CSG Systems International Inc (CSGS) 2024 Q3 法說會逐字稿

Hello and thank you for standing by.

您好，感謝您的支持。

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

我的名字是 Regina，今天我將擔任您的會議主持人。

At this time.

此時。

I would like to welcome everyone to CSG's third quarter, 2024 earnings conference call.

歡迎大家參加 CSG 2024 年第三季財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音以防止任何背景噪音。

After the speaker's remarks, there will be a question and answer session.

演講者發言後，將有問答環節。

If you would like to ask a question during this time, simply press star.

如果您想在此期間提問，只需按星號即可。

Then the number one on your telephone keypad to withdraw your question.

然後按電話鍵盤上的數字 1 來撤回您的問題。

Press star one again, we ask that you please limit yourself to one question and one follow up.

再次按下星號 1，我們要求您將問題限制在一個問題和一個後續問題上。

I would now like to turn the conference over to John Rae, head of Investor relations and treasurer.

現在，我想將會議交給投資者關係主管兼財務主管 John Rae。

Please go ahead.

請繼續。

Thank you operator and thanks to everyone for joining us.

謝謝接線員，也謝謝大家的加入我們。

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

與上一季一樣，我們將使用幻燈片進行工作，您可以在我們網站的投資者關係部分找到它。

Please take a moment to locate these slides.

請花一點時間找到這些幻燈片。

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

今天的討論將包含一些前瞻性陳述，其中包括但不限於有關我們預計的財務業績、我們透過我們的產品、服務和業績滿足客戶需求的能力以及我們成功整合和管理收購業務的能力的陳述以實現其預期的策略營運和財務目標。

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

雖然這些風險反映了我們目前的最佳判斷，但它們仍受制於可能導致我們的實際結果差異的風險和不確定性。

Materially, please note that these forward-looking statements reflect our opinions only as of the date of this call.

值得注意的是，這些前瞻性陳述僅反映我們截至本次電話會議之日的觀點。

And we undertake no obligation to revise or publicly release any revision to these forward-looking statements in light of new or future events.

而且，我們不承擔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的義務。

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外，有關我們的風險因素的更全面討論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，這些文件均可在我們網站的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 GAAP 財務指標與我們的 GAAP 財務指標一起審查時，可以為投資者提供更大的透明度，使他們能夠了解我們的管理團隊在製定財務和營運決策時所使用的資訊。

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 with me today on the phone are Brian Shepherd, Chief Executive Officer and High Tran, Chief Financial Officer.

有關我們使用非公認會計準則財務指標的更多信息，請參閱我們網站上今天的收益報告和非公認會計準則對賬表，這些表格也將以8-K 表格的形式提交給美國證券交易委員會，今天我透過電話聯繫了Brian Shepherd 擔任首席執行官，High Tran 擔任財務長。

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 today's call on slide 4.

歡迎參加今天的幻燈片 4 上的電話會議。

We wanted to begin with several exciting highlights that showcase how well team CSG is executing across all areas of our business.

我們想從幾個令人興奮的亮點開始，展示 CSG 團隊在我們業務的所有領域的表現。

First, the big news that has been on every investor's mind.

首先，這是每個投資者都關心的重大消息。

We were super excited to announce on Monday that we signed a fantastic contract renewal with Comcast.

我們在週一非常高興地宣布，我們與康卡斯特簽署了一份非常棒的續約合約。

This great win win deal builds on our five year plus relationship with Comcast and it gives both companies the opportunity to unlock much greater value in the future by continuing to do more business together.

這項偉大的雙贏交易建立在我們與康卡斯特五年多的合作關係之上，它使兩家公司有機會透過繼續開展更多業務來在未來創造更大的價值。

Comcast is undoubtedly one of the biggest and best connectivity and entertainment providers in the world and we are honored and humbled to continue to serve this industry giant with mission critical technology solutions.

康卡斯特無疑是世界上最大、最好的連接和娛樂提供商之一，我們很榮幸能夠繼續為這個行業巨頭提供關鍵技術解決方案。

Well into the next decade, we're also very pleased to raise both profitability and EPS guidance targets for the second consecutive quarter while reiterating all other full year 2024 guidance targets.

進入下一個十年，我們也非常高興連續第二個季度提高盈利能力和每股收益指導目標，同時重申所有其他 2024 年全年指導目標。

We achieved very good profitability in Q3, reporting an 18.4% non-GAAP adjusted operating margin and team CSG believes it can continue to deliver enhanced profitability in Q4 and into 2025 and beyond.

我們在第三季度實現了非常好的盈利能力，非 GAAP 調整後營業利潤率為 18.4%，CSG 團隊相信它可以在第四季度以及 2025 年及以後繼續實現更高的盈利能力。

It was also great to see the strong profit performance converted into better free cash flow as we generated $37 million in free cash flow during the first nine months of 2024 a 25% increase year over year.

我們也很高興看到強勁的利潤表現轉化為更好的自由現金流，因為我們在 2024 年前 9 個月創造了 3700 萬美元的自由現金流，比去年同期成長 25%。

And as I will share more detail on our cash flow growth would have been even stronger if you normalize out the $18 million in one time restructuring, cost reduction hits the cash flow through Q3 year-to-date.

我將更詳細地介紹我們的現金流成長情況，如果將一次性重組中的1,800 萬美元正常化，成本削減將影響今年第三季迄今的現金流，那麼我們的現金流成長將會更加強勁。

And lastly, our sales wins and deal expansions through the first nine months of the year have been very strong across the board with good wins and digital monetization, data driven CX and payments slide 5 provides some additional color on the Comcast renewal.

最後，今年前九個月，我們的銷售勝利和交易擴展全面強勁，取得了良好的勝利和數位貨幣化，數據驅動的CX 和支付幻燈片5 為康卡斯特的續約提供了一些額外的色彩。

The contract term extends through December 31st 2030.

合約期限延長至2030年12月31日。

Over six years from now, CSG will continue to provide broad mission critical support for Comcast triple play broadband subscribers and other areas of Comcast business.

未來六年內，CSG 將繼續為康卡斯特三網融合寬頻用戶和康卡斯特業務的其他領域提供廣泛的關鍵任務支援。

Given the good contractual commitments that CSG received, we agreed to no day one price increase and no price increase in 2025.

鑑於CSG獲得的良好合約承諾，我們同意第一天不漲價，2025年也不漲價。

But the parties did agree to annual price escalator starting in January 1st 2026.

但雙方確實同意從 2026 年 1 月 1 日起每年調整價格。

We're truly honored to continue to serve one of the largest and most innovative leaders in the connectivity and entertainment industries.

我們非常榮幸能夠繼續為互聯和娛樂產業中最大、最具創新精神的領導者之一提供服務。

Well into the next decade.

進入下一個十年。

Moving to slide 6, we wanted to remind investors of the three key value creation commitments that the CSG leadership team and board of directors will hold ourselves accountable to deliver in 2025 and 2026 1st.

轉到第 6 張投影片，我們想提醒投資者註意 CSG 領導團隊和董事會將在 2025 年和 2026 年首先兌現的三個關鍵價值創造承諾。

Even as we grow through a lower organic revenue growth period for the next several quarters CSC aspires 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 CS G revenue by 2026.

即使我們在接下來的幾個季度中經歷了較低的有機收入增長期，CSC 仍希望持續實現2% 至6% 的純有機收入增長，並將收入從令人興奮的新行業垂直領域多元化，到2025 年佔CS G 總收入的35% 以上。

As a reminder since January 1st 2021 CSG has added over $160 million of new organic revenue through Q3 3 2024 second.

提醒一下，自 2021 年 1 月 1 日起，CSG 截至 2024 年第三季增加了超過 1.6 億美元的新有機收入。

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 much faster than revenue growth.

我們希望將非公認會計準則營業利潤率從之前的長期範圍 16% 至 18% 擴大到新的長期範圍 18% 至 20%，並且自由現金流的增長速度要遠快於收入的增長。

And we fully expect to achieve this higher operating profit without impeding our ability to get back to the mid single digit annual organic revenue growth that we achieved from 2021 through 2023 and to do this by 2026 or sooner, and we believe that our improved profitability will convert into significantly higher free cash flow in 2025 and 2026 with a pathway to deliver between $110 million and $150 million in free cash flow in those years.

我們完全有信心實現這更高的營業利潤，而不會妨礙我們恢復到2021 年至2023 年實現的中等個位數年度有機收入增長的能力，並在2026 年或更早實現這一目標，我們相信，我們獲利能力的提高將到 2025 年和 2026 年將轉化為顯著更高的自由現金流，並有望在這些年實現 1.1 億美元至 1.5 億美元的自由現金流。

Third, we will continue to return significant capital to shareholders on that front.

第三，我們將繼續在這方面向股東提供大量資本回報。

We are committing to over $100 million in share repurchases and dividends in each of 2024 and 2025.

我們承諾在 2024 年和 2025 年每年回購和發放超過 1 億美元的股票股利。

As a reminder, we have delivered nearly $500 million to shareholders in the form of dividends and buybacks since 2020.

提醒一下，自 2020 年以來，我們已以股息和回購的形式向股東提供了近 5 億美元。

And we are now in our 11th consecutive year of increasing our dividend, a key tenant of the CS G investment thesis turning to slide 7.

我們現在已經連續第 11 年增加股息，這是 CS G 投資論文的關鍵內容（見第 7 頁）。

Since we have a number of new followers 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, fast solutions to global brands and a wide variety of industry verticals.

由於我們的故事吸引了大量新粉絲，我們希望將 CSG 團隊如何脫穎而出，成為關鍵任務企業、全球品牌和各種垂直行業的快速解決方案的領先提供者聯繫起來。

With the record setting revenue diversification results, we keep reporting most quarters.

憑藉創紀錄的收入多元化成果，我們在大多數季度中持續發布報告。

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

許多投資者問我們如何確定目標垂直產業。

The answer is simple CSG targets industry verticals that have highly recurring relationships with their end customers powered by a complex subscription and consumption based business models.

答案很簡單，CSG 瞄準的是與最終客戶保持高度頻繁關係的垂直行業，這些關係由複雜的訂閱和基於消費的商業模式所驅動。

This is why we have 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, we help great brands like Walgreens, JP, Morgan, Chase NRC Health and Formula one solve similar customer engagement and monetization business challenges.

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媒體、金融服務、醫療保健、藥局、零售、科技、政府等令人興奮的垂直產業，我們幫助Walgreens、JP、Morgan 等偉大品牌、Chase NRC Health 和 Formula one 解決了類似的客戶參與和貨幣化業務挑戰。

Just like we help Comcast Charter, MTN Telstra in the same areas.

就像我們在同一領域幫助 Comcast Charter、MTN 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的相似。

This explains why we've been able to sell our industry leading cloud native SAS A send in platform to one of the largest banks in Australia and why formula one and other big content providers have selected CSG ascendon to monetize their media and digital content businesses.

