Business
CSG Systems International Reports First Quarter 2024 Results
Confirming All 2024 Financial Guidance Targets Revenue Coming from Industry Verticals Outside of CSPs Exceeds 30% for the First Time Returned Over $160
About this update from Csg Systems International, Inc.
[{"type":"text","content":"\nConfirming All 2024 Financial Guidance Targets\n\n\nRevenue Coming from Industry Verticals Outside of CSPs Exceeds 30% for the First Time\n\n\nReturned Over $160 Million to Shareholders in the Last Twelve Months, including $19 Million in Q1\n\n\nContinued Strong Sales Performance with Many Key Wins in Q1, including MTN and Banglalink\n\n\n DENVER--(BUSINESS WIRE)--\nCSG (NASDAQ: CSGS) today reported results for the quarter ended March 31, 2024.\n\n\nFinancial Results:\n\n\nFirst quarter 2024 financial results:\n\n\n\nTotal revenue was $295.1 million.\n\n\n\nGAAP operating income was $31.8 million, or an operating margin of 10.8%, and non-GAAP operating income was $44.9 million, or a non-GAAP adjusted operating margin of 16.6%.\n\n\n\nGAAP earnings per diluted share (EPS) was $0.68 and non-GAAP EPS was $1.01.\n\n\n\nCash flows used in operations were ($29.4) million, with a non-GAAP free cash flow deficit of ($34.1) million.\n\n\n\nShareholder Returns:\n\n\n\nCSG declared its quarterly cash dividend of $0.30 per share of common stock, or a total of approximately $9 million, to shareholders.\n\n\n\nDuring the first quarter of 2024, CSG repurchased under its stock repurchase program, approximately 185,000 shares of its common stock for approximately $10 million.\n\n\n\n“Team CSG got off to a good start in the first quarter. For the first time in CSG’s history, 30% of our revenue is coming from industry verticals outside of the Communication Service Providers (“CSPs”) space. For context, we generated only 7% of our revenue from these other industry verticals in 2017,” said Brian Shepherd, President and Chief Executive Officer of CSG. “From a financial perspective, we are pleased to confirm all 2024 financial guidance targets. Plus, we continue to return capital to shareholders in the form of buybacks and dividends, having delivered over $160 million in shareholder remuneration over the last twelve months.”\n\n\nFinancial Overview (unaudited)\n\n\n(in thousands, except per share amounts and percentages):\n\n\n\n\n \n\n\n\n\n\n\nQuarter Ended March 31,\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\nPercent\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n\nChanged\n\n\n\n\n\n\n\n\nGAAP Results:\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\...