Timothy V. Williams Charles T. Conway Jr.
Executive Vice President & Director, Corporate Communications
Chief Financial Officer (803) 333-5348
(803) 333-5638 E-mail: [email protected]
E-mail:[email protected]
PMSC ANNOUNCES FOURTH QUARTER AND FULL YEAR 1999 RESULTS
--------------------------------------------------------
LOSS PER SHARE FROM CONTINUING OPERATIONS IS $0.18 FOR FOURTH QUARTER BEFORE
SPECIAL CHARGES OF $38.8 MILLION; FULL YEAR EPS IS $0.92 BEFORE CHARGES OF
$165.7 MILLION
COLUMBIA, S.C., MARCH 30 2000: Policy Management Systems Corporation
(NYSE: PMS) (PMSC) announced today its results for the fourth quarter and full
year 1999.
FOURTH QUARTER RESULTS
----------------------
For the fourth quarter, revenues, loss from continuing operations and loss
per share were $141.4 million, $30.7 million and $0.87 per share, respectively.
In the quarter, the company recorded unusual events, transactions and certain
accounting changes (collectively, special charges) of $38.3 million pre-tax,
$18.1 million of which were non-cash. Without these special charges, which are
discussed below, revenues, loss from continuing operations and loss per share
would have been $154.5 million, $6.4 million and $0.18, respectively.
The quarter's special charges were related primarily to the company's
banking division ($24.6 million) and adjustments to the accounting for two
long-term contracts ($8.4 million), including one in the international division.
Performance in the company's banking division deteriorated in the fourth
quarter and substantially worsened in early 2000, principally as a result of
rapid increases in mortgage loan rates and corresponding decreases in loan
originations. The company believes existing and prospective customers
reevaluated their system requirements in light of changing market conditions
resulting in the cancellation or deferral of many loan origination system
projects. While the company has several important customers in this sector who
are using its systems successfully, it is in negotiations to resolve disputes
and issues with other customers. In
<PAGE>
addition, the forecast of new licenses in the banking division was revised
downward, resulting in a $16.4 million write-off of previously capitalized
internal software development costs.
Separately, the company changed its estimates on two long-term contracts
accounted for under the percentage of completion method, resulting in an
adjustment to accrued revenue of $8.4 million.
The company also identified revenues related to three transactions totaling
$3.2 million recognized previously in 1999 as requiring adjustment due to the
Securities and Exchange Commission's Staff Accounting Bulletin 101 ("SAB 101").
FULL YEAR RESULTS
-----------------
For the year, revenues, loss from continuing operations and loss per share
were $644.0 million, $72.0 million and $2.02, respectively. For the year, the
company recorded special charges in the amount of $165.7 million. These charges
include approximately $118.4 million of non-cash charges related to the
write-down or write-off of software, goodwill and other intangibles. Cash
charges included $13.0 million for doubtful receivables, $12.9 million related
to restructuring operations, $9.6 million for litigation settlement expenses and
$8.4 million related to changes in estimates on two long-term contracts. In
addition, the company also identified revenue related to three transactions
totaling $3.2 million recognized previously in 1999 as requiring adjustment due
to SAB 101.
Without these special charges, revenues, income from continuing operations
and earnings per share would have been $657.1 million, $ 33.6 million and $0.92,
respectively.
In 1998, comparable revenues income and earnings per share from continuing
operations before special charges were $607.5 million, $62.8 million and $1.60
per share, respectively.
"These results are extremely disappointing," said Mr. Larry Wilson,
chairman and chief executive office of PMSC. "As our customers assess the
impact of the Internet and reevaluate their traditional ways of conducting
business, we are transitioning our products and services to reflect the rapid
pace of technological change in insurance and financial services. We are moving
aggressively to reduce our cost structure, introduce new products and strengthen
our
<PAGE>
capital base so that we can complete this transition and deliver new eBusiness
solutions to our customers."
The company announced today that it has signed a definitive agreement with
an affiliate of Welsh, Carson, Anderson & Stowe, a leading New York-based
private investment firm. (See PMSC's separate news release concerning the
agreement).
LITIGATION
----------
In regard to previously disclosed litigation with Computer Sciences
Corporation (CSC), on March 11, CSC's request for preliminary injunctive relief
was denied, and the case has been set for trial in December 2000. PMSC will
vigorously defend the matter.
