Income Statement ExlService Holdings, Inc.

Equities

EXLS

US3020811044

Business Support Services

Market Closed - Nasdaq Other stock markets 04:00:00 2026-05-19 pm EDT			5-day change	1st Jan Change
28.97 ^USD	-0.10%		-2.56%	-31.74%

May. 14	ExlService Holdings, Inc. - Analyst/Investor Day
May. 13	ExlService Seeks Acquisitions	CI

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Published financial data: EXLSERVICE HOLDINGS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	1.12B	1.41B	1.63B	1.84B	2.09B
Total Revenues	1.12B	1.41B	1.63B	1.84B	2.09B
Cost of Goods Sold, Total	691M	897M	1.02B	1.15B	1.29B
Gross Profit	431M	515M	608M	691M	801M
Selling General & Admin Expenses, Total	226M	268M	319M	372M	429M
Depreciation & Amortization - (IS)	49.13M	56.28M	50.49M	55.22M	59.08M
Other Operating Expenses, Total	276M	324M	369M	427M	488M
Operating Income	156M	191M	238M	264M	313M
Interest Expense, Total	-7.56M	-8.25M	-13.18M	-19.26M	-17.61M
Interest And Investment Income	2.73M	5.23M	8.03M	9.92M	9.64M
Net Interest Expenses	-4.84M	-3.02M	-5.15M	-9.34M	-7.97M
Income (Loss) On Equity Invest.	47K	434K	153K	-114K	-305K
Currency Exchange Gains (Loss)	4.31M	6.2M	1.53M	891K	2.86M
Other Non Operating Income (Expenses)	-2K	-944K	121K	-367K	636K
EBT, Excl. Unusual Items	155M	194M	235M	255M	309M
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-761K	-134K	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	4.89M	4.91M	5.01M	5.66M	8.34M
Asset Writedown	-	-	-	-	-
Other Unusual Items	-12.84M	-8.25M	-1.9M	589K	-2.3M
EBT, Incl. Unusual Items	147M	191M	238M	261M	315M
Income Tax Expense	31.85M	47.56M	53.54M	62.94M	63.73M
Earnings From Continuing Operations	115M	143M	185M	198M	251M
Net Income to Company	115M	143M	185M	198M	251M
Net Income - (IS)	115M	143M	185M	198M	251M
Net Income to Common Incl Extra Items	115M	143M	185M	198M	251M
Net Income to Common Excl. Extra Items	115M	143M	185M	198M	251M
Per Share Items
Net EPS - Basic	0.68	0.86	1.11	1.22	1.56
Basic EPS - Continuing Operations	0.68	0.86	1.11	1.22	1.56
Basic Weighted Average Shares Outstanding	168M	167M	166M	163M	161M
Net EPS - Diluted	0.67	0.85	1.1	1.21	1.54
Diluted EPS - Continuing Operations	0.67	0.85	1.1	1.21	1.54
Diluted Weighted Average Shares Outstanding	171M	169M	168M	164M	162M
Normalized Basic EPS	0.58	0.73	0.88	0.98	1.2
Normalized Diluted EPS	0.57	0.72	0.87	0.97	1.19
Supplemental Items
EBITDA	201M	242M	280M	306M	359M
EBITA	169M	208M	253M	278M	327M
EBIT	156M	191M	238M	264M	313M
EBITDAR	235M	268M	304M	332M	389M
Effective Tax Rate - (Ratio)	21.72	24.96	22.49	24.09	20.25
Current Domestic Taxes	18.53M	43.42M	51.45M	41.23M	22.66M
Current Foreign Taxes	33.64M	23.7M	33.83M	41.59M	56.13M
