Revenue flow

Margins

Stage	EXLS	% of rev	V	% of rev	Gap · A − B
Revenue	$634M	100.00%	$11.6B	100.00%	V ×18.35
Gross profit	$241M	38.04%	$9.2B	78.87%	V +40.8pp
Operating income	$89M	14.02%	$6.9B	59.12%	V +45.1pp
Pre-tax income	$87M	13.67%	$6.8B	58.74%	V +45.1pp
Net income	$69M	10.85%	$5.6B	48.38%	V +37.5pp

Stage	EXLS	V	Gap · A − B
Revenue	$634M100.00%	$11.6B100.00%	V ×18.35
Gross profit	38.04%$241M	78.87%$9.2B	V +40.8pp
Operating income	14.02%$89M	59.12%$6.9B	V +45.1pp
Pre-tax income	13.67%$87M	58.74%$6.8B	V +45.1pp
Net income