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Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$ 20,489	$ 20,181	$ 23,227
Operating cash outflows for finance leases	196	90	59
Financing cash outflows for finance leases	326	169	142
ROU assets obtained in exchange for new operating lease liabilities	20,518	24,880	734
ROU assets obtained in exchange for new finance lease liabilities	$ 1,325	$ 461	$ 312
Weighted average remaining lease term (in years)
Finance lease	3 years 3 months 18 days	3 years 1 month 6 days	2 years 9 months 18 days
Operating lease	4 years 10 months 24 days	5 years 6 months	5 years 10 months 24 days
Weighted average discount rate
Finance lease	15.10%	14.60%	14.30%
Operating lease	8.00%	7.70%	6.80%

Summary of Significant Accounting Policies - Share-Based Compensation (Details)		12 Months Ended
	Jun. 15, 2018	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income		Other Nonoperating Income (Expense)
Vesting period	4 years
Amendment and restatement of the 2006 Omnibus Award plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		100.00%
Amendment and restatement of the 2006 Omnibus Award plan (2015 Plan) \| Revenue-Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Performance based percentage		40.00%
Amendment and restatement of the 2006 Omnibus Award plan (2015 Plan) \| Market Condition-Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Performance based percentage		60.00%
Amendment and restatement of the 2006 Omnibus Award plan (2015 Plan) \| Market Condition-Based PRSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target shares an employee can earn		200.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Cash, Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

For the purposes of statements of cash flows, cash, cash equivalents and restricted cash consist of the following:


	As of
	December 31, 2024		December 31, 2023		December 31, 2022
Cash and cash equivalents	$	153,355	$	136,953	$	118,669
Restricted cash (current) (1)	9,972		4,062		4,897
Restricted cash (non-current) (2)	8,071		4,386		2,055
Cash, cash equivalents and restricted cash	$	171,398	$	145,401	$	125,621

Restrictions on Cash and Cash Equivalents

For the purposes of statements of cash flows, cash, cash equivalents and restricted cash consist of the following:


	As of
	December 31, 2024		December 31, 2023		December 31, 2022
Cash and cash equivalents	$	153,355	$	136,953	$	118,669
Restricted cash (current) (1)	9,972		4,062		4,897
Restricted cash (non-current) (2)	8,071		4,386		2,055
Cash, cash equivalents and restricted cash	$	171,398	$	145,401	$	125,621

Other Income/(Expense), Net (Tables)

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Summary of Other Income, net

Other income/(expense), net consists of the following:


	Year ended December 31,
	2024		2023		2022
Gain on sale and fair value mark-to-market on investments	$	5,662	$	5,013	$	4,907
Interest and dividend income	9,921		8,027		5,229
Fair value changes of contingent consideration (1)	589		(1,900)		(8,250)
Others, net	(80)		(306)		(1,896)
Other income/(expense), net	$	16,092	$	10,834	$	(10)

(1) Refer to Note 16 - Fair Value Measurements to the consolidated financial statements for further details.

Stock-Based Compensation - Summary of Weighted Average Valuation Assumptions for Market Condition Performance Restricted Stock Units (Details) - Market Condition-Based PRSUs	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected life (years)	2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 days
Risk free interest rate for expected life	4.50%	4.30%	1.70%
Volatility for expected life	29.90%	32.90%	38.30%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenues, net and Accounts Receivable, net

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues, net and Accounts Receivable, net

Refer to Note 3 - Segment and Geographical Information to the consolidated financial statements for revenues disaggregated by reportable segments and geography.

Contract balances

The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers:


	As of
	December 31, 2024		December 31, 2023
Accounts receivable, net	$	304,322	$	308,108
Contract assets	$	39,700	$	9,665
Contract liabilities:
Deferred revenue (consideration received in advance)	$	15,484	$	9,764
Consideration received for process transition activities	$	21,993	$	12,411

Accounts receivable includes $121,817 and $148,735 as of December 31, 2024 and 2023, respectively, representing unbilled receivables. The Company has accrued the unbilled receivables for work performed in accordance with the terms of contracts with customers and considers no performance risk associated with its unbilled receivables. Contract assets as of December 31, 2024, includes receivables of $33,472 from our payment integrity services. There are no performance risks associated with these contract assets.

There were no significant cumulative catch-up impact or impairment related to contract assets as of December 31, 2024 and 2023.

Revenue recognized during the years ended December 31, 2024 and 2023, which was included in the contract liabilities balance at the beginning of the respective periods:


	Year ended December 31,
	2024		2023
Deferred revenue (consideration received in advance)	$	9,321	$	16,967
Consideration received for process transition activities	$	2,657	$	1,762

Contract acquisition and fulfillment costs

The following table provides details of the Company’s contract acquisition and fulfillment costs:


	Contract Acquisition Costs				Contract Fulfillment Costs
	Year ended December 31,				Year ended December 31,
	2024		2023		2024		2023
Opening Balance	$	2,122	$	1,095	$	24,673	$	13,871
Additions	1,240		1,841		15,118		13,605
Amortization	(1,075)		(814)		(3,769)		(2,803)
Closing Balance	$	2,287	$	2,122	$	36,022	$	24,673

There was no significant impairment for contract acquisition and contract fulfillment costs as of December 31, 2024 and 2023.

Allowance for expected credit losses

The following table provides information about accounts receivable, net of allowance for expected credit losses:


	As of
	December 31, 2024		December 31, 2023
Accounts receivable, including unbilled receivables	$	307,850	$	311,811
Less: Allowance for expected credit losses	(3,528)		(3,703)
Accounts receivable, net	$	304,322	$	308,108

The movement in “Allowance for expected credit losses” was as follows:


	Year ended December 31,
	2024		2023
Opening Balance	$	3,703	$	1,332
Additions/(reductions)	(39)		2,450
Reductions due to write-off of accounts receivable	(135)		(79)
Currency translation adjustments	(1)		—
Closing Balance	$	3,528	$	3,703

Customer and credit risk concentration

No single customer accounted for more than 10% of the Company's revenues, net during the years ended December 31, 2024 and 2023. The Company’s management believes that the loss of any of its top ten clients could have a material adverse effect on its financial performance.

To reduce credit risk, the Company conducts ongoing credit evaluations of its customers. No customer accounted for more than 10% of accounts receivable, net, as of December 31, 2024 and 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 153,355	$ 136,953
Short-term investments	187,223	153,881
Restricted cash	9,972	4,062
Accounts receivable, net	304,322	308,108
Other current assets	140,317	76,669
Total current assets	795,189	679,673
Property and equipment, net	101,837	100,373
Operating lease right-of-use assets	68,784	64,856
Restricted cash	8,071	4,386
Deferred tax assets, net	104,747	82,927
Goodwill	420,387	405,639
Other intangible assets, net	49,331	50,164
Long-term investments	13,972	4,430
Other assets	56,085	49,524
Total assets	1,618,403	1,441,972
Current liabilities:
Accounts payable	5,884	5,055
Current portion of long-term borrowings	4,886	65,000
Deferred revenue	19,264	12,318
Accrued employee costs	129,994	117,137
Accrued expenses and other current liabilities	113,597	114,113
Current portion of operating lease liabilities	16,491	12,780
Total current liabilities	290,116	326,403
Long-term borrowings, less current portion	283,598	135,000
Operating lease liabilities, less current portion	59,851	58,175
Deferred tax liabilities, net	1,403	1,495
Other non-current liabilities	53,573	31,462
Total liabilities	688,541	552,535
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued	0	0
Common stock, $0.001 par value; 400,000,000 shares authorized, 206,510,587 shares issued and 161,801,212 shares outstanding as of December 31, 2024 and 203,410,038 shares issued and 165,277,880 shares outstanding as of December 31, 2023	206	203
Additional paid-in capital	588,583	508,028
Retained earnings	1,281,960	1,083,663
Accumulated other comprehensive loss	(154,722)	(127,040)
Total including shares held in treasury	1,716,027	1,464,854
Less: 44,709,375 shares as of December 31, 2024 and 38,132,158 shares as of December 31, 2023, held in treasury, at cost	(786,165)	(575,417)
Total stockholders’ equity	929,862	889,437
Total liabilities and stockholders’ equity	$ 1,618,403	$ 1,441,972

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	ASR Agreement	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital ASR Agreement	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Treasury Stock	Treasury Stock ASR Agreement
Beginning balance (in shares) at Dec. 31, 2021			197,541,700
Beginning balance at Dec. 31, 2021	$ 693,156		$ 198	$ 395,584		$ 756,137	$ (89,474)	$ (369,289)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021								(31,084,290)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)			2,398,180
Stock issued against stock-based compensation plans	0		$ 2	(2)
Stock-based compensation	$ 49,366			49,366
Acquisition of treasury stock (in shares)	(2,519,290)							(2,683,370)
Acquisition of treasury stock	$ (72,642)							$ (72,642)
Other comprehensive (loss) income	(54,669)						(54,669)
Net income	142,968					142,968
Ending balance (in shares) at Dec. 31, 2022			199,939,880
Ending balance at Dec. 31, 2022	758,179		$ 200	444,948		899,105	(144,143)	$ (441,931)
Treasury stock, ending balance (in shares) at Dec. 31, 2022								(33,767,660)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)			3,470,158
Stock issued against stock-based compensation plans	4,646		$ 3	4,643
Stock-based compensation	$ 58,437			58,437
Acquisition of treasury stock (in shares)	(4,127,451)							(4,364,498)
Acquisition of treasury stock	$ (133,268)							$ (133,268)
Excise tax on repurchase of common stock, net of stock issuances	(218)							(218)
Other comprehensive (loss) income	17,103						17,103
Net income	$ 184,558					184,558
Ending balance (in shares) at Dec. 31, 2023	165,277,880		203,410,038
Ending balance at Dec. 31, 2023	$ 889,437		$ 203	508,028		1,083,663	(127,040)	$ (575,417)
Treasury stock, ending balance (in shares) at Dec. 31, 2023	(38,132,158)							(38,132,158)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued against stock-based compensation plans (in shares)			3,100,549
Stock issued against stock-based compensation plans	$ 5,038		$ 3	5,035
Stock-based compensation	$ 72,658			72,658
Acquisition of treasury stock (in shares)	(6,273,381)							(2,406,700)	(4,170,517)
Acquisition of treasury stock	$ (81,790)							$ (81,790)
Accelerated share repurchase		$ (125,000)			$ 2,862				$ (127,862)
Excise tax on repurchase of common stock, net of stock issuances	(1,096)							(1,096)
Other comprehensive (loss) income	(27,682)						(27,682)
Net income	$ 198,297					198,297
Ending balance (in shares) at Dec. 31, 2024	161,801,212		206,510,587
Ending balance at Dec. 31, 2024	$ 929,862		$ 206	$ 588,583		$ 1,281,960	$ (154,722)	$ (786,165)
Treasury stock, ending balance (in shares) at Dec. 31, 2024	(44,709,375)							(44,709,375)

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of income/(loss) before income taxes consist of the following:


	Year ended December 31,
	2024		2023		2022
Domestic	$	72,286	$	100,905	$	80,949
Foreign	189,061		137,036		109,150
	$	261,347	$	237,941	$	190,099

Income tax expense/(benefit) consists of the following:


	Year ended December 31,
	2024		2023		2022
Current provision:
Domestic	$	41,230	$	51,450	$	43,416
Foreign	41,591		33,828		23,701
	$	82,821	$	85,278	$	67,117
Deferred provision/(benefit):
Domestic	$	(19,172)	$	(32,024)	$	(17,624)
Foreign	(713)		282		(1,928)
	(19,885)		(31,742)		(19,552)
Income tax expense	$	62,936	$	53,536	$	47,565

Deferred income taxes recognized in OCI were as follows:


	Year ended December 31,
	2024		2023		2022

Deferred taxes benefit / (expense) recognized on:
Unrealized gain/(loss) on cash flow hedges	$	2,559	$	(3,313)	$	5,860
Reclassification adjustment for cash flow hedges	339		(797)		455
Retirement benefits	402		(63)		(231)
Reclassification adjustment for retirement benefits	33		(74)		(179)
Currency translation adjustments	3,129		(156)		10,032
Total	$	6,462	$	(4,403)	$	15,937

The effective income tax rate differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes approximately as follows:


	Year ended December 31,
	2024		2023		2022
Expected tax expense	$	54,883	$	49,968	$	39,921

Foreign tax rate differential	1,164		5,333		(1,136)

Unrecognized tax benefits	704		(187)		273
State taxes, net of Federal taxes	10,724		11,640		7,730
Non-deductible expenses	10,330		8,655		10,087

Excess tax benefit on stock-based compensation	(9,714)		(15,055)		(5,881)
Research and development credits	(5,257)		(5,350)		(2,733)


Others	102		(1,468)		(696)
Tax expense	$	62,936	$	53,536	$	47,565

The effective tax rate increased from 22.5% during the year ended December 31, 2023 to 24.1% during the year ended December 31, 2024. The Company recorded income tax expense of $62,936 and $53,536 for the years ended December 31, 2024 and 2023, respectively. The increase in income tax expense was primarily as a result of higher profit, increase in non-deductible expenses and lower excess tax benefits related to stock-based compensation, partially offset by decrease in foreign tax rate differential during the year ended December 31, 2024 compared to the year ended December 31, 2023.

During the year ended December 31, 2024, some of the Company’s foreign subsidiaries repatriated $38,161 (net of $2,649 withholding taxes) to the United States. As of December 31, 2024, and December 31, 2023, accumulated net earnings generated by our foreign operations were approximately $658,454 and $546,828 respectively, of which $635,396 and $546,828 respectively, are indefinitely reinvested. Because most of the accumulated net earnings generated by our foreign operations has already been taxed for U.S. federal and state income tax purposes, any additional taxes due with respect to the repatriation of such earnings would generally be limited to the tax effect of currency gains or losses recognized on repatriation and foreign withholding taxes.

The components of the deferred tax balances were as follows:


	As of
	December 31, 2024		December 31, 2023
Deferred tax assets:
Tax credit carry forwards	$	8,058	$	9,954
Depreciation and amortization expense	18,178		14,569
Capitalized research and development expenses	54,844		47,276
Stock-based compensation	10,902		8,506

Accrued employee costs and other expenses	33,897		21,670
Net operating loss carry forwards	281		212
Net unrealized foreign exchange loss	20,242		15,447
Right-of-use assets	20,125		19,042
Others	339		414
	166,866		137,090
Valuation allowance	(3,172)		(482)
Deferred tax assets	$	163,694	$	136,608


Deferred tax liabilities:
Intangible assets	$	29,883	$	27,095
Net unrealized gain on investments	4,018		3,704
Capitalized costs	7,665		5,999
Lease liability	16,586		16,188
Others	2,198		2,190
Deferred tax liabilities	$	60,350	$	55,176
Net deferred tax assets	$	103,344	$	81,432

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying values of assets and liabilities and their respective tax bases and operating loss carry forwards. The Company performed an analysis of the realizability of deferred tax assets as of December 31, 2024, and 2023, and recorded a valuation allowance of $3,172 and $482, respectively.

The Company has state research and development tax credit carryforwards as of December 31, 2024 of $4,083 (tax effected $3,226, net of federal benefit) that will expire by 2034, if not utilized. The Company has state net operating loss carryforwards as of December 31, 2024 of $5,515 (tax effected $281, net of federal benefit) of which $4,992 (tax effected $174, net of federal benefit) is allowed to be carried forward indefinitely and the balance will expire by 2039, if not utilized.

The Company’s income tax expense also includes provisions established for uncertain income tax positions determined in accordance with ASC Topic 740, Income Taxes. The Company monitors and adjusts these reserves in light of changing facts and circumstances. To the extent that the final tax outcome of these matters differs from the amounts recorded, such differences will impact the income tax expense in the period in which such determination is made.

The following table summarizes the activity related to the unrecognized tax benefits:


	Year ended December 31,
	2024		2023		2022
Balance as of January 1	$	1,262	$	1,449	$	1,068
Additions based on tax positions related to the current year	561		423		223
Additions based on tax positions of prior years	316		112		158
Reductions for tax positions due to lapse of statutes of limitations	(173)		(722)		—

Balance as of December 31	$	1,966	$	1,262	$	1,449

The unrecognized tax benefits as of December 31, 2024 of $1,966, if recognized, would impact the effective tax rate.

For the years ended December 31, 2024 and 2023, the Company has not accrued interest and penalties relating to unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation - Employee Stock Purchase Plan, Additional Information (Details) - Employee Stock - 2022 Employee stock purchase plan - USD ($) $ in Thousands	Jul. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Nov. 01, 2022	Jun. 21, 2022
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Share-based compensation arrangement by share-based payment award, maximum employee subscription rate				15.00%
Share-based compensation arrangement by share-based payment award, maximum employee subscription				$ 25
Common stock, capital shares reserved for future issuance (in shares)		3,672,744	3,831,325		4,000,000
Share-based compensation arrangement by share-based payment award, purchase period	6 months

Revenues, net and Accounts Receivable, net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Accounts receivable not billed	$ 121,817	$ 148,735
Receivables from payment integrity services	33,472
Contract with customer, asset, allowance for credit loss	0	0
Contract Fulfillment Costs
Capitalized Contract Cost [Line Items]
Impairment loss in relation to costs capitalized	0	0
Contract Acquisition Costs
Capitalized Contract Cost [Line Items]
Impairment loss in relation to costs capitalized	$ 0	$ 0

Employee Benefit Plans - Summary of Weighted Average Actuarial Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	6.90%	7.10%	7.30%
Rate of increase in compensation levels	7.30%	7.00%	7.80%
Expected long-term rate of return on plan assets per annum	7.30%	7.30%	7.30%

Stock-Based Compensation - Performance Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Revenue-Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares) \| shares	438,000
Number, granted (in shares) \| shares	344,535
Adjustment upon final determination of level of performance goal achievement (in shares) \| shares	213,435
Number, vested (in shares) \| shares	(426,870)
Number, forfeited (in shares) \| shares	(31,156)
Number, outstanding, ending balance (in shares) \| shares	537,944
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, beginning balance (in dollars per share) \| $ / shares	$ 29.16
Weighted-average fair value, granted (in dollars per share) \| $ / shares	28.91
Weighted-average fair value, adjustment upon final determination of level of performance goal achievement (in dollars per share) \| $ / shares	24.00
Weighted-average fair value, vested (in dollars per share) \| $ / shares	24.00
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	29.73
Weighted-average fair value, outstanding, ending balance (in dollars per share) \| $ / shares	$ 31.02
Market Condition-Based PRSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares) \| shares	656,450
Number, granted (in shares) \| shares	516,692
Adjustment upon final determination of level of performance goal achievement (in shares) \| shares	319,975
Number, vested (in shares) \| shares	(639,950)
Number, forfeited (in shares) \| shares	(46,648)
Number, outstanding, ending balance (in shares) \| shares	806,519
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, beginning balance (in dollars per share) \| $ / shares	$ 37.78
Weighted-average fair value, granted (in dollars per share) \| $ / shares	42.11
Weighted-average fair value, adjustment upon final determination of level of performance goal achievement (in dollars per share) \| $ / shares	31.13
Weighted-average fair value, vested (in dollars per share) \| $ / shares	31.13
Weighted-average fair value, forfeited (in dollars per share) \| $ / shares	40.10
Weighted-average fair value, outstanding, ending balance (in dollars per share) \| $ / shares	$ 43.06

Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Activity (Details) - Employee Stock - 2022 Employee stock purchase plan - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 21, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	3,672,744		3,831,325	4,000,000
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)	64,939	86,936	71,645
Share-based compensation arrangement by share-based payment award, shares issued in period, value	$ 1,823	$ 2,414	$ 1,948

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment	$ 6,500	$ 7,100
Payments to acquire other investments	600
Other commitment	$ 2,800
Percentage of export-oriented units established	100.00%
Aggregate disputed amount related to transfer pricing and permanent establishment	$ 49,588	36,694
Total bank guarantees and deposits in respect of contingencies	7,506	7,227
Value added tax payable	5,339	5,493
Bank guarantees	5,339	4,570
GST refund rejected	$ 5,885	$ 4,748

Income Taxes - Summary of Activity Related to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 1,262	$ 1,449	$ 1,068
Additions based on tax positions related to the current year	561	423	223
Additions based on tax positions of prior years	316	112	158
Reductions for tax positions due to lapse of statutes of limitations	(173)	(722)	0
Unrecognized tax benefits, ending balance	$ 1,966	$ 1,262	$ 1,449

Other Current Assets

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other current assets

Other Current Assets

Other current assets consist of the following:


	As of
	December 31, 2024		December 31, 2023
Advance income tax, net	$	49,377	$	23,269
Contract assets	36,072		2,830
Prepaid expenses	21,061		18,171
Receivables from statutory authorities	19,407		18,500
Deferred contract fulfillment costs	4,281		3,303
Advances to suppliers	4,009		1,883
Derivative instruments	1,973		4,308
Others	4,137		4,405
Other current assets	$	140,317	$	76,669

Income Taxes - Summary of Income Taxes Recognized in Other Comprehensive Income (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Deferred taxes benefit / (expense) recognized on:

Unrealized gain/(loss) on cash flow hedges

$ 2,559

$ (3,313)

$ 5,860

Reclassification adjustment for cash flow hedges

339

(797)

455

Retirement benefits

402

(63)

(231)

Reclassification adjustment for retirement benefits

(74)

(179)

Currency translation adjustments

3,129

(156)

10,032

Total

^[1]

$ 6,462

$ (4,403)

$ 15,937

[1]	These are income tax effects recognized on cash flow hedges, retirement benefits and currency translation adjustments.

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 20
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Section 45
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

Borrowings - Credit Facilities Carried an Effective Interest Rate (Details) - Credit Agreement - Line of Credit	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, interest rate during period	6.30%	6.30%	2.90%
Term loan facility
Debt Instrument [Line Items]
Line of credit facility, interest rate during period	6.50%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
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-Section 50
-Paragraph 1B
-Subparagraph (e)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivatives and Hedge Accounting (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table sets forth the aggregate notional amount of derivatives in cash flow hedging relationship:

As of

December 31, 2024

December 31, 2023

Foreign currency forward contracts denominated in:

Sell U.S. dollar (USD)

984,300

722,800

Interest rate swaps (Floating to fixed) denominated in:

USD

—

75,000

Summary of Fair Value of Foreign Currency Exchange Contracts

The following table sets forth the aggregate notional principal amounts of outstanding foreign currency forward contracts for derivatives not designated as hedging instruments:


	As of
Foreign currency forward contracts denominated in:	December 31, 2024	December 31, 2023
Sell USD	179,491	170,543
Sell GBP	20,956	14,544
Sell EUR	9,008	5,231
Sell AUD	4,770	3,452
Sell ZAR	10,006	150,150
Buy USD	588	—

The following table sets forth the fair value of the foreign currency forward contracts and interest rate swaps and their location on the consolidated balance sheets:


	Derivatives in cash flow hedging relationships				Derivatives not designated as hedging instruments
	As of				As of
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Assets:
Other current assets	$	1,711	$	4,216	$	262	$	92
Other assets	$	852	$	3,299	$	—	$	—
Liabilities:
Accrued expenses and other current liabilities	$	7,404	$	1,859	$	50	$	150
Other non-current liabilities	$	4,363	$	216	$	—	$	—

Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income/(Loss)

The following table sets forth the effect of foreign currency forward contracts and interest rate swaps on AOCI and the consolidated statements of income:


	Year ended December 31,
Derivative financial instruments:	2024		2023		2022
Unrealized gain/(loss) recognized in OCI
Derivatives in cash flow hedging relationships	$	(14,513)	$	14,403	$	(27,333)

Gain/(loss) recognized in consolidated statements of income
Derivatives not designated as hedging instruments	$	(3,110)	$	296	$	(9,571)

The following table sets forth the location and amount of gain/(loss) recognized in consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments:


	Year ended December 31,
	2024				2023				2022
	As per consolidated statements of income		Gain/(loss) on derivative financial instruments		As per consolidated statements of income		Gain/(loss) on derivative financial instruments		As per consolidated statements of income		Gain/(loss) on derivative financial instruments
Derivatives in cash flow hedging relationships
Location in consolidated statements of income where gain/(loss) was reclassified from AOCI

Cost of revenues	$	1,147,359	$	(722)	$	1,022,902	$	(5,180)	$	896,595	$	(1,304)
General and administrative expenses	$	225,672	110		$	198,294	(454)		$	169,016	141
Selling and marketing expenses	$	146,502	18		$	120,227	(40)		$	97,989	10
Depreciation and amortization expense	$	55,219	2		$	50,490	(236)		$	56,282	(32)
Interest expense	$	19,256	723		$	13,180	702		$	8,252	(110)
Total before tax			131				(5,208)				(1,295)
Income tax effects on above			(339)				797				(455)
Net of tax			$	(208)			$	(4,411)			$	(1,750)

Derivatives not designated as hedging instruments
Location in consolidated statements of income where gain/(loss) was recognized

Foreign exchange gain/(loss), net	$	891	$	(3,110)	$	1,532	$	296	$	6,199	$	(9,571)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred contract fulfillment costs	$ 31,741	$ 21,370
Deposits with statutory authorities	7,312	6,960
Lease deposits	6,495	5,159
Contract assets	3,628	6,835
Prepaid expenses	2,775	0
Derivative instruments	852	3,299
Others	3,282	5,901
Other assets	$ 56,085	$ 49,524

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Employee Benefit Plans - Summary of Change in Projected Benefit Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in projected benefit obligation
Projected benefit obligation as of January 1	$ 24,237	$ 21,531
Service cost	4,429	3,799	$ 3,770
Interest cost	1,552	1,569	1,232
Benefits paid	(1,465)	(1,382)
Prior service cost	2	0
Acquisition adjustments	398	0
Actuarial loss/(gain)	1,546	(1,166)
Effect of exchange rate changes	(845)	(114)
Projected benefit obligation as of December 31	29,854	24,237	21,531
Change in plan assets
Plan assets as of January 1	17,134	14,449
Actual return	1,369	1,220
Employer contribution	3,353	2,913
Benefits paid	(1,338)	(1,343)
Effect of exchange rate changes	(555)	(105)
Plan assets as of December 31	19,963	17,134	$ 14,449
Unfunded status as of December 31	9,891	7,103
Non-current liability (included under other non-current liabilities)	24,795	16,666
Total accrued liability	9,891	7,103
Accumulated benefit obligation as of December 31	20,181	16,655
Plan assets in excess/(shortfall) of accumulated benefit obligation as of December 31	(218)
Plan assets in excess/(shortfall) of accumulated benefit obligation as of December 31		479
Gratuity Payable
Change in plan assets
Non-current liability (included under other non-current liabilities)	9,555	6,925
Current liability (included under accrued employee costs)	$ 336	$ 178

Property and Equipment - Internally Developed Software Costs, Included under Software (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Cost	$ 60,447	$ 46,625
Less : Accumulated amortization	(38,243)	(25,413)
Internally developed software, net	$ 22,204	$ 21,212

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates. The Company finances its use of certain motor vehicles and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements.