Total Current Taxes	52.18M	67.12M	85.28M	82.82M	78.79M
Deferred Domestic Taxes	-15.95M	-17.62M	-32.02M	-19.17M	-12.77M
Deferred Foreign Taxes	-4.37M	-1.93M	282K	-713K	-2.29M
Total Deferred Taxes	-20.33M	-19.55M	-31.74M	-19.88M	-15.06M
Normalized Net Income	97.08M	121M	147M	159M	193M
Interest on Long-Term Debt	5.3M	59K	90K	196K	305K
Non-Cash Pension Expense	842K	952K	427K	-287K	571K
Supplemental Operating Expense Items
Selling and Marketing Expenses	84.31M	97.99M	120M	147M	173M
General and Administrative Expenses	141M	169M	198M	226M	255M
Research And Development Expense From Footnotes	4.25M	5.96M	9.28M	12.85M	13.4M
Net Rental Expense, Total	33.95M	26.82M	24.56M	26.13M	29.79M
Imputed Operating Lease Interest Expense	6.05M	5.36M	8.85M	12.61M	10.87M
Imputed Operating Lease Depreciation	27.9M	21.46M	15.71M	13.52M	18.92M
Stock-Based Comp., COGS (Total)	7.87M	11.54M	14.69M	15.76M	13.19M
Stock-Based Comp., S&M Exp. (Total)	14.35M	17.82M	22.18M	28.28M	34.3M
Stock-Based Comp., G&A Exp. (Total)	16.4M	20.02M	21.57M	28.61M	31.98M
Total Stock-Based Compensation	38.62M	49.37M	58.44M	72.66M	79.47M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	135M	119M	137M	153M	146M
Short Term Investments	179M	179M	154M	187M	182M
Total Cash And Short Term Investments	314M	298M	291M	341M	328M
Accounts Receivable, Total	196M	260M	311M	340M	370M
Other Receivables	18.92M	15.72M	18.5M	19.41M	21.37M
Total Receivables	214M	276M	329M	360M	392M
Prepaid Expenses	14.66M	18.13M	18.17M	21.06M	26.46M
Restricted Cash	6.17M	4.9M	4.06M	9.97M	12.39M
Other Current Assets, Total	28.97M	16.22M	37.17M	63.78M	71.17M
Total Current Assets	578M	613M	680M	795M	830M
Gross Property Plant And Equipment	359M	325M	342M	363M	404M
Accumulated Depreciation	-206M	-202M	-198M	-214M	-215M
Net Property Plant And Equipment	154M	123M	144M	148M	189M
Long-term Investments	3.19M	34.78M	4.43M	13.97M	8.2M
Goodwill	404M	406M	406M	420M	420M
Other Intangibles, Total	90.14M	80.23M	71.38M	71.54M	56.26M
Accounts Receivable Long-Term	1.2M	1.86M	6.84M	3.63M	4.82M
Deferred Tax Assets Long-Term	21.4M	55.79M	82.93M	105M	130M
Deferred Charges Long-Term	4.31M	12.69M	21.37M	31.74M	32.15M
Other Long-Term Assets, Total	26.96M	19.57M	25.7M	28.79M	32.06M
Total Assets	1.28B	1.35B	1.44B	1.62B	1.7B
Liabilities
Accounts Payable, Total	6.87M	7.79M	5.06M	5.88M	4.75M
Accrued Expenses, Total	173M	177M	202M	222M	238M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	260M	30M	65M	4.89M	4.89M
Current Portion of Leases	18.63M	15.14M	12.97M	16.93M	17.47M
Current Income Taxes Payable	901K	2.94M	1.21M	284K	-
Unearned Revenue Current, Total	20M	18.78M	12.32M	19.26M	15.36M
