EXLSERVICE HOLDINGS, Inc. (EXLS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la transformation numérique, ExlService Holdings, Inc. (EXLS) apparaît comme une puissance de gestion innovante des processus commerciaux, de la technologie de pontage stratégique, de l'analyse et de l'excellence opérationnelle. Avec un modèle commercial robuste qui couvre les secteurs des services financiers, des soins de santé et de la technologie, EXLS fournit des solutions de pointe qui réinventent la façon dont les organisations optimisent les performances, exploitent des informations axées sur les données et stimulent une croissance durable sur un marché mondial de plus en plus complexe.

ExlService Holdings, Inc. (EXLS) - Modèle commercial: partenariats clés

Alliances stratégiques avec les services financiers mondiaux et les organisations de soins de santé

ExlService Holdings maintient des partenariats stratégiques avec les organisations suivantes:

Industrie	Partenaires clés	Focus de partenariat
Services financiers	American Express	Services de transformation numérique et d'analyse
Soins de santé	Groupe UnitedHealth	Gestion du cycle des revenus et optimisation opérationnelle
Assurance	Financier prudentiel	Automatisation des processus et amélioration de l'expérience client

Partenariats avec les fournisseurs de technologies

ExlService collabore avec les principales plateformes technologiques:

• Microsoft Azure - Infrastructure cloud et solutions AI
• Amazon Web Services (AWS) - Cloud Computing and Data Analytics
• Salesforce - CRM et plateformes d'engagement numérique
• Blue Prism - Robotic Process Automation (RPA) Technologies

Collaborations de cabinets de conseil

Partenaire de conseil	Zone d'expansion du service
Deloitte	Conseil de transformation numérique
Kpmg	Services de gestion des risques d'entreprise

Coentreprises de gestion des processus commerciaux régionaux

Le réseau de partenariat régional d'ExlService comprend:

• Tata Consultancy Services (Inde) - Gestion des processus offshore
• Wipro Limited - Collaboration d'ingénierie numérique
• Infosys - Services d'intégration technologique

Partenariat Impact financier pour 2023:

Métrique	Valeur
Revenus de partenariat total	412,6 millions de dollars
Économies de coûts grâce à des partenariats	87,3 millions de dollars
Nouveaux investissements de développement de services	56,4 millions de dollars

ExlService Holdings, Inc. (EXLS) - Modèle commercial: activités clés

Gestion et optimisation des processus commerciaux

ExlService Holdings se concentre sur la gestion des processus commerciaux de bout en bout avec des mesures spécifiques:

Métrique	Valeur
Clients d'optimisation de processus	Plus de 350 clients d'entreprise
Amélioration annuelle de l'efficacité du processus	15 à 20% de gains de productivité
Centres de processus mondiaux	22 centres de livraison

Conseil de transformation numérique

Les services de transformation numérique comprennent:

• Stratégies de transformation axées
• Solutions de migration de cloud
• Implémentation de l'automatisation des processus robotiques

Métrique de transformation numérique	2023 données
Revenus de conseil numérique	287 millions de dollars
Projets de transformation numérique	125+ Implémentations d'entreprise

Services d'analyse et de science des données

ExlService fournit des capacités d'analyse avancées:

Capacité d'analyse	Portée
Data scientifiques	750+ professionnels
Plates-formes d'analyse	12 plateformes spécialisées
Revenus d'analyse annuelle	412 millions de dollars

Solutions opérationnelles compatibles avec la technologie

Les solutions technologiques englobent:

• Plateformes technologiques propriétaires
• Algorithmes d'apprentissage automatique
• Cadres d'analyse avancée

Solution technologique	Performance de 2023
Investissement technologique	98 millions de dollars de R&D
Dépôts de brevet	37 brevets technologiques

Gestion des processus de soins de santé et de services financiers

Services verticaux spécialisés de l'industrie:

Industrie verticale	Revenus de 2023
Services de santé	345 millions de dollars
Services financiers	412 millions de dollars
Revenus verticaux totaux	757 millions de dollars

ExlService Holdings, Inc. (EXLS) - Modèle commercial: Ressources clés

Travail hautement qualifié avec expertise du domaine

Au quatrième trimestre 2023, ExlService Holdings a employé 37 200 professionnels dans le monde. La répartition des effectifs comprend:

Catégorie d'expertise	Pourcentage
Professionnels de l'analyse	42%
Experts du domaine	33%
Spécialistes de la technologie	25%

Plates-formes de technologie avancée et outils d'analyse

Investissement dans les plateformes technologiques pour 2023:

• Dépenses de R&D: 98,4 millions de dollars
• Investissement infrastructure technologique: 67,2 millions de dollars
• IA et outils d'apprentissage automatique: 42,5 millions de dollars

Réseau de livraison global avec plusieurs centres de services

Région	Nombre de centres de service	Total de main-d'œuvre
Inde	12	24,800
États-Unis	6	7,500
Philippines	3	3,600
Autres emplacements	4	1,300

Méthodologies de transformation numérique propriétaires

Cadres propriétaires développés:

• Framework exl excel
• Plateforme d'opérations numériques
• Méthodologie de transformation commerciale algorithmique

Solutions de propriété intellectuelle robuste et logicielle

Portfolio de propriété intellectuelle:

Catégorie IP	Compte total
Brevets enregistrés	47
Solutions logicielles propriétaires	38
Inscriptions de la marque	22

ExlService Holdings, Inc. (EXLS) - Modèle d'entreprise: propositions de valeur

Services de transformation numérique de bout en bout

ExlService Holdings fournit des solutions de transformation numériques complètes avec un chiffre d'affaires de 1,38 milliard de dollars en 2023. La société fournit des services axés sur la technologie dans plusieurs secteurs.

