Financial Overview. January 2015
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- Hillary McCoy
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1 Financial Overview January
2 Infor Overview $2.8B total revenue FY14 pro forma $814M adjusted EBITDA FY14 pro forma 211 new products in FY14 3,550 new customers in FY14 2,204 partners one of the world s largest providers of enterprise software and services 12,700 employees 3,700 developers 3,430 consultants 1,640 support engineers 2
3 Historical Financial Summary Pro forma revenue ($ in millions) (1)(2) Pro forma adjusted EBITDA ($ in millions) (1)(2) $3,000 $2,759 $2,738 $2,770 $2,842 $1,000 $537 $532 $553 $635 $800 $838 $829 $814 $828 $2,000 $600 $1,444 $1,443 $1,467 $1,485 $1,000 $400 $778 $763 $750 $722 $200 $0 FY 2012 FY 2013 FY 2014 Q3 FY 2015 LTM Services Maintenance License Fees (1) Results as presented are based on actual currency and are pro forma for pre-acquisition results and reversal of acquisition related adjustments. FY 2012 and FY 2013 Pro forma EBITDA includes $13.9 million and $3.3 million of incremental synergies yet to be realized, respectively. (2) Beginning in the first quarter of FY 2015, we changed our fiscal year end to April 30 from May 31. As a result, our results of May 2014 are included in both the fourth quarter of Fiscal 2014 and the first quarter of Fiscal 2015 and are reflected in the FY 2014 and Q3 FY 2015 LTM columns above. $0 FY 2012 FY 2013 FY 2014 Q3 FY 2015 LTM EBITDA Margin: 30.4% 30.3% 29.4% 29.1% 3
4 Pro forma revenue ($ in millions) FY14 Financial Overview $3,000 $2,738 $2,764 $2,770 License Fees Maintenance Services $2,000 $1,000 $532 $554 $553 $1,443 $1,464 $1,467 $0 $763 $746 $750 FY 2013 FY 2014 CC FY 2014 Actual YoY Growth: CC (1) Actual License Fees +4.1% +4.1% Maintenance +1.5% +1.7% Services -2.3% -1.8% Total +0.9% +1.2% Adjusted EBITDA $829M $809M $814M % Margin 30% 29% 29% Note: Results as presented are pro forma for pre-acquisition results and reversal of acquisition related adjustments. (1) Constant currency is computed by converting actual results using FY13 exchange rates. 4
5 Q3 FY15 YTD v. Q3 FY14 YTD P&L: Pro Forma Pro Forma Results (1)(2) Currency-adjusted Results $ in millions Actual Actual % Currency Adjusted Actual % YTD FY15 YTD FY14 Variance Variance Impact (3) YTD FY15 YTD FY14 Variance Variance Revenue Software license fees and subscriptions $ $ $ % $ (8.6) $ $ $ % Product updates and support fees 1, , % (16.9) 1, , % Software revenues 1, , % (25.5) 1, , % Consulting services and other fees (31.3) -5.6% (12.9) (18.4) -3.3% Total revenues 2, , % (38.4) 2, , % Expenses Cost of software license fees and subscriptions % (1.5) % Cost of product updates and support fees % (3.1) % Cost of consulting services and other fees (21.3) -4.8% (8.8) (12.5) -2.8% Sales and marketing costs % (4.6) % Research and development % (4.7) % General and administrative % (2.9) % Amortization of intangible assets and depreciation (8.0) -4.1% (2.4) (5.6) -2.9% Restructuring costs % % Acquisition-related and other costs (1.9) 20.1 (22.0) nm - (1.9) 20.1 (22.0) nm Total operating expenses 1, , % (27.9) 1, , % Income from operations (14.2) -3.7% (10.5) (3.7) -1.0% Interest expense, net (31.4) -10.7% (31.4) -10.7% Loss on extinguishment of debt (5.2) % (5.2) % Other (income) expense, net (74.9) (43.1) (31.8) 73.8% 0.3 (75.2) (43.1) (32.1) 74.5% Income before income taxes % (10.8) % Provision for income taxes % (1.6) % Net income $ $ $ % $ (9.2) $ $ $ 35.7 #DIV/0! 30.9% Add backs (47.0) -9.1% (3.6) (43.4) -8.4% Adjusted EBITDA $ $ $ (20.5) -3.3% $ (12.8) $ $ $ (7.7) -1.2% Adjusted EBITDA margin 29.0% 30.3% 29.1% 30.3% (1) Pro Forma Results contain reversal of acquisition-related adjustments (2) Pro Forma Results for YTD FY15 reflect the nine months ended January 31, Pro Forma Results for YTD FY14 have been recast to reflect the corresponding nine months ended January 31, 2014 (3) Currency impact is computed by converting actual results using FY14 exchange rates 5
