UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED APRIL 30, 2017

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 333-183494-06

INFOR, INC.

(Exact name of registrant as specified in its charter)

DELAWARE	01-0924667
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

641 AVENUE OF THE AMERICAS

NEW YORK, NEW YORK 10011

(Address of principal executive offices, including zip code)

(646) 336-1700

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the act: None

Securities registered pursuant to section 12(g) of the act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☐    No  ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☐    No  ☒

Note: The registrant is a voluntary filer and is not subject to the filing requirements. However, the registrant has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No  ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by Reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒  (Do not check if a smaller reporting company)	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒

The aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates of the registrant was zero as of October 31, 2016, the last business day of the registrant’s most recently completed second fiscal quarter. The registrant is a privately held corporation.

The number of shares of the registrant’s common stock outstanding on June 1, 2017, was 1,000, par value $0.01 per share.

DOCUMENTS INCORPORATED BY REFERENCE

None.

The information required by Items 10 through 14 of Part III of Form 10-K has been omitted from this filing. This information will be included by amendment to this Annual Report in Amendment No. 1 on Form 10-K/A to be filed by Infor, Inc. with the U.S. Securities and Exchange Commission (the SEC) prior to July 31, 2017.

INFOR, INC.

FORM 10-K

FISCAL YEAR ENDED APRIL 30, 2017

INDEX

PART I.
Item 1.	Business	2
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	25
Item 2.	Properties	25
Item 3.	Legal Proceedings	25
Item 4.	Mine Safety Disclosures	25
PART II.
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	26
Item 6.	Selected Consolidated Financial Data	26
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	58
Item 8.	Consolidated Financial Statements and Supplementary Data	58
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	58
Item 9A.	Controls and Procedures	59
Item 9B.	Other Information	59
PART III.
Item 10.	Directors, Executive Officers and Corporate Governance	60
Item 11.	Executive Compensation	60
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	60
Item 13.	Certain Relationships and Related Transactions and Director Independence	60
Item 14.	Principal Accounting Fees and Services	60
PART IV.
Item 15.	Exhibits and Financial Statement Schedules	60
Item 16.	Form 10-K Summary	60
	Signatures	61
	Index to Exhibits

FORWARD-LOOKING STATEMENTS

In addition to historical information, this Annual Report on Form 10-K for the fiscal year ended April 30, 2017, contains forward-looking statements within the meaning of securities laws. The forward-looking statements are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “forecast,” “project,” “should” and similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements about our future performance, the continuation of historical trends, the sufficiency of our sources of capital for future needs, statements about our future acquisitions and product development plans, the effects of acquisitions, the outcome of pending litigation and the expected impact of recently issued accounting pronouncements. These statements are based on certain assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. The forward-looking statements are subject to certain risks and uncertainties that could cause our actual results to differ materially from those anticipated in the forward-looking statements, including, but not limited to, those that are discussed under Item 1A, Risk Factors, in this annual report.

Given these risks and uncertainties, you are cautioned not to place undue reliance on the forward-looking statements included in this annual report. These forward-looking statements reflect management’s opinions only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, whether as a result of new information, future events or otherwise. Readers should carefully review the risk factors described in this annual report and in other documents we file from time to time with the Securities and Exchange Commission (SEC) including our Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.

INDUSTRY AND MARKET DATA

This annual report includes industry data that we obtained from periodic industry publications. As noted in this annual report, Gartner, Inc. (Gartner) and International Data Corporation (IDC) were the primary sources for third-party industry data and forecasts, including the Gartner reports “Forecast: Enterprise Software Markets, Worldwide, 2014-2021, 1Q17 Update; Published: 20 March 2017; ID: G00323032” (the March 2017 Gartner Report) and “Forecast: Public Cloud Services, Worldwide, 2015-2021, 1Q17 Update; Published: 04 April 2017; ID: G00321338” (the April 2017 Gartner Report). The Gartner Reports described herein, (the Gartner Reports) represent research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, and are not representations of fact. Each Gartner Report speaks as of its original publication date (and not as of the date of this annual report) and the opinions expressed in the Gartner Reports are subject to change without notice.