PMSC, headquartered in Columbia, S.C., is the leader in providing
enterprise and electronic commerce application software, professional services,
and outsourcing designed to meet the needs of the global insurance and related
financial services industries. Information on PMSC and its products and services
can be found on the World Wide Web at http://www.pmsc.com.
* * * * * * * * * *
The Private Securities Litigation Reform Act of 1995 provided a "safe
harbor" for certain forward-looking statements. The forward-looking statements
contained in this release are subject to certain risks and uncertainties. Actual
results could differ materially from current expectations. Among the factors
which could affect the company's actual results and could cause results to
differ from those contained in the forward-looking statements contained herein
are customer acceptance of the company's new products and services, the success
of the company's market penetration efforts, and timing of customers' decisions
to enter into agreements for the company's products and services.
Statements about the proposed agreement are forward-looking statements that
involve risks and uncertainties. Among the factors that could cause actual
results to differ materially from those in the forward looking statements are:
the failure of the agreement to be consummated and those factors in PMSC's 1999
Annual Report on Form 10K and other reports and filings with the U.S. Securities
and Exchange Commission. PMSC disclaims any intention or obligation to update
or revise any forward-looking statements.
Investors are urged to read the Current Report on Form 8-K and proxy
statement/prospectus relating to the agreement and any other relevant documents
filed by PMSC with the Securities and Exchange Commission, when available,
because they will contain important information. Investors will be able to
obtain these documents, when available, for free from the SEC's web
site, www.sec.gov or from PMSC investor services at http://www.pmsc.com.
<PAGE>
<TABLE>
<CAPTION>
POLICY MANAGEMENT SYSTEMS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Twelve Months
Ended December 31, Ended December 31,
1999 1998 1999 1998
(Unaudited)
------------------------------------------------
(In Thousands, Except Per Share Data)
Revenues
<S> <C> <C> <C> <C>
Licensing. . . . . . . . . . . . . . . . $ 26,092 $ 44,120 $ 141,939 $133,814
Services . . . . . . . . . . . . . . . . 115,258 126,725 502,080 473,644
--------- --------- ---------- ---------
141,350 170,845 644,019 607,458
--------- --------- ---------- ---------
Operating expenses
Cost of revenues
Employee compensation and benefits. . . 80,344 74,286 309,089 268,096
Computer and communications expenses. . 14,730 11,839 51,021 38,451
Depreciation and amortization of
property, equipment and
capitalized software costs . . . . . . 32,352 24,827 174,146 71,376
Other costs & expenses. . . . . . . . . 23,667 6,215 55,375 23,897
Selling, general and administrative
expenses . . . . . . . . . . . . . . . 32,451 28,918 115,714 103,909
Amortization of goodwill and
other intangibles. . . . . . . . . . . 3,952 2,980 20,468 10,565
Restructuring and other charges. . . . . 319 - 22,478 -
Acquisition related charges. . . . . . . - - - 3,732
--------- --------- ---------- ---------
187,815 149,065 748,291 520,026
Operating (loss) income . . . . . . . . . (46,465) 21,780 (104,272) 87,432
Equity in earnings of
unconsolidated affiliates. . . . . . . 1,300 596 1,908 1,163
Minority interest . . . . . . . . . . . . 30 (30) (62) (104)
Other income and expenses:
Investment income . . . . . . . . . . . 660 493 1,313 1,569
Interest expense and other charges. . . (4,182) (1,231) (12,006) (3,705)
--------- --------- ---------- ---------
(3,522) (738) (10,693) (2,136)
--------- --------- ---------- ---------
(Loss) income from continuing operations
before income taxes . . . . . . . . . . (48,657) 21,608 (113,119) 86,355
Income tax (benefit) expense. . . . . . . (18,002) 7,892 (41,148) 32,619
--------- --------- ---------- ---------
(Loss) income from continuing operations. (30,655) 13,716 (71,971) 53,736
Discontinued operations:
Income from operations of
discontinued operations less
applicable income taxes of $252 . . . . - - 389
Loss on disposal of discontinued
operations less applicable income
tax benefit of $167 and $38 . . . . . . - (401) - (854)
--------- --------- ---------- ---------
- (401) - (465)
--------- --------- ---------- ---------
