EXL (NASDAQ: EXLS) announced it has entered into an accelerated share repurchase agreement with Morgan Stanley & Co. LLC to buy back $125 million of its common stock.

The repurchase is part of the company's recently authorized $500 million stock buyback program. EXL plans to fund the transaction using available cash and borrowing from its credit facility.

Under the agreement, EXL will pay $125 million to Morgan Stanley for an initial number of shares at the start of the transaction. The final number of shares repurchased will be determined by the average daily volume-weighted average prices during the agreement's term, minus a discount and subject to other adjustments.

"This ASR, a part of our recently authorized $500 million common stock repurchase program, represents confidence in our ability to continue our growth trajectory and generate significant free cash flow," said Chairman and CEO Rohit Kapoor in a statement.

EXL describes itself as a global data and artificial intelligence company that provides services to various industries including insurance, healthcare, banking, retail, and energy. The New York-headquartered company reports having over 65,000 employees across six continents.

The information is based on a company press release issued March 17, 2026.