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8-K - FORM 8-K - SUNGARD DATA SYSTEMS INC | c04348e8vk.htm |
Exhibit 99.1
For more information, contact: |
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Henry Miller
|
Eric Erickson | Brian Robins | ||
Tel: 484-582-5445
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Tel: 484-582-5480 | Tel: 646-445-8347 | ||
henry.miller@sungard.com
|
eric.erickson@sungard.com | brian.robins@sungard.com |
SunGard Announces Second Quarter 2010 Results
Wayne, PA August 5, 2010 SunGard, one of the worlds leading software and technology services
companies, today reported results for the second quarter ended June 30, 2010. For the quarter,
revenue was $1.30 billion, down 5% year over year, and income from operations was $126 million.
Adjusted EBITDA was $354 million, down 1% year over year, and adjusted income from operations was
$269 million, down 3% year over year. Excluding the results of one of our trading systems
businesses, a broker/dealer, revenue was up 4% and adjusted income from operations was up 5%
compared to the same quarter last year. Adjusted EBITDA and adjusted income from operations are
defined in Notes 1 and 2 in the Notes attached to this release.
Organic revenue (defined as revenue from businesses owned for at least one year and adjusted for
both businesses sold in the previous twelve months and the impact of currency exchange rates) was
down 4% year over year in the second quarter. Excluding one of our trading systems businesses, a
broker/dealer, organic revenue was up 4% year over year. This broker/dealer revenue was down 64%
compared to the prior year due primarily to the industry-wide dynamic by which active trading firms
are opting to become broker/dealers and trade on their own behalf. See Note 3 in the Notes
attached to this release.
Cristóbal Conde, president and chief executive officer, commented, We are pleased with our
performance in the quarter, particularly the strong showing by our Financial Systems business.
Customers are looking to get more mileage out of the systems they already have in place and are
prepared to spend on professional services to get more functionality. While we continue to see
long sales cycles and pricing pressure, we are seeing bigger transaction sizes and our value
message and services-led approach continue to resonate with our customers. Overall, our
competitiveness is very strong and we are executing well on the ground.
For the six months ended June 30, 2010, revenue decreased 6% year over year to $2.55 billion, and
income from operations was $200 million. Adjusted EBITDA was $650 million and adjusted income
from operations was $486 million for the first six months of 2010. Excluding the broker/dealer
business mentioned above, revenue was up 3% and adjusted income from operations was up 1% compared
to the first six months of 2009.
Financial Systems revenue decreased 8% year over year to $703 million in the second quarter.
Organic revenue decreased 7% year over year. Excluding the broker/dealer business mentioned above,
revenue was up 8% and organic revenue was up 10% compared to the second quarter of 2009. License
fees were $66 million for the quarter, an increase of $33 million compared to the same quarter of
2009.
Notable deals in the quarter included the following:
| A leading trust company selected SunGard to provide an integrated wealth management
platform that includes SunGards InvestorsView, AddVantage and SunGard Global Network. |
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| A global investment bank selected SunGards Stream GMI as its U.S. clearing and
accounting system for exchange-traded derivatives. |
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| A leading provider of ultra-low latency direct market access trading technology,
risk management solutions and brokerage services chose SunGards Valdi Sponsored Access and
Valdi Correspondent Clearing Services to support its core operations. |
Higher Education revenue, all of which was organic, declined 1% year over year to $131 million in
the second quarter. License fees were $10 million for the quarter, an increase of $5 million
compared to the prior year.
Notable deals in the quarter included the following:
| A leading polytechnic institution in Canada selected Banner Digital Campus to provide an
integrated suite of administrative solutions. |
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| A public university in Oklahoma selected SunGard Higher Education to provide a
comprehensive suite of solutions and services. |
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| A public university in Delaware expanded its relationship with SunGard Higher Education
by outsourcing IT services for managing its Banner Digital Campus. |
Public Sector revenue increased 4% year over year to $99 million in the second quarter. Organic
revenue increased 5% year over year. License fees were $4 million for the quarter, a decrease of
$3 million compared to the same quarter of 2009.
