Financial Analysis

Commitments and Contingencies Capital Commitments As of June 30, 2026 and December 31, 2025, the Company had committed to spend approximately $11,900 and $8,700, respectively, net of capital advances, under agreements to purchase property and equipment. On June 15, 2023, the Company, along with other limited partners, entered into a limited partnership agreement with the general partner, PNP Financial Services Fund GP I, LLC and initial limited partner and outgoing partner, to form a partnership with the name Plug and Play Financial Services Fund I, L.P. (the Partnership) for the primary purpose of making investments in growth-stage technology companies. The Company committed to make an aggregate investment of $4,000 in the Partnership. As of June 30, 2026, the Company has invested $3,000 in the Partnership and is committed to make further investments up to an amount of $1,000. Other Commitments Certain units of the Companys Indian subsidiaries were established as 100% Export-Oriented units or under the Software Technology Parks of India or Special Economic Zone scheme promulgated by the Government of India. These units are exempt from customs, central excise duties, and levies on imported and indigenous capital goods, stores, and spares. The Company has undertaken to pay custom duties, service taxes, levies, and liquidated damages payable, if any, in respect of imported and indigenous capital goods, stores and spares consumed duty free, in the event that certain terms and co …

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Borrowings The following table summarizes the Companys debt position: As of June 30, 2026 December 31, 2025 Revolving credit facility Term loan facility Total Revolving credit facility Term loan facility Total Current portion of long-term borrowings $ 290,000 $ 91,250 $ 381,250 $ $ 5,000 $ 5,000 Unamortized debt issuance costs (95) (95) (114) (114) Current portion of long-term borrowings 290,000 91,155 381,155 4,886 4,886 Long-term borrowings 205,000 88,750 293,750 Unamortized debt issuance costs (38) (38) Long-term borrowings 205,000 88,712 293,712 Borrowings $ 290,000 $ 91,155 $ 381,155 $ 205,000 $ 93,598 $ 298,598 Unamortized debt issuance costs for the Companys revolving credit facility of $313 and $507 as of June 30, 2026 and December 31, 2025, respectively, are presented under Other current assets and Other assets, as applicable in the consolidated balance sheets. Credit Agreement The Company held a $300,000 revolving credit facility pursuant to its credit agreement (the Credit Agreement), dated as of November 21, 2017 with certain lenders and Citibank N.A. as Administrative Agent. This agreement was amended and restated in April 2022, followed by the First Amendment to Amended and Restated Credit Agreement in August 2024 (the 2024 Credit Agreement). Among other things, the 2024 Credit Agreement increased revolving credit commitments to $500,000 and provided a new term loan facility of $100,000 with an annual repayment amount of 5%. The increased revolving credit facili …

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Stock-Based Compensation Stock-based compensation expense by function, as below, are included in the unaudited consolidated statements of income: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Cost of revenues $ 3,577 $ 3,421 $ 6,593 $ 6,908 General and administrative expenses 10,708 6,617 20,031 13,803 Selling and marketing expenses 10,346 6,354 20,108 14,868 Total $ 24,631 $ 16,392 $ 46,732 $ 35,579 Income tax benefit related to share-based compensation (1) $ 6,097 $ 4,211 $ 7,413 $ 13,316 (1) Includes $(17) and $203 during the three months ended June 30, 2026 and 2025, respectively, and $1,263 and $14,728 during the six months ended June 30, 2026 and 2025, respectively, related to discrete benefits recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation. As of June 30, 2026 and December 31, 2025, the Company had 3,301,245 and 5,919,466 shares, respectively, available for future grants under the 2025 Omnibus Incentive Plan (the 2025 Plan). Stock Options Stock option activity under the Companys stock-based compensation plans is shown below: Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Life (Years) Outstanding as of December 31, 2025 1,734,720 $ 30.14 $ 21,344 7.5 Granted Exercised Forfeited Outstanding as of June 30, 2026 1,734,720 $ 30.14 $ 7.0 Vested and exercisable as of June 30, 2026 1,264,700 $ 30.14 $ 7.0 Weighted average grant …

