ExlService Holdings, Inc. (NasdaqGS:EXLS) is looking for M&A. During the first quarter 2024 earnings conference call, Maurizio Nicolelli, Chief Financial Officer said that ?It's -- so we're in a very good spot in terms of capital allocation. When you look at our position as a company, we've got right around $250 million in cash. Our debt now is right around $345 million.

And we're generating adjusted EBITDA -- this year, projected will be somewhere between $375 million and $400 million. So we have plenty of capital to allocate, and we're fairly underleveraged as a company, which puts us in a very good spot. So for us going forward, our allocation of capital really will be between share repurchase and M&A?.

?And in the M&A pipeline, we are seeing more opportunities for us going forward, particularly in the core areas that are most important to us, its capabilities within AI, particularly GenAI, data management. Those are really the core areas of capabilities for us in the segments we really operate in to really build out and further develop our overall business within those 2 areas. So that we're seeing more opportunity there.

In terms of valuations, we do see valuation becoming a bit more reasonable than they have been in the past. So that gives us more opportunity to really be more active in the M&A market. And you'll probably see that in the next 12 to 24 months as we go forward.

And we have the ability to lever our capital allocation between share repurchase and M&A, meaning if we do more M&A, we can reduce, if needed, our capital -- our share repurchasing, but it's our intention to really push forward on both?.