Notable deals in the quarter included the following:
| A city in Florida selected SunGard Public Sector to provide public safety solutions for
computer-aided dispatch, records management and mobile computing. |
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| A campus public safety agency for a major state university in Texas selected SunGard to
provide technology solutions for dispatch, mobile computing and other needs. |
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| A school district in Washington chose SunGard Public Sector to provide a finance and
human resources solution. |
Availability Services revenue decreased 3% year over year to $365 million in the second quarter.
Organic revenue also decreased 3% in the quarter.
Notable deals in the quarter included the following:
| A global provider of stock transfer and employee equity plan services chose SunGard to
provide hosting, recovery solutions, technology migration support and IT consulting
services. |
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| A leading mutual fund manager selected SunGard for business continuity and data
recovery. |
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| A leading U.S. discount retailer extended its relationship with SunGard to include
advanced recovery solutions and managed recovery services. |
Financial Position
At June 30, 2010, total debt was $8.3 billion and cash balances were $729 million. During the six
months ended June 30, 2010, the Company generated $247 million in cash flow from operations and
invested $148 million in capital expenditures. Beginning this quarter, a statement of cash flows
has been included in the quarterly release of financial results.
Conference Call & Webcast
A conference call to review the results is scheduled for today at 9:00 a.m. (Eastern Time). The
dial-in number for the conference call is 706-902-1370, and the conference ID number is 90067600.
You may also listen to the call at www.investorcalendar.com by clicking on the audio icon for
SunGard. An audio replay will be available two hours after the call ends through midnight on
August 19, 2010. To listen to the replay, please dial 1-800-642-1687 or 706-645-9291 and enter the
conference ID number 90067600. A replay will also be available two hours after the call ends
through midnight on August 19, 2010 at www.investorcalendar.com.
About SunGard
SunGard is one of the worlds leading software and technology services companies. SunGard has more
than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and
processing solutions for financial services, higher education and the public sector. SunGard also
provides disaster recovery services, managed IT services, information availability consulting
services and business continuity management software. With annual revenue exceeding $5 billion,
SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT
services company. For more information, please visit www.sungard.com.
Trademark Information: SunGard, the SunGard logo, SunGard Global Network, AddVantage, Banner,
InvestorsView, Stream GMI and Valdi are trademarks or registered trademarks of SunGard Data
Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are
trademarks or registered trademarks of their respective holders.
SunGards Safe Harbor Statement under Private Securities Litigation Reform Act of 1995
Statements in this release other than historical facts constitute forward-looking statements. You
can identify forward-looking statements because they contain words such as believes, expects,
may, will, would, should, seeks, approximately, intends, plans, estimates, or
anticipates or similar expressions which concern our strategy, plans or intentions. All
statements we make relating to estimated and projected earnings, margins, costs, expenditures, cash
flows, growth rates and financial results are forward-looking statements. In addition, we, through
our senior management, from time to time make forward-looking public statements concerning our
expected future operations and performance and other developments. All of these forward-looking
statements are subject to risks and uncertainties that may change at any time, and, therefore, our
actual results may differ materially from those we expected. We derive most of our forward-looking
statements from our operating budgets and forecasts, which are based upon many detailed
assumptions. While we believe that our assumptions are reasonable, we caution that it is very
difficult to predict the impact of known factors, and, of course, it is impossible for us to
anticipate all factors that could affect our actual results. Some of the factors that we believe
could affect our results include: our high degree of leverage; general economic and market
conditions; the overall condition of the financial services industry, including the effect of any
further consolidation among financial services firms; the integration of acquired businesses, the
performance of acquired businesses, and the prospects for future acquisitions; the effect of war,
terrorism, natural disasters or catastrophic events; the effect of disruptions to our systems and
infrastructure; the timing and magnitude of software sales; the timing and scope of technological
advances; customers taking their information availability solutions in-house; the trend in
information availability toward solutions utilizing more dedicated resources; the market and credit
risks associated with clearing broker operations; the ability to retain and attract customers and
key personnel; risks relating to the foreign countries where we transact business; the ability to
obtain patent protection and avoid patent-related liabilities in the context of a rapidly
developing legal framework for software and business-method patents; and a material weakness in our
internal controls. The factors described in this paragraph and other factors that may affect our
business or future financial results are discussed in our periodic filings with the Securities and
Exchange Commission, copies of which may be obtained from us without charge. We assume no
obligation to update any written or oral forward-looking statement made by us or on our behalf as a
result of new information, future events or other factors.
