Exlservice Holdings, Inc. · NASDAQ:EXLS
Exlservice — Investor Day (2026)
86 slides from Exlservice's investor day presentation, 2026
Slide 1: rite ag
rite ag tae (fi Canin aatiaet (ef CCL (ioet ee ounaiine Wtentdt | ve EERE RTE) Can f (ft (ff (tee tte ttt? ME CEEAER ERI ET) UUM Ga, C0000 (rer RAR AAA RA tet ey vr AAA WCE LETHE CELE LEG PEGI, > ee) OC vo) Y) > © Cc < od) \_ 2 “ S G ~
Slide 2: Welcome
Welcome Andrew Thut Head of Investor Relations and Capital Markets
Slide 3: Safe harbor
Safe harbor Forward-looking statements This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factor
Slide 4: Agenda
Agenda Rohit Kapoor Chairman and Chief Executive Officer Vision and strategy Vikas Bhalla President and Head of AI Services and Operations Competitive advantage in data and AI Andy Logani Executive Vice President and Chief AI Officer Data and AI architecture for value creation Vivek Jetley President
Slide 5: Vision and strategy
Vision and strategy Rohit Kapoor Chairman and Chief Executive Officer
Slide 6: Key messages
AI Adoption in Enterprise is Real, but there is a wide gap between models and business values AI Adoption in Enterprise is Real, but there is a wide gap between models and business values AI Adoption in Enterprise is Real, but there is a wide gap between models and business values Key messages 1 AI
Slide 7: Noise vs Signal
Noise Signal Higher velocity of AI evolution AI capability is real & powerful → Headline impact → but execution in the enterprise is complex ©2026 ExlService Holdings, Inc. All rights reserved. 7
Slide 8: Noise vs Signal
Noise Signal 𝑓(Compute, Models) = Data + Context + AI = competitive edge value in the enterprise ©2026 ExlService Holdings, Inc. All rights reserved. 8
Slide 9: Noise vs Signal
Noise Signal Native AI new entrants Value accrues to those who will disrupt existing can successfully deliver & business models earn AI trust ©2026 ExlService Holdings, Inc. All rights reserved. 9
Slide 10: Noise vs Signal
Noise Signal Autonomous AI Expanding TAM & elevated resulting in elimination relevance of human vs. augmentation judgment & intervention ©2026 ExlService Holdings, Inc. All rights reserved. 10
Slide 11: AI is a powerful secular change, but value is created in trusted execution
AI is a powerful secular change, but value is created in trusted execution ©2026 ExlService Holdings, Inc. All rights reserved. 11
Slide 12: AI transformation needs business re-imagination
AI transformation needs business re-imagination Business workflow End-to-end transformation and ownership Full stack ownership Outcome delivered (with accountability) Context Structured data Unstructured data AI models AI harness Data AI ©2026 ExlService Holdings, Inc. All rights reserved. 12
Slide 13: AI opportunity is expanding our TAM
AI opportunity is expanding our TAM $1600B New AI-led value pools 2029 Spend in data and AI $1200B Larger number of adjacent 2028 capabilities Broadening of customer segments $950B 2027 Source: Everest, Gartner for TAM ©2026 ExlService Holdings, Inc. All rights reserved. 13
Slide 14: Consistent performance through value alignment
Consistent performance through value alignment Proven Strong High value Industry performance portfolio pools verticals 23% 60% 25% 80+ NPS 5-year adj. EPS CAGR Data and AI revenue of EXL revenue from IP last 5-year average • AI services and solutions Insurance, Healthcare 17% 40% • Data management a
Slide 15: Investments in data & AI
Investments in data & AI Innovation Strategic acquisitions Talent stack Strong balance sheet for 4x Increase in organic investments1 Acquisitions Human on the loop AI platforms Reinforcement learning through human feedback Research and innovation Forward deployed engineers Intellectual property AI e
Slide 16: Deep partnership ecosystem
Deep partnership ecosystem 2026 Advanced Technology Strategic Partner Partner award AI/ML Market Disruptor Strategic of the Year Collaboration Partner Microsoft’s Frontier Partner Best New Partner of the Year award ©2026 ExlService Holdings, Inc. All rights reserved. 16
Slide 17: Leadership driving culture of speed, innovation and delivery
Leadership driving culture of speed, innovation and delivery Rohit Kapoor Vikas Bhalla Vivek Jetley Bhupender Singh Andy Logani Maurizio Nicolelli Chairman and Chief President and Head of President and Head of President and EVP and EVP and Executive Officer AI Services and Insurance, Healthcare Head
