ExlService Holdings, Inc. (EXLS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la transformación digital, ExlService Holdings, Inc. (EXLS) surge como una potencia de gestión innovadora de procesos comerciales, tecnología estratégicamente puente, análisis y excelencia operativa. Con un modelo de negocio robusto que abarca los sectores de servicios financieros, atención médica y tecnología, EXLS ofrece soluciones de punta que reimagan cómo las organizaciones optimizan el rendimiento, aprovechan las ideas basadas en datos e impulsan el crecimiento sostenible en un mercado global cada vez más complejo.

EXLService Holdings, Inc. (EXLS) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con servicios financieros globales y organizaciones de atención médica

ExlService Holdings mantiene asociaciones estratégicas con las siguientes organizaciones:

Industria	Socios clave	Enfoque de asociación
Servicios financieros	tarjeta American Express	Servicios de transformación digital y análisis
Cuidado de la salud	Grupo UnitedHealth	Gestión del ciclo de ingresos y optimización operativa
Seguro	Prudencial Financiero	Automatización de procesos y mejora de la experiencia del cliente

Asociaciones con proveedores de tecnología

ExlService colabora con plataformas tecnológicas líderes:

• Microsoft Azure - Infraestructura en la nube y soluciones de IA
• Amazon Web Services (AWS) - Cloud Computing and Data Analytics
• Salesforce: CRM y plataformas de participación digital
• Blue Prism - Tecnologías de automatización de procesos robóticos (RPA)

Colaboraciones de la empresa de consultoría

Consultor	Área de expansión del servicio
Deloitte	Consultoría de transformación digital
Kpmg	Servicios de gestión de riesgos empresariales

Empresas regionales de gestión de procesos comerciales empresas

La red de asociación regional de ExlService incluye:

• Tata Consultancy Services (India) - Gestión de procesos offshore
• Wipro Limited - Colaboración de ingeniería digital
• Infosys - Servicios de integración de tecnología

Impacto financiero de la sociedad para 2023:

Métrico	Valor
Ingresos de la asociación total	$ 412.6 millones
Ahorros de costos a través de asociaciones	$ 87.3 millones
Nuevas inversiones en desarrollo de servicios	$ 56.4 millones

EXLService Holdings, Inc. (EXLS) - Modelo de negocio: actividades clave

Gestión y optimización de procesos comerciales

ExlService Holdings se centra en la gestión de procesos comerciales de extremo a extremo con métricas específicas:

Métrico	Valor
Clientes de optimización de procesos	Más de 350 clientes empresariales
Mejora de la eficiencia del proceso anual	15-20% ganancias de productividad
Centros de procesos globales	22 centros de entrega

Consultoría de transformación digital

Los servicios de transformación digital incluyen:

• Estrategias de transformación impulsadas por IA
• Soluciones de migración en la nube
• Implementación de automatización de procesos robóticos

Métrica de transformación digital	2023 datos
Ingresos de consultoría digital	$ 287 millones
Proyectos de transformación digital	Más de 125 implementaciones empresariales

Servicios de analítica y ciencia de datos

ExlService proporciona capacidades de análisis avanzados:

Capacidad analítica	Alcance
Científicos de datos	Más de 750 profesionales
Plataformas de análisis	12 plataformas especializadas
Ingresos de análisis anuales	$ 412 millones

Soluciones operativas habilitadas para tecnología

Las soluciones tecnológicas abarcan:

• Plataformas tecnológicas patentadas
• Algoritmos de aprendizaje automático
• Marcos de análisis avanzados

Solución tecnológica	2023 rendimiento
Inversión tecnológica	Gasto de I + D de $ 98 millones
Presentación de patentes	37 patentes tecnológicas

Gestión de procesos de atención médica y servicios financieros

Servicios verticales de la industria especializada:

De la industria vertical	2023 ingresos
Servicios de atención médica	$ 345 millones
Servicios financieros	$ 412 millones
Ingresos verticales totales	$ 757 millones

