. Some of the Company’s subsidiaries in India have undergone assessments with the statutory authority with respect to defined contribution plan. Except for some components of the assessments for which the Company has recognized a provision in the financial statements, the Company believes that the amount demanded by such authority is not a meaningful indicator of the potential liabilities of the Company, and that these matters are without merit. The Company is defending against the assessment orders and in one case, has instituted an appeal against the order before the relevant tribunal while also making a payment under protest of the amount demanded. As of the reporting date, the Company’s management does not believe that the ultimate assessments in any of these matters will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. The Company will continue to monitor and evaluate its position based on future events and developments on these matters. From time to time, the Company, its subsidiaries, and/or their present officers or directors, may be or have been, named as a defendant in litigation matters, including employment-related claims. The plaintiffs in those cases seek damages, including, where applicable, compensatory damages, punitive damages and attorney’s fees. With respect to pending litigation matters as of the reporting date, the Company believes that the damages claimed are without merit, and the Company intends to vigorously defend them. The Company will continuously monitor developments on these matters to assess potential impacts to the financial statements. The outcomes of legal actions are unpredictable and subject to significant uncertainties, and thus it is inherently difficult to determine the likelihood of the Company incurring a material loss or quantification of any such loss. With respect to certain pending litigation matters as of the reporting date, the Company has made provisions based on information currently available, including its evaluation of the facts underlying each matter and legal counsel’s advice on the estimated losses or range of reasonably possible losses. Based on the Company’s assessment, including the availability of insurance recoveries, the Company’s management does not believe that currently pending litigation, individually or in aggregate, will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. The Company will continuously monitor these matters to assess potential impacts to the financial statements.

Restructuring Costs

Restructuring Costs	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs In second quarter of 2024, the Company initiated a strategic restructuring plan to align its workforce with market opportunities, business strategies and evolving customer needs. This plan was executed in the second quarter of 2024, which affected less than 1% of the Company’s global workforce. The restructuring costs include costs in relation to employee severance and other associated costs including legal fees and outplacement support costs. These costs have been recognized under cost of revenues (across all reporting segments), general & administrative and selling & marketing expenses in the unaudited consolidated statements of income. The following table summarizes the activity related to the restructuring costs incurred and paid: Three months ended September 30, 2024 Nine months ended September 30, 2024 Employee-Related Costs Other Associated Costs Total Employee-Related Costs Other Associated Costs Total Opening balance $ 637 $ 355 $ 992 $ — $ — $ — Costs incurred during the period — — — 4,397 365 4,762 Payments during the period 547 226 773 4,307 236 4,543 Closing balance $ 90 $ 129 $ 219 $ 90 $ 129 $ 219

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 53,037	$ 43,876	$ 147,625	$ 144,275

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Narasimha Kini [Member]
Trading Arrangements, by Individual
Name	Narasimha Kini
Title	Executive Vice President and Business Head
Rule 10b5-1 Arrangement Terminated	true
Termination Date	August 7, 2024
Aggregate Available	93,190

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Preparation	Basis of Preparation and Principles of Consolidation The unaudited consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements and therefore should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Principles of Consolidation	The unaudited consolidated financial statements reflect all adjustments (of a normal and recurring nature) that management considers necessary for a fair presentation of such statements for the interim periods presented. The unaudited consolidated statements of income for the interim periods presented are not necessarily indicative of the results for the full year or for any subsequent period. The accompanying unaudited consolidated financial statements include the financial statements of ExlService Holdings and all of its subsidiaries. The standalone financial statements of subsidiaries are fully consolidated on a line-by-line basis. Intra-group balances and transactions, and gains and losses arising from intra-group transactions, are eliminated while preparing consolidated financial statements. The Company’s investments in equity affiliates are 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 Estimates The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the carrying amounts of assets and liabilities and disclosure of contingent assets and liabilities included in the unaudited consolidated financial statements. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates that affect the unaudited consolidated financial statements include, but are not limited to, estimates of the fair value of the identifiable intangible assets and contingent consideration, purchase price allocation, including revenue projections and the discount rate applied within the discounted cash flow model for business acquisitions, credit risk of customers, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, and variable consideration in a customer contract, expected recoverability from customers with contingent fee arrangements, estimated costs to complete fixed price contracts, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income tax uncertainties and other contingencies, valuation of derivative financial instruments and stock-based awards, and useful life of long-lived assets and other intangible assets. The significant assumptions underneath these estimates include, but are not limited to assumptions to calculate stock-based compensation expense, determine incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, determine lease term to calculate single operating lease cost, determine pattern of generation of economic benefits to calculate depreciation and amortization for long-lived assets and other intangible assets, and recoverability of long-lived assets, goodwill and other intangible assets.
Recent Accounting Pronouncements and Recently adopted Accounting Pronouncements	Recent Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative . This ASU modifies the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in this ASU should be applied prospectively. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The adoption of this ASU will not have a material impact on the Company’s unaudited consolidated financial statements. The Company will continue to monitor for SEC action, and plan accordingly for adoption. In November 2023, FASB issued ASU No. 2023-07, Segment Reporting (“Accounting Standards Codification (“ASC”) Topic 280”): Improvements to Reportable Segment Disclosures . This ASU improves reportable segment disclosure requirements on an annual and interim basis for all public entities by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its unaudited consolidated financial statements. In December 2023, FASB issued ASU No. 2023-09, Income Taxes (“ASC Topic 740”), Improvements to Income Tax Disclosures . This ASU expands disclosures relating to the entity’s income tax rate reconciliation, income taxes paid and certain other disclosures related to income taxes. The ASU will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on its unaudited consolidated financial statements. (d) Recently adopted Accounting Pronouncements In March 2023, FASB issued 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 does not have any lease arrangements with entities under common control and the adoption of this ASU did not have a material impact on its unaudited consolidated financial statements. In March 2024, FASB issued ASU No. 2024-01, Compensation-Stock Compensation (“ASC Topic 718”) . This ASU clarifies how to evaluate whether profits interest and similar awards given to employees and non-employees are within the scope of share-based payment arrangement under ASC Topic 718. The ASU will be effective for annual periods beginning after December 15, 2024, including interim periods within those years, with early adoption permitted. The Company has early adopted this ASU beginning January 1, 2024. The adoption of this ASU did not have a material impact on the Company’s unaudited consolidated financial statements. In March 2024, FASB issued ASU No. 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements . This ASU contains amendments to the ASC that remove references to various FASB Concepts Statements. The ASU will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company has early adopted this ASU beginning January 1, 2024. The adoption of this ASU did not have a material impact on the Company’s unaudited consolidated financial statements.

Segment and Geographical Info_2

Segment and Geographical Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Revenues and Cost of Revenues for Company's Reportable Segments	Revenues and cost of revenues for the three months ended September 30, 2024 and 2023, respectively, for each of the reportable segments, are as follows: Three months ended September 30, 2024 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 157,574 $ 30,498 $ 79,999 $ 204,002 $ 472,073 Cost of revenues (1) 100,327 20,254 47,834 125,391 293,806 Gross profit (1) $ 57,247 $ 10,244 $ 32,165 $ 78,611 $ 178,267 Operating expenses 108,862 Foreign exchange gain, net, interest expense and other income, net (874) Income tax expense 15,460 Loss from equity-method investment (34) Net income $ 53,037 (1) Exclusive of depreciation and amortization expense. Three months ended September 30, 2023 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 136,369 $ 26,177 $ 65,316 $ 183,109 $ 410,971 Cost of revenues (1) 86,435 16,533 37,599 115,435 256,002 Gross profit (1) $ 49,934 $ 9,644 $ 27,717 $ 67,674 $ 154,969 Operating expenses 94,739 Foreign exchange gain, net, interest expense and other income, net (2,218) Income tax expense 14,161 Gain from equity-method investment 25 Net income $ 43,876 (1) Exclusive of depreciation and amortization expense. Revenues and cost of revenues for the nine months ended September 30, 2024 and 2023, respectively, for each of the reportable segments, are as follows: Nine months ended September 30, 2024 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 452,010 $ 84,846 $ 231,576 $ 588,514 $ 1,356,946 Cost of revenues (1) 288,143 56,373 133,882 370,938 849,336 Gross profit (1) $ 163,867 $ 28,473 $ 97,694 $ 217,576 $ 507,610 Operating expenses 315,232 Foreign exchange gain, net, interest expense and other income, net (1,596) Income tax expense 43,086 Loss from equity-method investment (71) Net income $ 147,625 (1) Exclusive of depreciation and amortization expense. Nine months ended September 30, 2023 Insurance Healthcare Emerging Business Analytics Total Revenues, net $ 390,762 $ 80,036 $ 198,677 $ 547,135 $ 1,216,610 Cost of revenues (1) 253,081 52,882 111,414 343,314 760,691 Gross profit (1) $ 137,681 $ 27,154 $ 87,263 $ 203,821 $ 455,919 Operating expenses 271,430 Foreign exchange gain, net, interest expense and other income, net (2,598) Income tax expense 37,773 Gain from equity-method investment 157 Net income $ 144,275 (1) Exclusive of depreciation and amortization expense. Revenues, net by service type, were as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Digital operations and solutions (1) $ 268,071 $ 227,862 $ 768,432 $ 669,475 Analytics services 204,002 183,109 588,514 547,135 Revenues, net $ 472,073 $ 410,971 $ 1,356,946 $ 1,216,610 (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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenues, net The United States $ 388,067 $ 343,135 $ 1,121,122 $ 1,022,883 Non-United States The United Kingdom 56,650 46,327 160,019 131,549 Rest of World 27,356 21,509 75,805 62,178 Total Non-United States 84,006 67,836 235,824 193,727 Revenues, net $ 472,073 $ 410,971 $ 1,356,946 $ 1,216,610
Long-lived Assets Based on Geographical Information	Long-lived assets by geographic area, which consist of property and equipment, net and operating lease ROU assets were as follows: As of September 30, 2024 December 31, 2023 Long-lived assets India $ 61,015 $ 53,813 The United States 57,307 61,592 South Africa 27,783 20,890 The Philippines 27,600 21,952 Rest of World 5,486 6,982 Long-lived assets $ 179,191 $ 165,229

