CSG Systems International Inc (CSGS) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Eric, and I will be your conference operator today.

我叫艾瑞克，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the CSG's second quarter 2024 earnings call.

此時此刻，我謹歡迎大家參加 CSG 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

Again, thank you for now I'd like to turn the call over to John Rea, Head of Investor Relations and Treasury.

再次感謝您，現在我想將電話轉給投資者關係和財務部主管 John Rea。

Please go ahead.

請繼續。

Thank you, operator, and thanks to everyone for joining us.

謝謝運營商，也謝謝大家加入我們。

Like last quarter, we will be working from a slide deck, which can be found on the Investor Relations section of our website.

與上季一樣，我們將使用投影片進行工作，您可以在我們網站的投資者關係部分找到該投影片。

Please take a moment to locate these slides.

請花點時間找到這些幻燈片。

Today's discussion will contain a number of forward-looking statements.

今天的討論將包含一些前瞻性陳述。

These include, but are not limited to statements regarding our projected financial results, our ability to meet our clients' needs through our products, services, and performance, and our ability to successfully integrate and manage acquired businesses in order to achieve their expected strategic operating and financial goals.

這些包括但不限於有關我們預期財務績效的陳述，我們透過我們的產品、服務和績效滿足客戶需求的能力，以及我們成功整合和管理收購的業務以實現其預期策略營運的能力和財務目標。

While these risks reflect our best current judgment, they are subject to risks and uncertainties that could cause our actual results to differ materially.

雖然這些風險反映了我們目前的最佳判斷，但它們受到風險和不確定性的影響，可能導致我們的實際結果出現重大差異。

Please note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise or publicly release any revision to these forward-looking statements in light of new or future events.

請注意，這些前瞻性陳述僅反映我們截至本次電話會議之日的意見，我們沒有義務根據新的或未來的事件修改或公開發布對這些前瞻性陳述的任何修訂。

In addition to factors noted during this call, a more comprehensive discussion of our risk factors can be found in today's press release, as well as our most recently filed 10-K and 10-Q, which are all available in the Investor Relations section of our website.

除了本次電話會議中提到的因素之外，我們還可以在今天的新聞稿以及我們最近提交的10-K 和10-Q 中找到對我們風險因素的更全面的討論，這些都可以在投資者關係部分找到。

Also, we will discuss certain financial information that is not prepared in accordance with GAAP.

此外，我們還將討論某些未依照 GAAP 編製的財務資訊。

We believe that these non-GAAP financial measures when reviewed in conjunction with our GAAP financial measures, provide investors with greater transparency to the information used by our management team in our financial and operational decision-making.

我們相信，這些非公認會計原則財務指標與我們的公認會計原則財務指標一起審查時，可以為投資者提供更大的透明度，讓他們了解我們的管理團隊在財務和營運決策中使用的資訊。

For more information regarding our use of non-GAAP financial measures, we refer you to today's earnings release and non-GAAP reconciliation tables on our website, which will also be furnished to the SEC on Form 8-K.

有關我們使用非 GAAP 財務指標的更多信息，請參閱我們網站上今天的收益發布和非 GAAP 調節表，這些表也將通過 8-K 表提供給 SEC。

With me today on the phone are, Brian Shepherd, Chief Executive Officer; and Hai Tran, Chief Financial Officer.

今天與我通電話的是執行長布萊恩‧謝潑德 (Brian Shepherd)；和財務長 Hai Tran。

With that, I'd like to now turn the call over to Brian.

現在，我想將電話轉給布萊恩。

Thanks, John.

謝謝，約翰。

Hi, everyone.

大家好。

Welcome to the call today.

歡迎您今天致電。

As we begin on slide 4, we are excited to share that based on the strength of our Q2 performance, we are raising both profitability and non-GAAP EPS guidance targets for 2024.

當我們從幻燈片 4 開始時，我們很高興地告訴大家，基於第二季度的強勁業績，我們正在提高 2024 年的盈利能力和非 GAAP 每股收益指導目標。

Exciting new logos sales wins, deal expansions closed in the quarter.

令人興奮的新標誌銷售勝利，交易擴張在本季度結束。

Also, give us confidence that we will continue to deliver organic revenue growth for the full year in line with our 2% to 6% long-term target range.

此外，請讓我們相信我們將繼續實現全年有機收入成長，符合我們 2% 至 6% 的長期目標範圍。

Albeit we are likely to come in at the lower end of the organic revenue growth range for full year 2024, which I will cover in more detail during his financial update.

儘管我們可能會處於 2024 年全年有機收入成長範圍的下限，我將在他的財務更新中更詳細地介紹這一點。

Overall, we really like what we see in our business.

總的來說，我們非常喜歡我們在業務中看到的情況。

So we want to simplify for every investor the three key value creation commitments that the CSG leadership team and Board of Directors will hold ourselves accountable to deliver over the next several years.

因此，我們希望為每位投資者簡化三個關鍵的價值創造承諾，CSG 領導團隊和董事會將要求我們在未來幾年內兌現這些承諾。

First, even as we grow through some smallish near-term headwinds on organic revenue growth, we aspire to consistently deliver 2% to 6% pure organic revenue growth and to diversify revenue from exciting new industry verticals to greater than 35% of total CSG revenue.

首先，即使我們在有機收入成長方面遇到了一些短期的小阻力，我們仍渴望持續實現2% 至6% 的純有機收入成長，並將收入從令人興奮的新垂直行業多元化到佔CSG 總收入的35% 以上。

As a reminder, since January 1, 2021, CSG has added nearly $160 million worth of new organic revenue through Q2 2024.

謹此提醒，自 2021 年 1 月 1 日起，截至 2024 年第二季度，CSG 新增有機收入近 1.6 億美元。

Second, we aspire to expand non-GAAP operating margin from our previous long-term range of 16% to 18% to our new long-term range of 18% to 20% with free cash flow growing faster than revenue growth.

其次，我們希望將非 GAAP 營業利潤率從先前的 16% 至 18% 的長期範圍擴大到 18% 至 20% 的新長期範圍，同時自由現金流的成長速度快於收入的成長速度。

And to achieve this higher operating profit without impeding our ability to get back to the 5% or higher annual organic revenue growth we achieve from 2021 through 2023 once we get past some of the smallish near term headwinds.

一旦我們克服了一些短期的小阻力，我們就可以在不妨礙我們在 2021 年至 2023 年恢復 5% 或更高年度有機收入增長的能力的情況下實現更高的營業利潤。

Third, we will continue to return significant capital to shareholders as our Board of Directors authorized an additional $100 million share buyback program this month.

第三，我們將繼續向股東返還大量資本，因為我們的董事會本月批准了額外 1 億美元的股票回購計畫。

This enhanced share repurchase program is in addition to our inorganic growth strategy that will be focused on highly disciplined value creation for our shareholders.

這項強化的股票回購計畫是對我們無機成長策略的補充，該策略將專注於為股東創造嚴格的價值。

This new $100 million buyback authorization is on top of the approximately $76 million in buybacks remaining on the previous Board authorization.

此次新的 1 億美元回購授權是在董事會先前授權中剩餘的約 7,600 萬美元回購授權的基礎上進行的。

As a reminder, the combined $176 million in remaining authorized buybacks is on top of the nearly $480 million.

需要提醒的是，剩餘授權回購總額為 1.76 億美元，遠高於近 4.8 億美元。

The CSG has returned to shareholders in dividends and buybacks since 2020.

自2020年以來，南玻集團以股利和回購的方式回報股東。

We are now in our 11th consecutive year of increasing our dividend, a key tenet of the CSG investment thesis.

我們現在已連續 11 年增加股息，這是南玻集團投資理念的關鍵原則。

Turning to slide 5.

轉到投影片 5。

Since we have a number of new investors to our story, we wanted to connect the dots on how team CSG is setting ourselves apart in the market as a leading provider of mission critical enterprise SaaS solutions to global brands in a wide variety of industry verticals.

由於我們的故事中有許多新投資者，我們希望將各個點聯繫起來，了解 CSG 團隊如何在市場上脫穎而出，成為為各個行業垂直領域的全球品牌提供任務關鍵型企業 SaaS 解決方案的領先提供者。

With record-setting revenue diversification results, we keep reporting each quarter.

隨著創紀錄的收入多元化結果，我們每季都會持續報告。

Many investors ask us how we determine, which industry verticals that we target.

許多投資者問我們如何確定我們的目標垂直產業。

The answer is simple.

答案很簡單。

We target industry verticals that have highly recurring relationships with their end customers powered by complex subscription and consumption-based business models.

我們的目標是與最終客戶建立高度經常性關係的垂直行業，這些客戶擁有複雜的訂閱和基於消費的業務模式。

This is why we've expanded so quickly beyond our traditional telecom and cable broadband customer base into exciting industry verticals like media, financial services, health care, pharmacy, retail, technology, government and more.

這就是為什麼我們能夠如此迅速地從傳統的電信和有線寬頻客戶群擴展到令人興奮的垂直行業，如媒體、金融服務、醫療保健、製藥、零售、科技、政府等。

We help great brands like JPMorgan Chase, NRC Health, and Formula One solve similar customer engagement and monetization business challenges, just like we help Comcast, Charter, MTN, and Telstra in these same areas.

我們幫助摩根大通、NRC Health 和一級方程式等偉大品牌解決類似的客戶參與和貨幣化業務挑戰，就像我們在這些相同領域幫助 Comcast、Charter、MTN 和 Telstra 一樣。

While the industries are different, the customer pain points and business needs are surprisingly similar.

雖然行業不同，但客戶痛點和業務需求卻驚人地相似。

This explains why we've been able to sell our industry-leading cloud-native SaaS Ascendon platform to one of the largest banks in Australia, and why Formula One and other big content providers have selected Ascendon to monetize their media and digital content businesses.