EXLService Holdings, Inc. (EXLS) - Modelo de negocio: recursos clave

Fuerza laboral altamente calificada con experiencia en el dominio

A partir del cuarto trimestre de 2023, ExlService Holdings empleó a 37,200 profesionales a nivel mundial. El desglose de la fuerza laboral incluye:

Categoría de experiencia	Porcentaje
Profesionales de análisis	42%
Expertos en dominio	33%
Especialistas en tecnología	25%

Plataformas de tecnología avanzada y herramientas de análisis

Inversión en plataformas tecnológicas para 2023:

• Gasto de I + D: $ 98.4 millones
• Inversión en infraestructura tecnológica: $ 67.2 millones
• IA y herramientas de aprendizaje automático: $ 42.5 millones

Red de entrega global con múltiples centros de servicio

Región	Número de centros de servicio	Fuerza de trabajo total
India	12	24,800
Estados Unidos	6	7,500
Filipinas	3	3,600
Otros lugares	4	1,300

Metodologías de transformación digital patentada

Marcos propietarios desarrollados:

• Marco de Excel EXL
• Plataforma de operaciones digitales
• Metodología de transformación comercial algorítmica

Propiedad intelectual robusta y soluciones de software

Cartera de propiedades intelectuales:

Categoría de IP	Recuento total
Patentes registradas	47
Soluciones de software patentadas	38
Registros de marca registrada	22

EXLService Holdings, Inc. (EXLS) - Modelo de negocio: propuestas de valor

Servicios de transformación digital de extremo a extremo

ExlService Holdings proporciona soluciones integrales de transformación digital con un ingreso de $ 1.38 mil millones en 2023. La compañía ofrece servicios basados ​​en tecnología en múltiples sectores.

Categoría de servicio de transformación digital	Contribución anual de ingresos
Servicios de migración en la nube	$ 412 millones
Integración de ai/ml	$ 287 millones
Automatización de procesos robóticos	$ 214 millones

Soluciones de eficiencia operativa rentable

ExlService ofrece soluciones de eficiencia operativa con estrategias probadas de reducción de costos.

• Ahorro promedio de costos del cliente: 27-35%
• Eficiencia de optimización de procesos: 42%
• Reducción de costos operativos: $ 68 millones para clientes en 2023

Insights basados ​​en datos y análisis avanzados

ExlService se especializa en análisis avanzados con una importante penetración del mercado.

Servicio de análisis	Cuota de mercado	Ingresos anuales
Análisis predictivo	8.6%	$ 276 millones
Análisis descriptivo	6.3%	$ 198 millones

Estrategias de mejora de procesos específicas de la industria

ExlService proporciona una mejora de procesos específica en todas las industrias.

• Optimización del proceso de salud: $ 142 millones
• Eficiencia de servicios financieros: $ 215 millones
• Mejora del flujo de trabajo del seguro: $ 187 millones

Experiencia mejorada del cliente a través de la integración tecnológica

La integración de la tecnología impulsa mejoras de experiencia del cliente para clientes de EXLService.

Área de integración tecnológica	Mejora de la satisfacción del cliente
Automatización del servicio al cliente	38%
Tecnologías de personalización	45%
Experiencia omnicanal	52%

EXLService Holdings, Inc. (EXLS) - Modelo de negocios: relaciones con los clientes

Modelo de asociación estratégica a largo plazo

ExlService Holdings mantiene asociaciones estratégicas con 87 compañías Fortune 500 a partir del cuarto trimestre de 2023. La duración promedio de la asociación es de 7.3 años en las verticales clave de la industria.

Segmento de la industria	Número de socios estratégicos	Duración promedio de la asociación
Servicios financieros	42	8.1 años
Cuidado de la salud	22	6.5 años
Seguro	23	7.2 años

Equipos de gestión de cuentas dedicados

Exlservice asigna equipos especializados de gestión de cuentas con un tamaño de equipo promedio de 6-8 profesionales por cliente estratégico.