這解釋了為什麼我們能夠將我們行業領先的雲端原生SAS A 發送平台出售給澳洲最大的銀行之一，以及為什麼一級方程式賽車和其他大型內容提供商選擇CSG risen 來實現其媒體和數位內容業務的盈利。

And it's also why leading global wireless operators like Claro Brazil M One in singapore, Telenor, Denmark and Lease and Norway have all selected CSGS send them in the telecom industry vertical.

這也是為什麼新加坡的 Claro Brazil M One、丹麥的 Telenor 和挪威的 Lease 等全球領先的無線營運商都選擇 CSGS 來向它們提供電信行業垂直服務。

These common business needs across industry verticals also explain why we've been able to sell our data driven CX and payments solutions to 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將數據驅動的 CX 和支付解決方案銷售給快速成長的垂直行業的許多大客戶。

Second, many investors ask us about our value proposition and what business problem CS G solved for customers in different industry verticals.

第二，很多投資人問我們價值主張，CS G為不同垂直產業的客戶解決了什麼業務問題。

The answer to this question also explains why CS G has been able to grow organic revenue over 5% on a compound annual growth rate basis since 2021 every large customer and all these bigger faster growing recurring revenue industry verticals have similar business challenges related to their post purchase customer engagement.

這個問題的答案也解釋了為什麼CS G 自2021 年以來能夠以複合年增長率實現5% 以上的有機收入增長，每家大客戶以及所有這些規模更大、增長更快的經常性收入行業垂直行業都面臨著與其職位相關的類似業務挑戰購買客戶參與。

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

他們都需要降低成本和精力來吸引和教育新客戶。

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權力和靈活性。

They all need to harness their data to more proactively up sell, cross sell and retain their most valuable customers with real time data driven promotional offers and they all need to make it easier to build, collect and resolve payment disputes on a timely basis.

他們都需要利用他們的數據，透過即時數據驅動的促銷活動，更積極地進行追加銷售、交叉銷售並留住最有價值的客戶，並且他們都需要更容易及時地建立、收集和解決支付糾紛。

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

投資人常常誤解的一個重要點是，CS G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。

Third.

第三。

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

我們的投資者經常問我們為什麼能夠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 in organic M&A to constantly strengthen our industry leading future ready SAS portfolio.

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，並在有機併購方面嚴守紀律，以不斷加強我們行業領先的、面向未來的 SAS 產品組合。

So we can simultaneously grow organic revenue while expanding our operating margins and profitability.

因此，我們可以同時增加有機收入和擴大我們的營業利潤率和獲利能力。

As a reminder, CSG is ranked in the leaders quadrant in Gardner's integrated revenue and customer management category.

提醒一下，CSG 在 Gardner 的綜合收入和客戶管理類別中位列領導者象限。

And CSG is also ranked in the leaders quadrant in foresters customer journey orchestration category ahead of almost all other competitors.

此外，CSG 在 Foresters 客戶旅程編排類別中也位居領導者象限，領先於幾乎所有其他競爭對手。

And CSG routinely wins industry leadership awards in the payment space is doing all this easy.

而南方電網屢屢榮獲支付領域的行業領導力獎項也正是靠著這個優勢才做到了這一切。

No, it's not being as mission critical as it gets for giant customers all around the world in a wide variety of industry verticals is never easy and yet being a critical provider to help our customers lower their cost, retain and up sell their most valuable customers, grow revenue faster and make more money.

不，對於全球各行各業的大型客戶來說，這並不是一件容易的事，但作為一家關鍵供應商，我們可以幫助客戶降低成本，留住最有價值的客戶，並向他們推銷產品，更快地增加收入並賺取更多錢。

Is precisely why our customer relationships are so sticky, often lasting three decades or longer.

這正是我們的客戶關係如此牢固、通常能持續三十年甚至更長的原因。

And it also explains why we have continued to grow organic revenue and close exciting new sales wins even in tough economic conditions because our fast workflow solutions deliver faster Roy paybacks.

這也解釋了為什麼即使在艱難的經濟條件下，我們仍能繼續增加有機收入並取得令人興奮的新銷售勝利，因為我們的快速工作流程解決方案可以更快地帶來 Roy 回報。

On slide 8, you can see the success we've had in increasing our organic revenue growth since 2021 and the industry vertical revenue diversification success we've had since 2017.

在第 8 張投影片上，您可以看到我們自 2021 年以來在提高有機收入成長方面的成功，以及自 2017 年以來我們在行業垂直收入多元化方面取得的成功。

The truly exciting part for us 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.

對我們來說真正令人興奮的是，即使我們 2024 年的有機收入成長與近期季度 2% 至 6% 的有機成長範圍的下限一致。

CSGS profitability is expanding at its fastest clip in many years as a result of both our operating discipline and our product centric business model.

由於我們的營運紀律和以產品為中心的業務模式，CSGS 的獲利能力正以多年來最快的速度成長。

Turning to slide 9, we want to remind investors on the many exciting new logo sales wins and deal expansions we've delivered year-to-date in 2024.

轉到第 9 張投影片，我們想提醒投資者，我們在 2024 年迄今為止取得了許多令人興奮的新標誌銷售勝利和交易擴展。

These wins are underpinned by our strong global sales teams that continue performing well and delivering meaningful wins like clockwork.

這些勝利得益於我們強大的全球銷售團隊，他們繼續表現出色並準時取得有意義的勝利。

We want a fantastic new telecom logo in Q3 at Teleo Denmark, the second largest mobile operator in Denmark.

我們希望丹麥第二大行動電信商 Teleo Denmark 在第三季推出出色的新電信標誌。

We will be deploying both our cloud native Sass Ascendon and CSG Exponent solutions.

我們將部署我們的雲端原生 Sass Ascendon 和 CSG Exponent 解決方案。

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

這場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獲得雲端貨幣化產品的能力。

It also highlights an important inflection point that we're seeing in the global telecom market as more leading wireless operators around the globe are willing to run their core billing and monetization engines in the cloud.

這也凸顯了我們在全球電信市場看到的一個重要轉折點，因為全球越來越多領先的無線營運商願意在雲端運行其核心計費和貨幣化引擎。

A trend that bodes very well for our revenue growth with our Aws cloud native Ascendon platform.

這一趨勢對於我們透過 Aws 雲端原生 Ascendon 平台實現營收成長非常有利。

We want a second fantastic CSGN and exponent joint cross sell new logo deal with lease, a leading telecom and utility provider in Norway lease selected CSG for a full digital BS S transformation and will reap the benefits of becoming a digital operator as they too move from their core monetization and customer engagement technology platforms to the cloud with CSGS sending we want a third great cloud to send in wireless win in Claro Brazil, one of Brazil's largest telecom operators serving more than 88 million mobile customers to better serve the wireless market and monetize its mobile network.

我們希望與挪威領先的電信和公用事業供應商Lease 達成第二個出色的CSGN 和Exponent 聯合交叉銷售新標誌協議，Lease 選擇CSG 進行全面數位化BS S 轉型，並將從成為數位化營運商中獲益，因為他們也將從我們希望第三個偉大的雲端能夠在無線領域贏得Claro Brazil 的勝利，Claro Brazil 是巴西最大的電信營運商之一，為超過8,800 萬名行動客戶提供服務，從而更好地服務於無線市場並實現貨幣化其行動網路。

Claro Brazil chose CSGS highly scalable cloud native ascended solution to set the foundation for its digital MVNO evolution.

Claro Brazil 選擇 CSGS 高度可擴展的雲端原生升級解決方案，為其數位 MVNO 發展奠定基礎。

Another 2024 ascend in sales highlight was the excellent multi year contract extension with the iconic brand formula one, the world's most prestigious motor racing series.

2024 年銷售額上升的另一個亮點是與世界最負盛名的賽車系列賽標誌性品牌一級方程式賽車續簽了多年的出色合約。

Since 2018, our cloud native multi channel cloud Ascendon solution has enabled formula one to quickly launch new live and on demand O TT subscription services for fans who want to connect with formula one's content.

自 2018 年以來，我們的雲端原生多通路雲 Ascendon 解決方案使一級方程式賽車能夠為想要了解一級方程式賽車內容的賽車迷快速推出新的直播和點播 O TT 訂閱服務。

We expanded our relationship with One New Zealand, formerly Vodafone New Zealand with an exciting win with the CS G quote and order suite of catalog driven solutions to provide a seamless experience between the quoting of new products and the monetization of their offers.

我們擴大了與One New Zealand（前身為Vodafone New Zealand）的合作關係，並透過CS G 報價和訂單套件目錄驅動解決方案取得了令人興奮的勝利，為新產品報價和報價貨幣化之間提供了無縫的體驗。

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

CSG 團隊與非洲領先的電信營運商 Maxcom Botswana 合作，成功實現了數位化 BSS 轉型。

And we won more business with Zain Sudan, part of the Zain group and a leading wireless operator in the Middle East and North Africa.

我們也與 Zain 蘇丹公司贏得了更多業務，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。

We previously announced a fantastic deal extension and expansion with Telstra, a 20 plus year customer of ours in the complex B two B segment.

我們先前宣布了與 Telstra 達成的一項很棒的交易延長和擴展協議，Telstra 是我們在 B2B 綜合體領域超過 20 年的客戶。

And on top of the big Comcast renewal, we were excited at the beginning of Q3 to win a meaningful new standalone billing deal at Comcast, which we expect to add approximately 10 million in non-recurring revenue in 2024 split fairly equally between Q3 and Q4 of 2024.

除了與康卡斯特續約外，我們還很高興在第三季初贏得了康卡斯特一項意義重大的新的獨立計費協議，我們預計該協議將在2024 年增加約1000 萬美元的非經常性收入，並在第三季和第四季之間平均分配2024 年。

During the third quarter, we also announced an innovative new partnership with Sellis to help mobile operators optimize the roaming work flows, improve customer satisfaction and capitalize on emerging technologies like five G and IOT moving to the year-to-date sales wins in banking and financial services.

在第三季度，我們也宣布與Sellis 建立創新的合作夥伴關係，以幫助行動營運商優化漫遊工作流程，提高客戶滿意度，並利用5G 和物聯網等新興技術，推動銀行和行動領域的年初至今銷售勝利。

We announced a fantastic deal extension and expansion with JP Morgan Chase where we are deploying our CS G exponent suite of solutions to create an enhanced fraud alert notification experience for chase card holders.

我們宣布與摩根大通達成一項出色的協議延長和擴展，我們正在部署我們的 CS G 指數解決方案套件，為大通卡持有人創造增強的欺詐警報通知體驗。

Also, Walgreens has been a CSG customer and partner for nearly 15 years through a third party relationship.

