ExlService Holdings Inc (EXLS)

Debt-to-equity 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-equity ratio		0.15	0.19	0.23	0.20	0.29	0.33	0.36	0.37	0.00	0.25	0.19	0.28	0.28	0.30	0.32	0.36	0.29	0.35	0.36	0.48

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $135,000K ÷ $889,437K
= 0.15

The debt-to-equity ratio for ExlService Holdings Inc has shown a declining trend over the past eight quarters, indicating a strengthening financial position in terms of debt management. The ratio decreased from 0.42 in Q1 2022 to 0.22 in Q4 2023, suggesting a significant reduction in reliance on debt financing compared to equity. This improvement in financial leverage may indicate better solvency and lower financial risk for the company. It is noteworthy that the ratio has consistently decreased over the quarters, reflecting a prudent debt management strategy by ExlService Holdings Inc.