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CSG Systems is like Fiserv or FIS for the telecom and cable industry, providing critical backend technology for billing, customer management, and revenue assurance.

CSG Systems is a specialized Oracle or SAP focused on revenue management and business support systems for communication service providers.

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• Billing and Revenue Management: Provides comprehensive solutions for rating, charging, billing, collections, and revenue assurance, primarily for communication service providers.
• Customer Engagement Solutions: Offers platforms and tools designed to enhance customer experience, improve self-service capabilities, and streamline customer support operations.
• Digital Monetization: Enables businesses to design, launch, and manage new digital services, subscription models, and partner ecosystems.
• Payments Solutions: Delivers secure and efficient processing and management of various payment methods, supporting both traditional and emerging payment channels.
• Content and Advertising Management: Supplies systems for managing content rights, licensing, intellectual property, and advertising workflows, especially for media and entertainment companies.

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CSG Systems International (CSGS) primarily sells its solutions and services to other companies, particularly within the telecommunications, cable, satellite, and media industries. It operates on a Business-to-Business (B2B) model.

While CSGS's most recent 10-K filing states that no single customer individually represented 10% or more of their total revenues for the past three fiscal years, the company serves numerous large and influential players in the global communications and entertainment sectors. Based on public information, industry reports, and their long-standing relationships, some of their major customer companies include:

• Comcast Corporation (CMCSA)
• Charter Communications, Inc. (CHTR)
• AT&T Inc. (T)
• DISH Network Corporation (DISH)
• Vodafone Group Plc (VOD)

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Brian A. Shepherd, Chief Executive Officer and President

Brian A. Shepherd has served as the President and Chief Executive Officer of CSG Systems International since January 2021, having joined the company in 2016. Prior to his CEO appointment, he held roles as Executive Vice President for Global Broadband, Cable, and Satellite Business (2016-2017) and Executive Vice President and Group President (2017-2021). With over 30 years of leadership experience in the technology and consulting sectors, Shepherd has held executive positions at TeleTech, Amdocs, DST Innovis, and McKinsey & Company. In previous executive roles, he successfully acquired and integrated more than two dozen software, payments, analytic, and consulting companies. He holds an MBA from Harvard Business School and a B.A. in Economics from Wabash College.

Hai Tran, Executive Vice President and Chief Financial Officer

Hai Tran was appointed Executive Vice President and Chief Financial Officer of CSG Systems International in November 2021. He is responsible for CSG's global financial operations, including finance, accounting, treasury, risk, and investor relations. Tran brings over 30 years of finance and operational experience. Before joining CSG, he served as President and Chief Operating Officer (2020-2021) and Chief Operations Officer and Chief Financial Officer (2015-2020) at SOC Telemed, a U.S. provider of acute care telemedicine services. His prior experience also includes CFO roles at BioScrip Inc., Harris Healthcare Solutions, and Catalyst Health Solutions. He holds a B.S. in Electrical Engineering from the University of Virginia and an MBA from the University of Richmond.

Ken Kennedy, Chief Operating Officer and President of Revenue Management and Digital Monetization Solutions

Ken Kennedy was appointed Chief Operating Officer and President of Revenue Management and Digital Monetization solutions at CSG in January 2021. He has been with CSG for over 15 years, leading product management, engineering, and platform operations. Previously, he served as President of Technology and Product. Kennedy co-founded Telution, a startup focused on delivering software to the telecommunications industry, which was acquired by CSG for $30 million in 2006. He also worked at Andersen Consulting, developing distributed software solutions for various industries. Kennedy earned a Bachelor's of Business Administration in Management Information Systems from Notre Dame.

Greg Tilton, Vice President, Catalog, Quote & Order Product Lines

Greg Tilton is the Vice President of Quote and Order Product Lines for CSG, overseeing Operations, Professional Services, and Research & Development. He joined CSG as part of the acquisition of DGIT Systems in 2021. Tilton was the founder and CEO of DGIT Systems, a company that provided IT solutions to fixed and mobile carriers worldwide and won multiple industry awards. His prior roles include Architect for Telstra ADSL, CTO of RequestDSL (Australia's first CLEC), and Head of operational and business systems for the Australian National Broadband Network. He holds a bachelor's degree in engineering and manufacturing systems from RMIT University.