The Company had performed an evaluation of its contracts with suppliers in accordance with ASC Topic 842, Leases, and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Company’s contracts contain a lease.

Supplemental balance sheet information


	As of
	December 31, 2024		December 31, 2023
Operating Lease
Operating lease ROU assets	$	68,784	$	64,856

Operating lease liabilities - Current	$	16,491	$	12,780
Operating lease liabilities - Non-current	59,851		58,175
Total operating lease liabilities	$	76,342	$	70,955

Finance Lease
Property and equipment, gross	$	3,268	$	2,109
Accumulated depreciation	(1,556)		(1,332)
Property and equipment, net	$	1,712	$	777

Finance lease liabilities - Current	$	435	$	191
Finance lease liabilities - Non-current	1,349		613
Total finance lease liabilities	$	1,784	$	804

The components of lease cost, which are included in the Company’s consolidated statements of income, are as follows:


	Year ended December 31,
	2024		2023		2022
Finance lease:
Depreciation on underlying ROU assets	$	382	$	181	$	151
Interest on lease liabilities	196		90		59
	578		271		210
Operating lease(1)	21,764		20,188		21,783
Variable lease costs	4,490		4,374		5,033
Sublease income	(122)		—		—
Total lease cost	$	26,710	$	24,833	$	27,026

(1) Includes short-term leases, which are immaterial.

Supplemental cash flow and other information related to leases are as follows:


	Year ended December 31,
	2024		2023		2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	20,489	$	20,181	$	23,227
Operating cash outflows for finance leases	$	196	$	90	$	59
Financing cash outflows for finance leases	$	326	$	169	$	142
ROU assets obtained in exchange for new operating lease liabilities	$	20,518	$	24,880	$	734
ROU assets obtained in exchange for new finance lease liabilities	$	1,325	$	461	$	312
Weighted average remaining lease term (in years)
Finance lease	3.3 years		3.1 years		2.8 years
Operating lease	4.9 years		5.5 years		5.9 years
Weighted average discount rate
Finance lease	15.1%		14.6%		14.3%
Operating lease	8.0%		7.7%		6.8%

As part of the Company’s efforts to optimize its existing network of operations centers, the Company continued to evaluate its office facilities to determine where it can exit or consolidate its use of office space. The Company modified certain of its operating leases, resulting in an increase of its lease liabilities by $3,372 and $8,805, during the year ended December 31, 2024 and 2023, respectively, with a corresponding adjustment to ROU assets.

As of December 31, 2024 and 2023, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.

There was no impairment of ROU assets as of December 31, 2024 and 2023.

Maturities of lease liabilities as of December 31, 2024 were as follows:


	Operating Leases		Finance Leases
2025	$	22,028	$	671
2026	20,434		631
2027	17,918		527
2028	15,191		353
2029	6,370		175
2030 and thereafter	11,931		—
Total lease payments	93,872		2,357
Less: Imputed interest	17,530		573
Present value of lease liabilities	$	76,342	$	1,784

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Leases		Finance Leases
2024	$	17,806	$	297
2025	16,878		256
2026	16,220		222
2027	13,712		191
2028	10,132		98
2029 and thereafter	14,018		—
Total lease payments	88,766		1,064
Less: Imputed interest	17,811		260
Present value of lease liabilities	$	70,955	$	804

Leases

Supplemental balance sheet information


	As of
	December 31, 2024		December 31, 2023
Operating Lease
Operating lease ROU assets	$	68,784	$	64,856

Operating lease liabilities - Current	$	16,491	$	12,780
Operating lease liabilities - Non-current	59,851		58,175
Total operating lease liabilities	$	76,342	$	70,955

Finance Lease
Property and equipment, gross	$	3,268	$	2,109
Accumulated depreciation	(1,556)		(1,332)
Property and equipment, net	$	1,712	$	777

Finance lease liabilities - Current	$	435	$	191
Finance lease liabilities - Non-current	1,349		613
Total finance lease liabilities	$	1,784	$	804

The components of lease cost, which are included in the Company’s consolidated statements of income, are as follows:


	Year ended December 31,
	2024		2023		2022
Finance lease:
Depreciation on underlying ROU assets	$	382	$	181	$	151
Interest on lease liabilities	196		90		59
	578		271		210
Operating lease(1)	21,764		20,188		21,783
Variable lease costs	4,490		4,374		5,033
Sublease income	(122)		—		—
Total lease cost	$	26,710	$	24,833	$	27,026

(1) Includes short-term leases, which are immaterial.

Supplemental cash flow and other information related to leases are as follows:


	Year ended December 31,
	2024		2023		2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	20,489	$	20,181	$	23,227
Operating cash outflows for finance leases	$	196	$	90	$	59
Financing cash outflows for finance leases	$	326	$	169	$	142
ROU assets obtained in exchange for new operating lease liabilities	$	20,518	$	24,880	$	734
ROU assets obtained in exchange for new finance lease liabilities	$	1,325	$	461	$	312
Weighted average remaining lease term (in years)
Finance lease	3.3 years		3.1 years		2.8 years
Operating lease	4.9 years		5.5 years		5.9 years
Weighted average discount rate
Finance lease	15.1%		14.6%		14.3%
Operating lease	8.0%		7.7%		6.8%

As of December 31, 2024 and 2023, the Company did not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.

There was no impairment of ROU assets as of December 31, 2024 and 2023.

Maturities of lease liabilities as of December 31, 2024 were as follows:


	Operating Leases		Finance Leases
2025	$	22,028	$	671
2026	20,434		631
2027	17,918		527
2028	15,191		353
2029	6,370		175
2030 and thereafter	11,931		—
Total lease payments	93,872		2,357
Less: Imputed interest	17,530		573
Present value of lease liabilities	$	76,342	$	1,784

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Leases		Finance Leases
2024	$	17,806	$	297
2025	16,878		256
2026	16,220		222
2027	13,712		191
2028	10,132		98
2029 and thereafter	14,018		—
Total lease payments	88,766		1,064
Less: Imputed interest	17,811		260
Present value of lease liabilities	$	70,955	$	804

Employee Benefit Plans - Contribution Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Contribution to the 401(k) Plans	$ 6,325	$ 5,967	$ 5,205
Contributions to the defined contribution plans in foreign subsidiaries of the Company	$ 28,070	$ 23,045	$ 18,215

Other Income/(Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Gain on sale and fair value mark-to-market on investments	$ 5,662	$ 5,013	$ 4,907
Interest and dividend income	9,921	8,027	5,229
Fair value changes of contingent consideration	589	(1,900)	(8,250)
Others, net	(80)	(306)	(1,896)
Other income/(expense), net	$ 16,092	$ 10,834	$ (10)

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash equivalents - Money market funds	$ 54,925	$ 49,806
Mutual funds	108,251	52,650
Derivative financial instruments	2,825	7,607
Total	166,001	110,063
Liabilities
Derivative financial instruments	11,817	2,225
Contingent consideration	2,700	15,589
Total	14,517	17,814
(Level 1)
Assets
Cash equivalents - Money market funds	54,925	49,806
Mutual funds	108,251	52,650
Derivative financial instruments	0	0
Total	163,176	102,456
Liabilities
Derivative financial instruments	0	0
Contingent consideration	0	0
Total	0	0
(Level 2)
Assets
Cash equivalents - Money market funds	0	0
Mutual funds	0	0
Derivative financial instruments	2,825	7,607
Total	2,825	7,607
Liabilities
Derivative financial instruments	11,817	2,225
Contingent consideration	0	0
Total	11,817	2,225
(Level 3)
Assets
Cash equivalents - Money market funds	0	0
Mutual funds	0	0
Derivative financial instruments	0	0
Total	0	0
Liabilities
Derivative financial instruments	0	0
Contingent consideration	2,700	15,589
Total	$ 2,700	$ 15,589

Revenues, net and Accounts Receivable, net - Contract Acquisition and Fulfillment Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Contract Acquisition Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	$ 2,122	$ 1,095
Additions	1,240	1,841
Amortization	(1,075)	(814)
Closing Balance	2,287	2,122
Contract Fulfillment Costs
Increase (Decrease) In Capitalized Contract Costs [Roll Forward]
Opening Balance	24,673	13,871
Additions	15,118	13,605
Amortization	(3,769)	(2,803)
Closing Balance	$ 36,022	$ 24,673

Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Investment

Investments consist of the following:


	As of
	December 31, 2024		December 31, 2023
Short-term investments
Mutual funds	$	108,251	$	52,650
Term deposits	78,972		101,231
Total Short-term investments	$	187,223	$	153,881

Long-term investments
Term deposits	$	9,295	$	239
Investment in equity affiliate	4,677		4,191
Total Long-term investments	$	13,972	$	4,430

Stock-Based Compensation - Costs Related to Company's Stock Based Compensation Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 72,658	$ 58,437	$ 49,366
Income tax benefit related to stock-based compensation	17,576	17,333	9,785
Share-based payment arrangement, expense, tax benefit, discrete benefits	9,714	15,055	5,881
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	15,762	14,686	11,535
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	28,612	21,574	20,016
Selling and marketing expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 28,284	$ 22,177	$ 17,815

Segment and Geographical Information - Revenues and Cost of Revenues for Company's Reportable Segments (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Revenues and cost of revenues for Company's reportable segments [Line Items]

Revenues, net

$ 1,838,372

$ 1,630,668

$ 1,412,044

Cost of revenues

Employee costs

947,541

840,962

728,349

Infrastructure and technology costs

126,859

105,473

94,911

Other costs

72,959

76,467

73,335

Gross profit

^[1]

691,013

607,766

515,449

Operating expenses

427,393

369,011

323,287

Foreign exchange gain, net, interest expense and other income, net

(2,273)

(814)

(2,063)

Income tax expense

62,936

53,536

47,565

(Loss) Gain from equity-method investment

(114)

153

434

Net income

198,297

184,558

142,968

Digital operations and solutions

Revenues and cost of revenues for Company's reportable segments [Line Items]

Revenues, net

1,042,174

901,541

764,693

Analytics services

Revenues and cost of revenues for Company's reportable segments [Line Items]

Revenues, net

796,198

729,127

647,351

Insurance

Revenues and cost of revenues for Company's reportable segments [Line Items]

Revenues, net

614,028

529,855

448,704

Cost of revenues

Employee costs

320,335

281,108

236,963

Infrastructure and technology costs

58,415

49,633

41,126

Other costs

11,600

11,044

9,645

Gross profit

223,678

188,070

160,970

Restructuring costs

607

Healthcare

Revenues and cost of revenues for Company's reportable segments [Line Items]

Revenues, net

116,406

105,994

97,351

Cost of revenues

Employee costs

63,597

56,026

55,532

Infrastructure and technology costs

11,049

9,872

11,889

Other costs

3,288

3,375

3,530

Gross profit

38,472

36,721

26,400

Restructuring costs

Emerging Business

Revenues and cost of revenues for Company's reportable segments [Line Items]

Revenues, net

311,740

265,692

218,638

Cost of revenues

Employee costs

147,316

121,278

101,978

Infrastructure and technology costs

29,813

25,922

22,556

Other costs

4,278

3,743

3,483

Gross profit

130,333

114,749

90,621

Restructuring costs

Analytics

Revenues and cost of revenues for Company's reportable segments [Line Items]

Revenues, net

796,198

729,127

647,351

Cost of revenues

Employee costs

416,293

382,550

333,876

Infrastructure and technology costs

27,582

20,046

19,340

Other costs

53,793

58,305

56,677

Gross profit

298,530

$ 268,226

$ 237,458

Restructuring costs

$ 2,382

[1]	Exclusive of depreciation and amortization expense.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Components of Income /(Loss) Before Income Taxes

The components of income/(loss) before income taxes consist of the following:


	Year ended December 31,
	2024		2023		2022
Domestic	$	72,286	$	100,905	$	80,949
Foreign	189,061		137,036		109,150
	$	261,347	$	237,941	$	190,099

Summary of Income Tax Expense/(Benefit)

Income tax expense/(benefit) consists of the following:


	Year ended December 31,
	2024		2023		2022
Current provision:
Domestic	$	41,230	$	51,450	$	43,416
Foreign	41,591		33,828		23,701
	$	82,821	$	85,278	$	67,117
Deferred provision/(benefit):
Domestic	$	(19,172)	$	(32,024)	$	(17,624)
Foreign	(713)		282		(1,928)
	(19,885)		(31,742)		(19,552)
Income tax expense	$	62,936	$	53,536	$	47,565

Schedule of Income Tax Recognized in Other Comprehensive Income

Deferred income taxes recognized in OCI were as follows:


	Year ended December 31,
	2024		2023		2022

Deferred taxes benefit / (expense) recognized on:
Unrealized gain/(loss) on cash flow hedges	$	2,559	$	(3,313)	$	5,860
Reclassification adjustment for cash flow hedges	339		(797)		455
Retirement benefits	402		(63)		(231)
Reclassification adjustment for retirement benefits	33		(74)		(179)
Currency translation adjustments	3,129		(156)		10,032
Total	$	6,462	$	(4,403)	$	15,937

Summary of Effective Income Tax Rate Differs from Amount Computed by Applying U.S. Federal Statutory Income Tax Rate to Income Before Income Taxes

The effective income tax rate differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes approximately as follows:


	Year ended December 31,
	2024		2023		2022
Expected tax expense	$	54,883	$	49,968	$	39,921

Foreign tax rate differential	1,164		5,333		(1,136)

Unrecognized tax benefits	704		(187)		273
State taxes, net of Federal taxes	10,724		11,640		7,730
Non-deductible expenses	10,330		8,655		10,087

Excess tax benefit on stock-based compensation	(9,714)		(15,055)		(5,881)
Research and development credits	(5,257)		(5,350)		(2,733)


Others	102		(1,468)		(696)
Tax expense	$	62,936	$	53,536	$	47,565

Summary of Components of Deferred Tax Balances

The components of the deferred tax balances were as follows:


	As of
	December 31, 2024		December 31, 2023
Deferred tax assets:
Tax credit carry forwards	$	8,058	$	9,954
Depreciation and amortization expense	18,178		14,569
Capitalized research and development expenses	54,844		47,276
Stock-based compensation	10,902		8,506

Accrued employee costs and other expenses	33,897		21,670
Net operating loss carry forwards	281		212
Net unrealized foreign exchange loss	20,242		15,447
Right-of-use assets	20,125		19,042
Others	339		414
	166,866		137,090
Valuation allowance	(3,172)		(482)
Deferred tax assets	$	163,694	$	136,608


Deferred tax liabilities:
Intangible assets	$	29,883	$	27,095
Net unrealized gain on investments	4,018		3,704
Capitalized costs	7,665		5,999
Lease liability	16,586		16,188
Others	2,198		2,190
Deferred tax liabilities	$	60,350	$	55,176
Net deferred tax assets	$	103,344	$	81,432

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the unrecognized tax benefits:


	Year ended December 31,
	2024		2023		2022
Balance as of January 1	$	1,262	$	1,449	$	1,068
Additions based on tax positions related to the current year	561		423		223
Additions based on tax positions of prior years	316		112		158
Reductions for tax positions due to lapse of statutes of limitations	(173)		(722)		—

Balance as of December 31	$	1,966	$	1,262	$	1,449

Derivatives and Hedge Accounting - Location of Gain or Loss Recognized (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Derivative Instruments, Gain (Loss) [Line Items]

Cost of revenues

^[1]

$ 1,147,359

$ 1,022,902

$ 896,595

General and administrative expenses

225,672

198,294

169,016

Selling and marketing expenses

146,502

120,227

97,989

Depreciation and amortization expense

55,219

50,490

56,282

Interest expense

19,256

13,180

8,252

Income before income tax expense and earnings from equity affiliates

261,347

237,941

190,099

Income tax effects on above

(62,936)

(53,536)

(47,565)

Net income

198,297

184,558

142,968

Foreign exchange gain, net

891

1,532

6,199

Gain/(loss) on foreign currency exchange contracts | Derivatives designated as hedging instruments | Derivatives in cash flow hedging relationships

Derivative Instruments, Gain (Loss) [Line Items]

Cost of revenues

(722)

(5,180)

(1,304)

General and administrative expenses

110

(454)

141

Selling and marketing expenses

(40)

Depreciation and amortization expense

(236)

(32)

Interest expense

723

702

(110)

Income before income tax expense and earnings from equity affiliates

131

(5,208)

(1,295)

Income tax effects on above

(339)

797

(455)

Net income

(208)

(4,411)

(1,750)

Gain/(loss) on foreign currency exchange contracts | Derivative not designated as hedging instruments | Fair value hedge

Derivative Instruments, Gain (Loss) [Line Items]

Foreign exchange gain, net

$ (3,110)

$ 296

$ (9,571)

[1]	Exclusive of depreciation and amortization expense.

Accumulated Other Comprehensive Income/( Loss) (Tables)

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income/( Loss)

The following table sets forth the changes in AOCI during the years ended December 31, 2024, 2023 and 2022:


	Accumulated Other Comprehensive Income/(Loss)
	Currency translation adjustments		Unrealized gain/(loss) on cash flow hedges		Retirement benefits		Total
Balance as of January 1, 2022	$	(95,437)	$	8,420	$	(2,457)	$	(89,474)
Gains / (losses) recognized during the year	(47,734)		(27,333)		2,574		(72,493)

Reclassification to net income (1)	—		1,295		592		1,887
Income tax effects (2)	10,032		6,315		(410)		15,937
Accumulated other comprehensive income/(loss) as of December 31, 2022	$	(133,139)	$	(11,303)	$	299	$	(144,143)
Gains recognized during the year	652		14,403		1,337		16,392
Reclassification to net income (1)	—		5,208		(94)		5,114
Income tax effects (2)	(156)		(4,110)		(137)		(4,403)
Accumulated other comprehensive income/(loss) as of December 31, 2023	$	(132,643)	$	4,198	$	1,405	$	(127,040)
Losses recognized during the year	(17,484)		(14,513)		(1,414)		(33,411)
Reclassification to net income (1)	—		(131)		(602)		(733)
Income tax effects (2)	3,129		2,898		435		6,462
Accumulated other comprehensive loss as of December 31, 2024	$	(146,998)	$	(7,548)	$	(176)	$	(154,722)

(1) Refer to Note 17 - Derivatives and Hedge Accounting and Note 20 - Employee Benefit Plans to the consolidated financial statements for reclassification to net income.

(2) These are income tax effects recognized on cash flow hedges, retirement benefits and currency translation adjustments . Refer to Note 22 - Income Taxes to the consolidated financial statements.

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Summary of Change in Projected Benefit Obligation

The following table sets forth the activity and the funded status of the gratuity plans and the amounts recognized in the Company’s consolidated financial statements:


Change in projected benefit obligation	2024		2023
Projected benefit obligation as of January 1	$	24,237	$	21,531

Service cost	4,429		3,799
Interest cost	1,552		1,569
Benefits paid	(1,465)		(1,382)
Prior service cost	2		—
Acquisition adjustments	398		—
Actuarial loss/(gain) (1)	1,546		(1,166)
Effect of exchange rate changes	(845)		(114)
Projected benefit obligation as of December 31	$	29,854	$	24,237
Change in plan assets
Plan assets as of January 1	$	17,134	$	14,449
Actual return	1,369		1,220
Employer contribution	3,353		2,913
Benefits paid (2)	(1,338)		(1,343)
Effect of exchange rate changes	(555)		(105)

Plan assets as of December 31	$	19,963	$	17,134

Unfunded status as of December 31	$	9,891	$	7,103
Unfunded amount recognized in the consolidated balance sheets
Non-current liability (included under other non-current liabilities)	$	9,555	$	6,925
Current liability (included under accrued employee costs)	336		178
Total accrued liability	$	9,891	$	7,103

Accumulated benefit obligation as of December 31	$	20,181	$	16,655
Plan assets in excess/(shortfall) of accumulated benefit obligation as of December 31	$	(218)	$	479

(1) During the years ended December 31, 2024 and 2023, actuarial gain was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations.

(2) Benefits payments were substantially made through the plan assets during the years ended December 31, 2024 and 2023.

Components of Net Periodic Benefit Costs

Components of net periodic benefit costs recognized in consolidated statements of income and actuarial (gain)/loss reclassified from AOCI, were as follows:


	Year ended December 31,
	2024		2023		2022
Service cost	$	4,429	$	3,799	$	3,770
Interest cost	1,552		1,569		1,232
Expected return on plan assets	(1,237)		(1,048)		(872)
Amortization of actuarial (gain)/loss, gross of tax	(602)		(94)		592
Net gratuity cost	$	4,142	$	4,226	$	4,722

Amortization of actuarial (gain)/loss, gross of tax	$	(602)	$	(94)	$	592
Income tax effects on above	33		(74)		(179)
Amortization of actuarial (gain)/loss, net of tax	$	(569)	$	(168)	$	413

Summary of Components of Actuarial Gain/(Loss)

The components of retirement benefits included in AOCI, excluding tax effects, were as follows:


	As of December 31,
	2024		2023		2022
Net actuarial gain/(loss)	$	(1,239)	$	777	$	(462)
Net prior service cost	(4)		(5)		(8)
Amount recognized in AOCI, excluding tax effects	$	(1,243)	$	772	$	(470)

Summary of Weighted Average Actuarial Assumptions

The weighted average actuarial assumptions used to determine benefit obligations and net gratuity cost were:


	Year ended December 31,
	2024		2023		2022
Discount rate	6.9	%	7.1	%	7.3	%
Rate of increase in compensation levels	7.3	%	7.0	%	7.8	%
Expected long-term rate of return on plan assets per annum	7.3	%	7.3	%	7.3	%

Summary of Expected Benefit Payments


Expected benefit payments during the year ending December 31,
2025	$	3,916
2026	$	3,943
2027	$	4,229
2028	$	3,657
2029	$	3,401
2030 to 2033	$	12,899

Schedule of Company's Contribution Plan

The Company’s contributions to various defined contribution plans was as follows:


	Year ended December 31,
	2024		2023		2022
Contribution to the 401(k) Plans	$	6,325	$	5,967	$	5,205
Contributions to the defined contribution plans in foreign subsidiaries of the Company	$	28,070	$	23,045	$	18,215

Capital Structure - Additional Information (Details)			12 Months Ended
Capital Structure - Additional Information (Details)	Jul. 19, 2024 USD ($) $ / shares shares	Mar. 15, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) class_of_common_stock vote program $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Feb. 26, 2024 USD ($)	Oct. 05, 2021 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of classes of common stock outstanding \| class_of_common_stock			1
Number of votes per common stock \| vote			1
Stock repurchase program, prepayment shares delivered		$ 125,000
Shares repurchased (in shares) \| shares		3,350,084	6,273,381	4,127,451	2,519,290
Weighted average purchase price per share (in dollars per share) \| $ / shares		$ 29.85	$ 31.33	$ 30.39	$ 27.20
Percentage of prepayment,stock pepurchase program, prepayment shares delivered		80.00%
Additional paid in capital	$ 2,862
Number of share repurchase programs \| program			2
Excise and sales taxes			$ 1,096,000	$ 218,000
Common stock, dividend paid			$ 0	$ 0	$ 0
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares) \| shares			2,406,700	4,364,498	2,683,370
Share price \| $ / shares	$ 33.96
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock authorized by board of directors						$ 500,000	$ 300,000,000
ASR Agreement
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares) \| shares	820,433
Weighted average purchase price per share (in dollars per share) \| $ / shares	$ 29.97
Additional paid in capital		$ 25,000
ASR Agreement \| Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares) \| shares			4,170,517

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of significant accounting policies

Summary of Significant Accounting Policies

(a)Basis of Preparation and Principles of Consolidation

The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”). The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of ExlService Holdings, Inc. and all of its subsidiaries and includes the Company's share in the results of its associates.

The standalone financial statements of subsidiaries are fully consolidated on a line-by-line basis. Intra-group balances and transactions, and gains and losses arising from intra-group transactions, are eliminated while preparing consolidated financial statements.

The Company’s investments in equity affiliates are initially recorded at cost and any excess purchase consideration paid over proportionate share of the fair value of the net assets of the investee at the acquisition date is recognized as goodwill. The proportionate share of net income or loss of the investee after its acquisition is recognized in the consolidated statements of income.

Accounting policies of the respective individual subsidiaries and equity affiliates are aligned wherever necessary, so as to ensure consistency with the accounting policies that are adopted by the Company under U.S. GAAP.

