ExlService Holdings, Inc.

Hello and welcome to the EXCEL Service Holdings Inc. Second Quarter 2025 Earnings Conference Call. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session. Also, as a reminder, this conference has been recorded today. If you have any objections, please disconnect at this time. I will now turn the call over to John Christoph, Vice President of Investor Relations.

Thanks, Jennifer. Hello and thank you for joining EXCEL's Second Quarter 2025 Financial Results Conference Call. On the call with me today are Rohit Kapoor, Chairman and Chief Executive Officer, and Marizia Nicolelli, Chief Financial Officer. We hope you've had an opportunity to review the Second Quarter Earnings press release we issued yesterday afternoon. We have also posted a slide deck and investor fact sheet on our Investor Relations website. As a reminder, some of the matters we'll discuss this morning are forward-looking. Please keep in mind that these forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, general economic conditions, those factors set forth in today's press release, discussed in the company's periodic reports, and other documents filed with the SEC from time to time. EXCEL assumes no obligation to update the information presented on this conference call today. During our call, we may reference certain non-GAAP financial measures, which we believe provide useful information for investors. Reckon conciliation of these measures to GAAP can be found in our press release, slide deck, and investor fact sheet. With that, I'll turn the call over to Rohit.

Thanks, John. Good morning, everyone. Welcome to EXCEL's second quarter 2025 earnings call. I'm pleased to report another strong quarter as we consistently execute on our data and AI growth strategy. In the second quarter, we generated revenue of $514 million, an increase of 15% year over year. And we grew second quarter adjusted EPS by 20% to 49 cents per share. Our results demonstrate significant momentum across all our operating segments. We delivered solid growth in the insurance segment, which represented a third of our revenue in the quarter. Insurance is a stable, core strategic market for us with long term growth opportunities as our major clients continue to evolve their operations to be more AI powered. Healthcare and life sciences represented a quarter of our revenue and was once again our fastest growing segment. This exceptional growth was driven by higher volumes in our payment services business, expansion of domain operations, and analytic services with existing clients in the healthcare payer space fueled by demand for our data and AI solutions. Banking capital markets and diversified industries also represented nearly a quarter of our revenue and we were able to accelerate year over year growth for the fourth consecutive quarter. Leveraging our full data and AI capabilities to drive end to end value and improve business outcomes in this segment is a tremendous opportunity. We also drove strong year over year and sequential growth in our international growth market segment during the quarter as we continue to diversify our business geographically. This segment grew to 18% of our total revenue in the quarter. We have immense potential to grow our client base in this segment, which is an opportunity to enhance our overall growth rate over time. During the quarter, our data and AI led revenue increased 17% year over year and grew to 54% of total revenue with strong performance across all four of our reporting segments. This demonstrates the strength of our competitive position as a recognized leader in embedding AI in the workflow and delivering superior return on investments for our clients. This strength is reflected not only in our consistent double digit revenue growth, but also in a robust double digit expansion of our sales pipeline this past quarter driven by large integrated deals. We have consistently delivered double digit growth for seven of the past eight years with 2020 being the only exception due to the pandemic. Looking ahead, we remain confident in our ability to sustain this performance. I'd like to highlight three key areas where EXCEL is clearly differentiated, setting us apart in our ability to consistently drive double digit long term growth. First, our business model is fundamentally different from many of our peers. We've deliberately avoided low value work, which is highly vulnerable to disruption from AI. Instead, we have always focused on serving our clients in domain specific complex business workflows. These workflows are mission critical and are crucial to achieving business outcomes for our clients. Over time, we've built deep trust by continuously evolving alongside our clients, helping them drive growth and deliver measurable business outcomes. This has resulted into exceptionally high renewal rates with over 75% of our revenue being recurring or annuity like. This provides stability and consistency in our revenue. Second, we've spent the last 25 years continually evolving our solution portfolio with a sharp focus on building analytics, data and AI. As generative AI and agentic AI become central to transformation efforts, success increasingly depends on three things. Deep domain expertise and a nuanced understanding of process value chain complexity. Proficiency with the multimodal data generated and consumed by these processes and the ability to orchestrate and embed advanced AI into workflows to deliver meaningful outcomes. EXCEL has a unique combination of strengths across domain data and AI. Our decades of domain experience and early investments in data and AI allow us to help clients seamlessly embed AI into operations and achieve tangible results. The third key area where EXCEL is differentiated is that data and AI now represent the