CSG Systems International, Inc. (CSGS): Business Model Canvas [Dec-2025 Updated]

You're digging into how CSGS is actually making money in late 2025, and honestly, the story isn't just about old-school telecom billing anymore. As an analyst who's seen a few cycles, what stands out is their sharp pivot: they are guiding for revenue between $1.21 billion and $1.25 billion while pushing their non-GAAP operating margin toward 18.8% by doubling down on high-margin, cloud-first SaaS platforms like CSG Xponent. This shift means they are actively diversifying, so non-cable/non-telecom verticals already hit 33% of Q1 2025 revenue, showing a clear path to higher profitability through digital transformation for big clients. If you want to see the nine building blocks driving this margin expansion and strategic move into new markets, check out the full breakdown below.

CSG Systems International, Inc. (CSGS) - Canvas Business Model: Key Partnerships

You're looking at how CSG Systems International, Inc. extends its reach and capability through external entities, which is critical since they operate in complex global markets. The structure here shows a clear focus on cloud enablement, solution integration, market access, and brand elevation.

Expanded collaboration with AWS for cloud transformation

The expanded collaboration with AWS is central to CSG Systems International, Inc.'s strategy for modernizing its offerings, especially for telecommunications and financial services clients. This joint effort centers on making CSG's solutions cloud-native on the AWS infrastructure.

• The initiative promises up to 60% reduction in total cost of ownership for global enterprises adopting these cloud solutions.
• CSG's Converged Mediation solution is now available directly in the AWS Marketplace, streamlining procurement.
• CSG Systems International was recognized as an AWS Partner Award Finalist in 2024, marking the second consecutive year Amazon acknowledged their leadership in driving cost reduction and efficiency in the telecom sector.

This cloud focus supports the overall financial trajectory; for instance, CSG Systems International reported a record high of $597 million in revenue for the first half of 2025.

Technology and Solution Partners for software and hardware integration

CSG Systems International, Inc. relies on a network of technology and solution partners to enhance its platform capabilities across monetization, customer engagement, and payments. This ecosystem allows CSG to deliver specialized functionality without building everything internally.

Here's a look at how these partnerships align with CSG Systems International, Inc.'s reported performance metrics as of late 2025:

The power of this partner program is found in the scale at which CSG Systems International, Inc. brings innovation to bear for its customers. The company operates across 20 countries.

Go-To-Market and Delivery Partners for global implementation and reach

Delivery and go-to-market partners are essential for CSG Systems International, Inc. to implement solutions globally and expand into new sectors. This strategy is directly tied to the company's stated goal of revenue diversification.

• CSG Systems International, Inc. aims for greater than 35% of revenue from industries outside of cable and telecom by the end of 2026.
• As of the first half of 2025, 32% of total revenue was generated from these new industry verticals.
• The Q3 2025 revenue was reported at $303.6 million, showing continued top-line momentum.

These partners help CSG Systems International, Inc. simplify complex problems for businesses in sectors like insurance and property management, not just its traditional CSP base. If onboarding takes 14+ days, churn risk defintely rises.

Strategic alliances like the MoneyGram Haas F1 Team for brand visibility

The strategic alliance with the MoneyGram Haas F1 Team serves as a high-profile vehicle for brand visibility, linking CSG Systems International, Inc. to global excellence and speed. This partnership debuted at the 2025 Formula 1 United States Grand Prix in Austin, Texas.

This visibility effort complements the technology partnerships that directly power major media platforms. For example, CSG's Ascendon platform is used to power the F1 TV streaming service.

The company ended Q3 2025 with cash and cash equivalents of $158.4 million.

CSG Systems International, Inc. (CSGS) - Canvas Business Model: Key Activities

You're looking at the core engine driving CSG Systems International, Inc.'s performance as of late 2025. The key activities here are all about shifting the business mix and relentlessly driving profitability from that shift. It's a focus on high-value, recurring revenue streams.

Developing and deploying high-margin, cloud-first SaaS platforms is central. This is where the future revenue quality comes from. The company reported a record high of 33% of revenue coming from industry verticals outside of traditional CSPs (Communications Service Providers) in Q1 2025. By the first half of 2025, cable and pay TV revenue had settled at 50% of the total, showing the diversification strategy is working.