(b)Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the carrying amounts of assets and liabilities and disclosure of contingent assets and liabilities included in the consolidated financial statements. Although these estimates are based on management’s best assessment of the current business environment, actual results may be different from those estimates. The significant estimates that affect the consolidated financial statements include, but are not limited to, estimates of the fair value of the identifiable intangible assets and contingent consideration, purchase price allocation, including revenue projections and the discount rate applied within the discounted cash flow model for business acquisitions, credit risk of customers, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, variable consideration in a customer contract, expected recoverability from customers with contingent fee arrangements, estimated costs to complete fixed price contracts, assets and obligations related to employee benefit plans, deferred tax valuation allowances, income-tax uncertainties and other contingencies, valuation of derivative financial instruments and stock-based awards, and useful life of long-lived assets and other intangible assets. The significant assumptions underneath these estimates include, but are not limited to assumptions to calculate stock-based compensation expense, determine incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, determine lease term to calculate single operating lease cost, determine pattern of

generation of economic benefits to calculate depreciation and amortization for long-lived assets and other intangible assets, and recoverability of long-lived assets, goodwill and other intangible assets.

(c)Foreign Currency Translation

The functional currency of each entity in the Company is the currency of the primary economic environment in which it operates. Transactions in foreign currencies are initially recorded into functional currency at the rates of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured into functional currency at the rates of exchange prevailing at the balance sheet date. Non-monetary assets and liabilities are remeasured to the functional currency at exchange rates that prevailed on the date of inception of the transaction. All foreign exchange gains and losses arising on re-measurement are recorded in the Company's consolidated statements of income.

The assets and liabilities of the subsidiaries for which the functional currency is other than the U.S. dollar are translated into U.S. dollars, the reporting currency, at the rate of exchange prevailing on the balance sheet date. Revenues and expenses are translated into U.S. dollars at the exchange rates prevailing on the last business day of each month, which approximates the average monthly exchange rate. Share capital and other equity items are translated at exchange rates that prevailed on the date of inception of the transaction. Resulting translation adjustments are included in “Accumulated other comprehensive income/(loss)” in the consolidated balance sheets.

(d)Revenue Recognition

Revenue is recognized when services are provided to the Company's customers, in an amount that reflects the consideration which the Company expect to be entitled to in exchange for the services provided. The Company recognizes revenue when it satisfies a performance obligation by providing services to a customer.

Revenue is measured based on consideration specified in a contract with a customer and excludes value added tax, business tax, any applicable discounts and amounts collected on behalf of third parties. Reimbursements of out-of-pocket expenses are included as a part of revenue.

Nature of Services

The Company derives its revenues from digital operations and solutions and analytics services. The Company provides digital operations and solutions and analytics services helping businesses enhance revenue growth and improve profitability.

Type of Contracts and Basis of Recognition

i.Revenues under time-and-material and transaction based contracts are recognized as the services are performed. When the terms of the client contract specify service level parameters that must be met (such as turnaround time or accuracy), the Company monitors such service level parameters to determine if any service credits or penalties have been incurred. Revenues are recognized net of any penalties or service credits that are due to a client.

ii.Revenues for the Company’s fixed-price contracts, which include business support services provided on a fixed price basis or implementation of applications or solutions, are recognized considering costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company’s performance obligations. Incurred cost represents work performed, which corresponds with, and thereby reasonably reflects transfer of control to the client. The use of this method requires significant judgment to estimate the stage of completion and/or cost required to complete the contracted scope of work, including assumptions and estimates relative to the length of time to complete the project and the nature and complexity of the work to be performed and resources engaged. The Company regularly monitors these estimates throughout the execution of the project and records changes in the period in which a change in an estimate is determined. If a change in an estimate results in a projected loss on a project, such loss is recognized in the period in which it is first identified.

iii.Revenue from the Company’s software and related services contracts, which are not significant, are primarily related to annual maintenance renewals or incremental license fees for additional users. Maintenance revenues are generally recognized on a straight-line basis over the annual contract term. Fees for incremental license without any associated services are recognized at the point in time upon delivery of the related incremental license.

To a lesser extent, certain contracts may include offerings such as sale of licenses, which may be perpetual or subscription-based. The Company recognizes revenue from distinct perpetual licenses upfront at a point in time when the software is made available to the client, whereas for a combined software license and services performance obligation, revenue is recognized over the period that the services are performed.

Revenue from distinct subscription based licenses is recognized over the period of service performed. Revenue from any associated maintenance or ongoing support services is recognized over the term of the contract.

iv.Revenues from payment integrity services having contingent fee arrangements are recognized by the Company at the point in time when a performance obligation is satisfied, which is when it identifies an overpayment claim. In such contracts, the Company’s consideration is contingent upon the actual collections made by its customers and net of any subsequent retraction claims. Based on guidance on “variable consideration” in Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), the Company uses its historical experience and projections to determine the expected amount of revenue to be recognized based on the expected consideration to be received from its customers. Any adjustment required due to change in estimates are recorded in the period in which such change is identified. The estimated amount of revenue to be collected from our customers are presented as contract assets within “Other Current Assets”.

Modification to Contracts

The Company’s contracts may be modified to add, remove or change existing performance obligations. The accounting for modifications to contracts involves assessing whether the services added to an existing contract are distinct and whether the pricing is at a standalone selling price. Services added that are distinct and at standalone selling price are accounted on a prospective basis either as a separate contract, or as a termination of existing contract and creation of a new contract.

Arrangements with Multiple Performance Obligations

The Company’s contracts with customers do not generally bundle different services together except for software and related services contracts, which are not significant, involving implementation services and post contract maintenance services. In such software and related services contracts, revenue is recognized based upon the transaction price allocated to each performance obligation based on the relative standalone selling price.

Allocation of Transaction Price to Performance Obligations

The transaction price is allocated to performance obligations on a relative standalone selling price basis. Standalone selling prices are estimated by reference to the total transaction price less the sum of the observable standalone selling prices of other goods or services promised in the contract. In assessing whether to allocate variable consideration to a specific part of the contract, the Company considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract.

Variable Consideration

Variability in the transaction price arises primarily due to service level agreements, volume discounts entailing variability in revenue earned, and contracts under the Company’s payment integrity services whereby the transaction price is based on the estimated amount the Company enables its customers to recover.

The Company considers its historical experience, including trends with similar transactions and expectations regarding the contract in estimating the amount of variable consideration that should be recognized during a period.

The Company believes that the expected value method is most appropriate for determining the variable consideration since the Company has a large number of contracts with a similar nature of transactions/services.

Unbilled Receivables

Unbilled receivables represents revenues recognized for services rendered between the last billing date and the balance sheet date.

Deferred Revenue and Contract Fulfillment Costs

Contract liabilities (deferred revenue) consist of advance billings and billing in excess of revenues recognized. Deferred revenue also includes the amount for which services have been rendered but other conditions of revenue recognition are not met, for example, where the Company does not have an enforceable contract.

Further, the Company also defers any upfront payments collected from its customers attributable to certain process transition activities, with respect to its customers where such activities do not represent separate performance obligations. Revenues related to such transition activities are classified under “Deferred revenue” and “Other non-current liabilities” in the Company’s consolidated balance sheets and are recognized as (or when) the performance obligation is fulfilled under the contract with customer.

Costs related to such transition activities are contract fulfillment costs, and thereby classified under “Other current assets” and “Other assets” in the consolidated balance sheets, and are recognized over the expected duration of the relationship with customers, under “Cost of revenues” in the consolidated statements of income.

Contract Acquisition Costs

Incremental costs incurred for acquiring contracts, such as sales commissions are contract acquisition costs and thereby classified under “Other current assets” and “Other assets” in the consolidated balance sheets. Such costs are amortized over the expected duration of the relationship with customers and recorded under Selling and marketing expenses in the consolidated statements of income.

Upfront Payments Made to Customers

Upfront payments, in nature of deal signing discount or deal signing bonuses made to customers are contract assets and classified under “Other current assets and Other assets” in the consolidated balance sheets. Such costs are amortized over the expected period of benefit and are recorded as an adjustment to transaction price and reduced from revenues.

Out-of-Pocket Expenses

Reimbursements of out-of-pocket expenses received from customers are included as part of revenues.

Payment terms

All contracts entered into by the Company specify the payment terms and are defined for each contract separately. Usual payment terms range between 30-60 days. The Company does not have any extended payment terms clauses in existing contracts.

Remaining Performance Obligations

The Company does not disclose the value of remaining performance obligations as a result of applying the practical expedient provided in ASC Topic 606, for contracts that meet any of the following criteria:

i.Contracts with an original expected length of one year or less as determined under ASC Topic 606,

ii.Contracts for which Company recognize revenue based on the right to invoice for service performed.

(e)Cash and Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with an original maturity of ninety days or less to be cash equivalents. Pursuant to the Company’s investment policy, surplus funds are invested in highly-rated debt mutual funds, money market funds and time deposits to reduce its exposure to market risk with regard to these funds.

The Company’s investment in money market funds is considered as cash equivalents. These investments are accounted for in accordance with the fair value option under ASC Topic 825, Financial Instruments. The fair value is represented by original cost on the acquisition date and the net asset value (“NAV”) as quoted, at each reporting period and any changes in fair value

are included in other income/(expense), net. Gain or loss on the disposal of these investments is calculated using the first in, first out (“FIFO”) method and is included in other income/(expense), net.

Restricted cash includes any cash and cash equivalents that are legally restricted as to withdrawal or usage for the Company’s operations.

For purposes of the statements of cash flows, the Company includes in its cash and cash-equivalent balances those amounts that have been classified as restricted cash and restricted cash equivalents.

(f)Short-Term and Long-Term Investments

The Company’s short-term investments consist of investments in mutual funds and those term deposits with more than three months of original maturity and less than twelve months of remaining maturity as of the reporting date, while long-term investments consist of term deposits with more than twelve months of remaining maturity as of the reporting date and investments in equity affiliate.

The Company’s investments in term deposits with financial institutions are measured and recognized at amortized cost. Interest earned on such investments is included in other income/(expense), net.

The Company’s mutual fund investments are in debt funds invested in India. These investments are accounted for in accordance with the fair value option under ASC Topic 825, Financial Instruments. The fair value is represented by original cost on the acquisition date and the net asset value (“NAV”) as quoted, at each reporting period and any changes in fair value are included in other income/(expense), net. Gain or loss on the disposal of these investments is calculated using the FIFO method and is included in other income/(expense), net.

Investments in equity affiliates are initially recorded at cost and any excess purchase consideration paid over proportionate share of the fair value of the net assets of the investee at the acquisition date is recognized as goodwill. The proportionate share of net income or loss of the investee after its acquisition is recognized in the consolidated statements of income. The Company periodically reviews the carrying value of its investment to determine if there has been any other than temporary decline in carrying value. The investment balance for an investee is increased or decreased for cash contribution and distributions to or from, respectively.

(g)Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are recorded net of allowances for expected credit losses. The Company evaluates the credit risk of its customers based on a combination of various financial and qualitative factors that may affect the ability of each customer to pay. The Company considered current and anticipated future economic conditions relating to the industries of the Company’s customers and the countries where it operates. In calculating expected credit loss, the Company also considered past payment trends, credit rating and other related credit information for its significant customers to estimate the probability of default in the future. Accounts receivable balances are written-off against the allowance for expected credit losses after all means of collection have been exhausted and the potential for recovery is considered remote.

Accounts receivable include unbilled accounts receivable which represent revenues on contracts to be billed, in subsequent periods, as per the terms of the related contracts.

(h)Property and Equipment

Property and equipment are stated at cost, which is generally comprised of the purchase price for such property or equipment, non-refundable duties and taxes, but excludes any discounts and/or rebates, less accumulated depreciation and impairment. Equipment held under finance leases are capitalized at the commencement of the lease at an amount equal to the lease liability, adjusted for any lease prepayments, initial direct costs and lease incentives, which usually approximate the fair value of the underlying asset. Expenditures for replacements and improvements are capitalized, if they enhance the production capacity and future benefits whereas the costs of maintenance and repairs are charged to earnings as incurred. Advances paid towards acquisition of property and equipment and the cost of property and equipment not yet placed in service before the end of the reporting period, net of impairment, if any, are classified as capital work in progress.

Depreciation is computed using the straight-line method over the estimated useful lives of the assets and is presented under “Depreciation and amortization expense” in the consolidated statements of income.

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The estimated useful life have been disclosed in Note 9 - Property and Equipment to the consolidated financial statements.

(i)Software Development Costs

The Company capitalizes certain costs related to the development or enhancements to existing software products to be sold, leased or otherwise marketed and / or used for internal-use. The Company begins to capitalize costs to develop or enhance software when planning stage efforts are successfully completed, management has authorized and committed project funding, and it is probable that the project will be completed and the software will be used as intended. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred and recorded within “General and administrative expenses” in the Company’s consolidated statements of income. Costs incurred on internally developed software not yet ready for its intended use before the end of the reporting period, net of impairment, if any, are classified as capital work in progress. The Company exercises judgment in determining the point at which various projects may be capitalized, in assessing the ongoing value of the capitalized costs, and in determining the estimated useful lives over which the costs are amortized.

Annual amortization of internally developed software products meant for sale, lease or otherwise marketing is the greater of the amount computed using the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product or the straight-line method over the remaining estimated economic life of the software product, generally estimated to be up to 5 years from the date the product became available for use. Annual amortization of internally developed software products meant for internal-use is based on the straight-line method over the estimated useful lives of the internally developed software products. Amortization of such internally developed software is presented under “Depreciation and amortization expense” in the consolidated statements of income.

(j)Business Combinations, Goodwill and Other Intangible Assets

ASC Topic 805, Business Combinations, requires that the acquisition method of accounting be used for all business combinations. The guidance specifies criteria as to intangible assets acquired in a business combination that must be recognized and reported separately from goodwill. Contingent consideration is recognized at its fair value on the acquisition date. A liability resulting from contingent consideration is re-measured to fair value as of each reporting date until the contingency is resolved, whereby such changes in fair value are recognized in earnings. Under ASC Topic 350, Intangibles - Goodwill and Other, all assets and liabilities of the acquired businesses, including goodwill, are assigned to reporting units. Acquisition related costs are expensed as incurred under general and administrative expenses.

In addition, assets acquired and liabilities assumed including uncertain tax positions and tax-related valuation allowances in connection with business combinations are initially estimated as of the acquisition date. The Company subsequently re-evaluates the assets acquired and liabilities assumed, including additional assets and liabilities identified subsequent to acquisition date, with any adjustments to its preliminary estimates being recorded to goodwill within the measurement period (up to one year from the acquisition date).

Goodwill represents the cost of the acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased in a business combination. The Company undertakes studies to determine the fair values of assets and liabilities acquired and allocates purchase consideration to assets and liabilities, including property and equipment, goodwill and other identifiable intangibles. Goodwill is not amortized but is tested for impairment at least on an annual basis, relying on a number of factors including operating results, business plans and estimated future cash flows of the reporting units to which it is assigned. The Company examines the carrying value and fair value of the reporting unit that includes goodwill as and when the circumstances warrant, to determine whether there are any impairment losses. Refer to Note 10 - Business Combinations, Goodwill and Other Intangible Assets to the consolidated financial statements.

The Company performs an assessment of qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Based on the assessment of events or circumstances, the Company performs a quantitative assessment of goodwill impairment

if it determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, based on the quantitative impairment analysis, the carrying value of the goodwill of a reporting unit exceeds the fair value of such goodwill, an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. In addition, the Company performs a qualitative assessment of goodwill impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

Intangible assets acquired in a business combination are initially valued and recognized at fair market value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over the estimated useful lives and are reviewed for impairment, if indicators of impairment arise. Amortization of intangible assets with definite lives is presented under “Depreciation and amortization expense” in the consolidated statements of income. The evaluation of impairment is based upon a comparison of the carrying amount of the intangible asset to its fair value, which is calculated using the estimated future undiscounted net cash flows expected to be generated by the asset. If the fair value of the intangible assets is less than the carrying amount of the asset, the asset is considered impaired and an impairment expense is recognized equal to any shortfall in the current period.

The Company’s definite lived intangible assets are amortized over their estimated useful lives as listed below using a straight-line method:


			Useful Lives (in years)
Customer relationships			5-15
Developed technology			3-10
Non-compete agreements			3-5
Trade names and trademarks			2-10

(k)Impairment of Long-lived Assets

Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Such assets are required to be tested for impairment if the carrying amount of the assets is higher than the future undiscounted net cash flows expected to be generated from the assets. Determining whether an impairment has occurred typically requires various estimates and assumptions, including determining which undiscounted cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, their amount, and the asset’s residual value, if any. In turn, measurement of an impairment loss requires a determination of fair value, which is based on the best information available. The Company derives the required undiscounted cash flow estimates from its historical experience and its internal business plans. To determine fair value, the Company follows the discounted cash flow approach and uses its internal cash flow estimates discounted at an appropriate discount rate and independent appraisals, as appropriate. The impairment amount to be recognized is measured as the amount by which the carrying value of the assets exceeds their fair value.

(l) Derivative Financial Instruments

In the normal course of business, the Company uses derivative instruments to mitigate the exposure from risk of foreign currency and interest rate fluctuations. The Company enters into foreign currency forward contracts to hedge cash flow risks from forecasted transactions denominated in certain foreign currencies, and interest rate swaps to hedge cash flow risks from its revolving credit facility having variable interest rate obligations. These contracts adhere to the Company’s treasury operations’ objectives and policies to qualify as cash flow hedges, and are with counterparties that are highly rated financial institutions.

Changes in the fair value of these cash flow hedges are recorded as a component of accumulated other comprehensive income/(loss) (“AOCI”), net of tax. The resultant foreign exchange gain/(loss) upon settlement of cash flow hedges of forecasted transactions are recorded in the consolidated statements of income along with the underlying hedged item in the same line as part of “Cost of revenues,” “General and administrative expenses,” “Selling and marketing expenses,” and “Depreciation and amortization expense,” as applicable. The accumulated changes in the fair value of interest rate swaps

recognized in AOCI are reclassified to the consolidated statements of income and are presented as a part of “Interest expense” over the term of the contract.

The Company evaluates hedge effectiveness of cash flow hedges at the time a contract is entered into as well as on an ongoing basis. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur by the end of the originally specified period, any related derivative amounts recorded in AOCI are reclassified to earnings.

The Company also uses derivatives instruments consisting of foreign currency forward contracts to hedge intercompany balances and other monetary assets or liabilities denominated in currencies other than the functional currency, against the risk of foreign currency fluctuations associated with remeasurement of such assets and liabilities to functional currency. These derivatives do not qualify as fair value hedges under ASC Topic 815. Changes in the fair value of these derivatives are recognized in the consolidated statements of income and are included in foreign exchange gain, net.

The Company also uses foreign currency forward contracts designated as net investment hedges to hedge the foreign currency risks related to the Company's investment in foreign subsidiaries. Fair value changes on these forward contracts and gains and losses on settlement of such forward contracts are recognized in AOCI as part of the foreign currency translation adjustments and are reclassified to consolidated statements of income when a foreign operation is disposed or partially disposed.

All of the assets and liabilities related to the Company’s forward contracts are subject to master netting arrangements with each individual counterparty. These master netting arrangements generally provide for net settlement of all outstanding contracts with the counterparty in the case of an event of default or a termination event. The Company has presented all of the assets and liabilities related to these contracts on a gross basis, with no offsets, in its consolidated statements of financial position. There is no financial collateral (including cash collateral) provided or received by the Company related to these contracts.

(m)Employee Benefits

Contributions to defined contribution plans are charged to the consolidated statements of income in the period in which services are rendered by the covered employees. Current service costs for defined benefit plans are recognized in the period to which they relate. The liability in respect of defined benefit plans is calculated annually by the Company using the projected unit credit method.

The Company records annual amounts relating to its defined benefit plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, assumed rates of return on plan assets, future compensation increases and attrition rates. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so. The effect of modifications to those assumptions is recorded in other comprehensive income (loss) (“OCI”) and amortized to net periodic benefit cost over the expected remaining period of service of the covered employees using the corridor method. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions. These assumptions may not be within the control of the Company and accordingly it is reasonably possible that these assumptions could change in future periods.

The Company includes the service cost component of the net periodic benefit cost in the same line item or items as other compensation costs arising from services rendered by the respective employees during the period. The interest cost, expected return on plan assets and amortization of actuarial gains/loss, are included in “Other income/(expense), net.” Refer to Note 20 - Employee Benefit Plans to the consolidated financial statements.

The Company recognizes its liabilities for compensated absences depending on whether the obligation is attributable to employee services already rendered, rights to compensated absences vest or accumulate and payment is probable and estimable.

(n)Stock-Based Compensation

The Company recognizes stock-based compensation expense in the consolidated statements of income for awards of equity instruments to employees and non-employee directors based on the grant-date fair value of those awards. The Company

recognizes these compensation costs on straight-line basis over the requisite service period of the award, or to the date on which retirement eligibility is achieved, if shorter. Forfeitures are accounted when the actual forfeitures occur.

Under the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”), which was adopted by the Company's stockholders on June 15, 2018, which replaces and supersedes the 2015 Amendment and Restatement of the Company’s 2006 Omnibus Award Plan (the “Prior Plan”) and is effective upon the date approved by the Company’s stockholders, the Company grants performance-based restricted stock units (“PRSU”) to executive officers and other specified employees. Generally, the Company grants PRSUs that cliff vest based on an aggregated revenue target (“PU”) for a three-year period, and PRSUs that are based on market conditions (“MU”) and cliff vest upon meeting or exceeding the Company's total shareholder return relative to a group of peer companies specified under the 2018 Plan, and are measured over a three-year performance period. The award recipient may earn up to 200% of the PRSUs granted based on the actual achievement of the respective targets. However, the features of the equity incentive compensation program are subject to change by the Compensation and Talent Management Committee of the Company’s board of directors.

The fair value of each PU is determined based on the market price of one common share of the Company on the day prior to the date of grant, and the associated compensation expense is calculated on the basis that performance targets at 100% are probable of being achieved. The compensation expense for the PU is recognized on a straight-line basis over the service period, which is through the end of the third year. Over this period, the number of shares that will be issued is adjusted upward or downward based upon the probability of achievement of the performance targets. The final number of shares issued and the related compensation cost recognized as an expense will be based on a comparison of the final performance metrics to the specified targets. The expense related to the unvested PU as of December 31, 2024 was based on the Company's assessment of performance criteria for these grants that would most likely be met during the respective years of vesting against the targeted performance level.

The grant date fair value for the MUs is determined using a Monte Carlo simulation model and the related compensation expense is expensed on a straight-line basis over the vesting period. All compensation expense related to the MU will be recognized if the requisite performance period is fulfilled, regardless of the extent of the market condition achieved.

Stock-based compensation expense associated with the Company's 2022 Employee Stock Purchase Plan (“ESPP”) is measured at fair-value using a Black-Scholes option-pricing model at the commencement of each offering period and recognized over that offering period.

(o)Income Taxes

The Company accounts for income taxes using the asset and liability method of accounting for income taxes. The Company calculates and provides for income taxes in each of the tax jurisdictions in which it operates. The deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying values of existing assets and liabilities and their respective tax bases and all operating losses carried forward, if any. Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which the applicable temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates or tax status is recognized in the statements of income in the period in which the change is identified. The Company releases (reclassifies) the tax effects from AOCI to the consolidated statements of income at the time of settlement of cash flows hedges and amortization of deferred actuarial gain/(loss) on retirement benefits. Deferred tax assets are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company establishes provisions for uncertain tax provisions and related interest and penalties when the Company believes those tax positions are not more likely than not of being sustained, if challenged.

The Company has indefinitely reinvested earnings from its foreign subsidiaries through December 31, 2023, and has not recorded deferred tax liabilities for such earnings. Beginning 2024, the Company is not indefinitely investing current year earnings of the Company’s foreign disregarded subsidiaries and is not recording any deferred tax liabilities. However, the Company continues to indefinitely reinvest earnings from its controlled foreign corporation subsidiaries and has not recorded deferred tax liabilities for such earnings.

The Company recognizes the tax effects of Global Intangible Low-Taxed Income of certain foreign subsidiaries as a period cost.

(p)Concentration of Credit Risk in Financial Instruments

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, time deposits, mutual fund investments, accounts receivable and derivative financial instruments. By their nature, all such financial instruments involve risks including the credit risks of non-performance by counterparties. Pursuant to the Company’s investment policy, surplus funds are maintained as cash equivalents and short-term investments, and are invested in highly-rated mutual funds, money market funds and time deposits, placed with highly rated financial institutions to reduce its exposure to market risk with regard to these funds. The Company’s exposure to credit risk on account receivable is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. To mitigate this risk the Company evaluates the creditworthiness of its customers in conjunction with its revenue recognition processes as well as through its ongoing collectability assessment processes for accounts receivable. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

(q)Fair value measurements

ASC Topic 820, Fair Value Measurements and Disclosures defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability as against assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk. The fair value hierarchy consists of the following three levels:

•Level I — Quoted prices for identical instruments in active markets.

•Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•Level III — Instruments whose significant value drivers are unobservable.

(r)Leases

The Company determines if an arrangement is a lease at inception of the contract. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset.

Operating leases are presented within “Operating lease right-of-use assets,” “Current portion of operating lease liabilities” and “Operating lease liabilities, less current portion” in the Company's consolidated balance sheets. Long-lived assets underlying finance leases are presented within “Property and equipment” and the current and non-current portion of finance lease liabilities are presented within “Accrued expenses and other current liabilities - others” and “other non-current liabilities - others,” respectively, in the Company's consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangement. Lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets are recognized at commencement date in an amount equal to lease liability, adjusted for any lease prepayments, initial direct costs, and lease incentives. For leases in which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date. The Company determines the incremental borrowing rate by adjusting the benchmark reference rates with appropriate financing spreads applicable to the respective geographies where the leases are entered and lease specific adjustments for the effects of collateral, if applicable. Lease terms includes the effects of options to extend or terminate the lease when it is reasonably certain at commencement of the lease that the Company will exercise that option. Lease expense for operating lease arrangements is recognized on a

straight-line basis over the lease term reflecting single operating lease cost. The Company evaluates lease agreements to determine lease and non-lease components, which are accounted for separately.