Other Current Liabilities	16.42M	26.45M	28.05M	20.5M	43.44M
Total Current Liabilities	496M	278M	326M	290M	324M
Long-Term Debt	-	220M	135M	284M	294M
Long-Term Leases	68.74M	48.51M	58.79M	61.2M	89.71M
Unearned Revenue Non Current	995K	4.41M	10.2M	18.21M	26.14M
Pension & Other Post Retirement Benefits	9.6M	12.98M	16.67M	24.8M	41.63M
Deferred Tax Liability Non Current	965K	547K	1.5M	1.4M	2.12M
Other Non Current Liabilities	13.76M	23.55M	3.99M	9.22M	12.09M
Total Liabilities	590M	588M	553M	689M	790M
Common Stock, Total	40K	40K	203K	206K	209K
Additional Paid In Capital	396M	445M	508M	589M	678M
Retained Earnings	756M	899M	1.08B	1.28B	1.53B
Treasury Stock	-369M	-442M	-575M	-786M	-1.12B
Comprehensive Income and Other	-89.47M	-144M	-127M	-155M	-181M
Total Common Equity	693M	758M	889M	930M	913M
Minority Interest	-	-	-	-	-
Total Equity	693M	758M	889M	930M	913M
Total Liabilities And Equity	1.28B	1.35B	1.44B	1.62B	1.7B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	166M	167M	166M	162M	156M
ECS Total Common Shares Outstanding	166M	166M	165M	162M	156M
Book Value / Share	4.16	4.56	5.38	5.75	5.83
Tangible Book Value	199M	272M	412M	438M	437M
Tangible Book Value Per Share	1.2	1.64	2.5	2.71	2.79
Total Debt	347M	314M	272M	367M	406M
Net Debt	33.5M	15.96M	-19.08M	26.03M	77.42M
Debt Equivalent of Unfunded Proj. Benefit Obligation	9.67M	7.08M	7.1M	9.89M	21.21M
Debt Equivalent Oper. Leases	272M	215M	196M	209M	238M
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Equity Method Investments, Total	3M	3.44M	4.19M	4.68M	5.57M
Account Code - Inventory Valuation	3	-	3	3	3
Land - (BS)	700K	629K	625K	608K	579K
Buildings, Total	1.07M	961K	956K	929K	885K
Machinery, Total	139M	151M	172M	192M	217M
Full Time Employees	37.4K	45.4K	54K	59.5K	65K
Assets under Capital Lease - Gross	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	573K	1.33M	3.7M	3.53M	2.88M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	115M	143M	185M	198M	251M
Depreciation & Amortization - CF	58.43M	55M	26.53M	28.74M	32.7M
Amortization of Goodwill and Intangible Assets - (CF)	12.78M	17.11M	14.68M	13.63M	13.14M
Depreciation & Amortization, Total	71.2M	72.11M	41.21M	42.37M	45.84M
Amortization of Deferred Charges, Total - (CF)	6.05M	5.96M	9.28M	12.85M	13.4M
(Gain) Loss on Sale of Investments - (CF)	5.14M	-1.21M	17.04M	-1.51M	-1.77M
Asset Writedown & Restructuring Costs	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-47K	-	-	-	-
Stock-Based Compensation (CF)	38.62M	49.37M	58.44M	72.66M	79.47M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	-464K	683K	2.45M	-	-
Other Operating Activities, Total	-10.56M	-27.62M	-10.28M	-3.94M	-490K
Change In Accounts Receivable	-37.68M	-68.12M	-49.24M	4.65M	-35.99M
