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Confidential
1
Bank of America Merrill Lynch:
2015 Leveraged Finance Conference
December 4, 2015
Jeffrey Laborde, CFO
Confidential
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This presentation contains forward-looking statements. All statements other than statements of historical face included in this presentation are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business and are subject to risks and uncertainties. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “should,” “can have,” “likely” and other words or terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.
The forward-looking statements contained in this presentation are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances.
As you review and consider this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual results and cause them to differ materially from those anticipated in the forward-looking statements. You should read the Risk Factors contained in the Form 10-K/T that we filed with the U.S. Securities and Exchange Commission and any other filing we make with the U.S. Securities ExchangeCommission in the future to understand the risks we face and with the understanding that our actual results may be materially different from what we expect.
The financial information in this presentation includes financial information that is not presented in accordance with generally accepted accounting principles (GAAP). Non-GAAP financial measures may be considered in addition to GAAP financial information, but should not be used as substitutes for the corresponding GAAP measures. Non-GAAP measures in this presentation may be calculated in a way that is not comparable to similarly titled measures reported by other companies.
Disclaimer
Confidential
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Purpose-built ERP by Industry – supporting suite of integrated SCM, FM, EAM, HCM and CRM solutions
Optimized for industry verticals – differentiated micro-vertical focus delivers last mile features that reduce deployment costs and time
Flexible delivery model – large base of recurring, high margin On-premise revenue synergistic with high-growth Cloud businesses
Modern CloudSuite platform – next-gen cloud platform with strong focus on design and user experience, open standards and predictive analytics
Broad customer and partner base – High barriers to entry and customer lifetime value with significant repeat purchases. ~1,500 partners/resellers
Proven acquisition platform – GT Nexus acquisition adds deep supply chain intelligence and cloud expertise across manufacturing and retail verticals
Over 73,000 customers globally | offices in 43 countries | software available in 57 languages
More than 40% of revenues from International | World-class renewal rates of 93%+ | High free cash flow yield
Company overview
$100BN+TAM
$2.8BNRevenue
$786MMAdjusted
EBITDA
Over 300%SaaS bookings
growth
~45MMCloud
users
Headquarters: New York, NY Employees: 14,000+ Customers: 73,000+ globallyStatus: Privately held by Golden Gate Capital and Summit Partners
Leading global provider of next-gen, mission-critical enterprise applications
Over 55%SaaS revenue
growth
Note: Revenue and cash EBITDA are based on actual rates and reflect our results for the last twelve months ended April 30, 2015. Refer to historical lender presentations, available on Infor’s website, for reconciliation to GAAP
amounts. The growth percentages reflect the results for the last twelve months ended April 30, 2015, compared to the similar period ended April 30, 2014.
Confidential
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Transformation
2002-2007 2007-2010 December 2010 Today
Innovation PhaseConsolidation
Integration
InforCloudSuite
Amazon +
open source
400 new
products
Product
assessment
New strategy
R&D 1,500
new engineers
New
management
team Hook & Loop
Dynamic
Science Labs
FY 2003 Revenue: $73 million FY 2015 Revenue: $2.8 billion
FY 2015 Revenue is for the last twelve months ended April 30, 2015.
Confidential
5
CloudSuite platform at a glanceExpansive solution set and unrivaled vertical orientation delivered across a flexible, scalable model
ERP
Aerospace &
Defense
Distribution
Food & Beverage
Healthcare
Equipment
(Dealer & Service)
Public Sector
High Tech
Technology
Integration and
Analytics
Financials
Social
Business
E-
commerce
Science
Applications
HybridOn-premise Cloud
PLM
CRM
EAM
SCM
HCM
Manufacturing /
Industrial
Construction
Fashion
Hospitality
Automotive
Chemicals
& Life Sciences
Retail
Clinical
Facilities
Management
FLEXIBLE DELIVERY MODEL
Industry leading
platform technologyMobility Infor d/EPM
Confidential
6
28% 31% 34% 37% 40% 43%
72% 69% 66% 63% 60% 57%
2014A 2015E 2016E 2017E 2018E 2019EPublic Cloud
Large and growing core ERP TAM
In Billions
Faster growth thanworldwide IT market
Of CIOs consider cloud an option for new projects
6x 55%
25%
11%6% 6% 5% 3%
44%
Other
$45 $48 $50$54
$58$62
2013A 2014A 2015E 2016E 2017E 2018E
Massive ERP market opportunity Global ERP market share
License remains majority of total ERP revenue Cloud is the Future
Of companies will be pursuing a hybrid IT strategy by 2015
75%On-Premise/ Other
Source: IDC , Market Analysis, Gartner