Slide 18: Our strategic blueprint
Our strategic blueprint Durable growth and profitability Sustained business outcomes Trusted execution Data + Context + AI ©2026 ExlService Holdings, Inc. All rights reserved. 18
Slide 19: EXL's competitive advantage in data and AI
EXL’s competitive advantage in data and AI Vikas Bhalla President and Head of AI Services and Operations
Slide 20: Key messages
Key messages Data, context, AI and trusted execution are key to 1 effectiveness and differentiation 2 EXL’s agentic platforms are driving speed and scale of AI in the enterprise 3 EXL’s Data & AI and Operations businesses are symbiotic and growing 4 EXL is seeing four demand vectors for AI in the en
Slide 21: The AI inflection point is here
The AI inflection point is here Evolution of AI ChatGPT AI Reasoning — Claude code Claw moment GPT o1/o3 moment moment “AI that talks” “AI that thinks” “AI that codes” “AI that does everything” Content creation Structured logical reasoning Writing and fixing of software Autonomous action 2022 2024 2
Slide 22: Enterprises are moving from AI experimentation to AI deployment, BUT…
Enterprises are moving from AI experimentation to AI deployment, BUT… challenges persist ©2026 ExlService Holdings, Inc. All rights reserved. 22
Slide 23: Enterprise AI: Promise meets friction
Enterprise AI: Promise meets friction 1 2 3 C LI EN T Customer and Value with Accountability & AMBITION business impact speed & scalability traceability 1 2 3 T RUSTED Context to Ability to synthesize Scale with { E XE CUT I ON data context & intelligence AI ©2026 ExlService Holdings, Inc. All right
Slide 24: Data, Context and AI working together will drive enterprise success
Data, Context and AI working together will drive enterprise success ©2026 ExlService Holdings, Inc. All rights reserved. 24
Slide 25: EXL advantage
EXL advantage Trusted execution Data Context AI Data modernization Industry domain Agentic platforms Data lineage & Core business workflows Vertical IP solutions knowledge graphs Accelerators Regulatory knowledge Data governance & quality Client ecosystem Domain LLMs Agentic data platform AI model t
Slide 26: EXL's agentic platforms for speed and scale
EXL’s agentic platforms for speed and scale EXLdata.ai EXLdecision.ai EXLerate.ai Enterprise brain Enterprise decision suite Agentic workflows 125+ agents 800+ algorithms 250+ deployments 40+ domain ontologies 220+ connectors 16 domain workflows 50+ context graphs 5,000+ features 7 domain LLMs 6 pat
Slide 27: EXL's Data & AI and Operations businesses are symbiotic
EXL’s Data & AI and Operations businesses are symbiotic Data and AI AI context and Business intelligence Trusted execution context and semantics Operations ©2026 ExlService Holdings, Inc. All rights reserved. 27
Slide 28: Both businesses will continue to grow
Both businesses will continue to grow Data and AI Operations Large and Outsourcing penetration is still low with expanding TAM significant headroom for growth Differentiated value proposition: Complex and highly regulated workflows Data + Context + AI with trusted execution need domain depth and exp
Slide 29: AI demand vectors for EXL
AI demand vectors for EXL Data for AI AI services Agentic AI-led Integrated AI-led operations business solutions Make data AI-ready, From AI strategy to Running core AI-powered governed and trusted operations with agentic deployment solutions built to across the lifecycle and adoption AI-embedded op
Slide 30: EXL's data and AI architecture for value creation
EXL’s data and AI architecture for value creation Andy Logani Executive Vice President and Chief AI Officer
Slide 31: Key messages
Key messages 1 Enterprise AI orchestration is complex 2 EXL has built proprietary platforms to deliver value 3 Bring our capabilities to life: Claims demo ©2026 ExlService Holdings, Inc. All rights reserved. 31
Slide 32: Our investments in innovation and capabilities
Our investments in innovation and capabilities EXL Intellectual Property Capability focus Patents Scalable platforms Data and context Context graph EXLdata.ai Trust and guardrails Domain ontologies EXLdecision.ai Reinforcement learning Domain LLMs AI engineering Agent harness EXLerate.ai ©2026 ExlSe
Slide 33: General perception of what it takes for AI deployment
