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INVESTOR PRESENTATION Investor Presentation November 7, 2025 1
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INVESTOR PRESENTATION Disclaimers 2 Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, and further include, without limitation, statements reflecting our current views with respect to, among other things, our operations, our financial performance, our industry, the impact of the macroeconomic environment on our business, and other non-historical statements including the statements in the “Fourth Quarter and Full Year 2025 Outlook” section of this presentation. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “would,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates,” “position us” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to: the dependence of our business on key clients; the risk of loss of business or non-payment from clients; our failure to cost-effectively acquire new clients; the risk that we may provide inadequate service or cause disruptions in our clients’ businesses or fail to comply with the quality standards required by our clients under our agreements; our inability to anticipate clients’ needs by adapting to market and technology trends; utilization of artificial intelligence by our clients or our failure to incorporate artificial intelligence into our operations; unauthorized or improper disclosure of personal or other sensitive information, or security breaches and incidents; negative publicity or liability or difficulty recruiting and retaining employees; our failure to detect and deter criminal or fraudulent activities or other misconduct by our employees or third parties; global economic and political conditions, especially in the social media and meal delivery and transport industries from which we generate significant revenue; risks relating to the termination of the merger we originally announced on May 8, 2025, including the risk that the termination could adversely affect our stock price, business, financial condition and results of operations; the dependence of our business on our international operations, particularly in the Philippines and India; our failure to comply with applicable data privacy and security laws and regulations; fluctuations against the U.S. dollar in the local currencies in the countries in which we operate; our inability to maintain and enhance our brand; competitive pricing pressure; volatile, unfavorable or uncertain economic or political conditions, particularly in the markets in which our clients and operations are concentrated, and the effects of these conditions on our clients’ businesses; our dependence on senior management and key employees; increases in employee expenses and changes to labor laws; failure to attract, hire, train and retain a sufficient number of skilled employees to support operations; our inability to effectively expand our operations into countries or industries in which we have no prior operating experience and in which we may be subject to increased business, economic and regulatory risks; reliance on owned and third-party technology and computer systems; failure to maintain asset utilization levels, price appropriately and control costs; the control of affiliates of Blackstone Inc. and our Co-Founders over us; the dual class structure of our common stock; and the volatility of the market price of our Class A common stock. Additional risks and uncertainties include but are not limited to those described under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025, as such factors may be updated from time to time in our filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s SEC filings. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. TaskUs undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. Non-GAAP Financial Measures TaskUs supplements results reported in accordance with United States generally accepted accounting principles (“GAAP”), with non-GAAP financial measures, such as Adjusted Net Income, Adjusted Net Income Margin, Adjusted Earnings Per Share, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Free Cash Flow, Conversion of Adjusted EBITDA to Free Cash Flow and Conversion of Adjusted EBITDA to Adjusted Free Cash Flow. Management believes these measures help illustrate underlying trends in TaskUs’ business and uses the measures to establish budgets and operational goals, communicate internally and externally, and manage TaskUs’ business and evaluate its performance. Management also believes that certain of these measures help investors compare TaskUs’ operating performance with its results in prior periods or assess liquidity. TaskUs anticipates that it will continue to report both GAAP and certain non-GAAP financial measures in its financial results, including non-GAAP results that exclude the impact of certain costs, losses and gains that are required to be included in our profit and loss measures under GAAP. Because TaskUs’ reported non-GAAP financial measures are not calculated in accordance with GAAP, these measures are not comparable to GAAP and may not be comparable to similarly described non-GAAP measures reported by other companies within TaskUs’ industry. Consequently, TaskUs’ non-GAAP financial measures should not be evaluated in isolation or supplant comparable GAAP measures, but rather, should be considered together with the information in TaskUs’ consolidated financial statements, which are prepared in accordance with GAAP. Definitions of non-GAAP financial measures and the reconciliations to the most directly comparable measures in accordance with GAAP are provided in subsequent sections of this presentation.
