Company Quick10K Filing
EXL Service
Price65.82 EPS1
Shares35 P/E46
MCap2,287 P/FCF22
Net Debt151 EBIT73
TEV2,438 TEV/EBIT33
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-03-15
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-07-30
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-07
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-03-06
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-16
8-K 2020-08-21 Other Events
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-08-03 Officers
8-K 2020-06-15
8-K 2020-05-01
8-K 2020-03-23
8-K 2020-02-27
8-K 2020-01-28
8-K 2019-12-31
8-K 2019-12-13
8-K 2019-10-29
8-K 2019-09-14
8-K 2019-08-22
8-K 2019-07-30
8-K 2019-06-17
8-K 2019-04-30
8-K 2019-03-29
8-K 2019-02-28
8-K 2018-11-01
8-K 2018-10-02
8-K 2018-10-01
8-K 2018-09-07
8-K 2018-08-02
8-K 2018-07-01
8-K 2018-06-15
8-K 2018-05-01
8-K 2018-04-28
8-K 2018-04-27
8-K 2018-02-27
8-K 2018-02-27
8-K 2018-01-30
8-K 2017-12-22

EXLS 10Q Quarterly Report

Part 1. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exls-ex311x06x30x2020x.htm
EX-31.2 exls-ex312x06x30x2020x.htm
EX-32.1 exls-ex321x06x30x2020x.htm
EX-32.2 exls-ex322x06x30x2020x.htm

EXL Service Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.21.00.70.50.20.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________
FORM 10-Q
_________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                      TO                     
COMMISSION FILE NUMBER 001-33089
_________________________________________________________
EXLSERVICE HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
_________________________________________________________
Delaware 82-0572194
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
320 Park Avenue,29th Floor, 
New York,New York10022
(Address of principal executive offices) (Zip code)
(212) 277-7100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class:Trading symbol(s)Name of Each Exchange on Which Registered:
Common Stock, par value $0.001 per share EXLSNASDAQ
Securities registered pursuant to Section 12(g) of the Act:
None
________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.   Yes      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12
months (or for such shorter period that the registrant was required to submit and post such files).   Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer  Accelerated filer 
Non-accelerated filer  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

As of July 31, 2020, there were  34,176,255 shares of the registrant’s common stock outstanding, par value $0.001 per share.



Table of Contents
TABLE OF CONTENTS
  PAGE
ITEM
1.
2.
3.
4.
1.
1A.
2.
3.
4.
5.
6.
2


Table of Contents
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EXLSERVICE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
As of
June 30, 2020December 31, 2019
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$163,619  $119,165  
Short-term investments171,962  202,238  
Restricted cash4,858  5,453  
Accounts receivable, net157,505  171,864  
Prepaid expenses10,121  13,246  
Advance income tax, net1,003  4,698  
Other current assets27,472  24,594  
Total current assets536,540  541,258  
Property and equipment, net91,848  79,142  
Operating lease right-of-use assets96,789  86,396  
Restricted cash2,298  2,426  
Deferred tax assets, net17,070  11,855  
Intangible assets, net66,296  73,982  
Goodwill348,110  349,529  
Other assets31,599  36,016  
Investment in equity affiliate3,063  2,484  
Total assets$1,193,613  $1,183,088  
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$9,048  $6,564  
Current portion of long-term borrowings20,657  40,867  
Deferred revenue16,752  13,436  
Accrued employee costs42,376  68,885  
Accrued expenses and other current liabilities74,772  74,017  
Current portion of operating lease liabilities18,199  24,148  
Income taxes payable, net2,359  1,432  
Total current liabilities184,163  229,349  
Long-term borrowings, less current portion215,527  194,131  
Operating lease liabilities, less current portion90,934  74,709  
Income taxes payable1,790  1,790  
Deferred tax liabilities, net705  966  
Other non-current liabilities19,566  12,142  
Total liabilities512,685  513,087  
Commitments and contingencies (Refer to Note 24)
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued
    
ExlService Holdings, Inc. Stockholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized, 38,818,365 shares issued and 34,320,586 shares outstanding as of June 30, 2020 and 38,480,654 shares issued and 34,185,241 shares outstanding as of December 31, 2019
39  39  
Additional paid-in capital404,704  391,240  
Retained earnings582,743  551,903  
Accumulated other comprehensive loss(104,274) (84,892) 
Total including shares held in treasury883,212  858,290  
Less: 4,497,779 shares as of June 30, 2020 and 4,295,413 shares as of December 31, 2019, held in treasury, at cost
(202,284) (188,289) 
Stockholders’ equity680,928  670,001  
Total equity680,928  670,001  
Total liabilities and stockholders’ equity $1,193,613  $1,183,088  
See accompanying notes to unaudited consolidated financial statements.
3


Table of Contents
EXLSERVICE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except share and per share amounts)

