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EXL Reports 2025 Second Quarter Results

2025 Second Quarter Revenue of $514.5 Million, up 14.7% year-over-year

Q2 Diluted EPS (GAAP) of $0.40, up 43.9% from $0.28 in Q2 of 2024

Q2 Adjusted Diluted EPS (Non-GAAP) ⁽¹⁾ of $0.49, up 20.3% from $0.40 in Q2 of 2024

NEW YORK, July 29, 2025 (GLOBE NEWSWIRE) -- ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter ended June听30, 2025.

Chairman and Chief Executive Officer Rohit Kapoor said, 鈥淚 am pleased to report another strong quarter as we delivered revenue growth of 15% and increased our adjusted diluted EPS by 20%. Our sustained double-digit growth demonstrates the strength of our competitive position as a global data and AI company. EXL鈥檚 recognized leadership in embedding AI in the workflow is resonating strongly with our clients and fueling our growth.鈥�

Chief Financial Officer Maurizio Nicolelli said, 鈥淲hile we remain prudent in our outlook, our strong momentum gives us confidence to raise our revenue and adjusted diluted EPS guidance for the year. We now expect revenue to be in the range of $2.050 billion to $2.070 billion, up from our prior guidance of $2.035 billion to $2.065 billion. This represents 12% to 13% year-over-year growth on both a reported and constant currency basis. We now expect our adjusted diluted earnings per share for 2025 to be in the range of $1.86 to $1.90, up from our prior guidance of $1.83 to $1.89, representing a 13% to 15% increase over 2024, as we continue to accelerate our data and AI investments to generate future growth.鈥�

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Financial Highlights: Second Quarter 2025

• Revenue for the quarter ended June听30, 2025, increased to $514.5 million compared to $448.4 million for the second quarter of 2024, an increase of 14.7% on a reported basis and 14.6% on a constant currency basis. Revenue increased by 2.7% sequentially on a reported basis and 2.2% on a constant currency basis, from the first quarter of 2025.
  
  

• Operating income margin for the quarter ended June听30, 2025 was 15.8%, compared to 13.7% for the second quarter of 2024 and 15.7% for the first quarter of 2025. Adjusted operating income margin for the quarter ended June听30, 2025 was 19.6%, compared to 19.8% for the second quarter of 2024 and 20.1% for the first quarter of 2025.
  
  
• Diluted earnings per share for the quarter ended June听30, 2025 was $0.40, compared to $0.28 for the second quarter of 2024 and $0.40 for the first quarter of 2025. Adjusted diluted earnings per share for the quarter ended June听30, 2025 was $0.49, compared to $0.40 for the second quarter of 2024 and $0.48 for the first quarter of 2025.
  

Business Highlights: Second Quarter 2025

• Won 13 new clients in the second quarter of 2025
  
  
• Named a World Economic Forum (WEF) 2025 MINDS (Meaningful, Intelligent, Novel, Deployable Solutions) Winner for Code Harbor鈩�, an AI-powered platform modernization solution. The award is part of the WEF AI Governance Alliance to identify AI applications that are delivering real impact at scale
  
  
• Named a Leader and Star Performer in the Everest Group Payment Integrity Solutions PEAK Matrix^庐 Assessment 2025, based on EXL鈥檚 diverse, adaptable payment integrity solution engagement models, which are integrated with generative AI, natural language processing and machine learning as key drivers of their performance
  
  
• Recognized as a Microsoft Solutions Partner for Data and AI. This designation acknowledges EXL鈥檚 advanced capabilities in helping clients manage data across systems and build transformative analytics and AI solutions on Microsoft platforms
  
  
• Expanded partnership with Databricks to deploy a generative AI-enabled SAS to Databricks Data Intelligence Platform migration solution. Leveraging EXL鈥檚 Code Harbor鈩�, the solution helps enterprises streamline their transition from SAS to Databricks to support enhanced cloud modernization initiatives
  
  
• Achieved the Amazon Web Services (AWS) Generative AI Competency within the AWS Partner Network. The designation recognizes EXL as a trusted AWS Partner with deep domain expertise and proven success in delivering generative AI solutions, positioning the company among a select group of organizations recommended by AWS to customers seeking advanced generative AI capabilities
  
  
• EXL entered into an accelerated share repurchase agreement on July 29 to repurchase $125 million of the company鈥檚 common stock as part of its current $500 million stock repurchase program.
  