Executing digital transformation projects for global clients, especially around the Quote-to-Cash process, is a tangible output of these platforms. For instance, CSG Systems International, Inc. secured a deal with Orange Business to simplify their quote to cash process using a catalog-driven CPQ solution, accelerating their digital transformation across more than 25 countries. Their solutions are designed to reduce the quote-to-cash timeline by up to 30%.

Disciplined M&A to acquire new capabilities and expand market verticals is an ongoing activity, though the pace shifts. While the company cited successful tuck-in acquisitions in 2024, as of early September 2025, CSG Systems International, Inc. had executed 0 acquisitions in the 2025 calendar year. This activity was overshadowed by the news that CSG Systems International, Inc. was acquired by NEC on October 29, 2025, for an amount of $2.9B.

Maintaining operational efficiency is the lever that translates platform development into shareholder returns. This is clearly seen in the margin performance, which is the direct result of this operational discipline. The company has a stated goal to maintain consistent non-GAAP adjusted operating margins in the 18% to 20% range. The full-year 2025 guidance midpoint for non-GAAP operating margin was set at 18.8%. To show the current execution, the first half of 2025 saw a non-GAAP adjusted operating margin of 19.5%, and the third quarter specifically delivered 19.5%.

Here's a quick look at the profitability metrics supporting this key activity:

The focus on high-margin SaaS sales and operational discipline is converting well. For example, the first half of 2025 saw non-GAAP adjusted free cash flow of $47 million, which was the best first half performance in a decade.

CSG Systems International, Inc. (CSGS) - Canvas Business Model: Key Resources

You're looking at the core assets that CSG Systems International, Inc. relies on to generate revenue and maintain its market position as of late 2025. These aren't just abstract concepts; they are quantifiable drivers of performance, especially now that the company has been acquired by NEC.

Proprietary SaaS platforms: CSG Xponent, Ascendon, and Forte represent the engine of the business. The success of these platforms is evident in the revenue mix. For the third quarter of 2025, revenue from SaaS and related solutions hit $274.965 million. This segment is the primary growth driver, offsetting declines in other areas.

The highly recurring revenue base from long-term customer contracts provides stability. You see this stability reflected in major relationship milestones, such as the reported six-year renewal with Comcast, which extends a relationship spanning 35 years. Furthermore, the strategic shift towards diversification is a key resource, with non-telecom verticals rising to 33% of revenue in Q1 2025, with a target to exceed 35% by 2026.

The global intellectual property and cloud-first architecture underpin the operational leverage CSG Systems International has been demonstrating. This architecture allows for margin expansion; for instance, the non-GAAP adjusted operating margin for the first half of 2025 reached 19.5%, a 250-basis-point improvement year-over-year. The company's focus on becoming a more asset-light SaaS company is a direct result of leveraging this architecture.

The workforce of approximately $\mathbf{5,800}$ employees globally, as reported at the end of 2024, is the human capital executing this strategy. This resource is supported by significant financial capacity, including the $2.9 billion acquisition price paid by NEC in October 2025, which validates the value of the entire asset base. The company's ability to generate cash from this workforce is strong, with cash flows from operations reaching $47.9 million in Q3 2025.

Here's a breakdown of the Q3 2025 revenue streams, showing the dominance of the core platforms:

Key financial metrics tied directly to the efficiency of these resources include:

• Non-GAAP Adjusted Operating Margin (H1 2025): 19.5%.
• Non-GAAP Adjusted Free Cash Flow Guidance Midpoint (FY 2025): $130 million.
• Cash and Cash Equivalents (September 30, 2025): $158.4 million.
• Projected FY 2025 Total Revenue Range: $1.21 billion to $1.25 billion.
• Non-GAAP EPS (Q3 2025): $1.31.

CSG Systems International, Inc. (CSGS) - Canvas Business Model: Value Propositions

You're looking at CSG Systems International, Inc. (CSGS) as of late 2025, and the value proposition story is clearly shifting from pure transaction processing to measurable, AI-driven operational leverage. The core value is proving financial impact to the C-suite, not just keeping the lights on.