Net (loss) income . . . . . . . . . . . . $(30,655) $ 13,315 $ (71,971) $ 53,271
========= ========= ========== =========
Basic earnings per share:
(Loss) income from continuing operations $ (0.87) 0.38 $ (2.02) $ 1.47
Loss from discontinued operations. . . . - (.01) - (.01)
--------- --------- ---------- ---------
$ (0.87) $ 0.37 $ (2.02) $ 1.46
========= ========= ========== =========
Diluted earnings per share:
(Loss) income from continuing operations $ (0.87) $ 0.35 $ (2.02) $ 1.37
Loss from discontinued operations. . . . - (.01) - (.01)
--------- --------- ---------- ---------
$ (0.87) $ 0.34 $ (2.02) $ 1.36
========= ========= ========== =========
Weighted average common shares. . . . . . 35,369 35,979 35,549 36,441
Weighted average common shares
assuming dilution . . . . . . . . . . . 35,369 38,866 35,549 39,289
<FN>
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
POLICY MANAGEMENT SYSTEMS CORPORATION
CONSOLIDATED BALANCE SHEETS
December 1999 December 1998
---------- ------------
(In thousands, except share data)
Assets
Current assets
<S> <C> <C>
Cash and equivalents $ 17,744 $ 26,013
Marketable securities 89 -
Receivables, net of allowance for uncollectible
amounts of $13,000 ($2,051 at 1998) 99,669 123,427
Accrued revenues 36,393 26,557
Deferred income taxes 15,979 9,336
Income tax receivable 9,728 -
Other receivable 7,788 11,279
Prepaids 12,050 8,645
Other 12,559 11,866
--------- ---------
Total current assets $211,999 217,123
Property and equipment, at cost less accumulated
depreciation and amortization of $132,347
($128,363 at 1998) 142,867 135,538
Accrued revenues 16,130 7,844
Income tax receivable 4,041 4,041
Goodwill and other intangibles, net 111,024 81,401
Capitalized software costs, net 155,896 220,908
Deferred income taxes 29,850 24,787
Investments 13,332 9,661
Other 21,149 17,395
--------- ---------
Total assets $706,288 $718,698
========= =========
Liabilities
Current liabilities
Accounts payable and accrued expenses $ 41,236 $ 57,129
Current portion of long-term debt 4,000 15,812
Income taxes payable 4,616 9,202
Unearned revenues 20,290 15,804
Accrued restructuring and other charges 3,630 806
Other 2,223 182
--------- ---------
Total current liabilities 75,995 98,935
Long-term debt 227,000 85,000
Deferred income taxes 68,514 98,233
Accrued restructuring and other charges 2,659 767
Other 9,935 2,753
--------- ---------
Total liabilities 384,103 285,688
--------- ---------
Minority interest 624 526
Stockholders' equity
Special stock, $.01 par value, 5,000,000 shares - -
authorized
Common stock, $.01 par value, 75,000,000 shares
authorized, 35,585,078 shares issued and
outstanding (36,357,139 at December 31, 1998) 356 364
Additional paid-in capital 56,695 82,396
Retained earnings 287,483 359,454
Accumulated other comprehensive income (12,972) (9,730)
Stock employee compensation trust (10,001) -
--------- ---------
Total stockholders' equity 321,561 432,484
--------- ---------
Total liabilities and stockholders' equity $706,288 $718,698
========= =========
<FN>
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
POLICY MANAGEMENT SYSTEMS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Twelve Months
Ended December 31,
1999 1998
------- -------
(In thousands)
Operating Activities
<S> <C> <C>
Net (loss) income. . . . . . . . . . . . . . . . . $ (71,971) $ 53,271
Adjustments to reconcile net (loss) income to
net cash provided by operating activities:
Depreciation and amortization. . . . . . . . . . 201,562 87,979
Deferred income taxes. . . . . . . . . . . . . . (46,481) 5,338
Provision for uncollectible accounts . . . . . . 12,350 90
Gain on disposal of discontinued operations. . . - (1,986)
Acquisition related charges. . . . . . . . . . . - 3,732
Changes in assets and liabilities:
Receivables. . . . . . . . . . . . . . . . . . . 18,612 (37,775)
Accrued revenues . . . . . . . . . . . . . . . . (17,980) 7,739)
Other receivable . . . . . . . . . . . . . . . . 11,279 -
Accounts payable and accrued expenses. . . . . . (18,023) (3,540)
Accrued restructuring and other charges. . . . . 5,030 62
Income taxes . . . . . . . . . . . . . . . . . . (14,599) 1,903
Unearned revenues. . . . . . . . . . . . . . . . 1,967 (3,825)
Other, net . . . . . . . . . . . . . . . . . . . (1,708) (13,195)
---------- ----------
Cash provided from operations . . . . . . . . 80,038 99,793
---------- ----------
Investing Activities
Proceeds from sales/maturities of available-for-
sale securities . . . . . . . . . . . . . . . . . 2,108 3,257