Revenues, net and Accounts Re_2

Revenues, net and Accounts Receivable, net (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Contracts with Customer, Receivables, Liabilities and Revenue Recognized	The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers: As of September 30, 2024 December 31, 2023 Accounts receivable, net $ 340,904 $ 308,108 Contract assets $ 6,083 $ 9,665 Contract liabilities: Deferred revenue (consideration received in advance) $ 9,346 $ 9,764 Consideration received for process transition activities $ 18,710 $ 12,411 Revenue recognized during the three and nine months ended September 30, 2024 and 2023, which was included in the contract liabilities balance at the beginning of the respective periods: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Deferred revenue (consideration received in advance) $ 803 $ 690 $ 9,095 $ 16,682 Consideration received for process transition activities $ 717 $ 373 $ 1,996 $ 1,381
Contract Acquisition and Fulfillment Costs	The following table provides details of the Company’s contract acquisition and fulfillment costs: Contract Acquisition Costs Three months ended Nine months ended Year ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 December 31, 2023 Opening Balance $ 1,990 $ 2,183 $ 2,122 $ 1,095 $ 1,095 Additions 6 115 377 1,591 1,841 Amortization (218) (233) (721) (621) (814) Closing Balance $ 1,778 $ 2,065 $ 1,778 $ 2,065 $ 2,122 Contract Fulfillment Costs Three months ended Nine months ended Year ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 December 31, 2023 Opening Balance $ 30,404 $ 21,445 $ 24,673 $ 13,871 $ 13,871 Additions 3,530 3,790 10,814 12,633 13,605 Amortization (713) (878) (2,266) (2,147) (2,803) Closing Balance $ 33,221 $ 24,357 $ 33,221 $ 24,357 $ 24,673
Movement in Allowance for Expected Credit Loss	The following table provides information about accounts receivable, net of allowance for expected credit losses: As of September 30, 2024 December 31, 2023 Accounts receivable, including unbilled receivables $ 344,778 $ 311,811 Less: Allowance for expected credit losses (3,874) (3,703) Accounts receivable, net $ 340,904 $ 308,108 The movement in “Allowance for expected credit losses” was as follows: Three months ended Nine months ended Year ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 December 31, 2023 Opening Balance $ 3,560 $ 1,800 $ 3,703 $ 1,332 $ 1,332 Additions/(reductions) 342 1,964 274 2,441 2,450 Reductions due to write-off of accounts receivable (27) (70) (103) (78) (79) Currency translation adjustments (1) 2 — 1 — Closing Balance $ 3,874 $ 3,696 $ 3,874 $ 3,696 $ 3,703

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Numerators: Net income $ 53,037 $ 43,876 $ 147,625 $ 144,275 Denominators: Basic weighted average common shares outstanding 161,732,872 166,159,619 163,197,767 166,707,599 Dilutive effect of stock-based awards 1,454,861 1,528,755 1,422,314 1,884,013 Diluted weighted average common shares outstanding 163,187,733 167,688,374 164,620,081 168,591,612 Earnings per share: Basic $ 0.33 $ 0.26 $ 0.90 $ 0.87 Diluted $ 0.33 $ 0.26 $ 0.90 $ 0.86 Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share 1,790,695 2,899,035 2,762,178 1,564,844

Other Income, net (Tables)

Other Income, net (Tables)	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Summary of Other Income/(Loss), net	Other income, net consists of the following: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Gain on sale and fair value mark-to-market on investments $ 1,766 $ 1,337 $ 3,944 $ 4,076 Interest and dividend income 2,547 2,106 7,206 5,480 Fair value changes of contingent consideration (1) — (2,500) 589 (2,500) Others, net 61 (165) 137 (462) Other income, net $ 4,374 $ 778 $ 11,876 $ 6,594 (1) Refer to Note 16 - Fair Value Measurements to the unaudited consolidated financial statements for further details.

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 September 30, 2023 December 31, 2023 Cash and cash equivalents $ 150,102 $ 122,655 $ 136,953 Restricted cash (current) (1) 7,342 3,257 4,062 Restricted cash (non-current) (2) 5,820 2,047 4,386 Cash, cash equivalents and restricted cash $ 163,264 $ 127,959 $ 145,401 (1) Restricted cash (current) primarily represents funds held on behalf of customers in dedicated bank accounts. The corresponding liability against the same is included under “Accrued Expenses and other current liabilities.” Restricted cash also includes funds held as collateral in a dedicated bank account for irrevocable letters of credit issued in favor of third parties for facility leases. (2) Restricted cash (non-current) represents deposits with banks against bank guarantees issued through banks in favor of relevant statutory authorities for equipment imports, deposits for obtaining indirect tax registrations and for demands against pending income tax and value added tax (“VAT”) assessments. These deposits with banks will mature one year after the balance sheet date.
Restrictions on Cash and Cash Equivalents	For the purposes of unaudited statements of cash flows, cash, cash equivalents and restricted cash consist of the following: As of September 30, 2024 September 30, 2023 December 31, 2023 Cash and cash equivalents $ 150,102 $ 122,655 $ 136,953 Restricted cash (current) (1) 7,342 3,257 4,062 Restricted cash (non-current) (2) 5,820 2,047 4,386 Cash, cash equivalents and restricted cash $ 163,264 $ 127,959 $ 145,401 (1) Restricted cash (current) primarily represents funds held on behalf of customers in dedicated bank accounts. The corresponding liability against the same is included under “Accrued Expenses and other current liabilities.” Restricted cash also includes funds held as collateral in a dedicated bank account for irrevocable letters of credit issued in favor of third parties for facility leases. (2) Restricted cash (non-current) represents deposits with banks against bank guarantees issued through banks in favor of relevant statutory authorities for equipment imports, deposits for obtaining indirect tax registrations and for demands against pending income tax and value added tax (“VAT”) assessments. These deposits with banks will mature one year after the balance sheet date.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Investment	Investments consist of the following: As of September 30, 2024 December 31, 2023 Short-term investments Mutual funds $ 99,621 $ 52,650 Term deposits 76,027 101,231 Total Short-term investments $ 175,648 $ 153,881 Long-term investments Term deposits $ 9,464 $ 239 Investment in equity affiliate 4,720 4,191 Total Long-term investments $ 14,184 $ 4,430

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following: As of September 30, 2024 December 31, 2023 Property, plant and equipment, gross $ 357,102 $ 324,038 Less: Accumulated depreciation and amortization (249,707) (223,665) Property, plant and equipment, net $ 107,395 $ 100,373 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Depreciation and amortization expense $ 10,350 $ 8,426 $ 29,449 $ 26,682 Internally developed software costs included in property and equipment was as follows: As of September 30, 2024 December 31, 2023 Cost $ 59,286 $ 46,625 Less : Accumulated amortization (33,817) (25,413) Internally developed software, net $ 25,469 $ 21,212 The amortization expense on internally developed software recognized in the unaudited consolidated statements of income was as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Amortization expense $ 2,961 $ 2,311 $ 8,408 $ 6,711

Business Combinations, Goodwi_2

Business Combinations, Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Assets and Liabilities Acquired	The Company’s preliminary purchase price allocation to net tangible and intangible assets of ITI Data as of August 1, 2024 is as follows: Intangible assets $ 10,720 Other assets, net 581 Goodwill 22,035 Total purchase consideration* $ 33,336 * Includes contingent consideration of $7,700 recognized at fair value as of the date of acquisition.
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, 2024 $ 50,035 $ 21,872 $ 47,001 $ 286,731 $ 405,639 Acquisition — — — 22,035 22,035 Currency translation adjustments 112 (5) (118) — (11) Balance as of September 30, 2024 $ 50,147 $ 21,867 $ 46,883 $ 308,766 $ 427,663
Schedule of Indefinite Lived Intangible Assets	Information regarding the Company’s intangible assets is set forth below: As of September 30, 2024 As of December 31, 2023 Gross Accumulated Net Gross Carrying Accumulated Amortization Net Finite-lived intangible assets: Customer relationships $ 107,350 $ (57,757) $ 49,593 $ 99,050 $ (51,085) $ 47,965 Developed technology 3,631 (3,215) 416 3,552 (2,522) 1,030 Trade names and trademarks 1,700 (1,408) 292 1,400 (1,286) 114 Non-compete agreements 300 (210) 90 336 (181) 155 112,981 (62,590) 50,391 104,338 (55,074) 49,264 Indefinite-lived intangible assets: Trade names and trademarks 900 — 900 900 — 900 Total intangible assets $ 113,881 $ (62,590) $ 51,291 $ 105,238 $ (55,074) $ 50,164
Schedule of Amortization of Intangible Assets	The amortization expense recognized in the unaudited consolidated statements of income was as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Amortization expense $ 3,449 $ 3,157 $ 9,606 $ 11,510
Schedule of Estimated Future Amortization of Intangible Assets	Estimated future amortization expense related to finite-lived intangible assets as of September 30, 2024 was as follows: 2024 (October 1 - December 31) $ 3,431 2025 12,890 2026 12,548 2027 11,505 2028 and thereafter 10,017 Total $ 50,391