6 FY14 v. FY13 P&L: Pro Forma Pro Forma Results (1) Currency-adjusted Results $ in millions Actual Actual % Currency Adjusted Actual % YTD FY14 YTD FY13 Variance Variance Impact (2) YTD FY14 YTD FY13 Variance Variance Revenue Software license fees and subscriptions $ $ $ % $ - $ $ $ % Product updates and support fees 1, , % 3.1 1, , % Software revenues 2, , % 3.1 2, , % Consulting services and other fees (14.0) -1.8% (17.2) -2.3% Total revenues 2, , % 6.3 2, , % Expenses Cost of software license fees and subscriptions % (0.1) % Cost of product updates and support fees % (0.1) % Cost of consulting services and other fees % % Sales and marketing costs (3.1) -0.7% (1.1) (2.0) -0.4% Research and development % % General and administrative (17.6) -8.4% (0.4) (17.2) -8.2% Amortization of intangible assets and depreciation (11.4) -4.1% (12.6) -4.6% Restructuring costs % % Acquisition-related and other costs % % Total operating expenses 2, , % 3.6 2, , % Income from operations (20.9) -4.3% (23.6) -4.9% Interest expense, net (40.1) -9.6% (40.1) -9.6% Loss on extinguishment of debt % % Other (income) expense, net (62.8) 99.2 (162.0) nm (3.8) (59.0) 99.2 (158.2) nm Income (loss) before income taxes (35.5) nm (35.5) nm Provision for income taxes (10.0) -44.2% (1.5) (8.5) -37.6% Net income (loss) $ $ (58.1) $ nm $ 8.0 $ $ (58.1) $ nm Add backs (202.9) -22.9% (3.4) (199.5) -22.5% Adjusted EBITDA $ $ $ (15.1) -1.8% $ 4.6 $ $ $ (19.7) -2.4% Adjusted EBITDA margin 29.4% 30.3% 29.3% 30.3% (1) Pro Forma Results contain reversal of acquisition-related adjustments (2) Currency impact is computed by converting actual results using FY13 exchange rates 6
7 Balance Sheet & Cash Flow Highlights $485.8M cash & equivalents at Q3 FY15 We have significant cash on our balance sheet and continue to generate strong cash flows In addition to cash on hand, we have $150.0 million revolving credit facility available to us that has not been used $336.5M in current accounts receivable at Q3 FY15 Historical DSO less than 50 days $414.6M operating cash flow in FY14 $261.7M operating cash flow in first nine months of FY15 53%+ of total revenue from maintenance in FY14 with 93%+ renewal rates Highly profitable and highly predictable revenue and cash flow model 7
8 Our Sponsors Leading private equity firm with approximately $12 billion of committed capital under management Golden Gate is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses Golden Gate is one of the most active software investors in the world, having invested in or acquired more than 65 software companies since its inception in 2000 Current portfolio of software companies generated combined revenues in 2013 of approximately $8 billion Representative Technology Investments Leading growth equity firm founded in 1984 Raised more than $15 billion in capital, and has invested in more than 385 companies in technology, healthcare and other growth sectors Particularly active in the technology sector, having made investments in more than 200 technology companies, including more than 100 software companies Helped build pioneering companies in the ERP, CRM, information and data security, antivirus, messaging management and archiving, and SaaS categories Representative Technology Investments 8
9 Appendix 9
10 Q3 FY15 YTD v. Q3 FY14 YTD P&L: GAAP Actual Results (1) Currency-adjusted Results $ in millions Actual Actual % Currency Adjusted Actual % YTD FY15 YTD FY14 Variance Variance Impact (2) YTD FY15 YTD FY14 Variance Variance Revenue Software license fees and subscriptions $ $ $ % $ (8.6) $ $ $ % Product updates and support fees 1, , % (16.9) 1, , % Software revenues 1, , % (25.5) 1, , % Consulting services and other fees (30.0) -5.3% (12.9) (17.1) -3.0% Total revenues 2, , % (38.4) 2, , % Expenses Cost of software license fees and subscriptions % (1.5) % Cost of product updates and support fees % (3.1) % Cost of consulting services and other fees (20.7) -4.7% (8.8) (11.9) -2.7% Sales and marketing costs % (4.6) % Research and development % (4.7) % General and administrative % (2.9) % Amortization of intangible assets and depreciation (8.0) -4.1% (2.4) (5.6) -2.9% Restructuring costs % % Acquisition-related and other costs (1.9) 20.1 (22.0) nm - (1.9) 20.1 (22.0) nm Total operating expenses 