v3.26.3
Segment Information
 9 Months Ended
Sep. 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.
The acquisition of I Merit Inc. (“iMerit”) is included in the Healthcare and Life Sciences, Banking, Capital Markets and Diversified Industries, and International Growth Markets reportable segments. Refer to Note 10 - Business Combinations, Goodwill and Other Intangible Assets to the unaudited consolidated financial statements for further details.

Revenues, net and cost of revenues for the three months ended September 30, 2026 and 2025, respectively, for each of the reportable segments, are as follows:

Three months ended September 30, 2026
InsuranceHealthcare and Life SciencesBanking, Capital Markets and Diversified Industries International Growth MarketsTotal
Revenues, net$208,493 $160,399 $153,482 $111,585 $633,959 
Cost of revenues(1)
   Employee costs108,719 69,689 83,159 56,567 318,134 
   Infrastructure and technology costs15,853 9,134 10,089 11,454 46,530 
   Other costs(2)
8,521 9,007 7,444 3,188 28,160 
Gross profit(1)
$75,400 $72,569 $52,790 $40,376 $241,135 
Operating expenses152,279 
Income from operations88,856 
Foreign exchange gain, net, interest expense and other income, net(2,195)
Income before income tax expense and earnings from equity affiliates$86,661 

(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 September 30, 2025
InsuranceHealthcare and Life SciencesBanking, Capital Markets and Diversified Industries International Growth MarketsTotal
Revenues, net$180,547 $135,271 $120,996 $92,771 $529,585 
Cost of revenues(1)
   Employee costs96,661 63,561 65,116 49,106 274,444 
   Infrastructure and technology costs13,670 7,490 6,617 8,920 36,697 
   Other costs(2)
4,080 5,999 2,908 1,521 14,508 
Gross profit(1)
$66,136 $58,221 $46,355 $33,224 $203,936 
Operating expenses127,762 
Income from operations76,174 
Foreign exchange gain, net, interest expense and other income, net(1,477)
Income before income tax expense and earnings from equity affiliates$74,697 

(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 nine months ended September 30, 2026 and 2025, respectively, for each of the reportable segments, are as follows:

Nine months ended September 30, 2026
InsuranceHealthcare and Life SciencesBanking, Capital Markets and Diversified Industries International Growth MarketsTotal
Revenues, net$600,206 $470,287 $414,731 $313,849 $1,799,073 
Cost of revenues(1)
   Employee costs314,640 203,517 225,791 162,866 906,814 
   Infrastructure and technology costs46,400 26,224 26,154 32,676 131,454 
   Other costs(2)
22,244 25,120 16,390 7,872 71,626 
Gross profit(1)
$216,922 $215,426 $146,396 $110,435 $689,179 
Operating expenses421,202 
Income from operations267,977 
Foreign exchange gain, net, interest expense and other income, net(5,949)
Income before income tax expense and earnings from equity affiliates$262,028 

(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.

Nine months ended September 30, 2025
InsuranceHealthcare and Life SciencesBanking, Capital Markets and Diversified Industries International Growth MarketsTotal
Revenues, net$524,777 $390,352 $359,787 $270,148 $1,545,064 
Cost of revenues(1)
   Employee costs282,580 183,457 195,568 143,563 805,168 
   Infrastructure and technology costs40,296 21,295 19,153 25,375 106,119 
   Other costs(2)
13,010 15,915 9,039 4,375 42,339 
Gross profit(1)
$188,891 $169,685 $136,027 $96,835 $591,438 
Operating expenses355,711 
Income from operations235,727 
Foreign exchange gain, net, interest expense and other income, net3,874 
Income before income tax expense and earnings from equity affiliates$239,601 

(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 September 30,Nine months ended September 30,
2026202520262025
Data and AI-led(1)
$406,886 $298,470 $1,111,066 $845,169 
Digital operations(2)
227,073 231,115 688,007 699,895 
Revenues, net$633,959 $529,585 $1,799,073 $1,545,064 

(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 September 30,Nine months ended September 30,
2026202520262025
Revenues, net
North America$521,328 $436,865 $1,484,064 $1,275,036 
United Kingdom & Europe95,249 78,980 267,170 228,999 
Rest of World17,382 13,740 47,839 41,029 
Revenues, net$633,959 $529,585 $1,799,073 $1,545,064 

Revenues, net by industry verticals, were as follows:

Three months ended September 30,Nine months ended September 30,
2026202520262025
Insurance$246,402 $211,147 $706,163 $614,730 
Healthcare and Life Sciences160,914 135,503 471,286 391,066 
Banking, Capital Markets and Diversified Industries 226,643 182,935 621,624 539,268 
Revenues, net$633,959 $529,585 $1,799,073 $1,545,064 
Long-lived assets by geographic area, which consist of property and equipment, net and operating lease ROU assets were as follows:
As of
September 30, 2026December 31, 2025
Long-lived assets
India$73,405 $63,999 
North America57,510 60,575 
The Philippines33,549 36,480 
South Africa16,676 19,635 
Rest of World36,261 28,543 
Long-lived assets$217,401 $209,232