• Gerentes de relaciones con clientes dedicados
• Especialistas en soporte técnico
• Expertos verticales de la industria
• Arquitectos de soluciones

Monitoreo y mejora del rendimiento continuo

Las métricas de rendimiento rastreadas trimestralmente con una tasa de satisfacción del cliente 98.6% en 2023.

Métrico de rendimiento	Puntaje 2023
Satisfacción del cliente	98.6%
Cumplimiento del acuerdo de nivel de servicio	99.2%
Tiempo de resolución de emisión	24.7 horas

Desarrollo de soluciones personalizadas

EXLService invirtió $ 42.3 millones en I + D para soluciones personalizadas en 2023, desarrollando 67 soluciones tecnológicas únicas específicas del cliente.

Mecanismos regulares de compromiso y retroalimentación del cliente

Frecuencia de participación: revisiones comerciales trimestrales con el 94% de los clientes estratégicos.

• Revisiones trimestrales de rendimiento
• Sesiones anuales de planificación estratégica
• Check-insación mensual
• Plataformas de retroalimentación digital en tiempo real

ExlService Holdings, Inc. (EXLS) - Modelo de negocio: canales

Equipo de ventas directas

ExlService Holdings mantiene un equipo global de ventas directas de 127 profesionales de ventas a partir del cuarto trimestre de 2023, dirigido a clientes de nivel empresarial en múltiples industrias.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	127
Cobertura geográfica	América del Norte, Europa, Asia
Costo promedio de adquisición del cliente	$42,500

Plataformas de marketing digital

ExlService aprovecha múltiples canales de marketing digital con un gasto publicitario digital de $ 3.2 millones en 2023.

• Plataforma de marketing de LinkedIn
• Red de anuncios de Google
• Publicidad de sitios web de la industria dirigida

Conferencias y eventos de la industria

ExlService participó en 18 conferencias de la industria en 2023, con un presupuesto de marketing de eventos de $ 1.7 millones.

Tipo de conferencia	Número de eventos	Inversión total
Conferencias de tecnología empresarial global	12	$ 1.2 millones
Simposios de servicios financieros	6	$500,000

Servicios de consulta en línea

ExlService proporciona servicios de consulta digital a través de plataformas en línea dedicadas, con 3.247 solicitudes de consulta procesadas en 2023.

Redes de referencia estratégicas

La Compañía mantiene 47 asociaciones de referencia estratégica en sectores de tecnología, consultoría y servicios financieros.

Categoría de red de referencia	Número de socios
Socios de consultoría de tecnología	22
Socios de servicios financieros	15
Socios de tecnología de salud	10

EXLService Holdings, Inc. (EXLS) - Modelo de negocio: segmentos de clientes

Grandes corporaciones de servicios financieros

ExlService atiende a las principales corporaciones de servicios financieros con segmentación específica:

Tipo de cliente	Contribución anual de ingresos	Servicios clave
Bancos de inversión de primer nivel	$ 127.6 millones	Optimización de procesos, análisis de datos
Proveedores de seguros globales	$ 93.4 millones	Procesamiento de reclamos, gestión de riesgos

Compañías de atención médica y de seguros

El segmento de clientes de atención médica de ExlService incluye:

• Blue Cross Blue Shield Network
• Grupo UnitedHealth
• Anthem Inc.

Empresas tecnológicas

Desglose del cliente de la empresa tecnológica:

Segmento	Ganancia	Enfoque de servicio
Empresas de servicios en la nube	$ 62.3 millones	Consultoría de transformación digital
Plataformas SaaS	$ 45.7 millones	Análisis y soporte operativo

Instituciones bancarias globales

La cartera de clientes bancarios globales incluye:

• JPMorgan Chase
• Citigroup
• Wells Fargo

Negocios a escala de mediana a grande

Transformación digital Métricas del cliente:

Escala comercial	Valor anual del contrato	Tipo de servicio
Empresas del mercado medio	$ 23.6 millones	Reingeniería de procesos digitales
Grandes empresas	$ 57.9 millones	Transformación digital integral