1, , % (27.9) 1, , % Income from operations (11.3) -3.0% (10.5) (0.8) -0.2% Interest expense, net (31.4) -10.7% (31.4) -10.7% Loss on extinguishment of debt (5.2) % (5.2) % Other (income) expense, net (74.9) (43.1) (31.8) 73.8% 0.3 (75.2) (43.1) (32.1) 74.5% Income (loss) before income taxes % (10.8) % Income tax provision % (1.6) % Net income (loss) $ $ $ % $ (9.2) $ $ $ % (1) Actual Results for YTD FY15 reflect the nine months ended January 31, Actual Results for YTD FY14 have been recast to reflect the corresponding nine months ended January 31, 2014 (2) Currency impact is computed by converting actual results using FY14 exchange rates 10
11 FY14 v. FY13 P&L: GAAP Actual Results Currency-adjusted Results $ in millions Actual Actual % Currency Adjusted Actual % YTD FY14 YTD FY13 Variance Variance Impact (1) YTD FY14 YTD FY13 Variance Variance Revenue Software license fees and subscriptions $ $ $ % $ (0.1) $ $ $ % Product updates and support fees 1, , % 3.1 1, , % Software revenues 2, , % 3.0 2, , % Consulting services and other fees (11.1) -1.5% (14.4) -1.9% Total revenues 2, , % 6.3 2, , % Expenses Cost of software license fees and subscriptions % (0.1) % Cost of product updates and support fees % (0.1) % Cost of consulting services and other fees % % Sales and marketing costs (3.1) -0.7% (1.1) (2.0) -0.4% Research and development % % General and administrative (17.6) -8.4% (0.4) (17.2) -8.2% Amortization of intangible assets and depreciation (11.4) -4.1% (12.6) -4.6% Restructuring costs % % Acquisition-related and other costs % % Total operating expenses 2, , % 3.6 2, , % Income from operations (10.8) -2.3% (13.5) -2.9% Interest expense, net (40.1) -9.6% (40.1) -9.6% Loss on extinguishment of debt % % Other (income) expense, net (62.8) 99.2 (162.0) nm (3.8) (59.0) 99.2 (158.2) nm Income (loss) before income taxes (53.6) nm (53.6) nm Income tax provision (10.0) -44.2% (1.5) (8.5) -37.6% Net income (loss) $ $ (76.2) $ nm $ 8.0 $ $ (76.2) $ nm (1) Currency impact is computed by converting actual results using FY13 exchange rates 11
12 Q3 FY15 and FY14 Balance Sheet: GAAP January 31, May 31, $ in millions Assets Current assets Cash and cash equivalents $ $ Accounts receivable, net Other current assets Total current assets 1, ,182.3 Property and equipment, net of accumulated depreciation Intangible assets, net of accumulated amortization 4, ,267.9 Other long-term assets Total assets $ 6,107.6 $ 6,778.1 Liabilities and Stockholders' Deficit Current liabilities Accounts payable and accrued liabilities Deferred revenue Current portion of long-term debt Total current liabilities 1, ,488.2 Long-term debt 5, ,339.6 Other long-term liabilities Total liabilities 6, ,238.1 Stockholders' deficit (683.7) (460.0) Total liabilities and stockholders' deficit $ 6,107.6 $ 6,
13 Q3 FY15 and Q3 FY14 Cash Flow: GAAP $ in millions Nine Months Ended (1) January 31, 2015 January 31, 2014 Cash flows from operating activities (recast) Net income $ $ Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization Non cash items and change in working capital (62.7) (22.3) Net cash provided by operating activities Cash flows from investing activities Acquisition, net of cash acquired (30.1) (222.1) Purchases of property, equipment and software (28.8) (23.6) Other investing activities 18.0 (20.8) Net cash used in investing activities (40.9) (266.5) Cash flows from financing activities Deferred financing fees and other financing activities (8.5) (37.5) Proceeds from issuance of debt - 3,487.7 Loans to stockholders (0.2) (5.2) Payment of debt obligations (82.3) (3,450.2) Dividends paid (42.7) - Net cash used in financing activities (133.7) (5.2) Net (decrease) Increase in cash and cash equivalents Effect of exchange rate on cash and cash equivalents (48.4) (1.4) Net (decrease) increase in cash and cash equivalents Cash and cash equivalents Beginning of the period End of the period $ $ (1) Cash flows for YTD FY15 reflect the nine months ended January 31, Cash flows for YTD FY14 have been recast to reflect the corresponding nine months ended January 31,
14 14
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