Reports Q4 revenue $414.1M, consensus $409.34M. CEO Rohit Kapoor said, “In 2023, we achieved revenue growth of 16% and EPS growth of 19%, despite a challenging macro-economic environment and lower demand across the IT services industry. During the year, we made a strategic pivot in our strategy – to be data- and AI-led in everything we do…we believe EXL is well positioned to continue to outperform the industry in 2024 and beyond.” CFO Maurizio Nicolelli said, “We ended 2023 with strong momentum across our business, a healthy balance sheet and solid free cash flow. While we are mindful of the economic uncertainty heading into 2024, we remain confident we will deliver above industry average revenue and EPS growth in 2024. Our guidance for 2024 revenue is in the range of $1.78B-$1.82B, representing a 9% to 12% increase year-over-year on both a reported and constant currency basis. We expect adjusted diluted EPS to be in the range of $1.56-$1.62, representing a 9% to 13% increase over 2023. Our Board of Directors authorized a $500M common stock repurchase program, effective March 1, 2024, for a two-year period, in line with our capital allocation strategy. This new authorization of $500M represents confidence in our ability to continue our growth trajectory and generate significant free cash flow.”
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