Unified customer experience (CX) and operational efficiency via CSG Xponent

The CSG Xponent cloud platform is where the operational efficiency story is playing out. CSG Systems International, Inc. reports over $\text{900 clients}$ worldwide using their solutions, and the focus is on tangible, fast results. For instance, the Xponent Engagement Channels have shown proven results in as few as $\text{30 days}$ in some deployments. We see this translate into hard metrics like a $\text{3x}$ responsiveness increase to SMS notifications after implementation, and a $\text{25%}$ reduction in fraud cases for one banking client. This platform directly addresses the 2025 mandate where CX leaders must think like CFOs, translating experience programs to revenue gains and OpEx reductions. The company's own Q1 2025 results reflect this internal efficiency drive, posting a non-GAAP operating margin of $\text{19.0%}$, a $\text{240 basis point}$ improvement from Q1 2024. Management is guiding the full-year 2025 non-GAAP operating margin midpoint to $\text{18.8%}$, reinforcing the operational discipline narrative.

Revenue management and monetization solutions for complex B2B2X models

For complex B2B2X and hybrid models, the value proposition centers on simplifying monetization to capture revenue that legacy systems leave on the table. We know that for some markets, outdated systems contribute to churn rates as high as $\text{30%}$ due to a lack of visibility into customer needs. CSG Encompass is positioned to streamline these operations. The strategic shift toward asset-light, SaaS, and cloud-based platforms is driving this margin expansion. This strategy is working to diversify the revenue base; $\text{33%}$ of Q1 2025 revenue came from industry verticals outside of cable and telecom, which is a new quarterly record, up from just $\text{23%}$ in fiscal 2017. This diversification de-risks the business, as the top two legacy customers now represent $\text{37%}$ of Q1 revenue, down from $\text{49%}$ in 2017.

Core telecom billing and payment solutions with high ROI for clients

The core billing and payment offerings continue to deliver clear, quantifiable returns for the traditional base. The ability to modernize billing is directly tied to top-line improvement for the client. For example, the promise is that a proper Telecom Billing System Upgrade can help a client improve their Average Revenue Per User (ARPU) by $\text{15%}$. This focus on high ROI underpins the company's ability to secure long-term commitments, such as the six-year renewal with Comcast mentioned recently. The financial expectation for CSG Systems International, Inc. in 2025 reflects this stability, with a revenue guidance midpoint of $\text{\$1.23 billion}$ and an anticipated non-GAAP EPS range of $\text{\$4.55 to \$4.80}$.

Accelerating digital transformation for large enterprises like Orange Business

The value proposition here is enabling massive enterprise transformation by solving the quote-to-cash friction points. CSG's Quote & Order solution is specifically cited as streamlining this process for Orange Business as part of its broader Engage 2025 program. The impact of this transformation, supported by partners like CSG, is measurable: Orange Business saw its customer Net Promoter Score (NPS) increase by $\text{nine points}$ over the last $\text{two years}$ (as of early 2025). Furthermore, the financial turnaround at Orange Business is significant; their earnings loss (EBITDAaL) shrank from a massive $\text{25.3%}$ in the first half of 2022 to $\text{8.4%}$ by the end of 2024, with expectations to halve that decline again in $\text{2025}$.

Here's a quick look at how these value drivers map to the current financial expectations for CSG Systems International, Inc. for the full year 2025:

If onboarding for new SaaS migrations takes longer than the $\text{30 days}$ proven by Xponent Ignite, churn risk rises, which directly impacts the $\text{15.65%}$ projected annual earnings growth.

• CSG Xponent: $\text{\$93 million}$ incremental revenue lift in $\text{6 months}$ from prescription refills.
• Billing Upgrade Potential: $\text{15%}$ ARPU improvement for telecom clients.
• Client Concentration Reduction: Top two customers now $\text{37%}$ of Q1 revenue (vs. $\text{49%}$ in 2017).
• Shareholder Return Commitment: Over $\text{\$100 million}$ planned return via dividends/repurchases in $\text{2025}$.

Finance: finalize the Q3 2025 cash flow forecast incorporating the raised FCF guidance by Tuesday.

CSG Systems International, Inc. (CSGS) - Canvas Business Model: Customer Relationships

You're looking at how CSG Systems International, Inc. manages its most valuable assets-its customers. This isn't about quick transactions; it's about deep, embedded partnerships, defintely a hallmark of a mature B2B SaaS provider.

Long-term, strategic B2B relationships with major Communication Service Providers (CSPs).