Other Current Assets (Tables)

Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Other current assets consist of the following: As of September 30, 2024 December 31, 2023 Advance income tax, net $ 31,632 $ 23,269 Receivables from statutory authorities 21,854 18,500 Prepaid expenses 18,179 18,171 Derivative instruments 8,492 4,308 Deferred contract fulfillment costs 4,208 3,303 Advances to suppliers 3,149 1,883 Contract assets 2,465 2,830 Others 3,714 4,405 Other current assets $ 93,693 $ 76,669

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: As of September 30, 2024 December 31, 2023 Deferred contract fulfillment costs $ 29,013 $ 21,370 Deposits with statutory authorities 7,446 6,960 Lease deposits 6,505 5,159 Derivative instruments 4,720 3,299 Contract assets 3,618 6,835 Others 5,811 5,901 Other assets $ 57,113 $ 49,524

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: As of September 30, 2024 December 31, 2023 Accrued expenses $ 62,552 $ 58,736 Payable to statutory authorities 23,443 20,591 Client liabilities 7,105 6,909 Contingent consideration 2,800 15,000 Accrued capital expenditures 2,791 4,134 Income taxes payable, net 1,249 1,213 Derivative instruments 991 2,009 Others 4,228 5,521 Accrued expenses and other current liabilities $ 105,159 $ 114,113

Other Non-Current Liabilities (

Other Non-Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Liabilities, Noncurrent [Abstract]
Summary of Other Non-Current Liabilities	Other non-current liabilities consist of the following: As of September 30, 2024 December 31, 2023 Retirement benefits $ 17,185 $ 16,666 Deferred transition revenue 15,645 10,195 Contingent consideration 4,900 589 Unrecognized tax benefits 1,580 1,262 Derivative instruments 504 216 Others 2,861 2,534 Other non-current liabilities $ 42,675 $ 31,462

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income/(Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table sets forth the changes in AOCI during the nine months ended September 30, 2024 and 2023: Accumulated Other Comprehensive Income/(Loss) Currency translation adjustments Unrealized gain/(loss) on cash flow hedges Retirement benefits Total Balance as of January 1, 2024 $ (132,643) $ 4,198 $ 1,405 $ (127,040) Gains / (losses) recognized during the period (483) 7,257 — 6,774 Reclassification to net income (1) — (850) (455) (1,305) Income tax effects (2) 146 (1,165) (3) (1,022) Accumulated other comprehensive income/(loss) as of September 30, 2024 $ (132,980) $ 9,440 $ 947 $ (122,593) Balance as of January 1, 2023 $ (133,139) $ (11,303) $ 299 $ (144,143) Gains / (losses) recognized during the period (2,605) 8,242 — 5,637 Reclassification to net income (1) — 4,261 (70) 4,191 Income tax effects (2) 466 (2,900) (56) (2,490) Accumulated other comprehensive income/(loss) as of September 30, 2023 $ (135,278) $ (1,700) $ 173 $ (136,805) (1) Refer to Note 17 - Derivatives and Hedge Accounting and Note 20 - Employee Benefit Plans to the unaudited consolidated financial statements for reclassification to net income. (2) These are income tax effects recognized on cash flow hedges, retirement benefits and currency translation adjustments. Refer to Note 22 - Income Taxes to the unaudited consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
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 Significant Other Significant Other As of September 30, 2024 (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents - Money market funds (1) $ 73,071 $ — $ — $ 73,071 Mutual funds (2) 99,621 — — 99,621 Derivative financial instruments — 13,212 — 13,212 Total $ 172,692 $ 13,212 $ — $ 185,904 Liabilities Derivative financial instruments $ — $ 1,495 $ — $ 1,495 Contingent consideration (3) — — 7,700 7,700 Total $ — $ 1,495 $ 7,700 $ 9,195 Quoted Prices in Significant Other Significant Other As of December 31, 2023 (Level 1) (Level 2) (Level 3) Total Assets Cash equivalents - Money market funds (1) $ 49,806 $ — $ — $ 49,806 Mutual funds (2) 52,650 — — 52,650 Derivative financial instruments — 7,607 — 7,607 Total $ 102,456 $ 7,607 $ — $ 110,063 Liabilities Derivative financial instruments $ — $ 2,225 $ — $ 2,225 Contingent consideration (3) — — 15,589 15,589 Total $ — $ 2,225 $ 15,589 $ 17,814 (1) Represents money market funds which are carried at the fair value option under ASC Topic 825 “Financial Instruments”. (2) Represents those short-term investments which are carried at the fair value option under ASC Topic 825 “Financial Instruments”. (3) Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the changes in the fair value of contingent consideration: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Opening balance $ — $ 13,689 $ 15,589 $ 18,689 Acquisitions 7,700 — 7,700 — Fair value changes — 2,500 (589) 2,500 Payments — — (15,000) (5,000) Closing balance $ 7,700 $ 16,189 $ 7,700 $ 16,189

Derivatives and Hedge Account_2

Derivatives and Hedge Accounting (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following table sets forth the aggregate notional amount of derivatives in cash flow hedging relationship: As of September 30, 2024 December 31, 2023 Foreign currency forward contracts denominated in: Sell U.S. dollar (USD) 868,200 722,800 Interest rate swaps (Floating to fixed) denominated in: USD — 75,000
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: September 30, 2024 December 31, 2023 Sell USD 200,322 170,543 Sell GBP 27,321 14,544 Sell EUR 5,758 5,231 Sell AUD 6,887 3,452 Sell ZAR — 150,150 Buy USD 10,944 — 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 Derivatives not designated as hedging As of As of September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Assets: Other current assets $ 8,474 $ 4,216 $ 18 $ 92 Other assets $ 4,720 $ 3,299 $ — $ — Liabilities: Accrued expenses and other $ 843 $ 1,859 $ 148 $ 150 Other non-current liabilities $ 504 $ 216 $ — $ —
Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income	The following table sets forth the effect of foreign currency forward contracts and interest rate swaps on AOCI and the unaudited consolidated statements of income: Three months ended September 30, Nine months ended September 30, Derivative financial instruments: 2024 2023 2024 2023 Unrealized gain/(loss) recognized in OCI Derivatives in cash flow hedging relationships $ 10,097 $ (7,903) $ 7,257 $ 8,242 Gain/(loss) recognized in unaudited consolidated statements of income Derivatives not designated as hedging instruments $ (259) $ (1,584) $ (2,332) $ 574 The following table sets forth the location and amount of gain/(loss) recognized in unaudited consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments: Three months ended September 30, 2024 2023 As per unaudited consolidated Gain/(loss) on derivative financial instruments As per unaudited consolidated Gain/(loss) on derivative financial instruments Derivatives in cash flow hedging relationships Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI Cost of revenues $ 293,806 $ 518 $ 256,002 $ (252) General and administrative expenses $ 57,495 77 $ 52,213 18 Selling and marketing expenses $ 37,568 9 $ 30,943 — Depreciation and amortization expense $ 13,799 38 $ 11,583 (19) Interest expense $ 5,526 240 $ 3,405 221 Total before tax 882 (32) Income tax effects on above (107) (64) Net of tax $ 775 $ (96) Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where gain/(loss) was recognized Foreign exchange gain/(loss), net $ 278 $ (259) $ 409 $ (1,584) $ 278 $ (259) $ 409 $ (1,584) The following table sets forth the location and amount of gain/(loss) recognized in unaudited consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments: Nine months ended September 30, 2024 2023 As per unaudited consolidated Gain/(loss) on derivative financial instruments As per unaudited consolidated Gain/(loss) on derivative financial instruments Derivatives in cash flow hedging relationships Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI Cost of revenues $ 849,336 $ (64) $ 760,691 $ (4,148) General and administrative expenses $ 167,195 156 $ 144,564 (357) Selling and marketing expenses $ 108,982 23 $ 88,674 (32) Depreciation and amortization expense $ 39,055 12 $ 38,192 (185) Interest expense $ 14,145 723 $ 10,030 461 Total before tax 850 (4,261) Income tax effects on above (416) 701 Net of tax $ 434 $ (3,560) Derivatives not designated as hedging instruments Location in unaudited consolidated statements of income where gain/(loss) was recognized Foreign exchange gain/(loss), net $ 673 $ (2,332) $ 838 $ 574 $ 673 $ (2,332) $ 838 $ 574