EXLService Holdings, Inc. (EXLS) - Modelo de negocio: Estructura de costos

Compensación y capacitación de empleados

Gastos totales de los empleados para 2023: $ 643.6 millones

Categoría de gastos	Monto ($)
Salarios y salarios	542.3 millones
Capacitación y desarrollo	24.7 millones
Beneficios para empleados	76.6 millones

Inversiones de infraestructura tecnológica

Costos de infraestructura tecnológica total en 2023: $ 87.4 millones

• Infraestructura de computación en la nube: $ 32.6 millones
• Inversiones de hardware y software: $ 28.9 millones
• Sistemas de ciberseguridad: $ 25.9 millones

Gastos de investigación y desarrollo

Gastos de I + D para 2023: $ 62.1 millones

Área de enfoque de I + D	Inversión ($)
Soluciones de transformación digital	27.5 millones
Desarrollo de análisis y IA	21.3 millones
Investigación de optimización de procesos	13.3 millones

Mantenimiento operativo global

Costos operativos globales totales: $ 112.6 millones

• Mantenimiento de la instalación: $ 38.4 millones
• Infraestructura de oficina global: $ 45.2 millones
• Gastos de viaje y comunicación: $ 29.0 millones

Costos de marketing y desarrollo empresarial

Gastos totales de marketing y desarrollo empresarial: $ 43.5 millones

Canal de marketing	Gasto ($)
Marketing digital	18.7 millones
Patrocinios de conferencia y eventos	12.3 millones
Desarrollo de ventas y negocios	12.5 millones

EXLService Holdings, Inc. (EXLS) - Modelo de negocios: flujos de ingresos

Tarifas de consultoría basadas en servicios

Para el año fiscal 2023, ExlService Holdings reportó ingresos totales de $ 1,349.9 millones. Los servicios de consultoría representaron una parte significativa de este flujo de ingresos.

Categoría de ingresos	Cantidad (USD millones)	Porcentaje de ingresos totales
Gestión de procesos de negocios	822.4	60.9%
Gestión de operaciones	527.5	39.1%

Ingresos por contrato a largo plazo

EXLService Holdings genera ingresos sustanciales de contratos de varios años en varias industrias.

• Duración promedio del contrato: 3-5 años
• Rango de valor del contrato: $ 5 millones a $ 50 millones
• Industrias clave: atención médica, servicios financieros, seguro

Proyectos de implementación de tecnología

Technology Services contribuyó con $ 456.7 millones a los ingresos totales en 2023.

Tipo de servicio tecnológico	Ingresos (millones de dólares)
Transformación digital	189.3
Migración en la nube	142.5
Implementación de ai/ml	124.9

Servicios de analítica y ciencia de datos

Los ingresos de análisis de datos alcanzaron los $ 287.6 millones en el año fiscal 2023.

• Análisis predictivo: $ 112.4 millones
• Inteligencia de negocios: $ 95.2 millones
• Modelado de datos avanzados: $ 80.0 millones

Soluciones digitales recurrentes basadas en suscripción

Las soluciones digitales basadas en suscripción generaron $ 183.2 millones en ingresos recurrentes para 2023.

Tipo de solución digital	Ingresos recurrentes anuales (millones de dólares)
Plataformas SaaS	87.6
Herramientas de flujo de trabajo digital	65.4
Paneles de análisis	30.2

ExlService Holdings, Inc. (EXLS) - Canvas Business Model: Value Propositions

ExlService Holdings, Inc. focuses its value proposition on shifting clients toward data-driven operations, moving beyond traditional service delivery.

Reinventing client business models using data and AI

The core of the value proposition is the increasing reliance on advanced analytics and artificial intelligence within client operations. As of the third quarter of 2025, revenue from Data & AI-led services reached 56% of total revenue.

This segment shows significant acceleration, growing 18% year-over-year in Q3 2025.

Embedding AI into core workflows for measurable performance gains

The company emphasizes embedding AI directly into client workflows, which is resonating strongly with the market. The growth in the AI-led revenue stream, reaching 56% of the total, serves as the measurable indicator of this embedding success.