這解釋了為什麼我們能夠將業界領先的雲端原生 SaaS Ascendon 平台出售給澳洲最大的銀行之一，以及為什麼一級方程式和其他大型內容提供者選擇 Ascendon 來實現其媒體和數位內容業務的貨幣化。

And it's also why leading global telecom operators like Claro Brasil, M1 in Singapore, Telenor Denmark, and Lyse in Norway have all selected Ascendon in the wireless and telecom industry vertical.

這也是為什麼全球領先的電信業者（例如 Claro Brasil、新加坡的 M1、Telenor 丹麥和挪威的 Lyse）都在無線和電信垂直行業中選擇了 Ascendon。

These common business needs across industry verticals also explain why we've been able to sell our data-driven CX and payments SaaS solutions to so many big customers in faster-growing industry verticals.

這些跨垂直行業的共同業務需求也解釋了為什麼我們能夠向快速成長的垂直行業中的眾多大客戶銷售數據驅動的 CX 和支付 SaaS 解決方案。

Many investors also ask us about our value proposition and what business problems we solve for customers in different industry verticals.

許多投資者也詢問我們的價值主張以及我們為不同垂直行業的客戶解決哪些業務問題。

The answer to this question also explains why CSG has been able to grow organic revenue over 5% on a compound annual growth rate basis since 2021.

這個問題的答案也解釋了為什麼南玻自2021年以來能夠以複合年增長率計算有機收入成長超過5%。

Every large customer in all these bigger, faster-growing, recurring revenue verticals have similar business challenges related to their post-acquisition or post-purchase customer engagement.

所有這些規模更大、成長更快、經常性收入垂直行業中的每個大客戶都面臨著與獲取後或購買後客戶參與相關的類似業務挑戰。

They all need to lower the cost and effort to activate onboard and educate new customers.

他們都需要降低激活新客戶和教育新客戶的成本和精力。

They all need to give their customers the power and flexibility to upgrade and downgrade their services more seamlessly through digital self-serve channels.

他們都需要為客戶提供透過數位自助服務管道更無縫地升級和降級服務的能力和靈活性。

They all need to harness their data to more proactively upsell, cross-sell, and retain their most valuable customers with real-time, data-driven promotional offers.

他們都需要利用數據來更主動地追加銷售、交叉銷售，並透過即時、數據驅動的促銷優惠留住最有價值的客戶。

And they all need to make it easier to build, collect, and resolve payment disputes on a timely basis.

他們都需要讓及時建立、收集和解決支付糾紛變得更容易。

An important point that is often misunderstood by investors is that CSG is not just a billing company.

經常被投資人誤解的重要一點是，南玻不僅僅是一家計費公司。

Our comprehensive workflow engines are foundational to how our customers holistically serve their end customers and make money.

我們全面的工作流程引擎是我們的客戶如何全面服務其最終客戶並賺錢的基礎。

Our investors also routinely ask us why we win against bigger competitors.

我們的投資者也常問我們為什麼能戰勝更大的競爭對手。

The answer is because we relentlessly focus and prioritize our R&D, sales and marketing, and disciplined inorganic M&A to constantly strengthen our industry-leading future-ready SaaS portfolio, so we can grow faster and simultaneously expand our operating margins and profitability.

答案是因為我們堅持不懈地關注和優先考慮我們的研發、銷售和行銷，以及嚴格的無機併購，以不斷加強我們行業領先的面向未來的SaaS 產品組合，這樣我們就可以更快地成長，同時擴大我們的營業利潤和獲利能力。

As a reminder, CSG is ranked in the leaders quadrant in Gartner's Integrated Revenue and Customer Management category, and CSG is also ranked in the Leaders Quadrant in Forrester's Customer Journey Orchestration category, ahead of almost all other competitors.

提醒一下，CSG 在 Gartner 的綜合收入和客戶管理類別中被評為領導者象限，並且在 Forrester 的客戶旅程編排類別中被評為領導者象限，領先於幾乎所有其他競爭對手。

And CSG also routinely wins industry leadership awards in the payment space.

CSG 也經常榮獲支付領域的產業領導獎。

We never take our customer relationships for granted, and we constantly push ourselves to be more future-ready, more innovative, and easier to do business with than our competitors.

我們從不認為我們的客戶關係是理所當然的，我們不斷推動自己比競爭對手更面向未來、更具創新性、更容易開展業務。

Is doing all this easy?

做這一切容易嗎？

No, it isn't.

不，不是。

Being as mission-critical as it gets for giant customers all around the world in a wide variety of industry verticals is never easy.

為世界各地各產業垂直領域的大客戶提供關鍵任務絕非易事。

And yet, being a critical provider to help our customers lower their costs, retain and upsell their most valuable end customers, grow revenue faster, and make more money is precisely why our customer relationships are so sticky, often lasting three decades or longer.

然而，作為幫助我們的客戶降低成本、保留和追加銷售最有價值的最終客戶、更快地增加收入並賺更多錢的關鍵供應商，這正是我們的客戶關係如此粘稠且通常持續三十年或更長的原因。

And it also explains why we've continued to grow organic revenue and close exciting new sales wins even in tough economic conditions, because our SaaS workflow solutions deliver faster ROI paybacks.

這也解釋了為什麼我們即使在嚴峻的經濟條件下也能持續成長有機收入並贏得令人興奮的新銷售，因為我們的 SaaS 工作流程解決方案可提供更快的投資回報。

On slide 6 you can see the success we have had in increasing our organic revenue growth since 2021 and the industry vertical revenue diversification success we've had since 2017.

在投影片 6 上，您可以看到自 2021 年以來我們在提高有機收入成長方面所取得的成功，以及自 2017 年以來我們在行業垂直收入多元化方面所取得的成功。

The truly exciting part for us, notwithstanding some near-term market choppiness, is that even as we grow 2024 organic revenue in line with the lower end of our 2% to 6% organic growth range for the near-term quarters,

儘管近期市場出現一些波動，但對我們來說真正令人興奮的是，即使我們 2024 年有機收入的增長符合近期季度 2% 至 6% 有機增長範圍的下限，

CSG's profitability will continue to expand and its fastest clip in many years.

南玻集團的獲利能力將持續擴大，並創多年來最快的增幅。

This exciting business momentum is powered by the fact that CSG continues to close big, exciting new sales wins, quarter in, quarter out like many Q2 wins that we'll talk about momentarily.

這種令人興奮的業務勢頭是由以下事實推動的：CSG 繼續像我們將立即討論的許多第二季度的勝利一樣，每季度不斷地取得令人興奮的重大新銷售勝利。

One positive highlight in Q2 was the revenue growth we saw in our top two customers, Charter and Comcast.

第二季的一個正面亮點是我們在兩大客戶 Charter 和 Comcast 中看到的營收成長。

Even as their businesses faced slight broadband subscriber headwinds, we grew Q2 revenue from Comcast and Charter combined by over 1%, both sequentially and year-over-year.

儘管 Comcast 和 Charter 的業務面臨輕微的寬頻用戶阻力，但我們第二季的營收季增均超過 1%。

This growth is coming from several areas, including our expansion into new areas of their businesses that we have historically not served.

這種成長來自多個領域，包括我們向他們歷史上未曾服務過的新業務領域的擴張。

Like team CSG being selected in signing a new standalone contract with Comcast to power a new strategic growth area for them.

就像 CSG 團隊被選中與康卡斯特簽署新的獨立合約一樣，為他們的新策略成長領域提供動力。

Turning to slide 7, we wanted to provide more detail on the many exciting new logo sales wins and deal expansions we have delivered over the last few months.

轉向幻燈片 7，我們希望提供有關過去幾個月我們交付的許多令人興奮的新徽標銷售勝利和交易擴展的更多詳細資訊。

These wins are underpinned by our strong global sales teams that continue to perform well and deliver meaningful new wins like Clockwork.

這些勝利的基礎是我們強大的全球銷售團隊，他們繼續表現出色，並取得了像 Clockwork 這樣有意義的新勝利。

First, we won a fantastic new telecom logo at Telenor Denmark, the second-largest mobile operator in Denmark.

首先，我們為丹麥第二大行動電信商 Telenor丹麥贏得了一個出色的新電信標誌。

We will be deploying both our cloud-native SaaS Ascendon and CSG Xponent Solutions.

我們將部署雲端原生 SaaS Ascendon 和 CSG Xponent 解決方案。

This win highlights our ability to cross-sell our cutting-edge digital customer experience suite of solutions together with our cloud monetization offerings.

此次勝利凸顯了我們交叉銷售尖端數位客戶體驗解決方案套件以及雲端貨幣化產品的能力。

With CSG's help, Telenor Denmark will deliver enhanced digital experiences across all touchpoints, enhanced omnichannel support for all business segments, and win new revenue-generating opportunities.

在CSG的幫助下，Telenor丹麥將在所有接觸點提供增強的數位體驗，增強對所有業務部門的全通路支持，並贏得新的創收機會。

Second, we expanded our relationship with One New Zealand, formerly Vodafone New Zealand.

其次，我們擴大了與 One New Zealand（原沃達豐紐西蘭）的關係。

Specifically, we are deploying our CSG Quote & Order suite of catalog-driven solutions to provide a seamless experience between the quoting of new products and the monetization of their offers.

具體來說，我們正在部署目錄驅動解決方案的 CSG 報價和訂單套件，以在新產品報價和產品變現之間提供無縫體驗。

Our solution provides a consolidated BSS stack that will modernize the digital quotation experience and help the One New Zealand sales team shrink the launch and selling of new product offers while improving the overall customer experience.

我們的解決方案提供了一個整合的 BSS 堆疊，該堆疊將使數位報價體驗現代化，並幫助 One New Zealand 銷售團隊縮小新產品報價的發布和銷售，同時改善整體客戶體驗。

We also won another fantastic CSG Ascendon and Xponent joint cross-sell new logo deal with Lyse, a leading telecom and utility provider in Norway.

我們還與挪威領先的電信和公用事業提供商 Lyse 贏得了另一項出色的 CSG Ascendon 和 Xponent 聯合交叉銷售新標誌協議。

Lyse selected CSG for a full digital BSS transformation.

