EXL Board Authorizes Significant Stock Repurchase Program
29 February 2024 - 10:00PM
ExlService Holdings, Inc. (NASDAQ: EXLS), a leading global
analytics and digital operations and solutions company, today
announced that its Board of Directors has authorized a $500 million
common stock repurchase program, effective March 1, 2024, for a
two-year period, in line with our capital allocation strategy.
“During 2023, we repurchased approximately $125 million of our
common stock,” said Maurizio Nicolelli, executive vice president
and chief financial officer. “This new authorization of $500
million represents confidence in our ability to continue our growth
trajectory and generate significant free cash flow.”
The current stock repurchase program previously announced on
Nov. 2, 2021, for the repurchase of up to $300 million of common
stock over three years, will be terminated on Feb. 29, 2024. As of
Feb. 28, 2024, approximately $213 million of common stock has been
repurchased under that plan. Under the authorization, the shares
may be purchased by the company using a variety of methods,
which may include open market purchases, block trades, accelerated
share repurchase programs, and/or other privately negotiated
transactions or non-discretionary trading plans, including through
10b5-1 trading plans, as determined by management as market
conditions warrant. The company expects open market repurchases
under the repurchase program will be structured to comply with Rule
10b-18 under the Securities Exchange Act of 1934, as amended, which
sets certain restrictions on the method, timing, price and volume
of open market stock repurchases. The repurchase program does not
require the company to acquire any specific number of shares, and
the company may suspend, modify or discontinue
repurchases at any time at management’s discretion.
About ExlService Holdings, Inc.
EXL (NASDAQ: EXLS) is a leading data analytics and digital
operations and solutions company. We partner with clients
using a data and AI-led approach to reinvent business models, drive
better business outcomes and unlock growth with speed. EXL
harnesses the power of data, analytics, AI, and deep industry
knowledge to transform operations for the world’s leading
corporations in industries including insurance, healthcare, banking
and financial services, media and retail, among others. EXL was
founded in 1999 with the core values of innovation, collaboration,
excellence, integrity and respect. We are headquartered in New York
and have more than 54,000 employees spanning six continents. For
more information, visit www.exlservice.com.
Contacts:Investor RelationsJohn KristoffVice
President, Investor Relations+1 212 209 4613ir@exlservice.com
Media - USKeith LittleSenior Manager, Media
Relations+1 703 598 0980media.relations@exlservice.com
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