CSG Systems International, Inc. relies heavily on a concentrated base of large Communication Service Providers. This concentration means relationship management is paramount to hitting financial targets. For the quarter ended March 31, 2025, the dependency was clear: Charter accounted for 19% of total revenue, and Comcast represented 18% of revenue. The company secured a fantastic win-win contract expansion with Comcast that runs through the year-end of 2030, underscoring this long-term commitment. Furthermore, CSG Systems International, Inc. announced exciting customer wins and extensions in the first half of 2025 with names like Orange Business and Liberty Puerto Rico. While the core remains telecom, the strategic push is toward diversification; management has a goal for non-telecom verticals to contribute over 35% of total revenue by 2026. Geographically, revenue from the Americas, which is principally the U.S., stood at $259.3 million in Q1 2025 and remained stable at $258.814 million in Q3 2025, while EMEA revenue grew to $30.193 million in Q3 2025.

Here's a look at the revenue mix showing the reliance on recurring solutions:

Dedicated account management and professional services for complex implementations.

Managing these large-scale, complex software implementations requires significant internal investment in the teams that support the rollout and ongoing optimization. The company is focusing R&D investments on these faster-growing SaaS platforms, increasing R&D expenses by 13.3% to $40.9 million in Q1 2025. The high-touch nature of these services is reflected in the revenue segmentation, where the core SaaS revenue continues to grow, while the traditional software and services revenue stream is shrinking. The non-GAAP adjusted operating margin for the first half of 2025 reached 19.5%, showing efficiency gains even while supporting complex client needs.

High-touch, consultative sales for large-scale SaaS platform adoption.

The sales approach is consultative, driving adoption of the cloud-first architecture. The overall financial outlook for 2025 reflects this strategy, with CSG Systems International, Inc. expecting full-year revenue between $1.21 billion and $1.25 billion. The non-GAAP adjusted operating margin for Q3 2025 was reported at 19.5%. This consultative sale is about proving the platform's value over the long haul, not just the initial implementation.

Focus on customer loyalty by proving CX initiatives translate to revenue gains.

CSG Systems International, Inc. actively promotes the idea that customer experience (CX) must be tied to financial outcomes. Their 2025 State of the Customer Experience Report highlights that successful CX leaders must prove how their initiatives generate revenue and reduce operating expenses (OpEx). This is a direct response to C-suite demands for hard data. To be fair, the industry faces this challenge; Forrester data indicates that 60% of CX professionals surveyed listed linking CX to business metrics as a top-three challenge in their measurement programs. The philosophy is that low-effort interactions build loyalty, while high-effort ones destroy it; Gartner data suggests it can take three new customers to replace the value lost from one churning customer.

The key focus areas for earning loyalty, as outlined by CSG Systems International, Inc., include:

• Encouraging CXOs to think like CFOs, translating CX programs to revenue gains and OpEx reductions.
• Personalizing key moments by repairing the interactions that cause the most churn.
• Identifying customer churn zones using Voice of the Customer (VoC) data.
• Ensuring relevance, building trust, and driving meaningful action to improve the customer experience.

Finance: draft 13-week cash view by Friday.

CSG Systems International, Inc. (CSGS) - Canvas Business Model: Channels

You're looking at how CSG Systems International, Inc. gets its software and services into the hands of its customers as of late 2025. Honestly, the data strongly suggests a heavy reliance on direct engagement with massive Communication Service Providers (CSPs), but they are actively pushing diversification.

Direct sales force targeting global enterprise and CSP accounts

The direct sales force is clearly focused on landing and expanding relationships with the largest players in the communications space. You see this reflected in the customer concentration figures. For the third quarter of 2025, the company reported that Charter Communications and Comcast Corporation alone accounted for $\text{19\%}$ and $\text{18\%}$ of total revenue, respectively. That's $\text{37\%}$ of the entire company's revenue coming from just two accounts in that quarter alone. This concentration points to a highly effective, relationship-driven direct sales motion targeting enterprise-level needs.

To be fair, CSG Systems International is actively trying to dilute this reliance. They reported that in the first half of 2025, $\text{32\%}$ of total revenue came from industries outside of cable and telecom, up from $\text{31\%}$ in the prior year period. The goal here is to get non-telecom verticals to over $\text{35\%}$ of total revenue by the end of 2026. This shift suggests the direct sales team is also being tasked with penetrating new, faster-growing industry verticals like financial services and insurance.

Here's the quick math on customer concentration improvement:

What this estimate hides is the split between new logo acquisition versus renewal/expansion revenue within that direct sales bucket.

