Infor Announces Strong Fourth Quarter and Fiscal Year Results
Infor, a leading provider of beautiful business applications specialized by industry and built for the cloud, reported strong results for the fourth quarter of its fiscal 2016, ended April 30, 2016. Software revenue for the quarter, including license fees and cloud subscriptions revenue, was up 34.9 percent and 35.5 percent year over year on a GAAP basis and non-GAAP1 basis, respectively, in constant currency2, and Infor added more than 700 new customers.
Total revenues for the quarter, on both a GAAP and non-GAAP basis, increased year over year by 8.8 percent at actual currency rates and 9.4 percent in constant currency with growth in each revenue category, including software license fees and subscriptions revenue, product update and support fees revenue, and consulting services and other revenue.
April 30, 2016 also marked the end of a strong fiscal year 2016 for Infor. Adjusting for the fiscal year change3, on an 11-month comparable basis, Infor grew non-GAAP software license fees and subscriptions revenue 26.9 percent over FY15 in constant currency, as the company gained market share for yet another year. As more customers buy suites of software with multiple Infor products, the average deal size continues to grow, with 126 deals valued at more than $1 million, and 15 in excess of $5 million.
"Infor continues to outpace the industry in our pivot to the cloud, with more than 40 percent of our software license revenue for fiscal year 2016 coming from SaaS, up from 10 percent only three years ago," said Charles Phillips, CEO of Infor. "The heavy investment in R&D we began six years ago, with last-mile functionality built directly into our products, and deploying them on AWS rather than our own datacenters is paying off. Our focus on the application layer, industry domain, design excellence, commerce networks, and machine learnings is producing results. The momentum continues as we enter FY17 with the largest sales pipeline in company history propelled by continued growth in SaaS deal activity."
Fiscal year 2016 also marked a major step in the evolution of ERP software, as Infor defined the concept of networked ERP, or multi-enterprise ERP. In today's global economy, many critical functions that had been managed by a single company are now managed by a network of trading partners including manufacturing, shipping, distribution, and point-of-sale. By integrating and embedding its commerce network into its ERP applications, Infor can enable real-time visibility of products in transit, at rest, or in production, extending ERP beyond the four walls of the enterprise across the extended supply chain.
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