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Company's Debt Position	The following tables summarizes the Company’s debt position: As of September 30, 2024 December 31, 2023 Revolving credit facility Term loan facility Total Revolving credit facility Term loan facility Total Current portion of long-term borrowings $ — $ 5,000 $ 5,000 $ 65,000 $ — $ 65,000 Unamortized debt issuance costs — (109) (109) — — — Total current portion of long-term borrowings — 4,891 4,891 65,000 — 65,000 Long-term borrowings 245,000 95,000 340,000 135,000 — 135,000 Unamortized debt issuance costs — (172) (172) — — — Total long-term borrowings 245,000 94,828 339,828 135,000 — 135,000 Total borrowings $ 245,000 $ 99,719 $ 344,719 $ 200,000 $ — $ 200,000 Unamortized debt issuance costs for the Company’s revolving credit facility of $978 and $903 as of September 30, 2024 and December 31, 2023, respectively, are presented under “Other current assets” and “Other assets,” as applicable in the consolidated balance sheets.
Schedule of Credit Facilities Carried an Effective Interest Rate	The effective interest rates of the revolving credit facility and the term loan facility are as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revolving credit facility 6.4 % 6.5 % 6.3 % 6.2 % Term loan facility 6.8 % — 6.8 % —
Schedule of Maturities of Long-term Debt	The maturity profile of the Company’s long-term borrowings, excluding debt issuance costs, outstanding as of September 30, 2024 were as follows: Revolving credit facility Term loan facility 2024 (October 1 - December 31) $ — $ 1,250 2025 — 5,000 2026 — 5,000 2027 245,000 88,750 Total $ 245,000 $ 100,000

Capital Structure (Tables)

Capital Structure (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Purchase of Common Stock from Employees Withholding Tax Payments Related to Vesting of Restricted Stock	The Company purchased shares of its common stock from certain employees in connection with withholding tax payments related to the vesting of restricted stock units and performance-based restricted stock units, as below: Shares repurchased Total consideration Weighted average purchase price per share (1) Three months ended September 30, 2024 91,565 $ 3,346 $ 36.54 Three months ended September 30, 2023 45,267 $ 1,324 $ 29.25 Nine months ended September 30, 2024 291,967 $ 9,721 $ 33.29 Nine months ended September 30, 2023 237,047 $ 7,853 $ 33.13 (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.
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 and excluding excise tax, under its two repurchase programs, as below: Shares repurchased Total consideration Weighted average purchase price per share Three months ended September 30, 2024 1,738,114 $ 59,346 $ 34.14 Three months ended September 30, 2023 975,774 $ 28,636 $ 29.35 Nine months ended September 30, 2024 6,012,285 $ 187,599 $ 31.20 Nine months ended September 30, 2023 3,001,619 $ 93,483 $ 31.14

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Schedule of Changes in Projected Benefit Obligations	Change in Plan Assets Plan assets as of January 1, 2024 $ 17,134 Actual return 1,052 Employer contribution 3,366 Benefits paid (1,044) Currency translation adjustments (134) Plan assets as of September 30, 2024 $ 20,374
Components of Net Periodic Benefit Cost	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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Service cost $ 1,117 $ 947 $ 3,325 $ 2,856 Interest cost 386 392 1,160 1,180 Expected return on plan assets (309) (261) (931) (788) Amortization of actuarial (gain)/loss, gross of tax (153) (22) (455) (70) Net gratuity cost $ 1,041 $ 1,056 $ 3,099 $ 3,178 Amortization of actuarial (gain)/loss, gross of tax $ (153) $ (22) $ (455) $ (70) Income tax effects on above (1) (19) (3) (56) Amortization of actuarial (gain)/loss, net of tax $ (154) $ (41) $ (458) $ (126)
Schedule of Company's Contribution Plan	The Company’s contributions to various defined contribution plans was as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Contribution to the 401(k) Plans $ 1,358 $ 1,240 $ 4,991 $ 4,804 Contributions to the defined contribution plans on behalf of employees in foreign subsidiaries of the Company $ 7,112 $ 5,841 $ 20,752 $ 16,837

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Components of Lease Cost	The components of lease cost, which are included in the Company’s unaudited consolidated statements of income, are as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Finance lease: Depreciation on underlying ROU assets $ 111 $ 50 $ 261 $ 127 Interest on lease liabilities 53 25 134 63 164 75 395 190 Operating lease (1) 5,995 4,839 17,088 15,171 Variable lease costs 1,240 1,170 3,329 3,334 Sub lease income (49) — (49) — Total lease cost $ 7,350 $ 6,084 $ 20,763 $ 18,695 (1) Includes short-term leases, which are immaterial.
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow and other information related to leases are as follows: Nine months ended September 30, 2024 2023 Cash payments for amounts included in the measurement of lease liabilities : Operating cash outflows for operating leases $ 15,180 $ 15,622 Operating cash outflows for finance leases $ 134 $ 63 Financing cash outflows for finance leases $ 222 $ 120 ROU assets obtained in exchange for new operating lease liabilities $ 17,753 $ 13,477 ROU assets obtained in exchange for new finance lease liabilities $ 972 $ 285 Weighted average remaining lease term (in years) Finance lease 3.2 years 3.1 years Operating lease 4.9 years 5.6 years Weighted average discount rate Finance lease 14.9 % 14.2 % Operating lease 7.9 % 7.4 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of lease liabilities as of September 30, 2024 were as follows: Operating Leases Finance Leases 2024 (October 1 - December 31) $ 5,621 $ 146 2025 22,142 565 2026 20,710 522 2027 18,190 433 2028 14,738 282 2029 and thereafter 15,502 96 Total lease payments 96,903 2,044 Less: Imputed interest 17,663 496 Present value of lease liabilities $ 79,240 $ 1,548
Schedule of Maturities of Finance Lease Liabilities	Maturities of lease liabilities as of September 30, 2024 were as follows: Operating Leases Finance Leases 2024 (October 1 - December 31) $ 5,621 $ 146 2025 22,142 565 2026 20,710 522 2027 18,190 433 2028 14,738 282 2029 and thereafter 15,502 96 Total lease payments 96,903 2,044 Less: Imputed interest 17,663 496 Present value of lease liabilities $ 79,240 $ 1,548

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax (Deferred) Recognized in Other Comprehensive Income	Deferred income taxes recognized in OCI were as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Deferred taxes benefit / (expense) recognized on: Unrealized gain/(loss) on cash flow hedges $ (342) $ 1,370 $ (1,581) $ (2,199) Reclassification adjustment for cash flow hedges 107 64 416 (701) Reclassification adjustment for retirement benefits (1) (19) (3) (56) Currency translation adjustments (1,081) 1,602 146 466 Total $ (1,317) $ 3,017 $ (1,022) $ (2,490)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Costs Related to Company's Stock-based Compensation Plan	Stock-based compensation expense by nature of function, as below, are included in the unaudited consolidated statements of income: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Cost of revenues $ 4,182 $ 4,038 $ 11,989 $ 10,945 General and administrative expenses 8,514 6,544 22,635 15,579 Selling and marketing expenses 8,536 6,485 22,555 16,461 Total $ 21,232 $ 17,067 $ 57,179 $ 42,985 Income tax benefit related to share-based compensation (1) $ 5,830 $ 4,340 $ 15,807 $ 16,959 (1) Includes $1,673 and $462 during the three months ended September 30, 2024 and 2023, respectively, and $9,214 and $13,172 during the nine months ended September 30, 2024 and 2023, respectively, related to discrete benefits recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation.
Schedule of Stock Options Activity	Stock option activity under the Company’s stock-based compensation plans is shown below: Stock Options Number Weighted Average Outstanding as of December 31, 2023 1,790,695 $ 30.14 Granted — — Vested 447,655 30.14 Forfeited — — Outstanding as of September 30, 2024* 1,343,040 $ 30.14
Restricted Stock Activity Under Company's Stock Plans	Restricted stock unit activity under the SMP is shown below: Restricted Stock Units (SMP) Number Weighted Average Outstanding as of December 31, 2023 217,230 $ 24.95 Granted — — Vested (72,385) 24.95 Forfeited — — Outstanding as of September 30, 2024* 144,845 $ 24.95 * As of September 30, 2024 and December 31, 2023 restricted stock units vested for which the underlying common stock is yet to be issued are 72,385 and nil, respectively.
Schedule of Restricted Stock Unit Activity	Restricted stock unit activity under the Company’s stock-based compensation plans is shown below: Restricted Stock Units Number Weighted Average Outstanding as of December 31, 2023* 3,731,512 $ 24.96 Granted 1,592,573 30.60 Vested (1,797,779) 22.18 Forfeited (250,827) 28.26 Outstanding as of September 30, 2024* 3,275,479 $ 28.98 * As of September 30, 2024 and December 31, 2023 restricted stock units vested for which the underlying common stock is yet to be issued are 373,521 and 324,125, respectively.
Schedule of Performance Based Stock Awards Activity	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, 2023 438,000 $ 29.16 656,450 $ 37.78 Granted 344,535 30.44 516,692 44.33 Vested — — — — Forfeited (26,338) 29.72 (39,436) 39.89 Outstanding as of September 30, 2024 756,197 $ 29.72 1,133,706 $ 40.69
Schedule of Share-Based Compensation, Employee Stock Purchase Plan, Activity	Activity under the Company’s 2022 ESPP is shown below: Number Total Proceeds Received Shares available for issuance as of December 31, 2023 3,831,325 Issuance of common stock related to the: Third offering period 71,645 $ 1,948 Fourth offering period 86,936 $ 2,414 Shares available for issuance as of September 30, 2024 3,672,744 Contributions received for the fifth offering period up to September 30, 2024 $ 1,146

