ExlService Holdings, Inc. (EXLS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da transformação digital, a ExlService Holdings, Inc. (EXLS) surge como uma potência de gerenciamento inovador de processos de negócios, tecnologia estrategicamente preenchida, análise e excelência operacional. Com um modelo de negócios robusto que abrange serviços financeiros, assistência médica e tecnologia, a EXLS oferece soluções de ponta que reimagam como as organizações otimizam o desempenho, aproveitam as idéias orientadas a dados e impulsionam o crescimento sustentável em um mercado global cada vez mais complexo.

ExlService Holdings, Inc. (EXLS) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com serviços financeiros globais e organizações de saúde

A ExlService Holdings mantém parcerias estratégicas com as seguintes organizações:

Indústria	Parceiros -chave	Foco em parceria
Serviços financeiros	American Express	Serviços de transformação e análise digital
Assistência médica	Grupo UnitedHealth	Gerenciamento do ciclo de receita e otimização operacional
Seguro	Prudential Financial	Automação de processos e aprimoramento da experiência do cliente

Parcerias com provedores de tecnologia

A ExlService colabora com as principais plataformas de tecnologia:

• Microsoft Azure - Infraestrutura em nuvem e soluções de IA
• Amazon Web Services (AWS) - Computação em nuvem e análise de dados
• Salesforce - CRM e plataformas de engajamento digital
• Blue Prism - Robotic Process Automation (RPA) Tecnologias

Colaborações da empresa de consultoria

Parceiro de consultoria	Área de expansão de serviço
Deloitte	Consultoria de Transformação Digital
Kpmg	Serviços de gerenciamento de riscos corporativos

Joint Ventures de Gerenciamento de Processos de Negócios Regionais

A rede de parceria regional da ExlService inclui:

• Serviços de consultoria Tata (Índia) - Gerenciamento de processos offshore
• Wipro Limited - Colaboração de Engenharia Digital
• Infosys - Serviços de Integração de Tecnologia

Impacto financeiro de parceria para 2023:

Métrica	Valor
Receita total de parceria	US $ 412,6 milhões
Economia de custos por meio de parcerias	US $ 87,3 milhões
Novos investimentos em desenvolvimento de serviços	US $ 56,4 milhões

ExlService Holdings, Inc. (EXLS) - Modelo de negócios: Atividades -chave

Gerenciamento de processos de negócios e otimização

A ExlService Holdings se concentra no gerenciamento de processos de negócios de ponta a ponta com métricas específicas:

Métrica	Valor
Clientes de otimização de processos	Mais de 350 clientes corporativos
Melhoria anual de eficiência do processo	15-20% de ganhos de produtividade
Centros de processo globais	22 centros de entrega

Consultoria de Transformação Digital

Os serviços de transformação digital incluem:

• Estratégias de transformação orientadas a IA
• Soluções de migração em nuvem
• Implementação de automação de processos robóticos

Métrica de transformação digital	2023 dados
Receita de consultoria digital	US $ 287 milhões
Projetos de transformação digital	125+ implementações corporativas

Analytics and Data Science Services

O ExlService fornece recursos avançados de análise:

Capacidade de análise	Escopo
Cientistas de dados	Mais de 750 profissionais
Plataformas de análise	12 plataformas especializadas
Receita anual de análise	US $ 412 milhões

Soluções operacionais habilitadas para tecnologia

As soluções de tecnologia abrangem:

• Plataformas de tecnologia proprietárias
• Algoritmos de aprendizado de máquina
• Estruturas de análise avançada

Solução tecnológica	2023 desempenho
Investimento em tecnologia	US $ 98 milhões de gastos com P&D
Registros de patentes	37 patentes tecnológicas

Gerenciamento de processos de saúde e serviços financeiros

Serviços verticais da indústria especializada:

Indústria vertical	2023 Receita
Serviços de Saúde	US $ 345 milhões
Serviços financeiros	US $ 412 milhões
Receita vertical total	US $ 757 milhões

ExlService Holdings, Inc. (EXLS) - Modelo de negócios: Recursos -chave

Força de trabalho altamente qualificada com experiência em domínio

A partir do quarto trimestre de 2023, a ExlService Holdings empregou 37.200 profissionais em todo o mundo. A quebra da força de trabalho inclui:

Categoria de especialização	Percentagem
Profissionais de análise	42%
Especialistas em domínio	33%
Especialistas em tecnologia	25%

Plataformas de tecnologia avançada e ferramentas de análise

Investimento em plataformas de tecnologia para 2023:

• Despesas de P&D: US $ 98,4 milhões
• Investimento de infraestrutura tecnológica: US $ 67,2 milhões
• AI e ferramentas de aprendizado de máquina: US $ 42,5 milhões

Rede de entrega global com vários centros de serviço

Região	Número de centros de serviço	Força de trabalho total
Índia	12	24,800
Estados Unidos	6	7,500
Filipinas	3	3,600
Outros locais	4	1,300

Metodologias proprietárias de transformação digital

Estruturas proprietárias desenvolvidas:

• Estrutura do EXL Excel
• Plataforma de operações digitais
• Metodologia de transformação de negócios algorítmica

Soluções de propriedade intelectual e software robustas

Portfólio de propriedade intelectual:

Categoria IP	Contagem total
Patentes registradas	47
Soluções de software proprietárias	38
Registros de marca registrada	22

ExlService Holdings, Inc. (EXLS) - Modelo de Negócios: Proposições de Valor

Serviços de transformação digital de ponta a ponta

A ExlService Holdings fornece soluções abrangentes de transformação digital com uma receita de US $ 1,38 bilhão em 2023. A empresa fornece serviços orientados a tecnologia em vários setores.

