ExlService Holdings, Inc. PP&E Disclosure
| As of | |||||||||||||||||
| Estimated useful lives (Years) | December 31, 2025 | December 31, 2024 | |||||||||||||||
| Owned Assets: | |||||||||||||||||
| Network equipment and computers | 3-5 | $ | 189,459 | $ | 167,525 | ||||||||||||
| Software | 2-5 | 81,340 | 105,874 | ||||||||||||||
| Leasehold improvements | 3-8 | 53,299 | 45,819 | ||||||||||||||
| Office furniture and equipment | 3-8 | 27,139 | 23,898 | ||||||||||||||
| Motor vehicles | 2-5 | 650 | 635 | ||||||||||||||
| Buildings | 30 | 885 | 929 | ||||||||||||||
| Land | — | 579 | 608 | ||||||||||||||
| Capital work in progress | — | 10,680 | 7,504 | ||||||||||||||
| 364,031 | 352,792 | ||||||||||||||||
| Less: Accumulated depreciation and amortization | (254,243) | (252,667) | |||||||||||||||
| $ | 109,788 | $ | 100,125 | ||||||||||||||
| Network equipment and computers | 49 | 56 | |||||||||||||||
| Leasehold improvements | 410 | 587 | |||||||||||||||
| Office furniture and equipment | 124 | 417 | |||||||||||||||
| Motor vehicles | 2,944 | 2,208 | |||||||||||||||
| 3,527 | 3,268 | ||||||||||||||||
| Less: Accumulated amortization | (1,494) | (1,556) | |||||||||||||||
| $ | 2,033 | $ | 1,712 | ||||||||||||||
| Property and equipment, net | $ | 111,821 | $ | 101,837 | |||||||||||||
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Depreciation and amortization expense | $ | 45,944 | $ | 41,589 | $ | 35,812 | |||||||||||
| As of | |||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||
| Cost | $ | 59,391 | $ | 60,447 | |||||||
| Less : Accumulated amortization | (39,332) | (38,243) | |||||||||
| Internally developed software, net | $ | 20,059 | $ | 22,204 | |||||||
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Amortization expense | $ | 13,403 | $ | 12,849 | $ | 9,282 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Mar 15, 2017 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.