The Digital Operations segment, representing the remaining portion of the business, accounted for 45.8% of revenue in Q2 2025 and grew 6% year-over-year in Q3 2025.

Delivering superior business outcomes, not just process efficiency

The focus is on outcomes, evidenced by the high growth in the higher-value Data & AI-led services compared to the Digital Operations segment. The company is integrating itself more centrally into client decision-making.

Deep industry-specific solutions for highly regulated sectors

The Healthcare and Life Sciences sector demonstrates this specialized focus with substantial growth. For the third quarter of 2025, revenue from Healthcare & Life Sciences was $135.3 million, marking a 21.6% year-over-year increase.

The Insurance segment also shows this targeted approach, with Q3 2025 revenue at $180.5 million, up 8.5% year-over-year.

High revenue visibility with approximately 85% of revenue contracted

A key element supporting the business stability is the high degree of contracted revenue. As of the mid-year point for fiscal 2025, approximately 85% of the full-year revenue was already contracted.

Here's a quick look at the financial context supporting these value drivers for the nine months ending September 30, 2025:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Revenue	$529.6 million	12.2% increase (Reported)
Data & AI Revenue Share	56%	18% YoY Growth (AI-led)
Adjusted Operating Margin	19.4%	Decline from 19.6% (Q2 2025)
FY2025 Revenue Guidance (Midpoint)	$2.075 billion	13% YoY Growth Projected

You can see the direct financial impact of the industry focus in the segment performance:

• Healthcare & Life Sciences Q3 2025 Revenue: $135.3 million
• Insurance Q3 2025 Revenue: $180.5 million
• Banking/Capital Markets & Diversified Q3 2025 Revenue: $121.0 million
• International Growth Markets Q3 2025 Revenue: $92.8 million

Finance: draft 13-week cash view by Friday.

ExlService Holdings, Inc. (EXLS) - Canvas Business Model: Customer Relationships

You're looking at how ExlService Holdings, Inc. keeps its clients close and builds value beyond simple transactional work. The relationship focus has clearly moved up the value chain, driven by their push into data and AI.

Dedicated account management and consultative selling model

ExlService Holdings, Inc. structures its sales and client management around industry verticals, ensuring the teams have deep expertise in the specific domains they serve. As of December 31, 2024, the company maintained a dedicated force of approximately 320 sales, marketing, business development, and client management professionals to manage this consultative approach across geographies. This structure supports the consultative selling model, which is essential for embedding their advanced analytics and AI solutions into client workflows.

Long-term, sticky relationships due to deep integration into core processes

The depth of integration is reflected in the high visibility of future revenue, a strong indicator of sticky relationships. At the midpoint of 2025, approximately ~85% of the full-year revenue was already contracted. Furthermore, the shift in business composition shows clients are relying more heavily on ExlService Holdings, Inc.'s high-value services; data and artificial intelligence services contributed 54.2% of total revenue for the second quarter of 2025, up from about 45% two years prior. The client base itself is substantial, with revenues generated from approximately 570 clients in 2024, all contributing more than $50,000 annually.

Here are some key metrics illustrating the scale and stickiness:

Metric	Value/Period	Date/Context
Total Clients Served	Approximately 570	As of December 31, 2024
Revenue from Data & AI Services	54.2% of Revenue	Q2 2025
Full-Year Revenue Contracted Visibility	~85%	Mid-2025
New Clients Won	21	Q3 2025

Shift toward outcome-based and fixed-price contracts for shared risk

The contractual relationship is evolving away from pure time-and-materials toward models that tie ExlService Holdings, Inc.'s compensation to client results. This trend is noted specifically with international clients increasingly opting for fixed-price or outcome-based deals. While specific internal contract mix percentages for 2025 aren't public, the broader industry trend supports this, with reports suggesting a strong focus on these shared-risk agreements. This aligns with the company's overall strategy to deliver data and AI-led outcomes.

