ExlService Holdings, Inc. EXLS
ExlService Holdings, Inc. ("EXL," "we," "us," "our" or the "Company"), incorporated in Delaware in 2002, is a global data and artificial intelligence ("AI") company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world's leading corporations in industries including insurance, healthcare and life sciences, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have over 65,000 employees spanning six continents.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.09B | $1.84B | $1.63B | $1.41B | $1.12B | $958.4M | $991.3M | $883.1M | $762.3M | $686.0M |
| Cost of revenue | — | — | — | — | — | — | — | — | $495.6M | $448.0M |
| Gross profit | $801.1M | $691.0M | $607.8M | $515.4M | $431.4M | $334.5M | $335.9M | $298.3M | $267.2M | $238.3M |
| SG&A | $255.3M | $225.7M | $198.3M | $169.0M | $142.0M | $113.9M | $126.9M | $116.2M | $102.5M | $88.6M |
| Total operating expenses | $487.3M | $427.4M | $369.0M | $323.3M | $275.5M | $224.5M | $259.4M | $248.4M | $194.4M | $173.8M |
| Operating income | $313.8M | $263.6M | $238.8M | $192.2M | $155.9M | $110.0M | $76.5M | $49.8M | $72.7M | $64.5M |
| Interest expense | $17.6M | $19.3M | $13.2M | $8.3M | $7.6M | $11.2M | $13.6M | $7.2M | $1.9M | $1.3M |
| Pre-tax income | $315.1M | $261.3M | $237.9M | $190.1M | $146.6M | $115.3M | $83.1M | $60.4M | $85.0M | $83.9M |
| Income tax | $63.7M | $62.9M | $53.5M | $47.6M | $31.9M | $25.6M | $15.2M | $3.4M | $36.1M | $22.2M |
| Net income | $251.0M | $198.3M | $184.6M | $143.0M | $115.0M | $89.5M | $67.7M | $56.7M | $48.9M | $61.7M |
| EPS, basic | 1.56 | 1.22 | 1.11 | 0.86 | 0.68 | 2.61 | 1.97 | 1.65 | 1.44 | 1.84 |
| EPS, diluted | 1.54 | 1.21 | 1.10 | 0.85 | 0.67 | 2.59 | 1.95 | 1.62 | 1.39 | 1.79 |
| Shares, diluted (wtd. avg.) | $162.5M | $164.3M | $168.2M | $169.2M | $171.2M | $34.6M | $34.7M | $35.0M | $35.1M | $34.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $146.3M | $153.4M | $137.0M | $125.6M | $143.8M | $225.5M | $127.0M | $104.1M | $94.3M | $220.4M |
| Short-term investments | $182.0M | $187.2M | $153.9M | $179.0M | $179.4M | $184.3M | $202.2M | $184.5M | $178.5M | $13.5M |
| Receivables | $343.1M | $304.3M | $308.1M | $259.2M | $194.2M | $147.6M | $171.9M | $164.8M | $135.7M | $113.1M |
| Total current assets | $830.0M | $795.2M | $679.7M | $612.8M | $578.1M | $609.3M | $541.3M | $499.9M | $452.8M | $378.8M |
| Property, plant and equipment | $109.8M | $100.1M | $99.6M | $82.3M | $85.7M | $92.4M | $79.1M | $73.5M | $66.8M | $49.0M |
| Goodwill | $419.7M | $420.4M | $405.6M | $405.6M | $403.9M | $349.1M | $349.5M | $350.0M | $204.5M | $186.8M |
| Other intangibles | $36.2M | $49.3M | $50.2M | $64.8M | $81.1M | $59.6M | $74.0M | $95.5M | $49.0M | $53.8M |
| Total assets | $1.70B | $1.62B | $1.44B | $1.35B | $1.28B | $1.25B | $1.18B | $1.06B | $825.5M | $706.5M |
| Accounts payable | $4.8M | $5.9M | $5.1M | $7.8M | $5.6M | $7.0M | $6.6M | $5.7M | $5.9M | $3.3M |
| Short-term debt | $4.9M | $4.9M | $65.0M | $30.0M | $260.0M | $25.0M | $40.9M | $21.4M | $10.3M | $10.0M |
| Total current liabilities | $324.1M | $290.1M | $326.4M | $277.9M | $495.7M | $221.1M | $229.3M | $155.1M | $144.2M | $124.2M |
| Long-term debt | $293.7M | $283.6M | $135.0M | $220.0M | $0 | $202.0M | $194.1M | $263.2M | $50.4M | $35.0M |
| Total liabilities | $789.5M | $688.5M | $552.5M | $587.9M | $589.7M | $528.7M | $513.1M | $443.6M | $225.4M | $174.3M |
| Retained earnings | $1.53B | $1.28B | $1.08B | $899.1M | $756.1M | $641.4M | $551.9M | $484.2M | $427.1M | $382.7M |
| Total equity | $912.7M | $929.9M | $889.4M | $758.2M | $693.2M | $719.2M | $670.0M | $618.3M | $600.0M | $532.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $350.7M | $268.5M | $211.2M | $166.1M | $184.4M | $203.0M | $168.4M | $92.4M | $113.2M | $102.4M |
| Depreciation and amortisation | $59.2M | $55.2M | $50.3M | $56.1M | $49.7M | $50.5M | $52.2M | $48.7M | $39.0M | $34.6M |
| Stock-based compensation | $79.5M | $72.7M | $58.4M | $49.4M | $38.6M | $28.2M | $26.1M | $23.9M | $23.0M | $19.8M |
| Capital expenditure | $52.6M | $46.3M | $52.8M | $44.8M | $37.2M | $42.2M | $40.5M | $40.8M | $35.2M | $25.9M |
| Investing cash flow | -$49.3M | -$119.1M | -$12.0M | -$96.5M | -$114.3M | -$18.3M | -$51.4M | -$277.5M | -$222.7M | -$54.7M |
| Financing cash flow | -$312.8M | -$119.1M | -$181.4M | -$81.7M | -$146.9M | -$89.6M | -$93.1M | $197.8M | -$20.5M | -$32.7M |
| Buybacks | $328.5M | $207.9M | $131.8M | $72.6M | $118.4M | $79.9M | $41.4M | $43.1M | $43.5M | $18.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-181891.
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