2025 Guidance
Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 86.0, U.K. pound sterling to U.S. dollar exchange rate of 1.35, U.S. dollar to the Philippine peso exchange rate of 56.5 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2025:

• Revenue of $2.050 billion to $2.070 billion, representing an increase of 12% to 13% on both a reported and constant currency basis from 2024.
  
  
• Adjusted diluted earnings per share of $1.86 to $1.90, representing an increase of 13% to 15% from 2024.

Conference Call

ExlService Holdings, Inc. will host a conference call on Wednesday, July 30, 2025, at 10:00 A.M. ET to discuss the Company鈥檚 quarterly operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL鈥檚 website at , where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

To join the live call, please register . A dial-in and unique PIN will be provided to join the call. For those who cannot access the live broadcast, a replay will be available on the EXL website for a period of twelve months.

About ExlService Holdings, Inc.

EXL (NASDAQ: EXLS) 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鈥檚 leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, 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 more than 61,000 employees spanning six continents. For more information, visit .

Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL鈥檚 control. Forward-looking statements include information concerning EXL鈥檚 possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渆stimate鈥� or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL鈥檚 actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL鈥檚 filings with the Securities and Exchange Commission, including EXL鈥檚 Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

(1) Exclusive of depreciation and amortization expense.

EXLSERVICE HOLDINGS, INC.

Reconciliation of Adjusted Financial Measures to GAAP Measures

In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measures that are considered non-GAAP financial measures, including the following:

These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may help investors better understand EXL鈥檚 underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL鈥檚 reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company鈥檚 results and comparisons of the Company鈥檚 results with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of its employees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP, or a qualitative reconciliation thereof, for a number of reasons, including, without limitation, the Company鈥檚 inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with future acquisitions and the currency fluctuations and associated tax effects. As such, the Company presents guidance with respect to adjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company鈥檚 ability to generate cash flow.

EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, provision for restructuring and litigation settlement matters, effects of termination of leases, certain defined social security contributions, allowance for certain material expected credit losses, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expenses or benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the above pre-tax items, as applicable. The effects of income tax of each item is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item was incurred.

A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization of acquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

EXL鈥檚 primary exchange rate exposure is with the Indian rupee, the Philippine peso, the U.K. pound sterling and the South African rand. The average exchange rate of the U.S. dollar against the Indian rupee increased from 83.42 during the quarter ended June听30, 2024 to 85.27 during the quarter ended June听30, 2025, representing a depreciation of 2.2% against the U.S. dollar. The average exchange rate of the U.S. dollar against the Philippine peso decreased from 58.29 during the quarter ended June听30, 2024 to 55.97 during the quarter ended June听30, 2025, representing an appreciation of 4.0% against the U.S. dollar. The average exchange rate of the U.K. pound sterling against the U.S. dollar increased from 1.26 during the quarter ended June听30, 2024 to 1.35 during the quarter ended June听30, 2025, representing an appreciation of 6.9% against the U.S. dollar. The average exchange rate of the U.S. dollar against the South African rand decreased from 18.53 during the quarter ended June听30, 2024 to 18.12 during the quarter ended June听30, 2025, representing an appreciation of 2.2% against the U.S. dollar.

The following table shows the reconciliation of these non-GAAP financial measures for the three months ended June听30, 2025 and June听30, 2024, and the three months ended March听31, 2025:

Contacts:
Investor Relations
John Kristoff
Vice President, Investor Relations
+1 212 209 4613

Media - US
Keith Little
Assistant Vice President, Media Relations
+1 703 598 0980