General perception of what it takes for AI deployment Applications and Agents Governance and Guardrails Models Data AI infrastructure and Compute ©2026 ExlService Holdings, Inc. All rights reserved. 33
Slide 34: Flexible AI infrastructure to scale securely across clients
Flexible AI infrastructure to scale securely across clients AI practices LLM Ops AI Ops AI governance Cloud automation AI infrastructure DevSecOps IaC Cloud security GPU infrastructure NCPs Nvidia Cloud On Prem ©2026 ExlService Holdings, Inc. All rights reserved. 34
Slide 35: Flexible AI infrastructure to scale securely across clients
Flexible AI infrastructure to scale securely across clients AI practices Cloud automation GPU infrastructure AI infrastructure LLM Ops AI Ops AI governance DevSecOps IaC Cloud security Cloud On Prem NCPs Nvidia ©2026 ExlService Holdings, Inc. All rights reserved. 35
Slide 36: EXLdata.ai: Agentic data stack that makes AI trustable and explainable
EXLdata.ai : Agentic data stack that makes AI trustable and explainable EXLdata.ai 6 Patents DM agents Neuro-symbolic layer Data engineering Symbolic layer Context graph Neural reasoning Data migration Ontologies Data lineage Roles & org Events Pattern recognition Data ingestion Policies Relationshi
Slide 37: EXLdata.ai: Agentic data stack that makes AI trustable and explainable
EXLdata.ai : Agentic data stack that makes AI trustable and explainable EXLdata.ai DM agents Neuro-symbolic layer Data engineering Symbolic layer Context graph Neural reasoning Data migration Ontologies Data lineage Roles & org Events Pattern recognition Data ingestion Policies Relationships Anomaly
Slide 38: Proprietary, foundational and frontier model layer
Proprietary, foundational and frontier model layer AI model layer 2 Patents AI gateway Observability Evaluations Caching Metering Routing Domain LLMs Open source Frontier models EXLdata.ai Claims Underwriting F&A DM agents Neuro-symbolic layer Data engineering Healthcare payer Property survey CX Sym
Slide 39: Proprietary, foundational and frontier model layer
Proprietary, foundational and frontier model layer EXLdata.ai AI model layer DM agents AI gateway Neuro-symbolic layer Data engineering Observability Evaluations Caching Metering Routing Symbolic layer Context graph Neural reasoning Data migration Ontologies Domain LLMs Open source Frontier models D
Slide 40: Agent harness: Persistent orchestration engine
Agent harness: Persistent orchestration engine Agent harness 3 Patents Orchestration Planning Sequencing Delegation Retry HITL Services EXLdata.ai Identity Runtime Memory AI model RAG layer Monitoring DM agents AI gateway Neuro-symbolic layer Data engineering Prompts Skills Observability ToolsEvalua
Slide 41: Agent harness: Persistent orchestration engine
Agent harness: Persistent orchestration engine Agent harness Orchestration Planning Sequencing Delegation Retry HITL Services Identity Runtime Memory RAG Monitoring Prompts Skills Tools MCP Code execution EXLdata.ai AI model layer DM agents AI gateway Neuro-symbolic layer Data engineering Observabil
Slide 42: EXLdecision.ai: Intelligent decisions engine
EXLdecision.ai : Intelligent decisions engine EXLdecision.ai 2 Patents Modeling agents Decision modules Decision services Data preparation Model studio Agent Reason codes harness Orchestration Data profiling Monitoring Planning Confidence score Sequencing Delegation Retry HITL Data balancing Decisio
Slide 43: EXLdecision.ai: Intelligent decisions engine
EXLdecision.ai : Intelligent decisions engine EXLdecision.ai Agent harness Modeling agents Decision modules Decision services Orchestration Data preparation Model studio Reason codes Planning Sequencing Delegation Retry HITL Data profiling Monitoring Confidence score Data balancing Decisioning Overr
Slide 44: Control plane for every agent, model, and tool
Control plane for every agent, model, and tool Governance and guardrails 1 Patent Governance Registries MCP hub Agent studio Admin Roles Agents MCP gateway Agent gateway Audit Polices Skills Models EXLdecision.ai Agent harness FinOps Modeling agents Controls Decision modules Templates Decision servi
Slide 45: Control plane for every agent, model, and tool
Control plane for every agent, model, and tool Governance and guardrails Governance Registries MCP hub Agent studio Admin Roles Agents MCP gateway Agent gateway Audit Polices Skills Models FinOps Controls Templates MCP MCP Agent 1 Agent N Monitoring Agent lifecycle server1 server2 EXLdecision.ai Age
