Sungard Capital Corp. Consolidated Statement of Changes in Equity (Continued) (In Millions)
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5HTXHVWIRU3URSRVDO1R/13$9(1'2548$/,),&$7,21 ION 946B6HFWLRQB6XQ*DUG$QQXDO5HSRUW )RUP. SunGard Capital Corp. Consolidated Statement of Changes in Equity (continued) (In millions) Permanent Equity Income (Loss) Net Unrealized Retained Earnings Gain (Loss) on (Accumulated Foreign Currency Derivative Noncontrolling Deficit) Translation Instruments interest Total Balances at December 31, 2009 $(2,209) $ (79) $ (42) $1,593 $1,914 Net income (loss) (761) — — 188 (573) Foreign currency translation including the impact of the sale of a business of $109 — 68 — — 68 Net unrealized gain on derivative instruments (net of tax expense of $12) — — 24 — 24 Stock compensation expense — — — — 31 Issuance of common and preferred stock — — — — 1 Purchase of treasury stock — — — (3) (11) Expiration of put option — — — 3 13 Transfer intrinsic value of vested restricted stock units to temporary equity — — — — (13) Other — — — 1 (2) Balances at December 31, 2010 (2,970) (11) (18) 1,782 1,452 Net income (loss) (376) — — 225 (151) Foreign currency translation — (26) — — (26) Net unrealized gain on derivative instruments (net of tax expense of $9) — — 9 — 9 Stock compensation expense — — — — 35 Issuance of common and preferred stock — — — 1 7 Purchase of treasury stock — — — (2) (8) Expiration of put option — — — 32 90 Transfer intrinsic value of vested restricted stock units to temporary equity — — — — (21) Other — — — — (12) Balances at December 31, 2011 (3,346) (37) (9) 2,038 1,375 Net income (loss) (317) — — 251 (66) Foreign currency translation — 33 — — 33 Net unrealized gain on derivative instruments (net of tax expense of $3) — — 10 — 10 Stock compensation expense — — — — 38 Issuance of common and preferred stock — — — — 1 Dividends declared ($72.80 per preferred share) 272 — — (714) (742) Purchase of treasury stock — — — (6) (21) Expiration of put option — — — 6 30 Transfer intrinsic value of vested restricted stock units to temporary equity — — — — (30) Other — — — — (14) Balances at December 31, 2012 $(3,391) $ (4) $ 1 $1,575 $ 614 The accompanying notes are an integral part of these consolidated financial statements. 57 Telcordia05933 5HTXHVWIRU3URSRVDO1R/13$9(1'2548$/,),&$7,21 ION 946B6HFWLRQB6XQ*DUG$QQXDO5HSRUW )RUP. SunGard Capital Corp. II Consolidated Balance Sheets (In millions except share and per-share amounts) December 31, December 31, 2011 2012 Assets Current: Cash and cash equivalents ............................................... $ 867 $ 546 Trade receivables, less allowance for doubtful accounts of $38 and $30 ........... 794 781 Earned but unbilled receivables ........................................... 140 119 Prepaid expenses and other current assets ................................... 117 224 Clearing broker assets .................................................. 213 6 Assets related to discontinued operations ................................... 1,350 — Total current assets ................................................ 3,481 1,676 Property and equipment, less accumulated depreciation of $1,296 and $1,509 .......... 893 874 Software products, less accumulated amortization of $1,431 and $1,649 ............... 554 411 Customer base, less accumulated amortization of $1,254 and $1,481 ................. 1,574 1,367 Other assets, less accumulated amortization of $22 and $27 ......................... 144 132 Trade name ............................................................... 1,019 1,019 Goodwill ................................................................ 4,885 4,539 Total Assets ...................................................... $12,550 $10,018 Liabilities and Stockholders’ Equity Current: Short-term and current portion of long-term debt ............................. $ 10 63 Accounts payable ...................................................... 59 32 Accrued compensation and benefits ....................................... 291 297 Accrued interest expense ................................................ 92 41 Other accrued expenses ................................................. 261 231 Clearing broker liabilities ............................................... 179 4 Deferred revenue ...................................................... 862 836 Deferred income taxes .................................................. 76 — Liabilities related to discontinued operations ................................ 246 — Total current liabilities .............................................. 2,076 1,504 Long-term debt ............................................................ 7,819 6,599 Deferred and other income taxes .............................................. 1,123 1,127 Other long-term liabilities ................................................... 