Strategic acquisitions to instantly gain new market access

CSG Systems International uses strategic acquisitions to jump-start market access, especially in new verticals. The results from the second quarter of 2025 explicitly mention that total revenue growth was attributed, in part, to the revenue generated from the acquired iCG business. This is a clear channel strategy: buy a customer base and proven solution in a target area rather than building it organically from zero.

The company's overall revenue for the first half of 2025 was a record $\text{\$597}$ million, and these inorganic additions play a role in that top-line acceleration.

Global and regional Go-To-Market Partners for expanded reach

Cloud marketplaces and platform integrations (e.g., AWS)

While CSG Systems International is clearly focused on its direct sales and recent tuck-in acquisitions, specific, quantifiable data on the revenue contribution from global partners or cloud marketplaces for 2025 isn't broken out in the public filings I have access to. However, the growth in SaaS and related solutions revenue, which hit $\text{\$274.965}$ million in Q3 2025, suggests that platform integrations and partner ecosystems are a necessary component for delivering those cloud-first solutions.

We know the company is focused on its SaaS transition, which often relies on marketplace visibility. The channel strategy here is likely focused on enabling partners to sell and implement their core offerings, which include:

• Data-driven Customer Experience (CX) solutions.
• Monetization and payment solutions.
• Ascendon cloud wins mentioned in late 2024/early 2025 commentary.

The overall 2025 full-year revenue guidance is set between $\text{\$1.21}$ billion and $\text{\$1.25}$ billion, and this number has to be supported by every channel working in concert.

CSG Systems International, Inc. (CSGS) - Canvas Business Model: Customer Segments

You're looking at the core customer base for CSG Systems International, Inc. as of late 2025, and it's clear they are deeply embedded with the biggest players in connectivity. The foundation remains the Tier 1 and Tier 2 Communication Service Providers (CSPs). For instance, you see major commitments here, like the six-year contract renewal with Comcast running through December 31, 2030, which supports their residential video, broadband, and digital phone base. Also, the partnership with Charter Communications was extended and expanded, now set to continue through September 30, 2031. These relationships are significant, but the story now is about how CSG Systems International, Inc. is intentionally broadening its reach.

The push to diversify revenue away from this core telecom base is a major strategic focus. As of the first quarter of 2025, the company hit a new quarterly record: 33% of total revenue came from industry verticals outside of communication service providers. This growth is fueled by deploying data-driven Customer Experience (CX), monetization, and payment solutions into new areas. We're talking about expanding into verticals like Financial Services, Retail, Healthcare, and Utilities, which are now actively adopting CSG Systems International, Inc.'s platforms to manage their own complex customer relationships.

This strategic shift is showing up in the numbers, even as the core remains strong. Here's a quick look at the Q1 2025 financial snapshot that underpins this segment strategy:

Global enterprises across these new and existing sectors require sophisticated ways to bill and engage customers, which is where CSG Systems International, Inc.'s expertise in complex monetization comes into play. They are helping clients manage intricate B2B (business-to-business), B2C (business-to-consumer), and B2B2X (business-to-business-to-everything) models. This capability is key for any large organization needing to unify billing across multiple service lines or partner channels, which is exactly what's needed when a utility starts offering bundled smart-home services or a financial firm rolls out new tiered digital banking products.

You can see the success of this customer strategy reflected in several key operational metrics from the start of 2025:

• The company reported its best first-quarter non-GAAP adjusted free cash flow performance since 2018, generating $7.1 million.
• CSG Systems International, Inc. repurchased approximately 357,000 shares for about $22 million in Q1 2025.
• The quarterly cash dividend declared was $0.32 per share.
• The stated goal is to grow revenue from new verticals to greater than 35% by 2026.
• First-half 2025 revenue reached a record $597 million.

Finance: draft 13-week cash view by Friday.

CSG Systems International, Inc. (CSGS) - Canvas Business Model: Cost Structure

You're looking at where CSG Systems International, Inc. (CSGS) is spending its money to keep the lights on and drive that SaaS transition. The cost structure is heavily weighted toward the people building and deploying the software, plus the infrastructure to run it.

Significant investment in R&D for SaaS platform development, like the CSG Xponent offering, is a clear priority. For the first quarter ended March 31, 2025, the company reported R&D Expense (Exclusive of Depreciation) of $40.9 million, which was a 13.3% increase from the first quarter of 2024. This spend is directly tied to evolving their core software and services to maintain that competitive edge in billing and payments solutions.