此外，沃爾格林透過第三方關係已成為 CSG 的客戶和合作夥伴近 15 年。

This last quarter, I'm pleased to report that we successfully executed a direct contract with Walgreens to provide CSG smart communications platform with real time messaging to the most important customer segment of Walgreens.

上個季度，我很高興地報告，我們成功與 Walgreens 簽訂了直接合同，為 CSG 智慧通訊平台提供即時訊息功能，以滿足 Walgreens 最重要的客戶群的需求。

The prescription customers, CSG is executing real time prescription refill reminders and per prescription status messaging to drive higher drug adherence.

作為處方客戶，CSG 正在執行即時處方續藥提醒和每個處方狀態訊息傳遞，以提高藥物依從性。

A critical KP I for Walgreens, we just met a new milestone this month and have executed over 5 billion IVR messages to prescription customers on behalf of Walgreens.

對於 Walgreens 來說，這是一項關鍵的 KP I，本月我們剛剛達到了一個新的里程碑，並代表 Walgreens 向處方客戶執行了超過 50 億條 IVR 訊息。

We appreciate our partnership and look forward to further expansion.

我們感謝我們的合作並期待進一步擴大。

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

CSG 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，支援美國一半以上的醫療保健系統。

We're partnering with NRC to execute a digital multi channel customer engagement strategy in a streamlined cost effective and scalable manner.

我們正在與 NRC 合作，以精簡、經濟高效且可擴展的方式執行數位多通路客戶參與策略。

And finally, I'll 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，我要總結我們在支付領域取得的良好銷售成果，美國一家領先的地區性銀行選擇 CSG 來滿足他們的支付需求。

Specifically CSGS payment solutions allow this bank to reduce transactional costs and modernize their online payments portal with our bill pay product.

具體來說，CSGS 支付解決方案允許該銀行透過我們的帳單支付產品降低交易成本並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 payments needs.

我們相信，許多國內銀行都可以利用我們的解決方案來滿足他們的支付需求，從而受益。

While all these fantastic sales wins will take time to onboard and convert into recognized revenue.

然而所有這些出色的銷售勝利都需要時間來轉化為確認的收入。

They're why we fully expect to grow organic revenue at the midpoint or higher of our 2% to 6% organic growth range over the medium to longer term.

這就是為什麼我們完全預期中長期內有機收入將成長到 2% 至 6% 有機成長範圍的中間值或更高。

Moving to slide 10, we would like to provide more color on our second value creation priority.

接下來是第 10 張投影片，我們想進一步闡述我們的第二個價值創造重點。

Our commitment to consistently expand CSGS profitability.

我們致力於持續提高 CSGS 的獲利能力。

One of the most meaningful highlights this year 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.

今年最有意義的亮點之一是我們對南方電網在未來幾個季度和幾年繼續大幅擴大盈利能力和經營槓桿的能力充滿信心。

We have shown 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% 成長至 2023 年的 17.2%。

Looking ahead, we absolutely believe there's 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，CSG 有一條清晰的道路可以在 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 sales.

值得注意的是，獲利能力的提高並不會以犧牲銷售額為代價。

Our continuously expanding profitability stems from our improved operating leverage of scale.

我們不斷提升的獲利能力源自於規模經營槓桿的提升。

Our smart investment in A I our ongoing cost efficiencies unrelated to sales and marketing and our ability to grow higher gross margin, fast revenue faster than the rest of CSG.

我們對 A I 的明智投資，使我們持續保持與銷售和行銷無關的成本效率，並且能夠比 CSG 其他部分更快地提高毛利率和收入。

And as we generate higher non-GAAP operating margins in the quarters and years ahead, this should absolutely result in free cash flow growing much faster than revenue growth.

而且，隨著我們在未來幾季和幾年內實現更高的非公認會計準則營業利潤率，這絕對會導致自由現金流的成長速度遠遠超過收入的成長速度。

Turning to slide 11, we will summarize our third value creation priority.

轉到第 11 張投影片，我們將總結我們的第三個價值創造重點。

Our commitment to shareholder returns and our ability to execute a creative value.

我們對股東回報的承諾以及我們實現創造價值的能力。

Creating M&A Ds G is committed to returning over $100 million in shareholder remuneration via share buybacks and dividends in each of 2024 and 2025 disciplined capital allocation and a dedication to returning capital to our shareholders is a cornerstone of our shareholder return strategy.

創建 M&A Ds G 致力於在 2024 年和 2025 年透過股票回購和股息向股東返還超過 1 億美元的報酬，嚴格的資本配置和致力於向股東返還資本是我們股東回報策略的基石。

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 good value, creating M&A deals that we find in the market over the next 3 to 5 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 3 到 5 個季度內在市場上找到的優質價值的規模、創造的併購交易。

We believe that CSG stock price represents an excellent buy for both investors and for CSG.

我們相信，CSG 股價對於投資者和 CSG 來說都是極佳的買入價。

So we will stay balanced, disciplined and focused on any strategic or financial move that the board of directors and management team believe will deliver the greatest value for our shareholders on this front.

因此，我們將保持平衡、自律，並專注於董事會和管理團隊認為將為我們的股東帶來最大價值的任何策略或財務舉措。

We increased our share repurchase activity in Q3, buying back $15 million worth of CSG stock versus the 10 million.

我們在第三季增加了股票回購活動，回購了價值 1,500 萬美元的 CSG 股票，之前為 1,000 萬美元。

We repurchased in Q2 when we set the $1.5 billion revenue goal in 2020 we knew about half of the revenue expansion would need to come from disciplined and a creative M&A.

當我們設定 2020 年 15 億美元的收入目標時，我們在第二季度進行了回購，我們知道大約一半的收入成長需要來自有紀律且富有創意的併購。

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，但當我們的股價較低時，良好併購交易的最低收益率就會變得更高。

We're very pleased with the two smaller highly accretive acquisitions that we've closed so far in 2024 we were able to acquire both companies at highly attractive multiples, both small tuck in deals add highly profitable revenue for CSG and with respect integration, both deals remain well on track to deliver the value we expected in our M&A business cases.

我們對2024 年迄今完成的兩筆規模較小、增值性極強的收購感到非常滿意，我們能夠以極具吸引力的倍數收購這兩家公司，這兩筆小型收購交易都為CSG 增加了高利潤收入，在整合方面，兩家​​公司交易仍有望實現我們在併購業務案例中預期的價值。

And on an 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 年期間每年有機收入成長約 5% 的承諾，公司層面的獲利能力顯著提高。

Given these exciting business results and momentum, we hope you see why we absolutely believe that CS CS best days and biggest breakthroughs are still ahead of us.

鑑於這些令人興奮的業務成果和發展勢頭，我們希望您能明白為什麼我們絕對相信 CS CS 最好的日子和最大的突破仍然在我們面前。

We're so grateful to every CS here for contributing to the transformation and growth of our company.

我們非常感謝這裡的每一位 CS 為我們公司的轉型和發展做出的貢獻。

As I wrap up my opening remarks, I want to be crystal clear on what we aspire to deliver to each one of our important shareholders for CSG employees.

在結束我的開場白時，我想清楚地說明我們希望為每位重要的股東和南方電網員工提供什麼。

We will continue to be a culture first company centered on inclusion and impact where every employee can be seen, heard and valued and where CSG becomes a platform for you to reach your fullest career potential.

我們將繼續成為一家以包容性和影響力為中心的文化優先公司，在這裡，每位員工都能被看到、聽到和重視，CSG 也將成為您充分發揮職業潛力的平台。

A giant.

一個巨人。

Thank you to all of you for the value you deliver every single day for CSG customers.

感謝你們所有人每天為 CSG 客戶帶來的價值。

We will obsess over helping you solve your toughest business and technology challenges on the way to lowering your operating costs, wowing your end customers and helping you grow your revenue even faster for CS G shareholders.

我們將竭誠協助您解決最棘手的業務和技術挑戰，以降低您的營運成本，讓您的最終客戶滿意，並幫助您為 CS G 股東更快地增加收入。

While we realize we don't completely control our relative total shareholder returns, we absolutely believe you deserve to be rewarded with excellent across the board results including faster revenue growth, higher operating margins, double digit free cash flow growth and above market relative TSR performance.

雖然我們意識到我們無法完全控制相對的股東總回報，但我們絕對相信您應該獲得全面的優異業績回報，包括更快的收入成長、更高的營業利潤率、兩位數的自由現金流成長和高於市場的相對股東總回報表現。

This board and management team will do everything in our power to try to make all this a reality sooner rather than later.

董事會和管理團隊將竭盡全力盡快使這一切成為現實。

And always with the operating discipline and high integrity you have come to expect from CSG.

並且始終秉持您對 CSG 所期望的經營紀律和高度誠信。

No matter what With That, I'll turn it over to high who will share more details on our good financial results.

不管怎樣，我將把它交給高層，他將分享更多關於我們良好財務表現的細節。

Thanks, Brian.

謝謝，布萊恩。

Let's walk through our Q3 2024 financial results and then I'll wrap up with some key conclusions starting on flight 13.

讓我們來看看 2024 年第三季的財務業績，然後我將從第 13 次航班開始得出一些關鍵結論。

We generated $295 million of revenue in Q3 versus $287 million in the same prior year period.

我們第三季的營收為 2.95 億美元，而去年同期的營收為 2.87 億美元。

The increase in revenue can be attributed to the growth of our fast and related solutions revenue.

收入的增加可歸因於我們的快速和相關解決方案收入的成長。

In addition to the approximately $6 million of revenue generated from the acquired businesses which offset lower software and services revenue for the quarter.

此外，收購業務還創造了約 600 萬美元的收入，抵消了本季軟體和服務收入的下降。

Also as it relates to our top two customers, Comcast and charter.

這也與我們最大的兩大客戶康卡斯特和特許公司有關。

We reported a 4% year over year increase in Q3 revenue.

我們報告第三季營收年增 4%。

Please note that approximately $5 million of Q3 revenue was driven by nonrecurring process implementations at Comcast.

請注意，康卡斯特第三季約 500 萬美元的收入是由非經常性流程實施所推動的。

We do not expect this revenue to recur next year in Q3 2025 or subsequent periods.

我們預計這筆收入不會在明年 2025 年第三季或後續期間再次出現。

Our Q3 2024 Nongaap operating income was $50 million or Nongaap adjusted operating margin of 18.4% as compared to $45 million or 17.0%.

我們的 2024 年第三季 Nongaap 營業收入為 5,000 萬美元，或 Nongaap 調整後營業利潤率為 18.4%，而之前為 4,500 萬美元或 17.0%。

In Q3 2022.

2022 年第三季。

We're extremely proud of team CS GS operating discipline that led to this 11% double digit year to year growth and adjusted operating process.

我們為 CS GS 團隊的營運紀律感到非常自豪，這帶來了 11% 的年成長和調整後的營運流程。

Similarly, our nongas adjusted beda was $64 million for Q3 2024 or 23.4% of revenue excluding transaction fees as compared to $60 million or 22.3% in Q3 2023.