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INVESTOR PRESENTATION3 OUR VISION OUR SOLUTIONS OUR RESUL TS Outsourcing reimagined for the innovation age Digital Customer Experience Trust + Safety AI Services +3,400 Teammates Since Q2 2025 17.0% Year-over-Year Q3 2025 Rev. Growth ~20% YoY Trust + Safety Rev. Growth in Q3 21.2% Adj. EBITDA Margin1 Q3 2025 20%+ Q3 YoY Rev. Growth by Multi-Service Clients $298.7mm Record Q3 2025 Revenue $63.5mm Q3 2025 Adj. EBITDA1 1 See appendix for reconciliation to most comparable GAAP measure 60%+ YoY AI Services Rev. Growth in Q3 TaskUs
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INVESTOR PRESENTATION4 Record Profitable Performance in Q3 2025 Q1 ‘24 (3)% 21.2% Q3 2025 Adj EBITDA Margin1 1 See appendix for reconciliation to most comparable GAAP measure $227 Q2 ‘24 +4% $238 Q3 ‘24 +13% $255 $200 $225 $250 $275 Quarterly Revenue & YoY Growth (in millions) Q4 ‘24 +17% $274 $300 2025 $294 2024 $278 Q1 ‘25 +22% Highlights ● Delivered record quarterly revenue of ~$298.7 million (17% growth) and strong Adjusted EBITDA of ~$63.5 million in Q3, respectively ● Trust + Safety and AIS delivered strong double-digit, year-over-year growth in Q3 of nearly 20% and over 60%, respectively ● Again delivered more than 20% cross-selling revenue growth from clients using more than one service line on a year-over-year basis in Q3 ● AIS, our fastest growing service line, saw revenue growth and increased demand from clients in the Autonomous Vehicle industry and from Generative AI services to Social Media and Technology clients ● Attained “leader” status for the third year in a row in Everest’s PEAK matrix for Trust + Safety +24% $299 +17% Q2 ‘25 Q3 ‘25
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INVESTOR PRESENTATION5 Strong Demand for our Specialized Services in Q3 2025 Q3 key client wins ● DCX: 1) expanded the scope of services we provide to a global house of iconic fashion brands, and 2) signed SOWs to expand our existing CX relationships with multiple leading Technology and Travel & Transportation companies in our Top 20 client relationships. ● Trust + Safety (incl. Financial Crime + Compliance): signed 1) multiple statements of work with a new client in the gaming industry, including critical harm detection and data labeling (AIS) services and 2) an expansion of the Trust + Safety solutions we provide to our largest Social Media client. ● AI Services: signed contracts to 1) support the expansion of a UK-based provider of self-driving technologies to Japan, 2) provide remote operations to the developer of delivery robots and 3) again signed multiple new SOWs supporting our largest client's Gen AI initiatives. Q3 highlights ~63,800 Headcount as of September 30, 2025 5.6% Headcount increase since June 30, 2025 Focused & engaged team Broad demand across multiple vertical markets
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INVESTOR PRESENTATION6 Expanding Our Global Footprint 30 sites and a fully-functional, scaled work at home solution across 13 countries Our Headcount as of September 30, 2025 ~63,800 Work@Home Serbia - WFHCroatia - 1 site Ireland - WFH USA - 1 site Colombia - 6 sites India - 4 sites Taiwan - 1 Site Philippines - 11 Sites Malaysia - 1 Site Greece - 2 sites Japan - WFH Mexico - 2 sites Egypt - 1 site
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INVESTOR PRESENTATION Service Offerings
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INVESTOR PRESENTATION 8 Digital Offerings Powered by Differentiated Technology Solutions Digital Customer Experience 26% Trust + Safety 17% AI Services Note: Percentages based on revenue contribution during the last twelve months ended September 30, 2025 57%
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INVESTOR PRESENTATION9 Digital Customer Experience Ever-increasing user expectations and competition necessitate world class customer care. Founded on innovation and a people-first culture, TaskUs delivers excellent CX support consistently for the world’s leading brands. The digital nature of the support we provide allows us to automate a greater portion of these interactions using proprietary AI-powered tools like TaskGPT, support multiple interactions concurrently, and use teammates based in higher margin, offshore markets. We focus on complex interactions across the customer experience lifecycle - from sales and customer acquisition solutions to multi-sided marketplace management and order fulfillment to complex technical support - we solve our client’s most critical challenges, all while enabling business process, product, and workflow improvements. 57% TTM Q3 2025 Revenue $654mm Omni-Channel Care Technical Support New Product or Market Launches Sales + Customer Success Learning Experience Services Consulting Services SOLUTIONS
