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CSG Systems International, Inc. (CSG) is a SaaS platform company that specializes in helping global businesses manage the complexities of the digital age. The company provides cloud-first solutions designed to enhance customer experiences for B2B, B2C, and B2B2X interactions. CSG's offerings enable companies to streamline processes such as product identification, purchase, provisioning, and payment, thereby improving customer satisfaction and business efficiency .
- SaaS and Related Solutions - Provides cloud-based platforms that facilitate customer interactions and streamline business processes across various industries, including telecom, media, and financial services .
- Software and Services - Offers software solutions and professional services that support business operations and enhance digital capabilities .
- Maintenance - Delivers ongoing support and maintenance services to ensure the optimal performance of software solutions .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian A. Shepherd ExecutiveBoard | President and Chief Executive Officer | None | CEO since January 2021, joined CSG in 2016. Previously EVP and Group President. Over 30 years of leadership experience in SaaS and cloud-based platforms. | View Report → |
Chad C. Dunavant Executive | EVP and Chief Product and Strategy Officer | None | Over 20 years at CSG. Leads product strategy and development. Previously SVP, Global Head of Product Management. | |
Elizabeth A. Bauer Executive | EVP and Chief Experience Officer | Member of World 50 CXO 50 Community; Founding Member of TM Forum Diversity & Inclusion Council | Over 20 years at CSG. Leads customer experience and people functions. Previously Chief Marketing and Customer Officer. | |
Eric M. Carrasquilla Executive | EVP and President of Customer Experience | None | Joined CSG in February 2021. Extensive experience in customer experience solutions. Previously SVP, Customer Experience. | |
Hai Tran Executive | EVP and Chief Financial Officer | None | CFO since November 2021. Over 30 years of finance and operational experience. Previously held leadership roles at SOC Telemed and BioScrip. | |
Lori J. Szwanek Executive | Chief Accounting Officer | None | Over 25 years at CSG. Reappointed CAO in September 2023. Previously VP and Global Controller. | |
Michael J. Woods Executive | EVP and President of North America Communications, Media, and Technology | None | Joined CSG in 2018. Leads revenue and business development for North America. Previously SVP, Broadband, Cable, and Satellite. | |
Rasmani Bhattacharya Executive | EVP and Chief Legal Officer | None | Joined CSG in January 2022. Leads legal and compliance teams. Previously EVP and General Counsel at Gates Corporation. | |
Gregory Conley Board | Director | Board Member at TTEC Holdings | Director since October 2021. Over 30 years of experience in technology and software industries. Previously CEO of multiple companies, including Verio and Odyssey Group. | |
Haiyan Song Board | Director | None | Director since January 2020. Nearly 30 years of experience in enterprise software and cybersecurity. Previously EVP at F5 Networks and SVP at Splunk. | |
Marwan Fawaz Board | Director | Board Member at NRG Energy | Director since March 2016. Chair of the Sustainability, Social Responsibility, and Governance Committee. Previously CEO of Nest Labs and held executive roles at Google and Charter Communications. | |
Rajan Naik Board | Director | Board Member at Evolv Technology | Director since August 2018. Extensive experience in corporate strategy and M&A. Previously Chief Strategy Officer at Motorola Solutions and AMD. | |
Ronald Cooper Board | Chair of the Board | None | Director since November 2006. Chair since May 2022. Previously President and CEO of Clear Channel Outdoor Americas and held executive roles at Adelphia Communications and AT&T Broadband. | |
Samantha Greenberg Board | Director | CFO at ID.me | Director since May 2024. Extensive financial expertise. Previously CFO at Mint House and held leadership roles at Citadel and Paulson & Co.. | |
Silvio Tavares Board | Director | President and CEO of VantageScore; Chairman of Digital Commerce Alliance; Board Member at Federal Home Loan Bank of San Francisco | Director since May 2020. Extensive experience in payments and analytics. Previously CEO of Digital Commerce Alliance and held leadership roles at Visa and First Data. | |
Tse Li "Lily" Yang Board | Director | CFO at Strava, Inc. | Director since February 2021. Extensive financial expertise. Previously Chief Accounting Officer at Pinterest and VP of Finance at Medivation. |
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Given that you're experiencing "lower revenue expectations in your core business" and expect organic revenue growth to be at the low end of your 2% to 6% range for 2024 , what specific strategies are you implementing to accelerate organic growth beyond 2024, especially in the face of "belt tightening" among your customers ?