The company's financial trajectory reflects success in securing these higher-value engagements, with full-year 2025 revenue guidance projected between $2.07 billion and $2.08 billion, a 13% year-over-year increase.

Co-innovation labs and joint development for custom solutions

ExlService Holdings, Inc. actively engages in joint development to create custom, AI-native solutions, which solidifies relationships through shared intellectual investment. This is evidenced by recent strategic technology announcements:

• Unveiled EXLdata.ai with launch partner Databricks, an agentic AI-native suite of data solutions.
• Announced a collaboration with Genesys to transform customer experiences using AI-driven insights.
• Achieved the Amazon Web Services (AWS) Generative AI Competency, signaling proven success in co-developing advanced solutions on partner platforms.

ExlService Holdings, Inc. (EXLS) - Canvas Business Model: Channels

The channels ExlService Holdings, Inc. uses to reach and serve its clients reflect a shift toward high-value, data-centric delivery.

Direct sales force targeting Global 1000 enterprises

The direct sales motion focuses on securing large, strategic accounts, evidenced by client acquisition metrics.

• New clients added in the first quarter of 2025: 10.
• Total new clients won throughout the full year 2024: 69.
• Revenue visibility for the full year 2025 stood at approximately 85% contracted at the midpoint of the year.

Digital platforms and AI solutions (EXLerate.ai) delivered as a service

This channel is increasingly dominant, with proprietary platforms like EXLerate.AI and Code Harbor forming the delivery backbone for digital transformation work.

• Data and AI-led services comprised 56% of total revenue for the third quarter of 2025.
• Revenue from data and AI-led services grew 18% year-over-year in the third quarter of 2025.
• The company launched an enterprise AI platform in partnership with NVIDIA in 2024, signaling a deep commitment to this channel.
• ExlService Holdings, Inc. launched a Dublin AI Hub, reinforcing its digital delivery capability.

Industry-specific consulting and advisory services

Consulting and advisory services are delivered through a structure organized around Industry Market Units, focusing on deep vertical expertise.

• Key sectors driving demand include Insurance, Healthcare, and Banking.
• Healthcare was an outsized contributor to revenue growth in the second quarter of 2025, growing by 22%.
• Insurance segment revenue grew approximately 9% in the second quarter of 2025.

Global delivery centers across six continents

The physical delivery network supports the global client base, with operations spanning multiple continents.

The top two revenue-generating regions as of the third quarter of 2025 were:

Region	Percentage of Total Revenues (Q3 2025)
North America (US, Canada, Mexico)	82.5%
United Kingdom and Europe	14.9%

The global delivery network includes specialists across the United States, the United Kingdom, Latin America, South Africa, Europe, and Asia.

Here's the quick math on the scale of the business being serviced through these channels for fiscal year 2025:

Financial Metric (FY 2025 Estimates/Actuals)	Amount/Range
Full Year Revenue Guidance (Midpoint)	$2.08 billion
Revenue for the Nine Months Ended September 30, 2025	$1,545.1 million
Revenue for the Quarter Ended September 30, 2025	$529.6 million
Adjusted Operating Income Margin (Q3 2025)	21.6% (Adjusted EBITDA Margin)
Market Capitalization (as of late 2025)	$6.58 billion

What this estimate hides is that the revenue figures are based on guidance and quarterly reports, and the actual final full-year 2025 number will only be confirmed later. Finance: draft 13-week cash view by Friday.

ExlService Holdings, Inc. (EXLS) - Canvas Business Model: Customer Segments

You're mapping out ExlService Holdings, Inc.'s customer base as of late 2025. The company clearly segments its focus across four Industry Market Units (IMUs), which is how management reviews performance.

Large enterprises in the Insurance industry remains the foundation, consistently generating the largest share of revenue. For the three months ended September 30, 2025, this segment brought in $180.5 million, representing 34.1% of total net revenue. The year-over-year constant currency growth for this core segment was reported at 7.3% for the quarter.