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INVESTOR PRESENTATION10 Trust + Safety Content Moderation User generated content is growing at an exponential rate. Wherever content is created by users, platforms must review and enforce policy guidelines to protect their communities. Today, TaskUs teammates review content posted by users and advertisers across these social networks as well as dating apps, job sites, and marketplaces. Financial Crime + Compliance TaskUs solves for two growing problems faced by tech disruptors: the reputational risks posed by new forms of online fraud and financial crime and the cost of complying with increasing regulatory complexity. TaskUs Financial Crime + Compliance supports clients processes including chargebacks and disputes, anti-money laundering, transaction monitoring, digital identity verification, know your customer, sanctions screening, anti-fraud, and negative social media monitoring. 26% TTM Q3 2025 Revenue $295mm SOLUTIONS AI Safety & Policy development FinCrime + compliance Resiliency studio Tools & innovation Fighting fraud Digital identity
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INVESTOR PRESENTATION11 AI Services In our Al Services service line, our teammates collect, annotate, and evaluate data to create the raw materials that artificial intelligence solutions, such as large language models and multimodal generative Al, are built on. Nearly every Al application being built today requires these human-in-the-loop services that we offer through our professional annotators and gig workers from our TaskVerse platform. We also provide expert response writing, ranking and scoring, prompt review, and adversarial testing for our GenAl clients. We leverage technology, automation, and advanced instructional design and QA processes to optimize results for our clients. 17% TTM Q3 2025 Revenue $196mm Autonomous vehicles Generative AI Object identification & classification Advanced robotics Optical character recognition compliance tracking Speech to text & contextual annotation SOLUTIONS Independent Contractor No time commitment AI Services Workforce Spectrum Freelancer Crowd Dedicated Part-time In-center and Work from Home FTE High Complexity, Security High Flexibility, Scalability
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INVESTOR PRESENTATION Why We Win& Growth Strategies
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INVESTOR PRESENTATION Why We Win 13 Expertise Culture Speed Specialization not scale. We specialize in the unique innovative industry segments of our clients. We identify emerging demand for specialized services and build teams of experts, processes, and tools for each segment. Our mantra is “Frontline First.” We have built a culture that feels much more like our tech clients than the service providers we compete with. Our clients are growing exponentially. So we are agile, flexible, and responsive. We believe in low bureaucracy operations in which the team is empowered to deliver for clients.
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INVESTOR PRESENTATION14 Expertise: Focused on the World’s Most Innovative Companies Target markets Social media Retail + E-commerce Entertainment + Gaming Streaming Media On Demand Travel + Transportation Technology + Generative AI Autonomous Vehicles InsurTech Financial Services Healthcare Client highlights ● ~200 global clients ● #1 audio and #1 video subscription platforms ● 4 out of 5 of the world’s largest social platforms ● 3 of the top 4 on-demand platforms ● World’s largest healthcare company ● 4 of the world’s leading LLM developers Note: Client highlights as of year end 2024
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INVESTOR PRESENTATION15 Focused Growth Levers for 2025 01 02 Focus on the Complex We are expanding our Specialized Services by moving up the value chain into services and industries that are AI-resistant or where we can displace incumbent providers who are slow or unwilling to embrace AI-centric solutions. We are combining innovative technology partnerships with our talented teammates to grow our most complex solutions. 03 04 Diversify our Client Base and Verticals We are deepening our expertise and expanding our reach with enterprise clients in regulated industries such as Financial Services and Healthcare, all while maintaining our leadership servicing the world’s high-growth technology brands. Here we are investing in sales, operational, technology, and client service talent. Reimagine our Business for the AI Era We are positioning TaskUs to be an AI-Winner by investing in services focused on developers of GenAI and foundation model technologies. We are launching an AI consulting practice to partner with leading agentic AI companies. We will automate customer interactions and leverage our workflow expertise to facilitate the product integration and model training required to realize the promise of these technologies across disparate client platforms. By reselling, implementing, and maintaining these tools we will create an enduring revenue stream. Take Share From Competitors We see meaningful opportunities to take market share from competitors through operational excellence and the use of AI tools to drive efficiencies into our operations and back-office processes. We are playing offense in order to capture a larger share of demand for specialized services not by being the cheapest, but by being the best.