Restructuring Costs (Tables)

Restructuring Costs (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs	The following table summarizes the activity related to the restructuring costs incurred and paid: Three months ended September 30, 2024 Nine months ended September 30, 2024 Employee-Related Costs Other Associated Costs Total Employee-Related Costs Other Associated Costs Total Opening balance $ 637 $ 355 $ 992 $ — $ — $ — Costs incurred during the period — — — 4,397 365 4,762 Payments during the period 547 226 773 4,307 236 4,543 Closing balance $ 90 $ 129 $ 219 $ 90 $ 129 $ 219

Segment and Geographical Info_3

Segment and Geographical Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		$ 472,073	$ 410,971	$ 1,356,946	$ 1,216,610
Cost of revenues	[1]	293,806	256,002	849,336	760,691
Gross profit	[1]	178,267	154,969	507,610	455,919
Operating expenses		108,862	94,739	315,232	271,430
Foreign exchange gain, net, interest expense and other income, net		(874)	(2,218)	(1,596)	(2,598)
Income tax expense		15,460	14,161	43,086	37,773
Gain (loss) from equity-method investment		(34)	25	(71)	157
Net income		53,037	43,876	147,625	144,275
Digital operations and solutions
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		268,071	227,862	768,432	669,475
Analytics services
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		204,002	183,109	588,514	547,135
Insurance
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		157,574	136,369	452,010	390,762
Cost of revenues		100,327	86,435	288,143	253,081
Gross profit		57,247	49,934	163,867	137,681
Healthcare
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		30,498	26,177	84,846	80,036
Cost of revenues		20,254	16,533	56,373	52,882
Gross profit		10,244	9,644	28,473	27,154
Emerging Business
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		79,999	65,316	231,576	198,677
Cost of revenues		47,834	37,599	133,882	111,414
Gross profit		32,165	27,717	97,694	87,263
Analytics
Revenues and cost of revenues for Company's reportable segments [Line Items]
Revenues, net		204,002	183,109	588,514	547,135
Cost of revenues		125,391	115,435	370,938	343,314
Gross profit		$ 78,611	$ 67,674	$ 217,576	$ 203,821
[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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 472,073	$ 410,971	$ 1,356,946	$ 1,216,610
The United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	388,067	343,135	1,121,122	1,022,883
Total Non-United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	84,006	67,836	235,824	193,727
The United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	56,650	46,327	160,019	131,549
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 27,356	$ 21,509	$ 75,805	$ 62,178

Segment and Geographical Info_6

Segment and Geographical Information - Property, Plant and Equipment, Net Based On Geographical Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 179,191	$ 165,229
The United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	57,307	61,592
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	61,015	53,813
The Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	27,600	21,952
South Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	27,783	20,890
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 5,486	$ 6,982

Revenues, net and Accounts Re_3

Revenues, net and Accounts Receivable, net - Contracts with Customer, Receivables, Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 340,904	$ 308,108
Contract assets	6,083	9,665
Contract liabilities:
Deferred revenue (consideration received in advance)	9,346	9,764
Consideration received for process transition activities	$ 18,710	$ 12,411

Revenues, net and Accounts Re_4

Revenues, net and Accounts Receivable, net - Additional Information (Details) - USD ($)		9 Months Ended	12 Months Ended
	Aug. 09, 2024	Sep. 30, 2024	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts receivable not billed		$ 168,420,000	$ 148,735,000
Performance risk, unbilled contracts receivable		0	0
Contract with customer, asset, allowance for credit loss		0	0
Term loan facility | Credit Agreement | Line of Credit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from long-term lines of credit	$ 100,000,000
Contract Acquisition Costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment loss in relation to costs capitalized		0	0
Contract Fulfillment Costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment loss in relation to costs capitalized		$ 0	$ 0

Revenues, net and Accounts Re_5

Revenues, net and Accounts Receivable, net - Contract with Customer Revenue Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue (consideration received in advance)	$ 803	$ 690	$ 9,095	$ 16,682
Consideration received for process transition activities	$ 717	$ 373	$ 1,996	$ 1,381

Revenues, net and Accounts Re_6

Revenues, net and Accounts Receivable, net - Contract Acquisition and Fulfillment Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Contract Acquisition Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	$ 1,990	$ 2,183	$ 2,122	$ 1,095	$ 1,095
Additions	6	115	377	1,591	1,841
Amortization	(218)	(233)	(721)	(621)	(814)
Closing Balance	1,778	2,065	1,778	2,065	2,122
Contract Fulfillment Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	30,404	21,445	24,673	13,871	13,871
Additions	3,530	3,790	10,814	12,633	13,605
Amortization	(713)	(878)	(2,266)	(2,147)	(2,803)
Closing Balance	$ 33,221	$ 24,357	$ 33,221	$ 24,357	$ 24,673

Revenues, net and Accounts Re_7

Revenues, net and Accounts Receivable, net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, including unbilled receivables	$ 344,778		$ 311,811
Less: Allowance for expected credit losses	(3,874)	$ (3,560)	(3,703)	$ (3,696)	$ (1,800)	$ (1,332)
Accounts receivable, net	$ 340,904		$ 308,108

Revenues, net and Accounts Re_8

Revenues, net and Accounts Receivable, net - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Opening Balance	$ 3,560	$ 1,800	$ 3,703	$ 1,332	$ 1,332
Additions/(reductions)	342	1,964	274	2,441	2,450
Reductions due to write-off of accounts receivable	(27)	(70)	(103)	(78)	(79)
Currency translation adjustments	(1)	2	0	1	0
Closing Balance	$ 3,874	$ 3,696	$ 3,874	$ 3,696	$ 3,703

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerators:
Net income	$ 53,037	$ 43,876	$ 147,625	$ 144,275
Denominators:
Basic weighted average common shares outstanding (in shares)	161,732,872	166,159,619	163,197,767	166,707,599
Dilutive effect of share-based awards (in shares)	1,454,861	1,528,755	1,422,314	1,884,013
Diluted weighted average common shares outstanding (in shares)	163,187,733	167,688,374	164,620,081	168,591,612
Earnings per share:
Basic (in dollars per share)	$ 0.33	$ 0.26	$ 0.90	$ 0.87
Diluted (in dollars per share)	$ 0.33	$ 0.26	$ 0.90	$ 0.86
Weighted average potentially dilutive considered anti-dilutive and not included in computing diluted earnings per share (in shares)	1,790,695	2,899,035	2,762,178	1,564,844

Other Income, net - Summary of

Other Income, net - Summary of Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Gain on sale and fair value mark-to-market on investments	$ 1,766	$ 1,337	$ 3,944	$ 4,076
Interest and dividend income	2,547	2,106	7,206	5,480
Fair value changes in contingent consideration	0	(2,500)	589	(2,500)
Others, net	61	(165)	137	(462)
Other income, net	$ 4,374	$ 778	$ 11,876	$ 6,594

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 150,102	$ 136,953	$ 122,655
Restricted cash (current)	7,342	4,062	3,257
Restricted cash (non-current)	5,820	4,386	2,047
Cash, cash equivalents and restricted cash	$ 163,264	$ 145,401	$ 127,959	$ 125,621

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Mutual funds	$ 99,621	$ 52,650
Term deposits	76,027	101,231
Short-term investments	175,648	153,881
Term deposits	9,464	239
Investment in equity affiliate	4,720	4,191
Long-term investments	$ 14,184	$ 4,430

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 357,102	$ 324,038
Less: Accumulated depreciation and amortization	(249,707)	(223,665)
Property, plant and equipment, net	$ 107,395	$ 100,373

Property and Equipment, net - D

Property and Equipment, net - Depreciation and Amortization Expense and Effect of Foreign Exchange Gain/Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 10,350	$ 8,426	$ 29,449	$ 26,682

Property and Equipment, net - I

Property and Equipment, net - Internally Developed Software Costs, Included under Software (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Cost	$ 59,286		$ 59,286		$ 46,625
Less : Accumulated amortization	(33,817)		(33,817)		(25,413)
Internally developed software, net	25,469		25,469		$ 21,212
Amortization expense	$ 2,961	$ 2,311	$ 8,408	$ 6,711

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Long-lived assets impairment charges	$ 0	$ 0

Business Combinations, Goodwi_3

Business Combinations, Goodwill and Other Intangible Assets - Additional Information (Details) - Incandescent Technologies, Inc., - USD ($) $ in Thousands		9 Months Ended
	Jul. 31, 2024	Sep. 30, 2024	Aug. 01, 2024
Business Acquisition [Line Items]
Percentage of voting interests acquired	100%
Payments to acquire businesses, gross	$ 26,000
Contingent consideration			$ 7,700
Business combination, contingent consideration, liability, term	2 years
Maximum
Business Acquisition [Line Items]
Contingent consideration	$ 13,000
Customer relationships
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles			$ 10,420
Acquired finite-lived intangible asset, weighted average useful life		5 years

