ExlService Holdings, Inc. (EXLS): Business Model Canvas [Dec-2025 Updated]

You're looking at how a major player in intelligent operations is structuring its growth for late 2025, and honestly, ExlService Holdings, Inc.'s business model is all about using data and AI to fundamentally reinvent client operations, not just shave off process costs. With full-year revenue guidance projected between $2.07 billion and $2.08 billion, and over 56% of Q3 2025 revenue already coming from those AI-led services, their value proposition is clearly focused on delivering measurable performance gains in Insurance and Healthcare. It's a sophisticated setup built on deep domain expertise and a massive global team of over 63,000 professionals, so check out the full canvas below to see exactly how they connect those key resources to those big revenue streams.

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

You're looking at the core relationships ExlService Holdings, Inc. builds to power its data and AI strategy as of late 2025. These aren't just vendor agreements; they are deep integrations that directly feed into their revenue streams, especially the high-growth Data and AI-led segment, which reached 56% of total revenue in the third quarter of 2025. That segment grew 18% year-over-year in Q3 2025 alone.

Strategic alliances with cloud and AI providers like NVIDIA and Databricks

ExlService Holdings, Inc. has cemented key alliances to ensure its AI offerings are built on top-tier infrastructure. The collaboration with NVIDIA, announced in July 2024, targets the creation of AI applications across critical sectors like insurance, healthcare, and banking. At the time of that announcement, ExlService Holdings, Inc.'s market capitalization stood at approximately $5.75 billion.

The partnership with Databricks is particularly central, evolving into the launch of EXLdata.ai in October 2025, an agentic AI-native suite of data solutions. ExlService Holdings, Inc. achieved Select partner status with Databricks in May 2025. This alliance helps unify data modernization and governance, tackling the issue where only 30% of organizations say their data is available enterprise-wide, according to ExlService Holdings, Inc.'s 2025 Enterprise AI Study. The solution leverages Databricks Agent Bricks and has shown tangible results; for instance, a leading global insurance provider saw a 50% faster migration of its SAS codebase to the Databricks Data Intelligence Platform using ExlService Holdings, Inc.'s Code Harbor solution.

Collaboration with Genesys for AI-driven customer experience transformation

A significant recent development was the partnership with Genesys, a global cloud provider in AI-powered experience orchestration, announced on July 30, 2025. This collaboration aims to integrate ExlService Holdings, Inc.'s data-driven expertise and agentic solutions directly into the Genesys Cloud platform. The goal is to transform customer engagement and business operations across industries like banking, insurance, and healthcare. The company, which has over 59,500+ employees globally, is using this to drive better outcomes for clients.

Technology vendors for platform integration and software development

Beyond the major cloud/AI players, ExlService Holdings, Inc. maintains a broad ecosystem of technology vendors to support its digital operations and solutions. These relationships are crucial for maintaining the high standards recognized by industry analysts. For example, ExlService Holdings, Inc. was named a Leader in the 2025 ISG Provider Lens Generative AI Services Global Report as of October 28, 2025. Also, the firm was recognized as a Leader in Everest Group's 2025 Clinical and Care Management Operations PEAK Matrix Assessment on November 6, 2025.

These recognitions validate the strength of the underlying technology integrations that ExlService Holdings, Inc. manages across its client base. The firm's total revenue for the first nine months of 2025 reached $1.55 billion.

Insurance and financial services firms for co-innovation and risk management

ExlService Holdings, Inc.'s partnerships are deeply embedded within its core verticals, such as insurance and banking, often leveraging the technology alliances mentioned above. In the insurance sector, the Databricks collaboration helps clients analyze claims cycles to spot anomalies instantly. In banking, ExlService Holdings, Inc. works with Databricks to extract insights from unstructured transaction data for risk and marketing use cases across the customer lifecycle. The company's Insurance segment showed a 15.6% increase year-over-year in Q1 2024. The firm was also named a Leader in the Everest Group Property and Casualty (P&C) Insurance BPS PEAK Matrix Assessment 2025.

Acquisition targets like ITI Data to expand data management capabilities

Strategic acquisitions complement the partnership model by bringing in specialized teams and client bases. ExlService Holdings, Inc. acquired ITI Data in August 2024, a firm specializing in data management solutions for the world's largest banks, financial services, and healthcare companies. The financial terms of this acquisition were undisclosed. ITI Data has offices in the U.K., Australia, and India, adding to ExlService Holdings, Inc.'s global footprint. Vivek Jetley, president and head of analytics at ExlService Holdings, Inc., noted this acquisition brought specialized data management and governance capabilities into the company's foundation.

Here's a quick look at some key partnership and operational metrics as of late 2025:

Metric	Value / Detail	Context/Date
Data & AI Revenue Share	56% of total revenue	Q3 2025
Data & AI Revenue Growth (YoY)	18%	Q3 2025
Total Employees	59,500+	As of late 2024/2025 data points
ITI Data Acquisition Date	August 2024
Genesys Partnership Date	July 30, 2025
Databricks Partner Status	Select partner status achieved	May 2025

The company's focus on these strategic relationships is clearly tied to its financial performance, with Q3 2025 revenue reported at $529.6 million, up 12.2% year-over-year. Furthermore, the first nine months of 2025 revenue was $1.55 billion.

The strength of these alliances is reflected in industry validation:

• Leader in Everest Group's 2025 P&C Insurance BPS PEAK Matrix Assessment.
• Leader in Everest Group's Healthcare Data, Analytics and AI Services PEAK Matrix 2025.
• Leader in 2025 ISG Provider Lens Generative AI Services Global Report.
• Category winner in the 2025 IDC FinTech Real Results program for a financing solution.