SunGard Data Systems Inc.
Consolidated Statements of Operations
(in millions)
(Unaudited)
Consolidated Statements of Operations
(in millions)
(Unaudited)
Three Months Ended | ||||||||
Jun. 30, | Jun. 30, | |||||||
2009 | 2010 | |||||||
Revenue: |
||||||||
Services |
$ | 1,242 | $ | 1,141 | ||||
License and resale fees |
79 | 119 | ||||||
Total products and services |
1,321 | 1,260 | ||||||
Reimbursed expenses |
48 | 38 | ||||||
1,369 | 1,298 | |||||||
Costs and expenses: |
||||||||
Cost of sales and direct operating |
684 | 592 | ||||||
Sales, marketing and administration |
263 | 286 | ||||||
Product development |
85 | 93 | ||||||
Depreciation and amortization |
72 | 72 | ||||||
Amortization of acquisition-related intangible assets |
130 | 122 | ||||||
Merger costs and other |
1 | 7 | ||||||
1,235 | 1,172 | |||||||
Income from operations |
134 | 126 | ||||||
Interest income |
| 1 | ||||||
Interest expense and amortization of deferred
financing fees |
(155 | ) | (160 | ) | ||||
Other income |
14 | 14 | ||||||
Loss before income taxes |
(7 | ) | (19 | ) | ||||
Provision for income taxes |
| (2 | ) | |||||
Net loss |
$ | (7 | ) | $ | (21 | ) | ||
SunGard Data Systems Inc.
Consolidated Statements of Operations
(in millions)
(Unaudited)
Consolidated Statements of Operations
(in millions)
(Unaudited)
Six Months Ended | ||||||||
Jun. 30, | Jun. 30, | |||||||
2009 | 2010 | |||||||
Revenue: |
||||||||
Services |
$ | 2,489 | $ | 2,278 | ||||
License and resale fees |
143 | 203 | ||||||
Total products and services |
2,632 | 2,481 | ||||||
Reimbursed expenses |
72 | 66 | ||||||
2,704 | 2,547 | |||||||
Costs and expenses: |
||||||||
Cost of sales and direct operating |
1,370 | 1,196 | ||||||
Sales, marketing and administration |
532 | 561 | ||||||
Product development |
172 | 189 | ||||||
Depreciation and amortization |
141 | 147 | ||||||
Amortization of acquisition-related intangible assets |
254 | 245 | ||||||
Merger costs and other |
1 | 9 | ||||||
2,470 | 2,347 | |||||||
Income from operations |
234 | 200 | ||||||
Interest income |
1 | 1 | ||||||
Interest expense and amortization of deferred
financing fees |
(306 | ) | (319 | ) | ||||
Other income |
21 | 14 | ||||||
Loss before income taxes |
(50 | ) | (104 | ) | ||||
Benefit from income taxes |
9 | 29 | ||||||
Net loss |
$ | (41 | ) | $ | (75 | ) | ||
See Notes to Consolidated Condensed Financial Information.
SunGard Data Systems Inc.
Consolidated Condensed Balance Sheets
(in millions)
(Unaudited)
Consolidated Condensed Balance Sheets
(in millions)
(Unaudited)
Dec. 31, | Jun. 30, | |||||||
2009 | 2010 | |||||||
Assets: |
||||||||
Current: |
||||||||
Cash and cash equivalents |
$ | 664 | $ | 729 | ||||
Accounts receivable, net |
1,136 | 1,024 | ||||||
Clearing broker assets |
332 | 283 | ||||||
Prepaid expenses and other current assets |
211 | 187 | ||||||
Total current assets |
2,343 | 2,223 | ||||||
Property and equipment, net |
925 | 888 | ||||||
Software products, net |
1,020 | 897 | ||||||
Customer base, net |
2,294 | 2,151 | ||||||
Other assets, net |
1,220 | 1,199 | ||||||
Goodwill |
6,178 | 6,076 | ||||||
Total Assets |
$ | 13,980 | $ | 13,434 | ||||
Liabilities and Stockholders Equity: |
||||||||
Current: |
||||||||
Short-term and current portion of long-term debt |
$ | 64 | $ | 54 | ||||
Accounts payable and accrued expenses |
950 | 818 | ||||||
Clearing broker liabilities |
294 | 251 | ||||||
Deferred revenue |
1,040 | 981 | ||||||
Total current liabilities |
2,348 | 2,104 | ||||||
Long-term debt |
8,251 | 8,220 | ||||||
Deferred income taxes |
1,314 | 1,241 | ||||||
Total liabilities |
11,913 | 11,565 | ||||||
Stockholders equity |
2,067 | 1,869 | ||||||
Total Liabilities and Stockholders Equity |
$ | 13,980 | $ | 13,434 | ||||
SunGard Data Systems Inc.