(Revenue in billions)
CAGR
1.8%
16.2%
Confidential
7
73,000+ customers in strategic verticals
MANUFACTURING DISTRIBUTION HEALTHCARE SERVICES
EQUIPMENT
SERVICE, MGMT.,
RENTAL
CONSUMER
PRODUCTSHOSPITALITY PUBLIC SECTOR
Powering ERP for many of the world’s most iconic brands
Confidential
8
Business applications:
an industry ripe for disruption
• Massive expenditures on consultants to customize and integrate enterprise applications
• Integrators recommend generic name brand apps and then deploy their own consultants
to push years of change orders to add industry-specific features
• Acquisitions by vendors have decomposed ERP Suites into many disparate components;
integrators stitch them together
• Integrators and vendors with “tech stack” have an economic model tied to on-premise
ERP: Lowest customer sat in all of technology… “The Parade of Horribles”
– Customizations and integrations that break on upgrades and don’t work for cloud
– High risk, low value projects that are consulting intensive and unpredictable; pervasive shelfware
– Processes between trading partners are labor intensive, inefficient and opaque
– Complex, non-intuitive applications that are not used by most employees
– Inability to scale infrastructure for big data
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Our solution strategy
SciencePredictive analytics
Machine Learning
Optimization
DesignDesign Thinking
Digital transformation
Social Mobile
Industry
ProcessesLast mile features
End-to-End Commerce
Multi-enterprise
Commerce Network
Internet
ArchitectureGlobal cloud
Open source
XML integration
Elastic supercomputer
Confidential
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Our go-to-market strategy
1. New LogosIndustry specific solution
2. Expand the BaseGet current
3. Upgrade Existing
CustomersGet current in the cloud
New Growth Markets Outflank Competition Modernize our Base
Drive strategic edge apps
adoption with a focus on HCM, BI,
CRM, EAM, etc.
Leverage strong relationships
Compelling, market-leading
technology for up-sell/cross-sell
Value selling vs feature/function
Ongoing campaigns,
development, and education
Deliver last mile functionality to
strengthen position as an ERP
player in key growth verticals
Tap spend on vertical solutions in
high growth geographies and
verticals
Leading with high growth edge
application offerings
Conversion of existing client base
to SaaS to improve retention and
customer value
Done via specific migration
programs including UpgradeX and
Lift & Shift
Increase adoption of latest
innovations (BI/Analytics, UI, ION
integration, etc.)
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IndustryCore
Best-in-classwith industry editions
Manufacturingand DistributionERP
PLM
SCP
Service Management
Healthcare
ERP
Point of Use
Recall Management
Clinical Integration
HIE
Hospitality
Financials
HMS
CRS
Revenue Management
Service Industry
Retail
Financials
Merchandising
Store Operations
Planning andReplenishment
Public Sector
ERP
Community Development
Utility Billing
Permitting
AIS
HCM
HR
Payroll
Talent Management
Learning
WFM
HRSD
Talent Science
CRM
SFA
Marketing
MRM
Rhythm
Personalization
Service Case Mgmt.
EAM
Asset Registry
Maintenance Planning & Execution
Project Management
Sustainability
Performance ManagementBudgeting / Planning
Expense Management
ARC
Cost Allocation
Consolidation
Supply Chain ExecutionWMS
TMS
Yard Management
Labor Management
Warehouse Mobility
ION PaaS
Amazon Web Services™
CloudSuite overview
Confidential
12(1) U.S. Commerce Department.
A few broad
industries
2,151 micro-verticals(1)
Industries vs. microverticals
Our key industries
Retail.
E-commerceCustomer engagement
HealthcarePatient engagement
Operations efficiency
Clinical integration
Population health
Manufacturing
Supply ChainTrading partner engagement
Production
Supply chain management
Assets management
Public SectorCitizen engagement
Financial management
Talent management
Asset management
Field service
Industry Expertise & Digital Transformation – to serve customers, patients and citizens
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GTN acquisition extends the value proposition
2
3
4
5
6
1 Granular visibility into orders at all stages of the production and fulfillment levels
Combination moves order visibility up the chain – SCM becomes a strategic tool (e.g., sales, marketing, merchandise planning)
Create 1st network for both indirect and direct procurement – something procurement officers have demanded to no avail
Opportunity to embed GT Nexus’ network into Infor’s ERP cloud, driving enhanced adoption of core Infor suite by GT Nexus users
Provides single view of orders across heterogeneous ERP environments; mitigates need for vast, internal ERP consolidation
Applications and analytics that leverage the combined Infor and GT Nexus data feeds
Creating the Global Commerce Cloud
Compelling Combined Opportunity
Factory
management
Warehouse
management
Order mgmt.
procure-to-
pay finance
Work in
process
Inventory
management
Transportation
management
Transport /
receive
Plan, market,
quote, and
close Ou
t-b
ou
nd
de
ma
nd
In-b
ou
nd
su
pp
ly
Source Make Move Store Deliver Sell
GT Nexus
Infor
15
“...right
product at
exactly
the right time.”