The IDC report “Worldwide Software as a Service and Cloud Software Forecast, 2016-2020; published August 2016; IDC #US40852116” (the August 2016 IDC Report) and the represented data, research, opinion or viewpoints published, as part of syndicated service, by IDC, are not representations of fact. The IDC Report speak as of its original publication date (and not as of the date of this annual report) and the opinions expressed in the IDC Report are subject to change without notice.

Industry publications, surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of such information included in this annual report. We have not independently verified any of the data from these third-party sources or the underlying assumptions on which such data relies.

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PART I

Unless otherwise indicated or the context requires otherwise, hereafter any reference to “Infor,” “we,” “our,” “us” or “the Company” refers to Infor, Inc. and its consolidated subsidiaries. Unless otherwise indicated, references to our fiscal year mean the fiscal year ended on April 30 of such year. As disclosed in our Current Report on Form 8-K filed with the SEC on April 23, 2014, we changed our fiscal year end from May 31 to April 30 effective beginning with our fiscal 2015. As a result, references to our fiscal 2015 and beyond mean the fiscal year ended on April 30 of such year. In addition, in transitioning to our new fiscal year end, we reported fiscal 2015 as the 11-month transition period of June 1, 2014 through April 30, 2015.

Item 1. Business

General

Infor is one of the largest providers of enterprise software and services in the world. We provide industry-specific and other enterprise software products and related services, primarily to large and medium-sized enterprises in many industries, including manufacturing, distribution, healthcare, public sector, automotive, service industries, equipment services, management and rental (ESM&R), consumer products and retail and hospitality industries. Our software and services offerings are often “mission critical” for many of our customers as they help automate and integrate critical business processes, which enable our customers to better manage their suppliers, partners, customers and employees, as well as their business operations generally. Our industry-specific approach distinguishes us from larger competing enterprise software vendors, whose primary focus is on software programs that are less specialized and more difficult to run in the cloud, and take more time and cost to tailor to customers’ specific needs during periods of implementation and upgrade. We believe our products and services provide a lower relative total cost of ownership for customers than the offerings of larger competing vendors.

We specialize in and target specific industries, or verticals, and have industry-specific business units that leverage our industry-oriented products and teams. Augmenting our vertical-specific applications, we have horizontal software applications, including our customer relationship management (CRM), enterprise asset management (EAM), financial applications, human capital management (HCM), and supply chain management (SCM) suites which, in addition to our proprietary light-weight middleware solution ION, are integrated with our enterprise software applications and sold across different verticals. By delivering deep industry functionality coupled with lightweight integration, our customers can take advantage of these mission-critical applications and suites in the cloud, running on Amazon Web Services, the hosting services industry leader. Additionally, Infor offers the GT Nexus supply chain network platform to connect companies with their suppliers, distributors, and 3PLs in a commerce cloud. In addition to providing software products, we help our customers implement and use our applications more effectively through Infor Services, which consists of consulting services, ongoing support, and maintenance services for our customers through our subscription-based annual maintenance and support programs.

We serve a large, diverse and sophisticated global customer base. Our customers range from Fortune 500 enterprises to medium-sized businesses. Our market leadership in key verticals, including manufacturing, distribution, healthcare, public sector, automotive, service industries, ESM&R, consumer products and retail, and hospitality software, results from the fact that we serve many of the largest and most well-known customers in those verticals. For example, 19 of the top 20 aerospace companies, 9 of the top 10 high tech companies, the top 10 pharmaceutical companies, 22 of the top 25 U.S. healthcare delivery networks, the top 20 automotive suppliers, 16 of the top 20 industrial distributors, 15 of the top 20 global retailers, and 4 of the top 5 brewers use our software products.

We serve customers across three major geographic regions: the Americas; Europe, Middle East and Africa (EMEA); and Asia Pacific (APAC). We have approximately 15,970 employees worldwide and have offices in 46 countries. Across our applications, we offer our solutions in over 40 languages, and we intend to continue to translate our systems into new languages as we enter into new geographical markets. This worldwide coverage provides us with both economies of scale and the ability to leverage our geographical expertise to effectively enter new markets and segments. We generated revenues of approximately 62.8% from the Americas, 29.0% from EMEA and 8.2% from APAC in fiscal 2017. Though we have a considerable presence outside of the U.S. today, we believe we have significant opportunities to expand internationally and capture market share, including in the EMEA and APAC regions.