Consolidated Condensed Statements of Cash Flows
(in millions)
(Unaudited)
Consolidated Condensed Statements of Cash Flows
(in millions)
(Unaudited)
Six Months Ended | ||||||||
Jun. 30, | Jun. 30, | |||||||
2009 | 2010 | |||||||
Cash flow from operations: |
||||||||
Cash flow from operations |
$ | 163 | $ | 247 | ||||
Investment activities: |
||||||||
Cash paid for acquired businesses, net of cash acquired |
(12 | ) | (13 | ) | ||||
Cash paid for property and equipment and software |
(167 | ) | (148 | ) | ||||
Other investing activities |
3 | 8 | ||||||
Cash flow used in investment activities |
(176 | ) | (153 | ) | ||||
Financing activities: |
||||||||
Cash received from other borrowings, net of fees |
268 | 29 | ||||||
Cash used to repay debt |
(724 | ) | (35 | ) | ||||
Other financing activities |
(3 | ) | (4 | ) | ||||
Cash flow used in financing activities |
(459 | ) | (10 | ) | ||||
Effect of exchange rate changes on cash |
5 | (19 | ) | |||||
Increase (decrease) in cash and cash equivalents |
(467 | ) | 65 | |||||
Beginning cash and cash equivalents |
975 | 664 | ||||||
Ending cash and cash equivalents |
$ | 508 | $ | 729 | ||||
SunGard Data Systems Inc.
Notes to Consolidated Condensed Financial Information (Unaudited)
Notes to Consolidated Condensed Financial Information (Unaudited)
Note 1. Reconciliation of Net Income (Loss) to EBITDA and Reconciliation of EBITDA to Adjusted
EBITDA
EBITDA represents net income (loss) before interest expense, income taxes, depreciation and
amortization and goodwill impairment. Adjusted EBITDA is defined as EBITDA further adjusted to
give effect to certain items that are required in calculating covenant compliance under our senior
and senior subordinated notes as well as under our senior secured credit facilities, which were
entered into in August 2005 and our senior notes entered into in September 2008. Adjusted EBITDA
is calculated by subtracting from or adding to EBITDA items of income or expense described below.
EBITDA and Adjusted EBITDA are not recognized terms under generally accepted accounting principles
(GAAP). EBITDA and Adjusted EBITDA do not represent net income (loss), as that term is defined
under GAAP, and should not be considered as an alternative to net income (loss) as an indicator of
our operating performance. Additionally, EBITDA and Adjusted EBITDA are not intended to be
measures of free cash flow available for management or discretionary use as such measures do not
consider certain cash requirements such as capital expenditures (including capitalized software
expense), tax payments and debt service requirements. SunGard considers EBITDA and Adjusted EBITDA
to be key indicators of our ability to pay our debt. EBITDA and Adjusted EBITDA as presented
herein are not necessarily comparable to similarly titled measures. The following is a
reconciliation of EBITDA and Adjusted EBITDA to net income (loss), the GAAP measure we believe to
be most directly comparable to EBITDA and Adjusted EBITDA. Further information regarding this
reconciliation is included in our periodic filings with the U.S. Securities and Exchange
Commission.
