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2021-11-03

CSG Systems International Reports Third Quarter 2021 Results

CSG
CSG Systems International Reports Third Quarter 2021 Results

03-Nov-2021 / 21:05 CET/CEST


Reconfirming All 2021 Financial Guidance Targets; Preliminary 2022 Targets Announced

Robust Q3 2021 Revenue & Adjusted Revenue Growth Up 7.8% and 8.5% Year-Over-Year

Signed Landmark Charter Communications Contract Extension and Expansion through 2027

Successful Conversion of ~800,000 Charter Communications Customers in Midwest

Signed DISH Network Contract Extension Through Mid-2026

CSG (NASDAQ: CSGS) today reported results for the quarter ended September 30, 2021.

Financial Results:

Third quarter 2021 financial results:

  • Total revenue was $263.2 million and total non-GAAP adjusted revenue was $247.0 million.
  • GAAP operating income was $32.8 million, or 12.4% of total revenue, and non-GAAP operating income was $41.6 million, or 16.8% of non-GAAP adjusted revenue.
  • GAAP earnings per diluted share (EPS) was $0.50 and non-GAAP EPS was $0.88.
  • Cash flows used in operations were $46.1 million, with a non-GAAP free cash flow of $38.7 million.

Shareholder Returns:

  • In August 2021, CSG declared its quarterly cash dividend of $0.25 per share of common stock, or a total of approximately $8 million, to shareholders.
  • During the third quarter of 2021, CSG repurchased under its stock repurchase program, approximately 143,000 shares of its common stock for approximately $7 million.

Business Activities:

  • In September 2021, CSG refinanced its existing credit agreement, extending the term of the agreement through September 2026, and increasing the revolving credit facility from $200 million to $450 million.
  • In October 2021, CSG extended its contract with Charter, its largest client, through December 31, 2027.
  • In October 2021, CSG extended its contract with DISH through June 30, 2026.

'Our third quarter results and the landmark Charter contract expansion highlight the excellent momentum we currently have across our global business,' said Brian Shepherd, President and Chief Executive Officer of CSG. 'With regards to the six-year Charter contract, which represents the largest deal ever signed in CSG's history, we are extremely proud to become the revenue management provider of choice for all 32 million Charter subscribers across their residential and small-and-medium-sized business footprints. Additionally, we reported a robust set of financial results highlighted by our best quarterly organic revenue and adjusted revenue growth results since Q3 2010. And on the back of our strong year-to-date 2021 results, our continued sales success in the market, and the exciting renewals at both Charter and DISH Network, we are pleased to issue growth-oriented 2022 preliminary financial guidance targets. Looking ahead, CSG remains well positioned to create meaningful value for our customers, our employees and our shareholders as we lengthen and strengthen our relationships with existing customers, accelerate our organic revenue growth, close good new strategic acquisitions, and diversify into higher growth industry verticals.'

Financial Overview (unaudited)

(in thousands, except per share amounts and percentages):

Quarter Ended September 30,

Nine Months Ended September 30,

Percent

Percent

2021

2020

Changed

2021

2020

Changed

GAAP Results:

Författare EQS Newswire