Categoria de Serviço de Transformação Digital	Contribuição anual da receita
Serviços de migração em nuvem	US $ 412 milhões
Integração AI/ML	US $ 287 milhões
Automação de processo robótico	US $ 214 milhões

Soluções de eficiência operacional econômicas

A ExlService oferece soluções de eficiência operacional com estratégias comprovadas de redução de custos.

• Economia média de custos do cliente: 27-35%
• Eficiência de otimização do processo: 42%
• Redução de custos operacionais: US $ 68 milhões para clientes em 2023

Insights e análises avançadas orientadas a dados

O ExlService é especializado em análises avançadas com penetração significativa no mercado.

Serviço de análise	Quota de mercado	Receita anual
Análise preditiva	8.6%	US $ 276 milhões
Análise descritiva	6.3%	US $ 198 milhões

Estratégias de melhoria de processos específicas do setor

O ExlService fornece melhoria de processos direcionados entre os setores.

• Otimização do processo de saúde: US $ 142 milhões
• Eficiência de serviços financeiros: US $ 215 milhões
• Aprimoramento do fluxo de trabalho de seguro: US $ 187 milhões

Experiência aprimorada do cliente através da integração de tecnologia

A integração de tecnologia impulsiona as melhorias da experiência do cliente para clientes da ExlService.

Área de integração de tecnologia	Melhoria da satisfação do cliente
Automação de atendimento ao cliente	38%
Tecnologias de personalização	45%
Experiência omnichannel	52%

ExlService Holdings, Inc. (EXLS) - Modelo de Negócios: Relacionamentos do Cliente

Modelo de parceria estratégica de longo prazo

A ExlService Holdings mantém parcerias estratégicas com 87 empresas da Fortune 500 a partir do quarto trimestre de 2023. A duração média da parceria é de 7,3 anos nos principais verticais da indústria.

Segmento da indústria	Número de parceiros estratégicos	Duração média da parceria
Serviços financeiros	42	8,1 anos
Assistência médica	22	6,5 anos
Seguro	23	7,2 anos

Equipes de gerenciamento de contas dedicadas

ExlService aloca Equipes de gerenciamento de contas especializadas com um tamanho médio da equipe de 6-8 profissionais por cliente estratégico.

• Gerentes de relacionamento com clientes dedicados
• Especialistas em suporte técnico
• Especialistas verticais da indústria
• Arquitetos de solução

Monitoramento e melhoria de desempenho contínuo

As métricas de desempenho rastrearam trimestralmente com 98,6% de taxa de satisfação do cliente em 2023.

Métrica de desempenho	2023 pontuação
Satisfação do cliente	98.6%
Conformidade do contrato de nível de serviço	99.2%
Emitir tempo de resolução	24,7 horas

Desenvolvimento de solução personalizada

A ExlService investiu US $ 42,3 milhões em P&D para soluções personalizadas em 2023, desenvolvendo 67 soluções tecnológicas específicas para clientes.

Mecanismos regulares de envolvimento e feedback do cliente

Frequência de engajamento: revisões trimestrais de negócios com 94% dos clientes estratégicos.

• Revisões trimestrais de desempenho
• Sessões anuais de planejamento estratégico
• Check-ins operacionais mensais
• Plataformas de feedback digital em tempo real

ExlService Holdings, Inc. (EXLS) - Modelo de Negócios: Canais

Equipe de vendas diretas

A ExlService Holdings mantém uma equipe global de vendas diretas de 127 profissionais de vendas a partir do quarto trimestre 2023, direcionando clientes em nível de empresa em vários setores.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	127
Cobertura geográfica	América do Norte, Europa, Ásia
Custo médio de aquisição de clientes	$42,500

Plataformas de marketing digital

A ExlService aproveita vários canais de marketing digital com um gasto de publicidade digital de US $ 3,2 milhões em 2023.

• Plataforma de marketing do LinkedIn
• Google Ads Network
• Publicidade do site da indústria direcionada

Conferências e eventos do setor

A ExlService participou de 18 conferências do setor em 2023, com um orçamento de marketing de eventos de US $ 1,7 milhão.

Tipo de conferência	Número de eventos	Investimento total
Conferências de Tecnologia de Negócios Globais	12	US $ 1,2 milhão
Simpósios de serviços financeiros	6	$500,000

Serviços de consulta on -line

A ExlService fornece serviços de consulta digital por meio de plataformas on -line dedicadas, com 3.247 solicitações de consulta processadas em 2023.