Proceeds from sales of held-to-maturity securities - 2,969
Proceeds from sale of business segment . . . . . . - 23,826
Acquisition of property and equipment. . . . . . . (35,937) (61,699)
Capitalized internal software development costs. . (67,106) (59,642)
Business acquisitions and investments. . . . . . . (72,589) (36,898)
Proceeds from disposal of property and equipment . 1,316 1,031
Other, net . . . . . . . . . . . . . . . . . . . . (8,441) (11,013)
---------- ----------
Cash used by investing activities . . . . . . (180,649) (138,169)
---------- ----------
Financing Activities
Payments on long-term debt . . . . . . . . . . . . (349,012) (67,593)
Proceeds from borrowing under credit facility. . . 477,200 129,500
Purchase of stock for Stock Employee
Compensation Trust. . . . . . . . . . . . . . . . (10,094) -
Issuance of common stock under stock option plans. 7,293 61,641
Repurchase of common stock . . . . . . . . . . . . (33,045) (91,338)
---------- ----------
Cash provided by financing activities . . . . 92,342 32,210
---------- ----------
Net decrease in cash and equivalents. . . . . . . . (8,269) (6,166)
Cash and equivalents at beginning of period . . . . 26,013 32,179
---------- ----------
Cash and equivalents at end of period . . . . . . . $ 17,744 $ 26,013
========== ==========
Supplemental Information
Interest paid. . . . . . . . . . . . . . . . . . . $ 10,275 $ 2,174
Income taxes paid. . . . . . . . . . . . . . . . . 16,568 14,056
<FN>
Non-cash transactions:
During 1999, the Company transferred $7.8 million ($15.0 million gross cost net
of amortization) of contract acquisition costs at net book value to other
receivables which was paid in January 2000.
During 1998, the Company transferred $11.3 million of property, plant and
equipment at net book value to Lockheed Martin Corporation which was paid in
January 1999.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
POLICY MANAGEMENT SYSTEMS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months
Ended December 31,
1999 1998
------- -------
(In thousands)
Operating Activities
<S> <C>
Net (loss) income . . . . . . . . . . . . . . . . (30,411) $13,315
Adjustments to reconcile net (loss) income to
net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . 38,478 28,986
Deferred income taxes . . . . . . . . . . . . . (15,112) 3,821
Provision for uncollectible accounts. . . . . . 11,837 90
Changes in assets and liabilities:
Receivables . . . . . . . . . . . . . . . . . . 29,036 (29,365)
Accrued revenues. . . . . . . . . . . . . . . . 2,215 4,342
Accounts payable and accrued expenses . . . . . (3,711) 10,587
Accrued restructuring and other charges . . . . (8,170) (23)
Income taxes. . . . . . . . . . . . . . . . . . (11,566) (7,133)
Unearned revenues . . . . . . . . . . . . . . . 195 3,597
Other, net. . . . . . . . . . . . . . . . . . . 7,974 (8,023)
--------- ----------
Cash provided by operations. . . . . . . . . 20,765 20,194
--------- ----------
Investing Activities
Proceeds from sales/maturities of available-for-
sale securities. . . . . . . . . . . . . . . . . 139 -
Acquisition of property and equipment . . . . . . (7,405) (16,412)
Capitalized internal software development costs . (16,630) (16,043)
Business acquisitions and investments . . . . . . (4,536) (7,394)
Proceeds from disposal of property and equipment. 298 (3)
Other, net. . . . . . . . . . . . . . . . . . . . (2,553) (4,113)
--------- ----------
Cash used by investing activities. . . . . . (30,687) (43,965)
--------- ----------
Financing Activities
Payments on long-term debt. . . . . . . . . . . . (129,700) (25,274)
Proceeds from borrowing under credit facility . . 128,300 48,000
Issuance of common stock under stock option plans 189 32,840
Repurchase of common stock. . . . . . . . . . . . - (21,678)
--------- ----------
Cash (used) provided by financing activities (1,211) 33,888
--------- ----------
Net (decrease) increase in cash and equivalents. . (11,133) 10,117
Cash and equivalents at beginning of period. . . . 28,877 15,896
--------- ----------
Cash and equivalents at end of period. . . . . . . $17,744 $26,013
========= ==========
Supplemental Information
Interest paid . . . . . . . . . . . . . . . . . . $ 3,781 $ 802
Income taxes paid . . . . . . . . . . . . . . . . 5,800 4,250
<FN>
Non-cash transactions:
During 1999, the Company transferred $7.8 million ($15.0 million gross cost net
of amortization) of contract acquisition costs at net book value to other
receivables which was paid in January 2000.