Catégorie de service de transformation numérique	Contribution annuelle des revenus
Services de migration en cloud	412 millions de dollars
Intégration AI / ML	287 millions de dollars
Automatisation de processus robotique	214 millions de dollars

Solutions d'efficacité opérationnelle rentables

ExlService propose des solutions d'efficacité opérationnelle avec des stratégies de réduction des coûts éprouvées.

• Économies de coûts moyens du client: 27-35%
• Efficacité d'optimisation des processus: 42%
• Réduction des coûts opérationnels: 68 millions de dollars pour les clients en 2023

Informations basées sur les données et analyses avancées

ExlService est spécialisé dans l'analyse avancée avec une pénétration importante du marché.

Service d'analyse	Part de marché	Revenus annuels
Analytique prédictive	8.6%	276 millions de dollars
Analytique descriptive	6.3%	198 millions de dollars

Stratégies d'amélioration des processus spécifiques à l'industrie

ExlService offre une amélioration ciblée des processus entre les industries.

• Optimisation du processus de santé: 142 millions de dollars
• Efficacité des services financiers: 215 millions de dollars
• Amélioration du flux de travail d'assurance: 187 millions de dollars

Expérience client améliorée grâce à l'intégration technologique

L'intégration de la technologie stimule les améliorations de l'expérience client pour les clients ExlService.

Zone d'intégration technologique	Amélioration de la satisfaction du client
Automatisation du service à la clientèle	38%
Technologies de personnalisation	45%
Expérience omnicanal	52%

ExlService Holdings, Inc. (EXLS) - Modèle d'entreprise: relations avec les clients

Modèle de partenariat stratégique à long terme

ExlService Holdings maintient des partenariats stratégiques avec 87 sociétés du Fortune 500 au quatrième trimestre 2023. La durée moyenne du partenariat est de 7,3 ans dans les principaux verticaux de l'industrie.

Segment de l'industrie	Nombre de partenaires stratégiques	Durée du partenariat moyen
Services financiers	42	8,1 ans
Soins de santé	22	6,5 ans
Assurance	23	7,2 ans

Équipes de gestion des comptes dédiés

ExlService alloue équipes de gestion des comptes spécialisés avec une taille d'équipe moyenne de 6-8 professionnels par client stratégique.

• Gestionnaires de relations clients dédiés
• Spécialistes du support technique
• Experts verticaux de l'industrie
• Architectes de solution

Surveillance et amélioration des performances continues

Les mesures de performance ont suivi trimestriellement avec 98,6% de taux de satisfaction du client en 2023.

Métrique de performance	Score 2023
Satisfaction du client	98.6%
Conformité de l'accord de niveau de service	99.2%
Temps de résolution d'émission	24,7 heures

Développement de solutions personnalisées

ExlService a investi 42,3 millions de dollars en R&D pour des solutions personnalisées en 2023, développant 67 solutions technologiques spécifiques au client uniques.

Mécanismes réguliers d'engagement et de rétroaction des clients

Fréquence d'engagement: revues commerciales trimestrielles avec 94% des clients stratégiques.

• Revues de performance trimestrielles
• Sessions de planification stratégique annuelles
• Chèques opérationnels mensuels
• Plates-formes de rétroaction numérique en temps réel

ExlService Holdings, Inc. (EXLS) - Modèle d'entreprise: canaux

Équipe de vente directe

ExlService Holdings maintient une équipe de vente directe mondiale de 127 professionnels des ventes au quatrième trimestre 2023, ciblant les clients de niveau d'entreprise dans plusieurs secteurs.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	127
Couverture géographique	Amérique du Nord, Europe, Asie
Coût moyen d'acquisition du client	$42,500

Plateformes de marketing numérique

ExlService exploite plusieurs canaux de marketing numérique avec une dépense publicitaire numérique de 3,2 millions de dollars en 2023.

• Plateforme de marketing LinkedIn
• Réseau Google Ads
• Publicité du site Web de l'industrie ciblée

Conférences et événements de l'industrie

ExlService a participé à 18 conférences de l'industrie en 2023, avec un budget marketing d'événements de 1,7 million de dollars.

Type de conférence	Nombre d'événements	Investissement total
Conférences mondiales de technologie d'entreprise	12	1,2 million de dollars
Symposiums des services financiers	6	$500,000

Services de consultation en ligne

ExlService fournit des services de consultation numérique via des plateformes en ligne dédiées, avec 3 247 demandes de consultation traitées en 2023.