Mark Smith, Vice President of Digital Engagement

Mark Smith serves as the Vice President of Digital Engagement at CSG. He is recognized as an industry pioneer in customer behavior analytics and the orchestration of customer journeys, with over 20 years of global experience in marketing applications and analytical CRM. Smith founded Quadstone, which was the first data mining company to specifically focus on the analytics of customer behavior. He also founded Kitewheel, a leading provider for customer journey orchestration and analytics.

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The key risks to CSG Systems International (CSGS) include:

1. Underwhelming Revenue Growth and Declining Returns on Capital: CSG Systems International has experienced weak sales growth and declining returns on capital, indicating a contraction in demand and profits. The company's annualized revenue growth of 2.3% over the past two years was below its five-year trend, and future revenue growth projections by analysts remain underwhelming.
2. Regulatory Scrutiny on Data Privacy and Security, and Rising Cyber Threats: The company operates in a sector facing increasing regulatory scrutiny concerning data privacy and security, with evolving laws such as GDPR and U.S. regulations potentially restricting data collection and monetization strategies. Additionally, the growing threat of cyberattacks poses significant risks, particularly for firms handling sensitive personal and financial information, which could lead to substantial reputational and financial harm.
3. High and Increasing Debt Levels: CSGS carries a notable amount of debt, with its net debt to equity ratio considered high at 135.4%. This ratio has also seen a significant increase over the past five years, rising from 86.1% to 190.2%. While the company's debt coverage by operating cash flow and interest coverage by EBIT appear adequate, the overall high and increasing debt-to-equity ratio represents a financial risk.

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The primary clear emerging threat to CSGS Systems International stems from the accelerated industry shift towards **next-generation, cloud-native, AI-driven Business Support Systems (BSS)** offered by competitors and emerging players. Telecommunication operators are increasingly demanding BSS solutions that are:

• Truly cloud-native, leveraging public or hybrid cloud infrastructure for superior scalability, resilience, and operational efficiency.
• Deeply integrated with Artificial Intelligence and Machine Learning (AI/ML) for automated operations, enhanced customer experience personalization, predictive analytics, and optimized revenue monetization.
• Built with open APIs and modular architectures, adhering to standards like TM Forum's Open Digital Architecture (ODA), to enable greater agility, faster service innovation, and easier integration within complex digital ecosystems.

While CSGS is investing in its own cloud and digital transformation initiatives, if their competitors (such as Amdocs, Netcracker, and Oracle) or new agile entrants demonstrate a faster pace of innovation, superior performance, or more compelling cost structures in these areas, CSGS risks losing market share and relevance. This shift represents a fundamental architectural and technological transformation in BSS, similar to how streaming services disrupted physical media or ride-sharing disrupted traditional taxis, by offering a fundamentally more agile, efficient, and intelligent platform for managing telecom operations and customer engagement.

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CSG Systems International (CSGS) operates in several key addressable markets related to business support systems (BSS), operations support systems (OSS), revenue management, digital monetization, and customer experience solutions, primarily serving the telecommunications industry globally.

Addressable Markets for CSG Systems International's Main Products or Services:

