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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- North America
- United Kingdom & Europe
- Rest of World
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| North America | $1.73B | $1.51B | $1.36B |
| United Kingdom & Europe | $307.3M | $272.5M | $226.8M |
| Rest of World | $54.8M | $52.0M | $39.5M |
As the company reported it, from the “Segment Information - Revenues Based on Geographical Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Revenue by segment
- Insurance
- Banking, Capital Markets and Diversified Industries
- Healthcare and Life Sciences
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Insurance | $829.9M | $767.3M | $672.9M |
| Banking, Capital Markets and Diversified Industries | $724.2M | $639.3M | $590.5M |
| Healthcare and Life Sciences | $533.5M | $431.8M | $367.3M |
As the company reported it, from the “Segment Information - Revenues by Industry Verticals (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $686.0M | $762.3M | $883.1M | $991.3M | $958.4M | $1.12B | $1.41B | $1.63B | $1.84B | $2.09B |
| Gross profit | $238.3M | $267.2M | $298.3M | $335.9M | $334.5M | $431.4M | $515.4M | $607.8M | $691.0M | $801.1M |
| Net income | $61.7M | $48.9M | $56.7M | $67.7M | $89.5M | $115.0M | $143.0M | $184.6M | $198.3M | $251.0M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Item 5.02
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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