Organic revenue (revenue from businesses owned for at least one year and further adjusted for the effects of businesses sold in the previous twelve months) grew 11% for the quarter compared to the same period in 2006, with four percentage points attributable to trading volumes of one of our trading systems businesses and one percentage point overall and in each of our segments attributable to favorable changes in currency exchange rates.

Adjusted income from operations (defined in Note 1 to the Notes to the Consolidated Condensed Financial Information) for the three months ended September 30, 2007 was $291 million, a 15% increase over $253 million for the same period in 2006.

Reported income from operations for the three months ended September 30, 2007 was $164 million compared to $136 million for the same period in 2006, an increase of 21%. Reported income from operations in the three months ended September 30, 2007 and 2006 includes: amortization of acquired intangible assets of $110 million and $99 million, respectively; stock-based compensation and purchase accounting adjustments and other expenses of $17 million and $16 million, respectively; and merger costs of $2 million in the three months ended September 30, 2006.

For the three months ended September 30, 2007, adjusted EBITDA (defined in Note 2 to the Notes to the Consolidated Condensed Financial Information) was $358 million compared to $318 million in 2006, an increase of 13%.

Cristóbal Conde, president and chief executive officer, commented, "SunGard's performance for the quarter was solid. In our Financial Systems business, mergers and acquisitions and internal reorganizations continued to drive opportunities relating to system rationalization. In our Higher Education and Public Sector businesses, some purchase decisions were delayed, but we maintained our win/loss ratio when decisions were made. In our Availability Services business, we achieved sequential growth in traditional recovery and saw strong demand for advanced recovery and managed services. Overall the tone of business continues to be positive and our competitive position and pipeline remain strong."

Revenue for the first nine months of 2007 increased 12% over the same period in 2006 to $3.51 billion. Adjusted income from operations for the nine months ended September 30, 2007 was $783 million compared to $695 million last year. Reported income from operations for the nine months ended September 30, 2007 was $412 million and includes amortization of acquired intangible assets of $319 million and stock-based compensation, purchase accounting adjustments and other expenses of $52 million. In the first nine months of 2006, reported income from operations was $348 million and includes amortization of acquired intangible assets of $297 million, stock-based compensation, purchase accounting adjustments and other expenses of $45 million and merger costs of $5 million.

Financial Systems revenue increased 24% to $622 million for the quarter. Organic revenue grew approximately 19%, with trading volumes of one of our trading systems businesses, a broker/dealer with inherently lower operating margins, contributing $42 million or eight percentage points to the growth rate, which exceeds our expectations for the quarter and for future quarters. License fees were $43 million for the quarter compared to $35 million for the same period in 2006, an increase of 22%.

Notable deals in the quarter included the following:

• A large investment management firm in the U.S. selected Protegent Surveillance for compliance and supervision of the trades of its 3,500 financial advisors.
• A major Taiwan-based bank selected SunGard's core banking solution, Symbols.
• Two of the world's leading third party administrators selected SunGard's institutional asset management offering, Asset Arena Investment Accounting.

Higher Education & Public Sector Systems revenue increased 2% to $231 million for the quarter. Organic revenue grew 2%. License fees were $17 million for the quarter, an increase of $1 million from the same quarter of 2006.

Notable deals in the quarter included the following:

• A public college in Missouri renewed its relationship with SunGard Higher Education for outsourcing the management of its information technology.
• An online distance learning institution based in Missouri and with other campuses around the globe, chose SunGard Higher Education to help it build a Unified Digital Campus using the Banner suite.
• A school district in Texas comprising more than 60 schools selected SunGard Bi-Tech and SunGard Pentamation software to provide financial, human resources, student information and special education management solutions.

Availability Services revenue increased 9% to $369 million for the quarter. Organic revenue grew 6%.

Notable deals in the quarter included the following:

• An infrastructure company specializing in airport services selected SunGard for disaster recovery services.
• A large commercial bank selected SunGard for managed services.
• An international bank that regulates its country's financial markets selected SunGard for disaster recovery services.

At September 30, 2007, total debt was $7.7 billion, cash balances were $362 million and off-balance sheet debt was $424 million. During the nine months ended September 30, 2007, the Company invested $213 million in capital expenditures and $223 million (net of cash acquired) in eight acquisitions including the acquisition of VeriCenter, Inc. in our Availability Services business for $140 million. VeriCenter further enhances our managed service delivery capabilities for large and mid-market enterprises through seven data centers across the U.S. that geographically complement our existing U.S. facilities.