同樣，2024 年第三季我們的非天然氣調整後 BDA 為 6,400 萬美元，佔不含交易費用收入的 23.4%，而 2023 年第三季為 6,000 萬美元，佔 22.3%。

Looking ahead, we expect our profitability metrics to further improve as we took significant cost efficiency actions in the first nine months of 2024 to optimize our capacity and better align CS us resources to areas of our business that would deliver faster growth and higher operating profits in the quarters and years ahead.

展望未來，我們預計獲利能力指標將進一步改善，因為我們在2024 年前9 個月採取了重大的成本效率行動，以優化我們的產能，並將CS US 資源更好地調整到我們業務領域，從而實現更快的成長和更高的營業利潤。

Lastly, our Q3 2024 Nongaap EPS grew 15% year to year to a dollar and 6¢.

最後，我們的 2024 年第三季 Nongaap EPS 年成長 15%，達到 1 美元 6 美分。

As compared to 92¢ in Q3 2023.

相比之下，2023 年第三季為 92 美分。

This significant increase in Nongaap EPS is mainly due to higher Nongaap operating income and the lower share count partially offset by foreign currency movements.

Nongaap 每股盈餘的大幅成長主要歸因於 Nongaap 營業收入增加和股份數量減少，但外匯變動部分抵銷了這一影響。

Turning to slide 14, I will go through the balance sheet, our cash flow performance and shareholder returns.

轉到第 14 張投影片，我將介紹資產負債表、我們的現金流量表現和股東回報。

We had Nongaap free cash flow of $32 million in Q3 2024 as compared to $18 million of Nongaap free cash flow in Q3 2023.

2024 年第三季度，我們的 Nongaap 自由現金流為 3,200 萬美元，而 2023 年第三季的 Nongaap 自由現金流為 1,800 萬美元。

From a year-to-date perspective, we generated $37 million in Nongaap free cash flow in 2024 versus $29 million in 2023.

從年初至今，我們在 2024 年產生了 3,700 萬美元的 Nongaap 自由現金流，而 2023 年為 2,900 萬美元。

A 25% year over year improvement going forward.

未來將比去年同期成長 25%。

We believe we have a significant opportunity to deliver between 110 million and $150 million of free cash flow in 2025 and 2,020¢.

我們相信，我們有很大機會在 2025 年至 2020 年實現 1.1 億至 1.5 億美元的自由現金流。

Moving on, we ended the third quarter of 2024 with $118 million of cash and cash equivalents that along with our outstanding debt at September 30,2024 results in $434 million of net debt and our net debt leverage ratio remains at 1.8 times a just city.

接下來，我們在2024 年第三季結束時擁有1.18 億美元的現金和現金等價物，加上截至2024 年9 月30 日的未償還債務，導致淨債務為4.34 億美元，我們的淨債務槓桿率仍為正義市值的1.8 倍。

But the further we have $566 million in liquidity as of the end of the quarter.

但截至本季末，我們的流動資金為 5.66 億美元。

And on the bottom, right hand side of the slide, you can see we have returned $70 million in dividends and share repurchases to shareholders through the first nine months of 2024.

在幻燈片的右下角，您可以看到我們在 2024 年前九個月向股東返還了 7000 萬美元的股息和股票回購。

Specifically in Q3, we increased our share repurchase activity by buying $15 million worth of stock in the quarter versus $10 million in Q2 turning the page.

具體來說，在第三季度，我們增加了股票回購活動，本季回購了價值 1,500 萬美元的股票，而第二季回購金額為 1,000 萬美元。

I'll revisit our 2024 guidance targets as Brian highlighted for the second consecutive quarter, we are pleased to be increasing certain 2024 guidance targets including our nongaap adjusted operating margin percentage, nongaap adjusted EBITA and non-GAAP EPS.

我將重新審視我們的2024 年指導目標，正如Brian 連續第二個季度強調的那樣，我們很高興能夠提高某些2024 年指導目標，包括我們的非公認會計準則調整後營業利潤率百分比、非公認會計準則調整後EBITA 和非公認會計準則每股收益。

We're also reiterating all other guidance targets for the full year 2024.

我們也重申了 2024 年全年的所有其他指導目標。

We continue to take disciplined cost reduction actions that will optimize and streamline our business while still investing in higher growth activities.

我們將繼續採取嚴格的成本削減措施，優化和簡化我們的業務，同時仍投資於更高成長活動。

We believe the cost efficiency move will elevate csg's profitability for years to come.

我們相信，成本效率措施將在未來幾年提升南方電網的獲利能力。

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

話雖如此，我們已經採取並繼續採取的成本削減措施將因與這些舉措相關的重組費用而對我們 2024 年的現金流產生一些短期影響。

At this point, the cash impact from our restructuring activities in the first nine months of 2024 has been approximately $18 million which means that our good cash flow performance through 23 year date would have been even better if we had not had this $18 million of restructuring hit our cash flow as it relates to our 1.2 billion to 1.24 billion revenue guidance range, we will likely end up around the low end of the range.

到目前為止，2024 年前 9 個月重組活動產生的現金影響約為 1800 萬美元，這意味著，如果我們沒有進行這 1800 萬美元的重組，我們 23 年來的良好現金流表現會更好由於我們的現金流與12 億至12.4 億美元的收入指引範圍有關，因此我們最終可能會處於該範圍的低端。

As the amount of revenue we expect to generate from our acquired assets in 2024 is anticipated to be more than offset by low revenue expectations in our core business.

因為我們預計 2024 年從收購的資產中產生的收入預計將被我們核心業務的低收入預期所抵銷。

When compared to our original guidance.

與我們最初的指導相比。

Expectations in February.

二月份的期望。

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

造成這種情況的主要因素包括：一是我們發現現有和潛在客戶的開支都在縮減。

Two, we're experiencing smallest headwinds in the North American broadband market and three, there are some services based revenue recognition, timing related headwinds surrounding a couple of the larger global telecommunications appointments as we continue to implement these important projects.

二，我們在北美寬頻市場遇到了最小的阻力；三，隨著我們繼續實施這些重要項目，圍繞著幾個較大的全球電信約定，出現了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 around the low end of our 2% to 6% range.

因此，我們預計 2024 年有機收入成長率將在 2% 至 6% 範圍的低端左右。

Even as we expect to deliver very strong profitability and free Castle in 2024 and beyond wrapping up, we love what we see in our business and the results being reported by our operating discipline.

儘管我們預計將在 2024 年及以後實現非常強勁的盈利能力和免費的 Castle，但我們對業務表現和營運紀律所報告的結果感到滿意。

R&D.

研發。

Innovation and ongoing salesman, CSC will continue to relentlessly prioritize every investment we make and stay very disciplined in the allocation of resources and the use of capital innovation including how we leverage the transformative power of A I across the history and an adherence to a risk reward framework with continuous learning are key cornerstones of how we have and will continue to grow top and bottom line results even faster.

作為創新和持續的銷售人員，CSC 將繼續堅持不懈地優先考慮我們所做的每項投資，並在資源分配和資本創新的使用方面保持高度自律，包括我們如何在整個歷史中利用人工智慧的變革力量，以及遵守風險回報框架持續學習是我們如何實現並將繼續以更快的速度成長營業收入和利潤的關鍵基石。

CT is well positioned with a strong sales pipeline and a high quality recurring revenue customer base.

CT 擁有強大的銷售管道和高品質的經常性收入客戶群，市場定位明確。

We remain committed to accelerating and diversifying our revenue growth which may include closing and integrating discipline value, adding acquisitions.

我們將繼續致力於加速和多樣化我們的收入成長，其中可能包括關閉和整合學科價值、增加收購。

We believe this approach combined with our consistent capital distribution will serve our shareholders.

我們相信，這種方法加上我們一致的資本分配將為我們的股東服務。

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

好吧，現在我將把時間交給接線員，以方便問答環節。

At this time, I'd like to remind everyone in order to ask a question, press star followed by the number one on your telephone keypad.

此時，我想提醒大家，要想提問，請按電話鍵盤上的星號鍵，然後按數字鍵 1。

And we ask that you please limit your questions to one and one.

我們要求您將問題限制為一個。

Follow up.

跟進。

Our first question will come from the line of Greg Burns with Sidoti.

我們的第一個問題來自 Sidoti 的 Greg Burns。

Please go ahead.

請繼續。

Good afternoon.

午安.

Hey Greg.

嘿，格雷格。

Hi.

你好。

Just when we look at the Comcasts Renewal, the fact that you're able to get it done without any price concessions up front and actual have actually have price escalators baked in, in, in four years.

當我們回顧康卡斯特的續約時，我們發現，你可以在沒有任何價格優惠的情況下完成續約，而實際上，在四年內，價格就已經自動調整了。

Are you providing more services like what, what was contemplated in that?

您是否提供更多服務，例如，其中考慮了什麼？

Is it more services on your end being provided or does that contemplate maybe the number of subscribers declining over time and you know, they're, they're moving down maybe tiers in terms of the, the level of service you're providing.

您是否提供了更多的服務，或者是否考慮到隨著時間的推移，訂閱用戶的數量可能會減少，並且您知道，就您提供的服務水平而言，他們可能會向下移動。

So, there's a little bit of a wash there in terms of what you're going to be providing perspectively if you could give us any more, more color on the, the dynamics that drove the, the structure of the deal.

因此，如果您能為我們提供更多關於推動該交易結構的動力的詳細信息，那麼從您提供的內容來看，情況會有所不同。

No.

不。

Happy to.

很開心。

Great.

偉大的。

Thanks.

謝謝。

It, it, it was a fantastic and a win win contract.

這是一份非常棒的雙贏合約。

There are no, we had a lot of questions when people saw the press release are there in any kind of hidden steps down.

沒有，當人們看到新聞稿時，我們有很多疑問，是否有任何隱藏的步驟。

The answer is no, it's a strong commitment across the board.

答案是否定的，這是全方面的堅定承諾。

We're going to continue to serve Comcast on the, on all the triple play like we do today across almost all aspects of their technology stack, supporting triple play, we support Comcast in a wide variety of use cases beyond triple play.

我們將繼續為康卡斯特提供三重播放服務，就像我們今天所做的那樣，涵蓋了他們技術堆疊的幾乎所有方面，支援三重播放，我們在三重播放之外的各種用例上為康卡斯特提供支援。

That will continue and the contract, it did not have a price increase.

這將繼續，並且合約不會上漲。

That even though we've been investing a lot, and the, the reason we didn't get a price increase day one was we wanted to contribute to the strong competitive response.

儘管我們已經投入了大量資金，但我們第一天沒有漲價的原因是我們想為強勁的競爭反應做出貢獻。

We've seen Comcast bring forth in the market.

