Genpact LTD

Previous wording

•our ability to anticipate, develop and incorporate advanced technologies, including artificial intelligence (“AI”) and generative and agentic AI, into our solutions and services as well as our internal operations and to compete in the rapidly evolving technological environment and successfully implement and generate revenue from new solutions and services;

Current wording

•our ability to anticipate, develop and incorporate advanced technologies, including artificial intelligence ("AI") technologies, such as generative and agentic AI, into our solutions and services as well as our internal operations and to compete in the rapidly evolving technological environment and successfully implement and generate revenue from new solutions and services;

Previous wording

•claims and lawsuits, including by clients, employees or third parties;

Current wording

•claims and lawsuits, including by clients, employees or other third parties;

Previous wording

•our ability to successfully implement our new enterprise resource planning system;

Current wording

•our ability to successfully implement our new enterprise resource planning system, including the effect of the transition on our internal control over financial reporting;

Previous wording

Our results of operations are affected by economic and geopolitical conditions, including overall levels of business confidence, inflationary pressures, monetary policy uncertainty and the pace of global growth. Economic uncertainty continues to increase in several markets globally, which has impacted our business and may continue to impact our business in the future. Any extended periods of slower sales cycles could have a material adverse effect on our business, financial position and results of operations.

Current wording

Our results of operations are affected by economic and geopolitical conditions, including overall levels of business confidence, inflationary pressures, monetary policy uncertainty and the pace of global growth. Economic uncertainty continues to increase in several markets globally, which has impacted our business and may continue to impact our business in the future. Any extended periods of slower sales cycles could have a material adverse effect on our business, financial position, results of operations and cash flows.

Previous wording

Geopolitical tensions also continue to intensify. Conflicts in the Middle East, in particular the Iran conflict, as well as the ongoing conflict between Russia and Ukraine, are exacerbating global market volatility and regional instability. We do not have operations in Iran, Russia or Ukraine, and our direct exposure to affected countries in the Middle East remains limited. To date, these conflicts have not had a material impact on our business, financial position or operations, but it is difficult to anticipate the future impacts of these conflicts on our business or our clients’ businesses.

Current wording

Conflicts in the Middle East, in particular the Iran conflict, as well as the ongoing conflict between Russia and Ukraine, have exacerbated global market volatility and regional instability. We do not have operations in Iran, Russia or Ukraine, and our direct exposure to affected countries in the Middle East remains limited. To date, these conflicts have not had a material impact on our business, financial position, operations, or cash flows, but it is difficult to anticipate the future impacts of these conflicts on our business or our clients’ businesses.

Previous wording

We are an agentic and advanced technology solutions company recognized for our deep industry knowledge, process intelligence and last-mile expertise. We have over 145,000 employees serving clients from more than 35 countries. Our registered office is located at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda.

Current wording

We are an Agentic Operations company, where applied AI meets context-rich process intelligence. We run and transform mission-critical operations for global enterprises. Our Agentic Operations are grounded in decades of operating core business processes across finance, supply chain, banking, insurance, and more. We have over 141,000 employees serving clients from more than 35 countries. Our registered office is located at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda.

Previous wording

In the quarter ended March 31, 2026, we recorded net revenues of $1,296.1 million. Net revenues from Advanced Technology Solutions were $345.2 million and net revenues from Core Business Services were $950.8 million.

Current wording

In the quarter ended June 30, 2026, we recorded net revenues of $1,343.4 million. Net revenues from Advanced Technology Solutions were $363.3 million and net revenues from Core Business Services were $980.1 million.

Previous wording

For a description of ourcritical accounting policies and estimates, see Note 2—“Summary of significant accounting policies” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above, as well as Part II, Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” and Note 2—“Summary of significant accounting policies” under Part IV, Item 15—“Exhibits and Financial Statement Schedules” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting policies and estimates during the three months ended March 31, 2026 from those described in our Annual Report on Form 10-K for the year ended December 31, 2025.

Current wording

For a description of ourcritical accounting policies and estimates, see Note 2—“Summary of significant accounting policies” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above, as well as Part II, Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” and Note 2—“Summary of significant accounting policies” under Part IV, Item 15—“Exhibits and Financial Statement Schedules” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting policies and estimates during the six months ended June 30, 2026 from those described in our Annual Report on Form 10-K for the year ended December 31, 2025.