Lease payments that depend on factors other than an index or rate are considered variable lease payments and are excluded from the operating lease assets and liabilities and are recognized as expense in the period in which the obligation is incurred. Lease payments include payments for common area maintenance, utilities such as electricity, heating and water, among others, and property taxes, and other similar payments paid to the landlord, which are treated as non-lease component.

The Company accounts for lease-related concessions in accordance with guidance in Topic 842, Leases, to determine, on a lease-by-lease basis, whether the concession provided by lessor should be accounted for as a lease modification.

The Company accounts for a modification as a separate contract when it grants an additional right of use not included in the original lease and the increase is commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. Modifications which are not accounted for as a separate contract are reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date. Upon modification, the Company remeasures the lease liability to reflect changes to the remaining lease payments and discount rates and recognizes the amount of the remeasurement of the lease liability as an adjustment to the ROU assets. However, if the carrying amount of the ROU assets is reduced to zero as a result of modification, any remaining amount of the remeasurement is recognized as an expense in consolidated statements of income.

The Company reviews ROU assets for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable.

(s)Earnings per share

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding, adjusted for outstanding shares that are subject to repurchase during the period. Diluted earnings per share is computed using the weighted average number of common shares issued and outstanding during the period plus the potentially dilutive effect of common stock equivalents, including, outstanding stock options, restricted stock, restricted stock units and employee stock purchase plans. For the purposes of calculating diluted earnings per share, the treasury stock method is used for stock-based awards. The Company includes performance stock unit awards in dilutive potential common shares when they become contingently issuable and have a dilutive impact per authoritative guidance and excludes such awards when they are not contingently issuable.

(t)Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recognized when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. A disclosure for a contingent liability is made when there is a possible obligation that may require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Legal costs incurred in connection with such liabilities are expensed as incurred. Capital commitments are disclosed in the financial statements.

(u)Recent Accounting Pronouncements

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU modifies the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in this ASU should be applied prospectively. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity.

The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. The Company will continue to monitor for SEC action, and plan accordingly for adoption.

In December 2023, FASB issued ASU No. 2023-09, Income Taxes (“Accounting Standards Codification (“ASC”) Topic 740”), Improvements to Income Tax Disclosures. This ASU expands disclosures relating to the entity’s income tax rate reconciliation, income taxes paid and certain other disclosures related to income taxes. The ASU will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

In November 2024, FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income (“ASC Topic 220”): Expense Disaggregation Disclosures. This ASU improves disclosures relating to the disaggregation of income statement expenses, requires additional disclosures about the nature of expenses in commonly presented financial statement captions on an annual and interim basis for all public business entities. The ASU will be effective for annual periods beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

(v) Recently Adopted and Applicable Accounting Pronouncements

In November 2023, FASB issued ASU No. 2023-07, Segment Reporting (“ASC Topic 280”): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements for all public entities by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss and other segment items. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company has adopted this ASU, the impact of which is reflected in Note 3 - Segment and Geographical Information to the consolidated financial statements.

In March 2024, FASB issued ASU No. 2024-01, Compensation-Stock Compensation (“ASC Topic 718”). This ASU clarifies how to evaluate whether profits interest and similar awards given to employees and non-employees are within the scope of share-based payment arrangement under ASC Topic 718. The ASU will be effective for annual periods beginning after December 15, 2024, including interim periods within those years, with early adoption permitted. The Company has early adopted this ASU beginning January 1, 2024. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

In March 2024, FASB issued ASU No. 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements. This ASU contains amendments to the ASC that remove references to various FASB Concepts Statements. The ASU will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company has early adopted this ASU beginning January 1, 2024. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

Stock-Based Compensation - Additional Information (Details) - shares		12 Months Ended
	Jun. 15, 2018	Dec. 31, 2023	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiring period of equity options to employees	10 years
Vesting period	4 years
2018 Stock options plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares available for grant (in shares)	15,875,000
Number of shares available for grant (in shares)		4,096,102	1,813,592
Expiring period of equity options to employees		10 years
Vesting period		4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Costs Related to Company's Stock-based Compensation Plan

Stock-based compensation expense by nature of function, as below, are included in the consolidated statements of income:


	Year ended December 31,
	2024		2023		2022
Cost of revenues	$	15,762	$	14,686	$	11,535
General and administrative expenses	28,612		21,574		20,016
Selling and marketing expenses	28,284		22,177		17,815
Total	$	72,658	$	58,437	$	49,366

Income tax benefit related to stock-based compensation (1)	$	17,576	$	17,333	$	9,785

(1) Includes $9,714, $15,055 and $5,881 during the years ended December 31, 2024, 2023 and 2022, respectively, related to discrete benefits recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation.

Schedule of Stock Options Activity

Stock option activity under the Company’s stock-based compensation plans is shown below:


	Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 2023	1,790,695		$	30.14	$	1,278	9.5
Granted	—		—		—		—
Exercised	(22,390)		30.14		274		—
Forfeited	—		—		—		—
Outstanding as of December 31, 2024	1,768,305		$	30.14	$	25,187	8.5
Vested and exercisable as of December 31, 2024	425,265		$	30.14	$	6,058	8.5
Weighted average grant date fair value of per unit of stock option granted during the period	$	—

The grant date fair value of stock options exercised and cash received from stock options exercised was as follows:


	Year ended December 31,
	2024		2023		2022
Grant date fair value	$	269	$	30	$	—
Cash received	$	675	$	85	$	—

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The fair value of each stock option granted to employees is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:


	Year ended December 31, 2023
Dividend yield	—
Expected life (years)	6.25
Risk free interest rate for expected life	3.8	%
Volatility for expected life	32.4	%

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Restricted stock unit activity under the Company’s stock-based compensation plans is shown below:


	Restricted Stock Units
	Number	Weighted Average Fair Value
Outstanding as of December 31, 2023*	3,731,512	$	24.96
Granted	1,625,550	30.23
Vested*	(1,818,180)	22.26
Forfeited	(298,682)	28.22
Outstanding as of December 31, 2024*	3,240,200	$	28.82

* As of December 31, 2024 and 2023, restricted stock units vested for which the underlying common stock is yet to be issued are 289,547 and 324,125, respectively.

Restricted Stock Activity Under Company's Stock Plans

Restricted stock unit activity under the SMP is shown below:


	Restricted Stock Units (SMP)
	Number	Weighted Average Fair Value
Outstanding as of December 31, 2023*	217,230	$	24.95
Granted	—	—
Vested*	(72,385)	24.95
Forfeited	—	—
Outstanding as of December 31, 2024*	144,845	$	24.95

*As of December 31, 2024 and 2023 restricted stock units vested for which the underlying common stock is yet to be issued are 72,385 and nil, respectively.

The weighted average fair value of restricted stock units granted and the grant date fair value of restricted stock units vested (including SMP) was as follows:


	Year ended December 31,
	2024		2023		2022
Weighted average fair value of restricted stock units granted	$	30.23	$	33.99	$	24.28
Grant date fair value of restricted stock units vested	$	42,279	$	33,058	$	24,002

Weighted Average Valuation Assumptions for Market Condition Performance Restricted Stock Units

The fair value of each MU granted to employees is estimated on the date of grant using the following weighted average assumptions:


	Year ended December 31,
	2024		2023		2022
Dividend yield	—		—		—
Expected life (years)	2.9		2.9		2.9
Risk free interest rate for expected life	4.5	%	4.3	%	1.7	%
Volatility for expected life	29.9	%	32.9	%	38.3	%

Share-Based Payment Arrangement, Performance Shares, Outstanding Activity

PRSU activity under the Company’s stock plans is shown below:


	Revenue-Based PRSUs			Market Condition-Based PRSUs
	Number	Weighted Average Fair Value		Number	Weighted Average Fair Value
Outstanding as of December 31, 2023	438,000	$	29.16	656,450	$	37.78
Granted	344,535	28.91		516,692	42.11
Adjustment upon final determination of level of performance goal achievement*	213,435	24.00		319,975	31.13
Vested**	(426,870)	24.00		(639,950)	31.13
Forfeited	(31,156)	29.73		(46,648)	40.10
Outstanding as of December 31, 2024	537,944	$	31.02	806,519	$	43.06

* Represents adjustment of shares vested in respect of PUs and MUs granted in 2022 upon achievement of the performance targets for such awards.

** Represents PUs and MUs vested for which the underlying common stock was issued subsequent to December 31, 2024.

Schedule of Share-Based Compensation, Employee Stock Purchase Plan, Activity

Activity under the Company’s 2022 ESPP is shown below:


	Employee Stock Purchase Plan Unit’s
	Number	Total Proceeds Received
Shares available for issuance as of December 31, 2023	3,831,325
Issuance of common stock related to the:
Third offering period	71,645	$	1,948
Fourth offering period	86,936	$	2,414
Shares available for issuance as of December 31, 2024	3,672,744
Issuance of common stock related to the fifth offering period made subsequent to December 31, 2024	64,939	$	1,823

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of common stock to be issued under the ESPP was determined using the Black-Scholes option pricing model with the following assumptions:


	Fifth offering period of July 1, 2024 to December 31, 2024		Fourth offering period of January 1, 2024 to June 30, 2024		Third offering period of July 1, 2023 to December 31, 2023
Dividend yield	—		—		—
Expected life (years)	0.5		0.5		0.5
Risk free interest rate for expected life	5.3	%	5.2	%	5.4	%
Volatility for expected life	25.5	%	30.1	%	25.5	%
Discount for illiquidity	7.4	%	7.5	%	8.9	%

Other Assets

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other assets

Other Assets

Other assets consist of the following:


	As of
	December 31, 2024		December 31, 2023
Deferred contract fulfillment costs	$	31,741	$	21,370
Deposits with statutory authorities	7,312		6,960
Lease deposits	6,495		5,159
Contract assets	3,628		6,835
Prepaid expenses	2,775		—
Derivative instruments	852		3,299
Others	3,282		5,901
Other assets	$	56,085	$	49,524

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Statement of Comprehensive Income [Abstract]

Net income

$ 198,297

$ 184,558

$ 142,968

Other comprehensive income/(loss):

Unrealized gain/(loss) on cash flow hedges

(14,513)

14,403

(27,333)

Currency translation adjustments

(17,484)

652

(47,734)

Retirement benefits

(1,414)

1,337

2,574

Reclassification adjustments:

(Gain)/loss on cash flow hedges

^[1]

(131)

5,208

1,295

Retirement benefits

^[2]

(602)

(94)

592

Income tax effects relating to above

^[3]

6,462

(4,403)

15,937

Total other comprehensive income/(loss)

(27,682)

17,103

(54,669)

Total comprehensive income

$ 170,615

$ 201,661

$ 88,299

[1]	These are reclassified to net income and are included in cost of revenues, operating expenses and interest expense, as applicable in the consolidated statements of income.
[2]	These are reclassified to net income and are included in other income/(expense), net in the consolidated statements of income.
[3]	These are income tax effects recognized on cash flow hedges, retirement benefits and currency translation adjustments.

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 153,355	$ 136,953	$ 118,669
Restricted cash (current)	9,972	4,062	4,897
Restricted cash (noncurrent)	8,071	4,386	2,055
Cash, cash equivalents and restricted cash	$ 171,398	$ 145,401	$ 125,621	$ 143,810

Employee Benefit Plans - Net Period Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Service cost	$ 4,429	$ 3,799	$ 3,770
Interest cost	1,552	1,569	1,232
Expected return on plan assets	(1,237)	(1,048)	(872)
Amortization of actuarial (gain)/loss, gross of tax	(602)	(94)	592
Net gratuity cost	4,142	4,226	4,722
Amortization of actuarial (gain)/loss, gross of tax	(602)	(94)	592
Income tax effects on above	33	(74)	(179)
Amortization of actuarial (gain)/loss, net of tax	$ (569)	$ (168)	$ 413

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were recognized at fair value:


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2024	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	54,925	$	—	$	—	$	54,925
Mutual funds (2)	108,251		—		—		108,251
Derivative financial instruments	—		2,825		—		2,825
Total	$	163,176	$	2,825	$	—	$	166,001
Liabilities
Derivative financial instruments	$	—	$	11,817	$	—	$	11,817
Contingent consideration (3)	—		—		2,700		2,700
Total	$	—	$	11,817	$	2,700	$	14,517


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2023	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	49,806	$	—	$	—	$	49,806
Mutual funds (2)	52,650		—		—		52,650
Derivative financial instruments	—		7,607		—		7,607
Total	$	102,456	$	7,607	$	—	$	110,063
Liabilities
Derivative financial instruments	$	—	$	2,225	$	—	$	2,225
Contingent consideration (3)	—		—		15,589		15,589
Total	$	—	$	2,225	$	15,589	$	17,814

(1) Represents money market funds which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

(2) Represents those short-term investments which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

(3) Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets.

Fair Value of Derivative Financial Instruments:

The Company’s derivative financial instruments consist of foreign currency forward contracts and interest rate swaps. Fair values for derivative financial instruments are based on independent sources including highly rated financial institutions and are classified as Level 2. Refer to Note 17 - Derivatives and Hedge Accounting to the consolidated financial statements for further details.

Fair Value of Contingent Consideration:

The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for business acquisitions. The measurement is calculated using unobservable inputs based on the Company’s own assessment of achievement of certain performance goals. The Company estimated the fair value of the contingent consideration based on the Monte Carlo simulation model.

The following table summarizes the changes in the fair value of contingent consideration:


	Year ended December 31,
	2024		2023
Opening balance	$	15,589	$	18,689
Acquisitions	2,700		—
Fair value changes	(589)		1,900
Payments	(15,000)		(5,000)
Closing balance	$	2,700	$	15,589

During the years ended December 31, 2024 and 2023, there were no transfers among Level 1, Level 2 and Level 3.

Financial Instruments Not Carried at Fair Value:

The Company’s other financial instruments not carried at fair value consist primarily of cash and cash equivalents (except investments in money market funds, as disclosed above), short-term investments (except investments in mutual funds, as disclosed above), restricted cash, accounts receivable, net, long-term investments, accrued capital expenditures, accrued expenses, client liabilities and interest payable on borrowings for which fair values approximate their carrying amounts. The carrying value of the Company’s outstanding revolving credit facility approximates its fair value because the Company’s interest rate yield is near current market rates for comparable debt instruments.

CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Income Statement [Abstract]

Revenues, net

$ 1,838,372

$ 1,630,668

$ 1,412,044

Cost of revenues

^[1]

1,147,359

1,022,902

896,595

Gross profit

^[1]

691,013

607,766

515,449

Operating expenses:

General and administrative expenses

225,672

198,294

169,016

Selling and marketing expenses

146,502

120,227

97,989

Depreciation and amortization expense

55,219

50,490

56,282

Total operating expenses

427,393

369,011

323,287

Income from operations

263,620

238,755

192,162

Foreign exchange gain, net

891

1,532

6,199

Interest expense

(19,256)

(13,180)

(8,252)

Other income/(expense), net

16,092

10,834

(10)

Income before income tax expense and earnings from equity affiliates

261,347

237,941

190,099

Income tax expense

62,936

53,536

47,565

Income before earnings from equity affiliates

198,411

184,405

142,534

Gain/(loss) from equity-method investment

(114)

153

434

Net income

$ 198,297

$ 184,558

$ 142,968

Earnings per share:

Basic (in dollars per share)

$ 1.22

$ 1.11

$ 0.86

Diluted (in dollars per share)

$ 1.21

$ 1.10

$ 0.85

Weighted average number of shares used in computing earnings per share:

Basic (in shares)

162,718,840

166,341,213

166,651,585

Diluted (in shares)

164,321,656

168,161,371

169,169,290

[1]	Exclusive of depreciation and amortization expense.

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Lease
Operating lease ROU assets	$ 68,784	$ 64,856
Operating lease liabilities - Current	16,491	12,780
Operating lease liabilities - Non-current	59,851	58,175
Total operating lease liabilities	76,342	70,955
Finance Lease
Property and equipment, gross	3,268	2,109
Accumulated depreciation	(1,556)	(1,332)
Property and equipment, net	1,712	777
Finance lease liabilities - Current	435	191
Finance lease liabilities - Non-current	1,349	613
Total finance lease liabilities	$ 1,784	$ 804
Finance lease, liability, current, statement of financial position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities

Investments

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Investments

Investments consist of the following:


	As of
	December 31, 2024		December 31, 2023
Short-term investments
Mutual funds	$	108,251	$	52,650
Term deposits	78,972		101,231
Total Short-term investments	$	187,223	$	153,881

Long-term investments
Term deposits	$	9,295	$	239
Investment in equity affiliate	4,677		4,191
Total Long-term investments	$	13,972	$	4,430

Refer to Note 16 - Fair Value Measurements to the consolidated financial statements for further details.

Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Company's Debt Position

The following tables summarizes the Company’s debt position:


	As of
	December 31, 2024						December 31, 2023
	Revolving credit facility		Term loan facility		Total		Revolving credit facility		Term loan facility		Total
Current portion of long-term borrowings	$	—	$	5,000	$	5,000	$	65,000	$	—	$	65,000
Unamortized debt issuance costs	—		(114)		(114)		—		—		—
Total current portion of long-term borrowings	—		4,886		4,886		65,000		—		65,000

Long-term borrowings	190,000		93,750		283,750		135,000		—		135,000
Unamortized debt issuance costs	—		(152)		(152)		—		—		—
Total long-term borrowings	190,000		93,598		283,598		135,000		—		135,000
Total borrowings	$	190,000	$	98,484	$	288,484	$	200,000	$	—	$	200,000

Schedule of Credit Facilities Carried an Effective Interest Rate

The effective interest rates of the revolving credit facility and the term loan facility are as follows:


	Year ended December 31,
	2024		2023		2022
Revolving credit facility	6.3	%	6.3	%	2.9	%
Term loan facility	6.5	%	—	%	—	%

Schedule of Principal Maturities of Borrowings

The maturity profile of the Company’s long-term borrowings, excluding debt issuance costs, outstanding as of December 31, 2024 was as follows:


	Revolving credit facility		Term loan facility


2025	$	—	$	5,000
2026	—		5,000
2027	190,000		88,750
Total	$	190,000	$	98,750

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Restructuring Costs (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Expected Exit Costs

The following table summarizes the activity related to the restructuring costs incurred and paid during the year ended December 31, 2024:


	Year ended December 31, 2024
	Employee-Related Costs		Other Associated Costs		Total
Opening balance	$	—	$	—	$	—
Costs incurred during the period	4,397		365		4,762
Payments during the period	4,397		365		4,762
Closing balance	$	—	$	—	$	—

Revenues, net and Accounts Receivable, net (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Contract with Customer, Receivables, Assets and Liabilities Recognized

The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers:


	As of
	December 31, 2024		December 31, 2023
Accounts receivable, net	$	304,322	$	308,108
Contract assets	$	39,700	$	9,665
Contract liabilities:
Deferred revenue (consideration received in advance)	$	15,484	$	9,764
Consideration received for process transition activities	$	21,993	$	12,411

Revenue recognized during the years ended December 31, 2024 and 2023, which was included in the contract liabilities balance at the beginning of the respective periods:


	Year ended December 31,
	2024		2023
Deferred revenue (consideration received in advance)	$	9,321	$	16,967
Consideration received for process transition activities	$	2,657	$	1,762

Contract Acquisition and Fulfillment Costs

The following table provides details of the Company’s contract acquisition and fulfillment costs:


	Contract Acquisition Costs				Contract Fulfillment Costs
	Year ended December 31,				Year ended December 31,
	2024		2023		2024		2023
Opening Balance	$	2,122	$	1,095	$	24,673	$	13,871
Additions	1,240		1,841		15,118		13,605
Amortization	(1,075)		(814)		(3,769)		(2,803)
Closing Balance	$	2,287	$	2,122	$	36,022	$	24,673

Movement in Allowance for Expected Credit Loss

The following table provides information about accounts receivable, net of allowance for expected credit losses:


	As of
	December 31, 2024		December 31, 2023
Accounts receivable, including unbilled receivables	$	307,850	$	311,811
Less: Allowance for expected credit losses	(3,528)		(3,703)
Accounts receivable, net	$	304,322	$	308,108

The movement in “Allowance for expected credit losses” was as follows:


	Year ended December 31,
	2024		2023
Opening Balance	$	3,703	$	1,332
Additions/(reductions)	(39)		2,450
Reductions due to write-off of accounts receivable	(135)		(79)
Currency translation adjustments	(1)		—
Closing Balance	$	3,528	$	3,703

Other Non-Current liabilities - Summary of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Liabilities, Noncurrent [Abstract]
Retirement benefits	$ 24,795	$ 16,666
Deferred transition revenue	18,213	10,195
Derivative instruments	4,363	216
Unrecognized tax benefits	1,966	1,262
Contingent consideration	1,420	589
Others	2,816	2,534
Other non-current liabilities	$ 53,573	$ 31,462

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advance income tax, net	$ 49,377	$ 23,269
Contract assets	36,072	2,830
Prepaid expenses	21,061	18,171
Receivables from statutory authorities	19,407	18,500
Deferred contract fulfillment costs	4,281	3,303
Advances to suppliers	4,009	1,883
Derivative instruments	1,973	4,308
Others	4,137	4,405
Other current assets	$ 140,317	$ 76,669

Summary of Significant Accounting Policies - Schedule of Property and Equipment, Estimated Useful Lives (Details)	Dec. 31, 2024
Maximum \| Software
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings per share:


	Year ended December 31,
	2024		2023		2022
Numerators:
Net income	$	198,297	$	184,558	$	142,968
Denominators:
Basic weighted average common shares outstanding	162,718,840		166,341,213		166,651,585
Dilutive effect of stock-based awards	1,602,816		1,820,158		2,517,705

Diluted weighted average common shares outstanding	164,321,656		168,161,371		169,169,290
Earnings per share:
Basic	$	1.22	$	1.11	$	0.86
Diluted	$	1.21	$	1.10	$	0.85
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	2,073,990		1,628,932		2,830

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33089
Entity Registrant Name	EXLSERVICE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0572194
Entity Address, Address Line One	320 Park Avenue,
Entity Address, Address Line Two	29th Floor,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	277-7100
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	EXLS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,926,377,147
Entity Common Stock, Shares Outstanding		162,304,673
Documents Incorporated by Reference	Part III incorporates information from certain portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2024.
Entity Central Index Key	0001297989
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Accumulated Other Comprehensive Income/( Loss)

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income/( Loss)

Accumulated Other Comprehensive Income/(Loss)

Accumulated other comprehensive income/(loss) (“AOCI”) consists of actuarial gain/(loss) on retirement benefits and foreign currency translation adjustments. In addition, the Company enters into foreign currency forward contracts and interest rate swaps, which are designated as cash flow hedges and net investment hedges, as applicable, in accordance with ASC Topic 815, Derivatives and Hedging. Cumulative changes in the fair values of cash flow hedges are recognized in AOCI on the Company’s consolidated balance sheets. The fair value changes are reclassified from AOCI to consolidated statements of income upon settlement of foreign currency forward contracts designated as cash flow hedges of a forecast transaction, whereas such changes for interest rate swaps are reclassified over the term of the contract. Fair value changes related to net investment hedges are included in AOCI and are reclassified to consolidated statements of income when a foreign operation is disposed or partially disposed. The following table sets forth the changes in AOCI during the years ended December 31, 2024, 2023 and 2022:


	Accumulated Other Comprehensive Income/(Loss)
	Currency translation adjustments		Unrealized gain/(loss) on cash flow hedges		Retirement benefits		Total
Balance as of January 1, 2022	$	(95,437)	$	8,420	$	(2,457)	$	(89,474)
Gains / (losses) recognized during the year	(47,734)		(27,333)		2,574		(72,493)

Reclassification to net income (1)	—		1,295		592		1,887
Income tax effects (2)	10,032		6,315		(410)		15,937
Accumulated other comprehensive income/(loss) as of December 31, 2022	$	(133,139)	$	(11,303)	$	299	$	(144,143)
Gains recognized during the year	652		14,403		1,337		16,392
Reclassification to net income (1)	—		5,208		(94)		5,114
Income tax effects (2)	(156)		(4,110)		(137)		(4,403)
Accumulated other comprehensive income/(loss) as of December 31, 2023	$	(132,643)	$	4,198	$	1,405	$	(127,040)
Losses recognized during the year	(17,484)		(14,513)		(1,414)		(33,411)
Reclassification to net income (1)	—		(131)		(602)		(733)
Income tax effects (2)	3,129		2,898		435		6,462
Accumulated other comprehensive loss as of December 31, 2024	$	(146,998)	$	(7,548)	$	(176)	$	(154,722)

(1) Refer to Note 17 - Derivatives and Hedge Accounting and Note 20 - Employee Benefit Plans to the consolidated financial statements for reclassification to net income.

(2) These are income tax effects recognized on cash flow hedges, retirement benefits and currency translation adjustments . Refer to Note 22 - Income Taxes to the consolidated financial statements.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Capital Structure (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Purchase of Common Stock from Employees Withholding Tax Payments Related to Vesting of Restricted Stock

The Company purchased shares of its common stock from certain employees in connection with withholding tax payments related to the vesting of restricted stock units and performance-based restricted stock units, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Twelve months ended December 31, 2024	303,836	$	10,266	$	33.79
Twelve months ended December 31, 2023	237,047	$	7,853	$	33.13
Twelve months ended December 31, 2022	164,080	$	4,121	$	25.12

Summary of Company's Purchased Shares of its Common Stock, Including Commissions

The Company purchased shares of its common stock, for a total consideration including commissions but excluding excise tax, under its two repurchase programs, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share
Twelve months ended December 31, 2024	6,273,381	$	196,524	$	31.33
Twelve months ended December 31, 2023	4,127,451	$	125,416	$	30.39
Twelve months ended December 31, 2022	2,519,290	$	68,521	$	27.20

Business Combinations, Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The Company’s purchase price allocation to net tangible and intangible assets of ITI Data as at August 1, 2024 is as follows:



Intangible assets	$	12,800
Other assets, net	220
Goodwill	15,335



Total purchase consideration (1)	$	28,355

(1) Includes contingent consideration of $2,700 recognized at fair value as of the date of acquisition.