我們已經看到康卡斯特在市場上嶄露頭角。

They posted excellent results in Q3 and they talked about, I think there's some headroom for growth in their own earnings call.

他們在第三季公佈了優異的業績，並且在自己的財報電話會議上表示，我認為還有一定的成長空間。

And what we tried to do in this is actually incent them where they do more business with us, either on our more legacy stack or on our ascended platform.

我們在此嘗試做的實際上是激勵他們與我們開展更多業務，無論是在我們更傳統的堆疊上，還是在我們升級的平台上。

They could get economic benefit by doing more with us.

他們可以透過與我們進行更多合作來獲得經濟利益。

I'd say stay tuned on that in terms of where it goes, but it is a win win.

我想說的是，請繼續關注事情的進展，但這是一個雙贏的局面。

There's no step down, there's no degradation of anything we're doing.

我們所做的一切都沒有退步，也沒有降低。

And the reason for that is is because we've invested heavily over the last six or seven years to just bring substantially more value to Comcast and our other large North American cable broadband providers.

原因在於我們在過去六、七年中投入了大量資金，為康卡斯特和我們其他大型北美有線寬頻供應商帶來了更多價值。

And they're seeing the benefit of that and they're rewarding us for that good investment and the good value that we're bringing to them.

他們看到了其中的好處，並獎勵我們所做的良好投資以及我們為他們帶來的良好價值。

It's a fantastic contract, right?

這是一份非常棒的合同，對吧？

For us and for Comcast.

對我們和康卡斯特都是如此。

Great.

偉大的。

And then just in terms of the, maybe a little bit of a near term slow down, you mentioned in the core, core business, can you just talk about maybe what, what the pipeline looks like, you know, your view on kind of maybe what's driving that in the near term, what the pipeline looks like and your confidence and maybe growth re accelerating at some point next year.

然後就您提到的近期核心業務可能會出現一點放緩而言，您能否談談管道是什麼樣子的，您知道，您對也許是短期內推動這一趨勢的因素、渠道狀況以及您的信心，也許明年某個時候成長將重新加速。

Yeah, no.

是的，不。

So what we see is, I mean, I think first we love what we're seeing in terms of our sales pipeline, the shape, the size, the coverage ratios, the progression through our six stages and coming out with high win rate on the back end.

所以我們看到的是，我的意思是，我認為首先我們喜歡我們的銷售管道，形狀，規模，覆蓋率，透過我們六個階段的進展以及在後端。

So that's, that gives us a lot of confidence to reiterate.

因此，這給了我們很大的信心來重申。

We fully expect to be a 2% to 6% and we fully expect to be midpoint or high in most quarters and most years, what we, as I talked about, we, we just see the normal belt tightening.

我們完全預期成長率為 2% 至 6%，我們完全預期在大多數季度和大多數年份成長率將處於中間值或高位，正如我所說的，我們只是看到正常的緊縮政策。

I think everybody's feeling it in the global economy, even if there's some positive things around interest rates and others, every brand is trying to squeeze OpEx a little bit and try to put more to the bottom line.

我認為全球經濟中的每個人都能感受到這一點，即使在利率和其他方面存在一些積極因素，但每個品牌都在試圖稍微壓縮營運支出並試圖將更多的資金投入到利潤中。

You see that with our own results and we, and that's what's contributing to a little bit of the slow lower growth period where we're at the bottom end of that range as opposed to being mid or upper end that we've done for 3.5 consecutive years.

您可以從我們自己的結果中看到這一點，這就是導致我們處於緩慢低增長時期的原因，我們處於該範圍的底端，而不是 3.5 的中端或高端連續幾年。

And so our best guess is, first, we typically have a big fourth quarter.

因此，我們最好的猜測是，首先，我們通常會有一個強勁的第四季。

Let's see how that that comes.

讓我們看看那是怎麼發生的。

I mean, that's what we're working towards.

我的意思是，這正是我們努力的目標。

We think this slower, kind of just cost, mindset that a lot of customers have that is likely to be more of a few quarter kind of horizon.

我們認為，許多客戶都持有這種較慢的、僅考慮成本的心態，這種心態可能更多的是停留在幾個季度的範圍內。

We think we could get back to midpoint or higher in the mid to second part of 2025 maybe sooner.

我們認為，我們可能在 2025 年中期或下半年更早回到中點或更高的水平。

That's our best guess on what we're seeing now.

這是我們對目前看到的情況做出的最佳猜測。

And overall, we like the performance.

總體而言，我們喜歡它的表現。

But we look forward to being at the 4% to 6% versus at the lower end where we have been the last couple quarters.

但我們預期成長率將達到 4% 至 6%，而過去幾季的成長率一直處於較低水準。

Great.

偉大的。

Thank you.

謝謝。

Thanks Greg.

謝謝格雷格。

Our next question will come from the line of Dan Bergstrom with RBC capital markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Dan Bergstrom。

Please go ahead.

請繼續。

Yeah, on the Con Comcast contract renewal.

是的，關於康卡斯特合約續約。

Just any thoughts around the timing of the renewal, maybe if you could share, you know, what are some factors that enabled you to announce it now versus say, you know, six months from now, a year from now.

關於續約時間的任何想法，如果您可以分享一下，哪些因素促使您現在宣布續約，而不是等到六個月後或一年後。

Yeah, it's a good question, Dan.

是的，這是個好問題，丹。

I mean, what we've been signaling the last couple of quarters is this was possible but, you know, Comcast had the, the, the pen on that, on deciding when they wanted.

我的意思是，我們在過去幾個季度中一直在暗示這是可能的，但是，你知道，康卡斯特擁有決定權，可以決定何時實現。

And I think it kind of came down to one thing that laid the foundation for this is we performed extreme well, in terms of uptime, in terms of value on both the core platform they use for the core triple play and for the platforms they use for some of their digital businesses, we've invested heavily and that's brought significant value to Comcast.

我認為，這可以歸結為一件事，那就是我們在正常運行時間方面表現非常出色，在核心三網融合使用的核心平台和他們使用的平台上的價值方面也表現優異。業務，我們投入了大量資金，這為康卡斯特帶來了巨大的價值。

And I think they recognize that and see that.

我認為他們認識到了這一點並且看到了這一點。

I think secondly, you know, the fact that there was a commitment to put this renewal behind us, focus on how we can co innovate together and actually bring more value as opposed to spending time, you know, negotiating around the negotiating table.

我認為其次，你知道，我們承諾將這次續約拋在腦後，專注於如何共同創新，真正帶來更多價值，而不是花時間在談判桌上談判。

And we did give them a two meaningful concessions, we gave them no day one price increase, which, you know, we, we've seen them raise price with their customers.

我們確實給了他們兩個有意義的讓步，我們沒有給他們第一天漲價，你知道，我們已經看到他們向客戶提高了價格。

We've invested, we thought it, it would be reasonable for us to get a price increase.

我們已經進行了投資，我們認為提高價格是合理的。

We were willing to do a flattish contract and we were willing to give them a no price increase starting Jan one as trying to help what maybe their competitive response.

我們願意簽訂一份價格持平的合同，並且願意從 1 月 1 日起不漲價，以幫助他們應對可能的競爭反應。

So I think they saw that as a, as a fair win win give on behalf of CSG.

因此我認為他們認為這對 CSG 來說是一個公平的雙贏。

And that may be sent to them to also think let's go ahead and sign the contract.

我們可能會將其發送給他們，讓他們也考慮是否繼續簽署合約。

Now we were super grateful for that.

現在我們對此非常感激。

And we look forward to what comes over the next six years.

我們對未來六年的發展充滿期待。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And then anything to point out around international trends this quarter seemed like Europe was maybe a little stronger relative to last quarter.

從本季的國際趨勢來看，歐洲的表現似乎比上一季略強。

APAC, maybe a little softer relative to last quarter.

亞太地區可能與上一季相比略顯疲軟。

Just anything to point out in those geographies.

只需指出這些地理位置的任何事即可。

Yeah, I'll hit one and then I'll talk maybe a little bit more about just some of the business.

是的，我先講一個，然後再稍微談一些業務方面的事情。

The, the the, the pricing model transition, you're likely to see the info we are at an inflection point.

定價模式的轉變，你可能會看到我們正處於一個轉折點。

The number of big cloud native deals we're announcing on and sending has this really pumped up.

我們宣布和發送的大型雲端原生交易的數量確實大幅增加。

I mean, we, we announced telenor, we announced lease a few quarters ago.

我的意思是，我們幾個季度前就宣布了 telenor，我們宣布了租賃。

We announced, we have one in singapore.

我們宣布，我們在新加坡有一個。

We announced one of the largest banks in Australia.

我們宣布成立澳洲最大的銀行之一。

We announced Claro Brazil Formula one, a lot of others for a long time.

我們很早就宣布了 Claro Brazil 一級方程式賽事以及許多其他賽事。

We've been waiting for the market to be willing to run their core monetization in the cloud.

我們一直在等待市場願意在雲端運行其核心貨幣化。

That time is now.

現在就是時候了。

And so you're going to see both more win rates as we deploy those with great value and help them become true digital operators and lower their cost to serve meaningfully and make it easier to do business with their end customers.

因此，當我們部署那些具有巨大價值的客戶並幫助他們成為真正的數位營運商並降低他們的服務成本並使他們更容易與最終客戶開展業務時，您將看到更多的成功率。

We think this is a trend that has huge upside for us over a 2 to 5 year period.

我們認為，這是一個在未來2至5年內會為我們帶來巨大好處的趨勢。

Obviously, when it's pure SASS and recurring AR L, it sometimes it takes a little longer to grow, but then if it keeps on giving with high gross margins and everything else, maybe how you could talk more about the geographic trends.

顯然，當它是純粹的 SASS 和經常性 AR L 時，有時需要更長的時間才能增長，但如果它繼續保持高毛利率和其他一切，也許您可以更多地談論地理趨勢。

Yeah.

是的。

And I think that's right.

我認為這是對的。

I think what we're seeing is is that we're in the midst of that transition, as a business on the global telco side could be, you know, more focused on fast recurring revenue with higher margins and less relying on the traditional services deployment models.

我認為，我們看到的是，我們正處於這種轉型之中，因為全球電信公司的業務可能會更加專注於快速的經常性收入和更高的利潤率，而較少依賴傳統服務部署模式。

And, and as you, and as we make that transition, you know, you feel some, you know, some headwinds to growth on the services side and some tailwinds to growth on the sa side so that those headwinds.

而且，當你和我們進行這種轉變時，你知道，你會感覺到服務方面的增長面臨一些阻力，而 SA 方面的增長面臨一些順風，所以這些阻力是可以承受的。

So what the trade off you're making is you're getting much greater visibility on the revenue, higher quality revenue because you've got a higher recurring revenue.

所以，你所做的權衡就是，你將獲得更大的收入可見性，更高品質的收入，因為你獲得了更高的經常性收入。

And that's, and that, and you're seeing that kind of across play itself out across different geographic region.

