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EXLS on Nasdaq

ExlService Holdings, Inc.

American business services company based in Wilmington, active since 20022

In its 2026 annual report the company says: “ExlService Holdings, Inc., incorporated in Delaware in 2002, is a global data and artificial intelligence company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. We are headquartered in New York and have over 65,000 employees spanning six continents.”5

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Last updated Oct 21, 2026.

Overview

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  • TickerEXLS on Nasdaq2
  • IndustryServices-Business Services, NEC2
  • HeadquartersWilmington, United States2
  • Incorporated inDE3
  • Business address320 Park Avenue, 29Th Floor, New York, Ny 100223
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI81E3DTNF6OSH489ZOV152
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 35850152

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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.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

38.4%Gross margin6
15.0%Operating margin6
12.0%Net margin6
13.6%Revenue growth, 20256
27.5%Return on equity6
0.32×Debt to equity6
$298.1MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs85¢$1.8B
  • Income tax3¢$63.7M
  • Profit12¢$251.0M

Out of $2.1B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending14¢$52.6M
  • Share buybacks86¢$328.5M

Out of $350.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue789106$2.1B in 2025+111% since 2019
0$1.0B$2.0B$3.0B2019: $991.3M$991.3M20192020: $958.4M$958.4M2020−3%2021: $1.1B$1.1B2021+17%2022: $1.4B$1.4B2022+26%2023: $1.6B$1.6B2023+15%2024: $1.8B$1.8B2024+13%2025: $2.1B$2.1B2025+14%
Gross profit789106$801.1M in 2025+139% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $335.9M$335.9M20192020: $334.5M$334.5M2020−0%2021: $431.4M$431.4M2021+29%2022: $515.4M$515.4M2022+19%2023: $607.8M$607.8M2023+18%2024: $691.0M$691.0M2024+14%2025: $801.1M$801.1M2025+16%
Operating income789106$313.8M in 2025+310% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $76.5M$76.5M20192020: $110.0M$110.0M2020+44%2021: $155.9M$155.9M2021+42%2022: $192.2M$192.2M2022+23%2023: $238.8M$238.8M2023+24%2024: $263.6M$263.6M2024+10%2025: $313.8M$313.8M2025+19%
Net income789106$251.0M in 2025+271% since 2019
0$100.0M$200.0M$300.0M2019: $67.7M$67.7M20192020: $89.5M$89.5M2020+32%2021: $114.8M$114.8M2021+28%2022: $143.0M$143.0M2022+25%2023: $184.6M$184.6M2023+29%2024: $198.3M$198.3M2024+7%2025: $251.0M$251.0M2025+27%
Fiscal year2019202020212022202320242025
Revenue$991.3M7$958.4M8$1.1B9$1.4B10$1.6B6$1.8B6$2.1B6
Gross profit$335.9M7$334.5M8$431.4M9$515.4M10$607.8M6$691.0M6$801.1M6
Operating expenses$275.5M9$323.3M10$369.0M6$427.4M6$487.3M6
Operating income$76.5M7$110.0M8$155.9M9$192.2M10$238.8M6$263.6M6$313.8M6
Interest$13.6M7$11.2M8$7.6M9$8.3M9$13.2M9
Income before tax$146.6M9$190.1M10$237.9M6$261.3M6$315.1M6
Income tax$15.2M7$25.6M8$31.9M9$47.6M10$53.5M6$62.9M6$63.7M6
Net income$67.7M7$89.5M8$114.8M9$143.0M10$184.6M6$198.3M6$251.0M6
Earnings per share$1.977$2.618$0.689$0.8610$1.116$1.226$1.566
Earnings per share (diluted)$1.957$2.598$0.679$0.8510$1.106$1.216$1.546
Shares (weighted, basic)167.7M shares9166.7M shares10166.3M shares6162.7M shares6161.0M shares6
Shares (weighted, diluted)171.2M shares9169.2M shares10168.2M shares6164.3M shares6162.5M shares6

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Corporate structure

ExlService Holdings, Inc. sits at the top of its group. 40 entities, 15 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ExlService Holdings, Inc.