Business Combinations, Goodwi_4

Business Combinations, Goodwill and Other Intangible Assets - Schedule of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Aug. 01, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 427,663		$ 405,639
Incandescent Technologies, Inc.,
Business Acquisition [Line Items]
Intangible assets		$ 10,720
Other assets, net		581
Goodwill		22,035
Total purchase consideration		33,336
Contingent consideration		$ 7,700

Business Combinations, Goodwi_5

Business Combinations, Goodwill and Other Intangible Assets - Summary of Company's Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 405,639
Acquisition	22,035
Currency translation adjustments	(11)
Ending Balance	427,663
Insurance
Goodwill [Roll Forward]
Beginning Balance	50,035
Acquisition	0
Currency translation adjustments	112
Ending Balance	50,147
Healthcare
Goodwill [Roll Forward]
Beginning Balance	21,872
Acquisition	0
Currency translation adjustments	(5)
Ending Balance	21,867
Emerging Business
Goodwill [Roll Forward]
Beginning Balance	47,001
Acquisition	0
Currency translation adjustments	(118)
Ending Balance	46,883
Analytics
Goodwill [Roll Forward]
Beginning Balance	286,731
Acquisition	22,035
Currency translation adjustments	0
Ending Balance	$ 308,766

Business Combinations, Goodwi_6

Business Combinations, Goodwill and Other Intangible Assets - Summary of Company's Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-lived intangible assets:
Finite-lived intangible assets, gross carrying amount	$ 112,981	$ 104,338
Finite-lived intangible assets, accumulated amortization	(62,590)	(55,074)
Total	50,391	49,264
Indefinite-lived intangible assets:
Total intangible assets, gross carrying amount	113,881	105,238
Total intangible assets, net carrying amount	51,291	50,164
Trade names and trademarks
Indefinite-lived intangible assets:
Trade names and trademarks	900	900
Customer relationships
Finite-lived intangible assets:
Finite-lived intangible assets, gross carrying amount	107,350	99,050
Finite-lived intangible assets, accumulated amortization	(57,757)	(51,085)
Total	49,593	47,965
Developed technology
Finite-lived intangible assets:
Finite-lived intangible assets, gross carrying amount	3,631	3,552
Finite-lived intangible assets, accumulated amortization	(3,215)	(2,522)
Total	416	1,030
Trade names and trademarks
Finite-lived intangible assets:
Finite-lived intangible assets, gross carrying amount	1,700	1,400
Finite-lived intangible assets, accumulated amortization	(1,408)	(1,286)
Total	292	114
Non-compete agreements
Finite-lived intangible assets:
Finite-lived intangible assets, gross carrying amount	300	336
Finite-lived intangible assets, accumulated amortization	(210)	(181)
Total	$ 90	$ 155

Business Combinations, Goodwi_7

Business Combinations, Goodwill and Other Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,449	$ 3,157	$ 9,606	$ 11,510

Business Combinations, Goodwi_8

Business Combinations, Goodwill and Other Intangible Assets - Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (October 1 - December 31)	$ 3,431
2025	12,890
2026	12,548
2027	11,505
2028 and thereafter	10,017
Total	$ 50,391	$ 49,264

Other Current Assets - Schedule

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advance income tax, net	$ 31,632	$ 23,269
Receivables from statutory authorities	21,854	18,500
Prepaid expenses	18,179	18,171
Derivative instruments	8,492	4,308
Deferred contract fulfillment costs	4,208	3,303
Advances to suppliers	3,149	1,883
Contract assets	2,465	2,830
Others	3,714	4,405
Other current assets	$ 93,693	$ 76,669

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred contract fulfillment costs	$ 29,013	$ 21,370
Deposits with statutory authorities	7,446	6,960
Lease deposits	6,505	5,159
Derivative instruments	4,720	3,299
Contract assets	3,618	6,835
Others	5,811	5,901
Other assets	$ 57,113	$ 49,524

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued expenses	$ 62,552	$ 58,736
Payable to statutory authorities	23,443	20,591
Client liabilities	7,105	6,909
Contingent consideration	2,800	15,000
Accrued capital expenditures	2,791	4,134
Income taxes payable, net	1,249	1,213
Derivative instruments	991	2,009
Others	4,228	5,521
Accrued expenses and other current liabilities	$ 105,159	$ 114,113

Other Non-Current Liabilities -

Other Non-Current Liabilities - Summary of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Liabilities, Noncurrent [Abstract]
Retirement benefits	$ 17,185	$ 16,666
Deferred transition revenue	15,645	10,195
Contingent consideration	4,900	589
Unrecognized tax benefits	1,580	1,262
Derivative instruments	504	216
Others	2,861	2,534
Other non-current liabilities	$ 42,675	$ 31,462

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income/(Loss) - Summary of Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance	$ 889,437	$ 758,179
Gains / (losses) recognized during the period	6,774	5,637
Reclassification to net income	(1,305)	4,191
Income tax effects	(1,022)	(2,490)
Ending balance	907,563	856,087
Currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance	(132,643)	(133,139)
Gains / (losses) recognized during the period	(483)	(2,605)
Reclassification to net income	0	0
Income tax effects	146	466
Ending balance	(132,980)	(135,278)
Unrealized gain/(loss) on cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance	4,198	(11,303)
Gains / (losses) recognized during the period	7,257	8,242
Reclassification to net income	(850)	4,261
Income tax effects	(1,165)	(2,900)
Ending balance	9,440	(1,700)
Retirement benefits
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance	1,405	299
Gains / (losses) recognized during the period	0	0
Reclassification to net income	(455)	(70)
Income tax effects	(3)	(56)
Ending balance	947	173
Total
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance	(127,040)	(144,143)
Ending balance	$ (122,593)	$ (136,805)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Mutual funds	$ 99,621	$ 52,650
Recurring
Assets
Cash equivalents - Money market funds	73,071	49,806
Mutual funds	99,621	52,650
Derivative financial instruments	13,212	7,607
Total	185,904	110,063
Liabilities
Derivative financial instruments	1,495	2,225
Contingent consideration	7,700	15,589
Total	9,195	17,814
Recurring | Quoted Prices in Active Markets for Identical Assets
Assets
Cash equivalents - Money market funds	73,071	49,806
Mutual funds	99,621	52,650
Derivative financial instruments	0	0
Total	172,692	102,456
Liabilities
Derivative financial instruments	0	0
Contingent consideration	0	0
Total	0	0
Recurring | Significant Other Observable Inputs
Assets
Cash equivalents - Money market funds	0	0
Mutual funds	0	0
Derivative financial instruments	13,212	7,607
Total	13,212	7,607
Liabilities
Derivative financial instruments	1,495	2,225
Contingent consideration	0	0
Total	1,495	2,225
Recurring | Significant Other Unobservable Inputs
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	7,700	15,589
Total	$ 7,700	$ 15,589

Fair Value Measurements - Chang

Fair Value Measurements - Changes in the fair value of contingent consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance, contingent consideration	$ 0	$ 13,689	$ 15,589	$ 18,689
Acquisitions	7,700	0	7,700	0
Fair value changes	0	2,500	(589)	2,500
Payments	0	0	(15,000)	(5,000)
Ending balance, contingent consideration	$ 7,700	$ 16,189	$ 7,700	$ 16,189

Derivatives and Hedge Account_3

Derivatives and Hedge Accounting - Cash flow hedging relationship (Details) - Cash flow hedge - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts outstanding	$ 868,200	$ 722,800
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts outstanding	$ 0	$ 75,000

Derivatives and Hedge Account_4

Derivatives and Hedge Accounting - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 7,631
Maximum outstanding term of the cash flow hedges	42 months

Derivatives and Hedge Account_5

Derivatives and Hedge Accounting - Foreign Currency Forward Contracts (Details) - Foreign Exchange Contract - Derivatives not designated as hedging instruments € in Thousands, £ in Thousands, R in Thousands, $ in Thousands, $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 AUD ($)	Sep. 30, 2024 ZAR (R)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 AUD ($)	Dec. 31, 2023 ZAR (R)
Short
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts outstanding	$ 200,322	£ 27,321	€ 5,758	$ 6,887	R 0	$ 170,543	£ 14,544	€ 5,231	$ 3,452	R 150,150
Long
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts outstanding	$ 10,944					$ 0

Derivatives and Hedge Account_6

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives Designated as Hedging Instruments | Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	$ 8,474	$ 4,216
Derivatives Designated as Hedging Instruments | Other assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	4,720	3,299
Derivatives Designated as Hedging Instruments | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	843	1,859
Derivatives Designated as Hedging Instruments | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	504	216
Derivatives not designated as hedging instruments | Other current assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	18	92
Derivatives not designated as hedging instruments | Other assets
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, asset	0	0
Derivatives not designated as hedging instruments | Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	148	150
Derivatives not designated as hedging instruments | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Foreign currency exchange contracts, liability	$ 0	$ 0