During 1998, the Company transferred $11.3 million of property, plant and
equipment at net book value to Lockheed Martin Corporation which was paid in
</TABLE>
<PAGE>
POLICY MANAGEMENT SYSTEMS CORPORATION
SEGMENT RESULTS
(Unaudited)
Three Months Twelve Months
Ended December 31, Ended December 31,
1999 1998 1999 1998
- ----------------------------------------------------------------------
(In Thousands)
REVENUES
Enterprise Software and Services
Property & Casualty $ 54,228 $ 75,252 $279,035 $278,832
Life 48,571 48,722 189,572 150,564
-------- -------- -------- --------
Total US revenues 102,799 123,974 468,607 429,396
International 38,551 46,871 175,412 178,062
-------- -------- -------- --------
Total revenues $141,350 $170,845 $644,019 $607,458
======== ======== ======== ========
Discontinued Operations
Life Information Services $ - $ - $ - $ 11,968
OPERATING (LOSS) INCOME
Enterprise Software and Services
Property & Casualty $ (3,853) $22,274 $(28,153) $77,563
Life (22,313) 13,578 (4,874) 33,895
Corporate and US administrative (12,294) (6,488) (40,504) (26,434)
-------- -------- -------- --------
Total US (38,460) 29,364 (73,531) 85,024
-------- -------- ------- --------
International (5,884) (5,141) (23,027) 10,963
International administrative (2,121) (2,443) (7,714) (8,555)
-------- -------- -------- --------
Total international (8,005) (7,584) (30,741) 2,408
-------- -------- --------- -------
Total operating (loss) income $(46,465) $21,780 $(104,272) $87,432
======== ========= ========= =========
Discontinued Operations
Information Services
Property & Casualty $ - $ 568 $ - $ (1,586)
Life - - - 3,672
OPERATING (LOSS) INCOME AS PERCENTAGE OF REVENUE
Enterprise Software and Services
Property & Casualty (7.1)% 29.6% (10.1)% 27.8%
Life (45.9) 27.9 (2.6) 22.5
Total US (37.4) 23.7 (15.7) 19.8
International
Software and services (15.3) (11.0) (13.1) 6.2%
Total international (20.8) (16.2) (17.5) 1.4
Total (32.9)% 12.7% (16.2)% 14.4%
Note: Certain prior period amounts have been reclassified for purposes of
comparison.