Three months ended June 30,Six months ended June 30,
2020201920202019
Revenues, net$222,473  $243,509  $468,463  $483,082  
Cost of revenues(1)
158,401  162,446  321,057  319,686  
Gross profit(1)
64,072  81,063  147,406  163,396  
Operating expenses:
General and administrative expenses28,750  31,228  57,691  63,759  
Selling and marketing expenses13,051  17,647  27,507  35,694  
Depreciation and amortization expense12,405  12,752  24,855  26,419  
Impairment and restructuring charges  5,580    6,807  
Total operating expenses54,206  67,207  110,053  132,679  
Income from operations9,866  13,856  37,353  30,717  
Foreign exchange gain, net1,359  1,202  2,736  2,462  
Interest expense(2,883) (3,864) (5,955) (7,446) 
Other income, net4,225  4,102  6,754  8,525  
Income before income tax expense and earnings from equity affiliates12,567  15,296  40,888  34,258  
Income tax expense4,072  2,670  9,927  6,870  
Income before earnings from equity affiliates8,495  12,626  30,961  27,388  
Loss from equity-method investment66  62  121  129  
Net income attributable to ExlService Holdings, Inc. stockholders$8,429  $12,564  $30,840  $27,259  
Earnings per share attributable to ExlService Holdings, Inc. stockholders:
Basic$0.24  $0.36  $0.90  $0.79  
Diluted$0.24  $0.36  $0.89  $0.78  
Weighted-average number of shares used in computing earnings per share attributable to ExlService Holdings Inc. stockholders:
Basic34,486,202  34,451,67134,443,884  34,413,455
Diluted34,597,688  34,702,54734,659,146  34,768,203

(1) Exclusive of depreciation and amortization expense.



See accompanying notes to unaudited consolidated financial statements.
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EXLSERVICE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (UNAUDITED)
(In thousands)
Three months ended June 30,Six months ended June 30,
2020201920202019
Net income$8,429  $12,564  $30,840  $27,259  
 Other comprehensive (loss)/income:
Unrealized gain/(loss) on cash flow hedges7,721  3,268  (7,125) 9,205  
Foreign currency translation gain/(loss)6,534  1,017  (10,803) 4,403  
Reclassification adjustments
Loss/(Gain) on cash flow hedges(1)
1,127  (884) 198  (1,555) 
Retirement benefits(2)
97  (40) 198  (79) 
Income tax expense relating to above(3)
(6,649) (507) (1,850) (2,865) 
  Total other comprehensive income/(loss)$8,830  $2,854  $(19,382) $9,109  
Total comprehensive income$17,259  $15,418  $11,458  $36,368  

(1)These are reclassified to net income and are included either in cost of revenues or operating expenses, as applicable in the unaudited consolidated statements of income. Refer to Note 16 - Derivatives and Hedge Accounting to the unaudited consolidated financial statements.

(2)These are reclassified to net income and are included in other income, net in the unaudited consolidated statements of income. Refer to Note 19 - Employee Benefit Plans to the unaudited consolidated financial statements.

(3)These are income tax (expense)/benefit recognized on cash flow hedges, retirement benefits and foreign currency translation gains/(losses). Refer to Note 21 - Income Taxes to the unaudited consolidated financial statements.







See accompanying notes to unaudited consolidated financial statements.
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EXLSERVICE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
For the three months ended June 30, 2020 and 2019
(In thousands, except share and per share amounts)


Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Equity
SharesAmountSharesAmount
Balance as of March 31, 202038,813,775  $39  $396,939  $574,314  $(113,104) (4,497,779) $(202,284) $655,904  
Stock issued against stock-based compensation plans4,590  —  39  —  —  —  —  39  
Stock-based compensation—  —  7,726  —  —  —  —  7,726  
Acquisition of treasury stock—  —  —  —  —  —  —    
Other comprehensive income—  —  —  —  8,830  —  —  8,830  
Net income—  —  —  8,429  —  —  —  8,429  
Balance as of June 30, 202038,818,365  $39  $404,704  $582,743  $(104,274) (4,497,779) $(202,284) $680,928  


Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockNon - Controlling InterestTotal Equity
SharesAmountSharesAmount
Balance as of March 31, 201938,256,036  $38  $371,144  $498,939  $(77,212) (3,890,599) $(162,333) $259  $630,835  
Stock issued against stock-based compensation plans39,047  —  316  —  —  —  —  —  316  
Stock-based compensation—  —  7,155  —  —  —  —  —  7,155  
Acquisition of treasury stock—  —  —  —  —  (198,160) (12,130) —  (12,130) 
Non-controlling interest—  —  18  —  —  —  —  (259) (241) 
Other comprehensive income—  —  —  —  2,854  —  —  —  2,854  
Net income—  —  —  12,564  —  —  —  —  12,564  
Balance as of June 30, 201938,295,083  $38  $378,633  $511,503  $(74,358) (4,088,759) $(174,463) $  $641,353  
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EXLSERVICE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
For the six months ended June 30, 2020 and 2019
(In thousands, except share and per share amounts)

Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Equity
SharesAmountSharesAmount
Balance as of January 1, 202038,480,654  $39  $391,240  $551,903  $(84,892) (4,295,413) $(188,289) $670,001  
Stock issued against stock-based compensation plans337,711  —  960  —  —  —  —  960  
Stock-based compensation—  —  12,504  —  —  —  —  12,504  
Acquisition of treasury stock—  —  —  —  —  (202,366) (13,995) (13,995) 
Other comprehensive loss—  —  —  —  (19,382) —  —  (19,382) 
Net income—  —  —  30,840  —  —  —  30,840  
Balance as of June 30, 202038,818,365  $39