  • FMR LLC Filed SCHEDULE 13G/A on ExlService Holdings, Inc., latest Oct 7, 2026 (10 filings since Feb 9, 2022)
  • AQR CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G/A on ExlService Holdings, Inc., latest Aug 12, 2026 (2 filings since May 14, 2026)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on ExlService Holdings, Inc., latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on ExlService Holdings, Inc., latest Mar 26, 2026 (5 filings since Feb 10, 2022)
  • BlackRock Filed SCHEDULE 13G/A on ExlService Holdings, Inc., latest Jul 17, 2025 (8 filings since Jan 28, 2022)
  • Wellington Management Company Filed SC 13G/A on ExlService Holdings, Inc., latest Feb 8, 2024 (3 filings since Feb 4, 2022)
  • ExlService Holdings, Inc. Wilmington, Delaware, United States
    • Business Process Outsourcing, LLC Subsidiary · Delaware, United States
    • BUSINESS PROCESS SOLUTIONS (INDIA) PRIVATE LIMITED Subsidiary · New York, New York, United States
    • Clairvoyant AI, Inc. Subsidiary · Delaware, United States
    • Clairvoyant India Private Ltd. Subsidiary · India
    • Clairvoyant, Inc. Subsidiary · Canada
    • EXL Analytics SA (Pty) Ltd. Subsidiary · South Africa
    • EXL SERVICE.COM(INDIA) PRIVATE LIMITED Subsidiary · New Delhi, India
    • EXLS Mexico S. de R.L. de C.V. Subsidiary · Mexico
    • EXLSERVICE (IRELAND) LIMITED Subsidiary · Dublin, Ireland
    • EXLService (U.K.) Limited Subsidiary · United Kingdom
    • ExlService Australia Pty Ltd. Subsidiary · Australia
    • ExlService Bulgaria EAD Subsidiary · Bulgaria
    • ExlService Canada Inc. Subsidiary · Canada
    • ExlService Colombia S.A.S. Subsidiary · Colombia
    • ExlService Czech Republic S.R.O. Subsidiary · Czechia
    • ExlService Germany GmbH Subsidiary · Germany
    • EXLSERVICE PHILIPPINES, INC. Subsidiary · New York, New York, United States
    • ExlService Romania Private Limited S.R.L. Subsidiary · Romania
    • EXLSERVICE SOUTH AFRICA (PTY) LTD Subsidiary · New York, New York, United States
    • ExlService Technology Solutions, LLC Subsidiary · Delaware, United States
    • ExlService.com, LLC Subsidiary · Delaware, United States
    • Incandescent Australia Pty Ltd. Subsidiary · Australia
    • Incandescent Latin America S. de R.L. de C.V. Subsidiary · Mexico
    • Incandescent Technologies Inc. Subsidiary · Nebraska, United States
    • INCANDESCENT TECHNOLOGIES PRIVATE LIMITED Subsidiary · Chennai, India
    • and 14 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ExlService Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$59.4M6 Dec 31, 2025$60.4M6 Dec 31, 2024−1.7%
Property and equipment, before depreciation$364.0M6 Dec 31, 2025$352.8M6 Dec 31, 2024+3.2%
Accumulated depreciation$254.2M6 Dec 31, 2025$252.7M6 Dec 31, 2024+0.6%
Property and equipment, net$109.8M6 Dec 31, 2025$100.1M6 Dec 31, 2024+9.7%
Finance-lease assets$2.0M6 Dec 31, 2025$1.7M6 Dec 31, 2024+18.8%
Operating-lease assets (leased space)$97.4M6 Dec 31, 2025$68.8M6 Dec 31, 2024+41.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$146.3M6 Dec 31, 2025$153.4M6 Dec 31, 2024−4.6%
Marketable securities, current$182.0M6 Dec 31, 2025$187.2M6 Dec 31, 2024−2.8%
Stakes in other companies (equity method)$5.6M6 Dec 31, 2025$4.7M6 Dec 31, 2024+19.1%
Long-term investments$8.2M6 Dec 31, 2025$14.0M6 Dec 31, 2024−41.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$419.7M6 Dec 31, 2025$420.4M6 Dec 31, 2024−0.2%
Intangible assets, net (excluding goodwill)$36.2M6 Dec 31, 2025$49.3M6 Dec 31, 2024−26.6%
Finite-lived intangibles, gross$114.2M6 Dec 31, 2025$114.1M6 Dec 31, 2024+0.1%
Accumulated amortization$78.9M6 Dec 31, 2025$65.6M6 Dec 31, 2024+20.2%
Finite-lived intangibles, net$35.3M6 Dec 31, 2025$48.4M6 Dec 31, 2024−27.1%

