SunGard [Rocket]

In millions, except per share items	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10	Dec-31-09	Dec-31-08	Dec-31-07
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Sum of Segments	2,809	2,761	2,808	4,381
Financial systems					2,754
FS	2,592	2,551	2,604	2,717		3,068	3,078	2,500
Availability services					1,469
Other					214	1,738	2,323	2,401
Total revenues [+]	2,809	2,761	2,808	4,381	4,437	4,806	5,401	4,901
Services				4,001	4,024	4,405	4,898	4,364
Reimbursements				94	119	156	144	141
Revenue growth [+]	1.7%	-1.7%	-35.9%	-1.3%	-7.7%	-11.0%	10.2%
Sum of Segments	1.7%	-1.7%	-35.9%
FS	1.6%	-2.0%	-4.2%			-0.3%	23.1%
AS						-3.2%	8.2%
Cost of goods sold	1,098	1,045	1,082	1,791	1,895	2,249	2,601	2,268
Gross profit	1,711	1,716	1,726	2,590	2,542	2,557	2,800	2,633
Gross margin	60.9%	62.2%	61.5%	59.1%	57.3%	53.2%	51.8%	53.7%
Selling, general and administrative	667	634	643	1,084	1,057	992	1,113	1,043
Research and development							309	271
Other operating expenses	483	496	518	685
Adjusted EBITDA	668	690	661	1,125	1,164	1,242	1,413	1,351
Adjusted EBITDA margin	23.8%	25.0%	23.5%	25.7%	26.2%	25.8%	26.2%	27.6%
Stock-based compensation				33	29	31	35	32
EBITDA [+]	668	690	661	1,092	1,135	1,211	1,378	1,319
EBITDA growth	-3.2%	4.4%	-39.5%	-3.8%	-6.3%	-12.1%	4.5%
EBITDA margin	23.8%	25.0%	23.5%	24.9%	25.6%	25.2%	25.5%	26.9%
Depreciation and amortization	107	104	96	271	726	771	274	251
EBITA	561	586	565	821	409	440	1,104	1,068
EBITA margin	20.0%	21.2%	20.1%	18.7%	9.2%	9.2%	20.4%	21.8%
Amortization of intangibles	136	182	217	432			472	438
EBIT [+]	425	404	348	389	409	440	632	630
EBIT growth	5.2%	16.1%	-10.5%	-4.9%	-7.0%	-30.4%	0.3%
EBIT margin	15.1%	14.6%	12.4%	8.9%	9.2%	9.2%	11.7%	12.9%
Non-recurring items [+]	339			48	205	1,126
Asset impairment	339			48	205	1,126
Interest expense, net [+]	-1	-1	-1	-3	637	-7	580	625
Interest expense	290	325	359	521	639		597	645
Interest income	1	1	1	3	2	7	17	20
Other income (expense), net [+]	-62	-9	-82	-5	-50	-622	-93	-68
Gain (loss) on debt retirement	-61	-6	-82	-3	-58
Other	-351	-2	1	1	7	15	93	68
Pre-tax income	-265	71	-92	-182	-483	-1,301	-41	-63
Income taxes	-57	26	-49	-116	-69	-117	51	-3
Tax rate	21.5%	36.6%	53.3%	63.7%	14.3%	9.0%		4.8%
Minority interest	174	169	251	225	191	180
Earnings from continuing ops	-382	-124	-294	-291	-605	-2,548	-249	-199
Earnings from discontinued ops	-14	17	-23	-85	-156	67	-150
Net income	-396	-107	-317	-376	-761	-2,481	-399	-199
Net margin	-14.1%	-3.9%	-11.3%	-8.6%	-17.2%	-51.6%	-7.4%	-4.1%



EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.