majority of our revenue 54% this quarter. This makes us one of the only few companies in our space with such a heavy concentration of revenue in these high growth areas. As AI adoption accelerates, industry forecasts show AI services growing at twice the pace of overall IT, cloud and digital services. This long term secular trend presents a significant opportunity for EXCEL. In short, our differentiated business model, deep capabilities in data and AI and strong alignment with long term market trends position us exceptionally well. We've earned the trust of our clients by consistently helping them grow and improve performance making EXCEL the partner of choice now and into the future. We continue to invest in next generation data and AI capabilities, solutions and partnerships to deliver differentiated value for our clients. During the quarter we expanded our proprietary large language model offerings. Notably, we launched our first multi-modal LLM for property insurance underwriting, leveraging our proprietary survey data. This solution automates the interpretation and classification of property survey images, enhancing our property underwriting services. We also introduced a finance and accounting LLM that integrates structured and unstructured data to power agent AI across finance workflows. Built with finance specific ontologies, it supports use cases such as invoice extraction, audit Q&A, negotiation and forecasting. In healthcare, we unveiled a pair focused LLM designed to automate and enhance the accuracy of medical code extraction and summarize complex clinical data from physician notes, medical records, discharge summaries and lab reports. Our extensive domain knowledge and access to relevant training data in these specific domains uniquely positions EXCEL to deliver more effective, generative AI solutions at a lower cost to drive higher ROI for our clients. We also experienced growing adoption of our -Accelerate.AI agent AI platform, which enables clients to reimagine operations and deliver transformative business outcomes. For example, we partnered with a major insurance client to modernize its customer communication management. Handling over 4 million correspondence annually, the client faced high operational costs, inconsistent templates and regulatory compliance risks. By deploying an agent AI solution capable of autonomously planning, executing and adapting complex workflows with minimal human oversight, we helped the client significantly reduce costs, improve consistency and documentation and mitigate compliance risk. We leveraged our AI solutions to expand our client base by adding a large global bank. We partnered with them to modernize their data lineage framework. The client's legacy systems lacked transparency and were heavily reliant on manual processes. We implemented our agent AI data hardware solution to produce a comprehensive data lineage map. Our client achieved over 98% data lineage coverage with a significantly reduced manual effort. This result exceeded the client's expectations and has enabled us to generate additional opportunities with them in other areas. These are just two examples of how -Accelerate.AI is enabling us to move into new domains from automating customer communications to delivering full data lineage and traceability, expanding our service offerings, increasing our total addressable market and sustaining our double digit road trajectory. We're also extending our reach through strategic partnerships. Most recently, we announced a collaboration with Genesis, a global cloud leader in AI powered customer experience. This partnership combines EXCEL's deep data, AI and domain expertise with Genesis' industry leading contact center as a service platform. Together, we are enabling enterprises across insurance, banking, healthcare and retail to transform customer engagement through intelligent personalization, predictive analytics and enhanced customer experiences. Our progress on data and AI is gaining global recognition and reinforcing EXCEL's position as a leader in AI deployment. I recently had the privilege of participating in the World Economic Forum's annual meeting of the new champions in Tianjin, China. I addressed delegates as an industry leader at an interactive AI Hub session and at a press conference where EXCEL was honored as a 2025 Mines winner for our Code Harbor solution, an AI powered platform for software code translation. Mines, which stands for meaningful, intelligent, novel, deployable solutions, was established to spotlight real world AI applications delivering measurable impact at scale. Not pilots or prototypes, but deployed solutions already transforming industries and lives. As part of this recognition, EXCEL will actively contribute insights to World Economic Forum initiatives over the next two years and collaborate with other global AI leaders working on similar challenges. We believe this collective approach is critical to unlocking AI's full potential or positive impact. In conclusion, we are excited about the expanding market opportunities in data and AI. With our deep domain knowledge, advanced data and AI capabilities and proven ability to embed AI into complex workflows, EXCEL is uniquely positioned to deliver meaningful business outcomes and strong ROI for our clients. Our business model is well balanced and resilient with a strong track record of performance across economic cycles. Over 75% of our revenue is annuity-like, providing excellent visibility and stability for the remainder of the year. Coupled with the continued double-digit growth in our sales pipeline, this strong foundation gives us the confidence to raise both our revenue and EPS guidance for the full year. With that, I'll turn the call over to Maurizio to provide more details on our financial performance.