Derivatives and Hedge Account_7

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) recognized in OCI	$ 10,097	$ (7,903)	$ 7,257	$ 8,242
Gain/(loss) recognized in unaudited consolidated statements of income	278	409	673	838
Cash flow hedge | Derivatives in cash flow hedging relationships
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) recognized in OCI	10,097	(7,903)	7,257	8,242
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	$ (259)	$ (1,584)	$ (2,332)	$ 574

Derivatives and Hedge Account_8

Derivatives and Hedge Accounting - Location of Gain or Loss Recognized (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Cost of revenues	[1]	$ 293,806	$ 256,002	$ 849,336	$ 760,691
General and administrative expenses		57,495	52,213	167,195	144,564
Selling and marketing expenses		37,568	30,943	108,982	88,674
Depreciation and amortization expense		13,799	11,583	39,055	38,192
Interest expense		5,526	3,405	14,145	10,030
Income before income tax expense and earnings from equity affiliates		68,531	58,012	190,782	181,891
Income tax effects on above		(15,460)	(14,161)	(43,086)	(37,773)
Net income		53,037	43,876	147,625	144,275
Foreign exchange gain/(loss), net		278	409	673	838
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		518	(252)	(64)	(4,148)
General and administrative expenses		77	18	156	(357)
Selling and marketing expenses		9	0	23	(32)
Depreciation and amortization expense		38	(19)	12	(185)
Interest expense		240	221	723	461
Income before income tax expense and earnings from equity affiliates		882	(32)	850	(4,261)
Income tax effects on above		(107)	(64)	(416)	701
Net income		775	(96)	434	(3,560)
Gain/ (loss) on foreign currency exchange contracts | Derivatives not designated as hedging instruments | Fair value hedge
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange gain/(loss), net		$ (259)	$ (1,584)	$ (2,332)	$ 574
[1]Exclusive of depreciation and amortization expense.

Borrowings - Company's Debt Pos

Borrowings - Company's Debt Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current portion of long-term borrowings	$ 5,000	$ 65,000
Unamortized debt issuance costs	(109)	0
Current portion of long-term borrowings	4,891	65,000
Long-term borrowings	340,000	135,000
Unamortized debt issuance costs	(172)	0
Total long-term borrowings	339,828	135,000
Total borrowings	344,719	200,000
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Current portion of long-term borrowings	0	65,000
Unamortized debt issuance costs	0	0
Current portion of long-term borrowings	0	65,000
Long-term borrowings	245,000	135,000
Unamortized debt issuance costs	0	0
Total long-term borrowings	245,000	135,000
Total borrowings	245,000	200,000
Unamortized debt issuance costs	978	903
Term loan facility | Line of Credit
Debt Instrument [Line Items]
Current portion of long-term borrowings	5,000	0
Unamortized debt issuance costs	(109)	0
Current portion of long-term borrowings	4,891	0
Long-term borrowings	95,000	0
Unamortized debt issuance costs	(172)	0
Total long-term borrowings	94,828	0
Total borrowings	$ 99,719	$ 0

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	Aug. 09, 2024	Sep. 30, 2024	Dec. 31, 2023	Apr. 18, 2022	Nov. 21, 2017
Credit Facilities [Line Items]
Letters of credit outstanding		$ 741,000	$ 461,000
Revolving credit facility | Credit Agreement | Line of Credit
Credit Facilities [Line Items]
Maximum borrowing capacity	$ 500,000,000			$ 400,000,000	$ 300,000,000
Increase of maximum borrowing capacity	100,000,000
Term loan facility | Credit Agreement | Line of Credit
Credit Facilities [Line Items]
Proceeds from long-term lines of credit	$ 100,000,000
Interest rate	5%

Borrowings - Credit Facilities

Borrowings - Credit Facilities Carried an Effective Interest Rate (Details) - Credit Agreement - Line of Credit	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, interest rate during period	6.40%	6.50%	6.30%	6.20%
Term loan facility
Debt Instrument [Line Items]
Line of credit facility, interest rate during period	6.80%	0%	6.80%	0%

Borrowings - Principle Maturiti

Borrowings - Principle Maturities of Borrowings and Credit Arrangements (Details) - Line of Credit $ in Thousands	Sep. 30, 2024 USD ($)
Revolving credit facility
Debt Instrument [Line Items]
2024 (October 1 - December 31)	$ 0
2025	0
2026	0
2027	245,000
Total	245,000
Term loan facility
Debt Instrument [Line Items]
2024 (October 1 - December 31)	1,250
2025	5,000
2026	5,000
2027	88,750
Total	$ 100,000

Capital Structure - Additional

Capital Structure - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 19, 2024 USD ($) $ / shares shares	Mar. 15, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) program $ / shares shares	Sep. 30, 2023 $ / shares shares	Sep. 30, 2024 USD ($) class_of_common_stock program $ / shares shares	Sep. 30, 2023 $ / shares shares	Feb. 26, 2024 USD ($)	Oct. 05, 2021 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of classes of common stock outstanding | class_of_common_stock					1
Stock repurchase program, prepayment shares delivered		$ 125,000
Shares repurchased (in shares) | shares		3,350,084	1,738,114	975,774	6,012,285	3,001,619
Weighted average purchase price per share (in dollars per share) | $ / shares		$ 29.85	$ 34.14	$ 29.35	$ 31.20	$ 31.14
Percentage of prepayment, stock repurchase program, prepayment shares delivered		80%
Accelerated share repurchase			$ 0		$ (125,000)
Number of share repurchase programs | program			2		2
Excise and sales taxes			$ 412		$ 1,030
Additional Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Accelerated share repurchase	$ 2,862	$ 25,000	$ 27,862		$ 2,862
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized, maximum								$ 300,000
2024 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized, maximum							$ 500,000
Accelerated Share Repurchase Agreement, ASR Agreement
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares) | shares	820,433
Weighted average purchase price per share (in dollars per share) | $ / shares	$ 29.97
Accelerated Share Repurchase Agreement, ASR Agreement, additional shares
Equity, Class of Treasury Stock [Line Items]
Weighted average purchase price per share (in dollars per share) | $ / shares	$ 33.96

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Shares repurchased (in shares)	91,565	45,267	291,967	237,047
Total consideration	$ 3,346	$ 1,324	$ 9,721	$ 7,853
Weighted average purchase price per share (in dollars per share)	$ 36.54	$ 29.25	$ 33.29	$ 33.13

Capital Structure - Purchased S

Capital Structure - Purchased Shares of its Common Stock, Including Commissions (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 15, 2024 $ / shares shares	Sep. 30, 2024 USD ($) program $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) program $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares
Equity [Abstract]
Number of share repurchase programs | program		2		2
Shares repurchased (in shares) | shares	3,350,084	1,738,114	975,774	6,012,285	3,001,619
Total consideration | $		$ 59,346	$ 28,636	$ 187,599	$ 93,483
Weighted average purchase price per share (in dollars per share) | $ / shares	$ 29.85	$ 34.14	$ 29.35	$ 31.20	$ 31.14

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Expected return on plan assets, percentage	7.20%
Discretionary contributions towards 401(k) plan, maximum percentage	3%

Employee Benefit Plans - Change

Employee Benefit Plans - Change in Plan Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Change in Plan Assets
Plan assets as of January 1, 2024	$ 17,134
Actual return	1,052
Employer contribution	3,366
Benefits paid	(1,044)
Currency translation adjustments	(134)
Plan assets as of September 30, 2024	$ 20,374

Employee Benefit Plans - Net Gr

Employee Benefit Plans - Net Gratuity Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 1,117	$ 947	$ 3,325	$ 2,856
Interest cost	386	392	1,160	1,180
Expected return on plan assets	(309)	(261)	(931)	(788)
Amortization of actuarial (gain)/loss, gross of tax	(153)	(22)	(455)	(70)
Net gratuity cost	1,041	1,056	3,099	3,178
Income tax effects on above	(1)	(19)	(3)	(56)
Amortization of actuarial (gain)/loss, net of tax	$ (154)	$ (41)	$ (458)	$ (126)

Employee Benefit Plans - Contri

Employee Benefit Plans - Contribution Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Contribution to the 401(k) Plans	$ 1,358	$ 1,240	$ 4,991	$ 4,804
Contributions to the defined contribution plans on behalf of employees in foreign subsidiaries of the Company	$ 7,112	$ 5,841	$ 20,752	$ 16,837

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finance lease:
Depreciation on underlying ROU assets	$ 111	$ 50	$ 261	$ 127
Interest on lease liabilities	53	25	134	63
Total finance lease cost	164	75	395	190
Operating lease	5,995	4,839	17,088	15,171
Variable lease costs	1,240	1,170	3,329	3,334
Sub lease income	(49)	0	(49)	0
Total lease cost	$ 7,350	$ 6,084	$ 20,763	$ 18,695

Leases - Cash Flow and Other In

Leases - Cash Flow and Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$ 15,180	$ 15,622
Operating cash outflows for finance leases	134	63
Financing cash outflows for finance leases	222	120
ROU assets obtained in exchange for new operating lease liabilities	17,753	13,477
ROU assets obtained in exchange for new finance lease liabilities	$ 972	$ 285
Weighted average remaining lease term (in years)
Finance lease	3 years 2 months 12 days	3 years 1 month 6 days
Operating lease	4 years 10 months 24 days	5 years 7 months 6 days
Weighted average discount rate
Finance lease	14.90%	14.20%
Operating lease	7.90%	7.40%