Previous wording

The following table sets forth certain data from our consolidated statements of income for the three months ended March 31, 2025 and 2026.

Current wording

The following table sets forth certain data from our consolidated statements of income for the three and six months ended June 30, 2026 and 2025.

Previous wording

Net revenues. Our net revenues were $1,296.1 million in the first quarter of 2026, up $81.1 million, or 6.7%, from $1,214.9 million in the first quarter of 2025.

Current wording

Net revenues. Our net revenues were$1,343.4 million in the second quarter of 2026, up $89.0 million, or 7.1%, from$1,254.4 million in the second quarter of 2025.

Previous wording

Adjusted for foreign exchange, primarily the impact of changes in the values of the euro, British pound and Australian Dollar against the U.S. dollar, our net revenues grew 5.6% in the first quarter of 2026 compared to the first quarter of 2025 on a constant currency 1 basis. We provide information about our revenue growth on a constant currency 1 basis so that our revenue may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of our business performance.

Current wording

Adjusted for foreign exchange, primarily the impact of changes in the values of the euro and Australian dollar against the U.S. dollar, our net revenues grew 6.9% in the second quarter of 2026 compared to the second quarter of 2025 on a constant currency 1 basis. We provide information about our revenue growth on a constant currency 1 basis so that our revenue may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of our business performance.

Previous wording

Our average headcount increased by 1.8% to approximately 145,500 in the first quarter of 2026 from approximately 142,900 in the first quarter of 2025.

Current wording

Our average headcount decreased by 2.6% to approximately 143,100 in the second quarter of 2026 from approximately 146,900 in the second quarter of 2025.

Previous wording

Effective January 1, 2026, we revised our revenue disaggregation to better align with our current business structure, strategic priorities and internal reporting. Our revenue is now disaggregated between Advanced Technology Solutions and Core Business Services, replacing the prior disaggregation between Data-Tech-AI and Digital Operations. Accordingly, no disaggregation of revenue between Data-Tech-AI and Digital Operations has been presented for the first quarters of 2026 and 2025.

Current wording

Effective January 1, 2026, we revised our revenue disaggregation to better align with our current business structure, strategic priorities and internal reporting. Our revenue is now disaggregated between Advanced Technology Solutions and Core Business Services, replacing the prior disaggregation between Data-Tech-AI and Digital Operations. Accordingly, no disaggregation of revenue between Data-Tech-AI and Digital Operations has been presented for the three and six months ended June 30, 2026 and 2025.

Previous wording

Net revenues from Advanced Technology Solutions in the first quarter of 2026 were $345.2 million, up $67.6 million, or 24.3%, from $277.6 million in the first quarter of 2025. This increase was largely driven by increased demand for our data and AI solutions and services, agentic solutions, and advisory services in the first quarter of 2026 compared to the first quarter of 2025.

Current wording

Net revenues from Advanced Technology Solutions in the second quarter of 2026 were $363.3 million, up $70.7 million, or 24.1%, from $292.7 million in the second quarter of 2025. This increase was broad-based and driven by increased demand for each component of our Advanced Technology Solutions, namely digital technology, data and AI solutions and services, agentic solutions and advisory services, in the second quarter of 2026 compared to the second quarter of 2025.

Previous wording

Cost of revenue. Cost of revenue was $824.4 million in the first quarter of 2026, up $38.5 million, or 4.9%, from $785.9 million in the first quarter of 2025. This increase was primarily due to an increase in our operational headcount to support revenue growth, wage inflation, and an increase in costs for resold partnership technologies in the first quarter of 2026 compared to the first quarter of 2025.

Current wording

Cost of revenue. Cost of revenue was $853.1 million in the second quarter of 2026, up $48.8 million, or 6.1%, from $804.4 million in the second quarter of 2025. This increase was primarily driven by the higher costs associated with an increase in revenue from resold partner technology in the second quarter of 2026 compared to the second quarter of 2025 as well as wage inflation in the second quarter of 2026 compared to the second quarter of 2025.