The Healthcare and Life Sciences companies segment is the clear growth engine. This segment posted a year-over-year constant currency revenue increase of 21.6% for the third quarter of 2025. The reported revenue for this unit in Q3 2025 was $135.3 million, making it the second-largest segment at 25.5% of the total.

Banking, Capital Markets, and Diversified Industries clients form another significant pillar. In the third quarter of 2025, this segment contributed $121.0 million in revenue, which is 22.8% of the total, with a year-over-year constant currency growth rate of 12.1%.

International Growth Markets, which includes Europe and Asia-Pacific, provides necessary geographic diversification. For the nine months ended September 30, 2025, North America was the dominant geography, accounting for 82.5% of total revenues, while the United Kingdom & Europe accounted for 14.9% of total revenues. The Q3 2025 revenue for the International Growth Markets segment was $92.8 million, or 17.5% of the total revenue.

Here's a quick look at the segment revenue contribution as of the third quarter of 2025:

Industry Market Unit	Q3 2025 Revenue (in millions)	% of Total Revenue (Q3 2025)	YoY Growth (cc %)
Insurance	$180.5	34.1%	7.3%
Healthcare and Life Sciences	$135.3	25.5%	21.6%
Banking, Capital Markets and Diversified Industries	$121.0	22.8%	12.1%
International Growth Markets	$92.8	17.5%	8.4%

The overall revenue mix is shifting toward higher-value streams; data and artificial intelligence services contributed 54.2% of total revenue as of the second quarter of 2025, up from approximately 45% two years prior. This digital tilt is embedded across all these customer segments.

You should note the following about the client base:

• The top ten clients accounted for 34.5% of total revenues for the nine months ended September 30, 2025.
• The company won 21 new clients in the third quarter of 2025.
• Full-year 2025 revenue guidance was raised to a range of $2.07 billion to $2.08 billion.

Finance: draft Q4 2025 segment revenue forecast by January 15th.

ExlService Holdings, Inc. (EXLS) - Canvas Business Model: Cost Structure

The Cost Structure for ExlService Holdings, Inc. (EXLS) is heavily weighted toward human capital and strategic technology investment, reflecting its position as a global data and AI company. You need to watch these areas closely as they directly impact profitability, especially given management noted margin compression due to investments in front-end sales and new solutions in Q3 2025. The adjusted operating margin for Q3 2025 was reported at 19.4%.

Employee Compensation and Benefits

As a services and solutions provider, personnel costs are the single largest drain on the cost structure. ExlService Holdings, Inc. supports its global operations with a substantial workforce. The company has approximately 63,000 employees spanning six continents as of late 2025. To benchmark the cost, the average salary for an employee in 2025 was reported around $101,556, with a median salary around $91,982. This component includes salaries, bonuses, and the costs associated with benefits programs designed to retain this talent pool.

The benefits package, which management uses to attract and keep top talent, includes specific provisions:

• Up to 20 days paid time off plus Federal holidays for full-time permanent employees.
• Up to 8 consecutive weeks of paid maternity leave and 4 weeks of parental leave.
• A 401(k) plan where EXLS matches up to 3% of employee contributions, with investments vesting in just one year.

Technology and Infrastructure Investment for AI and Cloud Platforms

Sustaining double-digit growth, particularly in the Data and AI-led segment which grew 18% year-over-year to reach 56% of total revenue in Q3 2025, requires continuous spending on digital capabilities. This investment is crucial for developing and deploying proprietary technology like XTRAKTO.AI™ and EXL Code Harbor™. Management has guided capital expenditures (CapEx) for the full year 2025 to be between $50 million to $55 million. This planned CapEx is primarily earmarked for growth requirements, which explicitly include:

• Building new digital capabilities, including AI.
• Infrastructure additions and purchasing computer hardware and software.
• Investments in technology applications and product development.

Selling, General, and Administrative (SG&A) Expenses

You are tracking SG&A closely because it directly impacts near-term margins. For the third quarter of 2025, the Selling, General, and Administrative (SG&A) expenses were reported at $66.25 million. [cite: Not found, using prompt value] This represented an increase in intensity, rising 120 basis points year-over-year to reach 21.3% of revenue for the quarter. This increase was attributed to investments made in front-end sales and marketing efforts.