Change In Accounts Payable	-614K	2.38M	-2.76M	20.51M	11.23M
Change in Unearned Revenues	-12.73M	2.47M	-877K	7M	-4.13M
Change In Income Taxes	-12.06M	8.78M	-18.28M	-26.2M	-1.61M
Change in Other Net Operating Assets	22.78M	-21.63M	-20.35M	-58.15M	-6.26M
Cash from Operations	184M	166M	211M	269M	351M
Capital Expenditure	-37.25M	-44.84M	-52.8M	-46.26M	-52.6M
Sale of Property, Plant, and Equipment	1.3M	266K	739K	215K	351K
Cash Acquisitions	-76.83M	-3.87M	-	-24.3M	-
Investment in Marketable and Equity Securities, Total	-1.49M	-48.1M	40.07M	-48.75M	2.99M
Cash from Investing	-114M	-96.55M	-12M	-119M	-49.26M
Long-Term Debt Issued, Total	300M	35M	80M	290M	235M
Total Debt Issued	300M	35M	80M	290M	235M
Long-Term Debt Repaid, Total	-329M	-45.14M	-130M	-202M	-226M
Total Debt Repaid	-329M	-45.14M	-130M	-202M	-226M
Issuance of Common Stock	710K	1.06M	5.57M	5.02M	6.24M
Repurchase of Common Stock	-118M	-72.64M	-132M	-208M	-328M
Other Financing Activities, Total	-	-	-5M	-4.62M	-
Cash from Financing	-147M	-81.72M	-181M	-119M	-313M
Foreign Exchange Rate Adjustments	-4.95M	-6.06M	2.03M	-4.33M	5.88M
Net Change in Cash	-81.71M	-18.19M	19.78M	26M	-5.43M
Supplemental Items
Cash Interest Paid	6.59M	8.19M	13.9M	19.6M	16.96M
Cash Income Tax Paid (Refund)	49.82M	55.59M	105M	106M	77.23M
Levered Free Cash Flow	154M	161M	139M	189M	258M
Unlevered Free Cash Flow	156M	166M	147M	201M	269M
Change In Net Working Capital	17.72M	35.96M	58.11M	45.9M	13.52M
Net Debt Issued / Repaid	-29.23M	-10.14M	-50.17M	88.42M	9.49M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	7.7	9.1	10.68	10.78	11.8
Return on Total Capital	9.31	11.32	13.34	13.42	14.99
Return On Equity %	16.25	19.7	22.4	21.8	27.25
Return on Common Equity	16.25	19.7	22.4	21.8	27.25
Margin Analysis
Gross Profit Margin %	38.44	36.5	37.27	37.59	38.37
SG&A Margin	20.18	18.97	19.56	20.23	20.53
EBITDA Margin %	17.88	17.11	17.14	16.66	17.21
EBITA Margin %	15.02	14.76	15.52	15.1	15.65
EBIT Margin %	13.88	13.55	14.62	14.36	15.02
Income From Continuing Operations Margin %	10.23	10.12	11.32	10.79	12.02
Net Income Margin %	10.23	10.12	11.32	10.79	12.02
Net Avail. For Common Margin %	10.23	10.12	11.32	10.79	12.02
Normalized Net Income Margin	8.65	8.59	9.01	8.67	9.24
Levered Free Cash Flow Margin	13.68	11.41	8.51	10.26	12.34
Unlevered Free Cash Flow Margin	13.94	11.77	9.01	10.92	12.86
Asset Turnover
Asset Turnover	0.89	1.07	1.17	1.2	1.26
Fixed Assets Turnover	6.88	10.22	12.22	12.57	12.37
Receivables Turnover (Average Receivables)	6.51	6.2	5.71	5.64	5.88
Short Term Liquidity
Current Ratio	1.17	2.2	2.08	2.74	2.56
Quick Ratio	1.07	2.06	1.9	2.41	2.22