Properties, in its own words

Our corporate headquarters are located in New York and we maintain our headquarters for international business in the Republic of Ireland. We have multiple operations centers spread across India, the Philippines, South Africa, Colombia, Bulgaria, Romania, the United Kingdom, the Czech Republic, Mexico and the Republic of Ireland with an aggregate area of approximately 1,994,000 square feet and a current installed capacity of approximately 31,000 workstations, including workstations for training and our employees in enabling functions. We also have multiple operations centers and regional offices in the United States.

Our corporate headquarters and all of our operations centers are leased under long-term leases with varying expiration dates, except for an operations center in Pune, India with an area of 86,361 sq. ft. and containing approximately 1,750 agent workstations, which we own. Substantially all of our owned and leased property is used to service all of our reporting segments.

The rest of Item 2

We believe that our current facilities are adequate to support our existing operations, however we continue to optimize our existing network of operations centers, including through our hybrid working model, to service our clients and drive efficiencies. We also believe that we will be able to obtain suitable additional facilities on commercially reasonable terms on an “as needed basis”.

Item 2 of the 10-K filed Feb 24, 2026.5

Leadership

Who has led ExlService Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Vikram Talwar2006–2008
  2. Rohit Kapoor2008–now

Chair

  1. Vikram Talwar2008–2013
  2. Rohit Kapoor2024–now

President

  1. Rohit Kapoor2006–2013
  2. William A. Bloom2012
  3. Pavan Bagai2014–2021
  4. Vikas Bhalla2024
  5. Vivek Jetley2024–now

Chief financial officer

  1. Rohit Kapoor2006–2007
  2. Matthew Appel2008–2009
  3. Vishal Chhibbar2009–2024
  4. Maurizio Nicolelli2020–now

Chief operating officer

  1. Rohit Kapoor2007–2009
  2. Pavan Bagai2008–2021
2010201520202025
Board members and other officers (58)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Business Process Outsourcing, LLC Delaware4
  • Business Process Solutions (India) Private Limited India4
  • Clairvoyant AI, Inc. Delaware4
  • Clairvoyant India Private Ltd. India4
  • Clairvoyant, Inc. Canada4
  • EXL Analytics SA (Pty) Ltd. South Africa4
  • EXLS Mexico S. de R.L. de C.V. Mexico4
  • EXLService (Ireland) Limited Ireland4
  • EXLService (U.K.) Limited United Kingdom4
  • ExlService Australia Pty Ltd. Australia4
  • ExlService Bulgaria EAD Bulgaria4
  • ExlService Canada Inc. Canada4
  • ExlService Colombia S.A.S. Colombia4
  • ExlService Czech Republic S.R.O. Czech Republic4
  • ExlService Germany GmbH Germany4
  • ExlService Philippines, Inc. Philippines4
  • ExlService Romania Private Limited S.R.L. Romania4
  • ExlService South Africa (Pty) Ltd. South Africa4
  • ExlService Technology Solutions, LLC Delaware4
  • ExlService.com, LLC Delaware4
  • IQR Analytics Private Limited India4
  • IQR Consulting, LLC California4
  • ITI Data Colombia S.A.S. Colombia4
  • ITI Data Polska Sp. Z o.o. Poland4
All 38 listed subsidiaries
  • ITIData Consulting India Private Limited India4
  • Incandescent Australia Pty Ltd. Australia4
  • Incandescent Latin America S. de R.L. de C.V. Mexico4
  • Incandescent Technologies Inc. Nebraska4
  • Incandescent Technologies Private Limited India4
  • Incandescent Technologies UK Ltd United Kingdom4
  • Inductis (India) Private Limited India4
  • Inductis (Singapore) PTE Limited Singapore4
  • Kogni, LLC Arizona4
  • Outsource Partners International, Inc. Delaware4
  • Outsourcepartners International Private Limited India4
  • Overland Solutions, LLC Delaware4
  • SCIOinspire Consulting Services (India) Pvt Ltd. India4
  • exl Service.com (India) Private Limited India4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 2, 20268-K Executive or director change83
  2. Aug 18, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation84
  3. Jul 28, 20268-K Results of operations85
  4. Jul 21, 20268-K Executive or director change; Other events86
  5. Jun 24, 20268-K Other events87
  6. Jun 16, 20268-K Shareholder vote88
  7. May 12, 20268-K Executive or director change; Other events89
  8. Apr 28, 20268-K Results of operations90
  9. Mar 18, 20268-K Entered a material agreement; Executive or director change91
  10. Feb 24, 20268-K Results of operations92
  11. Dec 15, 20258-K Other events93
  12. Oct 28, 20258-K Results of operations94
  13. Nov 25, 2008New chief executive Rohit Kapoor becomes CEO15
  14. Oct 19, 2006New chief executive Vikram Talwar becomes CEO16
  15. Oct 29, 2002Founded ExlService Holdings, Inc. is founded2