We generate most of our revenue through sales of the following offerings: (1) software licenses and software subscriptions; (2) maintenance, which refers to our subscription-based services through which customers have access to product updates and technical support for products they license from us; and (3) consulting services. We market and sell our software and services primarily through a direct sales force, which is augmented by systems integrators and resellers.

We view our operations and manage our business as three reportable segments: License, Maintenance, and Consulting. See Note 20, Segment and Geographic Information, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K for additional information.

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Corporate Information

Infor, Inc. was formed on June 8, 2009, in the State of Delaware, as Steel Holdings, Inc. by Golden Gate Capital. Steel Holdings acquired SoftBrands, Inc. (SoftBrands) on August 13, 2009. Steel Holdings changed its name to GGC Software Holdings, Inc. (GGC Holdings) on April 25, 2011. GGC Holdings acquired Lawson Software, Inc. (Lawson) on July 5, 2011. Both SoftBrands and Lawson were publicly traded companies prior to the acquisitions. We have maintained the SoftBrands and Lawson brands. On April 26, 2012, we formally changed the name of GGC Software Holdings, Inc. to Infor, Inc. In addition, on June 21, 2012, we changed the name of Lawson Software, Inc. to Infor (US), Inc. Transactions between Infor, Inc. and its subsidiaries have been eliminated for presentation.

The original predecessor of Infor, Inc. was formed in 2002, followed by a series of acquisitions. This entity operated as Infor Global Solutions Intermediate Holdings Ltd. (IGS Intermediate Holdings) from June 7, 2006 until April 5, 2012, when we completed the combination of GGC Holdings and IGS Intermediate Holdings.

Our principal executive offices are located at 641 Avenue of the Americas, New York, NY 10011 and our phone number is (646) 336-1700. Our website is www.infor.com. Other than the information expressly set forth in this annual report, the information contained or referred to on our website is not part of this annual report.

Corporate Ownership

Infor, Inc. is a privately held corporation. Our largest investors are our sponsors, Golden Gate Capital, Summit Partners, L.P. (Summit Partners), and a subsidiary of Koch Industries, Inc. (Koch Industries and together with Golden Gate Capital and Summit Partners, the Sponsors). We have entered into advisory agreements with Golden Gate Capital and Summit Partners pursuant to which we have retained them to provide advisory services relating to financing and strategic business planning, acquisitions and investments, analysis and oversight, executive recruiting and certain other services. See Note 21, Related Party Transactions, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K for additional information.

Golden Gate Capital

Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $15.0 billion of capital under management. The principals of Golden Gate Capital have a long and successful history of investing with management teams across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments.

Golden Gate Capital is one of the most active software investors in the world, having invested in or acquired more than 60 software companies. Other notable software investments sponsored by Golden Gate Capital include BMC Software, Ex Libris, Micro Focus and LiveVox.

Summit Partners

Summit Partners is a global alternative investment firm focused on growth equity, fixed income and public equity opportunities. Summit is currently investing more than $9.5 billion in capital across these asset classes. Founded in 1984, Summit Partners has invested in more than 440 companies in technology, healthcare and life sciences, and other growth sectors. These companies have completed more than 140 public offerings, and more than 170 have been acquired through strategic sales and mergers. Summit Partners maintains offices in North America and Europe, and invests in companies around the world.

Summit Partners is particularly active in the technology sector, having made investments in more than 250 technology companies, including more than 120 software businesses across a variety of applications and end-markets. Summit Partners has helped build pioneering companies in the ERP, CRM, information and data security, antivirus, messaging management and archiving, and software-as-a-service (SaaS) categories.

Koch Industries

Koch Industries, one of the largest private companies in America, is based in Wichita, Kansas. Koch Industries has a presence in about 60 countries and employs more than 120,000 people worldwide, with about 70,000 of those in the U.S. Koch Industries has been estimated by Forbes to have revenues as high as $100 billion. From January 2009 to present, Koch companies have earned more than 1,200 awards for safety, environmental excellence, community stewardship, innovation, and customer service.

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In fiscal 2017, an affiliate of Koch Equity Development LLC (KED), the investment and acquisition subsidiary of Koch Industries, invested more than $2 billion in Infor. KED focuses its efforts on strategic acquisitions for Koch Industries’ operating companies and industry agnostic principal investments for the group’ own portfolio.

