v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information 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 Company’s 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 Company’s Chief Operating Decision Maker (“CODM”) reviews financial information and makes operating decisions.

The Company’s 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 segments, are as follows:

Three months ended June 30, 2026
InsuranceHealthcare and Life SciencesBanking, Capital Markets and Diversified Industries International Growth MarketsTotal
Revenues, net$197,783 $157,968 $133,856 $105,156 $594,763 
Cost of revenues(1)
   Employee costs105,992 66,942 73,415 54,530 300,879 
   Infrastructure and technology costs15,532 8,665 8,550 10,939 43,686 
   Other costs(2)
7,865 8,316 5,284 2,770 24,235 
Gross profit(1)
$68,394 $74,045 $46,607 $36,917 $225,963 
Operating expenses138,668 
Income from operations87,295 
Foreign exchange gain, net, interest expense and other income, net(3,329)
Income before income tax expense and earnings from equity affiliates$83,966 

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and other direct pass-through expenses related to client contracts for the Company’s direct marketing business.

Three months ended June 30, 2025
InsuranceHealthcare and Life SciencesBanking, Capital Markets and Diversified Industries International Growth MarketsTotal
Revenues, net$172,174 $129,489 $121,089 $91,708 $514,460 
Cost of revenues(1)
   Employee costs95,370 60,972 66,158 49,637 272,137 
   Infrastructure and technology costs13,380 7,067 6,367 8,294 35,108 
   Other costs(2)
3,558 5,066 2,845 1,558 13,027 
Gross profit(1)
$59,866 $56,384 $45,719 $32,219 $194,188 
Operating expenses113,050 
Income from operations81,138 
Foreign exchange gain, net, interest expense and other income, net3,600 
Income before income tax expense and earnings from equity affiliates$84,738 

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and other direct pass-through expenses related to client contracts for the Company’s direct marketing business.
Revenues and cost of revenues for the six months ended June 30, 2026 and 2025, respectively, for each of the reportable segments, are as follows:

Six months ended June 30, 2026
InsuranceHealthcare and Life SciencesBanking, Capital Markets and Diversified Industries International Growth MarketsTotal
Revenues, net$391,713 $309,888 $261,249 $202,264 $1,165,114 
Cost of revenues(1)
   Employee costs205,921 133,828 142,632 106,299 588,680 
   Infrastructure and technology costs30,547 17,090 16,065 21,222 84,924 
   Other costs(2)
13,723 16,113 8,946 4,684 43,466 
Gross profit(1)
$141,522 $142,857 $93,606 $70,059 $448,044 
Operating expenses268,923 
Income from operations179,121 
Foreign exchange gain, net, interest expense and other income, net(3,754)
Income before income tax expense and earnings from equity affiliates$175,367 

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and other direct pass-through expenses related to client contracts for the Company’s direct marketing business.

Six months ended June 30, 2025
InsuranceHealthcare and Life SciencesBanking, Capital Markets and Diversified Industries International Growth MarketsTotal
Revenues, net$344,230 $255,081 $238,791 $177,377 $1,015,479 
Cost of revenues(1)
   Employee costs185,919 119,896 130,452 94,457 530,724 
   Infrastructure and technology costs26,626 13,805 12,536 16,455 69,422 
   Other costs(2)
8,930 9,916 6,131 2,854 27,831 
Gross profit(1)
$122,755 $111,464 $89,672 $63,611 $387,502 
Operating expenses227,949 
Income from operations159,553 
Foreign exchange gain, net, interest expense and other income, net5,351 
Income before income tax expense and earnings from equity affiliates$164,904 

(1) Exclusive of depreciation and amortization expense.

(2) Other costs primarily include travel and entertainment costs and other direct pass-through expenses related to client contracts for the Company’s direct marketing business.
Revenues, net by service type, were as follows:

Three months ended June 30,Six months ended June 30,
2026202520262025
Data and AI-led(1)
$362,558 $278,770 $704,180 $546,699 
Digital operations(2)
232,205 235,690 460,934 468,780 
Revenues, net$594,763 $514,460 $1,165,114 $1,015,479 

(1) Data and AI-led revenue is derived from the Company’s Data Management, Analytics, AI services and solutions businesses. It includes revenue from fully integrated business operations like payment integrity services and platform-based solutions and services, which combine operations, technology, data, analytics, and AI. It also includes revenue from operations that embed data and AI within clients’ operational workflows.

(2) Digital operations revenue is derived from managed services that blend Company’s deep domain expertise with industry-specific solutions and services to operate clients’ business functions with enhanced productivity, greater speed and improved accuracy. These digital operations deployments form the foundation for future client transformation opportunities to infuse AI into client workflows and unlock even greater value.

All four reportable segments of the Company include revenues from both data and AI-led solutions and services and digital operations solutions and services.

The Company attributes revenues based on geographical markets where the customer operations being served by it are located.

 Three months ended June 30,Six months ended June 30,
 2026202520262025
Revenues, net
North America$489,593 $422,822 $962,736 $838,171 
United Kingdom & Europe89,403 77,635 171,921 150,019 
Rest of World15,767 14,003 30,457 27,289 
Revenues, net$594,763 $514,460 $1,165,114 $1,015,479 

Revenues, net by industry verticals, were as follows:

 Three months ended June 30,Six months ended June 30,
 2026202520262025
Insurance$233,701 $203,222 $459,761 $403,583 
Healthcare and Life Sciences158,257 129,737 310,372 255,563 
Banking, Capital Markets and Diversified Industries 202,805 181,501 394,981 356,333 
Revenues, net$594,763 $514,460 $1,165,114 $1,015,479 
Long-lived assets by geographic area, which consist of property and equipment, net and operating lease ROU assets were as follows:
As of
June 30, 2026December 31, 2025
Long-lived assets
India$69,188 $63,999 
North America55,884 60,575 
The Philippines34,977 36,480 
South Africa18,456 19,635 
Rest of World33,577 28,543 
Long-lived assets$212,082 $209,232