These partnerships are designed to help ExlService Holdings, Inc. manage the complexity of enterprise data, which is a major hurdle for clients. Finance: draft 13-week cash view by Friday.

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

Developing and deploying proprietary AI platforms like EXLerate.ai

• Named a Leader in the ISG Provider Lens® Generative AI (GenAI) Services - Large and Midsize Global 2025 report.
• EXLerate.ai platform enables consultants to simulate agent workflows and validate architecture early in the engagement cycle.
• EXL secured the top Leader position in Everest Group's Data and AI Services Specialists assessment for the second consecutive year in 2025.
• Proprietary solutions include EXL Claims Assist, XTRAKTO.AI™ for document processing, and EXL Code Harbor™ for AI-assisted code generation.
• Data and AI-led revenue grew 18% year-over-year to reach 56% of total revenue as of the third quarter of 2025.
• Leaders in the 2025 EXL Enterprise AI Study embed technology into 55% to 56% of their processes.

Performing advanced data analytics and modeling for risk and operations

For the twelve months ending September 30, 2025, ExlService Holdings, Inc. generated revenue of $2.026B. The full-year 2025 revenue guidance was raised to a range of $2.07 billion to $2.08 billion. The third quarter of 2025 revenue was $529.6 Million.

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

Delivering end-to-end business process management (BPM) services

Digital operations revenue grew 6% year-over-year for the quarter ended September 30, 2025. Over 75% of revenue is recurring, providing a stable foundation for growth as of the second quarter of 2025. The top ten clients accounted for 34.5% of total revenues as of September 30, 2025.

Global talent acquisition and upskilling of over 63,000 employees

ExlService Holdings, Inc. had 59,500 employees as of December 31, 2024. This represented an increase of 5,500 employees, or 10.19%, compared to the previous year.

Managing complex, regulated client data and compliance defintely

North America, including the United States, Canada, and Mexico, accounted for 82.5% of total revenues for the nine months ended September 30, 2025. The United Kingdom and Europe accounted for 14.9% of total revenues for the same period. In the 2025 EXL Enterprise AI Study, 73% of organizations surveyed cited improving their data capabilities as a moderate or significant issue affecting the enterprise.

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

You're looking at the core assets ExlService Holdings, Inc. (EXLS) relies on to deliver its data and AI-led transformation services as of late 2025. These aren't just abstract concepts; they are quantifiable assets driving real revenue.

Proprietary AI and data platforms, including EXLdata.ai

The company's investment in proprietary technology is a major resource. EXLdata.ai, unveiled in October 2025, is an agentic AI-native suite of data solutions designed to make enterprise data AI-ready. This focus is clearly translating to the top line; Data and AI-led revenue reached 56% of total revenue in the third quarter of 2025. This AI-led revenue specifically grew 18% year-over-year for that quarter. Another platform, EXLerate.ai, is noted for enabling consultants to simulate agent workflows.

Deep domain expertise in Insurance and Healthcare verticals

Domain knowledge is embedded into the service delivery, particularly in core industries. ExlService Holdings, Inc. serves leading corporations across several sectors, including insurance, healthcare, banking and financial services, media, and retail. For the third quarter of 2025, the Healthcare segment showed particular strength, alongside the Insurance segment, in contributing to top-line gains. This expertise is recognized externally; for instance, the company was named a Market Leader in the HFS Research Horizon Insurance Services 2025 report.

Global delivery network with over 63,000 skilled professionals

The scale of the workforce is a critical resource, spanning six continents. As of the third quarter of 2025 earnings release, ExlService Holdings, Inc. reported having more than 63,000 employees. This represents significant growth from the year-end 2024 total of 59,500 employees. The ability to hire and retain these skilled professionals is noted as a factor affecting actual financial results.

Here's a quick look at the growth in the delivery network and the related financial scale as of late 2025:

Metric	Value as of Late 2025	Context/Period
Total Employees (Approximate)	Over 63,000	Q3 2025 / Latest Report
Data and AI-led Revenue Share	56%	Q3 2025
Full Year 2025 Revenue Guidance (Midpoint)	$2.075 Billion	Full Year 2025 Projection
Market Capitalization	$6.58 Billion	As of Q3 2025 Earnings

Extensive, long-term client data and intellectual property assets

The intellectual property assets are manifested in the solutions developed and the client relationships maintained. The company won 21 new clients in the third quarter of 2025 alone. The reliance on data is evident in the fact that the company's data and AI-led revenue now makes up 56% of its total revenue. The 2025 Enterprise AI Study surveyed 190 U.K. executives across key industries, providing proprietary insights that feed into their IP.

Strong balance sheet supporting strategic M&A and R&D investments

Financial strength underpins future strategic moves. For the full year 2025, ExlService Holdings, Inc. projects revenue between $2.07 billion and $2.08 billion, reflecting 13% year-over-year growth. The projected full-year Adjusted Diluted EPS range is $1.88 to $1.92, a 14% to 16% increase over 2024. The CFO explicitly stated that guidance increases reflect continued strategic investment in data and AI capabilities. The company's market capitalization stood at $6.58 billion as of the Q3 2025 report.

The balance sheet supports growth through various means:

• Projected 2025 revenue growth: 13% reported and constant currency basis.
• Projected 2025 Adjusted Diluted EPS growth: 14% to 16% over 2024.
• Q3 2025 Adjusted EBITDA margin: 21.6% beat analyst estimates by 2.5%.
• The 10-K filing discusses the ability to finance potential acquisitions.

If onboarding takes 14+ days, churn risk rises, so efficient resource deployment is key.

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.