Previous wording

Gross margin. Our gross margin increased from 35.3% in the first quarter of 2025 to 36.4% in the first quarter of 2026, primarily due to a foreign exchange benefit in the first quarter of 2026.

Current wording

Gross margin. Our gross margin increased to 36.5% in the second quarter of 2026 from 35.9% in the second quarter of 2025, primarily driven by lower headcount and a foreign exchange benefit, partially offset by the higher costs associated with an increase in revenue from resold partner technology in the second quarter of 2026 compared to the second quarter of 2025.

Previous wording

Selling, general and administrative ("SG&A") expenses. SG&A expenses as a percentage of net revenues increased from 19.8% in the first quarter of 2025 to 20.9% in the first quarter of 2026. SG&A expenses were $270.3 million in the first quarter of 2026, up $29.3 million, or 12.1%, from $241.1 million in the first quarter of 2025. The increase was primarily due to increased strategic investments in partnerships, alliances, and other sales and marketing capabilities, wage inflation, and higher spending on professional services in the first quarter of 2026 compared to the first quarter of 2025.

Current wording

Selling, general and administrative (SG&A) expenses. SG&A expenses as a percentage of net revenues increased to 21.9%in the second quarter of 2026 from 21.2% in the second quarter of 2025. SG&A expenses were $294.1 million in the second quarter of 2026, up $27.7 million, or 10.4%, from $266.4 million in the second quarter of 2025. The increase was primarily due to increased strategic investments in partnerships, alliances, and other sales and marketing capabilities as well as wage inflation in the second quarter of 2026 compared to the second quarter of 2025.

Previous wording

Amortization of acquired intangible assets. Amortization of acquired intangible assets was $3.1 million in the first quarter of 2026, down $1.2 million, or 28.0%, from $4.3 million in the first quarter of 2025. This decrease was primarily driven by the completion of useful lives of intangible assets acquired in prior periods, partially offset by the amortization of acquired intangible assets from our acquisition of XponentL in June 2025. For additional information about the acquisition of XponentL, see Note 3—“Business acquisitions” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above.

Current wording

Amortization of acquired intangible assets. Amortization of acquired intangible assets was $3.3 million in the second quarter of 2026, down $1.0 million, or 23.9%, from $4.3 million in the second quarter of 2025. This decrease was primarily driven by the completion of useful lives of intangible assets acquired in prior periods.

Previous wording

Income from operations. As a result of the foregoing factors, income from operations as a percentage of net revenues increased from 15.1% in the first quarter of 2025 to 15.3% in the first quarter of 2026. Income from operations increased by $14.9 million from $183.7 million in the first quarter of 2025 to $198.6 million in the first quarter of 2026, primarily due to higher gross margin, partially offset by higher SG&A expenses in the first quarter of 2026 compared to the first quarter of 2025.

Current wording

Income from operations. As a result of the foregoing factors, income from operations as a percentage of net revenues increased to 14.4% in the second quarter of 2026 from 14.3% in the second quarter of 2025. Income from operations was $192.9 million in the second quarter of 2026, up $13.5 million from $179.4 million in the second quarter of 2025, primarily due to higher gross margin, partially offset by higher SG&A expenses in the second quarter of 2026 compared to the second quarter of 2025.

Previous wording

Foreign exchange gains, net. We recorded a net foreign exchange gain of $7.3 million in the first quarter of 2026 compared to a gain of $1.3 million in the first quarter of 2025. The gain in the first quarter of 2026 resulted primarily from the depreciation of the Indian rupee against the U.S. dollar, partially offset by losses from fair value hedges. The gain in the first quarter of 2025 resulted primarily from gains on fair value hedges, partially offset by losses resulting from the appreciation of the Indian rupee against the U.S. dollar.

Current wording

Foreign exchange gains, net. We recorded a net foreign exchange gain of $2.1 million in the second quarter of 2026 compared to $0.4 million in the second quarter of 2025. The gain in the second quarter of 2026 resulted primarily from gains on fair value hedges and the depreciation of the Indian rupee against the U.S dollar. The gain in the second quarter of 2025 resulted primarily from gains on fair value hedges, partially offset by losses resulting from the appreciation of the Indian rupee against the U.S. dollar.

