EXLS · 10-Q · 2026Q1 · Full report

Macroeconomic Factors Impact

ExlService Holdings, Inc. · 2026-04-28 · Importance 10 · Surprise 6

Management identifies exposure to rising inflation, high interest rates and economic recessionary trends as factors that could materially affect currency exchange rates and client demand. The MD&A specifically lists inflation, interest rate movements and recession risks as potential drivers of operational and financial variability, including FX volatility, wage inflation and slower client buying cycles. The company notes employee wage increases and potential challenges in estimating costs and pricing as linked macro risks. These macro factors are called out across the forward‑looking risk disclosures and are reflected in commentary on FX, interest expense, and headcount-driven cost increases in the quarter.