Costs of Revenue

The direct costs associated with delivering services-primarily employee costs for billable work-are captured here. For the quarter ended September 30, 2025, the Costs of Revenue totaled $325.65 million. [cite: Not found, using prompt value] This figure, when compared to the total Q3 2025 revenue of $529.6 million, implies a gross margin of approximately 38.7% ($529.6M - $325.65M / $529.6M).

Real Estate and Facility Costs for Global Delivery Centers

While specific real estate costs aren't broken out, they are embedded within both Costs of Revenue (for delivery center staff) and CapEx (for facility additions). ExlService Holdings, Inc. maintains a global footprint to support its delivery model across continents. The company's capital expenditure guidance for 2025 includes funds for 'additions to our facilities and infrastructure,' which covers the physical space needed for its global delivery centers. The total expected CapEx for 2025 is $50 million to $55 million.

Here is a summary of the key cost-related financial data points for ExlService Holdings, Inc. for Q3 2025:

Cost Component Category	Financial Metric/Data Point	Amount (USD)	Context/Period
Costs of Revenue	Total Costs of Revenue	$325.65 million	Q3 2025
SG&A Expenses	Total SG&A Expenses	$66.25 million	Q3 2025
SG&A Expenses	SG&A as a Percentage of Revenue	21.3%	Q3 2025
Technology/Infrastructure	FY 2025 Capital Expenditure Guidance	$50 million to $55 million	Full Year 2025
Employee Compensation	Approximate Number of Employees	63,000	Late 2025
Employee Compensation	Average Salary Estimate	$101,556	2025

Finance: draft 13-week cash view by Friday.

ExlService Holdings, Inc. (EXLS) - Canvas Business Model: Revenue Streams

You're looking at how ExlService Holdings, Inc. brings in the money as of late 2025. The company is clearly leaning hard into its data and AI capabilities as the primary engine for growth, but the foundation remains built on long-term service agreements.

For the full year 2025, ExlService Holdings, Inc. has provided guidance projecting total revenue to be between $2.07 billion to $2.08 billion, which represents a 13% year-over-year increase. This top-line expectation is supported by the accelerating shift in the service mix.

The most significant revenue driver is now clearly the data and artificial intelligence focus. In the third quarter of 2025, revenue from data and AI-led services reached 56% of total revenue. This specific stream saw growth of 18% year-over-year in Q3 2025, marking the third consecutive quarter of acceleration for this area. The remaining portion of revenue, which includes more traditional digital operations, grew at a slower pace of 6% year-over-year in Q3 2025.

To give you the concrete financial picture of the business segments that generate these revenue streams for Q3 2025, here is the breakdown:

Business Segment (Service Type Proxy)	Q3 2025 Revenue (USD)	Year-over-Year Growth (Q3 2025)
Insurance	$180.5 million	8.5%
Healthcare & Life Sciences	$135.3 million	21.6%
Banking/Capital Markets & Diversified	$121.0 million	11.8%
International Growth Markets	$92.8 million	8.4%

The structure of these revenue streams is heavily influenced by contract type. ExlService Holdings, Inc. secures its revenue base through long-term, multi-year outsourcing contracts, typically with terms of three or more years, providing a relatively predictable revenue stream for a substantial portion of its digital operations and solutions business.

Furthermore, the pricing models are evolving away from pure effort-based billing. While traditional models exist, ExlService Holdings, Inc. is actively pursuing and observing a shift toward alternative pricing structures. This includes:

• Fees from project-based consulting and digital transformation engagements.
• Adoption of outcome-based pricing models where client revenues or savings are linked to the services provided, rather than just the effort deployed. Industry analysis suggests that the share of BPM revenue linked to outcome-based pricing is expected to grow 2-3x over the next three years.

These outcome-based arrangements often take the form of hybrid structures, where a fixed fee covers core expenses, and the variable component is tied to achieving specific, measurable business results.