ExlService Holdings Inc (EXLS)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	135,000	160,000	190,000	160,000	220,000	235,000	250,000	260,000	0	170,000	139,432	202,687	201,961	216,235	215,527	234,820	194,131	223,916	231,409	299,765
Total stockholders’ equity	US$ in thousands	889,437	856,087	834,214	795,222	758,179	704,584	685,653	700,341	693,156	684,985	728,014	726,225	719,172	709,928	680,928	655,904	670,001	647,683	641,353	630,576
Debt-to-capital ratio		0.13	0.16	0.19	0.17	0.22	0.25	0.27	0.27	0.00	0.20	0.16	0.22	0.22	0.23	0.24	0.26	0.22	0.26	0.27	0.32

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $135,000K ÷ ($135,000K + $889,437K)
= 0.13

The debt-to-capital ratio for ExlService Holdings Inc has been showing a decreasing trend over the past few quarters. In Q4 2023, the ratio stood at 0.18, down from 0.20 in Q3 2023 and 0.25 in Q4 2022. This indicates that the company's reliance on debt to finance its operations relative to its total capital base has been gradually declining.

A lower debt-to-capital ratio suggests a healthier balance sheet and lower financial risk for the company. ExlService Holdings Inc has been effectively managing its debt levels compared to its total capital, which may be viewed positively by investors and creditors. The decreasing trend in the ratio also signals improved financial stability and sustainability in the company's capital structure over the quarters examined.

Overall, the decreasing debt-to-capital ratio for ExlService Holdings Inc reflects a prudent approach to managing its debt levels and capital structure, which bodes well for its financial health and operational performance.