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With the Comcast contract renewal featuring no price increase until 2026 , how do you anticipate this will impact your margins in the near term, and are you concerned that this delay in price escalation could affect your profitability goals?
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You mentioned restructuring charges of approximately $18 million in the first nine months of 2024 as a "headwind to free cash flow" ; can you elaborate on the nature of these restructuring activities, and how confident are you that they will lead to the anticipated "significantly higher free cash flow" in 2025 and beyond ?
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Despite strong sales wins, you acknowledge that these will "take time to onboard and convert into recognized revenue" ; given this lag, how do you plan to manage the timing mismatch between sales growth and revenue recognition to ensure steady financial performance?
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Your goal to reach $1.5 billion in revenue by year-end 2025 may be delayed due to the pace of M&A activity ; given current market conditions, how confident are you in identifying and integrating value-creating acquisitions in the necessary timeframe, and what alternatives are you considering to achieve your revenue targets?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Charter Communications | Provides mission-critical SaaS platforms and solutions for Charter's customer and revenue operations | All | Revenue: $240M (20% of total) in 2024 , $241M (21% of total) in 2023 <br> Receivables: 20% of net billed A/R |
Comcast Corporation | Provides mission-critical SaaS platforms and solutions for Comcast's customer engagement and revenue management | All | Revenue: $225M (19% of total) in 2024 , $215M (18% of total) in 2023 <br> Receivables: 17% of net billed A/R |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Customer Communication Services Business | 2024 | Deal Value & Structure: Acquired for a total of $15.0 million (comprising $11.5M in cash and $3.5M non-cash working capital adjustments). Strategic Rationale & Capabilities: The acquisition, which includes key assets like $6.4M in goodwill, $4.3M in customer contracts, and $2.1M in trade receivables (net of $2.7M liabilities assumed), is aimed at expanding offerings in high-priority sectors, particularly the insurance vertical. |
iCheckGateway.com, LLC (iCG Pay) | 2024 | Deal Value & Structure: Purchased for $17.6 million in cash, with additional provisions for up to $15.0M in future earn-out payments (tied to performance goals, earn-out period ending June 3, 2027) and $3.5M accrued as of September 30, 2024. Strategic Rationale & Capabilities: The acquisition bolsters industry vertical expansion, adding substantial assets including $45.9M settlement assets, $10.7M in customer contracts, and $4.2M in goodwill, while being funded through available cash. |
Keydok, LLC | 2021 | Deal Value & Structure: Acquired at a purchase price of $1.0 million with additional potential earn-out payments up to $18.0M, valid until September 30, 2025, and achieving 100% equity acquisition. Strategic Rationale & Capabilities: This deal, which brings digital identity and document management platform capabilities into the portfolio (with preliminary $1.0M in goodwill), supports expansion into digital solutions with integration beginning immediately upon acquisition. |
Recent press releases and 8-K filings for CSGS.
- Record Q1 Revenue: Achieved $299M and $299.5M in Q1 2025, with GAAP operating income of $29.4M and GAAP EPS of $0.57 .
- Solid Non-GAAP Performance: Non-GAAP EPS reached $1.14 , accompanied by an improved operating margin of 19% and free cash flow of $7M .
- Raised Guidance: Increased 2025 full-year non-GAAP profitability and EPS targets, forecasting 2-3% revenue growth and leveraging cost optimization, SaaS expansion, and an improved revenue mix .
- Dividend & Repurchase: Declared a quarterly cash dividend of $0.32 per share and repurchased approximately 357,000 shares for about $22M .
- CSG Systems International, Inc. entered into a new $600.0 million five-year revolving credit agreement on March 14, 2025, extending its loan tenor to March 2030 and streamlining its debt structure.
- The new credit arrangement replaces the prior 2021 credit agreement and includes improved flexibility with fewer financial and negative covenants, as well as the withdrawal of $140.6 million to repay outstanding obligations and cover related fees.