Lyse 選擇 CSG 進行全面數位 BSS 轉型。

Specifically, this customer will leverage our cloud-based Ascendon billing solution and our digital wholesale product to manage and monetize their subscriber relationships.

具體來說，該客戶將利用我們基於雲端的 Ascendon 計費解決方案和我們的數位批發產品來管理他們的訂戶關係並從中獲利。

Additionally, Lyse also selected CSG's Xponent solution to automate and personalize the post-acquisition customer journey for their subscribers.

此外，Lyse 還選擇了 CSG 的 Xponent 解決方案，為其訂戶實現收購後客戶旅程的自動化和個人化。

This excellent deal highlights the power that our customers get when they buy both our digital monetization and data-rich CX solutions together.

這項出色的交易突顯了我們的客戶在同時購買我們的數位貨幣化和數據豐富的 CX 解決方案時所獲得的力量。

Team CSG had a great digital BSS transformation win with Mascom Botswana, a leading telecom operator in Africa.

CSG 團隊與非洲領先的電信營運商 Mascom Botswana 取得了巨大的數位 BSS 轉型勝利。

Specifically, our solutions will help manage their prepaid and postpaid charging and billing for subscribers to allow Mascom to focus on their day-to-day business operations while CSG handles the complex back-end billing processes for their customers.

具體來說，我們的解決方案將幫助管理用戶的預付費和後付費收費和計費，使 Mascom 能夠專注於日常業務運營，而 CSG 則為其客戶處理複雜的後端計費流程。

Another exciting telecom win during the quarter was with Zain Sudan, part of the Zain group and a leading wireless operator in the Middle East and North Africa.

本季度另一個令人興奮的電信業務勝利是與 Zain 蘇丹公司合作，該公司是 Zain 集團的一部分，也是中東和北非領先的無線營運商。

After a recent data center outage, Zain Sudan trusted CSG to drive the disaster recovery of its wireless business and keep the people of Sudan connected while preserving its market leadership.

在最近的資料中心中斷之後，Zain蘇丹信任CSG能夠推動其無線業務的災難恢復，並讓蘇丹人民保持聯繫，同時保持其市場領先地位。

Through a CSG-powered gateway rebuild, this customer quickly relaunched essential services so that customers across the country could regain their wireless connectivity.

透過 CSG 支援的網關重建，該客戶快速重新啟動了基本服務，以便全國各地的客戶能夠重新獲得無線連線。

We are also pleased to announce that we signed a fantastic deal extension and expansion with Telstra, a 20-plus-year customer of ours.

我們也很高興地宣布，我們與我們 20 多年的客戶 Telstra 簽署了一項出色的延期和擴張協議。

Telstra chose CSG to help transform its enterprise, wholesale, and international businesses.

Telstra 選擇 CSG 來幫助其企業、批發和國際業務轉型。

This multiyear deal extends a longstanding relationship where CSG encompass solutions suite will help Telstra explore new business models and expand into new verticals as we manage their most complex enterprise B2B customers.

這項多年協議擴展了雙方的長期合作關係，當我們管理其最複雜的企業 B2B 客戶時，CSG 涵蓋的解決方案套件將幫助 Telstra 探索新的業務模式並擴展到新的垂直領域。

This is another great example of a longstanding customer extending their relationship with us.

這是長期客戶擴大與我們關係的另一個很好的例子。

And on the North American broadband front, we are thrilled to have won a meaningful new standalone billing deal in a new growth area for Comcast, which should reinforce to our investors the positive position we are in with our second-largest customer.

在北美寬頻方面，我們很高興在康卡斯特的新增長領域贏得了一項有意義的新獨立計費協議，這應該會向我們的投資者加強我們在第二大客戶中的積極地位。

On a related note, many investors and analysts routinely ask us how the bigger renewal with Comcast is going.

與此相關的是，許多投資者和分析師經常詢問我們與康卡斯特的更大更新進展如何。

What we can share is that we are as well positioned as CSG has been with Comcast for nearly three decades, and we are highly confident that we will sign an exciting new long-term agreement when Comcast is ready to sign that renewal.

我們可以分享的是，我們的定位與CSG 與康卡斯特合作近三十年一樣，我們非常有信心，當康卡斯特準備好簽署續約協議時，我們將簽署一項令人興奮的新長期協議。

We don't say this because we take this renewal for granted.

我們之所以這麼說，是因為我們認為這種更新是理所當然的。

In fact, the exact opposite is the case.

事實上，情況恰恰相反。

The reason we are extremely well positioned with Comcast and our other biggest customers is because we never, ever take their businesses for granted.

我們與康卡斯特和其他最大客戶的合作非常順利，因為我們從不認為他們的業務是理所當然的。

We know how mission-critical our end-to-end workflow platforms are to all aspects of how they operate well beyond just billing.

我們知道我們的端到端工作流程平台對於其運作方式的各個方面都至關重要，而不僅僅是計費。

So we constantly push our solutions to be more resilient, more value-adding, and more future-forward so that CSG always brings them greater value and is easier to do business with than any of our competitors.

因此，我們不斷推動我們的解決方案更具彈性、更具附加價值和更面向未來，以便 CSG 始終為他們帶來更大的價值，並且比我們的任何競爭對手更容易開展業務。

Is it possible that Comcast could sign an excellent renewal with CSG that is great for both companies this year?

康卡斯特是否有可能在今年與 CSG 簽署一項對兩家公司都有利的出色續約協議？

Yes, it is possible.

是的，這是可能的。

We'll be in a position to announce an exciting Comcast renewal sometime in 2024.

我們將在 2024 年的某個時候宣布令人興奮的康卡斯特續訂。

Is it also possible that Comcast and CSG announce an exciting, mutually beneficial long-term renewal next year if Comcast decides that is better timing for them, the answer is also yes, it is possible that a great renewal would be signed next year.

如果康卡斯特認為這對他們來說是更好的時機，那麼康卡斯特和CSG是否也有可能在明年宣布一項令人興奮的、互惠互利的長期續約，答案也是肯定的，明年可能會簽署一份很棒的續約。

But regardless of whatever timing Comcast decides is best for them, team CSG will stay fixated on delivering fantastic value as we continue to help Comcast solve their toughest business challenges.

但無論康卡斯特決定什麼時間對他們來說是最好的，CSG 團隊將繼續致力於提供巨大的價值，因為我們將繼續幫助康卡斯特解決他們最棘手的業務挑戰。

Moving on to other Q2 sales wins outside of the communication service provider space.

接下來是通訊服務提供者領域之外的其他第二季銷售勝利。

We expanded our relationship with NRC Health, one of the nation's largest healthcare experience management firms, supporting over half the healthcare systems in the US.

我們擴大了與 NRC Health 的關係，NRC Health 是美國最大的醫療保健體驗管理公司之一，為美國一半以上的醫療保健系統提供支援。

We are partnering with NRC to execute a digital multichannel communication strategy in a streamlined, effective, and scalable manner.

我們正在與 NRC 合作，以精簡、有效和可擴展的方式執行數位多通路通訊策略。

And finally, I will wrap up with a good sales win we had in the payments arena with a leading regional bank in the US selecting CSG to power their payments needs.

最後，我將以我們在支付領域取得的良好銷售勝利作為結束語，美國一家領先的區域銀行選擇 CSG 來滿足其支付需求。

Specifically, CSG's payment solutions allow this bank to reduce transactional costs and modernize their online payment portal with our BillPay product.

具體來說，CSG 的支付解決方案使該銀行能夠降低交易成本，並透過我們的 BillPay 產品實現其線上支付入口網站的現代化。

We believe there are many domestic banks that could benefit by similarly leveraging our solutions for their payment needs.

我們相信，許多國內銀行可以透過類似地利用我們的解決方案來滿足其支付需求，從而受益。

And while most of these great sales wins signed over the last few months won't immediately impact our revenue in 2024, we expect them to contribute to good organic revenue growth in 2025 and beyond, which is exactly why over the medium to longer term we fully expect that CSG will be able to grow revenue at the midpoint or higher of our 2% to 6% range.

雖然過去幾個月簽署的大部分銷售勝利不會立即影響我們 2024 年的收入，但我們預計它們將有助於 2025 年及以後的良好有機收入增長，這正是我們從中長期來看的原因我們完全預期南玻集團的營收成長將達到我們2% 至6% 區間的中點或更高水準。

Moving to slide 8, we would like to provide more color on our second value creation priority.

轉到投影片 8，我們希望對第二個價值創造優先事項提供更多說明。

Our commitment to consistently expand CSG's profitability.

我們致力於不斷擴大南玻集團的獲利能力。

One of the most meaningful Q2 highlights is the high confidence we have in CSG's ability to continue to significantly expand our profitability and operating leverage in the quarters and years ahead.

第二季最有意義的亮點之一是我們對南玻集團在未來幾季和幾年中繼續顯著擴大獲利能力和營運槓桿的能力充滿信心。

We have shown very good continuous improvement in our non-GAAP adjusted operating margin as it grew from 16.6% in 2022 to 17.2% in 2023.

我們的非 GAAP 調整後營業利潤率持續改善，從 2022 年的 16.6% 成長到 2023 年的 17.2%。

And as our enhanced profitability guidance targets announced today indicate, we believe that 2024 will continue this trend.

正如我們今天宣布的增強盈利指導目標所表明的那樣，我們相信 2024 年將繼續這一趨勢。

Looking ahead, we absolutely believe there is a clear pathway for CSG to consistently achieve 18% to 20% non-GAAP adjusted operating income in 2025 and beyond.

展望未來，我們絕對相信南玻集團有一條明確的途徑，可以在 2025 年及以後持續實現 18% 至 20% 的非 GAAP 調整後營業收入。

And it's important to note that this enhanced profitability is not coming at the expense of slower revenue growth in the medium to longer term.

值得注意的是，獲利能力的增強並不以中長期收入成長放緩為代價。

We continue to expect our business to generate 2% to 6% organic revenue growth with an aspiration to be at the midpoint or higher in most years.