Calendar

Coming up

  1. Oct 27, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.38 a share, on Oct 28, 2025.95

When it reported results

  1. Jul 28, 2026Reported quarterly or annual results85
  2. Apr 28, 2026Reported quarterly or annual results90
  3. Feb 24, 2026Reported quarterly or annual results92
  4. Oct 28, 2025Reported quarterly or annual results94
  5. Jul 29, 2025Reported quarterly or annual results96
  6. Feb 25, 2025Reported quarterly or annual results97
  7. Oct 29, 2024Reported quarterly or annual results98
  8. Aug 1, 2024Reported quarterly or annual results99

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

534 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 45 major events, 362 insider forms, 29 large holders, 78 other. The latest 20:

  1. Oct 7, 2026SCHEDULE 13G/A EDGAR
  2. Oct 2, 20264 EDGAR
  3. Oct 1, 2026144 EDGAR
  4. Sep 3, 20264 EDGAR
  5. Sep 2, 20268-K EDGAR
  6. Sep 1, 2026144 EDGAR
  7. Aug 18, 20268-K EDGAR
  8. Aug 13, 20264 EDGAR
  9. Aug 12, 2026SCHEDULE 13G/A EDGAR
  10. Aug 6, 20264 EDGAR
  11. Aug 3, 2026144 EDGAR
  12. Jul 28, 202610-Q EDGAR
  13. Jul 28, 20268-K EDGAR
  14. Jul 21, 20264 EDGAR
  15. Jul 21, 20264 EDGAR
  16. Jul 21, 20264 EDGAR
  17. Jul 21, 20268-K EDGAR
  18. Jul 20, 20264 EDGAR
  19. Jul 20, 20263 EDGAR
  20. Jul 2, 20264 EDGAR

The 534 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

85 open-market trades by officers, directors and large owners since October 2021: 7 buys and 78 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 1, 2026Bhalla VikasPresident of EXLSale10,000$38.17$381.7KForm 4
Aug 11, 2026Chhibbar VishalExecutive Vice PresidentSale5,000$35.10$175.5KForm 4
Aug 3, 2026Bhalla VikasPresident of EXLSale11,000$34.99$384.9KForm 4
Jul 1, 2026Bhalla VikasPresident of EXLSale12,000$26.47$317.6KForm 4
Jun 4, 2026Bhalla VikasPresident of EXLSale12,000$30.22$362.6KForm 4
May 20, 2026AYYAPPAN AJAYEVP & Gen Counsel/Corp. Sec'y.Sale5,093$29.11$148.3KForm 4
Mar 2, 2026AYYAPPAN AJAYEVP & Gen Counsel/Corp. Sec'y.Sale1,679$30.39$51.0KForm 4
Feb 23, 2026AYYAPPAN AJAYEVP & Gen Counsel/Corp. Sec'y.Sale1,197$29.79$35.7KForm 4
Feb 18, 2026AYYAPPAN AJAYEVP & Gen Counsel/Corp. Sec'y.Sale2,275$30.32$69.0KForm 4
Jan 27, 2026AYYAPPAN AJAYEVP & Gen Counsel/Corp. Sec'y.Sale8,114$42.53$345.1KForm 4
Dec 2, 2025Bhalla VikasPresident of EXLSale11,774$39.99$470.8KForm 4
Sep 10, 2025Bhalla VikasPresident of EXLSale8,000$43.76$350.1KForm 4
May 8, 2025Bhalla VikasPresident of EXLSale25,000$46.11$1.2MForm 4
May 2, 2025STUDENMUND JAYNIE MDirectorSale14,580$47.53$693.0KForm 4
Mar 11, 2025Mahon AnitaExecutive Vice PresidentSale10,558$45.92$484.8KForm 4
Feb 28, 2025Mahon AnitaExecutive Vice PresidentSale2,729$48.32$131.9KForm 4
Feb 28, 2025AYYAPPAN AJAYEVP & Gen Counsel/Corp. Sec'y.Sale1,865$48.32$90.1KForm 4
Feb 19, 2025AYYAPPAN AJAYEVP & Gen Counsel/Corp. Sec'y.Sale4,989$50.70$252.9KForm 4
Feb 19, 2025Mahon AnitaExecutive Vice PresidentSale6,071$50.70$307.8KForm 4
Feb 10, 2025AYYAPPAN AJAYEVP & Gen Counsel/Corp. Sec'y.Sale16,186$51.50$833.6KForm 4