Previous wording

Interest income (expense), net. Our interest expense (net of interest income) was $11.6 million in the first quarter of 2026, up $0.2 million from $11.4 million in the first quarter of 2025. Our interest income increased from $6.3 million in the first quarter of 2025 to $10.2 million in the first quarter of 2026, due to higher cash and cash equivalents and investments. Our interest expense increased to $21.8 million in the first quarter of 2026 from $17.7 million in the first quarter of 2025, primarily due to incremental interest expense on our senior notes issued in November 2025, partially offset by lower interest expense on our term loan due to a lower SOFR and reduced volume in the first quarter of 2026 compared to the first quarter of 2025. The weighted average rate of interest on our debt, including the net impact of interest rate swaps, was 4.7% in both the first quarters of 2025 and 2026. See the section titled “Liquidity and Capital Resources—Financial Condition” for further discussion.

Current wording

Interest income (expense), net. Our interest expense (net of interest income) was $15.1 million in the second quarter of 2026, up $1.7 million from $13.5 million in the second quarter of 2025. Our interest expense increased primarily due to a higher interest rate on our Senior Notes issued in November 2025 compared to our 2021 Senior Notes (as defined below), which we repaid on April 10, 2026. The increase was partially offset by lower interest expense on our term loan due to a lower SOFR and reduced volume in the second quarter of 2026 compared to the second quarter of 2025. The weighted average rate of interest on our debt, including the net impact of interest rate swaps, increased to 5.4% in the second quarter of 2026 from 4.8% in the second quarter of 2025. See the section titled “Liquidity and Capital Resources—Financial Condition” for further discussion.

Previous wording

Income tax expense. Our income tax expense was $46.0 million in the first quarter of 2026, up from $44.4 million in the first quarter of 2025, due to higher pre-tax income, representing an effective tax rate (“ETR”) of 23.7% in the first quarter of 2026, down from 25.3% in the first quarter of 2025. The decrease in our ETR was primarily driven by optimization of intercompany financing as well as the mix of our pre-tax income and the impacts of other discrete items.

Current wording

Income tax expense. Our income tax expense was $45.1 million in the second quarter of 2026, up from $44.0 million in the second quarter of 2025, due to higher pre-tax income, representing an effective tax rate (“ETR”) of 23.7% in the second quarter of 2026, down from 24.9% in the second quarter of 2025. The decrease in our ETR in the second quarter of 2026 was primarily driven by the optimization of intercompany financing, as well as the mix of our pre-tax income and the impacts of other discrete items.

Previous wording

Net income. As a result of the foregoing factors, net income was $148.0 million in the first quarter of 2026, up $17.1 million from $130.9 million in the first quarter of 2025. Net income as a percentage of net revenues was 11.4% in the first quarter of 2026, up from 10.8% in the first quarterof 2025.

Current wording

Net income. As a result of the foregoing factors, net incomewas$145.7 million in thesecond quarter of 2026, up$13.0 million from$132.7 million in thesecond quarter of 2025. Net income as a percentage of net revenues was 10.8% in the second quarter of 2026, up from 10.6% in the second quarterof 2025.

Previous wording

Adjusted income from operations. Adjusted income from operations (“AOI”) was $223.7 million in the first quarter of 2026, up $13.9 million from $209.7 million in the first quarter of 2025. Our AOI margin was 17.3% in both the first quarters of 2025 and 2026, largely driven by higher gross margin, partially offset by higher SG&A expenses related to investments in sales capabilities and development costs associated with our advanced data and agentic solutions.

Current wording

Adjusted income from operations. Adju sted income from operations (“AOI”) increased by$16.3 million to $233.6 million in the second quarter of 2026 from$217.3 million in the second quarter of 2025. Our AOI margin increased to 17.4% in the second quarter of 2026 from 17.3% in the second quarter of 2025, largely driven by higher gross margin, partially offset by higher SG&A expenses in thesecond quarter of 2026 compared tothe second quarter of 2025.

Previous wording

We calculate AOI as net income, excluding (i) stock-based compensation expense, (ii) amortization of acquired intangible assets, (iii) foreign exchange gains, net, (iv) interest (income) expense, net, and (v) income tax expense, as we believe that our results after considering these adjustments more accurately reflect our ongoing operations. To calculate AOI margin, we divided AOI (as calculated above) by net revenue. For additional information, see Note 18—“Segment reporting” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above.