Personnel costs are inherently high, reflecting the global software development and professional services required to implement and manage complex customer experience platforms. While a direct line item for all personnel costs isn't isolated, you see its impact across the board. As of September 2025, CSG Systems International had approximately 5.8K employees. Employee-related costs were cited as a reason for a decrease in Cost of Revenue in Q1 2025, suggesting ongoing management of that large workforce base.

Costs associated with cloud infrastructure and data center operations are baked into the Cost of Revenue and Selling, General & Administrative (SG&A) expenses, especially as the shift to SaaS accelerates. For the third quarter ended September 30, 2025, total Operating Expenses were reported at $264.37 million. The non-GAAP adjusted operating margin for that same quarter was 19.5%, showing how management balances these high fixed and variable technology costs against revenue.

To drive operating efficiencies, CSG Systems International has taken restructuring actions. In the first quarter of 2025, the company incurred $7.4 million in Restructuring and Reorganization Charges. This was primarily linked to cost efficiency initiatives, including involuntary employee terminations and facility consolidations, with an expectation of about $5 million in additional charges related to a center closure.

Here's a quick look at some of the key expense components from the first quarter of 2025:

The overall cost profile in late 2025 shows a company actively investing in its future platform while simultaneously attempting to realize savings from organizational changes. Key cost-related metrics from Q3 2025 include:

• GAAP Operating Income: $30.5 million.
• Non-GAAP Adjusted Operating Income: $54.5 million.
• Cash flows from operations: $47.9 million for Q3 2025.
• Quarterly cash dividend paid: $0.32 per share.
• Stock repurchases in Q3 2025: $18 million.

Finance: draft 13-week cash view by Friday.

CSG Systems International, Inc. (CSGS) - Canvas Business Model: Revenue Streams

You're looking at how CSG Systems International, Inc. brings in the money as of late 2025. The focus is clearly shifting, but the foundation remains strong.

A major component of the revenue mix is the recurring revenue from SaaS subscriptions and managed services contracts. This stream is what management points to when discussing margin expansion and the move to an asset-light model. The momentum from these contracts is driving the overall financial picture.

The second key stream involves professional services revenue from platform implementation and integration. To be fair, this stream saw some pressure, as the second quarter of 2025 showed lower professional services revenue, which was offset by a one-time item. This dynamic highlights the ongoing strategic pivot away from project-based work.

The company recognized a significant, high-margin, non-recurring item in the second quarter of 2025: software license revenue of approximately $6 million. This single arrangement contributed to the better-than-expected Q2 non-GAAP results. This type of high-margin, non-recurring event helps bridge the gap as the recurring base grows.

The overall health and expected conversion of these revenue streams are reflected in the cash flow guidance. CSG Systems International, Inc. raised its full-year 2025 outlook, with non-GAAP adjusted free cash flow expected to be around $135 million at the midpoint. That represents approximately 20% year-over-year growth in free cash flow for 2025 versus last year. That's a solid conversion metric.

Here's a quick look at some of the key financial figures underpinning these revenue streams as of the first half of 2025:

You can see the diversification efforts are translating into a broader base, which is key for long-term revenue stability. The company is actively working to grow revenue from industries outside of cable and telecom, which stood at 32% of total revenue in the first half of 2025. Also, the concentration with the top two customers, Charter and Comcast, has dropped to 36% of total revenue. The company is committed to consistently expanding its non-GAAP adjusted operating margin, targeting a long-term range of 18% to 20%. This margin expansion is supported by the increasing mix of high-margin SaaS revenue. The Q2 2025 revenue was reported at $297.1 million.

The capital allocation shows how the cash generated is used, supporting the model. In the first half of 2025, CSG Systems International, Inc. paid $9 million in dividends and executed $40 million in share repurchases. They are on track to return more than $100 million in share repurchases for the full year 2025.

Here's a breakdown of the key revenue stream components and associated financial markers:

• Recurring revenue from SaaS subscriptions and managed services contracts.
• Professional services revenue from platform implementation and integration.
• Software license revenue, including a $6 million high-margin license in Q2 2025.
• Full-year 2025 non-GAAP adjusted free cash flow expected to be around $135 million.

Finance: review the Q3 2025 revenue forecast against the H2 2025 expectation of 51% of full-year revenue by end of next week.