477,010 470,557
Treasury stock, at cost; 36,275 and 35,980 shares ) )
(907,601 (894,126
Accumulated other comprehensive income (loss):
Unrealized gains on short-term investments, net of tax - 13
Cumulative foreign currency translation adjustments ) )
(29,294 (31,151
Accumulated earnings
898,961 876,402
Total stockholders' equity
439,780 422,395
$ $
Total liabilities and stockholders' equity
1,291,684 1,332,000
CSG SYSTEMS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME-UNAUDITED
(in thousands, except per share amounts)
Quarter Ended Six Months Ended
June 30, June 30, June 30, June 30,
2021 2020 2021 2020
$ $ $ $
Revenue
255,134 240,321 508,253 485,938
Cost of revenue (exclusive of depreciation, shown separately 132,938 138,153 266,480 269,359 below)
Other operating expenses:
Research and development
32,754 29,263 64,966 59,600
Selling, general and administrative 49,250 44,999 98,065 89,383
Depreciation
6,266 5,634 12,379 11,199
Restructuring and reorganization charges 1,760 2,497 2,820 3,463
Total operating expenses
222,968 220,546 444,710 433,004
Operating income
32,166 19,775 63,543 52,934
Other income (expense):
Interest expense ) ) ) )
(3,633 (4,040 (7,225 (8,253
Amortization of original issue (784 ) (740 ) ) ) discount (1,556 (1,470
Interest and investment income, 84 303 208 832 net
Other, net (100 ) ) (655 ) )
(1,048 (1,117
Total other ) ) ) )
(4,433 (5,525 (9,228 (10,008
Income before income taxes
27,733 14,250 54,315 42,926
Income tax provision ) ) ) )
(8,412 (3,884 (15,363 (11,046
$ $ $ $
Net income
19,321 10,366 38,952 31,880
Weighted-average shares outstanding:
Basic
31,875 32,100 31,859 32,047
Diluted
31,993 32,258 32,070 32,308
Earnings per common share:
$ $ $ $
Basic
0.61 0.32 1.22 0.99
Diluted 0.60 0.32 1.21 0.99
CSG SYSTEMS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-UNAUDITED
(in thousands)
Six Months Ended
June 30, June 30,
2021 2020
Cash flows from operating activities^(1):
$ $
Net income
38,952 31,880
Adjustments to reconcile net income to net cash provided by operating activities-
Depreciation 12,379 11,199
Amortization 22,018 22,043
Amortization of original issue discount 1,556 1,470
Asset impairment 415 10,595
(Gain)/loss on short-term investments 32 (110 )
Deferred income taxes 6,434 6,771
Stock-based compensation 10,417 10,112
Subtotal 92,203 93,960
Changes in operating assets and liabilities, net of acquired amounts:
Trade accounts receivable, net 1,128 (6,286 )
Other current and non-current assets and liabilities (7,623 ) (8,568 )
Income taxes payable/receivable ) 1,332
(11,620
Trade accounts payable and accrued liabilities ) )
(29,817 (36,381
Deferred revenue.. (2,042 ) 6,803
Net cash provided by operating activities 42,229 50,860
Cash flows from investing activities:
Purchases of software, property and equipment ) )
(15,158 (14,334
Purchases of short-term investments ) )
(46,195 (35,112
Proceeds from sale/maturity of short-term investments 49,419 34,185
Acquisition of and investments in business, net of cash acquired ) (9,991 )
(12,097
Net cash used in investing activities ) )
(24,031 (25,252
Cash flows from financing activities^(1):
Proceeds from issuance of common stock 1,335 1,247
Payment of cash dividends ) )
(16,654 (15,856
Repurchase of common stock ) )
(18,792 (14,515
Payments on long-term debt (6,563 ) (4,687 )
Settlement and merchant reserve activity ) )
(23,967 (28,745
Net cash used in financing activities ) )
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