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Increase (decrease) in lease liabilities	$ 3,383	$ (1,876)

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leases
2024 (October 1 - December 31)	$ 5,621
2025	22,142
2026	20,710
2027	18,190
2028	14,738
2029 and thereafter	15,502
Total lease payments	96,903
Less: Imputed interest	17,663
Present value of lease liabilities	79,240
Finance Leases
2024 (October 1 - December 31)	146
2025	565
2026	522
2027	433
2028	282
2029 and thereafter	96
Total lease payments	2,044
Less: Imputed interest	496
Present value of lease liabilities	$ 1,548

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes [Line Items]
Effective tax rate, current income tax expense (benefit) (as a percent)	22.60%	24.40%	22.60%	20.80%
Income tax expense	$ 15,460	$ 14,161	$ 43,086	$ 37,773
INDIA
Income Taxes [Line Items]
Foreign earnings repatriated			18,255
Foreign earnings repatriated, withholding taxes			$ 996

Income Taxes - Recognized in Co

Income Taxes - Recognized in Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Unrealized gain/(loss) on cash flow hedges		$ (342)	$ 1,370	$ (1,581)	$ (2,199)
Reclassification adjustment for cash flow hedges		107	64	416	(701)
Reclassification adjustment for retirement benefits		(1)	(19)	(3)	(56)
Currency translation adjustments		(1,081)	1,602	146	466
Total	[1]	$ (1,317)	$ 3,017	$ (1,022)	$ (2,490)
[1] These are income tax effects recognized on cash flow hedges, retirement benefits and currency translation adjustments.

Stock-Based Compensation - Cost

Stock-Based Compensation - Costs Related to Company's Stock-Based Compensation Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 21,232	$ 17,067	$ 57,179	$ 42,985
Income tax benefit related to share-based compensation	5,830	4,340	15,807	16,959
Share-based payment arrangement, expense, tax benefit, discrete benefits	462	1,673	9,214	13,172
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	4,182	4,038	11,989	10,945
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	8,514	6,544	22,635	15,579
Selling and marketing expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 8,536	$ 6,485	$ 22,555	$ 16,461

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
2018 Stock Options Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	1,774,815	4,096,102

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Based Compensation Stock Option Activity (Details) - Employee Stock Option - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number
Number of options, outstanding, ending balance (in shares)	1,343,040	1,790,695
Number of options, granted (in shares)	0
Number of options, vested (in shares)	447,655	0
Number of options, forfeited (in shares)	0
Number of options, outstanding, beginning balance (in shares)	1,790,695
Weighted Average Fair Value
Weighted-average exercise price, outstanding, beginning balance (in dollars per share)	$ 30.14
Weighted-average exercise price, granted (in dollars per share)	0
Weighted-average exercise price, vested (in dollars per share)	30.14
Weighted-average exercise price, forfeited (in dollars per share)	0
Weighted-average exercise price, outstanding, ending balance (in dollars per share)	$ 30.14	$ 30.14

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options, Additional Information (Details) - Employee Stock Option $ in Thousands	Sep. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 14,683
Cost not yet recognized, period for recognition	2 years 9 months 18 days

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Stock Unit Activity Under Company's Stock Plans (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share Match Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, at beginning balance (in shares)	217,230
Number, granted (in shares)	0
Number, vested (in shares)	(72,385)
Number, forfeited (in shares)	0
Number, outstanding, at ending balance (in shares)	144,845
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, at beginning balance (in dollars per share)	$ 24.95
Weighted-average fair value, granted (in dollars per share)	0
Weighted-average fair value, vested (in dollars per share)	24.95
Weighted-average fair value, forfeited (in dollars per share)	0
Weighted-average fair value, outstanding, at ending balance (in dollars per share)	$ 24.95
Units vested for which the underlying common stock is yet to be issued (in shares)	72,385,000	0
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, at beginning balance (in shares)	3,731,512
Number, granted (in shares)	1,592,573
Number, vested (in shares)	(1,797,779)
Number, forfeited (in shares)	(250,827)
Number, outstanding, at ending balance (in shares)	3,275,479
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, at beginning balance (in dollars per share)	$ 24.96
Weighted-average fair value, granted (in dollars per share)	30.60
Weighted-average fair value, vested (in dollars per share)	22.18
Weighted-average fair value, forfeited (in dollars per share)	28.26
Weighted-average fair value, outstanding, at ending balance (in dollars per share)	$ 28.98
Units vested for which the underlying common stock is yet to be issued (in shares)	373,521	324,125

Stock-Based Compensation - Shar

Stock-Based Compensation - Share Matching Program, Additional Information (Details) - Share Match Units $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 900
Cost not yet recognized, period for recognition	6 months

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Unit Fair Value (Details) - Restricted Stock Units $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 71,783
Cost not yet recognized, period for recognition	2 years 8 months 12 days

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Based Stock Awards, Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 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%
Award 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%
Award vesting period	3 years
Performance Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 36,698
Cost not yet recognized, period for recognition	1 year 10 months 24 days

Stock-Based Compensation - Pe_2

Stock-Based Compensation - Performance Restricted Stock Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Revenue Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, at beginning balance (in shares) | shares	438,000
Number, granted (in shares) | shares	344,535
Number, vested (in shares) | shares	0
Number, forfeited (in shares) | shares	(26,338)
Number, outstanding, at ending balance (in shares) | shares	756,197
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, at beginning balance (in dollars per share) | $ / shares	$ 29.16
Weighted-average fair value, granted (in dollars per share) | $ / shares	30.44
Weighted-average fair value, vested (in dollars per share) | $ / shares	0
Weighted-average fair value, forfeited (in dollars per share) | $ / shares	29.72
Weighted-average fair value, outstanding, at ending balance (in dollars per share) | $ / shares	$ 29.72
Market Condition Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, at beginning balance (in shares) | shares	656,450
Number, granted (in shares) | shares	516,692
Number, vested (in shares) | shares	0
Number, forfeited (in shares) | shares	(39,436)
Number, outstanding, at ending balance (in shares) | shares	1,133,706
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, at beginning balance (in dollars per share) | $ / shares	$ 37.78
Weighted-average fair value, granted (in dollars per share) | $ / shares	44.33
Weighted-average fair value, vested (in dollars per share) | $ / shares	0
Weighted-average fair value, forfeited (in dollars per share) | $ / shares	39.89
Weighted-average fair value, outstanding, at ending balance (in dollars per share) | $ / shares	$ 40.69

Stock-Based Compensation - Empl

Stock-Based Compensation - Employee Stock Purchase Plan, Additional Information (Details) - Employee Stock - 2022 Employee Stock Purchase Plan - USD ($) $ in Thousands	Jul. 01, 2024	Jun. 21, 2022	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase program, cap per employee		15%
Employee stock purchase program, cap per employee		$ 25
Shares reserved for future issuance (shares)		4,000,000	3,672,744	3,831,325
Share-based compensation arrangement by share-based payment award, purchase period	6 months

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Activity (Details) - Employee Stock - 2022 Employee Stock Purchase Plan - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 21, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (shares)	3,672,744		3,831,325	4,000,000
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)	86,936	71,645
Share-based compensation arrangement by share-based payment award, shares issued in period, value	$ 2,414	$ 1,948
Deferred compensation share-based arrangements, liability, current and noncurrent	$ 1,146

Related Party Disclosures - Add

Related Party Disclosures - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenues, net	$ 472,073	$ 410,971	$ 1,356,946	$ 1,216,610
Accounts receivable, net	340,904		340,904		$ 308,108
Related Party | Corridor Platforms, Inc
Related Party Transaction [Line Items]
Revenues, net	80		382
Accounts receivable, net	65		65
Related Party | The Vanguard Group Inc
Related Party Transaction [Line Items]
Revenues, net	140	$ 354	516	$ 1,684
Accounts receivable, net	$ 84		$ 84		$ 209

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment	$ 6,300
Payments to acquire other investments	600
Other commitment	$ 2,800
Export-oriented units established, percentage	100%
Aggregate amount demanded by income tax authorities related to its transfer pricing issues	$ 37,144	$ 36,694
Bank guarantees and deposits in respect to contingencies	7,669	7,227
Value added tax payable	5,455	5,493
Value added tax, bank guarantees	5,455	4,570
GST refund, amount rejected	$ 5,023	$ 4,748

Restructuring Costs - Additiona

Restructuring Costs - Additional Information (Details)	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and related cost, number of positions eliminated, inception to date (in percent)	1%

Restructuring Costs - Schedule

Restructuring Costs - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Restructuring Reserve [Roll Forward]
Opening Balance	$ 992	$ 0
Costs incurred during the period	0	4,762
Payments during the period	773	4,543
Closing Balance	219	219
Employee-Related Costs
Restructuring Reserve [Roll Forward]
Opening Balance	637	0
Costs incurred during the period	0	4,397
Payments during the period	547	4,307
Closing Balance	90	90
Other Associated Costs
Restructuring Reserve [Roll Forward]
Opening Balance	355	0
Costs incurred during the period	0	365
Payments during the period	226	236
Closing Balance	$ 129	$ 129