我們繼續預計我們的業務將產生 2% 至 6% 的有機收入成長，並希望在大多數年份達到中點或更高。

Our continuously expanding profitability stems from our improved operating leverage at scale, ongoing cost efficiencies unrelated to sales and marketing, and growing higher gross margin SaaS revenue faster than the rest of CSG, and as we generate higher non-GAAP operating margin in the quarters and years ahead, this should also result in free cash flow growing faster than revenue growth.

我們不斷擴大的獲利能力源於我們大規模營運槓桿的提高、與銷售和行銷無關的持續成本效率、以及毛利率更高的SaaS 收入成長速度快於CSG 的其他公司，而且我們在季度和季度中產生了更高的非GAAP 營運利潤率。

Turning to slide 9, we will touch on our third value creation priority, our commitment to shareholder returns, and our ability to execute very value-creating accretive M&A.

轉向投影片 9，我們將談到我們的第三個價值創造優先事項，我們對股東回報的承諾，以及我們執行非常創造價值的增值併購的能力。

Today, our Board authorized a new $100 million share repurchase program that demonstrates CSG's commitment to disciplined capital allocation and a dedication to returning capital to our shareholders.

今天，我們的董事會批准了一項新的 1 億美元股票回購計劃，這表明 CSG 對嚴格資本配置的承諾以及向股東返還資本的奉獻精神。

Regarding our $1.5 billion revenue ambitions by year-end 2025, it is possible that this goal may take us a little longer to achieve, depending on the size of excellent and extremely value-creating M&A deals that we find in the market over the next four to six quarters.

關於我們在 2025 年底實現 15 億美元收入的目標，這個目標可能需要更長的時間才能實現，這取決於我們在未來四年內在市場上發現的優秀且極具創造價值的併購交易的規模到六個季度。

We believe that CSG stock price represents an excellent value-creating buy for investors and for us.

我們相信，南玻股票的價格對於投資者和我們來說都是一個極好的創造價值的買入機會。

So we will stay balanced, disciplined, and focused on any strategic or financial move that the Board of Directors and management believe will deliver the most value for our shareholders.

因此，我們將保持平衡、遵守紀律，並專注於董事會和管理層認為將為股東帶來最大價值的任何策略或財務舉措。

When we set the $1.5 billion goal in 2020, we knew about half of the revenue expansion would need to come from disciplined and accretive M&A.

當我們設定 2020 年 15 億美元的目標時，我們知道大約一半的收入成長需要來自嚴格的、增值性的併購。

While we continue to assess qualified M&A opportunities, when our share price trades lower, the hurdle rate for good M&A deals gets that much higher.

雖然我們繼續評估合格的併購機會，但當我們的股價下跌時，良好併購交易的門檻率就會變得更高。

We are very pleased with the two smaller, highly accretive acquisitions that we've closed so far in 2024.

我們對 2024 年迄今完成的兩項規模較小、增值性較高的收購感到非常滿意。

We were able to acquire both companies at highly attractive multiples.

我們能夠以極具吸引力的倍數收購這兩家公司。

Both of these small tuck-in deals add very sticky, highly profitable revenue for CSG.

這兩筆小型交易都為南玻集團增加了非常黏性、高利潤的收入。

And with respect to integration, both deals remain well on track to deliver the value we expected in our M&A business cases.

在整合方面，這兩筆交易仍然順利實現我們在併購業務案例中預期的價值。

And on the organic revenue growth side, we have delivered on our commitment of approximately 5% annual organic revenue growth from 2021 to 2023, with significantly expanding profitability at the corporate level.

在有機收入成長方面，我們兌現了2021年至2023年每年有機收入成長約5%的承諾，公司層面的獲利能力顯著擴大。

Given all this exciting business momentum, I hope you see why we absolutely believe that CSG's best days and biggest breakthroughs are still ahead of us.

鑑於所有這些令人興奮的業務勢頭，我希望您明白為什麼我們絕對相信 CSG 最好的日子和最大的突破仍然在前面。

This is also why CSG is all around the world stay hungry and customer-obsessed because we know this relentless focus is what is required to lead the industries where we operate, and it is also essential to creating significant shareholder value in the quarters and years ahead, regardless of any near term challenge standing in the way of Team CSG.

這也是為什麼CSG 在世界各地保持渴望和以客戶為中心的原因，因為我們知道這種不懈的關注是引領我們經營所在行業所需要的，而且對於在未來幾個季度和幾年創造顯著的股東價值也至關重要，無論近期是否存在任何阻礙 CSG 團隊的挑戰。

With that, Hai will provide more detail on our financial highlights and updated guidance ranges.

屆時，海將提供有關我們的財務亮點和更新指導範圍的更多詳細資訊。

Thanks, Brian.

謝謝，布萊恩。

Let's walk through our Q2 2024 financial result and then I'll wrap up with some key conclusions.

讓我們回顧一下 2024 年第二季的財務業績，然後我將得出一些關鍵結論。

Starting on slide 11, we generated $290 million of revenue in Q2 versus $286 million in the same prior year period.

從投影片 11 開始，我們在第二季創造了 2.9 億美元的收入，而去年同期為 2.86 億美元。

The increase in revenue can be attributed to the continued growth of our cloud revenue, in addition to revenue generated from the acquired businesses, which offset lower software and services revenue for the quarter.

收入的成長可歸因於我們的雲端收入的持續成長，以及收購業務產生的收入，這抵消了本季軟體和服務收入的下降。

Our Q2 2024 non-GAAP operating income was $46 million or a non-GAAP adjusted operating margin of 17.3% as compared to $43 million or 16.2% in the prior year.

我們的 2024 年第二季非 GAAP 營業收入為 4,600 萬美元，非 GAAP 調整後營業利潤率為 17.3%，而前一年為 4,300 萬美元，即 16.2%。

We are very pleased with this approximately 110 basis point year-over-year improvement in our Q2 non-GAAP adjusted operating income.

我們對第二季非 GAAP 調整後營業收入年增約 110 個基點感到非常高興。

Similarly, our non-GAAP adjusted EBITDA was $60 million for Q2 2024, or 22.6% of revenue, excluding transaction fees as compared to $57 million or 21.4% in Q2 2023.

同樣，我們 2024 年第二季的非 GAAP 調整後 EBITDA 為 6,000 萬美元，佔營收的 22.6%（不含交易費用），而 2023 年第二季為 5,700 萬美元，佔營收的 21.4%。

Looking ahead, we expect our profitability metrics to further improve as we took significant cost efficiency actions in the first half of 2024, to optimize our capacity and better align CSG resources to areas of our business that have higher growth profile.

展望未來，我們預計我們的獲利指標將進一步改善，因為我們在2024 年上半年採取了重大成本效率行動，以優化我們的產能並將南玻資源更好地調整到我們具有較高成長前景的業務領域。

Lastly, our Q2 2024 non-GAAP EPS grew almost 28% year-over-year to $1.2 as compared to $0.8 in Q2 2023.

最後，我們 2024 年第二季的非 GAAP 每股盈餘較去年同期成長近 28%，達到 1.2 美元，而 2023 年第二季為 0.8 美元。

This big increase in non-GAAP EPS is mainly due to higher operating income and the benefit from our share repurchase activity over the last 12 months.

非公認會計準則每股收益的大幅成長主要是由於營業收入增加以及過去 12 個月我們的股票回購活動帶來的好處。

Turning to slide 12, I will go through the balance sheet.

翻到投影片 12，我將瀏覽資產負債表。

Our cash flow performance and shareholder returns.

我們的現金流表現和股東回報。

We had non-GAAP free cash flow of $39 million in Q2 2024 as compared to $5 million of non-GAAP free cash flow in Q2 2023.

2024 年第二季度，我們的非 GAAP 自由現金流為 3,900 萬美元，而 2023 年第二季的非 GAAP 自由現金流量為 500 萬美元。

Our strong Q2 2024 cash flow performance was better than anticipated due to the timing of certain working capital items, including improvement in accounts receivables and unbilled revenue.

由於某些營運資金項目的時間安排，包括應收帳款和未開票收入的改善，我們 2024 年第二季強勁的現金流表現優於預期。

Moving on.

繼續前進。

We ended the second quarter of 2024 with $110 million of cash and cash equivalents that along with our outstanding debt at June 30, 2020, four, resulting in $444 million in net debt, and our net debt leverage ratio stood at 1.9 times adjusted EBITDA.

截至2024 年第二季末，我們擁有1.1 億美元的現金和現金等價物，加上截至2020 年6 月30 日的未償債務，淨債務為4.44 億美元，淨債務槓桿率為調整後EBITDA 的1.9 倍。

Further, we have $558 million in liquidity as of the end of the quarter.

此外，截至本季末，我們擁有 5.58 億美元的流動資金。

And on the bottom right of the slide, you can see we have returned $46 million in dividends and share repurchases to shareholders in the first half of 2024.

在幻燈片的右下角，您可以看到我們在 2024 年上半年向股東返還了 4,600 萬美元的股息和股票回購。

Turning the page, I'll revisit our 2024 guidance targets.

翻過這一頁，我將重新審視我們 2024 年的指導目標。

As Brian highlighted, we are pleased to be increasing certain 2024 guidance targets, including non-GAAP adjusted operating margin, non-GAAP adjusted EBITDA, and non-GAAP EPS.

正如布萊恩所強調的那樣，我們很高興提高某些 2024 年指導目標，包括非 GAAP 調整後營業利潤率、非 GAAP 調整後 EBITDA 和非 GAAP 每股收益。

We are also excited to reiterate all of other guidance target for full year 2024.

我們也很高興重申 2024 年全年的所有其他指導目標。

Specifically on our enhanced non-GAAP profitability target, we continue to take disciplined cost reduction actions that will optimize and streamline our business while still investing in higher growth activity that we believe will enable us to get back to mid-single digit non-GAAP adjusted operating profit in the quarters ahead.