76 76 Total liabilities .................................................... 11,094 9,306 Commitments and contingencies Preferred stock subject to a put option .......................................... 23 24 Stockholders’ equity: Preferred stock, par value $.001 per share; cumulative 11.5% per annum, compounded quarterly; aggregate liquidation preference of $2,046 million and $1,581 million; 14,999,000 shares authorized, 9,984,091 and 10,048,018 issued ................... — — Common stock, par value $.001 per share; 1,000 shares authorized, 100 shares issued and oustanding ............................................................. — — Capital in excess of par value ................................................ 3,785 3,492 Treasury stock, 134,215 and 187,576 shares ..................................... (18) (30) Accumulated deficit ........................................................ (2,288) (2,771) Accumulated other comprehensive income (loss) ................................. (46) (3) Total stockholders’ equity ............................................... 1,433 688 Total Liabilities and Stockholders’ Equity ............................ $12,550 $10,018 The accompanying notes are an integral part of these consolidated financial statements. 58 Telcordia05934 5HTXHVWIRU3URSRVDO1R/13$9(1'2548$/,),&$7,21 ION 946B6HFWLRQB6XQ*DUG$QQXDO5HSRUW )RUP. SunGard Capital Corp. II Consolidated Statements of Comprehensive Income (In millions) Year ended December 31, 2010 2011 2012 Revenue: Services . ........................................................ $4,024 $4,056 $3,926 License and resale fees ............................................... 294 289 275 Total products and services ....................................... 4,318 4,345 4,201 Reimbursed expenses ................................................ 119 95 62 Total revenue .................................................. 4,437 4,440 4,263 Costs and expenses: Cost of sales and direct operating (excluding depreciation) .................. 1,895 1,848 1,740 Sales, marketing and administration .................................... 1,057 1,108 1,039 Product development and maintenance .................................. 350 393 353 Depreciation and amortization ......................................... 278 271 287 Amortization of acquisition-related intangible assets ....................... 448 435 385 Goodwill impairment charges ......................................... 205 48 385 Total costs and expenses ......................................... 4,233 4,103 4,189 Operating income (loss) .................................................. 204 337 74 Interest income . .................................................... 2 3 1 Interest expense and amortization of deferred financing fees ................. (638) (524) (428) Loss on extinguishment of debt ........................................ (58) (3) (82) Other income (expense) .............................................. 7 — — Income (loss) from continuing operations before income taxes ................... (483) (187) (435) Benefit from (provision for) income taxes ................................ 69 116 38 Income (loss) from continuing operations .................................... (414) (71) (397) Income (loss) from discontinued operations, net of tax ...................... (156) (80) 331 Net income (loss) ....................................................... (570) (151) (66) Other comprehensive income (loss): Foreign currency translation .......................................... (41) (26) 33 Less: foreign currency translation reclassified into income ................... 109 — — Foreign currency translation, net ................................... 68 (26) 33 Unrealized gain (loss) on derivative instruments ........................... (49) (16) (1) Less: gain (loss) on derivatives reclassified into income ..................... 85 34 14 Less: income tax benefit (expense) ..................................... (12) (9) (3) Net unrealized gain (loss) on derivative instruments, net of tax ........... 24 9 10 Comprehensive income (loss) ............................................. $ (478) $ (168) $ (23) The accompanying notes are an integral part of these consolidated financial statements. 59 Telcordia05935 5HTXHVWIRU3URSRVDO1R/13$9(1'2548$/,),&$7,21 ION 946B6HFWLRQB6XQ*DUG$QQXDO5HSRUW )RUP. SunGard Capital Corp. II Consolidated Statements of Cash Flows (In millions) Year ended December 31, 2010 2011 2012 Cash flow from operations: Net income (loss) ............................................................... $ (570) $(151) $ (66) Income (loss) from discontinued operations .......................................... (156) (80) 331 Income (loss) from continuing operations ............................................ (414) (71) (397) Reconciliation of net