Schedule of Goodwill

The following table sets forth details of changes in goodwill by reportable segment of the Company:


	Insurance		Healthcare		Emerging Business		Analytics		Total
Balance as of January 1, 2023	$	49,929	$	21,875	$	47,101	$	286,732	$	405,637


Currency translation adjustments	106		(3)		(100)		(1)		2
Balance as of December 31, 2023	50,035		21,872		47,001		286,731		405,639
Acquisition	—		—		—		22,035		22,035
Measurement period adjustments	—		—		—		(6,700)		(6,700)
Currency translation adjustments	(50)		(5)		(531)		(1)		(587)
Balance as of December 31, 2024	$	49,985	$	21,867	$	46,470	$	302,065	$	420,387

Schedule of Indefinite Lived Intangible Assets

Information regarding the Company’s intangible assets is set forth below:


	As of December 31, 2024						As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	108,550	$	(60,667)	$	47,883	$	99,050	$	(51,085)	$	47,965
Developed technology	3,529		(3,311)		218		3,552		(2,522)		1,030
Trade names and trademarks	1,700		(1,442)		258		1,400		(1,286)		114
Non-compete agreements	300		(228)		72		336		(181)		155
	114,079		(65,648)		48,431		104,338		(55,074)		49,264
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900		900		—		900
Total intangible assets	$	114,979	$	(65,648)	$	49,331	$	105,238	$	(55,074)	$	50,164

Schedule of Amortization of Intangible Assets

The amortization expense recognized in the consolidated statements of income was as follows:


	Year ended December 31,
	2024		2023		2022
Amortization expense	$	13,630	$	14,678	$	17,109

Schedule of Estimated Future Amortization of Intangible Assets


Estimated future amortization expense related to finite-lived intangible assets as of December 31, 2024 was as follows:
2025	$	13,120
2026	12,783
2027	11,844
2028	9,228
2029	1,456
Total	$	48,431

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

The Company’s Gratuity Plan in India (the “India Plan”) provides for a lump sum payment to vested employees on retirement or upon termination of employment in an amount based on the respective employee’s salary and years of employment with the Company. In addition, the Company’s subsidiary operating in the Philippines conforms to the minimum regulatory benefit, which provide for lump sum payment to vested employees on retirement from employment in an amount based on the respective employee’s salary and years of employment with the Company (the “Philippines Plan”). Liabilities with regard to the India Plan and the Philippines Plan are determined by actuarial valuation using the projected unit credit method. Current service costs for these plans are accrued in the year to which they relate. Actuarial gains or losses or prior service costs, if any, resulting from amendments to the plans are recognized and amortized over the remaining period of service of the employees.

The India Plan is partially funded whereas the Philippines Plan is unfunded. The Company makes annual contributions to the India Plan established with insurance companies. Fund managers manage these funds and calculate the annual contribution required to be made by the Company and manage the India Plan, including any required payouts. These funds are managed on a cash accumulation basis, inclusive of interest which is declared periodically. The Company earned a return of approximately 7.2% per annum on the India Plan for the year ended December 31, 2024.

The benefit obligation has been measured as of December 31, 2024 and 2023. The following table sets forth the activity and the funded status of the gratuity plans and the amounts recognized in the Company’s consolidated financial statements:


Change in projected benefit obligation	2024		2023
Projected benefit obligation as of January 1	$	24,237	$	21,531

Service cost	4,429		3,799
Interest cost	1,552		1,569
Benefits paid	(1,465)		(1,382)
Prior service cost	2		—
Acquisition adjustments	398		—
Actuarial loss/(gain) (1)	1,546		(1,166)
Effect of exchange rate changes	(845)		(114)
Projected benefit obligation as of December 31	$	29,854	$	24,237
Change in plan assets
Plan assets as of January 1	$	17,134	$	14,449
Actual return	1,369		1,220
Employer contribution	3,353		2,913
Benefits paid (2)	(1,338)		(1,343)
Effect of exchange rate changes	(555)		(105)

Plan assets as of December 31	$	19,963	$	17,134

Unfunded status as of December 31	$	9,891	$	7,103
Unfunded amount recognized in the consolidated balance sheets
Non-current liability (included under other non-current liabilities)	$	9,555	$	6,925
Current liability (included under accrued employee costs)	336		178
Total accrued liability	$	9,891	$	7,103

Accumulated benefit obligation as of December 31	$	20,181	$	16,655
Plan assets in excess/(shortfall) of accumulated benefit obligation as of December 31	$	(218)	$	479

(1) During the years ended December 31, 2024 and 2023, actuarial gain was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations.

(2) Benefits payments were substantially made through the plan assets during the years ended December 31, 2024 and 2023.

Components of net periodic benefit costs recognized in consolidated statements of income and actuarial (gain)/loss reclassified from AOCI, were as follows:


	Year ended December 31,
	2024		2023		2022
Service cost	$	4,429	$	3,799	$	3,770
Interest cost	1,552		1,569		1,232
Expected return on plan assets	(1,237)		(1,048)		(872)
Amortization of actuarial (gain)/loss, gross of tax	(602)		(94)		592
Net gratuity cost	$	4,142	$	4,226	$	4,722

Amortization of actuarial (gain)/loss, gross of tax	$	(602)	$	(94)	$	592
Income tax effects on above	33		(74)		(179)
Amortization of actuarial (gain)/loss, net of tax	$	(569)	$	(168)	$	413

The components of retirement benefits included in AOCI, excluding tax effects, were as follows:


	As of December 31,
	2024		2023		2022
Net actuarial gain/(loss)	$	(1,239)	$	777	$	(462)
Net prior service cost	(4)		(5)		(8)
Amount recognized in AOCI, excluding tax effects	$	(1,243)	$	772	$	(470)

The weighted average actuarial assumptions used to determine benefit obligations and net gratuity cost were:


	Year ended December 31,
	2024		2023		2022
Discount rate	6.9	%	7.1	%	7.3	%
Rate of increase in compensation levels	7.3	%	7.0	%	7.8	%
Expected long-term rate of return on plan assets per annum	7.3	%	7.3	%	7.3	%

The Company evaluates these assumptions annually based on its long-term plans of growth and industry standards. The discount rates are either based on current market yields on government securities or yields on government securities adjusted for a suitable risk premium, if available.


Expected benefit payments during the year ending December 31,
2025	$	3,916
2026	$	3,943
2027	$	4,229
2028	$	3,657
2029	$	3,401
2030 to 2033	$	12,899

The Company maintains several 401(k) plans (the “401(k) Plans”) under Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”), covering all eligible employees, as defined in the Code as a defined contribution plan. The Company may make discretionary contributions of up to a maximum of 3.0% of employee compensation within certain limits.

The Company’s contributions to various defined contribution plans was as follows:


	Year ended December 31,
	2024		2023		2022
Contribution to the 401(k) Plans	$	6,325	$	5,967	$	5,205
Contributions to the defined contribution plans in foreign subsidiaries of the Company	$	28,070	$	23,045	$	18,215

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - Derivatives in cash flow hedging relationships - Derivatives designated as hedging instruments - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Foreign exchange contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts outstanding	$ 984,300	$ 722,800
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 0	$ 75,000

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

Restructuring Costs - Additional Information (Details)	Dec. 31, 2024
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated, inception to date (in percent)	1.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Business Combinations, Goodwill and Other Intangible Assets - Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 13,120
2026	12,783
2027	11,844
2028	9,228
2029	1,456
Total	$ 48,431	$ 49,264

Restructuring Costs

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring Costs

In second quarter of 2024, the Company initiated a strategic restructuring plan to align its workforce with market opportunities, business strategies and evolving customer needs. This plan was executed in the second quarter of 2024, which affected less than 1% of the Company’s global workforce.

The restructuring costs include costs in relation to employee severance and other associated costs including legal fees and outplacement support costs. These costs have been recognized under cost of revenues (across all reporting segments), general & administrative and selling & marketing expenses in the consolidated statements of income.

The following table summarizes the activity related to the restructuring costs incurred and paid during the year ended December 31, 2024:


	Year ended December 31, 2024
	Employee-Related Costs		Other Associated Costs		Total
Opening balance	$	—	$	—	$	—
Costs incurred during the period	4,397		365		4,762
Payments during the period	4,397		365		4,762
Closing balance	$	—	$	—	$	—

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finance lease:
Depreciation on underlying ROU assets	$ 382	$ 181	$ 151
Interest on lease liabilities	196	90	59
Total finance lease cost	578	271	210
Operating lease	21,764	20,188	21,783
Variable lease costs	4,490	4,374	5,033
Sublease income	(122)	0	0
Total lease cost	$ 26,710	$ 24,833	$ 27,026

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Long-lived assets impairment charges	$ 1,187	$ 0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Depreciation and amortization expense

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 198,297	$ 184,558	$ 142,968
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	55,221	50,280	56,102
Stock-based compensation expense	72,658	58,437	49,366
Reduction in the carrying amount of operating lease right-of-use assets	21,764	20,188	21,783
Fair value mark-to-market on investments	(1,514)	17,044	(1,209)
Unrealized foreign currency exchange gain, net	(5,136)	(1,363)	(16,643)
Deferred income tax benefit	(19,885)	(31,742)	(19,552)
Others, net	(680)	5,301	9,443
Change in operating assets and liabilities:
Accounts receivable	4,647	(49,242)	(68,121)
Other current and non-current assets	(48,373)	(24,339)	(18,432)
Income taxes payable, net	(26,204)	(18,282)	8,779
Accounts payable, accrued expenses and other liabilities	20,509	7,326	16,860
Deferred revenue	7,002	(877)	2,473
Accrued employee costs	21,708	14,090	5,551
Payment of contingent consideration	(11,000)	0	0
Operating lease liabilities	(20,489)	(20,181)	(23,227)
Net cash provided by operating activities	268,525	211,198	166,141
Cash flows from investing activities:
Purchases of property and equipment	(46,262)	(52,803)	(44,836)
Proceeds from sale of property and equipment	215	739	266
Business acquisition (net of cash acquired)	(24,299)	0	(3,872)
Purchases of investments	(289,012)	(235,369)	(212,607)
Proceeds from redemption of investments	240,859	276,036	164,503
Investment in equity affiliate	(600)	(600)	0
Net cash used for investing activities	(119,099)	(11,997)	(96,546)
Cash flows from financing activities:
Principal payments of finance lease liabilities	(326)	(169)	(142)
Proceeds from borrowings	290,000	80,000	35,000
Repayments of borrowings	(201,250)	(130,000)	(45,000)
Payment of contingent consideration	(4,000)	(5,000)	0
Acquisition of treasury stock	(207,926)	(131,847)	(72,642)
Proceeds from issuance of common stock	5,023	5,566	1,060
Payment of debt issuance costs	(622)	0	0
Net cash used for financing activities	(119,101)	(181,450)	(81,724)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(4,328)	2,029	(6,060)
Net increase/(decrease) in cash, cash equivalents and restricted cash	25,997	19,780	(18,189)
Cash, cash equivalents and restricted cash at the beginning of the period	145,401	125,621	143,810
Cash, cash equivalents and restricted cash at the end of the period	171,398	145,401	125,621
Cash paid during the period for:
Interest	19,604	13,895	8,189
Income taxes	106,414	104,882	57,058
Supplemental disclosure of non-cash investing and financing activities:
Additions to property and equipment not yet paid	2,062	4,137	4,032
Assets acquired under finance lease	$ 1,325	$ 461	$ 312

Borrowings - Maturities of Borrowings (Details) - Line of Credit $ in Thousands	Dec. 31, 2024 USD ($)
Revolving credit facility
Credit Facilities [Line Items]
2025	$ 0
2026	0
2027	190,000
Total	190,000
Term loan facility
Credit Facilities [Line Items]
2025	5,000
2026	5,000
2027	88,750
Total	$ 98,750

Property and Equipment - Depreciation and Amortization Expense and Effect of Foreign Exchange Gain (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 41,589	$ 35,812	$ 39,173

Related Party Disclosures	12 Months Ended
Related Party Disclosures	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Disclosures	Related Party Disclosures In April 2022, the Company entered into a service contract for providing analytics services to The Vanguard Group Inc., which reported that it beneficially owns approximately 10% of the Company’s common stock as of December 31, 2024. During the years ended December 31, 2024 and 2023, the Company recognized revenues, net of $638 and $1,975, respectively, related to this service contract. The Company had outstanding accounts receivable, net of $124 and $209 related to this service contract as of December 31, 2024 and 2023, respectively. In February 2024, the Company entered into a service contract for providing analytics services to Corridor Platforms, Inc., which is an equity affiliate of the Company. During the year ended December 31, 2024, the Company recognized revenues, net of $424 related to this service contract. The Company had outstanding accounts receivable, net of $56 related to this service contract as of December 31, 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following:


		As of
	Estimated useful lives (Years)	December 31, 2024		December 31, 2023
Owned Assets:
Network equipment and computers	3-5	$	167,525	$	149,975
Software	2-5	105,874		94,279
Leasehold improvements	3-8	45,819		41,933
Office furniture and equipment	3-8	23,898		21,199
Motor vehicles	2-5	635		686
Buildings	30	929		956
Land	—	608		625
Capital work in progress	—	7,504		12,276
		352,792		321,929
Less: Accumulated depreciation and amortization		(252,667)		(222,333)
		$	100,125	$	99,596
ROU assets under finance leases:
Network equipment and computers		56		58
Leasehold improvements		587		604
Office furniture and equipment		417		427
Motor vehicles		2,208		1,020
		3,268		2,109
Less: Accumulated depreciation		(1,556)		(1,332)
		$	1,712	$	777
Property and equipment, net		$	101,837	$	100,373

During the years ended December 31, 2024 and 2023, there were no material changes in estimated useful lives of property and equipment during the ordinary course of operations.

The depreciation and amortization expense, excluding amortization of acquisition-related intangibles, recognized in the consolidated statements of income was as follows:


	Year ended December 31,
	2024		2023		2022
Depreciation and amortization expense	$	41,589	$	35,812	$	39,173

Internally developed software costs included in property and equipment was as follows:


	As of
	December 31, 2024		December 31, 2023
Cost	$	60,447	$	46,625
Less : Accumulated amortization	(38,243)		(25,413)
Internally developed software, net	$	22,204	$	21,212

The amortization expense on internally developed software recognized in the consolidated statements of income was as follows:


	Year ended December 31,
	2024		2023		2022
Amortization expense	$	12,849	$	9,282	$	5,958

During the years ended December 31, 2024 and 2023, the Company performed an impairment test of its capitalized software for recoverability and determined that the carrying values of certain software were not fully recoverable. The Company recorded impairment charges amounting to $1,187 and $nil for the years ended December 31, 2024 and 2023, respectively under “Depreciation and amortization” expense in the consolidated statements of income.

Stock-Based Compensation - Stock Options Exercised (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Cash received	$ 675	$ 85	$ 0
Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grant date fair value	$ 269	$ 30	$ 0

Business Combinations, Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Business Combinations, Goodwill and Other Intangible Assets

Incandescent Technologies, Inc.

On August 1, 2024, the Company, through its wholly owned subsidiary Clairvoyant AI, Inc., completed the acquisition of ITI Data, a Nebraska corporation, pursuant to an equity securities purchase agreement dated July 31, 2024 (the "Purchase Agreement"). The Company purchased 100% of the issued and outstanding equity securities in ITI Data. The ITI Data acquisition is treated as a stock acquisition for tax purposes.

ITI Data is a data management solutions firm that works with the global banks, financial services and healthcare companies. It delivers enterprise business solutions for clients processing significant data volumes with complex data management requirements. The acquisition strengthens the Company’s ability to deliver reliable, data-driven insights to its clients and ultimately drive greater value and innovation across their operations.

The Company’s purchase price allocation to net tangible and intangible assets of ITI Data as at August 1, 2024 is as follows:



Intangible assets	$	12,800
Other assets, net	220
Goodwill	15,335



Total purchase consideration (1)	$	28,355

(1) Includes contingent consideration of $2,700 recognized at fair value as of the date of acquisition.

In connection with this acquisition, the Company recorded $12,500 in customer-related intangibles which are being amortized on a straight-line basis (which approximates the economic pattern of benefits) over the estimated weighted average amortization period of 5 years.

The goodwill recognized represents the acquired capabilities, operating synergies and other benefits expected to result from combining the acquired operations with the Company’s existing operations. The goodwill has been assigned to the Company’s Analytics reportable segment based upon the Company’s assessment of nature of services rendered by ITI Data.

The results of operations of the acquired business and the fair value of the acquired assets and assumed liabilities are included in the Company’s consolidated financial statements with effect from the date of the acquisition. The acquisition did not materially impact the Company's financial position, results of operations or cash flows, and therefore, the Company has not provided any supplemental pro forma results.

Goodwill

The following table sets forth details of changes in goodwill by reportable segment of the Company:


	Insurance		Healthcare		Emerging Business		Analytics		Total
Balance as of January 1, 2023	$	49,929	$	21,875	$	47,101	$	286,732	$	405,637


Currency translation adjustments	106		(3)		(100)		(1)		2
Balance as of December 31, 2023	50,035		21,872		47,001		286,731		405,639
Acquisition	—		—		—		22,035		22,035
Measurement period adjustments	—		—		—		(6,700)		(6,700)
Currency translation adjustments	(50)		(5)		(531)		(1)		(587)
Balance as of December 31, 2024	$	49,985	$	21,867	$	46,470	$	302,065	$	420,387

During the year ended December 31, 2024, the Company recognized measurement period adjustments, which led to decrease in goodwill in an amount of $6,700. These adjustments primarily relate to a change in fair value of contingent consideration and customer-related intangible assets and did not have any significant impact on “Depreciation and amortization” expense in the consolidated statements of income for the year ended December 31, 2024.

During 2024 and 2023, the Company performed an assessment to determine whether events or circumstances exist that may lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Based on such assessment, the Company concluded that there was no impairment on goodwill as of December 31, 2024 and 2023.

Other Intangible Assets

Information regarding the Company’s intangible assets is set forth below:


	As of December 31, 2024						As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Customer relationships	$	108,550	$	(60,667)	$	47,883	$	99,050	$	(51,085)	$	47,965
Developed technology	3,529		(3,311)		218		3,552		(2,522)		1,030
Trade names and trademarks	1,700		(1,442)		258		1,400		(1,286)		114
Non-compete agreements	300		(228)		72		336		(181)		155
	114,079		(65,648)		48,431		104,338		(55,074)		49,264
Indefinite-lived intangible assets:
Trade names and trademarks	900		—		900		900		—		900
Total intangible assets	$	114,979	$	(65,648)	$	49,331	$	105,238	$	(55,074)	$	50,164

The amortization expense recognized in the consolidated statements of income was as follows:


	Year ended December 31,
	2024		2023		2022
Amortization expense	$	13,630	$	14,678	$	17,109

During the years ended December 31, 2024 and 2023, the Company performed an impairment test of its intangible assets for recoverability and determined that the carrying values of certain intangible assets were not fully recoverable. The Company

recorded impairment charges amounting to $429 and $nil for the years ended December 31, 2024 and 2023, respectively under “Depreciation and amortization” expense in the consolidated statements of income.


Estimated future amortization expense related to finite-lived intangible assets as of December 31, 2024 was as follows:
2025	$	13,120
2026	12,783
2027	11,844
2028	9,228
2029	1,456
Total	$	48,431

Restructuring Costs - Schedule of Restructuring Costs Incurred and Paid (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Opening balance	$ 0
Costs incurred during the period	4,762
Payments during the period	4,762
Closing balance	$ 0
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of revenues, General and administrative expenses, Selling and marketing expenses
Employee-Related Costs
Restructuring Reserve [Roll Forward]
Opening balance	$ 0
Costs incurred during the period	4,397
Payments during the period	4,397
Closing balance	0
Other Associated Costs
Restructuring Reserve [Roll Forward]
Opening balance	0
Costs incurred during the period	365
Payments during the period	365
Closing balance	$ 0

Stock-Based Compensation - Stock Based Compensation Stock Option Activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options, outstanding, beginning balance (in shares)	1,790,695
Number of options, granted (in shares)	0
Number of options, exercised (in shares)	(22,390)
Number of options, forfeited (in shares)	0
Number of options, outstanding, ending balance (in shares)	1,768,305	1,790,695
Number of options, vested and exercisable at end of period (in shares)	425,265
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average exercise price, outstanding, beginning balance (in dollars per share)	$ 30.14
Weighted-average exercise price, granted (in dollars per share)	0
Weighted-average exercise price, exercised (in dollars per share)	30.14
Weighted-average exercise price, forfeited (in dollars per share)	0
Weighted-average exercise price, outstanding, ending balance (in dollars per share)	30.14	$ 30.14
Weighted average exercise price, vested and exercisable at end of period (in dollars per share)	$ 30.14
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Aggregate intrinsic value, outstanding	$ 25,187	$ 1,278
Aggregate intrinsic value, exercised	274
Aggregate intrinsic value, vested and exercisable at December 31, 2024	$ 6,058
Weighted-average remaining contractual life	8 years 6 months	9 years 6 months
Weighted average remaining contractual Term, vested and exercisable	8 years 6 months
Weighted average grant date fair value of per unit of stock option granted during the period (in USD per share)	$ 0

Segment and Geographical Information - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 170,621	$ 165,229
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	63,040	53,813
The United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	52,510	61,592
The Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	25,881	21,952
South Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	23,828	20,890
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 5,362	$ 6,982

Segment and Geographical Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Employee Benefit Plans - Summary of Components of Actuarial Gain/(Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax [Abstract]
Net actuarial gain/(loss)	$ (1,239)	$ 777	$ (462)
Net prior service cost	(4)	(5)	(8)
Amount recognized in AOCI, excluding tax effects	$ (1,243)	$ 772	$ (470)

Segment and Geographical Information - Revenues Based on Geographical Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	$ 1,838,372	$ 1,630,668	$ 1,412,044
The United States
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	1,518,894	1,370,707	1,213,477
Total Non-United States
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	319,478	259,961	198,567
The United Kingdom
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	215,958	177,479	134,630
Rest of World
Revenues from External Customers and Property, Plant and Equipment [Line Items]
Revenues, net	$ 103,520	$ 82,482	$ 63,937

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
Year one	$ 22,028	$ 17,806
Year two	20,434	16,878
Year three	17,918	16,220
Year four	15,191	13,712
Year five	6,370	10,132
After year five	11,931	14,018
Total lease payments	93,872	88,766
Less: Imputed interest	17,530	17,811
Present value of lease liabilities	76,342	70,955
Finance Leases
Year one	671	297
Year two	631	256
Year three	527	222
Year four	353	191
Year five	175	98
After year five	0	0
Total lease payments	2,357	1,064
Less: Imputed interest	573	260
Present value of lease liabilities	$ 1,784	$ 804

Derivatives and Hedge Accounting - Summary of Effect of Foreign Currency Exchange Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) recognized in OCI	$ (14,513)	$ 14,403	$ (27,333)
Gain/(loss) recognized in consolidated statements of income	891	1,532	6,199
Derivatives in cash flow hedging relationships \| Derivative designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain/(loss) recognized in OCI	(14,513)	14,403	(27,333)
Fair value hedge \| Gain/(loss) on foreign currency exchange contracts \| Derivative not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized in consolidated statements of income	$ (3,110)	$ 296	$ (9,571)

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2024

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of
	December 31, 2024		December 31, 2023
Accrued expenses	$	63,548	$	58,736
Payable to statutory authorities	22,935		20,591
Client liabilities	9,711		6,909
Derivative instruments	7,454		2,009
Accrued capital expenditures	2,059		4,134
Contingent consideration	1,280		15,000
Income taxes payable, net	284		1,213
Others	6,326		5,521
Accrued expenses and other current liabilities	$	113,597	$	114,113

Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Plan (Details) - Employee Stock - 2022 Employee stock purchase plan	6 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected life (years)	6 months	6 months	6 months
Risk free interest rate for expected life	5.30%	5.20%	5.40%
Volatility for expected life	25.50%	30.10%	25.50%
Discount for illiquidity	7.40%	7.50%	8.90%

Income Taxes - Summary of Components of Deferred Tax Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Tax credit carry forwards	$ 8,058	$ 9,954
Depreciation and amortization expense	18,178	14,569
Capitalized research and development expenses	54,844	47,276
Stock-based compensation	10,902	8,506
Accrued employee costs and other expenses	33,897	21,670
Net operating loss carry forwards	281	212
Net unrealized foreign exchange loss	20,242	15,447
Right-of-use assets	20,125	19,042
Others	339	414
Deferred tax assets	166,866	137,090
Valuation allowance	(3,172)	(482)
Deferred tax assets	163,694	136,608
Deferred tax liabilities:
Intangible assets	29,883	27,095
Net unrealized gain on investments	4,018	3,704
Capitalized costs	7,665	5,999
Lease liability	16,586	16,188
Others	2,198	2,190
Deferred tax liabilities	60,350	55,176
Net deferred tax assets	$ 103,344	$ 81,432

Other Income/(Expense), Net

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Other Income/(Expense), Net

Other income/(expense), net consists of the following:


	Year ended December 31,
	2024		2023		2022
Gain on sale and fair value mark-to-market on investments	$	5,662	$	5,013	$	4,907
Interest and dividend income	9,921		8,027		5,229
Fair value changes of contingent consideration (1)	589		(1,900)		(8,250)
Others, net	(80)		(306)		(1,896)
Other income/(expense), net	$	16,092	$	10,834	$	(10)

(1) Refer to Note 16 - Fair Value Measurements to the consolidated financial statements for further details.