“...changing
the experience
of how people
use software.”
Disruptive industry impact
“...cutting-edge
User Experience
Design (UXD).”
“...Infor challenges
ERP duopoly.
Welcome relief from a
diet of
non-differentiated
horizontal
applications.”
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Portfolio license mix shift to growthFY2016 budgeted FX rates
% of Total License Revenue
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2013A 2014A 2015A 2016E
% o
f To
tal L
ice
ns
e R
eve
nu
e
Note: Based on FY2016 budgeted FX rates. 2016E shown pro forma for the full year effect of the GT Nexus acquisition.
Modernized
Perpetual
Not
Modernized
SaaS
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FY15 Sales Highlights2015 Budget Rates
Note: The information presented above reflects the LTM period ended April 30, 2015 and the growth and Y-o-Y percentages are compared to the similar period ended April 30, 2014.
TCV used unless indicated.
SaaS ACV Bookings
Growth
323%
YoY increase in
Channel $’s
22%
Net new Customers
3,444
YoY increase in deal
count > $1m
128%
YoY increase in deal
$’s >$1M
163%
Total # Transactions
18,918
YoY increase in Total
Bookings $’s
43%
YoY increase SaaS
Revenue
56%
Confidential
18
2012 LTM Q1 '16
Redeployment of investments into development
2012 LTM Q1'16
($ in millions)
$219M
$168M
G&A Savings mitigated nearly 50% of the Development investments madeDevelopment investments are all driven to modernized high growth products
119 103
186 287
2012 LTM Q1'16
Core Modernized
$305M
$390M
($ in millions)
Note: Analysis based on FY 2016 budgeted FX rates. Periods recast to new fiscal year end of April 30 and exclude stock-based compensation. FY12 includes pre-acquisition results of Infor and Lawson.
($ in millions)
Development mix shift Back office efficiency
Total Operating Expenses
$2,132M$2,271M
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Notes: Results as presented are based on actual currency. FY 2012 shown pro forma for the pre-combination results of Infor and Lawson; all periods exclude effects of purchase accounting haircuts to deferred revenue.
Refer to historical lender presentations, available on Infor’s website, for reconciliation to GAAP amounts.
Beginning in the first quarter of FY 2015, we changed our fiscal year end to April 30 from May 31. FY 2014 has been recasted in order to be comparable with FY 2015 and reflects our results for the last twelve
months ended April 30.
Historical annual financial summary
$537 $532 $550 $601
$1,444 $1,443 $1,467 $1,459
$778 $763 $751 $700
FY 2012 FY 2013 LTM 4/30/14 LTM 4/30/15
License Fees Maintenance Services
$2,759 $2,738 $2,768 $2,760 $838 $829 $812 $786
FY 2012 FY 2013 LTM 4/30/14 LTM 4/30/15
EBITDA Margin: 30.4% 30.3% 29.3% 28.5%
FYE 5/31 LTM 4/30 FYE 5/31 LTM 4/30
Pro forma revenue Pro forma adjusted EBITDA
($ in millions) ($ in millions)
(1)
Confidential
20
$812
$786 $819
LTM 4/30/14 Actual Constant FX
Annual performance – constant currency
Note: Beginning in the first quarter of FY 2015, we changed our fiscal year end to April 30 from May 31. FY 2014 has been recasted in order to be comparable with FY 2015 and reflects our
results for the last twelve months ended April 30. FY 2015 constant currency results are computed by converting actual FY 2015 results using FY 2014 FX rates.
$2,768 $2,760 $2,860
LTM 4/30/14 Actual Constant FX
LTM 4/30/15
Pro forma revenue Pro forma adjusted EBITDA
($ in millions) ($ in millions)
LTM 4/30/15
$786 $819
Confidential
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Illustrative view of FYE change impact
$12 $16$26
$40
$89 $86
$155
$81
$598$610
$696
$637
$200
$300
$400
$500
$600
$700
$0
$40
$80
$120
$160
$200
Q113 Q114 Q115 Q116
SaaS Subscriptions License Fee Total Revenue
Fiscal Year Change($ in millions)
Note: Pro forma revenue results contain reversal of purchase accounting adjustments. The table above is presented based on FY 2016 budgeted FX rates to facilitate comparisons across all periods presented. FY13 and FY14
reflect the three months ended August 31, our previously reported Q1 under our old fiscal year - FY15 and FY16 reflect the three months ended July 31, based on our new fiscal year.