特別是在我們增強的非公認會計原則獲利目標方面，我們繼續採取嚴格的成本削減行動，以優化和簡化我們的業務，同時仍然投資於更高的成長活動，我們相信這將使我們能夠回到中個位數的非公認會計原則調整後的水平未來幾季的營業利潤。

We believe these cost efficiency moves will not only boost CSG's profitability in 2024.

我們相信這些成本效率措施不僅將提高南玻集團 2024 年的獲利能力。

It will also create a meaningful tailwind to steadily improve our profitability next year and beyond.

它還將為我們明年及以後的盈利能力穩步提高創造一個有意義的推動力。

With that said, the cost reduction steps we have and continue to take will result in some short-term impacts to our cash flows in 2024 due to restructuring expenses related to these initiatives.

話雖如此，由於與這些措施相關的重組費用，我們已經採取並將繼續採取的成本削減措施將對我們 2024 年的現金流量產生一些短期影響。

At this point, the cash impact from our restructuring activities in the first half of 2024 has been approximately $14 million.

目前，我們 2024 年上半年重組活動的現金影響約為 1,400 萬美元。

And with respect to our original $1.2 billion to $1.24 billion revenue guidance range as Brian mentioned, we are reiterating our original guidance range, but we will likely end up towards the low end of the range as the amount of revenue we expect to generate from our acquired assets in 2024.

至於我們最初的12 億美元至12.4 億美元的收入指導範圍，正如布萊恩所提到的，我們重申我們最初的指導範圍，但我們可能最終會達到該範圍的低端，因為我們預計從我們的產品中產生的收入金額2024年收購資產。

It's anticipated to be more than offset by lower revenue expectations in our core business when compared to our original guidance expectations in February.

與我們 2 月最初的指導預期相比，我們核心業務收入預期的下降預計將足以抵消這一影響。

Some of the main drivers of this include, one, we are seeing a little belt-tightening with our current and prospective customers.

造成這種情況的一些主要驅動因素包括：第一，我們發現現有和潛在客戶都在勒緊褲腰帶。

Two, we're experiencing smallish headwinds in the North American broadband market.

第二，我們在北美寬頻市場遇到了一些小阻力。

And three, there are some services based revenue recognition, timing related headwinds surrounding a couple of the larger global telecommunication deployments as we continue to implement these important projects.

第三，當我們繼續實施這些重要項目時，圍繞一些較大的全球電信部署存在一些基於服務的收入確認和時間相關的阻力。

Because of this, we expect our 2024 organic revenue growth to be towards the low end of our 2% to 6% range.

因此，我們預計 2024 年的有機收入成長將接近 2% 至 6% 範圍的低端。

Wrapping up, CSG will continue to relentlessly prioritize every investment we make and stay very disciplined in the allocation of resources from the use of capital.

總而言之，南玻集團將繼續堅持不懈地優先考慮我們所做的每項投資，並在資本使用的資源配置上保持嚴格的紀律。

Innovation, including how we leverage the transformative power of AI across CSG and adherence to a risk reward framework with continuous learning are key cornerstone of how we have and will continue to manage our business.

創新，包括我們如何在整個 CSG 中利用人工智慧的變革力量，以及堅持持續學習的風險回報框架，是我們已經並將繼續管理業務的關鍵基石。

CSG is extremely well positioned with a strong sales pipeline and a high-quality recurring revenue customer base that we believe will enable us to return closer to the approximately 5% year-over-year organic growth that we achieved from 2021 through 2023, once we work through some of the smallest headwinds to growth in the next several quarters.

CSG 處於極其有利的地位，擁有強大的銷售管道和高品質的經常性收入客戶群，我們相信，一旦我們克服未來幾季成長中一些最小的阻力。

We remain committed to accelerating and diversifying our revenue growth, which may include closing and integrating disciplined, value adding acquisitions in the quarters ahead.

我們仍然致力於加速和多元化我們的收入成長，其中可能包括在未來幾季完成和整合嚴格的增值收購。

We believe this approach, combined with our consistent capital contribution will serve our shareholders well.

我們相信，這種方法加上我們持續的出資將為我們的股東帶來良好的服務。

With that, I will turn it over to the operator to facilitate the question and answer session.

這樣，我會將其交給接線員以方便問答環節。

(Operator Instructions) Maggie Nolan, William Blair.

（操作員說明）瑪姬·諾蘭、威廉·布萊爾。

I had a question about the near-term headwinds that you called out, in particular on some of your top client accounts.

我對您提到的近期不利因素有疑問，特別是對您的一些頂級客戶帳戶而言。

Have those headwinds gotten incrementally worse than you expected last quarter?

上個季度這些不利因素是否比您預期的更嚴重？

What is the impact to Q2 versus what you're expecting maybe in Q3 or Q4?

與您預期的第三季或第四季相比，對第二季的影響是什麼？

And how long do you expect these headwinds to persist?

您預計這些不利因素會持續多久？

Yeah.

是的。

Hi, Maggie, thanks for joining the call today.

你好，瑪吉，感謝您今天加入通話。

When we look at this, I wouldn't say it's gotten worse in terms of some of those headwinds.

當我們審視這一點時，我不會說其中一些不利因素使情況變得更糟。

If anything, what we saw coming from the North American cable space with some of the broadband numbers they reported this quarter, it was actually better than we anticipated.

如果有什麼不同的話，那就是我們從北美有線電視領域看到的本季報告的一些寬頻數據，實際上比我們預期的要好。

So I'd say relative to where we were a quarter ago, probably about the same.

所以我想說，相對於一個季度前的情況，可能大致相同。

What we see, if you look at our long-term guidance for this year and being at the lower end, call it the low twos to low threes, that actually implies a Q3 and Q4 that would actually be midpoint or higher of our 4% or higher range.

我們看到的是，如果你看看我們今年的長期指導，並處於較低端，將其稱為低二到低三，這實際上意味著第三季度和第四季度實際上將是我們4 % 的中點或更高或更高的範圍。

So we actually love the sales booking wins, we closed in the last couple of months.

所以我們真的很喜歡銷售預訂的勝利，我們在過去幾個月關閉了。

Gives us a lot of excitement and confidence that we have a strong second half of the year coming.

讓我們感到非常興奮和信心，我們將迎來下半年的強勁表現。

And we just have to continue to work through, I think, what the choppiness that a lot of providers are facing in the market right now.

我認為，我們只需要繼續努力解決許多提供者目前在市場上面臨的動盪。

But it's not worse than what we saw a quarter ago, but it's something that we just have to sell through as we get back to that 5% or higher that we've delivered for a few years in a row now.

但這並不比我們一個季度前看到的情況更糟糕，但當我們回到我們連續幾年實現的 5% 或更高水平時，我們必須賣掉它。

And then as you think about your near-term aspiration of getting to an 18% to 20% margin, is there additional investments in cost savings programs or optimization that needs to happen in the near term before you start to see some benefit that would get you to that level?

然後，當您考慮近期實現 18% 至 20% 利潤率的願望時，在您開始看到一些收益之前，是否需要在短期內對成本節約計劃或優化進行額外投資你到那個水平了？

Or how are you thinking about the main levers to get you there over a maybe two-year period?

或者您如何考慮在兩年內實現這一目標的主要手段？

Yeah.

是的。

I think it's less about investments, but it's the restructuring charges that we called out because obviously, as we're making some of the difficult choices that are in the near term, that will yield some meaningful benefits in the longer term.

我認為這與投資無關，而是我們提出的重組費用，因為顯然，當我們在短期內做出一些困難的選擇時，從長遠來看，這將產生一些有意義的好處。

That's where you'll see the impact to the business.

在那裡您將看到對業務的影響。

Investments that we're looking to make to drive improved processes, greater automation, improved tooling.

我們希望進行投資來推動流程改善、自動化程度提高和工具改進。

That's all going to be baked into our guidance and how we prioritize and allocate our resources.

這一切都將納入我們的指導以及我們如何確定優先事項和分配資源。

Hi, Maggie.

嗨，瑪吉。

The only thing I would add on top of that is it's not going to take us two years to get to the 18% to 20% range.

除此之外，我唯一要補充的是，我們不需要兩年的時間就能達到 18% 到 20% 的範圍。

We absolutely expect that we'll operate 2025.

我們絕對預計我們將在 2025 年運營。

We're not giving next year's guidance yet, but I can tell you with this discipline, focus on margin improvement that we've been driving these quarter turns, the wrench that we often talk about, we absolutely do expect that the business will operate above 18% starting next year.

我們還沒有給出明年的指導，但我可以透過這個紀律告訴你，專注於我們一直在推動這些季度轉變的利潤率改善，我們經常談論的扳手，我們絕對希望業務能夠運營從明年開始，這一比例將超過18%。

George Notter, Jefferies.

喬治諾特，傑弗里斯。

This is Tarun on for George.

這是喬治的塔倫。

Just a quick question regarding M&A.

只是一個關於併購的簡單問題。

Any changes relative to last quarter in terms of the environment or plans and how you plan to approach that?

與上季相比，環境或計劃有何變化以及您計劃如何應對？

Thanks.

謝謝。

No, thanks for the question.

不，謝謝你的提問。

I think it's pretty similar to what we talked about last quarter and what we talked about in the script.

我認為這與我們上季度討論的內容以及我們在劇本中討論的內容非常相似。

We'd expect to be highly disciplined.

我們期望遵守嚴格的紀律。

We're constantly evaluating lots of opportunities.

我們不斷評估大量機會。

We've closed two small tuck-ins.

我們已經關閉了兩個小折邊店。

We love those deals and what we're seeing, even though they're on the smaller side, and we're continuing to look at a range of deals.

我們喜歡這些交易和我們所看到的，儘管它們規模較小，而且我們將繼續關註一系列交易。

But as we talked with a higher cost of capital, with a higher hurdle rate, and with our stock being on the lower end, we're being even more disciplined.

但當我們談到更高的資本成本、更高的最低門檻利率以及我們的股票處於較低水平時，我們變得更加自律。

So therefore, that balance of strong capital return, the new $100 million share buyback that was authorized by the Board, we expect to continue to return a lot of capital to shareholders.

