Speed Bump

SunGard Announces First Quarter 2010 Results

Business Wire, May 06, 2010

WAYNE, Pa. — SunGard, one of the worlds leading software and technology services
companies, today reported that revenue for the quarter ended March 31,
2010 was $1.25 billion, down 6% from 2009. Adjusted EBITDA was $297
million, down 9% from 2009. Adjusted income from operations was $217
million, down 10% from 2009. Excluding the results of one of our trading
systems businesses, a broker/dealer described below, revenue was up
3%and adjusted income from operations was down 3%. Income from
operations for the quarter ended March 31, 2010 was $74 million, down
26% from 2009. 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 9% for the
quarter, all of which was attributable to one of our trading systems
businesses, a broker/dealer. This broker/dealer revenue was down 69%
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.

Cristbal Conde, president and chief executive officer, commented,
SunGards performance in the quarter reflects the challenging operating
environment and the lag effect of our recurring revenue business model.
Prevailing trends continue with long sales cycles and high pricing
pressure. Our results also reflect the changing dynamics and regulatory
environment in the financial industry which are behind the one-time drop
in revenue from our trading systems business. Otherwise, our software
and processing businesses are showing signs of renewed growth and while
it is too early to call the bottom of the market, we are cautiously
optimistic. The IT spending mood shows signs of an uptick, our sales
pipelines reflect a higher quality of deals andour competitive
positioncontinues to be very strong.

Financial Systems revenue decreased 11% to $659 million for the
quarter
business broker pa