All 85 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Rohit Kapoor$885.2K$16.2M106
2025Vivek Jetley$568.8K$5.0M106
2025Vikas Bhalla$368.8K$4.7M106
2025Maurizio Nicolelli$560.3K$3.4M106
2025Narasimha Kini$496.3K$3.3M106
2024Chairman & CEO$821.3K$14.2M106
2024President andHead of AI Services and Operations$320.3K$4.0M106
2024Executive VicePresident and CFO$517.5K$2.9M106
2023Chairman & CEO$815.0K$12.3M106
2023President andHead of AI Services and Operations$300.2K$5.6M106
2023Executive VicePresident and CFO$510.0K$4.2M106

SEC filer profile

How ExlService Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARExlService Holdings, Inc.1
  • CIK0001297989
  • Employer ID (EIN)82-05721945
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)7389 Services-Business Services, NEC1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address320 Park Avenue, 29Th Floor, New York, NY 100221
  • Phone(212) 277-71001
  • Shares outstanding152,782,931 as of Apr 24, 202613
  • Public float$6.9B as of Jun 30, 20255
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceDec 6, 20041
  • Filings2,188 in all: 4 (1,526), 8-K (191), SC 13G/A (91), 3 (66), 10-Q (60), 144 (57), UPLOAD (25), DEF 14A (21)1
    All 38 form types

    10-K (20), 4/A (20), SC 13G (17), CORRESP (14), DEFA14A (12), SCHEDULE 13G/A (8), S-8 (7), S-1/A (6), 8-K/A (5), CT ORDER (5), PRE 14A (4), S-3/A (4), SCHEDULE 13G (4), EFFECT (3), S-3ASR (3), 424B3 (2), 424B5 (2), DEFR14A (2), S-3 (2), 10-K/A (1), 144/A (1), 3/A (1), 424B4 (1), 5 (1), 8-A12B (1), ARS (1), CERTNAS (1), NT 10-K (1), S-1 (1), S-1MEF (1)

  • Latest filingsAnnual report (10-K) Feb 24, 2026
    Quarterly report (10-Q) Jul 28, 2026
    Proxy statement (DEF 14A) Apr 27, 2026
    Latest 8-K (8-K) Sep 2, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareEXLSThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks ExlService Holdings, Inc. names in Item 1A of its 10-K filed Feb 24, 2026: 34 risks under these headings, as written.5