<PAGE>
<TABLE>
<CAPTION>
POLICY MANAGEMENT SYSTEMS CORPORATION
REVENUE BY BUSINESS UNIT
(Unaudited)
Three Months Twelve Months
Ended December 31, Ended December 31,
1999 1998 1999 1998
---- ---- ---- ------
(In Thousands)
ENTERPRISE SOFTWARE AND SERVICES
PROPERTY & CASUALTY
<S> <C> <C> <C> <C>
ILC . . . . . . . . . $ 3,176 $ 7,664 $ 37,523 $ 20,707
MLC . . . . . . . . . 6,895 8,624 30,055 35,075
Professional Svcs/ITO 33,700 46,625 163,603 184,420
BPO . . . . . . . . . 10,087 12,246 45,096 36,583
Other . . . . . . . . 370 93 2,758 2,047
-------- -------- -------- --------
Total P&C . . . . . . 54,228 75,252 279,035 278,832
-------- -------- -------- --------
LIFE
ILC . . . . . . . . . 1,727 14,236 15,539 27,167
MLC . . . . . . . . . 5,093 4,163 20,021 14,598
Professional Svcs/ITO 25,735 26,132 115,218 96,319
BPO . . . . . . . . . 16,016 4,134 38,790 12,318
Other . . . . . . . . - 57 4 162
Total Life. . . . . . 48,571 48,722 189,572 150,564
-------- -------- -------- --------
Total US Revenues. . . $102,799 $123,974 $468,607 $429,396
======== ======== ======== ========
INTERNATIONAL
ILC. . . . . . . . . . $ 3,783 $ 5,477 $ 19,122 $ 19,792
MLC. . . . . . . . . . 5,418 3,956 19,679 16,475
Professional Svcs/ITO. 28,199 36,792 134,517 139,231
BPO. . . . . . . . . . 886 - 1,452 -
Other. . . . . . . . . 265 646 642 2,564
Total International. . 38,551 46,871 175,412 178,062
-------- -------- -------- --------
TOTAL REVENUES. . . . . $141,350 $170,845 $644,019 $607,458
======== ======== ======== ========
TOTAL COMPANY
ILC. . . . . . . . . . $ 8,686 $ 27,377 $ 72,184 $ 67,666
MLC. . . . . . . . . . 17,406 16,743 69,755 66,148
Professional Svcs/ITO. 87,634 109,549 413,338 419,970
BPO. . . . . . . . . . 26,989 16,380 85,338 48,901
Other. . . . . . . . . 635 796 3,404 4,773
-------- -------- -------- --------
TOTAL REVENUES. . . . . $141,350 $170,845 $644,019 $607,458
======== ======== ======== ========
<FN>
Note: Certain prior period amounts have been reclassified for purposes of
comparison.
</TABLE>
<PAGE>
POLICY MANAGEMENT SYSTEMS CORPORATION
SUPPLEMENTARY SCHEDULE OF
SEGMENT RESULTS BEFORE SPECIAL CHARGES AND ACCOUNTING CHANGES
(Unaudited)
(Not prepared in accordance with Generally Accepted Accounting Principles)
Three Months Twelve Months
Ended December 31, Ended December 31,
1999 1998 1999 1998
- ---------------------------------------------------------------------
(In Thousands)
REVENUES
Enterprise Software and Services
Property & Casualty $ 61,039 $ 75,252 $285,846 $278,832
Life 48,571 48,722 189,572 150,564
-------- -------- -------- --------
Total US revenues 109,610 123,974 475,418 429,396
International 44,866 46,871 181,727 178,062
-------- -------- -------- --------
Total revenues $154,476 $170,845 $657,145 $607,458
======== ======== ======== ========
Discontinued Operations
Life Information Services $ - $ - $ - $ 11,968
OPERATING (LOSS) INCOME
Enterprise Software and Services
Property & Casualty $ 2,766 $ 22,849 $64,322 $ 78,138
Life 2,329 13,578 30,404 37,627
Corporate and US administrative (12,291) (6,488) (36,882) (26,434)
-------- -------- ------- --------
Total US (7,196) 29,939 57,844 89,331
-------- -------- ------- --------
International 1,131 3,877 10,802 19,981
International administrative (2,121) (2,443) (7,714) (8,555)
-------- -------- -------- --------
Total international (990) 1,434 3,088 11,426
--------- -------- ------- --------
Total operating (loss) income $(8,186) $ 31,373 $60,932 $100,757
========= ========= ======== ========
Discontinued Operations
Information Services
Property & Casualty $ - $ 568 $ - $ (1,586)
Life - - - 3,672
OPERATING (LOSS) INCOME AS PERCENTAGE OF REVENUE
Enterprise Software and Services
Property & Casualty 4.6 % 30.4 % 22.5 % 28.0 %
Life 4.8 27.9 16.0 25.0
Total US (6.6) 24.1 12.2 20.8
International
Software and services 2.6 8.3 6.0 11.2
Total international (2.3) 3.1 1.7 6.4
Total (5.4)% 18.4 % 9.3 % 16.6 %
Note: Certain prior period amounts have been reclassified for purposes of
comparison.