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Income Taxes The Company determines the tax provision for interim periods using an estimate of its annual effective tax rate. Each quarter, the Company updates its estimate of annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment. The effective tax rate for the three months ended June 30, 2026 was 23.1%, an increase from 21.9% for the three months ended June 30, 2025. The Company recorded income tax expense of $19,426 and $18,546 for the three months ended June 30, 2026 and 2025, respectively. The increase in income tax expense for the three months ended June 30, 2026 was primarily a result of an increase in non-deductible expenses and lower excess tax benefits related to stock-based compensation, as compared to the three months ended June 30, 2025. The effective tax rate for the six months ended June 30, 2026 was 24.9%, an increase from 19.5% for the six months ended June 30, 2025. The Company recorded income tax expense of $43,744 and $32,042 for the six months ended June 30, 2026 and 2025, respectively. The increase in income tax expense for the six months ended June 30, 2026 was primarily a result of higher profit and lower excess tax benefits related to stock-based compensation, partially offset by a decrease in non-deductible compensation expenses, as compared to the six months ended June 30, 2025. Deferred income taxes recognized in OCI were as follows: Three months ended June 30, Six months ended June 30, 2026 2025 …

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Leases The Company conducts its operations using facilities leased under operating lease agreements that expire at various dates, with options to extend or terminate before expiration date. The Company finances its use of certain motor vehicles, leasehold improvements and other equipment under various lease arrangements provided by financial institutions. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements. The Company had performed an evaluation of its contracts with suppliers in accordance with ASC Topic 842, Leases , and had determined that, except for leases for office facilities, motor vehicles and other equipment as described above, none of the Companys contracts contain a lease. The components of lease cost, which are included in the Companys unaudited consolidated statements of income, are as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Finance lease: Depreciation on underlying ROU assets $ 174 $ 147 $ 337 $ 279 Interest on lease liabilities 54 77 134 146 228 224 471 425 Operating lease (1) 7,225 6,528 14,265 12,707 Variable lease costs 1,274 1,214 2,359 2,287 Sublease income (113) (223) Total lease cost $ 8,727 $ 7,853 $ 17,095 $ 15,196 (1) Includes short-term leases, which are immaterial. Supplemental cash flow and other information related to leases are as follows: Six months ended June 30, 2026 2025 Cash payments for amounts included in …

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Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2024-03, Income Statement - Reporting Comprehensive Income (ASC Topic 220): Expense Disaggregation Disclosures . This ASU improves disclosures relating to the disaggregation of income statement expenses, requires additional disclosures about the nature of expenses in commonly presented financial statement captions on an annual and interim basis for all public business entities. The ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06, IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40) . This ASU enhances the guidance for internal-use software development costs by removing references to project stages and simplifying the criteria for when capitalization of software development costs shall begin. The ASU will be effective for annual reporting periods beginning after December 15, 2027, including interim periods within those years, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-10, Government G …

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Employee Benefit Plans The Company maintains a Gratuity Plan in India (the India Plan) and a retirement benefit plan in the Philippines (the Philippines Plan). The India Plan is partially funded whereas the Philippines Plan is unfunded. The Company expects to earn a return of approximately 7.5% per annum on the India Plan for the year ending on December 31, 2026. Change in Plan Assets Plan assets as of December 31, 2025 $ 24,358 Actual return 1,030 Employer contribution 2,852 Benefits paid (1,329) Currency translation adjustments (1,230) Plan assets as of June 30, 2026 $ 25,681 During the year ended December 31, 2025, the implementation of the new Labor Codes in India resulted in the recognition of prior service cost in OCI. During March 2026, following the implementation of a revised salary structure, the Company performed an updated actuarial valuation and recognized additional prior service cost of $1,177 in OCI. The prior service cost recognized is being amortized over the estimated remaining service period of the defined benefit obligation. Components of net periodic benefit costs recognized in unaudited consolidated statements of income and retirement benefits reclassified from AOCI, were as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Service cost $ 1,987 $ 1,406 $ 4,010 $ 2,789 Interest cost 712 517 1,441 1,026 Expected return on plan assets (404) (351) (817) (696) Reclassification of retirement benefits from AOCI: Amortization of …

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Related Party Disclosures The Company provides data and AI-led solutions and services to Corridor Platforms, Inc., which is an equity affiliate of the Company. The Company recognized revenues, net of $97 and $42, during the three months ended June 30, 2026 and 2025 respectively, and $181 and $84, during the six months ended June 30, 2026 and 2025 respectively. The Company had outstanding accounts receivable, net of $41 and $28, related to this service contract as of June 30, 2026 and December 31, 2025, respectively.

