Infor (Private) 1Q20 Results: Revenues Up in Constant Currency but Hurt by Customer Issue, Leadership Transition

Executive Summary

• Infor reported fiscal 1Q20 revenues of $780.0 million, down 0.3% year over year and up 1.3% on a constant currency basis. Adjusted net income was $11.6 million, down 85.7% year over year.
• Software-as-a-service (SaaS) was the fastest-growing segment, with revenues up 10.0% year over year, which more than offset a 16.7% decrease in software license fees.
• Infor did not provide forward-looking information or guidance.