Operating Cash Flow to Current Liabilities	0.37	0.6	0.65	0.93	1.08
Days Sales Outstanding (Average Receivables)	56.1	58.89	63.91	64.84	62.12
Average Days Payable Outstanding	3.66	2.73	2.29	1.74	1.51
Long Term Solvency
Total Debt/Equity	50.12	41.37	30.55	39.43	44.46
Total Debt / Total Capital	33.38	29.26	23.4	28.28	30.78
LT Debt/Equity	9.92	35.42	21.79	37.08	42.01
Long-Term Debt / Total Capital	6.61	25.05	16.69	26.6	29.08
Total Liabilities / Total Assets	45.97	43.68	38.32	42.54	46.38
EBIT / Interest Expense	20.61	23.19	18.08	13.71	17.8
EBITDA / Interest Expense	31.03	32.54	23.07	17.26	22.1
(EBITDA - Capex) / Interest Expense	26.1	27.1	19.07	14.86	19.11
Total Debt / EBITDA	1.48	1.17	0.89	1.1	1.04
Net Debt / EBITDA	0.14	0.06	-0.06	0.08	0.2
Total Debt / (EBITDA - Capex)	1.76	1.4	1.08	1.28	1.21
Net Debt / (EBITDA - Capex)	0.17	0.07	-0.08	0.09	0.23
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	17.1	25.82	15.48	12.74	13.56
Gross Profit, 1 Yr. Growth %	28.96	19.49	17.91	13.7	15.93
EBITDA, 1 Yr. Growth %	29.58	20.43	15.73	9.65	17.32
EBITA, 1 Yr. Growth %	36.27	23.65	21.45	9.7	17.69
EBIT, 1 Yr. Growth %	42.54	22.81	24.64	10.73	18.79
Earnings From Cont. Operations, 1 Yr. Growth %	28.26	24.58	29.09	7.44	26.59
Net Income, 1 Yr. Growth %	28.26	24.58	29.09	7.44	26.59
Normalized Net Income, 1 Yr. Growth %	47.24	24.91	21.2	8.51	21.07
Diluted EPS Before Extra, 1 Yr. Growth %	29.34	26.27	29.41	10	27.27
Accounts Receivable, 1 Yr. Growth %	30.85	33.02	19.53	9.47	8.75
Net Property, Plant and Equip., 1 Yr. Growth %	-10.89	-20.09	17.31	3.06	27.46
Total Assets, 1 Yr. Growth %	2.81	4.93	7.12	12.24	5.18
Tangible Book Value, 1 Yr. Growth %	-33.21	36.77	51.45	6.19	-0.26
Common Equity, 1 Yr. Growth %	-3.62	9.38	17.31	4.54	-1.85
Cash From Operations, 1 Yr. Growth %	-9.16	-9.9	27.12	27.14	30.61
Capital Expenditures, 1 Yr. Growth %	-11.78	20.37	17.77	-12.39	13.7
Levered Free Cash Flow, 1 Yr. Growth %	-0.17	4.29	-0.34	36.17	36.53
Unlevered Free Cash Flow, 1 Yr. Growth %	-1.08	5.62	1.81	36.73	33.82
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	6.4	21.38	20.54	14.1	13.15
Gross Profit, 2 Yr. CAGR %	13.33	24.14	18.7	15.78	14.81
EBITDA, 2 Yr. CAGR %	22.28	24.92	18.25	12.65	13.42
EBITA, 2 Yr. CAGR %	25.79	29.81	22.79	15.42	13.62
EBIT, 2 Yr. CAGR %	35.41	32.31	23.98	17.48	14.69
Earnings From Cont. Operations, 2 Yr. CAGR %	30.24	26.41	26.82	17.77	16.62
Net Income, 2 Yr. CAGR %	30.24	26.41	26.82	17.77	16.62
Normalized Net Income, 2 Yr. CAGR %	40.82	35.62	23.3	14.68	14.62
Diluted EPS Before Extra, 2 Yr. CAGR %	31.07	27.8	28.13	19.31	18.32
Accounts Receivable, 2 Yr. CAGR %	6.23	31.93	26.1	14.39	9.11
Net Property, Plant and Equip., 2 Yr. CAGR %	-0.36	-15.62	-3.18	9.95	14.61