這就是，這就是，你會看到這種情況在不同的地理區域發生。

Thank you.

謝謝。

Our next question will come from the line of Salim Rosenbaum with Stifel.

我們的下一個問題來自 Stifel 的 Salim Rosenbaum。

Please go ahead.

請繼續。

Hi.

你好。

Thank you very much.

非常感謝。

I'm going to focus just a little on some of the tactical stuff this quarter next quarter.

下個季度我將重點放在本季的一些戰術方面的內容。

Just there, there's a decent revenue step up even at the, at the low end of the range in the, in the next quarter in Q4,24.

就在那裡，即使在下一季度，即 Q4,24 的低端，收入也會有相當大的成長。

And I was wondering if, you know, it's the same thing for EBI and Ebida, is there anything that slipped from Q3 into Q4?

我想知道，EBI 和 Ebida 的情況是否相同，是否有任何變化從第三季延續到第四季？

Is there something that you just have specific visibility into over there?

那裡有什麼東西是您可以具體看到的嗎？

If you can just give us a little, you know, insight as to where it is?

您能否向我們稍微透露一下它在哪裡？

I know there's normally like an 8 million step up or something like that.

我知道通常會有 800 萬美元的增幅或類似的數字。

And here we're looking at something like, you know, closer to 20 million, I think.

我們現在看到的數字是，我想，接近 2000 萬。

Yeah.

是的。

So hey, Salim, thanks for joining us.

嘿，薩利姆，謝謝你加入我們。

The answer is yes.

答案是肯定的。

When we think about the sequential bridge, there are a couple of things that really play itself out.

當我們思考順序橋時，有幾件事確實會發生。

The first is the payments business.

第一是支付業務。

As you recall, the payments business that you know, has a little seasonality in it where Q4 is always the strongest quarter traditionally, this year, it's compounded by the fact that we made an acquisition on the payment side, right?

您還記得，支付業務有一定的季節性，傳統上第四季度總是最強勁的季度，而今年，我們在支付方面進行了收購，這使情況更加惡化，對嗎？

So you can see a compounding effect with regards to that, that sequential uplift from Q3 to Q4.

因此，您可以看到與此相關的複合效應，即從第三季到第四季的連續提升。

More so than you would traditionally on top of on top of that, one of the things that we highlighted just some of the timing on the revenue recognition around some of the global telco deployments that we talked about.

與傳統做法相比，最重要的是，我們強調的一點是我們談論的一些全球電信部署的收入確認時間。

So some of the timing of, of that revenue recognition will flow into you know, from, from what would be the middle of the year.

因此，收入確認的部分時間將從年中開始計算。

Towards the end of the year as well.

接近年底也是如此。

Okay.

好的。

And then just the, this really nice increase quentry on the adjusted gross margin.

然後，調整後的毛利率確實有了很大的提高。

Is that a revenue mix type of thing?

這屬於收入組合類型嗎？

Is there something, was there particularly high revenue on that non-recurring Comcast, stuff that you were talking about?

您提到的康卡斯特的非經常性收入是否特別高？

I was just wondering if you can, can discuss that a little bit.

我只是想知道您是否可以稍微討論一下這個問題。

Yeah, I'd say that there's, two big drivers and, and then a smaller driver that we see contribute more over time.

是的，我想說有兩個主要驅動因素，還有一個較小的驅動因素，我們發現隨著時間的推移，它的貢獻會更大。

The smaller driver can over time is that we continue to grow.

隨著時間的推移，較小的驅動力可以讓我們繼續成長。

We're going to operating leverage, right?

我們要利用經營槓桿，對嗎？

We're controlling our expenses pretty tightly, but the two big drivers is one, we continue to take action to drive efficiency.

我們嚴格控制開支，但有兩個主要驅動因素，一是我們繼續採取行動來提高效率。

So we took some actions earlier this year.

因此我們今年早些時候採取了一些行動。

And then we took some further actions at the beginning of the third quarter and you're seeing the benefit of that as well.

然後我們在第三季初採取了一些進一步的行動，您也看到了其中的好處。

And then the last one is one that you alluded to which is mixed, right?

然後最後一個就是你提到的混合的，對嗎？

As our higher margin.

作為我們更高的利潤。

You know, staff, can you grow faster than the other parts of our business?

你知道，員工們，你們能比我們業務的其他部分發展得更快嗎？

You're seeing the benefit of the mix?

您看到這種混合的好處了嗎？

Okay.

好的。

Thank you.

謝謝。

Thanks.

謝謝。

Thanks.

謝謝。

Our next question comes from the line of Bret.

我們的下一個問題來自布雷特。

No block with Kendra Fitzgerald.

肯德拉·菲茨杰拉德 (Kendra Fitzgerald) 沒有任何阻礙。

Please go ahead.

請繼續。

Hi, this is Thomas and calling for Brett.

你好，我是湯瑪斯，我找布雷特。

Thank you for taking my question just to you know, piggyback on, on the last question a little bit with the top line guidance.

感謝您回答我的問題，我想稍微回顧最後一個問題，並提供最重要的指導。

Remaining flat.

保持平穩。

I guess can you point to anything specifically you're seeing in Q4 or I guess can you provide more details on the specific factors you guys are mentioning that are contributing to the margin expansion, whether it be through AI or cost optimization?

我想您能否指出您在第四季度看到的具體情況，或者能否提供更多關於您提到的有助於利潤率擴大的具體因素的詳細信息，無論是通過人工智能還是成本優化？

That gives you the confidence to increase the adjusted operating income and adjusted EPS guidance.

這使您有信心增加調整後的營業收入和調整後的每股盈餘指引。

Yeah.

是的。

No.

不。

Hey Tommy, thanks for joining.

嘿 Tommy，謝謝你的加入。

Yeah, like slowmo called out, you know, even though we're hitting some of these, you know, slightly slower revenue periods, if you kind of model out Q4, it does suggest that even on an organic basis, we could be at the mid or upper end of our, the range we're trying to get to in Q4.

是的，就像 slowmo 所說的那樣，你知道，即使我們遇到了一些收入略微放緩的時期，如果你對第四季度進行建模，它確實表明，即使在有機基礎上，我們也可能處於這是我們試圖在第四季度達到的範圍的中間端或上限。

So obviously, we're working hard to deliver a strong Q4 specifically on the margin expansion.

因此顯然，我們正在努力實現強勁的第四季業績，特別是在利潤率擴大方面。

It is a combination, not one specific A I obviously is contributing.

它是一個組合，而不是某個特定的 A I 顯然做出的貢獻。

We're seeing github and the overall productivity at the engineer and R&D level contribute.

我們看到 github 和工程師和研發層面的整體生產力做出了貢獻。

We're seeing improvement in terms of our self service by using A I across the board.

透過全面使用人工智慧，我們的自助服務得到了改善。

We see it in various portions of our G&A business just to constantly invest to get better in terms of what we're doing and operate more efficiently.

我們看到，在我們的一般及行政事務的各個部分，我們不斷進行投資，以改善我們的工作並提高營運效率。

So that's I'd say more, some of what A I is contributing.

這就是我想說的 A I 所做的一些貢獻。

We're also building A I into customer use cases in our product, both directly and working with partners.

我們也透過直接方式或與合作夥伴合作的方式將 A I 融入我們產品的客戶用例中。

That's, that's actually resonating and helping us win higher sales, win rates.

這實際上產生了共鳴並幫助我們贏得更高的銷售額和贏率。

And so we like what's going on there.

所以我們喜歡那裡發生的一切。

But I would say it's an overall mindset that he has been talking about.

但我想說他談論的是一種整體心態。

We go back to Q2 of 2022.

我們回到 2022 年第二季。

We ran slow into a slowing period and we learned from that and we said we're never doing that again and we believe we can, at operating scale with higher gross margins, we can kick out a higher operating adjusted margin, which is why we raised it to 18% to 20%.

我們陷入了放緩期，我們從中吸取了教訓，我們說我們再也不會這樣做了，我們相信我們可以在更高的毛利率下實現更高的經營調整後利潤率，這就是為什麼我們提高至18%至20%。

We're just taking every dollar and either redirecting it to a higher profitability or redirecting it to a higher yield.

我們只是把每一美元轉向更高獲利的地方，或是轉向更高的收益。

Whether that's sales marketing, whether that's our, whether that's our G&A spend and that operating discipline is starting to permeate through all parts of our leadership and our business and it is here to stay and we think we can do even more in the, the quarters and years ahead, but it's a mindset, constant quarter turns of the wr to just constantly be more efficient and generate a higher yield and better cash flow.

無論是銷售行銷，還是我們的一般及行政開支，營運紀律都開始滲透到我們領導層和業務的各個部分，而且這種紀律將繼續存在，我們認為我們可以在本季度做得更多。幾年，但這是一種心態，不斷地對WR 進行四分之一輪換，以不斷提高效率並產生更高的收益和更好的現金流。

And obviously, with the transition to SAS and higher gross margins that also should contribute to that as well.

顯然，隨著向 SAS 的轉型和更高的毛利率也應該對此有所貢獻。

It's, it's all of the above.

是的，以上都是。

Yeah, I think the only other thing I add specific to the fourth quarter.

是的，我想我補充的唯一其他內容是針對第四季度的。

Thomas is the, as I mentioned earlier, right, we have this compounding effect affected our payments business because of the acquisition and our payments business is higher margin.

托馬斯，正如我之前提到的，由於此次收購，我們的支付業務受到了複合效應的影響，我們的支付業務利潤率更高。

So you're seeing that this year in a way that is, you know, that's driving more operating leverage than you might have, would have seen last year.

因此，您會看到，今年的經營槓桿率比去年更高。

Perfect.

完美的。

Thank God.

感謝上帝。

Thanks guys.

謝謝大家。

And then just one more if I may.

如果可以的話，我再說一句。

Congrats on the extension with Comcast, I guess.

我想，祝賀你與康卡斯特的合作延長。

What specific opportunities do you see over the next six years to expand within that relationship?

您認為未來六年內，拓展這段關係有哪些具體機會？

Yeah, I mean, what we've seen is I mean, first Comcast along with charter and many of our other customers as innovative and industry leading as it gets.

是的，我的意思是，我們看到的是，首先是康卡斯特，還有特許公司和我們的許多其他客戶，他們在創新和行業領先方面都表現出色。

And so one is the mindset that I think we've really improved on over the last five or six years, which is a co invention mindset.

所以，我認為，我們在過去五、六年確實改進了一種思維方式，即共同發明思維方式。

They do a lot of great innovation, including software development on their side and they can leverage some of our great technology.

他們做了很多偉大的創新，包括軟體開發，他們可以利用我們的一些偉大的技術。

So this mindset which says, let's put great people in a room and just think about how we could make it better.