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INVESTOR PRESENTATION 16 Pillars of our Strategy for the AI Era Maestro Agentic AI Implementing AI agents to autonomously resolve contacts by understanding context and taking action AI for Teammates Deploying AI to support our Teammates in serving our clients and building custom solutions for clients AI for Internal Automation Using AI for TaskUs’ back office processes - recruiting, WFM, QA, BIDS, employee HR support Consultative Capabilities for Systems & Data Integration
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INVESTOR PRESENTATION17 45% New Clients Won (#) 2024 Total Win Rate ($ basis) as %1 20242022 > $10M Clients2 1 Total Win Rate included opportunities from both New and Existing Clients 2 Based on revenue contribution 2023 2022 2023 Strong Track Record of Sales Wins Across New and Existing Clients 3940 47 2022 2023 21 17 2024 17 40% 50% 55% 60% 56% 62% 53%
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INVESTOR PRESENTATION18 Financial Performance
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INVESTOR PRESENTATION19 Specialized Services Revenue Profile Revenue by service line (%) ● Digital Customer Experience ● Trust + Safety ● AI Services Revenue by delivery geography (%) ● Philippines ● United States ● India ● Rest of world $960mm $924mm $995mm $960mm $924mm $995mm $1,145mm $1,145mm
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INVESTOR PRESENTATION20 Adjusted EBITDA1 Margin (%)1 Margin (%)1 1 See Appendix for reconciliation to most comparable GAAP measure Adjusted Net Income1 2022 $223 23.2% 2022 $143 14.9% USD Million 2023 $221 23.9% 2023 $127 13.7% Adjusted Net Income1 Adjusted EBITDA1 Attractive Profitability and Margin Profile 2024 21.1% $210 2024 $119 11.9% $241 TTM Q3 ‘25 TTM Q3 ‘25 $143 12.5% 21.1%
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INVESTOR PRESENTATION 21 Attractive Cash Flow Profile1 1 See Appendix for reconciliation to most comparable GAAP measure. 2022 $103 2023 $131 Adjusted Free Cash Flow1 2024 $107 Adjusted EBITDA Conversion %1 2022 0.6 2023 0.6 2024 0.3 Net Debt to Adjusted Leverage Ratio TTM Q3 ‘25 0.2 TTM Q3 ‘25 59.3% 51.2% 42.3%46.3% $102
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INVESTOR PRESENTATION22 Increasingly diversified revenue base Consistent track record of profitability Significant operating leverage Strong free cash flow Low leverage on balance sheet Investing for an AI-led future $298.7mm Revenue +17.0% Revenue Increase YoY 21.2% Adj. EBITDA Margin1 Q3 2025 $995mm Revenue +7.6% Revenue Increase YoY 21.1% Adj. EBITDA Margin1 CY 2024 1 See appendix for reconciliation to most comparable GAAP measure Financial Highlights
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INVESTOR PRESENTATION Q4 Full Year Revenue $302.4 to $304.4 $1,173 to $1,175 Revenue growth (YoY) at midpoint 10.6% 18.0% Adjusted EBITDA Margin1 ~19.8% ~21.1% Adjusted Free Cash Flow2 N/A ~$100 Three months ended March 31, Year ended December 31, 23 2025 Outlook 2025 Outlook1, 2 1 Financial outlook provided as of November 7, 2025 as part of TaskUs’ Q3 2025 earnings call. With respect to the non-GAAP Adjusted EBITDA margin outlook provided above, a reconciliation to the closest GAAP financial measure has not been provided as the quantification of certain items included in the calculation of GAAP net income (loss) cannot be calculated or predicted at this time without unreasonable efforts. For example, the non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price that are not currently ascertainable, and the non-GAAP adjustment for foreign currency gains or losses depends on the timing and magnitude of changes in foreign currency exchange rates and cannot be accurately forecasted. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on its future GAAP financial results. 2 Adjusted Free Cash Flow is calculated as net cash provided by operating activities in the period minus cash used for purchase of property and equipment in the period, excluding certain non-recurring adjustments. At the midpoint of our guidance, net cash provided by operating activities for the full year 2025 is expected to be approximately $165 million and purchase of property and equipment is expected to be approximately $65 million. Our Adjusted Free Cash Flow guidance and expected net cash provided by operating activities excludes the impact of certain transaction costs, litigation costs and operational efficiency costs, due to the unpredictability of the costs and timing of payments. USD Millions
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INVESTOR PRESENTATION24 Appendix
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INVESTOR PRESENTATION Non-GAAP Reconciliations Year ended December 31, 2024 2025 2024 2025 Net income $ 12,699 $ 31,375 $ 37,011 $ 72,570 Provision for income taxes 5,093 10,346 18,938 25,953 Financing expenses 5,504 4,627 16,532 13,925 Depreciation 9,758 10,553 30,525 30,423 Amortization of intangible assets 4,988 5,005 14,955 14,978 EBITDA $ 38,042 $ 61,906 $ 117,961 $ 157,849 Transaction costs - 1,829 - 11,993 Operational efficiency costs - 881 - 2,108 Foreign currency losses (gains) 2,490 (6,678) 2,192 (5,229) Loss (gain) on disposal of assets (10) 95 (93) (49) Severance costs - 362 487 1,197 Litigation costs 4,412 - 7,030 - Stock-based compensation expense 10,742 6,513 32,434 24,159 Interest income (1,461) (1,456) (3,939) (4,352) Adjusted EBITDA $ 54,215 $ 63,452 $ 156,072 $ 187,676 Net Income Margin 5.0% 10.5% 5.1% 8.3% Adjusted EBITDA Margin 21.2% 21.2% 21.7% 21.6% Adjusted EBITDA 25 Non-GAAP Reconciliations Adjusted EBITDA Three months ended September 30, Nine months ended September 30, USD Thousand
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INVESTOR PRESENTATION 2024 2025 2024 2025 Net income $ 12,699 $ 31,375 $ 37,011 $ 72,570 Amortization of intangible assets 4,988 5,005 14,955 14,978 Transactions costs - 1,829 - 11,993 Operational efficiency costs - 881 - 2,108 Foreign currency losses (gains) 2,490 (6,678) 2,192 (5,229) Loss (gain) on disposal of assets (10) 95 (93) (49) Severance costs - 362 487 1,197 Litigation costs 4,412 - 7,030 - Stock-based compensation expense 10,742 6,513 32,434 24,159 Tax impacts of adjustments (1,044) (392) (3,832) (7,102) Adjusted Net Income $ 34,277 $ 38,990 $ 90,184 $ 114,625 Net Income Margin 5.0% 10.5% 5.1% 8.3% Adjusted Net Income Margin 13.4% 13.1% 12.5% 13.2% Year ended December 31, USD Thousand 26 Non-GAAP Reconciliations Adjusted Net Income Three months ended September 30, Nine months ended September 30,
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INVESTOR PRESENTATION 2024 2025 2024 2025 GAAP diluted EPS $ 0.14 $ 0.34 $ 0.40 $ 0.78 Per share adjustments to net income 0.23 0.08 0.58 0.45 Adjusted EPS $ 0.37 $ 0.42 $ 0.98 $ 1.23 Weighted-average common stock outstanding - Diluted 92,579,919 93,057,417 92,019,911 93,096,587 Three months ended March 31, Year ended December 31, 27 Non-GAAP Reconciliations Adjusted earnings per share Three months ended September 30, Nine months ended September 30,