Investments - Summary of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Short-term investments
Mutual funds	$ 108,251	$ 52,650
Term deposits	78,972	101,231
Total Short-term investments	187,223	153,881
Long-term investments
Term deposits	9,295	239
Investment in equity affiliate	4,677	4,191
Total Long-term investments	$ 13,972	$ 4,430

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Income Taxes - Summary of Components of Income / (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 72,286	$ 100,905	$ 80,949
Foreign	189,061	137,036	109,150
Income before income tax expense and earnings from equity affiliates	$ 261,347	$ 237,941	$ 190,099

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.5-03(10))
-Publisher FASB
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consist of the following:


	As of
	December 31, 2024		December 31, 2023
Advance income tax, net	$	49,377	$	23,269
Contract assets	36,072		2,830
Prepaid expenses	21,061		18,171
Receivables from statutory authorities	19,407		18,500
Deferred contract fulfillment costs	4,281		3,303
Advances to suppliers	4,009		1,883
Derivative instruments	1,973		4,308
Others	4,137		4,405
Other current assets	$	140,317	$	76,669

Revenues, net and Accounts Receivable, net - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Opening Balance	$ 3,703	$ 1,332
Additions/(reductions)	(39)	2,450
Reductions due to write-off of accounts receivable	(135)	(79)
Currency translation adjustments	(1)	0
Closing Balance	$ 3,528	$ 3,703

Stock-Based Compensation - Schedule of Share-Based Compensation, Employee Stock Purchase Plan (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Dividend yield	0.00%
Expected life (years)	6 years 3 months
Risk free interest rate for expected life	3.80%
Volatility for expected life	32.40%

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Liabilities, Noncurrent [Abstract]

Summary of Other Non-Current Liabilities

Other non-current liabilities consist of the following:


	As of
	December 31, 2024		December 31, 2023
Retirement benefits	$	24,795	$	16,666
Deferred transition revenue	18,213		10,195
Derivative instruments	4,363		216
Unrecognized tax benefits	1,966		1,262
Contingent consideration	1,420		589
Others	2,816		2,534
Other non-current liabilities	$	53,573	$	31,462

Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings per share

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Year ended December 31,
	2024		2023		2022
Numerators:
Net income	$	198,297	$	184,558	$	142,968
Denominators:
Basic weighted average common shares outstanding	162,718,840		166,341,213		166,651,585
Dilutive effect of stock-based awards	1,602,816		1,820,158		2,517,705

Diluted weighted average common shares outstanding	164,321,656		168,161,371		169,169,290
Earnings per share:
Basic	$	1.22	$	1.11	$	0.86
Diluted	$	1.21	$	1.10	$	0.85
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share	2,073,990		1,628,932		2,830

On March 15, 2024, the Company entered into a master confirmation (the “Master Accelerated Share Repurchase Confirmation”) and a supplemental confirmation (together with the Master Accelerated Share Repurchase Confirmation, the “2024 ASR Agreement”), with Citibank, N.A. (“Citibank”). Refer to Note 19 - Capital Structure to the consolidated financial statements for further details. During the year ended December 31, 2024, the Company recorded the initial delivery and final settlement of shares in treasury stock, which resulted in an immediate reduction of its outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share.

Summary of Significant Accounting Policies - Summary of Revenues and Reimbursements (Details)	12 Months Ended
	Dec. 31, 2024
Minimum
Disaggregation of Revenue [Line Items]
Payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms	60 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Derivatives and Hedge Accounting - Foreign Currency Forward Contracts (Details) - Foreign exchange contract - Derivative not designated as hedging instruments € in Thousands, £ in Thousands, R in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2024 GBP (£)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 AUD ($)	Dec. 31, 2024 ZAR (R)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 AUD ($)	Dec. 31, 2023 ZAR (R)
Short
Derivatives, Fair Value [Line Items]
Foreign exchange contracts outstanding	$ 179,491	£ 20,956	€ 9,008	$ 4,770	R 10,006	$ 170,543	£ 14,544	€ 5,231	$ 3,452	R 150,150
Long
Derivatives, Fair Value [Line Items]
Foreign exchange contracts outstanding	$ 588					$ 0

Derivatives and Hedge Accounting

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedge Accounting

The Company uses derivative instruments to mitigate cash flow volatility from risk of fluctuations in foreign currency exchange rates and interest rates. The Company enters into foreign currency forward contracts to hedge cash flow risks from forecasted transactions denominated in certain foreign currencies, and interest rate swaps to hedge cash flow risks from its revolving credit facility having variable interest rate obligations. These contracts qualify as cash flow hedges under ASC Topic 815, Derivatives and Hedging, and are with counterparties that are highly rated financial institutions.

The following table sets forth the aggregate notional amount of derivatives in cash flow hedging relationship:

As of

December 31, 2024

December 31, 2023

Foreign currency forward contracts denominated in:

Sell U.S. dollar (USD)

984,300

722,800

Interest rate swaps (Floating to fixed) denominated in:

USD

—

75,000

The Company estimates that approximately $5,693 of derivative losses, net, excluding tax effects, included in AOCI, representing changes in the value of cash flow hedges based on exchange rates prevailing as of December 31, 2024, could be reclassified into earnings within the next twelve months. As of December 31, 2024, the maximum outstanding term of the cash flow hedges was approximately 45 months.

The Company also enters into foreign currency forward contracts to hedge its intercompany balances and other monetary assets and liabilities denominated in currencies other than functional currencies, against the risk of fluctuations in foreign currency exchange rates associated with remeasurement of such assets and liabilities to functional currency. These foreign currency forward contracts do not qualify as fair value hedges under ASC Topic 815, Derivatives and Hedging. Changes in the fair value of these financial instruments are recognized in the consolidated statements of income and are included in the foreign exchange gain/(loss) line item. The Company’s primary exchange rate exposure is with the Indian rupee (INR), the Philippine peso (PHP), the U.K. pound sterling (GBP) and South African rand (ZAR). The Company also has exposure to the Colombian peso (COP), the Euro (EUR), the Australian dollar (AUD), the Canadian dollar (CAD) and other local currencies in which it operates.

The following table sets forth the aggregate notional principal amounts of outstanding foreign currency forward contracts for derivatives not designated as hedging instruments:


	As of
Foreign currency forward contracts denominated in:	December 31, 2024	December 31, 2023
Sell USD	179,491	170,543
Sell GBP	20,956	14,544
Sell EUR	9,008	5,231
Sell AUD	4,770	3,452
Sell ZAR	10,006	150,150
Buy USD	588	—

The following table sets forth the fair value of the foreign currency forward contracts and interest rate swaps and their location on the consolidated balance sheets:


	Derivatives in cash flow hedging relationships				Derivatives not designated as hedging instruments
	As of				As of
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Assets:
Other current assets	$	1,711	$	4,216	$	262	$	92
Other assets	$	852	$	3,299	$	—	$	—
Liabilities:
Accrued expenses and other current liabilities	$	7,404	$	1,859	$	50	$	150
Other non-current liabilities	$	4,363	$	216	$	—	$	—

The following table sets forth the effect of foreign currency forward contracts and interest rate swaps on AOCI and the consolidated statements of income:


	Year ended December 31,
Derivative financial instruments:	2024		2023		2022
Unrealized gain/(loss) recognized in OCI
Derivatives in cash flow hedging relationships	$	(14,513)	$	14,403	$	(27,333)

Gain/(loss) recognized in consolidated statements of income
Derivatives not designated as hedging instruments	$	(3,110)	$	296	$	(9,571)


	Year ended December 31,
	2024				2023				2022
	As per consolidated statements of income		Gain/(loss) on derivative financial instruments		As per consolidated statements of income		Gain/(loss) on derivative financial instruments		As per consolidated statements of income		Gain/(loss) on derivative financial instruments
Derivatives in cash flow hedging relationships
Location in consolidated statements of income where gain/(loss) was reclassified from AOCI

Cost of revenues	$	1,147,359	$	(722)	$	1,022,902	$	(5,180)	$	896,595	$	(1,304)
General and administrative expenses	$	225,672	110		$	198,294	(454)		$	169,016	141
Selling and marketing expenses	$	146,502	18		$	120,227	(40)		$	97,989	10
Depreciation and amortization expense	$	55,219	2		$	50,490	(236)		$	56,282	(32)
Interest expense	$	19,256	723		$	13,180	702		$	8,252	(110)
Total before tax			131				(5,208)				(1,295)
Income tax effects on above			(339)				797				(455)
Net of tax			$	(208)			$	(4,411)			$	(1,750)

Derivatives not designated as hedging instruments
Location in consolidated statements of income where gain/(loss) was recognized

Foreign exchange gain/(loss), net	$	891	$	(3,110)	$	1,532	$	296	$	6,199	$	(9,571)

Capital Structure - Purchased Shares of its Common Stock, Including Commissions (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 15, 2024 $ / shares shares	Dec. 31, 2024 USD ($) program $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Equity [Abstract]
Number of share repurchase programs \| program		2
Shares repurchased (in shares) \| shares	3,350,084	6,273,381	4,127,451	2,519,290
Total consideration \| $		$ 196,524	$ 125,416	$ 68,521
Weighted average purchase price per share (in dollars per share) \| $ / shares	$ 29.85	$ 31.33	$ 30.39	$ 27.20

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Stock-Based Comepnsation - Share Matching Program, Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) installment
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of installments \| installment	2
Share Match Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, period to be Transferable after vesting date	2 years
Unrecognized compensation cost for unvested stock options	$ 445,000
Cost not yet recognized, period for recognition	3 months 18 days
Share Match Units \| Year One
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of award vesting rights	33.33%
Share Match Units \| Year Two
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of award vesting rights	66.66%
Minimum \| Share Match Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Employers matching contribution, share match program, cap per employee	$ 100
Maximum \| Share Match Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Employers matching contribution, share match program, cap per employee	$ 500

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerators:
Net income	$ 198,297	$ 184,558	$ 142,968
Denominators:
Basic weighted average common shares outstanding (in shares)	162,718,840	166,341,213	166,651,585
Dilutive effect of share based awards (in shares)	1,602,816	1,820,158	2,517,705
Diluted weighted average common shares outstanding (in shares)	164,321,656	168,161,371	169,169,290
Earnings per share:
Basic (in dollars per share)	$ 1.22	$ 1.11	$ 0.86
Diluted (in dollars per share)	$ 1.21	$ 1.10	$ 0.85
Weighted average potentially dilutive shares considered anti-dilutive and not included in computing diluted earnings per share (in shares)	2,073,990	1,628,932	2,830

Business Combinations, Goodwill and Other Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 13,630	$ 14,678	$ 17,109

Summary of Significant Accounting Policies - Summary of Lived Intangible Assets Amortized over their Estimated Useful Lives (Details)	Dec. 31, 2024
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	5 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	15 years
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	3 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	10 years
Non-compete agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	3 years
Non-compete agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	5 years
Trade names and trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	2 years
Trade names and trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of intangible assets	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

The following tables summarizes the Company’s debt position:


	As of
	December 31, 2024						December 31, 2023
	Revolving credit facility		Term loan facility		Total		Revolving credit facility		Term loan facility		Total
Current portion of long-term borrowings	$	—	$	5,000	$	5,000	$	65,000	$	—	$	65,000
Unamortized debt issuance costs	—		(114)		(114)		—		—		—
Total current portion of long-term borrowings	—		4,886		4,886		65,000		—		65,000

Long-term borrowings	190,000		93,750		283,750		135,000		—		135,000
Unamortized debt issuance costs	—		(152)		(152)		—		—		—
Total long-term borrowings	190,000		93,598		283,598		135,000		—		135,000
Total borrowings	$	190,000	$	98,484	$	288,484	$	200,000	$	—	$	200,000

Unamortized debt issuance costs for the Company’s revolving credit facility of $895 and $903 as of December 31, 2024 and 2023, respectively, are presented under “Other current assets” and “Other assets,” as applicable, in the consolidated balance sheets.

Credit Agreement

The Company held a $300,000 revolving credit facility pursuant to its credit agreement (the “Credit Agreement”), dated as of November 21, 2017 with certain lenders and Citibank N.A. as Administrative Agent, which was amended and restated on April 18, 2022 (the “2022 Credit Agreement”), Among other things, the 2022 Credit Agreement (a) provides for the issuance of new revolving credit commitments such that the aggregate amount of revolving credit commitments available as of April 18, 2022 to the Company is equal to $400,000; and (b) extends the maturity date of the revolving credit facility from November 21, 2022 to April 18, 2027.

On August 9, 2024, the Company and each of the Company’s wholly owned material domestic subsidiaries entered into a First Amendment to Amended and Restated Credit Agreement with Citibank, N.A., as Administrative Agent, and certain lenders (the “2024 Credit Agreement”), pursuant to which the parties thereto amended and restated the 2022 Credit Agreement. Among other things, the 2024 Credit Agreement (a) provides for a $100,000 increase to the revolving credit commitments such that the aggregate amount of revolving credit commitments available as of August 9, 2024 to the Company is equal to $500,000; and (b) provides for the issuance of a new term loan facility in the aggregate amount of $100,000 with an annual prepayment amount of 5%. The increased revolving credit facility and the new term loan facility both mature on April 18, 2027.

The 2024 Credit Agreement includes a letter of credit sub facility and is voluntarily pre-payable from time to time without premium or penalty. Borrowings under the revolving credit facility can be used for working capital and general corporate purposes, including permitted acquisitions. Borrowings of $100,000 under the term loan facility (which was drawn based on adjusted SOFR) were used to repay the borrowings outstanding under the revolving credit facility on August 9, 2024.

Obligations under the 2024 Credit Agreement are guaranteed by the Company’s wholly-owned material domestic subsidiaries and are secured by all or substantially all of the Company’s and its material domestic subsidiaries’ assets. The 2024 Credit Agreement contains customary affirmative and negative covenants, including, but not limited to, restrictions on the ability to incur indebtedness, create liens, make certain investments, make certain dividends and distributions, enter into, or undertake, certain liquidations, mergers, consolidations or acquisitions and dispose of certain assets or subsidiaries. In addition, the 2024 Credit Agreement contains a covenant to not permit the interest coverage ratio or the total net leverage ratio for the four consecutive quarter period ending on the last day of each fiscal quarter, to be less than 3.0 to 1.0 or more than 3.5 to 1.0, respectively.

The 2024 Credit Agreement bears interest at a rate equal to specified prime rate (alternate base rate) or adjusted SOFR, plus, in each case, an applicable margin. The applicable margin on the revolving credit facility is tied to the Company’s total net leverage ratio and ranges from 0% to 0.75% per annum on loans pegged to the specified prime rate, and 0.875% to 1.75% per annum on loans pegged to the adjusted SOFR. The applicable margin on the term loan facility is also tied to the Company’s total net leverage ratio and ranges from 0.125% to 1.00% per annum on loans pegged to the specified prime rate, and 1.125% to 2.00% per annum on loans pegged to the adjusted SOFR. The revolving credit commitments under the 2024 Credit Agreement are subject to a commitment fee which is also tied to the Company’s total net leverage ratio, and ranges from 0.125% to 0.275% per annum on the average daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations.

The effective interest rates of the revolving credit facility and the term loan facility are as follows:


	Year ended December 31,
	2024		2023		2022
Revolving credit facility	6.3	%	6.3	%	2.9	%
Term loan facility	6.5	%	—	%	—	%

As of December 31, 2024 and 2023, the Company was in compliance with the financial covenants under the 2024 Credit Agreement.

The maturity profile of the Company’s long-term borrowings, excluding debt issuance costs, outstanding as of December 31, 2024 was as follows:


	Revolving credit facility		Term loan facility


2025	$	—	$	5,000
2026	—		5,000
2027	190,000		88,750
Total	$	190,000	$	98,750

Letters of Credit

In the ordinary course of business, the Company provides standby letters of credit to third parties primarily for facility leases. As of December 31, 2024 and 2023, the Company had outstanding letters of credit of $761 and $461, respectively, that were not recognized in the consolidated balance sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Revenues and Cost of Revenues for Company's Reportable Segments

Revenues and cost of revenues for the years ended December 31, 2024, 2023 and 2022, respectively, for each of the reportable segments, are as follows:


	Year ended December 31, 2024
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	614,028	$	116,406	$	311,740	$	796,198	$	1,838,372
Cost of revenues (1)
Employee costs (2)	320,335		63,597		147,316		416,293		947,541
Infrastructure and technology costs	58,415		11,049		29,813		27,582		126,859
Other costs (3)	11,600		3,288		4,278		53,793		72,959
Gross profit (1)	$	223,678	$	38,472	$	130,333	$	298,530	$	691,013
Operating expenses									427,393
Foreign exchange gain, net, interest expense and other income, net									(2,273)
Income tax expense									62,936
Loss from equity-method investment									(114)
Net income									$	198,297

(1) Exclusive of depreciation and amortization expense.

(2) Employee costs include restructuring costs of $607, $16, $73 and $2,382 for Insurance, Healthcare, Emerging Business and Analytics segments respectively. Refer to Note 26 – Restructuring Costs to the consolidated financial statements for further details.

(3) Other costs primarily include travel and entertainment costs and direct expenses related to lead generation and direct marketing business which are a part of analytics business segment.


	Year ended December 31, 2023
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	529,855	$	105,994	$	265,692	$	729,127	$	1,630,668
Cost of revenues (1)
Employee costs	281,108		56,026		121,278		382,550		840,962
Infrastructure and technology costs	49,633		9,872		25,922		20,046		105,473
Other costs (2)	11,044		3,375		3,743		58,305		76,467
Gross profit (1)	$	188,070	$	36,721	$	114,749	$	268,226	$	607,766
Operating expenses									369,011
Foreign exchange gain, net, interest expense and other income, net									(814)
Income tax expense									53,536
Gain from equity-method investment									153
Net income									$	184,558

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and direct expenses related to lead generation and direct marketing business which are a part of analytics business segment.


	Year ended December 31, 2022
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	448,704	$	97,351	$	218,638	$	647,351	$	1,412,044
Cost of revenues (1)
Employee costs	236,963		55,532		101,978		333,876		728,349
Infrastructure and technology costs	41,126		11,889		22,556		19,340		94,911
Other costs (2)	9,645		3,530		3,483		56,677		73,335
Gross profit (1)	$	160,970	$	26,400	$	90,621	$	237,458	$	515,449
Operating expenses									323,287
Foreign exchange gain, net, interest expense and other expense, net									(2,063)
Income tax expense									47,565
Gain from equity-method investment									434
Net income									$	142,968

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and direct expenses related to lead generation and direct marketing business which are a part of analytics business segment.

Revenues, net by service type, were as follows:


	Year ended December 31,
	2024		2023		2022
Digital operations and solutions (1)	$	1,042,174	$	901,541	$	764,693
Analytics services	796,198		729,127		647,351
Revenues, net	$	1,838,372	$	1,630,668	$	1,412,044

(1) Digital operations and solutions include revenues of the Company’s Insurance, Healthcare and Emerging Business reportable segments. Refer to the reportable segment disclosure above.

Revenues Based on Geographical Information

The Company attributes the revenues to regions based upon the location of its customers.


	Year ended December 31,
	2024		2023		2022
Revenues, net
The United States	$	1,518,894	$	1,370,707	$	1,213,477
Non-United States
The United Kingdom	215,958		177,479		134,630
Rest of World	103,520		82,482		63,937
Total Non-United States	319,478		259,961		198,567
Revenues, net	$	1,838,372	$	1,630,668	$	1,412,044

Long-Lived Assets by Geographic Area

Long-lived assets by geographic area, which consist of property and equipment, net and operating lease ROU assets were as follows:


	As of
	December 31, 2024		December 31, 2023
Long-lived assets
India	$	63,040	$	53,813
The United States	52,510		61,592
The Philippines	25,881		21,952
South Africa	23,828		20,890
Rest of World	5,362		6,982
Long-lived assets	$	170,621	$	165,229

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Lived Intangible Assets Amortized over their Estimated Useful Lives

The Company’s definite lived intangible assets are amortized over their estimated useful lives as listed below using a straight-line method:


			Useful Lives (in years)
Customer relationships			5-15
Developed technology			3-10
Non-compete agreements			3-5
Trade names and trademarks			2-10

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor name	Deloitte & Touche LLP
Auditor location	New York, New York
Auditor firm ID	34

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were recognized at fair value:


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2024	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	54,925	$	—	$	—	$	54,925
Mutual funds (2)	108,251		—		—		108,251
Derivative financial instruments	—		2,825		—		2,825
Total	$	163,176	$	2,825	$	—	$	166,001
Liabilities
Derivative financial instruments	$	—	$	11,817	$	—	$	11,817
Contingent consideration (3)	—		—		2,700		2,700
Total	$	—	$	11,817	$	2,700	$	14,517


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2023	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	49,806	$	—	$	—	$	49,806
Mutual funds (2)	52,650		—		—		52,650
Derivative financial instruments	—		7,607		—		7,607
Total	$	102,456	$	7,607	$	—	$	110,063
Liabilities
Derivative financial instruments	$	—	$	2,225	$	—	$	2,225
Contingent consideration (3)	—		—		15,589		15,589
Total	$	—	$	2,225	$	15,589	$	17,814

(1) Represents money market funds which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

(2) Represents those short-term investments which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

(3) Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in the fair value of contingent consideration:


	Year ended December 31,
	2024		2023
Opening balance	$	15,589	$	18,689
Acquisitions	2,700		—
Fair value changes	(589)		1,900
Payments	(15,000)		(5,000)
Closing balance	$	2,700	$	15,589

During the years ended December 31, 2024 and 2023, there were no transfers among Level 1, Level 2 and Level 3.

Business Combinations, Goodwill and Other Intangible Assets - Summary of Company's Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 405,639	$ 405,637
Acquisition	22,035
Measurement period adjustments	(6,700)
Currency translation adjustments	(587)	2
Ending balance	420,387	405,639
Insurance
Goodwill [Roll Forward]
Beginning balance	50,035	49,929
Acquisition	0
Measurement period adjustments	0
Currency translation adjustments	(50)	106
Ending balance	49,985	50,035
Healthcare
Goodwill [Roll Forward]
Beginning balance	21,872	21,875
Acquisition	0
Measurement period adjustments	0
Currency translation adjustments	(5)	(3)
Ending balance	21,867	21,872
Emerging Business
Goodwill [Roll Forward]
Beginning balance	47,001	47,101
Acquisition	0
Measurement period adjustments	0
Currency translation adjustments	(531)	(100)
Ending balance	46,470	47,001
Analytics
Goodwill [Roll Forward]
Beginning balance	286,731	286,732
Acquisition	22,035
Measurement period adjustments	(6,700)
Currency translation adjustments	(1)	(1)
Ending balance	$ 302,065	$ 286,731

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Derivatives and Hedge Accounting - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge losses to be reclassified within twelve months	$ 5,693
Maximum outstanding term of cash flow hedges	45 months

Borrowings - Company's Debt Position (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current portion of long-term borrowings	$ 5,000	$ 65,000
Unamortized debt issuance costs	(114)	0
Total current portion of long-term borrowings	4,886	65,000
Long-term borrowings	283,750	135,000
Unamortized debt issuance costs	(152)	0
Total long-term borrowings	283,598	135,000
Total borrowings	288,484	200,000
Revolving credit facility \| Line of Credit
Debt Instrument [Line Items]
Current portion of long-term borrowings	0	65,000
Unamortized debt issuance costs	0	0
Total current portion of long-term borrowings	0	65,000
Long-term borrowings	190,000	135,000
Unamortized debt issuance costs	0	0
Total long-term borrowings	190,000	135,000
Total borrowings	190,000	200,000
Term loan facility \| Line of Credit
Debt Instrument [Line Items]
Current portion of long-term borrowings	5,000	0
Unamortized debt issuance costs	(114)	0
Total current portion of long-term borrowings	4,886	0
Long-term borrowings	93,750	0
Unamortized debt issuance costs	(152)	0
Total long-term borrowings	93,598	0
Total borrowings	$ 98,484	$ 0

Revenues, net and Accounts Receivable, net - Contracts with Customer, Receivables, Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 304,322	$ 308,108
Contract assets	39,700	9,665
Contract liabilities:
Deferred revenue (consideration received in advance)	15,484	9,764
Consideration received for process transition activities	$ 21,993	$ 12,411

Capital Structure

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Capital Structure

Common Stock

The Company has one class of common stock outstanding. Holders of the Company's common stock are entitled to one vote per share. Upon the liquidation or dissolution of the Company, its common stockholders are entitled to receive a ratable share of the available net assets of the Company after payment of all debts and other liabilities. The Company's shares of common stock have no preemptive, subscription, redemption or conversion rights.

Share Repurchases


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Twelve months ended December 31, 2024	303,836	$	10,266	$	33.79
Twelve months ended December 31, 2023	237,047	$	7,853	$	33.13
Twelve months ended December 31, 2022	164,080	$	4,121	$	25.12

(1) The weighted average purchase price per share is based on the closing price of the Company’s common stock on the Nasdaq Global Select Market on the trading day prior to the applicable vesting date of the restricted stock units.

On October 5, 2021, the Company’s board of directors authorized a $300,000 (excluding excise tax) common stock repurchase program beginning January 1, 2022 (the “2022 Repurchase Program”), and terminated the 2019 Repurchase Program on December 31, 2021.

On February 26, 2024, the Company’s board of directors authorized a $500,000 (excluding excise tax) common stock repurchase program beginning March 1, 2024 (the “2024 Repurchase Program”), and terminated the 2022 Repurchase Program on February 29, 2024.