Current wording

We calculate AOI as net income, excluding (i) stock-based compensation expense, (ii) amortization of acquired intangible assets, (iii) foreign exchange gains, net, (iv) interest (income) expense, net, (v) acquisition-related expenses and (vi) income tax expense, as we believe that our results after considering these adjustments more accurately reflect our ongoing operations. To calculate AOI margin, we divided AOI (as calculated above) by net revenue. For additional information, see Note 18—“Segment reporting” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above.

Previous wording

Net revenues from our Financial Services segment increased by 5.4% in the first quarter of 2026 compared to the first quarter of 2025, largely due to an increase in demand for our data and AI solutions and services, advisory services and ramp-ups of services from recently signed deals. Net revenues from our Consumer and Healthcare segment increased by 6.1% in the first quarter of 2026 compared to the first quarter of 2025, largely due to an increase in demand for our data and AI solutions and services, digital solutions, advisory services and technology-related services. Net revenues from our High Tech and Manufacturing segment increased by 8.0% in the first quarter of 2026 compared to the first quarter of 2025, primarily driven by an increase in demand for our agentic solutions, advisory services, technology-related services and ramp-ups of services from recently signed deals.

Current wording

Net revenues from our Financial Services segment increased by 4.4% in thefirst half of 2026 compared to thefirst half of 2025, largely due to an increase in revenue from Advanced Technology Solutions and ramp-ups of recently signed deals. Net revenues from our Consumer and Healthcare segment increased by 7.8% in thefirst half of 2026 compared to thefirst half of 2025, largely due to an increase in demand for our Advanced Technology Solutions and technology services within our Core Business Services. Net revenues from our High Tech and Manufacturing segment increased by 7.8% in thefirst half of 2026 compared to thefirst half of 2025, primarily driven by an increase in demand for our Advanced Technology Solutions and technology services within our Core Business Services.

Previous wording

Other operating (income) expense, net. Other operating income (net of expense) was $0.4 million in the first quarter of 2026, consistent with $0.1 million in the first quarter of 2025.

Current wording

Other operating (income) expense, net. Other operating income (net of expense) was$0.4 million in the first half of 2026, consistent with$0.2 million in the first half of 2025.

Previous wording

AOI of our Financial Services and High Tech and Manufacturing segments increased by 13.8% and 15.4%, respectively, primarily driven by higher revenues and operating efficiency in the first quarter of 2026 compared to the first quarter of 2025. AOI of our Consumer and Healthcare segment decreased by 8.0%, largely driven by investments in additional delivery capabilities and resources to drive business growth in the first quarter of 2026 compared to the first quarter of 2025.

Current wording

AOI of our Financial Services and High Tech and Manufacturing segments increased by 10.2% and 7.1%, respectively, in thefirst half of 2026 compared to thefirst half of 2025, primarily driven by higher revenues and operating efficiencies. AOI of our Consumer and Healthcare segment decreased by 6.2% in thefirst half of 2026 compared to thefirst half of 2025, primarily driven by higher investments in additional resources to drive business growth, partially offset by higher revenues and operating efficiency.

Previous wording

AOI for “Unallocated corporate expenses” in the table above primarily represents the adjustment of allowances for credit losses, write-downs of property, plant and equipment and right-of-use assets, and over- or under-absorption of corporate overheads, which are not allocated to any individual segment for management's internal reporting purposes. See Note 18—“Segment reporting” under Part I, Item 1— “Unaudited Consolidated Financial Statements” above.

Current wording

AOI for “Unallocated corporate expenses” in the table above primarily represents the adjustment of allowances for credit losses and right-of-use assets, and over-or-under-absorption of corporate overheads, which are not allocated to any individual segment for management's internal reporting purposes. See Note 18—“Segment reporting” under Part I, Item 1— “Unaudited Consolidated Financial Statements” above.

Previous wording

On February 5, 2026, our board of directors approved a 10% increase in our quarterly cash dividend from $0.17 per common share to $0.1875 per common share, representing a planned annual dividend of $0.75 per common share for 2026, up from $0.68 per common share in 2025. On March 31, 2026, the Company paid a dividend of $0.1875 per share, amounting to $31.8 million in the aggregate, to shareholders of record as of March 16, 2026.