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INVESTOR PRESENTATION 2024 2025 2024 2025 Adjusted EBITDA $ 54,215 $ 63,452 $ 156,072 $ 187,676 Net cash provided by operating activities $ 17,019 $ 54,264 $ 98,230 $ 107,549 Purchase of property and equipment (10,733) (12,302) (18,821) (43,753) Free Cash Flow $ 6,286 $ 41,962 $ 79,409 $ 63,796 Payment for transaction costs - 642 - 3,189 Payment for litigation costs 2,811 4,502 2,811 7,850 Payment for operational efficiency costs - 881 - 2,108 Adjusted Free Cash Flow $ 9,097 $ 47,987 $ 82,220 $ 76,943 Conversion of Adjusted EBITDA to Free Cash Flow 11.6% 66.1% 50.9% 34.0% Conversion of Adjusted EBITDA to Adjusted Free Cash Flow 16.8% 75.6% 52.7% 41.0% Three months ended March 31, Year ended December 31, 28 Non-GAAP Reconciliations Free Cash Flow and Adjusted Free Cash Flow Three months ended September 30, Nine months ended September 30, USD Thousand
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INVESTOR PRESENTATION 2024 2024 2025 2025 Revenue by Service Offering Digital Customer Experience $ 447,013 $ 611,837 $ 489,153 $ 653,977 Trust and Safety 178,014 248,041 224,737 294,764 AI Services 95,716 135,107 156,701 196,092 Service revenue $ 720,743 $ 994,985 $ 870,591 $ 1,144,833 Revenue by Geographical Location Philippines $ 412,821 $ 563,032 $ 472,850 $ 623,061 United States 82,095 117,773 97,924 133,602 India 89,465 123,804 111,480 145,819 Rest of World 136,362 190,376 188,337 242,351 Service revenue $ 720,743 $ 994,985 $ 870,591 $ 1,144,833 USD Thousand 29 Revenue Reconciliation Revenue Trailing Twelve Month (TTM) Data Nine month ended September 30, Year ended December 31, Nine month ended September 30, TTM Q3’25
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INVESTOR PRESENTATION 2024 2024 2025 2025 Service Revenue $ 720,743 $ 994,985 $ 870,591 $ 1,144,833 Net income $ 37,011 $ 45,870 $ 72,570 $ 81,429 Provision for income taxes 18,938 28,311 25,953 35,326 Financing expenses 16,532 21,549 13,925 18,942 Depreciation 30,525 40,223 30,423 40,121 Amortization of intangible assets 14,955 19,935 14,978 19,958 EBITDA $ 117,961 $ 155,888 $ 157,849 $ 195,776 Transaction costs - - 11,993 11,993 Operational efficiency costs - - 2,108 2,108 Foreign currency losses (gains) 2,192 1,302 (5,229) (6,119) Gain on disposal of assets (93) (80) (49) (36) Severance costs 487 487 1,197 1,197 Litigation costs 7,030 15,423 - 8,393 Stock-based compensation expense 32,434 42,391 24,159 34,116 Interest income (3,939) (5,544) (4,352) (5,957) Adjusted EBITDA $ 156,072 $ 209,867 $ 187,676 $ 241,471 Net Income Margin 5.1% 4.6% 8.3% 7.1% Adjusted EBITDA Margin 21.7% 21.1% 21.6% 21.1% 30 Non-GAAP Reconciliation Adjusted EBITDA Trailing Twelve Month (TTM) Data USD Thousand Nine month ended September 30, Year ended December 31, Nine month ended September 30, TTM Q3’25
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INVESTOR PRESENTATION 2024 2024 2025 2025 Service revenue $ 720,743 $ 994,985 $ 870,591 $ 1,144,833 Net income $ 37,011 $ 45,870 $ 72,570 $ 81,429 Amortization of intangible assets 14,955 19,935 14,978 19,958 Transactions costs - - 11,993 11,993 Operational efficiency costs - - 2,108 2,108 Foreign currency losses (gains) 2,192 1,302 (5,229) (6,119) Gain on disposal of assets (93) (80) (49) (36) Severance costs 487 487 1,197 1,197 Litigation costs 7,030 15,423 - 8,393 Stock-based compensation expense 32,434 42,391 24,159 34,116 Tax impacts of adjustments (3,832) (6,644) (7,102) (9,914) Adjusted Net Income $ 90,184 $ 118,684 $ 114,625 $ 143,125 Net Income Margin 5.1% 4.6% 8.3% 7.1% Adjusted Net Income Margin 12.5% 11.9% 13.2% 12.5% 31 Non-GAAP Reconciliation Adjusted Net Income Trailing Twelve Month (TTM) Data USD Thousand Nine month ended September 30, Year ended December 31, Nine month ended September 30, TTM Q3’25