On March 15, 2024, the Company entered into a 2024 ASR Agreement with Citibank to repurchase shares of its common stock for an aggregate purchase price of $125,000, as part of the Company’s 2024 Repurchase Program. Upon payment of the aggregate purchase price of $125,000, the Company received an initial delivery of 3,350,084 shares of its common stock at an initial price of $29.85 per share, representing 80% of the aggregate purchase price. The Company funded the repurchase with available cash on hand and borrowing from its revolving credit facility. The 2024 ASR Agreement was accounted for as a treasury stock transaction and forward stock purchase agreement indexed to the Company’s common stock. The forward stock purchase agreement was classified as an equity instrument under ASC Topic 815-40, Contracts in Entity's Own Equity, and

deemed to have a fair value of zero at the effective date. The prepayment of $25,000 was initially recorded in additional paid-in capital, which reflected the pending settlement of the 2024 ASR Agreement. Under the terms of the 2024 ASR Agreement, the ultimate number of shares of Common Stock that the Company repurchased was based on the average of the daily volume-weighted average prices of the Common Stock during the term of the 2024 ASR Agreement, less a discount and subject to adjustments pursuant to the terms and conditions of the 2024 ASR Agreement.

On July 19, 2024, upon final settlement of the 2024 ASR Agreement, the Company received 820,433 additional shares of its common stock based on a daily volume-weighted average price of $29.97 per share during the term of the 2024 ASR Agreement. The additional shares received were recorded as treasury stock at a fair market value of $33.96 per share, and $2,862 was recorded in additional paid-in capital.

Under the Company’s two repurchase programs, shares may be purchased by the Company from time to time from the open market and through private transactions, or otherwise, as determined by the Company’s management as market conditions warrant. Repurchases may be discontinued at any time by the management.

The Company purchased shares of its common stock, for a total consideration including commissions but excluding excise tax, under its two repurchase programs, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share
Twelve months ended December 31, 2024	6,273,381	$	196,524	$	31.33
Twelve months ended December 31, 2023	4,127,451	$	125,416	$	30.39
Twelve months ended December 31, 2022	2,519,290	$	68,521	$	27.20

Repurchased shares have been recorded as treasury shares and will be held until the Company’s board of directors designates that these shares be retired or used for other purposes.

Pursuant to the Inflation Reduction Act, effective January 1, 2023, the Company is required to pay a 1% excise tax on the fair market value of each share of common stock repurchased, net of stock issuances. The Company recognized excise tax of $1,096 and $218 on repurchase of common stock as a part of cost of such repurchases for the years ended December 31, 2024 and 2023, respectively.

Dividends

The Company has not paid or declared any cash dividends on its common stock during the years ended December 31, 2024, 2023 and 2022. The Company’s borrowings under its revolving credit facility could restrict its ability to declare or make any dividends or similar distributions.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Cash, Cash Equivalents and Restricted Cash

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

For the purposes of statements of cash flows, cash, cash equivalents and restricted cash consist of the following:


	As of
	December 31, 2024		December 31, 2023		December 31, 2022
Cash and cash equivalents	$	153,355	$	136,953	$	118,669
Restricted cash (current) (1)	9,972		4,062		4,897
Restricted cash (non-current) (2)	8,071		4,386		2,055
Cash, cash equivalents and restricted cash	$	171,398	$	145,401	$	125,621

(1) Restricted cash (current) primarily represents funds held on behalf of customers in dedicated bank accounts. The corresponding liability against the same is included under “Accrued Expenses and other current liabilities.” Restricted cash also includes funds held as collateral in a dedicated bank account for irrevocable letters of credit issued in favor of third parties for facility leases.

(2) Restricted cash (non-current) represents deposits with banks against bank guarantees issued through banks in favor of relevant statutory authorities for equipment imports, deposits for obtaining indirect tax registrations and for demands against pending income tax and value added tax (“VAT”) assessments. These deposits with banks will mature one year after the balance sheet date.

Business Combinations, Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)		12 Months Ended
	Aug. 01, 2024	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill, period decrease		$ 6,700
Impairment charges		0	$ 0
Impairment of intangible assets (Excluding goodwill)		$ 429,000	$ 0
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]		Depreciation and amortization expense
Incandescent Technologies, Inc
Business Acquisition [Line Items]
Percentage of business acquired	100.00%
Incandescent Technologies, Inc \| Customer-Related Intangible Assets
Business Acquisition [Line Items]
Custom-related intangible assets	$ 12,500,000
Estimated weighted average amortization period	5 years

Stock-Based Compensation - Stock Options, Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 15, 2018	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiring period of equity options to employees	10 years
Vesting period	4 years
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for unvested stock options		$ 13,326
Cost not yet recognized, period for recognition		2 years 6 months
2018 Stock options plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiring period of equity options to employees			10 years
Vesting period			4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Restricted Stock Units Activity Under Company's Stock Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Match Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares)	217,230
Number, granted (in shares)	0
Number, vested (in shares)	(72,385)
Number, forfeited (in shares)	0
Number, outstanding, ending balance (in shares)	144,845	217,230
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, beginning balance (in dollars per share)	$ 24.95
Weighted-average fair value, granted (in dollars per share)	0
Weighted-average fair value, vested (in dollars per share)	24.95
Weighted-average fair value, forfeited (in dollars per share)	0
Weighted-average fair value, outstanding, ending balance (in dollars per share)	$ 24.95	$ 24.95
Restricted stock units vested (in shares)	72,385	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number, outstanding, beginning balance (in shares)	3,731,512
Number, granted (in shares)	1,625,550
Number, vested (in shares)	(1,818,180)
Number, forfeited (in shares)	(298,682)
Number, outstanding, ending balance (in shares)	3,240,200	3,731,512
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value, outstanding, beginning balance (in dollars per share)	$ 24.96
Weighted-average fair value, granted (in dollars per share)	30.23	$ 33.99	$ 24.28
Weighted-average fair value, vested (in dollars per share)	22.26
Weighted-average fair value, forfeited (in dollars per share)	28.22
Weighted-average fair value, outstanding, ending balance (in dollars per share)	$ 28.82	$ 24.96
Restricted stock units vested (in shares)	289,547	324,125

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Owned Assets:
Owned assets, gross	$ 352,792	$ 321,929
Less: Accumulated depreciation and amortization	(252,667)	(222,333)
Property and equipment, net	100,125	99,596
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	3,268	2,109
Less: Accumulated depreciation	(1,556)	(1,332)
Property and equipment, net	1,712	777
Property and equipment, net	$ 101,837	$ 100,373
ROU assets under finance leases	Property and equipment, net	Property and equipment, net
Network equipment and computers
Owned Assets:
Owned assets, gross	$ 167,525	$ 149,975
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 56	58
Network equipment and computers \| Minimum
Owned Assets:
Estimated useful lives	3 years
Network equipment and computers \| Maximum
Owned Assets:
Estimated useful lives	5 years
Software
Owned Assets:
Owned assets, gross	$ 105,874	94,279
Software \| Minimum
Owned Assets:
Estimated useful lives	2 years
Software \| Maximum
Owned Assets:
Estimated useful lives	5 years
Leasehold improvements
Owned Assets:
Owned assets, gross	$ 45,819	41,933
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 587	604
Leasehold improvements \| Minimum
Owned Assets:
Estimated useful lives	3 years
Leasehold improvements \| Maximum
Owned Assets:
Estimated useful lives	8 years
Office furniture and equipment
Owned Assets:
Owned assets, gross	$ 23,898	21,199
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 417	427
Office furniture and equipment \| Minimum
Owned Assets:
Estimated useful lives	3 years
Office furniture and equipment \| Maximum
Owned Assets:
Estimated useful lives	8 years
Motor vehicles
Owned Assets:
Owned assets, gross	$ 635	686
Right-of-use assets under finance leases:
Right of use assets under finance leases, gross	$ 2,208	1,020
Motor vehicles \| Minimum
Owned Assets:
Estimated useful lives	2 years
Motor vehicles \| Maximum
Owned Assets:
Estimated useful lives	5 years
Buildings
Owned Assets:
Estimated useful lives	30 years
Owned assets, gross	$ 929	956
Land
Owned Assets:
Owned assets, gross	608	625
Capital work in progress
Owned Assets:
Owned assets, gross	$ 7,504	$ 12,276

Segment and Geographical Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographical Information

The Company is a provider of data analytics and digital operations and solutions.

The Company manages and reports financial information through its four reportable segments: Insurance, Healthcare, Analytics and Emerging Business, which reflects how management reviews financial information and makes operating decisions. These business units develop client-specific solutions, build capabilities, maintain a unified go-to-market approach and are integrally responsible for service delivery, customer satisfaction, growth and profitability.

The Company’s Chief Executive Officer has been identified as the Chief Operating Decision Maker ("CODM"). The CODM generally reviews financial information such as revenues, cost of revenues and gross profit to allocate an overall budget and measure segment performance.

The CODM uses revenue, cost of revenues and gross profit for each segment predominantly in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis for making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment gross profit for evaluating pricing strategy and performance of each individual segment.

The August 2024 acquisition of Incandescent Technologies, Inc. (“ITI Data”) is included in the Analytics reportable segment. Refer to Note 10 - Business Combinations, Goodwill and Other Intangible Assets to the consolidated financial statements for further details.

Revenues and cost of revenues for the years ended December 31, 2024, 2023 and 2022, respectively, for each of the reportable segments, are as follows:


	Year ended December 31, 2024
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	614,028	$	116,406	$	311,740	$	796,198	$	1,838,372
Cost of revenues (1)
Employee costs (2)	320,335		63,597		147,316		416,293		947,541
Infrastructure and technology costs	58,415		11,049		29,813		27,582		126,859
Other costs (3)	11,600		3,288		4,278		53,793		72,959
Gross profit (1)	$	223,678	$	38,472	$	130,333	$	298,530	$	691,013
Operating expenses									427,393
Foreign exchange gain, net, interest expense and other income, net									(2,273)
Income tax expense									62,936
Loss from equity-method investment									(114)
Net income									$	198,297

(1) Exclusive of depreciation and amortization expense.

(3) Other costs primarily include travel and entertainment costs and direct expenses related to lead generation and direct marketing business which are a part of analytics business segment.


	Year ended December 31, 2023
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	529,855	$	105,994	$	265,692	$	729,127	$	1,630,668
Cost of revenues (1)
Employee costs	281,108		56,026		121,278		382,550		840,962
Infrastructure and technology costs	49,633		9,872		25,922		20,046		105,473
Other costs (2)	11,044		3,375		3,743		58,305		76,467
Gross profit (1)	$	188,070	$	36,721	$	114,749	$	268,226	$	607,766
Operating expenses									369,011
Foreign exchange gain, net, interest expense and other income, net									(814)
Income tax expense									53,536
Gain from equity-method investment									153
Net income									$	184,558

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and direct expenses related to lead generation and direct marketing business which are a part of analytics business segment.


	Year ended December 31, 2022
	Insurance		Healthcare		Emerging Business		Analytics		Total
Revenues, net	$	448,704	$	97,351	$	218,638	$	647,351	$	1,412,044
Cost of revenues (1)
Employee costs	236,963		55,532		101,978		333,876		728,349
Infrastructure and technology costs	41,126		11,889		22,556		19,340		94,911
Other costs (2)	9,645		3,530		3,483		56,677		73,335
Gross profit (1)	$	160,970	$	26,400	$	90,621	$	237,458	$	515,449
Operating expenses									323,287
Foreign exchange gain, net, interest expense and other expense, net									(2,063)
Income tax expense									47,565
Gain from equity-method investment									434
Net income									$	142,968

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and direct expenses related to lead generation and direct marketing business which are a part of analytics business segment.

Revenues, net by service type, were as follows:


	Year ended December 31,
	2024		2023		2022
Digital operations and solutions (1)	$	1,042,174	$	901,541	$	764,693
Analytics services	796,198		729,127		647,351
Revenues, net	$	1,838,372	$	1,630,668	$	1,412,044

(1) Digital operations and solutions include revenues of the Company’s Insurance, Healthcare and Emerging Business reportable segments. Refer to the reportable segment disclosure above.

The Company attributes the revenues to regions based upon the location of its customers.


	Year ended December 31,
	2024		2023		2022
Revenues, net
The United States	$	1,518,894	$	1,370,707	$	1,213,477
Non-United States
The United Kingdom	215,958		177,479		134,630
Rest of World	103,520		82,482		63,937
Total Non-United States	319,478		259,961		198,567
Revenues, net	$	1,838,372	$	1,630,668	$	1,412,044

Long-lived assets by geographic area, which consist of property and equipment, net and operating lease ROU assets were as follows:


	As of
	December 31, 2024		December 31, 2023
Long-lived assets
India	$	63,040	$	53,813
The United States	52,510		61,592
The Philippines	25,881		21,952
South Africa	23,828		20,890
Rest of World	5,362		6,982
Long-lived assets	$	170,621	$	165,229

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Employee Benefit Plans - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Percentage of expected return on plan assets	7.20%
Percentage of discretionary contributions towards 401(k) Plan, maximum	3.00%

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2024

Liabilities, Noncurrent [Abstract]

Other Non-Current Liabilities

Other non-current liabilities consist of the following:


	As of
	December 31, 2024		December 31, 2023
Retirement benefits	$	24,795	$	16,666
Deferred transition revenue	18,213		10,195
Derivative instruments	4,363		216
Unrecognized tax benefits	1,966		1,262
Contingent consideration	1,420		589
Others	2,816		2,534
Other non-current liabilities	$	53,573	$	31,462

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Commitments As of December 31, 2024 and 2023, the Company had committed to spend approximately $6,500 and $7,100, respectively, under agreements to purchase property and equipment. This amount is net of capital advances paid which are recognized in consolidated balance sheets as “Capital work in progress” under “Property and equipment.” On June 15, 2023, the Company, along with other limited partners, entered into a limited partnership agreement with the general partner, PNP Financial Services Fund GP I, LLC and initial limited partner and outgoing partner, to form a partnership with the name Plug and Play Financial Services Fund I, L.P. (the “Partnership”) for the primary purpose of making investments in growth-stage technology companies. During the year ended December 31, 2024, the Company further invested $600 in the Partnership and is committed under the Partnership to make further investments up to an amount of $2,800. Other Commitments Certain units of the Company’s Indian subsidiaries were established as 100% Export-Oriented units or under the Software Technology Parks of India or Special Economic Zone scheme promulgated by the Government of India. These units are exempt from customs, central excise duties, and levies on imported and indigenous capital goods, stores, and spares. The Company has undertaken to pay custom duties, service taxes, levies, and liquidated damages payable, if any, in respect of imported and indigenous capital goods, stores and spares consumed duty free, in the event that certain terms and conditions are not fulfilled. The Company believes, however, that these units have in the past satisfied, and will continue to satisfy, the required conditions. The Company’s operations centers in the Philippines are registered as qualified Philippines Economic Zone Authority units, which provides the Company fiscal incentives on the import of capital goods and local purchase of services and materials. The Company is required to meet certain requirements to retain the incentives. The Company has complied and intends to continue compliance with the requirements to avail itself of the incentives. Contingencies The transfer pricing regulations in the countries where the Company operates require that controlled intercompany transactions be at arm’s-length. Accordingly, the Company determines and documents pricing for controlled intercompany transactions based on an economic analysis as prescribed in the respective regulations. The tax authorities have jurisdiction to review the Company’s transfer pricing. If the Company’s transfer pricing is challenged by the authorities, they could assess additional tax, interest and penalties, thereby impacting the Company’s profitability and cash flows. The Company is currently involved in transfer pricing and related income tax disputes with Indian tax authorities. The aggregate amount demanded by Indian tax authorities (net of advance payments) as of December 31, 2024 and 2023 is $49,588 and $36,694, respectively. The Company has made payments and/or provided bank guarantees against these demands in the amounts of $7,506 and $7,227, as of December 31, 2024 and 2023, respectively. The Company believes that its positions will more likely than not be sustained upon final examination by the tax authorities, and accordingly has not accrued any liabilities with respect to these matters in its consolidated financial statements. India’s VAT regime ended in June 2017 and was replaced by the current Goods and Service Tax (“GST”) regime. Pursuant to reviewing the Company’s annual VAT filings, the Indian tax authorities raised aggregate VAT demands for tax years 2015 and 2017, in the amounts of $5,339 and $5,493, as of December 31, 2024 and 2023, respectively. The Company has provided bank guarantees against these demands in the amounts of $5,339 and $4,570, as of December 31, 2024 and 2023, respectively. The GST authorities rejected the Company’s refunds claims in the amounts of $5,885 and $4,748 as of December 31, 2024 and 2023, respectively. The Company has filed appeals against these matters and believes that it is more likely than not that upon final examination its position will be sustained based on its technical merits. Accordingly, no provision was recognized as of December 31, 2024 and 2023, respectively. Some of the Company’s subsidiaries in India have undergone assessments with the statutory authority with respect to defined contribution plan. Except for some components of the assessments for which the Company has recognized a provision in the financial statements, the Company believes that the amount demanded by such authority is not a meaningful indicator of the potential liabilities of the Company, and that these matters are without merit. The Company is defending against the assessment orders and in one case, has instituted an appeal against the order before the relevant tribunal while also making a payment under protest of the amount demanded. As of the reporting date, the Company’s management does not believe that the ultimate assessments in any of these matters will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. The Company will continue to monitor and evaluate its position based on future events and developments on these matters. From time to time, the Company, its subsidiaries, and/or their present officers or directors, may be or have been, named as a defendant in litigation matters, including employment-related claims. The plaintiffs in those cases seek damages, including, where applicable, compensatory damages, punitive damages and attorney’s fees. With respect to pending litigation matters as of the reporting date, the Company believes that the damages claimed are without merit, and the Company intends to vigorously defend them. The Company will continuously monitor developments on these matters to assess potential impacts to the financial statements. The outcomes of legal actions are unpredictable and subject to significant uncertainties, and thus it is inherently difficult to determine the likelihood of the Company incurring a material loss or quantification of any such loss. With respect to certain pending litigation matters as of the reporting date, the Company has made provisions based on information currently available, including its evaluation of the facts underlying each matter and legal counsel’s advice on the estimated losses or range of reasonably possible losses. Based on the Company’s assessment, including the availability of insurance recoveries, the Company’s management does not believe that currently pending litigation, individually or in aggregate, will have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. The Company will continuously monitor these matters to assess potential impacts to the financial statements.

Accumulated Other Comprehensive Income/( Loss) - Summary of Accumulated Other Comprehensive Income/( Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 889,437	$ 758,179	$ 693,156
Gains / (losses) recognized during the year	(33,411)	16,392	(72,493)
Reclassification to net income	(733)	5,114	1,887
Income tax effects	6,462	(4,403)	15,937
Ending balance	929,862	889,437	758,179
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(127,040)	(144,143)	(89,474)
Ending balance	(154,722)	(127,040)	(144,143)
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(132,643)	(133,139)	(95,437)
Gains / (losses) recognized during the year	(17,484)	652	(47,734)
Reclassification to net income	0	0	0
Income tax effects	3,129	(156)	10,032
Ending balance	(146,998)	(132,643)	(133,139)
Unrealized gain/(loss) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4,198	(11,303)	8,420
Gains / (losses) recognized during the year	(14,513)	14,403	(27,333)
Reclassification to net income	(131)	5,208	1,295
Income tax effects	2,898	(4,110)	6,315
Ending balance	(7,548)	4,198	(11,303)
Retirement benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,405	299	(2,457)
Gains / (losses) recognized during the year	(1,414)	1,337	2,574
Reclassification to net income	(602)	(94)	592
Income tax effects	435	(137)	(410)
Ending balance	$ (176)	$ 1,405	$ 299

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(3)
-Publisher FASB
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Related Party Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenues, net	$ 1,838,372	$ 1,630,668	$ 1,412,044
Accounts receivable, net	304,322	308,108
Related Party \| The Vanguard Group Inc
Related Party Transaction [Line Items]
Revenues, net	638	1,975
Accounts receivable, net	124	$ 209
Related Party \| Corridor Platforms, Inc
Related Party Transaction [Line Items]
Revenues, net	424
Accounts receivable, net	$ 56

- Definition

+ References

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information


	As of
	December 31, 2024		December 31, 2023
Operating Lease
Operating lease ROU assets	$	68,784	$	64,856

Operating lease liabilities - Current	$	16,491	$	12,780
Operating lease liabilities - Non-current	59,851		58,175
Total operating lease liabilities	$	76,342	$	70,955

Finance Lease
Property and equipment, gross	$	3,268	$	2,109
Accumulated depreciation	(1,556)		(1,332)
Property and equipment, net	$	1,712	$	777

Finance lease liabilities - Current	$	435	$	191
Finance lease liabilities - Non-current	1,349		613
Total finance lease liabilities	$	1,784	$	804

Schedule of Components of Lease Cost

The components of lease cost, which are included in the Company’s consolidated statements of income, are as follows:


	Year ended December 31,
	2024		2023		2022
Finance lease:
Depreciation on underlying ROU assets	$	382	$	181	$	151
Interest on lease liabilities	196		90		59
	578		271		210
Operating lease(1)	21,764		20,188		21,783
Variable lease costs	4,490		4,374		5,033
Sublease income	(122)		—		—
Total lease cost	$	26,710	$	24,833	$	27,026

(1) Includes short-term leases, which are immaterial.

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow and other information related to leases are as follows:


	Year ended December 31,
	2024		2023		2022
Cash payments for amounts included in the measurement of lease liabilities :
Operating cash outflows for operating leases	$	20,489	$	20,181	$	23,227
Operating cash outflows for finance leases	$	196	$	90	$	59
Financing cash outflows for finance leases	$	326	$	169	$	142
ROU assets obtained in exchange for new operating lease liabilities	$	20,518	$	24,880	$	734
ROU assets obtained in exchange for new finance lease liabilities	$	1,325	$	461	$	312
Weighted average remaining lease term (in years)
Finance lease	3.3 years		3.1 years		2.8 years
Operating lease	4.9 years		5.5 years		5.9 years
Weighted average discount rate
Finance lease	15.1%		14.6%		14.3%
Operating lease	8.0%		7.7%		6.8%

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities as of December 31, 2024 were as follows:


	Operating Leases		Finance Leases
2025	$	22,028	$	671
2026	20,434		631
2027	17,918		527
2028	15,191		353
2029	6,370		175
2030 and thereafter	11,931		—
Total lease payments	93,872		2,357
Less: Imputed interest	17,530		573
Present value of lease liabilities	$	76,342	$	1,784

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Leases		Finance Leases
2024	$	17,806	$	297
2025	16,878		256
2026	16,220		222
2027	13,712		191
2028	10,132		98
2029 and thereafter	14,018		—
Total lease payments	88,766		1,064
Less: Imputed interest	17,811		260
Present value of lease liabilities	$	70,955	$	804

Schedule of Maturities of Finance Lease Liabilities

Maturities of lease liabilities as of December 31, 2024 were as follows:


	Operating Leases		Finance Leases
2025	$	22,028	$	671
2026	20,434		631
2027	17,918		527
2028	15,191		353
2029	6,370		175
2030 and thereafter	11,931		—
Total lease payments	93,872		2,357
Less: Imputed interest	17,530		573
Present value of lease liabilities	$	76,342	$	1,784

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Operating Leases		Finance Leases
2024	$	17,806	$	297
2025	16,878		256
2026	16,220		222
2027	13,712		191
2028	10,132		98
2029 and thereafter	14,018		—
Total lease payments	88,766		1,064
Less: Imputed interest	17,811		260
Present value of lease liabilities	$	70,955	$	804

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Increase (decrease) in lease liabilities	$ 3,372	$ 8,805
Right of use assets, impairment charge	$ 0	$ 0

Employee Benefit Plans - Summary of Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2025	$ 3,916
2026	3,943
2027	4,229
2028	3,657
2029	3,401
2030 to 2033	$ 12,899

Other Assets (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consist of the following:


	As of
	December 31, 2024		December 31, 2023
Deferred contract fulfillment costs	$	31,741	$	21,370
Deposits with statutory authorities	7,312		6,960
Lease deposits	6,495		5,159
Contract assets	3,628		6,835
Prepaid expenses	2,775		—
Derivative instruments	852		3,299
Others	3,282		5,901
Other assets	$	56,085	$	49,524

Income Taxes - Summary of Income Tax Expense / (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current provision:
Domestic	$ 41,230	$ 51,450	$ 43,416
Foreign	41,591	33,828	23,701
Total	82,821	85,278	67,117
Deferred provision/(benefit):
Domestic	(19,172)	(32,024)	(17,624)
Foreign	(713)	282	(1,928)
Total	(19,885)	(31,742)	(19,552)
Income tax expense	$ 62,936	$ 53,536	$ 47,565

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Borrowings - Additional Information (Details) $ in Thousands		12 Months Ended
	Aug. 09, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 18, 2022 USD ($)	Nov. 21, 2017 USD ($)
Credit Facilities [Line Items]
Outstanding letters of credit		$ 761	$ 461
Revolving credit facility \| Line of Credit
Credit Facilities [Line Items]
Unamortized debt issuance expense		$ 895	$ 903
Revolving credit facility \| Credit Agreement
Credit Facilities [Line Items]
Interest coverage ratio, maximum		3.0
Interest coverage ratio, minimum		3.5
Revolving credit facility \| Credit Agreement \| Line of Credit
Credit Facilities [Line Items]
Line of credit , maximum borrowing capacity	$ 500			$ 400	$ 300
Increase of line of credit facility, Mmximum borrowing capacity	100
Revolving credit facility \| Credit Agreement \| Minimum
Credit Facilities [Line Items]
Commitment fee percentage range on unused credit facility		0.125%
Revolving credit facility \| Credit Agreement \| Minimum \| Prime Rate
Credit Facilities [Line Items]
Basis spread on variable rate		0.00%
Revolving credit facility \| Credit Agreement \| Minimum \| Secured Overnight Financing Rate (SOFR)
Credit Facilities [Line Items]
Basis spread on variable rate		0.875%
Revolving credit facility \| Credit Agreement \| Maximum
Credit Facilities [Line Items]
Commitment fee percentage range on unused credit facility		0.275%
Revolving credit facility \| Credit Agreement \| Maximum \| Prime Rate
Credit Facilities [Line Items]
Basis spread on variable rate		0.75%
Revolving credit facility \| Credit Agreement \| Maximum \| Secured Overnight Financing Rate (SOFR)
Credit Facilities [Line Items]
Basis spread on variable rate		1.75%
Term loan facility \| Credit Agreement \| Line of Credit
Credit Facilities [Line Items]
Proceeds from long-term lines of credit	$ 100
Interest rate	5.00%
Term loan facility \| Credit Agreement \| Minimum \| Prime Rate
Credit Facilities [Line Items]
Basis spread on variable rate		0.125%
Term loan facility \| Credit Agreement \| Minimum \| Secured Overnight Financing Rate (SOFR)
Credit Facilities [Line Items]
Basis spread on variable rate		1.125%
Term loan facility \| Credit Agreement \| Maximum \| Prime Rate
Credit Facilities [Line Items]
Basis spread on variable rate		1.00%
Term loan facility \| Credit Agreement \| Maximum \| Secured Overnight Financing Rate (SOFR)
Credit Facilities [Line Items]
Basis spread on variable rate		2.00%

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate increased	24.10%	22.50%
Income tax expense	$ 62,936,000	$ 53,536,000	$ 47,565,000
Foreign earnings repatriated	38,161,000
Foreign earnings repatriated, withholding taxes	2,649,000
Undistributed earnings of foreign subsidiaries, total	658,454,000	546,828,000
Undistributed earnings of foreign subsidiaries	635,396,000	546,828,000
Operating loss carryforward valuation allowance	3,172,000	482,000
Tax credit carryforwards, research	4,083,000
Tax credit carryforwards, research, tax effected	3,226,000
Operating loss carryforwards	5,515,000
Operating loss carryforwards, tax effected	281,000
Operating loss carryforwards not subject to expiration	4,992,000
Operating loss carryforwards not subject to expiration, tax effected	174,000
Unrecognized tax benefits that would impact tax rate if recognized	1,966,000
Unrecognized tax benefits, interest and penalties on income taxes expense	$ 0	$ 0

Derivatives and Hedge Accounting - Summary of Fair Value of Foreign Currency Exchange Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative designated as hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	$ 1,711	$ 4,216
Derivative designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Derivative asset	852	3,299
Derivative designated as hedging instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	7,404	1,859
Derivative designated as hedging instruments \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	4,363	216
Derivative not designated as hedging instruments \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	262	92
Derivative not designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Derivative asset	0	0
Derivative not designated as hedging instruments \| Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	50	150
Derivative not designated as hedging instruments \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative liability	$ 0	$ 0

Capital Structure - Purchase of Common Stock from Employees Withholding Tax Payments Related to Vesting of Restricted Stock (Details - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Shares repurchased (in shares)	303,836	237,047	164,080
Total consideration	$ 10,266	$ 7,853	$ 4,121
Weighted average purchase price per share (in dollars per share)	$ 33.79	$ 33.13	$ 25.12

Stock-Based Compensation - Restricted Stock Units Fair Value (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 63,066
Cost not yet recognized, period for recognition	2 years 7 months 6 days
Weighted-average fair value of restricted stock units granted (in dollars per share)	$ 30.23	$ 33.99	$ 24.28
Grant date fair value of restricted stock units vested	$ 42,279	$ 33,058	$ 24,002

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

On June 15, 2018, at the Company’s 2018 Annual Meeting of Stockholders, the Company's stockholders approved the 2018 Omnibus Incentive Plan, which among other things, reserves 15,875,000 shares of the Company’s common stock for grants of awards under the 2018 Omnibus Incentive Plan. As of December 31, 2024 and 2023, the Company had 1,813,592 and 4,096,102 shares, respectively, available for grant under the 2018 Omnibus Incentive Plan.