Current wording

On February 5, 2026, our board of directors approved a 10% increase in our quarterly cash dividend from $0.17 per common share to $0.1875 per common share, representing a planned annual dividend of $0.75 per common share for 2026, up from $0.68 per common share in 2025. On March 31, 2026, and June 25, 2026, we paid a dividend of $0.1875 per share, amounting to $31.8 million and $31.6 million in the aggregate, to shareholders of record as of March 16, 2026, and June 10, 2026, respectively.

Previous wording

On February 6, 2025, our board of directors approved an 11% increase in our quarterly cash dividend from $0.1525 per common share to $0.17 per common share, representing an annual dividend of $0.68 per common share for 2025, up from $0.61 per common share in 2024. On March 26, 2025, we paid a dividend of $0.17 per share, amounting to $29.8 million in the aggregate, to shareholders of record as of March 11, 2025.

Current wording

On February 6, 2025, our board of directors approved an 11% increase in our quarterly cash dividend from $0.1525 per common share to $0.17 per common share, representing an annual dividend of $0.68 per common share for 2025, up from $0.61 per common share in 2024. On March 26, 2025, and June 30, 2025, we paid a dividend of $0.17 per share, amounting to $29.8 million and $29.6 million in the aggregate, to shareholders of record as of March 11, 2025, and June 18, 2025, respectively.

Previous wording

As of March 31, 2026, the total authorization under our existing share repurchase program was $2,750.0 million, of which $294.1 million remained available as of March 31, 2026. Since our share repurchase program was initially authorized in 2015, we have repurchased 72,711,132 of our common shares at a weighted average price of $33.78 per share, for an aggregate purchase price of $2,455.9 million. This amount includes shares repurchased under our 2017 accelerated share repurchase program.

Current wording

As of June 30, 2026, the total authorization under our existing share repurchase program was $2,750.0 million, of which $244.1 million remained available as of June 30, 2026. Since our share repurchase program was initially authorized in 2015, we have repurchased 74,271,373 of our common shares at a weighted average price of $33.74 per share, for an aggregate purchase price of $2,505.9 million.

Previous wording

During the three months ended March 31, 2025 and 2026, we repurchased 1,206,812 and 1,811,986 of our common shares, respectively, on the open market at a weighted average price of $52.17 and $38.61 per share, respectively, for an aggregate purchase price of $63.0 million and $70.0 million, respectively. All repurchased shares have been retired.

Current wording

During the six months ended June 30, 2026 and 2025, we repurchased 3,372,227 and 1,898,010 of our common shares, respectively, on the open market at a weighted average price of $35.57 and $48.98 per share, respectively, for an aggregate purchase price of $119.9 million and $93.0 million, respectively. All repurchased shares have been retired.

Previous wording

We expect that for the next twelve months and for the foreseeable future, our cash from operations, cash reserves and debt capacity will be sufficient to finance our operations, our growth and expansion plans, dividend payments and additional share repurchases we may make under our share repurchase program. In addition, we may raise additional funds through public or private debt or equity financing. Our working capital needs are primarily to finance our payroll and other administrative and information technology expenses in advance of the receipt of accounts receivable. Our primary capital requirements include opening new delivery centers, expanding existing operations to support our growth, financing acquisitions and enhancing capabilities, including building certain advanced technology solutions.

Current wording

We expect that for the next twelve months and for the foreseeable future, our cash from operations, cash reserves and debt capacity will be sufficient to finance our operations, our growth and expansion plans, dividend payments and additional share repurchases we may make under our share repurchase program. In addition, we may raise additional funds through public or private debt or equity financing. Our working capital needs are primarily to finance our payroll and other administrative and information technology expenses in advance of the receipt of accounts receivable. Our primary capital requirements include opening new delivery centers, expanding existing operations to support our growth, financing acquisitions and enhancing capabilities, including building certain digital solutions.

