Capital Structure

6 Months Ended

Jun. 30, 2025

Common Stock

The Company has one class of common stock outstanding.

Share Repurchases

The Company purchased shares of its common stock from certain employees in connection with withholding tax payments related to the vesting of restricted stock units and performance-based restricted stock units, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share (1)
Three months ended June 30, 2025	—	$	—	$	—
Three months ended June 30, 2024	—	$	—	$	—

Six months ended June 30, 2025	190,716	$	9,432	$	49.46
Six months ended June 30, 2024	200,402	$	6,375	$	31.81

(1) The weighted average purchase price per share is based on the closing price of the Company’s common stock on the Nasdaq Global Select Market on the trading day prior to the applicable vesting date of the restricted stock units.

On February 26, 2024, the Company’s board of directors authorized a $500,000 (excluding excise tax) common stock repurchase program beginning March 1, 2024 (the “2024 Repurchase Program”), and, on February 29, 2024, terminated the previous repurchase program, which had been effective since the beginning of 2022.

In March 2024, the Company entered into the 2024 Accelerated Share Repurchase (ASR) Agreement with Citibank to repurchase shares of its common stock for an aggregate purchase price of $125,000 under the 2024 Repurchase Program. The Company received an initial delivery of 3,350,084 shares in March 2024, representing 80% of the aggregate purchase price, which was recorded in treasury stock, while a prepayment of $25,000 was recorded in additional paid-in capital to reflect the pending settlement. The Company received an additional 820,433 shares upon final settlement in July 2024.

Under the Company’s repurchase program, shares may be purchased by the Company from time to time from the open market and through private transactions, or otherwise, as determined by the Company’s management as market conditions warrant. Repurchases may be discontinued at any time by the management.

The Company purchased shares of its common stock, for a total consideration including commissions but excluding excise tax, under its repurchase programs, as below:


	Shares repurchased	Total consideration		Weighted average purchase price per share
Three months ended June 30, 2025	906,150	$	41,752	$	46.08
Three months ended June 30, 2024	297,353	$	8,823	$	29.67

Six months ended June 30, 2025	1,081,213	$	49,811	$	46.07
Six months ended June 30, 2024	4,274,171	$	128,253	$	30.01

Repurchased shares have been recorded as treasury shares and will be held until the Company’s board of directors designates that these shares be retired or used for other purposes.

Pursuant to the Inflation Reduction Act, the Company is required to pay a 1% excise tax on the fair market value of each share of common stock repurchased, net of stock issuances. The Company recognized excise tax of ($29) and $74, during the three months ended June 30, 2025 and 2024, respectively, and ($29) and $618, during the six months ended June 30, 2025 and 2024, respectively, on repurchase of common stock as a part of the cost of such repurchases.

- Definition

The entire disclosure for equity.

+ References

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+ Details

ExlService Holdings, Inc. 10-Q