Under the 2018 Omnibus Incentive Plan, the Compensation and Talent Management Committee (the “Committee”) may grant awards of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, stock bonus awards, performance-based compensation awards (including cash bonus awards and market condition based awards) or any combination of the foregoing.

The Committee determines which employees are eligible to receive the equity awards, the number of equity awards to be granted, the exercise price, the vesting period and the exercise period. The vesting period for the equity award issued is determined on the date of the grant and is non-transferable during the life of the equity award. Stock options have a contractual period of ten years from the date of grant and vest ratably over four years. Restricted stock units generally vest proportionally over a period of four years from the date of grant, unless specified otherwise.

Stock-based compensation expense by nature of function, as below, are included in the consolidated statements of income:


	Year ended December 31,
	2024		2023		2022
Cost of revenues	$	15,762	$	14,686	$	11,535
General and administrative expenses	28,612		21,574		20,016
Selling and marketing expenses	28,284		22,177		17,815
Total	$	72,658	$	58,437	$	49,366

Income tax benefit related to stock-based compensation (1)	$	17,576	$	17,333	$	9,785

Stock Options

Stock option activity under the Company’s stock-based compensation plans is shown below:


	Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 2023	1,790,695		$	30.14	$	1,278	9.5
Granted	—		—		—		—
Exercised	(22,390)		30.14		274		—
Forfeited	—		—		—		—
Outstanding as of December 31, 2024	1,768,305		$	30.14	$	25,187	8.5
Vested and exercisable as of December 31, 2024	425,265		$	30.14	$	6,058	8.5
Weighted average grant date fair value of per unit of stock option granted during the period	$	—

Stock options were granted under the 2018 Omnibus Incentive Plan during the year ended December 31, 2023 which have a contractual period of ten years and vest ratably over four years.

The fair value of each stock option granted to employees is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:


	Year ended December 31, 2023
Dividend yield	—
Expected life (years)	6.25
Risk free interest rate for expected life	3.8	%
Volatility for expected life	32.4	%

The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model.

As of December 31, 2024, unrecognized compensation cost of $13,326 is expected to be expensed over a weighted average period of 2.5 years.

The grant date fair value of stock options exercised and cash received from stock options exercised was as follows:


	Year ended December 31,
	2024		2023		2022
Grant date fair value	$	269	$	30	$	—
Cash received	$	675	$	85	$	—

Share Matching Program

Under the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”), the Company established a share matching program (“SMP”) for executive officers and other specified employees. Under the SMP, the Company agreed to issue a number of restricted stock units equal to the number of newly acquired shares of the Company's common stock. For purposes of the match, “newly acquired shares” includes the employee’s first quarter 2022 open market purchase of the common stock, and

crediting of equity awards vesting under any existing stock award plan of the Company as having been purchased by such employees, in an amount between $100 to $500 per such employee.

The matching restricted stock units granted under the SMP will vest in two installments, with one-third to vest on the second anniversary of the grant date and the remaining two-thirds to vest on the third anniversary of the grant date; the newly acquired shares for which the matching restricted stock units were granted must also be held by the employee until such vesting dates. The Company’s underlying common stock issued pursuant to the vesting of the matching restricted stock units will not be marketable or transferable for a period of two years following the vesting date. Certain forfeiture and other conditions apply.

Restricted stock unit activity under the SMP is shown below:


	Restricted Stock Units (SMP)
	Number	Weighted Average Fair Value
Outstanding as of December 31, 2023*	217,230	$	24.95
Granted	—	—
Vested*	(72,385)	24.95
Forfeited	—	—
Outstanding as of December 31, 2024*	144,845	$	24.95

*As of December 31, 2024 and 2023 restricted stock units vested for which the underlying common stock is yet to be issued are 72,385 and nil, respectively.

As of December 31, 2024, unrecognized compensation cost of $445 is expected to be expensed over a weighted average period of 0.3 years.

Restricted Stock Units

The Committee is authorized to award restricted stock units to participants. The Committee establishes the terms, conditions and restrictions applicable to each award of restricted stock units, including the time or times at which restricted stock units will be granted or vested and the number of units to be covered by each award. The terms and conditions of each restricted stock award will be reflected in a restricted stock unit agreement.

Any cash or in-kind dividends paid with respect to unvested shares of restricted stock units are withheld by the Company and paid to the holder of such shares of restricted stock, without interest, only if and when such shares of restricted stock units vest. Any unvested shares of restricted stock units are immediately forfeited without consideration upon the termination of holder’s employment with the Company or its affiliates. Accordingly, the Company’s unvested restricted stock units do not include non-forfeitable rights to dividends or dividend equivalents and are therefore not considered as participating securities for purposes of earnings per share calculations pursuant to the two-class method.

Restricted stock unit activity under the Company’s stock-based compensation plans is shown below:


	Restricted Stock Units
	Number	Weighted Average Fair Value
Outstanding as of December 31, 2023*	3,731,512	$	24.96
Granted	1,625,550	30.23
Vested*	(1,818,180)	22.26
Forfeited	(298,682)	28.22
Outstanding as of December 31, 2024*	3,240,200	$	28.82

* As of December 31, 2024 and 2023, restricted stock units vested for which the underlying common stock is yet to be issued are 289,547 and 324,125, respectively.

The fair value of restricted stock units is generally the market price of the Company’s shares on the date of grant. As of December 31, 2024, unrecognized compensation cost of $63,066 is expected to be expensed over a weighted average period of 2.6 years.

The weighted average fair value of restricted stock units granted and the grant date fair value of restricted stock units vested (including SMP) was as follows:


	Year ended December 31,
	2024		2023		2022
Weighted average fair value of restricted stock units granted	$	30.23	$	33.99	$	24.28
Grant date fair value of restricted stock units vested	$	42,279	$	33,058	$	24,002

Performance-Based Stock Awards

Under the 2018 Plan, the Company grants performance-based restricted stock units (“PRSUs”) to executive officers and other specified employees. During the year ended December 31, 2024, the Company granted 40% of each award recipient’s equity grants in the form of PRSUs that cliff vest at the end of a three-year period based on an aggregated revenue target for a three-year period (“PU”). The remaining 60% of each award recipient’s equity grants are PRSUs that are based on market conditions contingent on the Company's meeting the total shareholder return relative to a group of peer companies specified under the 2018 Plan, and are measured over a three-year performance period (“MU”).

The fair value of each PU is determined based on the market price of one common share on a day prior to the date of grant, and the associated stock compensation expense is calculated on the basis that performance targets at 100% are probable of being achieved. The stock compensation expense for the PUs is recognized on a straight-line basis over the service period, which is through the end of the third year. Over this period, the number of shares that will be issued are adjusted upward or downward based upon the probability of achievement of the performance targets. The final number of shares issued and the related compensation cost recognized as an expense is based on a comparison of the final performance metrics to the specified targets.

The grant date fair value for each MU is determined using a Monte Carlo simulation model and the related stock compensation expense is expensed on a straight-line basis over the vesting period. The stock compensation expense related to the MUs is recognized once the requisite performance period is fulfilled regardless of the extent of the market condition achieved.

The Monte Carlo simulation model simulates a range of possible future stock prices and estimates the probabilities of the potential payouts. This model also incorporates the following ranges of assumptions:

•The historical volatilities are used over the most recent three-year period for the components of the peer group.

•The risk-free interest rate is based on the U.S. Treasury rate assumption commensurate with the three-year performance period.

•Since the plan stipulates that the awards are based upon the TSR of the Company and the components of the peer group, it is assumed that the dividends get reinvested in the issuing entity on a continuous basis.

•The correlation coefficients are used to model the way in which each entity tends to move in relation to each other are based upon the price data used to calculate the historical volatilities.

The fair value of each MU granted to employees is estimated on the date of grant using the following weighted average assumptions:


	Year ended December 31,
	2024		2023		2022
Dividend yield	—		—		—
Expected life (years)	2.9		2.9		2.9
Risk free interest rate for expected life	4.5	%	4.3	%	1.7	%
Volatility for expected life	29.9	%	32.9	%	38.3	%

PRSU activity under the Company’s stock plans is shown below:


	Revenue-Based PRSUs			Market Condition-Based PRSUs
	Number	Weighted Average Fair Value		Number	Weighted Average Fair Value
Outstanding as of December 31, 2023	438,000	$	29.16	656,450	$	37.78
Granted	344,535	28.91		516,692	42.11
Adjustment upon final determination of level of performance goal achievement*	213,435	24.00		319,975	31.13
Vested**	(426,870)	24.00		(639,950)	31.13
Forfeited	(31,156)	29.73		(46,648)	40.10
Outstanding as of December 31, 2024	537,944	$	31.02	806,519	$	43.06

* Represents adjustment of shares vested in respect of PUs and MUs granted in 2022 upon achievement of the performance targets for such awards.

** Represents PUs and MUs vested for which the underlying common stock was issued subsequent to December 31, 2024.

As of December 31, 2024, unrecognized compensation cost of $33,943 is expected to be expensed over a weighted average period of 1.8 years.

Employee Stock Purchase Plan

On June 21, 2022, at the annual meeting of stockholders of the Company, the Company’s stockholders approved the ExlService Holdings, Inc. 2022 Employee Stock Purchase Plan (the “2022 ESPP”).

The 2022 ESPP allows eligible employees to purchase the Company’s shares of common stock through payroll deductions at a pre-specified discount to the lower of closing price of the Company’s common shares on the date of offering or the last business day of each purchase interval. The dollar amount of shares of common stock that can be purchased under the 2022 ESPP must not exceed 15% of the participating employee’s compensation during the offering period, subject to a cap of $25 per employee per calendar year. The Company has reserved 4,000,000 shares of common stock for issuance under the 2022 ESPP.

The fifth offering period under the 2022 ESPP commenced on July 1, 2024 with a term of six months.

Activity under the Company’s 2022 ESPP is shown below:


	Employee Stock Purchase Plan Unit’s
	Number	Total Proceeds Received
Shares available for issuance as of December 31, 2023	3,831,325
Issuance of common stock related to the:
Third offering period	71,645	$	1,948
Fourth offering period	86,936	$	2,414
Shares available for issuance as of December 31, 2024	3,672,744
Issuance of common stock related to the fifth offering period made subsequent to December 31, 2024	64,939	$	1,823

The ESPP is compensatory and results in compensation expense. The fair value of common stock to be issued under the ESPP was determined using the Black-Scholes option pricing model with the following assumptions:


	Fifth offering period of July 1, 2024 to December 31, 2024		Fourth offering period of January 1, 2024 to June 30, 2024		Third offering period of July 1, 2023 to December 31, 2023
Dividend yield	—		—		—
Expected life (years)	0.5		0.5		0.5
Risk free interest rate for expected life	5.3	%	5.2	%	5.4	%
Volatility for expected life	25.5	%	30.1	%	25.5	%
Discount for illiquidity	7.4	%	7.5	%	8.9	%

Revenues, net and Accounts Receivable, net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, including unbilled receivables	$ 307,850	$ 311,811
Less: Allowance for expected credit losses	(3,528)	(3,703)	$ (1,332)
Accounts receivable, net	$ 304,322	$ 308,108

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued expenses	$ 63,548	$ 58,736
Payable to statutory authorities	22,935	20,591
Client liabilities	9,711	6,909
Derivative instruments	7,454	2,009
Accrued capital expenditures	2,059	4,134
Contingent consideration	1,280	15,000
Income taxes payable, net	284	1,213
Others	6,326	5,521
Accrued expenses and other current liabilities	$ 113,597	$ 114,113

Organization	12 Months Ended
Organization	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization ExlService Holdings, Inc. (“ExlService Holdings”) is organized as a corporation under the laws of the State of Delaware. ExlService Holdings, together with its subsidiaries and affiliates (collectively, the “Company”), 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. The Company harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. The Company’s clients are located principally in the United States of America (“U.S.”) and the United Kingdom (“U.K.”).

Stock-Based Compensation - Performance Based Stock Awards, Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 15, 2018	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Amendment and restatement of the 2006 Omnibus Award plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		100.00%
Revenue-Based PRSUs \| Amendment and restatement of the 2006 Omnibus Award plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		40.00%
Vesting period		3 years
Market Condition-Based PRSUs \| Amendment and restatement of the 2006 Omnibus Award plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based percentage		60.00%
Vesting period		3 years
Historical volatilities \| Amendment and restatement of the 2006 Omnibus Award plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Risk-free interest rate \| Amendment and restatement of the 2006 Omnibus Award plan (2015 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Performance based stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 33,943
Cost not yet recognized, period for recognition		1 year 9 months 18 days

Property and Equipment - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Amortization expense	$ 12,849	$ 9,282	$ 5,958

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	206,510,587	203,410,038
Common stock, shares outstanding (in shares)	161,801,212	165,277,880
Treasury stock, common (in shares)	44,709,375	38,132,158

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Preparation

Basis of Preparation and Principles of ConsolidationThe consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”).

Principles of Consolidation

The accompanying financial statements have been prepared on a consolidated basis and reflect the financial statements of ExlService Holdings, Inc. and all of its subsidiaries and includes the Company's share in the results of its associates.

Use of Estimates

Foreign Currency Translation

Revenue Recognition

Nature of Services

Type of Contracts and Basis of Recognition

Modification to Contracts

Arrangements with Multiple Performance Obligations

Allocation of Transaction Price to Performance Obligations

Variable Consideration

Unbilled Receivables

Unbilled receivables represents revenues recognized for services rendered between the last billing date and the balance sheet date.

Deferred Revenue and Contract Fulfillment Costs

Contract Acquisition Costs

Upfront Payments Made to Customers

Out-of-Pocket Expenses

Reimbursements of out-of-pocket expenses received from customers are included as part of revenues.

Payment terms

Remaining Performance Obligations

i.Contracts with an original expected length of one year or less as determined under ASC Topic 606,

ii.Contracts for which Company recognize revenue based on the right to invoice for service performed.

Cash and Cash Equivalents and Restricted Cash

Restricted cash includes any cash and cash equivalents that are legally restricted as to withdrawal or usage for the Company’s operations.

For purposes of the statements of cash flows, the Company includes in its cash and cash-equivalent balances those amounts that have been classified as restricted cash and restricted cash equivalents.

Short-Term and Long-Term Investments

The Company’s investments in term deposits with financial institutions are measured and recognized at amortized cost. Interest earned on such investments is included in other income/(expense), net.

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable include unbilled accounts receivable which represent revenues on contracts to be billed, in subsequent periods, as per the terms of the related contracts.

Property and Equipment

Software Development Costs

Business Combinations, Goodwill and Other Intangible Assets

The Company’s definite lived intangible assets are amortized over their estimated useful lives as listed below using a straight-line method:


			Useful Lives (in years)
Customer relationships			5-15
Developed technology			3-10
Non-compete agreements			3-5
Trade names and trademarks			2-10

Impairment of Long-lived Assets

Derivative Financial Instruments

recognized in AOCI are reclassified to the consolidated statements of income and are presented as a part of “Interest expense” over the term of the contract.

Employee Benefits

Stock-Based Compensation

Income Taxes

The Company recognizes the tax effects of Global Intangible Low-Taxed Income of certain foreign subsidiaries as a period cost.

Concentration of Credit Risk in Financial Instruments

Fair value measurement

Fair value measurements

•Level I — Quoted prices for identical instruments in active markets.

•Level III — Instruments whose significant value drivers are unobservable.

Leases

straight-line basis over the lease term reflecting single operating lease cost. The Company evaluates lease agreements to determine lease and non-lease components, which are accounted for separately.

The Company reviews ROU assets for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable.

Earnings per share

Commitments and Contingencies

Recent Accounting Pronouncements and Recently Adopted and Applicable Accounting Pronouncements

Recent Accounting Pronouncements

The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements. The Company will continue to monitor for SEC action, and plan accordingly for adoption.

(v) Recently Adopted and Applicable Accounting Pronouncements

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended December 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, except as described below:

Name and Title

Character of Trading Arrangement (1)

Date Adopted

Duration (2)

Aggregate Number of Shares of Common Stock to be Sold Pursuant to Trading Arrangement

Anita Mahon, Executive Vice President and Business Head, Healthcare

Rule 10b5-1
Trading Arrangement

November 04, 2024

July 31, 2025

37,817

Ajay Ayyappan,

Executive Vice President, General Counsel & Corporate Secretary

Rule 10b5-1
Trading Arrangement

November 12, 2024

May 30, 2025

32,156

(1) Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”).

(2) Except as indicated by footnote, each trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales or (b) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Anita Mahon [Member]

Trading Arrangements, by Individual

Name

Anita Mahon

Title

Executive Vice President and Business Head, Healthcare

Rule 10b5-1 Arrangement Adopted

true

November 04, 2024

July 31, 2025

269 days

37,817

Ajay Ayyappan [Member]

Trading Arrangements, by Individual

Name

Ajay Ayyappan

Title

Executive Vice President, General Counsel & Corporate Secretary

Rule 10b5-1 Arrangement Adopted

true

November 12, 2024

May 30, 2025

199 days

32,156

Income Taxes - Summary of Effective Income Tax Rate Differs from Amount Computed by Applying U.S. Federal Statutory Income Tax Rate to Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Expected tax expense	$ 54,883	$ 49,968	$ 39,921
Foreign tax rate differential	1,164	5,333	(1,136)
Unrecognized tax benefits	704	(187)	273
State taxes, net of Federal taxes	10,724	11,640	7,730
Non-deductible expenses	10,330	8,655	10,087
Excess tax benefit on stock-based compensation	(9,714)	(15,055)	(5,881)
Research and development credits	(5,257)	(5,350)	(2,733)
Others	102	(1,468)	(696)
Income tax expense	$ 62,936	$ 53,536	$ 47,565

Fair Value Measurements - Changes in the fair value of contingent consideration (Details) - Contingent Consideration - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance, contingent consideration	$ 15,589	$ 18,689
Acquisitions	2,700	0
Fair value changes	(589)	1,900
Payments	(15,000)	(5,000)
Ending balance, contingent consideration	$ 2,700	$ 15,589

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consists of the following:


		As of
	Estimated useful lives (Years)	December 31, 2024		December 31, 2023
Owned Assets:
Network equipment and computers	3-5	$	167,525	$	149,975
Software	2-5	105,874		94,279
Leasehold improvements	3-8	45,819		41,933
Office furniture and equipment	3-8	23,898		21,199
Motor vehicles	2-5	635		686
Buildings	30	929		956
Land	—	608		625
Capital work in progress	—	7,504		12,276
		352,792		321,929
Less: Accumulated depreciation and amortization		(252,667)		(222,333)
		$	100,125	$	99,596
ROU assets under finance leases:
Network equipment and computers		56		58
Leasehold improvements		587		604
Office furniture and equipment		417		427
Motor vehicles		2,208		1,020
		3,268		2,109
Less: Accumulated depreciation		(1,556)		(1,332)
		$	1,712	$	777
Property and equipment, net		$	101,837	$	100,373

The depreciation and amortization expense, excluding amortization of acquisition-related intangibles, recognized in the consolidated statements of income was as follows:


	Year ended December 31,
	2024		2023		2022
Depreciation and amortization expense	$	41,589	$	35,812	$	39,173

Internally developed software costs included in property and equipment was as follows:


	As of
	December 31, 2024		December 31, 2023
Cost	$	60,447	$	46,625
Less : Accumulated amortization	(38,243)		(25,413)
Internally developed software, net	$	22,204	$	21,212

The amortization expense on internally developed software recognized in the consolidated statements of income was as follows:


	Year ended December 31,
	2024		2023		2022
Amortization expense	$	12,849	$	9,282	$	5,958

Business Combinations, Goodwill and Other Intangible Assets - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Aug. 01, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquired Indefinite-Lived Intangible Assets [Line Items]
Goodwill	$ 420,387		$ 405,639	$ 405,637
Contingent consideration	$ 2,700		$ 15,589
Incandescent Technologies, Inc
Acquired Indefinite-Lived Intangible Assets [Line Items]
Intangible assets		$ 12,800
Other assets, net		220
Goodwill		15,335
Total purchase consideration		28,355
Contingent consideration		$ 2,700

- Definition

+ References

+ Details

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In the first quarter of 2025, the Company began to implement operational and structural changes, resulting in the realignment of its reporting segments. The new reportable segments will be Insurance, Healthcare and Life Sciences, Banking, Capital Markets and Diversified Industries, and International Growth Markets. Beginning in the first quarter of 2025, the Company will reflect this change in segment presentation in its periodic and annual reports.

Revenues, net and Accounts Receivable, net - Contract with Customer Revenue Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue (consideration received in advance)	$ 9,321	$ 16,967
Consideration received for process transition activities	$ 2,657	$ 1,762

Business Combinations, Goodwill and Other Intangible Assets - Summary of Company's Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 114,079	$ 104,338
Finite-lived intangible assets, accumulated amortization	(65,648)	(55,074)
Total	48,431	49,264
Total intangible assets, gross carrying amount	114,979	105,238
Total intangible assets, net carrying amount	49,331	50,164
Trade names and trademarks
Indefinite-Lived Intangible Assets [Line Items]
Trade names and trademarks	900	900
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	108,550	99,050
Finite-lived intangible assets, accumulated amortization	(60,667)	(51,085)
Total	47,883	47,965
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	3,529	3,552
Finite-lived intangible assets, accumulated amortization	(3,311)	(2,522)
Total	218	1,030
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	1,700	1,400
Finite-lived intangible assets, accumulated amortization	(1,442)	(1,286)
Total	258	114
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	300	336
Finite-lived intangible assets, accumulated amortization	(228)	(181)
Total	$ 72	$ 155

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 198,297	$ 184,558	$ 142,968

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of
	December 31, 2024		December 31, 2023
Accrued expenses	$	63,548	$	58,736
Payable to statutory authorities	22,935		20,591
Client liabilities	9,711		6,909
Derivative instruments	7,454		2,009
Accrued capital expenditures	2,059		4,134
Contingent consideration	1,280		15,000
Income taxes payable, net	284		1,213
Others	6,326		5,521
Accrued expenses and other current liabilities	$	113,597	$	114,113