Previous wording

Cash flows used for/provided by operating activities. Net cash used for operating activities was $23.5 million in the three months ended March 31, 2026 compared to cash provided by operating activities of $40.4 million in the three months ended March 31, 2025. This decrease was primarily driven by a $74.5 million increase in operating assets and liabilities, primarily driven by higher receivable balances, a reduction in customer advances and higher income tax and employee related payments. The impact of these items was partially offset by lower vendor related payments in the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Additionally, there was a $6.6 million decrease in non-cash expenses, primarily due to an unrealized (gain)/loss on the revaluation of foreign currency assets/liabilities in the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This combined net decrease was partially offset by a $17.1 million increase in net income in the three months ended March 31, 2026 compared to the three months ended March 31, 2025,

Current wording

Cash flows provided by operating activities. Net cash provided by operating activities was $48.9 million in the six months ended June 30, 2026 compared to $217.8 million in the six months ended June 30, 2025. This decrease was primarily driven by a $183.8 million increase in operating assets and liabilities primarily driven by higher receivables balances, a reduction in customer advances and higher income tax and employee related payments, as well as a $15.2 million decrease in non-cash expense, primarily due to a deferred tax benefit in the six months ended June 30, 2026 compared to a deferred tax expense in the six months ended June 30, 2025. Additionally, a lower allowance for credit losses was partially offset by higher stock-based compensation expenses in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The impact of these items was partially offset by lower vendor-related payments and higher net income in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Previous wording

Cash flows used for/provided by investing activities. Our net cash used for investing activities was $31.4 million in the three months ended March 31, 2026 compared to net cash provided by investing activities of $0.8 million in the three months ended March 31, 2025. Net cash used for investing activities increased primarily due to (i) the maturity of $23.4 million in term deposits in the three months ended March 31, 2025 with no corresponding proceeds from investments in the three months ended March 31, 2026, and (ii) an $8.9 million increase in payments (net of sales proceeds) for the purchase of property, plant and equipment and internally generated intangible assets in the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Current wording

Cash flows provided by/used for investing activities. Our net cash provided by investing activities was $299.8 million in the six months ended June 30, 2026 compared to net cash used for investing activities of $104.4 million in the six months ended June 30, 2025. Net cash provided by investing activities increased primarily due to (i) the maturity of term deposits amounting to $350.0 million in the six months ended June 30, 2026 compared to $23.4 million in the six months ended June 30, 2025 and (ii) payments of $80.6 million for business acquisitions, net of cash acquired, in the six months ended June 30, 2025, with no corresponding payment in the six months ended June 30, 2026. This increase was partially offset by a $3.1 million increase in payments (net of sales proceeds) for the purchase of property, plant and equipment and intangible assets in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Previous wording

Cash flows used for financing activities. Our net cash used for financing activities was $204.3 million in the three months ended March 31, 2026 compared to $125.5 million in the three months ended March 31, 2025. This change was primarily due to (i) a $77.5 million earn-out consideration payment in connection with our acquisition of XponentL in the three months ended March 31, 2026 with no corresponding payments in the three months ended March 31, 2025, (ii) higher payments for stock repurchased and retired (including related expenses), amounting to $70.0 million in the three months ended March 31, 2026 compared to $63.0 million in the three months ended March 31, 2025, and (iii) lower proceeds from the issuance of common shares under stock-based compensation plans, amounting to $2.8 million in the three months ended March 31, 2026 compared to $6.9 million in the three months ended March 31, 2025. This was partially offset by lower payments for the net settlement of stock-based awards, amounting to $18.4 million in the three months ended March 31, 2026 compared to $30.7 million in the three months ended March 31, 2025.

Current wording

Cash flows used for financing activities. Our net cash used for financing activities was $645.3 million in the six months ended June 30, 2026 compared to net cash provided by financing activities of $106.7 million in the six months ended June 30, 2025. This change was primarily due to (i) higher repayments of borrowings and debt issuance and refinancing costs (net of proceeds), amounting to $363.6 million in the six months ended June 30, 2026 compared to proceeds from borrowings (net of repayments and debt issuance and refinancing costs) of $71.8 million in the six months ended June 30, 2025, (ii) a $77.5 million earn-out consideration payment in connection with our acquisition of XponentL in the six months ended June 30, 2026, with no corresponding payments in the six months ended June 30, 2025, (iii) higher payments for stock repurchased and retired (including related expenses), amounting to $120.0 million in the six months ended June 30, 2026, compared to $93.0 million in the six months ended June 30, 2025, (iv) higher dividend payments of $63.3 million in the six months ended June 30, 2026, compared to $59.4 million in the six months ended June 30, 2025, and (v) lower proceeds from the issuance of common shares under stock-based compensation plans, amounting to $5.1 million in the six months ended June 30, 2026, compared to $9.3 million in the six months ended June 30, 2025. This change was partially offset by lower payments for the net settlement of stock-based awards, amounting to $22.1 million in the six months ended June 30, 2026 compared to $30.9 million in the six months ended June 30, 2025.