Last Twelve | ||||||||||||
Three Months Ended | Months | |||||||||||
Jun. 30, | Jun. 30, | Jun. 30, | ||||||||||
(in millions) | 2009 | 2010 | 2010 | |||||||||
Net loss |
$ | (7 | ) | $ | (21 | ) | $ | (1,152 | ) | |||
Interest expense, net |
155 | 159 | 643 | |||||||||
Provision for (benefit from) income taxes |
| 2 | (93 | ) | ||||||||
Depreciation and amortization |
202 | 194 | 828 | |||||||||
Goodwill impairment charge |
| | 1,126 | |||||||||
EBITDA |
350 | 334 | 1,352 | |||||||||
Purchase accounting adjustments |
3 | 2 | 16 | |||||||||
Non-cash charges |
7 | 13 | 40 | |||||||||
Restructuring and other charges |
6 | 16 | 50 | |||||||||
Pro forma expense savings related to acquisitions |
1 | | 1 | |||||||||
Other |
(11 | ) | (11 | ) | 7 | |||||||
Adjusted EBITDA senior secured credit
facilities, senior notes due 2013 and 2015
and senior subordinated notes due 2015 |
$ | 356 | $ | 354 | $ | 1,466 | ||||||
Six Months Ended | ||||||||
Jun. 30, | Jun. 30, | |||||||
(in millions) | 2009 | 2010 | ||||||
Net loss |
$ | (41 | ) | $ | (75 | ) | ||
Interest expense, net |
305 | 318 | ||||||
Benefit from income taxes |
(9 | ) | (29 | ) | ||||
Depreciation and amortization |
395 | 392 | ||||||
EBITDA |
650 | 606 | ||||||
Purchase accounting adjustments |
8 | 6 | ||||||
Non-cash charges |
17 | 21 | ||||||
Restructuring and other charges |
17 | 25 | ||||||
Pro forma expense savings related to acquisitions |
2 | | ||||||
Other |
(10 | ) | (8 | ) | ||||
Adjusted EBITDA senior secured credit
facilities, senior notes due 2013 and 2015 and
senior subordinated notes due 2015 |
$ | 684 | $ | 650 | ||||
SunGard Data Systems Inc.
Notes to Consolidated Condensed Financial Information (Unaudited)
Notes to Consolidated Condensed Financial Information (Unaudited)
Note 2. Reconciliation of Income from Operations to Adjusted Income from Operations
Adjusted income from operations represents income from operations adjusted for goodwill impairment
charges, amortization of acquisition-related intangible assets, merger costs, purchase accounting
adjustments for deferred revenue, stock-based compensation expense and management fee expense.
Adjusted income from operations is not a recognized term under generally accepted accounting
principles (GAAP). Adjusted income from operations does not represent income from operations, as
that term is defined under GAAP, and should not be considered as an alternative to income from
operations as an indicator of our operating performance. We have included information concerning
adjusted income from operations because we use such information when evaluating income from
operations to better evaluate the underlying performance of the Company. Adjusted income from
operations as presented herein is not necessarily comparable to similarly titled measures.
Beginning in 2007, the Company began to experience significant revenue growth in one of our trading
systems businesses, a broker/dealer business with inherently lower margins than the rest of the
financial systems business, and whose revenue is a function of market volatility and customer mix.
The following is a reconciliation between adjusted income from operations and income from
operations, the GAAP measure we believe to be most directly comparable to adjusted income from
operations, both including and excluding the broker/dealer business.
Three Months Ended | ||||||||||||
Jun. 30, 2009 | ||||||||||||
Including | Excluding | |||||||||||
Broker/Dealer | Broker/Dealer | Broker/Dealer | ||||||||||
(in millions) | Business | Business | Business | |||||||||
Income from operations |
$ | 134 | $ | 12 | $ | 122 | ||||||
Amortization of acquisition-related
intangible assets |
130 | 1 | 129 | |||||||||
Merger costs and other |
1 | | 1 | |||||||||
Purchase accounting adjustments |
2 | | 2 | |||||||||
Stock-based compensation and other costs |
9 | | 9 | |||||||||
Adjusted income from operations |
$ | 276 | $ | 13 | $ | 263 | ||||||
Three Months Ended | ||||||||||||
Jun. 30, 2010 | ||||||||||||
Including | Excluding | |||||||||||
Broker/Dealer | Broker/Dealer | Broker/Dealer | ||||||||||