因此，在強勁的資本回報平衡以及董事會授權的新的 1 億美元股票回購中，我們預計將繼續向股東返還大量資本。

And when there's a great M&A that comes at the right price, the right strategic fit, that can unlock a lot of value, and we know we can execute and deliver on the investment memo in a way that will be great for shareholders, you'll also hear us announce and execute those M&A deals as well.

當以合適的價格和合適的策略進行偉大的併購時，可以釋放大量價值，並且我們知道我們可以以對股東有利的方式執行和交付投資備忘錄，那麼您我們還將聽到我們宣布並執行這些併購交易。

Dan Bergstrom, RBC Capital Markets.

丹‧伯格斯特羅姆 (Dan Bergstrom)，加拿大皇家銀行資本市場部。

Shlomo Rosenbaum, Stifel.

什洛莫·羅森鮑姆，斯蒂菲爾。

I do have two questions, really.

我確實有兩個問題。

One, the margin expansion is going pretty well and faster than planned, and you have that target.

第一，利潤率擴張進展順利，比計畫的快，而且你已經有了這個目標。

I just want to follow up back on the question that was started off with, which is what is driving the margin expansion?

我只想跟進一開始的問題，推動利潤率擴張的因素是什麼？

And can you point out some, maybe more, some specific examples of how you're going to get to that 18 to 20?

您能否指出一些（或許更多）一些具體範例來說明您將如何達到 18 到 20？

It's a nice target.

這是一個很好的目標。

It's decently above where you've been only several years ago and you're not, the leverage, you should get some operating leverage.

它遠遠高於幾年前的水平，而你不是，槓桿，你應該獲得一些營運槓桿。

But it sounds like there's a lot more of an efficiency focus and maybe you could just give us some examples so that we can understand exactly what's going on?

但聽起來似乎更注重效率，也許你可以給我們一些例子，以便我們能夠準確地理解發生了什麼？

Yeah.

是的。

Hi, Shlomo, thanks for being with us today.

嗨，什洛莫，感謝您今天和我們在一起。

It's a great question.

這是一個很好的問題。

I think for us, like most of our initiatives, it isn't single-threaded, it's multi-pronged in nature.

我認為對我們來說，就像我們的大多數舉措一樣，它不是單線程的，而是多管齊下的。

Obviously, you hit on one of them, which is just driving greater efficiencies.

顯然，您偶然發現了其中之一，這只會提高效率。

And so we're taking a hard look at all of our businesses, our processes, and try to figure out what's going to yield the best return on capital and then making some difficult decisions to drive those efficiencies.

因此，我們正在認真審視我們所有的業務、我們的流程，並試圖找出什麼可以產生最佳的資本回報，然後做出一些艱難的決定來提高效率。

I think the second thing is to look at mix of revenue.

我認為第二件事是看收入的組合。

One of the things that you saw on our announcement in the prepared remarks was the great new logo wins we've had.

您在我們的聲明中看到的一件事是我們在準備好的評論中贏得了偉大的新徽標。

As you notice, many of those actually related to our SaaS platform products, right?

正如您所注意到的，其中許多實際上與我們的 SaaS 平台產品相關，對吧？

And so as we think about our growth in the future periods, you're going to see a shifting of the mix of revenue to higher margin SaaS revenue.

因此，當我們考慮未來期間的成長時，您將看到收入組合轉向利潤率更高的 SaaS 收入。

That's going to help us expand our gross margins even further.

這將有助於我們進一步擴大毛利率。

And then the third is operating leverage, right?

第三個是經營槓桿，對嗎？

It's just managing our expenses.

這只是管理我們的開支。

So as we continue to grow the business from revenue perspective, our operating expenses are growing at a much lower pace.

因此，隨著我們從收入角度繼續發展業務，我們的營運支出成長速度要慢得多。

So those are the three things that we focus on internal and gives us great confidence in terms of tailwinds to margin expansion over a multi-year period.

因此，這些是我們內部關注的三件事，讓我們對多年期間利潤擴張的順風車充滿信心。

And then the domestic business in terms of revenue geographically, continued to do well.

然後，就收入地域而言，國內業務繼續表現良好。

EMEA revenue declined a pretty decent amount sequentially.

歐洲、中東和非洲地區的收入較上季下降了相當大的幅度。

Maybe you could give us a little bit of detail as to what's going on in EMEA?

或許您可以向我們介紹一下歐洲、中東和非洲地區的情況？

Yeah, it's really related more to the global telco, as Hai talked about in the past.

是的，正如海過去談到的那樣，這確實與全球電信公司有更多的關係。

And we have these biggest implementation programs, typically multi-year in nature.

我們有這些最大的實施計劃，通常是多年期的。

And so that drives more services revenue to get those implementations deployed.

因此，這會帶來更多的服務收入來部署這些實施。

So you will see then on the telco side, that kind of move more quarter-to-quarter and over time.

因此，您將在電信方面看到，隨著時間的推移，這種變化會逐季度增加。

That's one of the things that we were so excited about will be now kind of third quarter in a row, large, exciting new Ascendon wins in the cloud and SaaS platforms.

這是我們感到非常興奮的事情之一，現在將是連續第三個季度，Ascendon 在雲端和 SaaS 平台上取得了巨大的、令人興奮的新勝利。

Those tend to be much less services heavy, much higher gross margin.

這些服務的比重往往小得多，毛利率也高得多。

So that's a trend that we're seeing.

這就是我們看到的趨勢。

If we go back two or three years ago, a lot of the telecom companies were not willing to run their core in the cloud, and we're seeing that fundamentally shift with the six to eight big Ascendon wins that we've announced and two more this quarter with the cross-sell with Xponent.

如果我們回到兩三年前，許多電信公司不願意在雲端中運行其核心，隨著我們宣布的六到八個 Ascendon 重大勝利以及兩個本季度與 Xponent 的交叉銷售更多。

It's super exciting to see, but it really is driven by that services revenue with the more on-prem telco solutions that we've sold in prior years.

看到這一點非常令人興奮，但這實際上是由我們前幾年銷售的更多本地電信解決方案的服務收入所推動的。

Dan Bergstrom, RBC Capital Markets.

丹‧伯格斯特羅姆 (Dan Bergstrom)，加拿大皇家銀行資本市場部。

So it was nice to see the new industry verticals at 31% of revenue versus 30% last quarter.

因此，很高興看到新的垂直行業佔收入的 31%，而上季這一比例為 30%。

You mentioned aspiring to 35% at the start of the prepared remarks.

您在準備好的演講稿開頭提到了渴望達到 35%。

Any thoughts around timing of that 30% target?

對於實現 30% 目標的時機有什麼想法嗎？

Seems like the percentage is moving up about 100 bps a quarter.

似乎該百分比每季上升約 100 個基點。

Is that a realistic way to think around timing and progression to that 35% number?

這是考慮實現 35% 數字的時間和進度的現實方法嗎？

Yeah.

是的。

Hi, Dan.

嗨，丹。

Thanks for joining.

感謝您的加入。

I think that's a good way to look at it.

我認為這是一個很好的看待它的方式。

If you just kind of model what it's been the last four or five quarters, it's been that steady step up and what we see in our CX and our payments business.

如果你只是對過去四、五個季度的情況進行建模，你會發現我們在客戶體驗和支付業務中看到了穩定的進步。

Through the first half of the year, each of those businesses has continued to grow revenue on an organic basis, strong double-digit.

今年上半年，這些業務的收入都在有機基礎上持續成長，強勁的兩位數。

And so that combined with some of the smaller acquisitions, both will be additives.

因此，與一些規模較小的收購相結合，兩者都將起到補充作用。

So we think it is linear, may not be a 100%.

所以我們認為它是線性的，可能不是100%。

You may see a little bit of movement up or not quite that same 100 basis points, but I think that's a good trend.

您可能會看到一點上漲或不完全相同的 100 個基點，但我認為這是一個很好的趨勢。

That's why we felt good saying that that 35% should be achievable in the next two-year planning cycle, if not sooner in that period.

這就是為什麼我們覺得 35% 應該在下一個兩年規劃週期內實現（如果不是更早的話）是可以實現的。

Then sticking with the verticals, any update around channel partners in those additional verticals?

那麼，堅持垂直領域，這些其他垂直領域的通路夥伴有什麼更新嗎？

I think we're about a year into investments there.

我認為我們在那裡的投資大約已經一年了。

How's the new logo pipeline looking for partners?

新標誌管道尋找合作夥伴的情況如何？

Yeah, no, we love the channel approach.

是的，不，我們喜歡通路方式。

I'd say with both our payments, our Ascendon, and our CX business, it'll continue to be a combination of channel-driven as well as direct sales.

我想說，我們的支付、Ascendon 和 CX 業務將繼續是通路驅動和直接銷售的結合。

And in many cases, we're actually seeing the benefit of cross-selling into our telco base, which is exciting.

在許多情況下，我們實際上看到了向我們的電信基地進行交叉銷售的好處，這令人興奮。

With a couple of those big cross-sells of exponent at Telenor, Denmark, and in Lyse.

在丹麥 Telenor 和 Lyse 進行了幾次大規模的指數交叉銷售。

But yes, we like what we're seeing on the channel side.

但是，是的，我們喜歡在頻道方面看到的情況。

We're signing up good partnerships.

我們正在簽署良好的合作關係。

The pipelines are expanding in there and that's one that really hasn't even started to bear fruit yet.

那裡的管道正在擴建，但實際上還沒有開始取得成果。

We think that's going to be part of this growth acceleration in Q3 and Q4 and into next year back closer to the 3%, 4%, 5% that we anticipate.

我們認為這將成為第三季和第四季成長加速的一部分，並進入明年，接近我們預期的 3%、4%、5%。

That's going to come from some of those -- that investment we've made in channel, which I think is a big one, even as we've gotten to this margin expansion, it's not coming because we've cut sales and marketing.

