CSG Systems International (CSGS) reported a 1% increase in total revenues for the third quarter of 2016, to $189.3 million from $187 million in the third quarter of 2015.
However, this was a slight decrease when compared to revenues of $190.3 million for the second quarter of 2016.
The year-over-year increase in revenues is attributed to the growth of CSG’s cloud and related solutions revenues, resulting primarily from the conversion of customer accounts onto ACP over the past year.
The sequential quarterly decrease is primarily due to lower software and services revenues generated during the third quarter, which was offset to a certain degree by the continued growth in CSG’s cloud and related solutions revenues.
“We continue to move market share off of competitors’ solutions and onto our cloud-based platforms,” said Bret Griess, president and CEO of CSG International. “We are expanding our reach into the broadband and cable space internationally with our recent win at Cablevision Argentina, and we are strengthening and expanding our relationships with carriers around the globe with our managed services offerings.”
GAAP operating income for the third quarter of 2016 was $36.6 million, or 19.3% of total revenues, compared to $31 million, or 16.6%, for the third quarter of 2015 and $29.4 million, or 15.4% of total revenues, for the second quarter of 2016.