The following table shows the reconciliation of these non-GAAP financial measures for the three months ended March 31, 2025 and March 31, 2024, and the three months ended December 31, 2024: Reconciliation of Adjusted Operating Income and Adjusted EBITDA(Amounts in thousands) Three months ended March 31, December 31, 2025 2024 2024 Net Income (GAAP) $66,561 $48,763 $50,672 add: Income tax expense 13,496 13,753 19,850 add/(subtract): Foreign exchange gain, net, interest expense, gain/(loss) from equity-method investment and other income/(loss), net (1,642) (992) 720 Income from operations (GAAP) $78,415 $61,524 $71,242 add: Stock-based compensation expense 19,187 17,852 15,479 add: Amortization of acquisition-related intangibles 3,246 3,080 4,024 Adjusted operating income (Non-GAAP) $100,848 $82,456 $90,745 Adjusted operating income margin as a % of Revenue (Non-GAAP) 20.1% 18.9% 18.8%add: Depreciation on long-lived assets 10,311 9,266 12,140 Adjusted EBITDA (Non-GAAP) $111,159 $91,722 $102,885 Adjusted EBITDA margin as a % of revenue (Non-GAAP) 22.2% 21.0% 21.4% Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share(Amounts in thousands, except per share data) Three months ended March 31, December 31, 2025 2024 2024 Net income (GAAP) $66,561 $48,763 $50,672 add: Stock-based compensation expense 19,187 17,852 15,479 add: Amortization of acquisition-related intangibles 3,246 3,080 4,024 add/(subtract): Changes in fair value of contingent consideration — (589) — add/(subtract): Other tax expense/(benefits) (a) — 151 3,860 subtract: Tax impact on stock-based compensation expense (b) (9,105) (5,358) (1,769)subtract: Tax impact on amortization of acquisition-related intangibles (799) (766) (921)Adjusted net income (Non-GAAP) $79,090 $63,133 $71,345 Adjusted diluted earnings per share (Non-GAAP) $0.48 $0.38 $0.44 (a) To exclude other tax expenses/(benefits), primarily related to certain deferred tax assets and liabilities.(b) Tax impact includes $14,526 and $7,523 during the three months ended March 31, 2025 and 2024 respectively, and $500 during the three months ended December 31, 2024, related to discrete benefit recognized in income tax expense in accordance with ASU No.2016-09, Compensation - Stock Compensation.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands, except per share amount and share count) As of March 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $140,442 $153,355 Short-term investments 190,978 187,223 Restricted cash 9,826 9,972 Accounts receivable, net 339,856 304,322 Other current assets 150,203 140,317 Total current assets 831,305 795,189 Property and equipment, net 107,148 101,837 Operating lease right-of-use assets 71,150 68,784 Restricted cash 8,210 8,071 Deferred tax assets, net 109,953 104,747 Goodwill 420,494 420,387 Other intangible assets, net 46,092 49,331 Long-term investments 20,134 13,972 Other assets 61,925 56,085 Total assets $1,676,411 $1,618,403 Liabilities and stockholders’ equity Current liabilities: Accounts payable $5,648 $5,884 Current portion of long-term borrowings 4,886 4,886 Deferred revenue 20,138 19,264 Accrued employee costs 63,575 129,994 Accrued expenses and other current liabilities 131,980 113,597 Current portion of operating lease liabilities 17,426 16,491 Total current liabilities 243,653 290,116 Long-term borrowings, less current portion 302,377 283,598 Operating lease liabilities, less current portion 61,408 59,851 Deferred tax liabilities, net 1,625 1,403 Other non-current liabilities 55,471 53,573 Total liabilities 664,534 688,541 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued — — Common stock, $0.001 par value; 400,000,000 shares authorized, 207,758,497 shares issued and 162,683,343 shares outstanding as of March 31, 2025 and 206,510,587 shares issued and 161,801,212 shares outstanding as of December 31, 2024 207 206 Additional paid-in capital 609,592 588,583 Retained earnings 1,348,521 1,281,960 Accumulated other comprehensive loss (142,787) (154,722)Total including shares held in treasury 1,815,533 1,716,027 Less: 45,075,154 shares as of March 31, 2025 and 44,709,375 shares as of December 31, 2024, held in treasury, at cost (803,656) (786,165)Total Stockholders’ equity 1,011,877 929,862 Total liabilities and stockholders’ equity $1,676,411 $1,618,403 EXLSERVICE HOLDINGS, INC.
Financial Highlights: First Quarter 2025 Revenue for the quarter ended March 31, 2025, increased to $501.0 million compared to $436.5 million for the first quarter of 2024, an increase of 14.8% on a reported basis and 15.1% on a constant currency basis.Revenue increased by 4.1% sequentially on a reported basis and 4.3% on a constant currency basis, from the fourth quarter of 2024. Revenue Gross Margin Three months ended Three months endedReportable Segments (1) March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024 (dollars in millions) Insurance $172.0 $158.3 36.6% 33.8%Healthcare and Life Sciences 125.6 100.7 43.9% 45.3%Banking, Capital Markets and Diversified Industries 117.7 103.2 37.3% 36.1%International Growth Markets 85.7 74.3 36.6% 35.9%Total Revenue, net $501.0 $436.5 38.6% 37.4% (1) In the first quarter of 2025, the Company implemented operational and structural changes to accelerate the execution of its data and AI-led strategy.
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