(in millions) | Business | Business | Business | |||||||||
Income (loss) from operations |
$ | 126 | $ | (17 | ) | $ | 143 | |||||
Amortization of acquisition-related
intangible assets |
122 | 1 | 121 | |||||||||
Merger costs and other |
7 | 8 | (1 | ) | ||||||||
Purchase accounting adjustments |
2 | | 2 | |||||||||
Stock-based compensation and other costs |
12 | | 12 | |||||||||
Adjusted income (loss) from operations |
$ | 269 | $ | (8 | ) | $ | 277 | |||||
Six Months Ended | ||||||||||||
Jun. 30, 2009 | ||||||||||||
Including | Excluding | |||||||||||
Broker/Dealer | Broker/Dealer | Broker/Dealer | ||||||||||
(in millions) | Business | Business | Business | |||||||||
Income from operations |
$ | 234 | $ | 23 | $ | 211 | ||||||
Amortization of acquisition-related
intangible assets |
254 | 2 | 252 | |||||||||
Merger costs and other |
1 | | 1 | |||||||||
Purchase accounting adjustments |
7 | | 7 | |||||||||
Stock-based compensation and other costs |
21 | | 21 | |||||||||
Adjusted income from operations |
$ | 517 | $ | 25 | $ | 492 | ||||||
Six Months Ended | ||||||||||||
Jun. 30, 2010 | ||||||||||||
Including | Excluding | |||||||||||
Broker/Dealer | Broker/Dealer | Broker/Dealer | ||||||||||
(in millions) | Business | Business | Business | |||||||||
Income (loss) from operations |
$ | 200 | $ | (23 | ) | $ | 223 | |||||
Amortization of acquisition-related
intangible assets |
245 | 2 | 243 | |||||||||
Merger costs and other |
9 | 8 | 1 | |||||||||
Purchase accounting adjustments |
7 | | 7 | |||||||||
Stock-based compensation and other costs |
25 | | 25 | |||||||||
Adjusted income (loss) from operations |
$ | 486 | $ | (13 | ) | $ | 499 | |||||
SunGard Data Systems Inc.
Notes to Consolidated Condensed Financial Information (Unaudited)
Notes to Consolidated Condensed Financial Information (Unaudited)
Note 3. Impact of Broker/Dealer on Organic Revenue Growth
The Company defines organic revenue as revenue from businesses owned for at least one year and
excluding revenue from businesses sold in the previous twelve months further adjusted to remove the
impact of changes in currency exchange rates. When assessing its financial results, the Company
focuses on organic revenue because reported revenue is affected by the timing and magnitude of
acquisitions, dispositions and currency. Beginning in 2007, the Company began to experience
significant revenue growth in one of our trading systems businesses, a broker/dealer business with
inherently lower margins than the rest of the financial systems business, and whose revenue is a
function of market volatility and customer mix. Reported revenue and organic revenue growth with
and without the broker/dealer business for the total Company and Financial Systems for 2008, 2009
and 2010 follows:
Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||
2008 | Mar-09 | Jun-09 | Sep-09 | Dec-09 | 2009 | Mar-10 | Jun-10 | |||||||||||||||||||||||||
Revenue growth as reported: |
||||||||||||||||||||||||||||||||
Total SunGard |
14 | % | 3 | % | 1 | % | -4 | % | -5 | % | -2 | % | -6 | % | -5 | % | ||||||||||||||||
Financial Systems |
23 | % | 8 | % | 8 | % | -6 | % | -8 | % | 0 | % | -11 | % | -8 | % | ||||||||||||||||
Revenue growth as reported
without broker/dealer business: |
||||||||||||||||||||||||||||||||
Total SunGard |
8 | % | -2 | % | -5 | % | 1 | % | 0 | % | -1 | % | 3 | % | 4 | % | ||||||||||||||||
Financial Systems |
11 | % | 0 | % | -3 | % | 4 | % | 0 | % | 0 | % | 7 | % | 8 | % | ||||||||||||||||
Organic revenue growth: |
||||||||||||||||||||||||||||||||
Total SunGard |
10 | % | 3 | % | 0 | % | -7 | % | -7 | % | -3 | % | -9 | % | -4 | % | ||||||||||||||||
Financial Systems |
17 | % | 4 | % | 2 | % | -15 | % | -10 | % | -5 | % | -13 | % | -7 | % | ||||||||||||||||
Organic revenue growth without
broker/dealer business: |
||||||||||||||||||||||||||||||||
Total SunGard |
4 | % | -1 | % | -6 | % | -2 | % | -3 | % | -3 | % | 0 | % | 4 | % | ||||||||||||||||
Financial Systems |
5 | % | -5 | % | -10 | % | -7 | % | -3 | % | -6 | % | 4 | % | 10 | % |