Slide 46: EXLerate.ai: Agentic domain workflows
EXLerate.ai : Agentic domain workflows Governance and guardrails EXLerate.ai : Agentic domain workflows 3 Patents Governance Registries MCP hub Agent studio Admin Roles Agents Audit Polices Skills Accounts MCPPayable gateway Agent gateway Underwriting Claims Assist Recovery & Fraud Models Finance In
Slide 47: EXL's patented data and AI platforms for value creation
EXL’s patented data and AI platforms for value creation Patents 1 3 Governance and guardrails EXLerate.ai : Agentic domain workflows Governance Registries MCP hub Agent studio Accounts Payable Underwriting Claims Assist Recovery & Fraud Admin Roles Agents Finance In su rance He alth care Bank ing MC
Slide 48: Demo: EXL ClaimsAssist.ai
Demo: EXL ClaimsAssist.ai TM Industry challenges EXL platforms • 30+ disconnected sources and systems • EXLdata.ai helps create the data and context foundation • 80%+ data is unstructured • EXLdecision.ai accelerates ML model delivery • Every claim is unique and so is its treatment and AI model laye
Slide 49: Demo: EXL ClaimsAssist.ai
Demo: EXL ClaimsAssist.ai TM ©2026 ExlService Holdings, Inc. All rights reserved. 49
Slide 50: EXL value flywheel
EXL value flywheel Data Trusted execution Better outcomes Value Context EXL IP Embedded AI ©2026 ExlService Holdings, Inc. All rights reserved. 50
Slide 51: Making AI real for clients
Making AI real for clients Vivek Jetley President and Head of Insurance, Healthcare & Life Sciences
Slide 52: Key messages
Key messages 1 Deeply embedded across regulated industries as a trusted partner 2 Full spectrum of capabilities from data foundations to integrated, AI-led business solutions 3 Expanding TAM + Data & AI Demand + IP & Solutions = Value Creation ©2026 ExlService Holdings, Inc. All rights reserved. 52
Slide 53: Who we serve
Who we serve 115+ Forbes G2000 clients 400 Clients with Data & AI 10 Years average 94% AI deployment engagements relationship success rate Deep domain expertise, long trusted relationships Insurance Healthcare Banking Diversified Industries 10 out of 10 Top US Insurers, Trusted by leading 9/10 8 out
Slide 54: Demand + Differentiated capability + Trusted relationships
Demand + Differentiated capability + Trusted relationships Where we play Why EXL wins Long-trusted relationships - trusted execution Embedded with industry leaders as a trusted partner Insurance Healthcare Banking Diversified for AI transformation Data, Context & AI Decades of operating experience,
Slide 55: AI demand and how we capture it
AI demand and how we capture it Data AI Agentic AI-led Integrated AI-led for AI services operations business solutions Client need “Make our data “Reimagine workflows “Embed AI into our “Deliver AI outcomes AI-ready” with AI-first thinking” operations” that scale” Top 20 global insurer Mid-sized Top
Slide 56: Laying the foundation to scale AI with data for AI
Laying the foundation to scale AI with data for AI Client challenge Our solution Contextual data required EXLdata.ai solving for data to enable AI in workflow lineage and quality for underwriting & claims Need for foundational data Built data pipelines across for AI regions and products to create a
Slide 57: Laying the foundation to scale AI with data for AI
Laying the foundation to scale AI with data for AI Client value delivered Our value captured 40% Reduction in effort required for data pipeline New relationship with CIO/CDO, selected as enterprise data & AI creation transformation partner 80% Reduction in Leveraged experience to win TO P 20 GL OB A
Slide 58: Driving transformation with advanced AI services
Driving transformation with advanced AI services Client challenge Our solution Fragmented, unstructured AI-led transformation across data across business units data, CX & operations workflows and legacy systems Non-scalable, cost Transform and operate new inefficient operating model agentic AI workf
Slide 59: Driving transformation with advanced AI services
Driving transformation with advanced AI services Client value EXL value 35% $50M Large end-to-end multi-year cost reduction, bottom-line impact transform and operate deal 2-5% Playbook for mid-sized incremental sales from cross-sell clients across verticals MI D - S I ZE D I NS U RA NC E C O MPAN Y
Slide 60: CX modernization with agentic AI-led operations