Total Assets, 2 Yr. CAGR %	4.13	3.86	6.02	9.65	8.65
Tangible Book Value, 2 Yr. CAGR %	-8.09	-4.43	43.92	26.82	2.91
Common Equity, 2 Yr. CAGR %	1.71	2.68	13.28	10.74	1.3
Cash From Operations, 2 Yr. CAGR %	4.63	-9.53	7.02	27.13	28.86
Capital Expenditures, 2 Yr. CAGR %	-4.15	3.05	19.06	1.58	-0.19
Levered Free Cash Flow, 2 Yr. CAGR %	3.9	2.33	4.25	16.48	36.35
Unlevered Free Cash Flow, 2 Yr. CAGR %	2.73	2.51	6.09	17.97	35.27
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.32	12.51	19.38	17.88	13.92
Gross Profit, 3 Yr. CAGR %	13.09	15.35	22.02	17.01	15.83
EBITDA, 3 Yr. CAGR %	19.71	21.66	21.76	15.28	14.19
EBITA, 3 Yr. CAGR %	23.17	25.08	26.93	18.26	16.17
EBIT, 3 Yr. CAGR %	30.67	31.07	29.67	19.4	17.91
Earnings From Cont. Operations, 3 Yr. CAGR %	26.47	28.32	27.29	20	20.64
Net Income, 3 Yr. CAGR %	26.47	28.32	27.29	20	20.64
Normalized Net Income, 3 Yr. CAGR %	30.3	35.3	30.6	18.16	16.77
Diluted EPS Before Extra, 3 Yr. CAGR %	27.4	29.45	28.53	21.78	21.91
Accounts Receivable, 3 Yr. CAGR %	5.62	14.5	27.66	20.29	12.48
Net Property, Plant and Equip., 3 Yr. CAGR %	31.79	-7.43	-5.82	-1.15	15.5
Total Assets, 3 Yr. CAGR %	6.5	4.4	4.94	8.05	8.14
Tangible Book Value, 3 Yr. CAGR %	6.21	4.93	11.43	30.05	17.06
Common Equity, 3 Yr. CAGR %	3.9	4.21	7.34	10.29	6.38
Cash From Operations, 3 Yr. CAGR %	25.88	-0.45	1.33	13.35	28.28
Capital Expenditures, 3 Yr. CAGR %	-2.98	3.41	7.74	7.49	5.47
Levered Free Cash Flow, 3 Yr. CAGR %	57.68	4.23	-3.38	13.9	22.81
Unlevered Free Cash Flow, 3 Yr. CAGR %	53.72	3.88	-2.43	15.4	23.04
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.35	13.12	13.05	13.15	16.85
Gross Profit, 5 Yr. CAGR %	12.6	14.05	15.3	15.52	19.08
EBITDA, 5 Yr. CAGR %	15.3	17.02	19.03	17.94	18.33
EBITA, 5 Yr. CAGR %	17.24	19.32	22.91	21.11	21.43
EBIT, 5 Yr. CAGR %	19.39	21.51	27.83	25.44	23.46
Earnings From Cont. Operations, 5 Yr. CAGR %	13.2	23.94	26.61	23.99	22.91
Net Income, 5 Yr. CAGR %	13.2	23.94	26.61	23.99	22.91
Normalized Net Income, 5 Yr. CAGR %	16.71	20.53	27.33	26.63	23.96
Diluted EPS Before Extra, 5 Yr. CAGR %	13.35	24.93	27.69	25.41	24.35
Accounts Receivable, 5 Yr. CAGR %	11.58	13.83	13.38	14.46	19.89
Net Property, Plant and Equip., 5 Yr. CAGR %	26.66	13.51	16.5	-0.83	1.87
Total Assets, 5 Yr. CAGR %	12.67	10.27	6.31	6.47	6.41
Tangible Book Value, 5 Yr. CAGR %	-7.22	-4.61	19.93	13.19	7.94
Common Equity, 5 Yr. CAGR %	5.44	4.8	7.55	6.77	4.88
Cash From Operations, 5 Yr. CAGR %	12.48	7.98	17.97	9.78	11.56
Capital Expenditures, 5 Yr. CAGR %	7.58	4.99	5.3	2.67	4.49
Levered Free Cash Flow, 5 Yr. CAGR %	23.65	24.11	28.78	5.8	10.86
Unlevered Free Cash Flow, 5 Yr. CAGR %	23.73	24.36	27.81	6.24	11.16