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INVESTOR PRESENTATION 2024 2024 2025 2025 Adjusted EBITDA $ 156,072 $ 209,867 $ 187,676 $ 241,471 Net cash provided by operating activities $ 98,230 $ 138,888 $ 107,549 $ 148,207 Purchase of property and equipment (18,821) (39,104) (43,753) (64,036) Free Cash Flow $ 79,409 $ 99,784 $ 63,796 $ 84,171 Payment for transaction costs - - 3,189 3,189 Payment for litigation costs 2,811 7,573 7,850 12,612 Payment for operational efficiency costs - - 2,108 2,108 Adjusted Free Cash Flow $ 82,220 $ 107,357 $ 76,943 $ 102,080 Conversion of Adjusted EBITDA to Free Cash Flow 50.9% 47.5% 34.0% 34.9% Conversion of Adjusted EBITDA to Adjusted Free Cash Flow 52.7% 51.2% 41.0% 42.3% USD Thousand 32 Free Cash Flow and Adjusted Free Cash Flow Reconciliation Trailing Twelve Month (TTM) Data Nine month ended September 30, Year ended December 31, Nine month ended September 30, TTM Q3,25
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INVESTOR PRESENTATION 2022 2023 2024 Net Income $ 40,422 $ 45,690 $ 45,870 Provision for income taxes 24,111 29,342 28,311 Financing expenses 11,921 21,717 21,549 Depreciation 37,915 40,391 40,223 Amortization of intangible assets 19,882 20,346 19,935 EBITDA $ 134,251 $ 157,486 $ 155,888 Transaction costs 953 245 - Earn-out consideration 9,729 7,863 - Foreign currency losses 7,967 431 1,302 Loss (gain) on disposal of assets 31 1,322 (80) Severance costs 821 1,852 487 Litigation costs - - 15,423 Stock-based compensation expense 69,452 53,179 42,391 Interest income - (1,581) (5,544) Adjusted EBITDA $ 223,204 $ 220,797 $ 209,867 Net Income Margin 4.2% 4.9% 4.6% Adjusted EBITDA Margin 23.2% 23.9% 21.1% USD Thousand Year ended December 31, 33 Reconciliations of Adjusted EBITDA
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INVESTOR PRESENTATION USD Thousand 2022 2023 2024 Net Income $ 40,422 $ 45,690 $ 45,870 Amortization of intangible assets 19,882 20,346 19,935 Transaction costs 953 245 - Earn-out consideration 9,729 7,863 - Foreign currency losses 7,967 431 1,302 Loss (gain) on disposal of assets 31 1,322 (80) Severance costs 821 1,852 487 Litigation costs - - 15,423 Stock-based compensation expense 69,452 53,179 42,391 Tax impacts of adjustments (6,442) (4,386) (6,644) Adjusted Net Income $ 142,815 $ 126,542 $ 118,684 Net Income Margin 4.2% 4.9% 4.6% Adjusted Net Income Margin 14.9% 13.7% 11.9% Year ended December 31, 34 Reconciliations of Adjusted Net Income
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INVESTOR PRESENTATION USD Thousand 2022 2023 2024 Adjusted EBITDA $ 223,204 $ 220,797 $ 209,867 Net cash provided by operating activities $ 147,095 $ 143,670 $ 138,888 Purchase of property and equipment (43,758) (30,995) (39,104) Free Cash Flow $ 103,337 $ 112,675 $ 99,784 Payment for earn-out consideration - 18,341 - Payment for litigation costs - - 7,573 Adjusted Free Cash Flow $ 103,337 $ 131,016 $ 107,357 Conversion of Adjusted EBITDA to Free Cash Flow 46.3% 51.0% 47.5% Conversion of Adjusted EBITDA to Adjusted Free Cash Flow 46.3% 59.3% 51.2% Year ended December 31, 35 Reconciliations of Free Cash Flow and Adjusted Free Cash Flow
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INVESTOR PRESENTATION Definitions of Non-GAAP Metrics 36 EBITDA and Adjusted EBITDA EBITDA is a non-GAAP profitability measure that represents net income or loss for the period before the impact of the benefit from or provision for income taxes, financing expenses, depreciation, and amortization of intangible assets. EBITDA eliminates potential differences in performance caused by variations in capital structures (affecting financing expenses), tax positions (such as the availability of net operating losses against which to relieve taxable profits), the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we excluded from Adjusted EBITDA transaction costs, earn-out consideration, the effect of foreign currency gains and losses, gains