CX modernization with agentic AI-led operations Client challenge Our solution Manual and tedious human- EXL Smart Agent Assist first operations powering AI-driven workflow Low contact center AI-driven agent nudges for operations efficiency agent efficiency TO P U K R E TA I LER EXL proprietary platf
Slide 61: CX modernization with agentic AI-led operations
CX modernization with agentic AI-led operations Client value EXL value captured Higher agent productivity, Higher revenue with EXL’s AI improved first time resolution used across all CX interactions driven by AI Proven AI as a foundation for CX TO P U K R E TA I LER 200bps NPS increase solution; Mul
Slide 62: Driving transformation with advanced AI-led business solutions
Driving transformation with advanced AI-led business solutions Client challenge Our solution Human heavy low efficiency Deployed EXL PayMentorTM for collection efforts personalized omnichannel collections Collections strategy AI for dynamic next best misaligned to digital-native actions using risk-a
Slide 63: Driving transformation with advanced AI-led business solutions
Driving transformation with advanced AI-led business solutions Client value delivered EXL value captured 30% improved customer contact rates Selected as global collection transformation partner 20% reduction in charge offs 20+ clients, collections efficiency continues to improve as new L E AD I NG D
Slide 64: Prepay transformation with integrated AI-led business solutions
Prepay transformation with integrated AI-led business solutions Client challenge Our solution Low prepay penetration Category specific algorithms limiting proactive spend and workflows to shift management upstream to prepay Need to balance savings EXL Smart Platform with speed of claims powering AI-
Slide 65: Prepay transformation with integrated AI-led business solutions
Prepay transformation with integrated AI-led business solutions Client value delivered EXL value captured 4.5X shift in savings mix towards prepay 2X+ account value over the past three years $640M+ Increased volumes across payers drive network effect for our In annual savings TO P 5 H EA LT HC A R E
Slide 66: Capturing client demand & sustainable value creation
Capturing client demand & sustainable value creation 1 Expanding TAM 2 Four demand vectors Data for AI AI services TAM Agentic AI-led operations Integrated AI-led business solutions ©2026 ExlService Holdings, Inc. All rights reserved. 67
Slide 67: Capturing client demand & sustainable value creation
Capturing client demand & sustainable value creation 3 IP-led 4 Sustainable value creation EXLdata.ai EXLdecision.ai Sustainable value EXLerate.ai Expanding IP & TAM creation Capability EXL Smart Platform EXL PayMentor Real AI Demand client impact vectors EXL Payment Integrity EXL Smart Agent Assist
Slide 68: Financial model and long-term growth
Financial model and long-term growth Maurizio Nicolelli Executive Vice President and Chief Financial Officer
Slide 69: Key messages
Key messages 1 Industry-leading performance 2 Data & AI-led pivot driving sustained growth 3 Strong balance sheet and capital allocation ©2026 ExlService Holdings, Inc. All rights reserved. 70
Slide 70: Market-leading growth
Market-leading growth 16.3% 14.9% 14.8% 14.7% Revenue growth (Y/Y) 13.8% 12.2% 12.7% 10.7% 9.0% EXL 6.9% 6.2% 5.2% 5.1% 4.7% 4.1% 4.0% 2.1% 2.5% Industry Peers1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 1 11 major services businesses as a proxy for the overall industry peers – i.e., Acce
Slide 71: Strategy execution driving sustained financial performance
Strategy execution driving sustained financial performance Revenue YoY growth ADJ. EPS1 YoY growth 17% 26% 15% 13% 14% 14% 37% 25% 19% 15% 18% 20% 2021 2022 2023 2024 2025 Q1 ‘26 2021 2022 2023 2024 2025 Q1 ‘26 GM% AOPM%1 ROIC%1 38.4% 19.5% 20.2% 34.9% 15.9% 8.9% 2020 2025 2020 2025 2020 2025 1 See
Slide 72: Data & AI-led pivot driving growth
Data & AI-led pivot driving growth Total operations Data & AI-led 26% CAGR $1,155M $1,157M AI embedding $224M $224M 14% AI first CAGR 21% $593M CAGR 55% $366M $932M $931M 38% 2020 2025 2020 2025 Digital operations Data & AI solutions and services Data & AI-led operations Data & AI-led operations ©20
Slide 73: Increasing Data & AI-led penetration