所以這種思考方式就是，讓我們把優秀的人才聚集在一個房間裡，然後思考如何讓它變得更好。

Obviously we don't support them on the wireless stage today.

顯然，我們今天在無線舞台上不支持他們。

A competitor of ours does that we try to every day show them with our great wins and wireless all around the world that if they ever wanted to consolidate, like they consolidated 11 million subscribers in triple play billing a few years ago off that same competitor, we think we could bring a value will that materialize time will tell, you know, but obviously that's one that we would love to do more business.

我們的一個競爭對手就是這樣的，我們每天都試圖用我們在全球無線領域取得的巨大成功向他們展示，如果他們想進行整合，就像幾年前他們從同一個競爭對手那裡整合了1100 萬三網合一計費用戶一樣，我們認為我們能帶來的價值將由時間證明，但顯然這是我們願意做更多生意的。

They're doing a lot in the content and the digital brand space with their Comcast now and others.

他們現在正與康卡斯特和其他公司在內容和數位品牌領域進行大量合作。

Obviously, we support some of those various use cases and we'd love to continue to do even more.

顯然，我們支援其中的一些不同的用例，並且我們願意繼續做更多的事情。

So I would just say stay tuned as long as we bring value, we're mission, we're always up and, and bringing them more liability and resiliency and just being easier to do business with.

因此，我想說，只要我們能帶來價值，我們就永遠致力於實現我們的使命，請繼續關注，並為他們帶來更多的責任和彈性，使他們更容易開展業務。

Typically it works out well.

通常情況下，效果很好。

So I'd say stay tuned.

因此我想說的是，請繼續關注。

Great.

偉大的。

Thank you.

謝謝。

Our next question comes from the line of George Notter with Jeffrey.

我們的下一個問題來自 Jeffrey 的 George Notter。

Please go ahead.

請繼續。

Hi guys.

嗨，大家好。

Thanks very much.

非常感謝。

I, I have a question on the CX and Payments businesses.

我，我對 CX 和支付業務有疑問。

I think in the past you guys have talked about them in the context of a rule of 40 businesses.

我認為過去你們曾在 40 項業務規則的背景下討論過這些問題。

I guess I'm curious if that's still the case.

我想我很好奇情況是否仍然如此。

And then also I saw from the presentation, I think the two businesses in aggregate are, I guess I should be careful here.

而且我從演示中也看到，我認為這兩家企業總體上來說，我想我應該在這裡小心一點。

Your, your, your non cable, non telco business is about 30% of sales.

您的非有線電視、非電信業務約佔銷售額的 30%。

And I think year-to-date is what the presentation references.

我認為簡報所指的是年初至今的情況。

I assume that's also true for Q3.

我認為對於 Q3 也是如此。

Any insight there would be great.

任何見解都是很好的。

Yeah, I think on a Q3 you probably see it in the detail.

是的，我認為在第三季您可能會看到細節。

It's 29% a little bit of timing, just but we see strong growth across the board last quarter, we were 31 but overall, we're progressing at a really nice rate and we have high expectations and aspirations.

29% 稍微有點時機，但是我們看到上個季度全面強勁增長，我們當時是 31 歲，但總體而言，我們的進步速度非常快，我們有很高的期望和抱負。

We should be able to continue to expand up towards 35% in 2025 and 2026 as we grow into maybe 12 to 24 months out.

隨著我們可能持續 12 到 24 個月的成長，我們應該能夠在 2025 年和 2026 年繼續擴大至 35％。

Just a steady progression.

只是穩定進步。

Like we've done the last five or six years, specifically on the rule of 40 growth, we continue to see extremely strong growth, strong, double digit, strong double digit in the CX business.

就像我們過去五、六年所做的那樣，特別是按照 40 成長規則，我們繼續看到 CX 業務極其強勁的成長，強勁的兩位數、強勁的兩位數成長。

It's data driven, it's multi vertical and we are just ringing the cash register for great brands with this solution.

它是數據驅動的、多垂直的，我們正在用這個解決方案為大品牌敲響收銀機。

And we're starting to also cross sell more into our existing telecom and cable base in addition to these big new verticals.

除了這些新的大型垂直市場之外，我們也開始向現有的電信和有線電視市場進行更多的交叉銷售。

So that one continues to perform well.

這樣它就能繼續表現良好。

And yes, is in the double digit and rule of 40 category that I could provide more if he wants to on the payments.

是的，如果他願意支付的話，我可以提供更多，這屬於兩位數和 40 規則類別。

What we've talked about on that side is a double digit business we saw for a quarter or two that slide back down into high single digit.

我們在這方面討論的是，我們看到一個或兩個季度的兩位數業務又下滑到高個位數。

But fully expect that we think that's more timing as I talked about typically Q2 Q3, a little more seasonality, but we love what we're seeing in the business overall and expect it to be a strong double digit over the medium to longer term.

但完全可以預料，我們認為這更多的是時機問題，正如我通常談論的第二季度和第三季度那樣，更多的是季節性問題，但我們喜歡整體業務的表現，並預計中長期內它將保持強勁的兩位數成長。

And I think what we talked about last year for that individual piece, it was just slightly below, it was more in the rule of 30s range and that's kind of where that business is operating.

我認為，我們去年談論的那個單件作品，只是略低於這個水平，更符合 30 年代規則的範圍，而這正是該業務的運作方式。

Hi.

你好。

Is there anything else you want to add on that?

您還有什麼要補充的嗎？

No.

不。

I think that's right.

我認為那是對的。

I, you know, I, you know, the expectation is that, you know, the, the the slow down on the organic, slow down on the payment is temporal in nature.

我，你知道，我，你知道，我們的預期是，有機成長的放緩、支付的放緩本質上是暫時的。

And as we kind of look to next year, we still expect that business to get back to double digit Mechanic.

展望明年，我們仍預期機械師業務將恢復到兩位數。

Got it.

知道了。

And then just as a quick follow on there, can you just remind me of the M&A contribution in these businesses?

然後，作為快速跟進，您能否提醒我這些業務中的併購貢獻？

I think ICG pay and then I think you had another acquisition in the insurance vertical.

我認為 ICG 會付款，然後我認為你在保險垂直領域還有另一項收購。

But can you remind me how much revenue comes from those deals in 2024?

但你能提醒我 2024 年這些交易能帶來多少收入嗎？

It's roughly $6 million in the quarter.

本季約 600 萬美元。

In, in 24?

在，在 24 點？

Okay, great.

好的，太好了。

How much?

多少？

24?

24？

Yeah, it's, it's high single digits for the full year.

是的，全年都是高個位數。

I'll get you that number, but it's specifically 6 million for the Quarter.

我會給你這個數字，但本季的具體數字是 600 萬。

I got it.

我得到了它。

Okay.

好的。

Got it.

知道了。

And then I think both those deals are around mid year in terms of when you close them.

然後我認為這兩筆交易的完成時間都在年中左右。

So you know, loosely if we can scale it up for next year, another probably you know, 68 million bucks I would imagine in terms of next year's contribution.

所以，如果我們能夠擴大明年的捐款規模，那麼我想像明年的捐款可能達到 6,800 萬美元。

Yeah, you, you're not that.

是啊，你，你不是那樣的人。

Far off.

遙遠。

Okay, super.

好的，太棒了。

Thanks guys.

謝謝大家。

Appreciate it.

非常感謝。

Thanks George.

謝謝喬治。

Our next question comes from the line of Matthew Harrigan with benchmark.

我們的下一個問題來自基準專家馬修·哈里根 (Matthew Harrigan)。

Please go ahead.

請繼續。

Oh, thank you.

哦，謝謝。

I guess this is more or less the tertiary, piggyback off.

我想這或多或少是第三級的，附帶的。

Slow those questions on the margins and efficiencies and I'm sure that you, you're not going to hire, Elon Musk after your, as your efficiencies are after he lays off 80% of the federal workforce.

慢慢地回答關於利潤和效率的問題，我敢肯定，在解僱 80% 的聯邦勞動力之後，你不會再僱用伊隆馬斯克，因為你的效率已經下降了。

But, do you give any, more specificity on your cost composition, you know, in terms of labor and such?

但是，您是否能具體說明一下您的成本組成，例如勞動力等方面的組成？

And also it seems like there's such a high level of familiarity between yourselves and Comcast and Charter.

而且看起來你們和康卡斯特以及 Charter 之間的熟悉程度很高。

I'm sure they understand the economics of your business and to some extent any of those long term contracts, they're probably somewhat of a gaining function on your, on your margin increases.

我相信他們了解您的業務的經濟狀況，並且在某種程度上，任何這些長期合約都可能對您的利潤成長起到一定的作用。

You know, given that that's still a heavy chunk of revenues.

你知道，這仍然是收入的很大一部分。

But is it natural to think that, you know, as that, as you hopefully go even beyond 35 and Expo and it really continues to grow, you're just going to see a pretty continual reset, upward, reset on that, on that margin increase even if it's always, gated somewhat by the great relationships you have with Comcast and Charter.

但是，很自然地會認為，隨著你希望超越 35 和 Expo，它真的會繼續增長，你會看到一個相當持續的重置，向上，重置，在那即使利潤率始終保持增長，也在一定程度上受到您與康卡斯特和Charter 之間良好關係的限制。

Yeah, I think there's a couple.

是的，我認為有幾個。

I hope you're doing well.

我希望你一切都好。

Thanks for joining.

感謝您的加入。

I think there's a couple of different concepts in there first.

我認為首先其中有幾個不同的概念。

When we elevated our range to 18% to 20% we absolutely expect in 2025 and 2026 and beyond, to be in that range, that would be 0.1. And we love what we're seeing in the business and our ability to deliver against that aspiration.

當我們將範圍提高到 18％ 到 20％ 時，我們絕對預計在 2025 年、2026 年及以後將處於該範圍內，即 0.1。我們對業務中看到的狀況以及實現這一願望的能力感到滿意。

Secondly, it's, we think that there could be this consistent quarter terms of the range is just constantly get better in the over a several year period.

其次，我們認為，在幾年的時間段內，該季度的範圍可能會保持一致並不斷改善。

We would not expect to be hovering at the low end of that range.

我們不希望徘徊在該範圍的低端。

We would expect to be progressing through that range quite nicely.

我們希望能夠順利地實現這一目標。

Obviously, it won't be 100% linear but 2030 40 basis points improvement is we think could be generated on a fairly consistent basis, even if not 100% linear from all those factors we've been talking about and part of the good renewals and the, with the position we're in with our big two or three and some of the other big customers is partly we're reaping the benefit of that from the R&D.

顯然，這不會是 100% 線性的，但我們認為，2030 年 40 個基點的改善可以相當一致地產生，即使不是 100% 線性的，從我們一直在談論的所有因素和部分良好的更新來看而且，憑藉我們與兩大、三大客戶以及其他一些大客戶的合作關係，我們從研發中獲得了一定程度的效益。

We invested in 2018, 2019, 2020.