Redes de referência estratégicas

A empresa mantém 47 parcerias estratégicas de referência nos setores de tecnologia, consultoria e serviços financeiros.

Categoria de rede de referência	Número de parceiros
Parceiros de Consultoria em Tecnologia	22
Parceiros de Serviços Financeiros	15
Parceiros de Tecnologia da Saúde	10

ExlService Holdings, Inc. (EXLS) - Modelo de negócios: segmentos de clientes

Grandes corporações de serviços financeiros

A ExlService serve as principais empresas de serviços financeiros com segmentação específica:

Tipo de cliente	Contribuição anual da receita	Serviços -chave
Bancos de investimento de primeira linha	US $ 127,6 milhões	Otimização de processos, análise de dados
Provedores de seguros globais	US $ 93,4 milhões	Processamento de reivindicações, gerenciamento de riscos

Companhias de saúde e seguros

O segmento de clientes de saúde da ExlService inclui:

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

Empresas de tecnologia

Tecnology Enterprise Customer Breakdown:

Segmento	Receita	Foco de serviço
Empresas de serviços em nuvem	US $ 62,3 milhões	Consultoria de Transformação Digital
Plataformas SaaS	US $ 45,7 milhões	Análise e suporte operacional

Instituições bancárias globais

O portfólio global de clientes bancários inclui:

• JPMorgan Chase
• Citigroup
• Wells Fargo

Empresas de escala de médio a grande parte

Métricas de clientes de transformação digital:

Escala de negócios	Valor anual do contrato	Tipo de serviço
Empresas do mercado intermediário	US $ 23,6 milhões	Reengenharia de processos digitais
Grandes empresas	US $ 57,9 milhões	Transformação digital abrangente

ExlService Holdings, Inc. (EXLS) - Modelo de negócios: estrutura de custos

Compensação e treinamento de funcionários

Total de despesas dos funcionários para 2023: US $ 643,6 milhões

Categoria de despesa	Valor ($)
Salários e salários	542,3 milhões
Treinamento e desenvolvimento	24,7 milhões
Benefícios dos funcionários	76,6 milhões

Investimentos de infraestrutura de tecnologia

Custos totais de infraestrutura de tecnologia em 2023: US $ 87,4 milhões

• Infraestrutura de computação em nuvem: US $ 32,6 milhões
• Investimentos de hardware e software: US $ 28,9 milhões
• Sistemas de segurança cibernética: US $ 25,9 milhões

Despesas de pesquisa e desenvolvimento

Despesas de P&D para 2023: US $ 62,1 milhões

Área de foco em P&D	Investimento ($)
Soluções de transformação digital	27,5 milhões
Análise e desenvolvimento de IA	21,3 milhões
Pesquisa de otimização de processos	13,3 milhões

Manutenção Operacional Global

Custos operacionais globais totais: US $ 112,6 milhões

• Manutenção da instalação: US $ 38,4 milhões
• Infraestrutura do escritório global: US $ 45,2 milhões
• Despesas de viagem e comunicação: US $ 29,0 milhões

Custos de marketing e desenvolvimento de negócios

Despesas totais de marketing e desenvolvimento de negócios: US $ 43,5 milhões

Canal de marketing	Gastos ($)
Marketing digital	18,7 milhões
Patrocínios de conferência e evento	12,3 milhões
Vendas e desenvolvimento de negócios	12,5 milhões

ExlService Holdings, Inc. (EXLS) - Modelo de negócios: fluxos de receita

Taxas de consultoria baseadas em serviços

Para o ano fiscal de 2023, a ExlService Holdings registrou receitas totais de US $ 1.349,9 milhões. Os serviços de consultoria foram responsáveis ​​por uma parcela significativa deste fluxo de receita.

Categoria de receita	Valor (US $ milhões)	Porcentagem da receita total
Gerenciamento de processos de negócios	822.4	60.9%
Gerenciamento de operações	527.5	39.1%

Receita de contrato de longo prazo

A ExlService Holdings gera receita substancial de contratos de vários anos em vários setores.

• Duração média do contrato: 3-5 anos
• Valor do contrato intervalo: US $ 5 milhões a US $ 50 milhões
• Principais indústrias: saúde, serviços financeiros, seguro

Projetos de implementação de tecnologia

Os serviços de tecnologia contribuíram com US $ 456,7 milhões para a receita total em 2023.

Tipo de serviço de tecnologia	Receita (US $ milhões)
Transformação digital	189.3
Migração em nuvem	142.5
Implementação de IA/ML	124.9

Analytics and Data Science Services

A receita de análise de dados atingiu US $ 287,6 milhões no ano fiscal de 2023.

• Análise preditiva: US $ 112,4 milhões
• Inteligência de negócios: US $ 95,2 milhões
• Modelagem de dados avançados: US $ 80,0 milhões

Soluções digitais baseadas em assinatura recorrentes

As soluções digitais baseadas em assinatura geraram US $ 183,2 milhões em receita recorrente para 2023.

Tipo de solução digital	Receita recorrente anual (milhões de dólares)
Plataformas SaaS	87.6
Ferramentas de fluxo de trabalho digital	65.4
Painéis de análise	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.