Previous wording

In December 2022, we entered into an amended and restated credit agreement (the "2022 Credit Agreement") with Genpact USA, Inc. (“Genpact USA”), Genpact Global Holdings (Bermuda) Limited (“GGH”) and Genpact Luxembourg S.à r.l. (“Genpact Luxembourg”, and together with Genpact USA and GGH, the “Borrowers”), as borrowers, Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, swingline lender and issuing bank, and the lenders and other parties thereto, which consists of a $530.0 million term loan and a $650.0 million revolving credit facility. An additional third-party fee paid in connection with the 2022 Credit Agreement is being amortized over the duration of the term loan and revolving credit facility, which expire on December 13, 2027. In connection with our entry into the 2022 Credit Agreement, we terminated our previous credit facility under our amended and restated credit agreement entered into in August 2018 (the “2018 Credit Agreement”) with the Borrowers, as borrowers, Wells Fargo, as administrative agent, and the lenders and other financial institutions party thereto, which was comprised of a $680.0 million term loan and a $500.0 million revolving credit facility. The 2022 Credit Agreement replaced the 2018 Credit Agreement.

Current wording

In December 2022, we entered into an amended and restated credit agreement (the "2022 Credit Agreement") with Genpact USA, Inc. (“Genpact USA”), Genpact Global Holdings (Bermuda) Limited (“GGH”) and Genpact Luxembourg S.à r.l. (“Genpact Luxembourg”, and together with Genpact USA and GGH, the “Borrowers”), as borrowers, Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, swingline lender and issuing bank, and the lenders and other parties thereto, which consists of a $530.0 million term loan and a $650.0 million revolving credit facility. An additional third-party fee paid in connection with the 2022 Credit Agreement is being amortized over the duration of the term loan and revolving credit facility, which expire on December 13, 2027.

Previous wording

As of December 31, 2025 and March 31, 2026, our outstanding term loan, net of debt amortization expense of $0.6 million and $0.5 million, respectively, was $449.9 million and $443.4 million, respectively.

Current wording

As of June 30, 2026 and December 31, 2025, our outstanding term loan, net of unamortized debt issuance costs of $0.4 million and $0.6 million, respectively, was $436.8 million and $449.9 million, respectively.

Previous wording

We also have fund-based and non-fund based credit facilities with banks, which are available for operational requirements in the form of overdrafts, letters of credit, guarantees and short-term loans. As of December 31, 2025 and March 31, 2026, the limits available under such facilities were $26.6 million and $31.0 million, respectively, of which $8.0 million and $7.8 million, respectively, was utilized, constituting non-funded drawdown. As of December 31, 2025 and March 31, 2026, a total of $1.3 million and $1.3 million, respectively, of our revolving credit facility was utilized, of which $0.0 million and $0.0 million, respectively, constituted funded drawdown and $1.3 million and $1.3 million, respectively, constituted non-funded drawdown. Our outstanding term loan and revolving credit facility expire on December 13, 2027.

Current wording

We also have fund-based and non-fund based credit facilities with banks, which are available for operational requirements in the form of overdrafts, letters of credit, guarantees and short-term loans. As of June 30, 2026 and December 31, 2025, the limits available under such facilities were $30.9 million and $26.6 million, respectively, of which $7.6 million and $8.0 million, respectively, was utilized, constituting non-funded drawdown. As of June 30, 2026 and December 31, 2025, a total of $1.3 million of our revolving credit facility was utilized, all of which constituted non-funded drawdown. Our outstanding term loan and revolving credit facility expire on December 13, 2027.