For the first quarter, revenue was $1.0 billion, down 3% year over year. Currency had no material impact on reported revenue for the quarter compared to the prior year. Operating income was $56 million in the quarter, up 7% year over year, driven by a 3% decline in total costs and expenses, and our operating margin was 5.7% for the quarter. Adjusted EBITDA was $236 million, down 3% year over year, and our adjusted EBITDA margin was 23.8%, essentially flat year over year. Adjusted EBITDA is defined in Note 1 attached to this release.

Russ Fradin, president and chief executive officer, commented, "We are focusing on a strategy in all our businesses that invests in product leadership and achieves higher levels of service support and an expanded presence in growth markets. We are making steady progress against these strategies. We are experiencing near-term revenue weakness reflecting the pressures that our clients are facing, particularly in the financial industry. Our fundamentals remain strong and we remain focused on sustainable long term revenue growth and improved performance."

Financial Systems revenue was $600 million in the first quarter, down 3% year over year (also down 3% adjusting for currency). License fees were $24 million, an increase of $3 million, or 13%, compared to the first quarter of 2012.

Notable deals in the quarter included the following:

A leading provider of insurance and financial products and services selected SunGard's Omni BPO solution and managed services to help improve its record keeping, administration and customer experience.
A major provider of financial services to U.S. government personnel and their families renewed SunGard's Stream Phase3 for securities processing and automation.
A global provider of financial business solutions renewed SunGard's Valdi OMS to help it trade across global markets.
One of the world's largest telecommunications companies selected SunGard's AvantGard Quantum solution for treasury solution for treasury & cash management to be deployed in a SunGard-hosted environment with managed bank connectivity, SWIFT services and bank account management.
One of the world's top 20 global banks selected SunGard's iWORKS Prophet Enterprise to support its regional actuarial modelling and modernization efforts.
A leading provider of post-trade financial services company selected SunGard's SGN Short-Term Cash Management solution for money market fund placement.

Availability Services revenue was $345 million in the first quarter, down 3% year over year (also down 3% adjusting for currency).

Notable deals in the quarter included the following:

A leading US health insurer selected SunGard for production hosting and managed services, advanced recovery services and technology migration consulting.
A regional bank in the US Midwest selected SunGard for Recover2Cloud, colocation, consulting services and the Managed Recovery Program.
A leading multi-media advertising firm selected SunGard to provide a Managed Private Cloud solution to ensure the availability of its core applications and scalable computing resources to support its business growth plans.

Public Sector and Education revenue was $50 million in the first quarter, down 1% year over year.

Notable deals in the quarter included the following:

One of the largest school districts in Wyoming selected SunGard K-12 Education's BusinessPLUS to help with financial and human resources management.
A city in Texas and a county in Michigan each selected SunGard Public Sector's ONESolution public safety solution for computer-aided emergency dispatch, and mobile computing.

Financial Position

For the first quarter 2013, the continuing operations of the Company generated $179 million in cash flow from operations, up $109 million year over year, and the Company invested $46 million in capital expenditures. At March 31, 2013, total debt was $6.6 billion and cash was $537 million. The Company's leverage ratio as defined in its senior secured credit agreement was 4.75x, unchanged from the end of 2012.

During the quarter, the Company took advantage of the favorable debt markets to issue $2.2 billion of new term loans maturing in 2020 to successfully refinance all of the term loans maturing in 2016 and a portion of the term loans maturing in 2017 under its senior secured credit agreement. The Company also replaced its existing $880 million of revolving commitments maturing in 2016 with $850 million of new revolving commitments maturing in 2018. The Company's financial strength allowed it to also modify certain covenants and other provisions in order to, among other things, modify (and in the case of the term loan facility, remove) the financial maintenance covenants.