Increasing Data & AI-led penetration Total operations Data & AI-led 28% $342M $311M $281M 10% $82M $82M $268M $48M $48M 18% 60% $260M $233M $229M $220M 1Q’25 1Q’26 1Q’25 1Q’26 Digital operations Data & AI solutions and services Data & AI-led operations Data & AI-led operations ©2026 ExlService Holdi
Slide 74: Diversified vertical strength and expanding global footprint fueling growth
Diversified vertical strength and expanding global footprint fueling growth Revenue by industry Banking, Capital Markets & Insurance Healthcare & Life Sciences Diversified Industries $830 $534 $724 14%1 18%1 20%1 $429 $232 $297 2020 2025 2020 2025 2020 2025 Revenue by geography 14.3% 17.3% North Ame
Slide 75: Resilient business model
Resilient business model Annuity-like revenue Net revenue retention More than Net revenue retention three quarters of revenue greater than 1.11 is recurring 1 In FY 2025 ©2026 ExlService Holdings, Inc. All rights reserved. 76
Slide 76: 4X investments fueled by gross margin expansion
4X investments fueled by gross margin expansion 350 bps gross margin expansion 4X increase in investments1 38.4% $81M 34.9% $20M 2020 2025 2020 2025 1 Investments include CAPEX and OPEX ©2026 ExlService Holdings, Inc. All rights reserved. 77
Slide 77: Effective capital allocation strategy driving shareholder value
Effective capital allocation strategy driving shareholder value Return on invested capital1,2 20.2% 17.5% 17.7% 15.0% 12.6% 8.9% 2020 2021 2022 2023 2024 2025 1 Return on invested capital is calculated as net operating profit after tax / avg. (debt +equity) 2 See "Appendix" slides for information re
Slide 78: Significant capacity to allocate capital
Significant capacity to allocate capital 119% Debt as of 1Q’26: $417M $298M Leverage as of 1Q’261: 0.8X 112% Cash position as of 1Q’26: $266M $222M 34% Leverage potential: 2X Disciplined Stock buyback 2024 2025 M&A program Free cash flow 2 Free cash flow % of net income 1 Leverage calculated as Debt
Slide 79: Continued industry-leading metrics in 2026 and beyond
Continued industry-leading metrics in 2026 and beyond 2026 guidance Medium-term targets1 REVENUE 10%-12% Double digit CC YoY growth YoY growth Approximately Incremental 19.5% 2 AOPM improvement ADJ. 12%-14% EPS growth higher 2 EPS YoY growth than revenue growth 1 Medium term represents 2026-2027 2 S
Slide 80: 2026 Investor & Analyst Day
tna, ‘nett ey eye AY) y iseccanentn et ae SOP Wy. rete Coa I et ge aay f (tf (f¢ (ttf ttt? ftttdee ME CEEAER ERI ET) UUM Ga, 40000008 (tet UOTE ETE LG cage vr AAA WCE LETHE CELE LEG feteg V44¢y Day » 2026 Investor & Analyst y EXL
Slide 81: Appendix
tna, ‘nett ey eye AY) y iseccanentn et ae SOP Wy. rete Coa I et ge aay f (tf (f¢ (ttf ttt? ftttdee ME CEEAER ERI ET) UUM Ga, 40000008 (tet UOTE ETE LG cage vr AAA WCE LETHE CELE LEG feteg V44¢y Day » 2026 Investor & Analyst y EXL Appendix
Slide 82: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL ha s included certain financial measures that are considered non-GAAP financial measures, including the following: • Adjusted ope
Slide 83: Definition of data and AI-led and digital operations revenue
Definition of data and AI-led and digital operations revenue Data and AI-led: Data and AI-led revenue is derived from Company's Data Management, Analytics, AI services and solutions businesses. It includes revenue from fully integrated business operations like payment integrity services and platform
Slide 84: Reconciliation of adjusted operating income
Reconciliation of adjusted operating income (Amount in millions) FY'20 FY’25 1Q’26 Income from operations (GAAP) $110.0 $313.8 $91.8 add: Amortization of acquisition-related intangibles 14.4 13.1 $3.2 add: Stock-based compensation expense 28.2 79.5 $22.1 Adjusted operating income (Non-GAAP) $152.7 4
Slide 85: Reconciliation of adjusted net income and adjusted diluted earnings per share
Reconciliation of adjusted net income and adjusted diluted earnings per share (Amount in millions , except per share data) FY'20 FY’25 1Q’26 Net income (GAAP) $89.5 $251.0 $67.1 add: Stock-based compensation expense 28.2 79.5 22.1 add: Amortization of acquisition-related intangibles 14.4 13.1 3.2 ad
Slide 86: Reconciliation of free cash flow
Reconciliation of free cash flow (Amount in millions) FY’24 FY’25 Net Cash provided by operating activities $268.5 $350.7 (subtract): Purchase of property and equipment (46.3) (52.6) Free cash flow $222.2 $298.1 ©2026 ExlService Holdings, Inc. All rights reserved. 87