Réseaux de référence stratégiques

La société maintient 47 partenariats de référence stratégiques dans tous les secteurs de la technologie, du conseil et des services financiers.

Catégorie de réseau de référence	Nombre de partenaires
Partenaires de conseil en technologie	22
Partners des services financiers	15
Partners de la technologie des soins de santé	10

ExlService Holdings, Inc. (EXLS) - Modèle d'entreprise: segments de clientèle

Grandes sociétés de services financiers

ExlService sert de grandes sociétés de services financiers avec une segmentation spécifique:

Type de client	Contribution annuelle des revenus	Services clés
Banques d'investissement de haut niveau	127,6 millions de dollars	Optimisation du processus, analyse des données
Fournisseurs d'assurance mondiaux	93,4 millions de dollars	Traitement des réclamations, gestion des risques

Compagnies de santé et d'assurance

Le segment de la clientèle des soins de santé d'ExlService comprend:

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

Entreprises technologiques

Répartition des clients de l'entreprise technologique:

Segment	Revenu	Focus du service
Sociétés de services cloud	62,3 millions de dollars	Conseil de transformation numérique
Plateformes SaaS	45,7 millions de dollars	Analytique et soutien opérationnel

Institutions bancaires mondiales

Le portefeuille de clients bancaires mondiaux comprend:

• JPMorgan Chase
• Citigroup
• Wells Fargo

Entreprises à l'échelle du milieu à la grande envergure

Métriques des clients de transformation numérique:

Échelle commerciale	Valeur du contrat annuel	Type de service
Entreprises de marché intermédiaire	23,6 millions de dollars	Réingénierie du processus numérique
Grandes entreprises	57,9 millions de dollars	Transformation numérique complète

ExlService Holdings, Inc. (EXLS) - Modèle d'entreprise: Structure des coûts

Compensation et formation des employés

Total des dépenses des employés pour 2023: 643,6 millions de dollars

Catégorie de dépenses	Montant ($)
Salaires et salaires	542,3 millions
Formation et développement	24,7 millions
Avantages sociaux	76,6 millions

Investissements infrastructures technologiques

Total des coûts d'infrastructure technologique en 2023: 87,4 millions de dollars

• Infrastructure de cloud computing: 32,6 millions de dollars
• Investissements matériels et logiciels: 28,9 millions de dollars
• Systèmes de cybersécurité: 25,9 millions de dollars

Frais de recherche et de développement

Dépenses de R&D pour 2023: 62,1 millions de dollars

Zone de focus R&D	Investissement ($)
Solutions de transformation numérique	27,5 millions
Analytique et développement de l'IA	21,3 millions
Recherche d'optimisation des processus	13,3 millions

Maintenance opérationnelle mondiale

Coûts opérationnels mondiaux totaux: 112,6 millions de dollars

• Entretien des installations: 38,4 millions de dollars
• Infrastructure de bureau mondiale: 45,2 millions de dollars
• Frais de voyage et de communication: 29,0 millions de dollars

Coûts de marketing et de développement commercial

Dépenses totales de marketing et de développement des entreprises: 43,5 millions de dollars

Canal de marketing	Dépenses ($)
Marketing numérique	18,7 millions
Conférences et parrainages d'événements	12,3 millions
Ventes et développement commercial	12,5 millions

ExlService Holdings, Inc. (EXLS) - Modèle d'entreprise: Strots de revenus

Frais de consultation basés sur les services

Pour l'exercice 2023, ExlService Holdings a déclaré des revenus totaux de 1 349,9 millions de dollars. Les services de conseil ont représenté une partie importante de cette source de revenus.

Catégorie de revenus	Montant (million USD)	Pourcentage du total des revenus
Gestion des processus d'entreprise	822.4	60.9%
Gestion des opérations	527.5	39.1%

Revenus contractuels à long terme

ExlService Holdings génère des revenus substantiels à partir de contrats pluriannuels dans diverses industries.

• Durée du contrat moyen: 3-5 ans
• Gamme de valeur du contrat: 5 à 50 millions de dollars
• Industries clés: soins de santé, services financiers, assurance

Projets de mise en œuvre de la technologie

Les services technologiques ont contribué 456,7 millions de dollars au total des revenus en 2023.

Type de service technologique	Revenus (millions USD)
Transformation numérique	189.3
Migration du nuage	142.5
Implémentation AI / ML	124.9

Services d'analyse et de science des données

Les revenus d'analyse des données ont atteint 287,6 millions de dollars au cours de l'exercice 2023.

• Analyse prédictive: 112,4 millions de dollars
• Business Intelligence: 95,2 millions de dollars
• Modélisation avancée des données: 80,0 millions de dollars

Solutions numériques basées sur l'abonnement récurrentes

Les solutions numériques basées sur l'abonnement ont généré 183,2 millions de dollars de revenus récurrents pour 2023.

Type de solution numérique	Revenus récurrents annuels (millions USD)
Plateformes SaaS	87.6
Outils de flux de travail numérique	65.4
Tableaux de bord analytiques	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.