and losses on disposals of assets, non-recurring severance costs, certain non-recurring litigation costs, stock-based compensation expense and associated employer payroll tax and interest income, which include costs that are required to be expensed in accordance with GAAP. Our management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA are appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future. Adjusted EBITDA Margin represents Adjusted EBITDA divided by service revenue. Adjusted Net Income Adjusted Net Income is a non-GAAP profitability measure that represents net income or loss for the period before the impact of amortization of intangible assets and certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we excluded from Adjusted Net Income amortization of intangible assets, transaction costs, earn-out consideration, the effect of foreign currency gains and losses, gains and losses on disposals of assets, non-recurring severance costs, certain non-recurring litigation costs, stock-based compensation expense and associated employer payroll tax and the related effect on income taxes of certain pre-tax adjustments, which include costs that are required to be expensed in accordance with GAAP. Our management believes that the inclusion of supplementary adjustments to net income applied in presenting Adjusted Net Income are appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future. Adjusted Net Income Margin represents Adjusted Net Income divided by service revenue. Adjusted EPS Adjusted EPS is a non-GAAP profitability measure that represents earnings available to shareholders excluding the impact of certain items that are considered to hinder comparison of the performance of our business on a period-over-period basis or with other businesses. Adjusted EPS is calculated as Adjusted Net Income divided by our diluted weighted-average number of shares outstanding. Our management believes that the inclusion of supplementary adjustments to earnings per share applied in presenting Adjusted EPS are appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future. Free Cash Flow Free Cash Flow is a non-GAAP liquidity measure that represents our ability to generate additional cash from our business operations. Free Cash Flow is calculated as net cash provided by operating activities in the period minus cash used for purchase of property and equipment in the period. Our management believes that the inclusion of this non-GAAP measure, when considered with our GAAP results, provides management and investors with an additional understanding of our ability to generate additional cash for ongoing business operations and other capital deployment. Adjusted Free Cash Flow is a non-GAAP liquidity measure that represents Free Cash Flow before the payment of earn-out consideration, one-time IPO-related costs, and certain litigation costs, that are considered non-recurring and outside of the ordinary course of business, which would hinder comparison of the performance of our business on a period-over-period basis or with other businesses. Our management believes that the inclusion of these supplementary adjustments to Free Cash Flow are appropriate to provide additional information to investors about these unusual items that we do not expect to continue at the same level in the future. Conversion of Adjusted EBITDA to Free Cash Flow represents Free Cash Flow divided by Adjusted EBITDA. Conversion of Adjusted EBITDA to Adjusted Free Cash Flow represents Adjusted Free Cash Flow divided by Adjusted EBITDA.
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INVESTOR PRESENTATION Thank you all for your ongoing support a n dpartnership. We are already well on our way. 37