這將來自其中一些——我們在通路方面進行的投資，我認為這是一筆很大的投資，即使我們已經實現了利潤率擴張，但它不會到來，因為我們削減了銷售和行銷。

We're continuing to invest both in differentiated SaaS product, R&D.

我們將繼續投資差異化 SaaS 產品和研發。

And we're continuing to invest in sales and marketing and channel partner sales.

我們將繼續投資於銷售和行銷以及通路合作夥伴的銷售。

And that's going to continue.

這種情況還會持續下去。

And that's why we really feel good about our ability over the medium longer term to be a mid-single-digit organic growth company or higher.

這就是為什麼我們對中長期內成為中等個位數或更高有機成長公司的能力感到非常滿意。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Big news on the operating margin raise.

關於營業利益率提高的重大消息。

That's great.

那太棒了。

And how you mentioned that the mix shift to SaaS is a driver to the counter '25 margin expansion being discussed.

您提到向 SaaS 的混合轉變是正在討論的櫃檯 25 利潤擴張的驅動力。

What is the mature operating margin of your SaaS business?

您的 SaaS 業務的成熟營運利潤率是多少？

Yeah, I mean, I think you generally look at SaaS businesses in general, right?

是的，我的意思是，我認為您通常會關注 SaaS 業務，對吧？

They -- most of them have gross margins in the 70% to 80%.

他們中的大多數人的毛利率在 70% 到 80% 之間。

I think that's something that we're looking to drive with scale as well.

我認為這也是我們希望規模化推動的事情。

What about the operating margin portion?

營業利潤部分又如何呢？

I think the operating margin, I think it depends.

我認為營業利潤率，我認為這取決於。

What I mean by that is, I think it depends on what phase of the growth expansion that we're in.

我的意思是，我認為這取決於我們處於成長擴張的哪個階段。

Obviously, a lot of SaaS businesses over-invest in sales and marketing R&D as they're gaining traction and growing.

顯然，許多 SaaS 企業在銷售和行銷研發方面過度投資，因為它們正在獲得吸引力和成長。

But I can imagine a scenario at maturity, we're talking about EBITDA that's approaching kind of mid-20s to low 30s.

但我可以想像成熟時的情景，我們談論的 EBITDA 接近 20 多歲到 30 多歲。

So in that context then, 18% to 20%, this is more of a milepost as opposed to the long-term potential -- long-term expectation.

因此，在這種情況下，18% 到 20%，這更像是一個里程碑，而不是長期潛力——長期預期。

Is that fair?

這樣公平嗎？

Yeah, I think it always comes down to revenue mix at the end of the day, right?

是的，我認為歸根結底總是取決於收入組合，對吧？

A big chunk of our businesses are still very services-oriented from a revenue perspective and likely will remain so because there are geographies that we serve whereby an on-prem solution will remain kind of the better solution for those customers.

從收入角度來看，我們的很大一部分業務仍然非常以服務為導向，而且很可能仍然如此，因為我們服務的某些地區，而本地解決方案對於這些客戶來說仍然是更好的解決方案。

So I think you'll always have a chunk of our revenue that will be lower margin.

所以我認為我們的收入總會有很大一部分利潤率較低。

Strategically important for us, but lower margin in nature.

對我們來說具有戰略意義，但本質上利潤率較低。

Yes.

是的。

Thanks, Nehal.

謝謝，內哈爾。

Appreciate you joining.

感謝您的加入。

I think the only thing I would add to that is we'll give more color for 2025 and I think a little more on this 18% to 20% next quarter and the following.

我認為我唯一要補充的是，我們將為 2025 年提供更多色彩，並且我認為下個季度及接下來的季度將在 18% 至 20% 方面提供更多內容。

But we kind of see that as a two to three-year horizon in terms of how we at least think about and see the business.

但就我們至少如何思考和看待業務而言，我們認為這是一個兩到三年的時間範圍。

And to your point, as we continue to shift mix, we have a higher percentage of our revenue coming from faster-growing SaaS, and we benefit at higher scale.

就你的觀點而言，隨著我們繼續改變組合，我們的收入中來自成長更快的 SaaS 的比例更高，我們受益的規模也更大。

You're exactly right.

你說得完全正確。

There's no reason that 18% to 20% would be our medium to longer-term cap.

沒有理由將 18% 至 20% 作為我們的中長期上限。

Not by any stretch.

絕不是這樣。

I think you're exactly right.

我認為你是完全正確的。

And then I do have another question.

然後我還有另一個問題。

With the incremental buyback capacity that you've announced, but you did have plenty of capacity left on the existing buyback, are you trying to signal that your projected pace of share backs are going to materially hasten here?

憑藉您已經宣布的增量回購能力，但您在現有回購上確實還有足夠的能力，您是否試圖表明您預計的股票回購步伐將大幅加快？

Yes, I mean, I think that what we're trying to say is that we are committed to delivering value back to our shareholders.

是的，我的意思是，我認為我們想說的是，我們致力於為股東提供價值。

We understand that at these levels, that is a good use of our capital.

我們知道，在這些層面上，這是對我們資本的良好利用。

And that's really what we're trying to signal at the end of the day, right?

這確實是我們最終想要發出的信號，對吧？

Because we speak a lot of times about organic growth, about inorganic growth.

因為我們多次談論有機成長、無機成長。

And sometimes, as investors have a certain perspective that somehow that inorganic growth is going to trump the value we deliver back to shareholders.

有時，由於投資人有某種觀點，認為無機成長將超越我們回饋給股東的價值。

And what you heard Brian says, we're going to be extremely disciplined and continue to be committed to delivering value back to our shareholders through buybacks.

正如你所聽到的布萊恩所說，我們將非常自律，並繼續致力於透過回購向股東提供價值。

Yeah.

是的。

And I think data -- historical performance is a great indicator.

我認為數據－歷史表現是一個很好的指標。

We've returned $480 million to shareholders since 2020.

自 2020 年以來，我們已向股東返還 4.8 億美元。

We've done well over $100 million each of the last two years.

過去兩年我們每年的銷售額都超過 1 億美元。

We've returned a lot of capital.

我們已經返還了大量資金。

And there's additional authorization for us to do more in the coming quarters.

我們還獲得了額外授權，可以在未來幾季開展更多工作。

Matthew Harrigan, Benchmark Company.

馬修·哈里根，基準公司。

What is the beauty of Xponent in this environment is you can really show, I think, fairly readily to existing customers, and maybe new customers are somewhat lesser at really what the quantifiable impacts are on customer retention and cost efficiency on the customer journey and all that.

我認為，在這種環境下，Xponent 的美妙之處在於，你可以輕鬆地向現有客戶展示，也許新客戶不太了解對客戶保留和客戶旅程成本效率的可量化影響。

And given that that's a priority, I mean, is there just sort of natural inertia on your corporate clients spending any money, even though you can demonstrate that the ROI is really high and if that's something you think they'll be able to work out over a period of time?

考慮到這是一個優先事項，我的意思是，即使您可以證明投資回報率非常高，並且您認為他們能夠解決這個問題，您的企業客戶花錢是否存在某種自然慣性在一段時間內？

What are the real hurdles on the selling process for Xponent and new customers, and then layering that more capabilities for existing customers?

Xponent 和新客戶的銷售流程以及為現有客戶提供更多功能的真正障礙是什麼？

Thank you.

謝謝。

Yeah, no.

是的，不。

Hi, Matt.

嗨，馬特。

Thanks.

謝謝。

I mean, what we're seeing on the CX Xponent side is almost identical to what you said.

我的意思是，我們在 CX Xponent 方面看到的內容與您所說的幾乎相同。

We can rig the cash register quickly with a very fast payback for lots of brands and lots of verticals on a wide number of fronts.

我們可以快速裝備收銀機，為眾多品牌和眾多垂直產業提供快速回報。

We see some use cases getting deployed around our BillExplainer.AI where they want to reduce the number of calls into their call center and reduce churn during a promotional period.

我們看到一些用例圍繞著我們的 BillExplainer.AI 部署，他們希望減少呼叫中心的呼叫數量並減少促銷期間的客戶流失。

We've got other customers that want to deal with fraud alert notifications and that's the entry point to get a quick sale.

我們還有其他客戶想要處理詐欺警報通知，這是獲得快速銷售的切入點。

We have other customers that are trying to actually grow revenue faster and they use it to do proactive offers, try to upsell or cross-sell, and it's more of a revenue driver.

我們還有其他客戶試圖真正更快地增加收入，他們用它來進行主動報價，嘗試追加銷售或交叉銷售，這更多的是收入驅動力。

And often what we find on speed is it's use case driven.

通常我們發現速度是由用例驅動的。

And then once they deploy for one or two use cases, they realize the power in that platform can actually be used for dozens of use cases.

然後，一旦他們針對一兩個用例進行部署，他們就會意識到該平台的功能實際上可以用於數十個用例。

Occasionally we'll sell it more as a pure platform play and a Swiss army knife to solve any of their needs.

有時，我們會將其作為純粹的平台遊戲和瑞士軍刀來出售，以滿足他們的任何需求。

But often in this, I'd say higher hurdle rate payback period, often it's just ring the cash register, solve a near-term problem, and then move on.

但通常在這種情況下，我會說更高的回報率回報期，通常只是敲響收銀機，解決近期問題，然後繼續前進。

So we have traditional SaaS economic pricing that you would expect with that, could it become more performance-based over time?

因此，我們有您所期望的傳統 SaaS 經濟定價，隨著時間的推移，它會變得更加基於性能嗎？

Always open to that.

對此始終持開放態度。

It just has to work for us and for our customers.

它只需要為我們和我們的客戶服務。

But we're always flexible to just different approaches over time.

但隨著時間的推移，我們總是靈活地採用不同的方法。

But we love what we're saying.

但我們喜歡我們所說的。

And one of the real breakthroughs this quarter order on CX was that cross-sell into telco that we saw with Telenor Denmark and Lyse getting sold with our Authorization SaaS platform as well.