  • Risks Related to Our Business
  • Our business depends on maintaining and growing client demand for our services and solutions, including by anticipating and incorporating the latest technology into our offerings, and a significant reduction in such demand, a failure to respond to the evolving technological environment or a change in our service or solution delivery could materially affect our results of operations.
  • The use of AI technology presents competitive, reputational and legal risks, and our use of AI technology may not be successful.
  • Client demand may be impacted by the selling cycle and terms of our client contracts, including for our AI-related offerings.
  • We may fail to attract and retain enough sufficiently trained employees to support our operations or professionals with sufficient leadership capabilities.
  • If we are unable to accurately estimate the resources and time for a project, adjust our pricing terms or effectively manage our asset utilization levels to meet the changing demands of our clients and potential clients, our business, results of operations, financial condition and cash flows may be adversely affected.
  • Unauthorized disclosure of sensitive or confidential client and employee data, whether through breach of our computer systems or otherwise, could cause us significant reputational damage, expose us to protracted and costly litigation, and cause us to lose clients.
  • The growing use of AI in our offerings presents additional cybersecurity and privacy risks and could result in increased legal exposure.
  • We rely on third party vendors and partners to deliver services and components for client critical services, and require data use rights from third parties and our clients for many of our services and solutions, which exposes us to a variety of risks that could have a material adverse effect on our business.
  • Employee wage increases may prevent us from sustaining our competitive advantage and may reduce our profit margin.
  • Our business could be materially and adversely affected if we do not protect our intellectual property or if our services or solutions are found to infringe on the intellectual property of others.
  • We earn a substantial portion of our revenues from a limited number of clients that are mainly located in the United States
The other 23 risks
  • Our inability to manage our rapid infrastructure and personnel growth across countries could adversely affect our business operations, including losing key talent to competitors.
  • We may engage in strategic acquisitions or transactions, which could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • Our business could be negatively affected if we incur financial penalties or legal liability, including with respect to our contractual obligations, in connection with providing our solutions and services.
  • We face competition globally from other providers and from our clients, who may build global capability centers to provide data and AI-led solutions and services and digital operations solutions and services themselves, either in-house or other arrangements.
  • We make estimates and assumptions in connection with the preparation of our consolidated financial statements, and any changes to those estimates and assumptions could adversely affect our financial results.
  • We are upgrading our enterprise resource planning (“ERP”) system, and its implementation may impact our internal controls over financial reporting, business and operations.
  • We are exposed to credit risk and fluctuations in the market values of our investment and derivatives portfolios.
  • We are vulnerable to natural disasters, technical disruptions, pandemics and societally created events that could severely disrupt the normal operations of our business and if our risk management, business continuity and disaster recovery plans are not effective, it may adversely affect our business, results of operations, financial condition and cash flows.
  • We may not be fully insured for all losses we may incur.
  • Our sustainability initiatives and disclosures may expose us to reputational risks and legal liability.
  • Risks Related to the International Nature of Our Business
  • If the transfer pricing arrangements we have for controlled intercompany transactions among our subsidiaries are determined to be inappropriate, our tax liability may increase.
  • Our financial condition could be negatively affected if governments in the countries we operate in introduce new unfavorable tax legislation, including legal restrictions for repatriation of our earnings.
  • Currency exchange rate fluctuations in the various currencies in which we do business, or the failure of our hedging strategies to mitigate such fluctuations, could have a material adverse effect on our results of operations.
  • Restrictions on visas and work permits may affect our ability to compete for and provide services to clients in the United States and other countries, which could make it more difficult to staff engagements and could increase our costs, which could have an adverse effect on our net income.
  • Investors may have difficulty effecting service of process or enforcing judgments obtained in the United States against our foreign subsidiaries or our executive officers.
  • Our global operations subject us to numerous legal and regulatory requirements, including, accreditation or licensing standards that govern our business.
  • Risks Related to Our Indebtedness
  • We may not be able to service our debt or obtain additional financing on competitive terms.
  • Risks Related to Our Common Stock
  • Our stock price continues to be volatile.
  • Delaware law and our fourth amended and restated certificate of incorporation and sixth amended and restated by-laws contain certain anti-takeover provisions that could delay or discourage business combinations and takeover attempts that stockholders may consider favorable.
  • We do not intend to pay dividends in the foreseeable future, and, because we are also a holding company, we may be unable to pay dividends.
  • Risks Related to Our Industry
  • Our industry may not develop in ways that we currently anticipate due to negative public reaction in the United States and elsewhere to offshore outsourcing, anti-outsourcing executive action, legislation or otherwise.
  • General and Other Risk Factors
  • Our results of operations could be adversely affected by economic and political conditions globally and the effects of these conditions on our clients’ businesses and levels of business activity.
  • New and changing laws, corporate governance and public disclosure requirements add uncertainty to our compliance policies and increase our costs of compliance.

Legal proceedings

In the course of our normal business activities, various lawsuits, claims and proceedings may be instituted or asserted against us. Although there can be no assurance, we believe that the disposition of matters currently instituted or asserted will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. See Note 25 -

Commitments and Contingencies to our consolidated financial statements under Part II, Item 8, “Financial Statements and Supplementary Data” for details regarding our tax proceedings.

The opening of Item 3, Legal Proceedings.5

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