(1) Q1 FY15 includes the month of May 2014, the last month of our previously reported fiscal year 2014.
(1)
$101 $102
$181
$121
Pro Forma FY16 Budget FX Rates
Lic
en
se
Re
ve
nu
e To
tal R
eve
nu
e
SaaS Subscriptions
CAGR 50.9%
License Fee
CAGR -2.9%
Total Revenue
CAGR 2.1%
Total License Revenue
CAGR 6.4%
Confidential
22
60%
32%
8%
Americas
EMEA
APAC63%
30%
7%
Americas
EMEA
APAC
22%
53%
25%License
Maintenance
Services
Revenue mix metrics
19%
56%
25%License
Maintenance
Services
Note: Revenue Metrics are based on Pro Forma Revenue using actual rates.
Q1’16
By R
eg
ion
FY2015
By T
yp
e
Confidential
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Top = new customers, Bottom = existing customersTop = channel Bottom = direct
Customer mix – Perpetual license + ACV SaaS bookingsDirect/Channel mix – Perpetual license + ACV SaaS bookings
Operational metrics
Professional services utilization
61% 61% 60%65%
59%
0%
15%
30%
45%
60%
75%
90%
Q115 Q215 Q315 Q415 Q116
75% 78% 78% 78% 80%
25% 22% 22% 22% 20%
0%
20%
40%
60%
80%
100%
Q115 Q215 Q315 Q415 Q116
80% 79% 82% 81% 72%
20% 21% 18% 19% 28%
0%
20%
40%
60%
80%
100%
Q115 Q215 Q315 Q415 Q116
Confidential
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Infor growth opportunity
$
Industry specialization
Cloud momentum
Faster & better innovation
Better ownership experience for customers
Mergers & acquisitions
Confidential
25Copyright © 2015. Infor. All Rights Reserved. www.infor.com
Confidential
25
Appendix
Confidential
26
Balance sheet (GAAP)
April 30, May 31,
$ in millions 2015 2014
Assets
Current assets
Cash and cash equivalents 526.7$ 575.3$
Accounts receivable, net 338.0 404.2
Other current assets 212.1 202.8
Total current assets 1,076.8 1,182.3
Property and equipment, net of accumulated depreciation 81.8 82.8
Intangible assets, net of accumulated amortization 4,776.8 5,267.9
Other long-term assets 113.1 123.9
Total assets 6,048.5$ 6,656.9$
Liabilities and Stockholders' Deficit
Current liabilities
Accounts payable and accrued liabilities 436.1 481.2
Deferred revenue 867.0 975.3
Current portion of long-term debt 0.1 31.7
Total current liabilities 1,303.2 1,488.2
Long-term debt 5,226.7 5,218.4
Other long-term liabilities 315.4 410.3
Total liabilities 6,845.3 7,116.9
Stockholders' deficit (796.8) (460.0)
Total liabilities and stockholders' deficit 6,048.5$ 6,656.9$
TBU 7/30
July 31, April 30,
$ in millions 2015 2015
Assets
Current assets
Cash and cash equivalents 613.2$ 526.7$
Accounts receivable, net 275.4 338.0
Other current assets 238.1 212.1
Total current assets 1,126.7 1,076.8
Property and equipment, net of accumulated depreciation 82.0 81.8
Intangible assets, net of accumulated amortization 4,681.2 4,776.8
Other long-term assets 121.1 113.1
Total assets 6,011.0$ 6,048.5$
Liabilities and Stockholders' Deficit
Current liabilities
Accounts payable and accrued liabilities 406.1 436.1
Deferred revenue 895.3 867.0
Current portion of long-term debt 0.1 0.1
Total current liabilities 1,301.5 1,303.2
Long-term debt, net 5,206.2 5,226.7
Other long-term liabilities 306.9 315.4
Total liabilities 6,814.6 6,845.3
Stockholders' deficit (803.6) (796.8)
Total liabilities and stockholders' deficit 6,011.0$ 6,048.5$
Note: Financials shown at actual rates; GAAP representation.