本季 CX 訂單的真正突破之一是對電信公司的交叉銷售，我們看到 Telenor丹麥和 Lyse 也透過我們的授權 SaaS 平台進行銷售。

That was super exciting for us and we think we can do a lot more of that.

這對我們來說非常令人興奮，我們認為我們可以做得更多。

And then you had a question on M&A earlier and you also went into it and extent on your commentary, and certainly, I understand the relative hurdle rates compared to buying back your own stock.

然後您早些時候提出了有關併購的問題，您也對此進行了深入探討並發表了評論，當然，我了解與回購自己的股票相比的相對障礙率。

But are you seeing any loosening of multiples?

但您是否看到市盈率有任何鬆動？

Are you seeing the likelihood of more for selling on the part of some smaller entrepreneurial companies who might not have had the access to capital that they had even 12 or 18 months ago?

您是否認為一些小型新創公司有可能出售更多資金，這些公司可能無法獲得 12 或 18 個月前的資金？

Yeah, I think that there's a couple of interesting dynamics on the M&A but also it relates to a couple of other non-M&A related portions.

是的，我認為併購有一些有趣的動態，但它也與其他一些非併購相關的部分有關。

Periods like this actually tend to play to the favor of stronger, larger providers.

這樣的時期其實往往有利於更強大、更大的供應商。

And we've seen periods like this where customers have made decisions to maybe break some of their hard-held, long-held beliefs and open up new buying opportunities for CSG.

我們已經看到這樣的時期，客戶所做的決定可能會打破他們一些頑固的、長期持有的信念，並為南玻集團開闢新的購買機會。

And that's true on the M&A side as well.

在併購方面也是如此。

So in tougher periods, sometimes weaker performers, sometimes reevaluate whether they should still be in the business or not in various areas.

因此，在困難時期，有時表現較差的企業有時會重新評估自己是否應該在各個領域繼續從事這項業務。

And it can create opportunities where we can just win more sales organically from them and go take market share.

它可以創造機會，讓我們能夠從他們那裡有機地贏得更多銷售額並佔領市場份額。

And in some cases, it may create a fantastic opportunity to buy an extremely attractive price on a multiple of revenue and EBITDA pre-cost synergies that could create opportunities.

在某些情況下，它可能會創造一個絕佳的機會，以極具吸引力的價格購買收入和 EBITDA 成本前協同效應的倍數，從而創造機會。

And so even though I think the macroeconomic environment right now, we'd love it to be, have a few less single digit, 1% to 2% headwinds to growth, but we think it's actually to be a gift in the longer and medium term for CSG, both on the organic side of our business and potentially on the M&A.

因此，儘管我認為目前的宏觀經濟環境，我們希望它能減少個位數，即 1% 到 2% 的成長阻力，但我們認為這實際上是中長期的禮物。的有機面，也涉及潛在的併購。

And what we just try to do, we just try to stay extremely disciplined on what we know would unlock a ton of value for our shareholders.

我們只是試圖做的，就是在我們知道將為股東釋放大量價值的事情上保持嚴格的紀律。

And if it comes in, if a good M&A small, mid, or larger comes in and it fits the criteria, we have the flexible balance sheet to be able to act on that in a way that could be very attractive for our shareholders.

如果它進來，如果一個好的小型、中型或大型併購進來並且符合標準，我們就擁有靈活的資產負債表，能夠以對我們的股東非常有吸引力的方式採取行動。

If it doesn't come in, no problem.

如果不進來也沒有問題。

We'll just keep working and keep driving the organic part of our business.

我們將繼續努力並繼續推動我們業務的有機部分。

That's how we think about it.

我們就是這麼想的。

You still have all those Nutcracker engineers sitting in Dubai now presumably.

現在想必所有胡桃鉗工程師仍坐在杜拜。

Okay, great.

好的，太好了。

Thanks, Brian.

謝謝，布萊恩。

Thanks so much, Matt.

非常感謝，馬特。

Michael Berg, Wells Fargo Securities.

麥可‧伯格，富國銀行證券公司。

I want to double click on the dynamics happening within Comcast and Charter.

我想雙擊康卡斯特和查特內部發生的動態。

Those are both healthy points in the quarter.

這些都是本季的健康點。

You mentioned specifically expansion in new areas of business and that the Comcast renewal may get pulled forward here.

您特別提到了新業務領域的擴張，以及康卡斯特的續約可能會在這裡提前。

So maybe you could just help us understand some more nuance of those new areas of the business.

因此，也許您可以幫助我們了解這些新業務領域的更多細微差別。

What areas of business are still left to capture at both Comcast and Charter?

康卡斯特和查特還有哪些業務領域有待開拓？

And any more details you can share on the Comcast renewal?

您可以分享更多關於康卡斯特續約的細節嗎？

Thank you.

謝謝。

No, thanks so much, Mike.

不，非常感謝，麥克。

Appreciate you joining.

感謝您的加入。

Yes.

是的。

As we've talked, I mean, we've talked for a few quarters now.

正如我們所說，我的意思是，我們已經談了幾個季度了。

We have high confidence that Comcast, Charter, extremely strong brands, industry-leading companies.

我們對 Comcast、Charter 等極其強大的品牌、業界領先的公司充滿信心。

We believe they will mount a strong, formidable, competitive response to some of the things they see going on in the market.

我們相信，他們會對市場上發生的一些事情做出強有力的、令人生畏的、有競爭力的反應。

We love what they're doing in the business.

我們喜歡他們在行業中所做的事情。

We love our three decades-plus relationship with both.

我們熱愛與雙方長達三十多年的關係。

And we have significant opportunities to expand if they decide that that's good for their business.

如果他們認為這對他們的業務有利，我們就有很大的機會擴張。

And so first, we serve over $63 million subscribers at Comcast and Charter combined, all of their triple play subscribers on both.

首先，我們為 Comcast 和 Charter 的總價值超過 6,300 萬美元的訂戶提供服務，其中所有三網合一訂戶都是這兩家公司的。

As a reminder, we moved 11 million subscribers off of Amdocs to us a few years ago, and we moved 14 million off of Nutcracker a couple of years ago as well, and so we continue to serve them well.

提醒一下，幾年前我們將 Amdocs 的 1100 萬訂戶轉移到了我們這裡，幾年前我們也從《胡桃夾子》中轉移了 1400 萬訂戶，因此我們將繼續為他們提供良好的服務。

It was very exciting to see 1% growth, and it was exciting to sign a good new billing contract with Comcast in a new growth area for them.

看到 1% 的成長是非常令人興奮的，而且與康卡斯特在新的成長領域簽署一份良好的新計費合約也令人興奮。

Unrelated to the 63 million triple-play subscribers we already serve with our long-term contracts.

與我們已經透過長期合約服務的 6300 萬三重播放用戶無關。

So love what we're seeing.

所以喜歡我們所看到的。

We could have opportunities to grow in the CX space if they chose to use us in those areas.

如果他們選擇在這些領域使用我們，我們就有機會在客戶體驗領域發展。

We could grow in the wireless space.

我們可以在無線領域發展。

Right now, both of them in their wireless growth are on an Amdocs platform.

目前，他們的無線成長都在 Amdocs 平台上進行。

We could also just help them in other areas of the business where they might decide to rely on some of our proven technology.

我們還可以在其他業務領域為他們提供幫助，他們可能會決定依賴我們的一些成熟技術。

And so what we try to do is just always be on and resilient, always be future-ready with our platforms, and just constantly bring them ideas that can help them mount a more formidable response.

因此，我們要做的就是始終保持活力並保持彈性，始終為我們的平台做好未來準備，並不斷為他們提供可以幫助他們做出更強大反應的想法。

And so that's why we gave the additional color on the Comcast renewal.

這就是為什麼我們對康卡斯特的續約賦予了額外的色彩。

We've never been better positioned at Comcast and yet we never take it for granted.

我們在康卡斯特的地位從未如此之好，但我們從不認為這是理所當然的。

And so what we're as you can imagine, with about 18 months left on that contract, we're in active discussions.

因此，正如您所想像的那樣，合約還剩大約 18 個月，我們正在積極討論。

Maybe something gets signed sooner this year.

也許今年會更早簽署一些協議。

Maybe Comcast decides to sign the renewal sometime next year.

也許康卡斯特決定在明年某個時候簽署續約協議。

There is going to be a good win-win renewal that brings a lot of value for Comcast and fantastic value for CSG.

這將是一次好的雙贏續約，為康卡斯特帶來巨大價值，也為南玻集團帶來巨大價值。

We're highly confident it's coming, whether it's next quarter, the quarter after, or in 2025, stay tuned.

我們對它的到來充滿信心，無論是下個季度、下個季度還是 2025 年，敬請期待。

But we love where we're positioned.

但我們喜歡我們所處的位置。

I will now turn the call back over to Brian Shepherd for closing remarks.

現在，我將把電話轉回給布萊恩謝潑德 (Brian Shepherd) 作結束語。

Please go ahead.

請繼續。

Thanks for joining, everyone.

感謝大家的加入。

We were super excited about the great sales wins we saw in Q2.

我們對第二季的巨大銷售勝利感到非常興奮。

Gives us confidence that we'll see improved organic revenue growth in Q3 and Q4.

讓我們有信心在第三季和第四季看到有機收入成長的改善。

We are going to consistently improve our non-GAAP adjusted operating margin and our EPS, and that is here to stay.

我們將持續提高我們的非公認會計準則調整後營業利潤率和每股收益，這一點將持續下去。

And we're going to continue to execute on that like those quarter turns of the wrench.

我們將繼續像扳手一樣旋轉四分之一圈來執行此操作。

Super grateful to all the CSGers around the world for making this happen.

非常感謝世界各地所有的 CSGers 讓這一切成為現實。

Look forward to talking next quarter.

期待下個季度的談話。

We've got some work to do to deliver fantastic results in Q3.

為了在第三季取得出色的成果，我們還有一些工作要做。

Thank you, all.

謝謝大家。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining, and you may now.

感謝大家的加入，現在就可以了。