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Revenues, net and Accounts Receivable, net Refer to Note 3 - Segment Information to the unaudited consolidated financial statements for revenues disaggregated by reportable segments, service type, geography and industry verticals. Contract balances The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers: As of June 30, 2026 December 31, 2025 Accounts receivable, net $ 434,362 $ 343,105 Contract assets $ 43,281 $ 31,901 Contract liabilities: Deferred revenue (consideration received in advance) $ 14,327 $ 9,216 Consideration received for process transition activities $ 33,761 $ 32,247 Accounts receivable includes $192,342 and $141,653 as of June 30, 2026 and December 31, 2025, respectively, representing unbilled receivables. The Company has accrued the unbilled receivables for work performed in accordance with the terms of contracts with customers and considers no performance risk associated with its unbilled receivables. Contract assets as of June 30, 2026 and December 31, 2025, include receivables of $36,941 and $24,849, respectively, from payment integrity services. There are no performance risks associated with these contract assets. There were no significant cumulative catch-up impact or impairment related to contract assets as of June 30, 2026 and December 31, 2025. Revenue recognized during the three and six months ended June 30, 2026 and 2025, which was included in the contract liabilitie …

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Segment Information The Company is a provider of data and AI-led solutions and services and digital operations solutions and services in an integrated manner for clients across industry verticals. The Companys operating model is comprised of Industry Market Units (IMUs) to focus on delivering higher value to clients leveraging full suite of capabilities and Strategic Growth Units to focus on rapidly advancing the capabilities specific to various industries and client needs. The Company manages and reports financial information through its four reportable segments that are aligned to its IMUs: Insurance, Healthcare and Life Sciences, Banking, Capital Markets and Diversified Industries, and International Growth Markets, which reflects the manner in which the Companys Chief Operating Decision Maker (CODM) reviews financial information and makes operating decisions. The Companys Chief Executive Officer has been identified as the CODM. The CODM generally reviews and uses financial information such as revenues, cost of revenues, and gross profit predominantly in the annual budgeting and forecasting process to allocate an overall budget, measure segment performance, and evaluate pricing strategy. The CODM considers budget-to-actuals variances on a quarterly basis for making decisions about the allocation of operating and capital resources to each segment. Revenues, net and cost of revenues for the three months ended June 30, 2026 and 2025, respectively, for each of the reportable se …

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Capital Structure Common Stock The Company has one class of common stock outstanding. Share Repurchases The Company purchased shares of its common stock from certain employees in connection with withholding tax payments related to the vesting of restricted stock units and performance-based restricted stock units, as below: Shares repurchased Total consideration Weighted average purchase price per share (1) Three months ended June 30, 2026 $ $ Three months ended June 30, 2025 $ $ Six months ended June 30, 2026 129,695 $ 4,847 $ 37.37 Six months ended June 30, 2025 190,716 $ 9,432 $ 49.46 (1) The weighted average purchase price per share is based on the closing price of the Companys common stock on the Nasdaq Global Select Market on the trading day prior to the applicable vesting date of the restricted stock units. On February 26, 2024, the Companys board of directors authorized a $500,000 (excluding excise tax) common stock repurchase program beginning March 1, 2024 (the 2024 Repurchase Program), which was terminated effective February 28, 2026. On February 19, 2026, the Companys board of directors authorized a $500,000 (excluding excise tax) common stock repurchase program effective February 28, 2026 (the 2026 Repurchase Program), which replaced the 2024 repurchase program. On March 16, 2026, the Company entered into the 2026 ASR Agreement with Morgan Stanley to repurchase shares of its common stock for an aggregate purchase price of $125,000, as part of the Companys 2026 Rep …

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