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27
Capital structure($USD in millions) As of Pro Forma Next Call
7/31/15 7/31/15 Maturity Pricing Floor Date Price
Cash $613.2 $538.2
Revolver ($150mm) $0.0 $0.0 4/17/17 L + 275 bps -- -- --
Term Loan B-3 465.5 465.5 6/3/20 L + 275 bps 1.00% -- --
Term Loan B (€339.6mm) 372.9 372.9 6/3/20 E + 300 bps 1.00% -- --
Term Loan B-5 2,466.6 2,466.6 6/3/20 E + 275 bps 1.00% -- --
Fi rs t Lien Notes 0.0 500.0 8/15/20 5.750% -- 8/15/17 102.875
Total Secured Debt $3,305.0 $3,805.0
Senior Notes 1,630.0 1,630.0 5/15/22 6.500% -- 5/15/18 103.250
Senior Notes (€350.0mm) 384.4 384.4 5/15/22 5.750% -- 5/15/18 102.875
Total Infor Debt $5,319.4 $5,819.4
HoldCo Senior Contingent Cash Pay Notes $750.0 $750.0 5/1/21 7.125%/7.875% -- 5/1/17 4/12/00
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28
Illustrative View of FYE Change Impact
(1) Pro forma results contain reversal of purchase accounting adjustments
(2) The table above is presented based on fiscal 2016 budgeted FX rates to facilitate comparisons across all periods presented
(3) FY13 and FY14 reflect the three months ended August 31, our previously reported Q1 under our old fiscal year - FY15 and FY16 reflect the three months ended July 31, based on our new fiscal year
(4) Q1 FY15 includes the month of May 2014, the last month of our previously reported fiscal year 2014
(1) The table above is presented based on GAAP results at actual FX rates for all periods presented –
differences to the pro forma table above are due to purchase accounting adjustments and FX rates
(2) FY13 and FY14 reflect the three months ended August 31, our previously reported Q1 under our old fiscal year -
FY15 and FY16 reflect the three months ended July 31, based on our new fiscal year
(3) Q1 FY15 includes the month of May 2014, the last month of our previously reported fiscal year 2014
Pro Forma @ FY16 Budget FX Rates
GAAP @ Actual FX Rates
$ in millions
Q113 Q114 Q115 (4)Q116 CAGR
License fees $ 88.7 $ 85.9 $ 154.6 $ 81.3 -2.9%
SaaS subscriptions 11.5 15.5 25.7 39.5 50.9%
Software license fees and subscriptions $ 100.2 $ 101.4 $ 180.3 $ 120.8 6.4%
Total Revenue $ 598.3 $ 610.4 $ 696.4 $ 636.5 2.1%
Pro Forma Results (1)(2)(3)
$ in millions
Q113 Q114 Q115 (3)Q116 CAGR
License fees $ 90.2 $ 90.9 $ 165.8 $ 81.5 -3.3%
SaaS subscriptions 10.6 14.7 26.2 39.5 55.0%
Software license fees and subscriptions $ 100.8 $ 105.6 $ 192.0 $ 121.0 6.3%
Total Revenue $ 632.8 $ 650.3 $ 753.2 $ 640.3 0.4%
Actual Results (1)(2)
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29
Reconciliation of Net Income to
Pro Forma Adjusted EBITDA
$ in millions
Fiscal Year Ended
May 31, 2012
Fiscal Year Ended
May 31, 2013
LTM Ended
April 30, 2014 (1)
LTM Ended
April 30, 2015 (1)
Net income (loss) (310.0)$ (76.2)$ 109.9$ 74.4$
Reconciliation of net income (loss) to Adjusted EBITDA:
Net Interest (2) 467.4 419.3 384.2 350.9
Income tax provision (benefit) (16.3) 22.6 7.3 (39.2)
Depreciation and amortization 323.6 275.7 263.7 245.7
Purchase accounting impact (3) 148.4 18.1 8.8 5.1
Equity-based compensation 11.2 14.0 28.6 18.7
Acquisition transaction and integration costs 75.9 15.0 26.3 1.7
Non-recurring, extraordinary, exceptional, unusual (gains) losses 18.6 18.5 1.6 14.7
Restructuring 67.8 10.2 13.4 11.5
Other non-operating expenses 10.0 7.5 7.9 7.6
FX (gains) losses (111.4) 99.3 (46.2) (77.4)
Loss on extinguishment of debt 107.1 1.8 5.2 172.4
Synergies (4) 39.4 3.3 1.4 0.1
Pre-acquisition Adjusted EBITDA 5.8 - - -
Adjusted EBITDA 837.5$ 829.1$ 812.1$ 786.2$
(1) Beginning in the first quarter of FY 2015 we changed our fiscal year end to April 30 from May 31. FY 2014 has been recast to be comparable with FY 2015
and reflects our results for the last twelve months ended April 30.
(2) Includes fees associated with debt as defined by Infor Note's Indentures
(3) Represents GAAP purchase accounting adjustments
(4) Cost savings from acquisitions yet to be realized