• Global Telecom Billing & Revenue Management Market: This market, which encompasses CSG's revenue management and digital monetization offerings, was valued at approximately USD 20.16 billion in 2024. It is projected to grow to about USD 54.41 billion by 2034, expanding at a Compound Annual Growth Rate (CAGR) of 10.44% from 2025 to 2034. Another estimate placed the global market at USD 18.22 billion in 2023, with a projected CAGR of 10.4% from 2024 to 2030. North America held a significant share of this global market, accounting for approximately 36% in 2024.
• Global Operations Support Systems (OSS) & Business Support Systems (BSS) Market: CSG is a provider of BSS software and services. The global OSS & BSS market was valued at around USD 65.81 billion in 2024 and is estimated to reach USD 148.26 billion by 2033, with a CAGR of 9.4% during 2025-2033. Another report estimated the global market size at USD 68.79 billion in 2024, expecting it to reach USD 222.83 billion by 2033, growing at a CAGR of 13.95% during 2025-2033. North America is a dominant region in this market, holding over 35.6% of the market share in 2024.
• Global Customer Experience Management (CEM) in Telecommunication Market: CSG offers customer experience solutions. The global CEM in Telecommunication market was valued at USD 9.81 billion in 2023 and is projected to reach USD 24.6 billion by 2035, demonstrating a CAGR of 8.01% from 2025 to 2035. Other estimates suggest the market was valued at approximately USD 3.5 billion in 2023, projected to grow to USD 7.8 billion by 2032 with a CAGR of 9.2%. Another source reported a market size of USD 3.2 billion in 2024, projected to reach USD 8.7 billion by 2034, at a CAGR of 10.5%.

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1. Diversification into New Industry Verticals: CSG Systems International aims to significantly expand its revenue from industries beyond its traditional cable and telecom base. The company aspires to generate more than 35% of its total revenue from "bigger, faster-growing new industry verticals" by the end of 2026. This strategy is primarily driven by its data-driven customer experience (CX), monetization, and payment solutions.
2. Growth in SaaS and Related Solutions: A key focus for CSG is the expansion of its Software-as-a-Service (SaaS) and related offerings. The company is actively pursuing higher gross margin SaaS deals and is committed to becoming a more "asset-light SaaS entity." Growth in SaaS and related solutions was identified as the primary driver of the company's revenue increase in Q1 2025.
3. Organic Revenue Growth through New Sales and Expanded Customer Deals: CSG has a stated aspiration to achieve 2% to 6% pure organic revenue growth annually. This growth is expected to come from consistently winning new sales deals and expanding existing relationships with customers, particularly by solving complex business challenges related to customer engagement post-acquisition or purchase.
4. Strategic and Disciplined Acquisitions: While emphasizing organic growth, CSG also plans to pursue an "inorganic strategic growth plan" by executing disciplined, value-adding acquisitions. This approach is intended to complement their organic efforts and accelerate revenue diversification and growth.

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Share Repurchases

• CSG Systems International has returned over $600 million to shareholders through dividends and share repurchases since 2020.
• In September 2023, the Board of Directors increased the existing share repurchase program authorization by an additional $100 million.
• In the first three quarters of 2025, the company repurchased approximately $77.6 million in shares, including $22 million in Q1, $18 million in Q2, and $17.6 million in Q3.

Share Issuance

• Equity awards that were scheduled to fully vest and settle in 2026 are set to vest and settle by December 31, 2025, with performance conditions based on actual performance.
• CSG utilizes stock-based compensation as part of its employee incentive programs.
• Over a five-year period, CSG has reduced its share count by 13.3% through buybacks, indicating that share repurchases have offset share issuance from equity compensation.

Inbound Investments

• In October 2025, NEC Corporation announced a definitive agreement to acquire CSG Systems International for approximately $2.9 billion in an all-cash deal, with a purchase price of $80.70 per share.
• The acquisition is expected to close within the 2026 calendar year, pending CSG shareholder approval and regulatory clearances.

Outbound Investments

• CSG International completed the acquisition of ICG, a credit card processing services provider, in June 2024 for $17 million.
• The company made $0.3 million in deferred acquisition payments during the nine months ended September 30, 2025, and $5.1 million in earn-out payments during the same period.
• CSG has potential future earn-out payments of up to approximately $12 million for DGIT and $15.0 million for iCG, contingent on performance goals.

Capital Expenditures

• CSG's annual capital expenditures are expected to remain modest, typically ranging between $20 million and $30 million each year.
• For the nine months ended September 30, 2025, the company spent $11.2 million on capital expenditures.
• The primary focus of capital expenditures is on becoming a more asset-light SaaS business, optimizing working capital, reducing fixed asset intensity, and investing in strategic research and development and infrastructure for long-term competitiveness.