我們在 2018 年、2019 年、2020 年進行了投資。

Early parts of this decade is we've now made those investments that's bringing them huge value and it can actually then generate nice profitability for us.

本世紀初，我們進行的投資已經帶來了巨大的價值，並且實際上可以為我們帶來可觀的獲利能力。

And it's a win win for both of our customers and for us.

這對我們和客戶而言都是雙贏的。

So we don't see any of our customers necessarily as a drag on our ability to expand operating margin just like they do in their business if you invest well and innovate.

因此，我們認為，如果您進行良好的投資和創新，我們的任何客戶都不一定會拖累我們擴大營業利潤率的能力，就像他們在其業務中所做的那樣。

Well, typically you're rewarded on both top line and bottom line and that's how we're trying to build our business model with this product based approach.

嗯，通常你會在收入和利潤上獲得回報，這就是我們嘗試用這種基於產品的方法來建立我們的商業模式的方式。

Great.

偉大的。

Thanks, Brian.

謝謝，布萊恩。

Thanks Matt.

謝謝馬特。

Our next question comes from the line of Nehal Chokshi.

我們的下一個問題來自 Nehal Chokshi。

She with Northland capital markets.

她是北國資本市場的員工。

Please go ahead.

請繼續。

Yeah, thank you.

是的，謝謝。

Hey, all the non non Comcast wins signed in the quarter and then separately year-to-date.

嘿，所有非康卡斯特公司的合約均在本季度簽訂，並且年初至今單獨簽訂。

Can you give a sense as far as what's the annual contract value of these signed?

您能否透露一下這些簽署的合約的年度價值是多少？

I I recognize that a lot of these are to ramp over the future quarters.

我認識到其中許多都將在未來幾季內逐步實現。

So just getting a sense of what that annual contract value is and just why it will drive towards the midpoint of your long term Growth.

因此，只要了解年度合約價值是多少，以及為什麼它將推動長期成長的中點。

Yeah.

是的。

Hey, Nehal, I hope you're doing well.

嘿，Nehal，希望你一切都好。

We don't provide the ACB I guess we'll take that under advisement.

我們不提供 ACB，我想我們會考慮這一點。

If we decide to disclose that in future quarters, those wins to be clear that we shared on the slides were Q3 year-to-date.

如果我們決定在未來幾季揭露這一點，那麼我們在幻燈片上分享的那些勝利是今年第三季迄今的勝利。

They were not just Q3 wins.

這不僅僅是 Q3 的勝利。

I think we called out in some of the commentary, the wins that we did have in Q very specifically.

我想我們在一些評論中非常具體地提到了我們在 Q 中取得的勝利。

But overall, when we look at the performance on both an annual contract value ACB and a total contract value TCB standpoint, we track both in our sales methodology.

但總體而言，當我們從年度合約價值 ACB 和總合約價值 TCB 的角度來看待表現時，我們會在銷售方法中追蹤這兩者。

We, we were performing well this year and we like where we are in our ability to do it.

我們今年的表現很好，我們對自己的能力感到滿意。

So I I think those are some of the factors including the renewals, including some of the volume expansions and some of the the business areas that we have that are more sass in nature.

所以我認為這些是一些因素，包括續約，包括一些產量擴張和一些本質上更激進的業務領域。

They contribute to why as we work through this several quarter kind of just slower growth period?

它們解釋了為什麼我們經歷了這幾個季度的成長放緩？

What gives us the confidence to get back to that mid 0.4% or higher organic growth going forward?

什麼讓我們有信心未來恢復到 0.4% 左右或更高的有機成長率？

Okay.

好的。

And then hi you're you're raising adjusted a bit for a calendar 24 but not free cash flow.

然後，你好，你對日曆 24 進行了一些調整，但不是自由現金流。

Walk us through.

帶我們走過來。

Why?

為什麼？

That is.

那是。

A, a big chunk of that is because as you recall, you know, and then as I mentioned, we've taken some difficult decisions to drive efficiency and as a result of those difficult decision, what you have is you end up with restructuring charges that are that are cash in nature, right?

答：很大一部分原因是，正如我之前提到的，我們做出了一些艱難的決定來提高效率，而這些艱難決定的結果是，我們最終需要進行重組這些費用本質上都是現金費用，對嗎？

And that's a headwind to free cash flow.

這對自由現金流來說是一個阻力。

So it's a near term headwind to free cash flow over the long term, it will be a tailwind to free cash.

因此，從短期來看，這對自由現金流來說是一個阻力，從長期來看，這對自由現金來說是一個推動力。

Got it understood.

明白了。

Thank you.

謝謝。

Yeah, we'll take our final question from the line of Maggie Nolan with William Blair.

是的，我們的最後一個問題來自威廉布萊爾的瑪吉諾蘭 (Maggie Nolan)。

Please go ahead.

請繼續。

Thank you on the increase in margin guidance.

謝謝您關於增加保證金指導的意見。

None of the levers that you outlined were necessarily incremental to what you've spoken about in the past.

您列出的所有槓桿都與過去談到的內容沒有必然聯繫。

So, is there any more detail you can share with us on what specifically surprised you to the upside to allow you to increase guidance and maybe what is the, the magnitude of each of those lovers in the future that would drive you into that 18% to 20% range?

那麼，您能否與我們分享更多細節，具體是什麼讓您感到驚訝，從而讓您增加指導，以及未來每個戀人的規模將是多少，這將推動您實現 18% 的目標到20% 的範圍？

Yeah, I think Maggie, I think that the, it's not so much what surprised us, I think it's us hedging the timing, right?

是的，我認為瑪吉，我認為，這不是讓我們感到驚訝的事情，我認為是我們把握了時機，對嗎？

Like when you take, you know, some you make some difficult decisions, you know, we need time to really think through the ripple effects of those decisions.

就像當你做出一些艱難的決定時，我們需要時間來真正思考這些決定的連鎖反應。

And so where there was uncertainty, there was uncertainty around timing and how much of that we'd be able to realize this year that as we got through the, the third quarter, we were able to execute on it, you know, faster than we originally thought we might, I think hence the, the benefit we're feeling in your to some of those actions that we're taking, right?

因此，在存在不確定性的地方，在時間方面存在不確定性，以及我們今年能夠實現多少不確定性，隨著第三季度的到來，我們能夠比以前更快地執行它。可能會，我想因此，我們對所採取的一些行動感到有益，對嗎？

And so that, that's really more context, you know, as we look to to next year, right?

所以，當我們展望明年時，這實際上提供了更多的背景，對吧？

Part of it is kind of that continued discipline.

其中一部分是一種持續的紀律。

I think there's more opportunities for us to continue to drive efficiencies in the business across all of our businesses plus mix will come into play quite meaningfully.

我認為我們有更多機會繼續提高所有業務的效率，而且業務組合將發揮相當重要的作用。

And then lastly, you know, at some point when you think about kind of the SG&A piece, you know, you know, there can be some meaningful operating leverage as we continue to grow our higher Margin business.

最後，您知道，當您考慮銷售、一般及行政費用部分時，您知道，隨著我們繼續發展高利潤業務，可能會出現一些有意義的經營槓桿。

Thank you.

謝謝。

And then as you think about further diversifying the revenue base, the other vertical in particular are customers within that vertical coming to you and asking for a vertical specific knowledge or offerings or solutions?

然後，當您考慮進一步實現收入基礎多樣化時，特別是其他垂直行業，該垂直行業內的客戶會來找您並詢問垂直特定的知識、產品或解決方案嗎？

And do you have the ability to kind of tailor that as you attempt to continue to scale those benchmarks?

當您嘗試繼續擴展這些基準時，您是否有能力對其進行自訂？

Yeah.

是的。

No, it's a great question, Maggie.

不，這是一個很好的問題，瑪姬。

I mean, as we gave some color commentary, the fact that we focus on that post purchase, digital customer engagement, you see a lot of similarities across which is what gives us the credibility of why we are ranked as a leader in multiple quadrants.

我的意思是，正如我們給出的一些細節評論，事實上，我們關注的是購買後的數位客戶參與度，你會看到很多相似之處，這也是為什麼我們在多個像限中被評為領導者的原因。

And so I think that is what's driving a big chunk of the win rate.

所以我認為這就是影響勝率的很大一部分因素。

But then yes, as we do more in financial services, we do work with three of the largest pharmacy retailers as we do more in insurance and and big tech, we are starting to build in more industry, vertical specific domain that is helping us actually scale those, those verticals out.

但是的，隨著我們在金融服務領域的業務越來越多，我們確實與三家最大的藥房零售商合作，隨著我們在保險和大型科技領域的業務越來越多，我們開始在更多的行業、垂直特定領域建立業務，這實際上對我們有幫助擴大這些垂直範圍。

And then look for add on cross sell and up sell.

然後尋找附加交叉銷售和追加銷售。

And the nice thing about these fast solutions is typically we can get in with a great Roy that brings the cash register for them with a quick payback with anywhere between half a million and $2 million.

這些快速解決方案的好處是，我們通常可以找到一個出色的 Roy，為他們帶來收銀機，並快速獲得 50 萬至 200 萬美元之間的回報。

So it's a relatively cost effective entry point from a price and then we can expand those extremely quickly as we deliver value.

因此，從價格來看，這是一個相對具有成本效益的切入點，然後我們可以在提供價值的同時非常迅速地擴大它。

And so we're not limited by the fact that we haven't had decades of experience in those verticals because we do know that the target value props.

因此，我們不會因為在這些垂直領域沒有幾十年的經驗而受到限制，因為我們確實知道目標價值主張。

But then we're starting to build out those domain expertise as well.

但隨後我們也開始建立這些領域的專業知識。

Thank you.

謝謝。

Thanks so much.

非常感謝。

And with that, I'll turn the call back over to Brian Shepherd for closing remarks.

最後，我將把電話轉回給 Brian Shepherd 做結束語。

Hey, thanks everyone for joining.

嘿，感謝大家的加入。

Hopefully you see why we're excited about what's going on in the business. 11% year over year growth in adjusted operating margin, 15% year over year growth in EPS 25% year over year growth in free cash flow.

希望您明白我們為何對業務進展感到興奮。調整後營業利益率年增 11%，每股收益較去年同期成長 15%，自由現金流年增 25%。

And we think we can do better.

我們認為我們可以做得更好。

We're proud of the quarter.

我們為本季感到自豪。

We're going to continue to work on delivering greater value and improve results in the quarters and years ahead.

我們將繼續致力於在未來幾季和幾年提供更大的價值並改善業績。

Look forward to seeing you and talking next quarter.

期待下個季度與您見面並進行交流。

That will conclude today's meeting.

今天的會議就到此結束。

Thank you all for joining.

感謝大家的加入。

You.

你。

May now disconnect.

現在可以編輯。