What CSG Systems International, Inc. told the SEC could break it.

CSG's revenue is heavily concentrated in a few large U.S. communications operators. Its three largest customers are Charter, Comcast and DISH Network L.L.C., with Charter ($236M, ~19% of revenue) and Comcast ($210M, ~17%) each individually exceeding 10% in 2025 — together more than a third of total revenue, and over ~40% including DISH. This concentration creates material renewal/repricing exposure: CSG amended its Charter agreement in September 2025 and its Comcast agreement runs through December 31, 2030. Loss, non-renewal, in-sourcing, or adverse repricing by either Charter or Comcast would have an outsized impact on CSG's revenue. The defining counterparty risk for the company; individual ≥10% customers are also captured as edges.

“We have significant customer concentration, with Charter and Comcast each exceeding 10% of our revenue.”

CSG depends on a limited number of third-party providers — for software, distributed (cloud) computing infrastructure, payment processing, and other services — to deliver its SaaS billing and customer-engagement solutions to its customers. It explicitly flags that this vendor concentration exposes it to supply-chain disruptions, cost increases, and cyberattacks. A failure, price increase, capacity constraint, or security incident at a key cloud-infrastructure or processing vendor could impair CSG's ability to meet contractual SLAs and deliver service. Vendors are unnamed, so this registers as a third-party/sole-source dependence risk.

“We Rely on A Limited Number of Third-Party Vendor Relationships to Execute Our Business Which Exposes Us to Supply Chain Disruptions, Cost Increases, and Cyberattacks.”