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EXL Reports 2013 First Quarter Results

Additionally, the Company provides certain information on a constant currency basis, which reflects a comparison of current period results translated at the prior period currency rates. This information is provided because the Company believes that it provides useful incremental information to investors regarding the Company's operating performance.

The following table shows the reconciliation of these adjusted financial measures from GAAP measures for the three months ended March 31, 2013 and March 31, 2012 and for the three months ended December 31, 2012:

Reconciliation of Adjusted Operating Income and Adjusted EBITDA
(Amounts in thousands)
       
  Three Months Ended March 31, Three Months Ended December 31, 
  2013 2012 2012
Net income (GAAP)  $ 9,762  $ 8,916  $ 12,163
add: Income tax provision and other income/(expense)  2,019  1,515  3,375
Income from operations (GAAP)  $ 11,781  $ 10,431  $ 15,538
add: Stock-based compensation expense (a)  3,645  2,743  2,087
add: Amortization of acquisition-related intangibles (b)  1,634  1,394  1,555
Adjusted operating income (Non-GAAP)  $ 17,060  $ 14,568  $ 19,180
Adjusted operating income margin % 14.7% 13.9% 16.3%
add: Depreciation  4,878  4,965  5,336
Adjusted EBITDA (Non-GAAP)  $ 21,938  $ 19,533  $ 24,516
Adjusted EBITDA margin % 18.9% 18.7% 20.8%
 
(a)  To exclude stock-based compensation expense under ASC Topic 718.
(b)  To exclude amortization of acquisition-related intangibles.
       
       
Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share
(Amounts in thousands, except per share data)
       
  Three Months Ended March 31, Three Months Ended December 31, 
  2013 2012 2012
Net income (GAAP)  $ 9,762  $ 8,916  $ 12,163
add: Stock-based compensation expense (a)  3,645  2,743  2,087
add: Amortization of acquisition-related intangibles (b)  1,634  1,394  1,555
subtract: Tax impact on stock-based compensation expense  (1,396)  (1,086)  (687)
subtract: Tax impact on amortization of acquisition-related intangibles  (191)  (187)  (218)
Adjusted net income  $ 13,454  $ 11,780  $ 14,900
Adjusted diluted earnings per share  $ 0.40  $ 0.36  $ 0.44
       
(a)  To exclude stock-based compensation expense under ASC Topic 718.
(b)  To exclude amortization of acquisition-related intangibles.
CONTACT: Charles Murphy, CFA
         Head of Investor Relations
         ExlService Holdings, Inc.
         280 Park Avenue
         New York, NY 10017
         (212) 624-5913
         ir@exlservice.com

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