Question-and-Answer Session
Operator
Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Our first question comes from the line of Ashwin Shirvaikar with Citigroup. Please go ahead.
Ashwin Shirvaikar - Citigroup
Hey guys, congratulations on the quarter.
Peter Kalan
Thank you.
Ashwin Shirvaikar - Citigroup
I want to actually talk about the non-billing side of the business. You have made all these acquisitions over the last 12, 18 months. Can you talk about sort of the growth characteristics, margin profile, and economic sensitivity of those acquisitions?
Peter Kalan
I will start and Randy could -- I have got a cold Ashwin, so I'm sorry if I'm a little raspy here but Randy will join in. I guess the first part is that when you look at the economic considerations of the acquisitions, they typically are reaching out to businesses that have consumer profile, businesses and therefore we believe generally they are fairly recession proof but you are never completely recession proof but overall we believe that from a market and economic perspective that they are generally well positioned. They provide value-added services that generally decrease the cost of operations and within that, we think that they drive value for our clients and in these economic times, our clients are seeking those types of focuses to have the customer care and their customer service experience as well as how they do it at a lower cost point. Growth profile, I will start -- generally they have higher growth profiles than what the historical over the core business of what you see from what we support the cable and DBS markets are. From a profitability Randy, I don’t know if you have any color to share on that.
Randy Wiese
I think consistent with what we said in the past Peter is that the profitability of these enterprises as we bring them on a GAAP basis have been diluted and It’s primarily because of the amortization from the acquisition. However, from an EBITDA/cash flow perspective, they have been accretive and overtime we expect, absent the amortization from the acquisition that we expect their operating performance to start to become more toward the operating performance of CSG, but that will take a period of time anywhere from 12 to 18 months for many of synergies to really kick in to get that operating performance.
Ashwin Shirvaikar - Citigroup
Are they revenue synergies or are they cost synergies that are in your control.
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