Our Strategy

We are focused primarily on medium and large-sized enterprise customers that require advanced software products and services designed specifically for their needs. The principal features of our strategy include:

• Microvertical Software Suites. We develop enterprise software applications to meet the specific needs of customers in targeted industries and increasingly for the microvertical sectors within these broader industries, generally enabling our customers to have functionality tailored to the unique needs of their businesses and markets. We intend to continue designing, developing and deploying microvertical-specific applications and technologies that maximize ease-of-use and provide a lower total cost of ownership for customers by saving them time and resources during implementation. To maximize the benefits of our solutions, we plan to complement our industry expertise through our professional services organization and strategic relationships with key partners.

• Architecture of the Internet. We believe enterprise software and technology have generally lagged the overall advancements delivered during the Internet era. As a result, our intent is to bring these advancements to our customers. For example, our technology approach for integrating the often disparate applications used by our customers is based on the loosely coupled architecture of the Internet, as opposed to the monolithic approach of the past. Infor ION technology is lightweight middleware that uses the standards found in the Internet to connect both Infor and non-Infor applications. This approach enables cloud deployment including multi-tenancy, simplifies implementations, minimizes the disruption and complexity of upgrades and helps increase the overall speed, agility and deployment flexibility of our customers. The Infor Xi technology platform achieves major advancements in the areas of core Infor ION integration, and also includes other advancements in social collaboration, mobility, and analytics.

• Creating Experiences People Love. We also believe that the overall design and user experience delivered by enterprise applications has trailed the broader consumer software market in recent years. As a result, we are addressing this market need in two ways: 1) creating and investing in an internal design agency called Hook & Loop to bring top design talent and expertise to Infor and 2) delivering business software that is beautifully designed, easy to use, and consistent with what business users find in their personal lives. All the major applications released in Infor 10X feature the new Infor SoHo Experience, a reinvented HTML5 consumer-inspired user interface that is consistent across the user’s Infor experience.

• Engineered with Data Science. Our customers have a high volume of data, much of which is stored in our systems, and to help them harness the power of that data to make better decisions, we build data science into our applications through Infor Dynamic Science Labs. Based in Kendall Square, Cambridge, Massachusetts, Infor Dynamic Science Labs is a team of scientists, mathematicians, economists, and engineers that help our customers take advantage of their data without having to employ their own team of expensive data scientists to uncover opportunities and recommend next steps, and drive strategies in all areas of their business, from recruiting and staffing to asset management and pricing.

• Networked Supply Chains. Companies today no longer compete solely on the strength of their own products and services—they compete on the strength of their business networks. The ability to collaborate and orchestrate processes across a global community of interconnected companies is now what gives leaders an edge in their markets. Building on the world’s largest cloud-based collaborative commerce platform, GT Nexus, Infor is bringing the concept of global business networks to life, and allowing companies to see beyond their four walls and tap into the 80% of information that is otherwise locked away in the systems of customers, suppliers, logistics providers, and financial institution. The result is greater visibility, agility, and the intelligence companies need to survive and win.

Our Competitive Strengths

We believe we have the following competitive strengths:

• Strong Market Position in Targeted Verticals. Our products have scale, specialization, depth and a strong market position in a number of our targeted verticals, including manufacturing, distribution, healthcare, public sector, automotive, ESM&R, service industries, consumer products and retail, and hospitality. For example, 19 of the top 20 aerospace companies, 9 of the top 10 high tech companies, the top 10 pharmaceutical companies, 22 of the top 25 U.S. healthcare delivery networks, the top 20 automotive suppliers, 16 of the top 20 industrial distributors, 15 of the top 20 global retailers, and 4 of the top 5 brewers use our software products.

• Product Portfolio with Vertical Focus that Creates Attractive Total Cost of Ownership for Customers. We believe that our vertically-specialized products generally have a lower total cost of ownership than those of our largest competitors. Industry-specific product functionality drives less required customization in our products, which we believe results in lower implementation and upgrade costs, as well as a lower cost of maintenance for our customers. We believe our cost

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advantage is further enhanced by our flexible approach to middleware and hardware. Our light-weight middleware and business vault technology, ION, is built on open standards and allows customers to connect and analyze the data from numerous applications, including those from our company and third parties. We also seek to provide value for our customers through our advanced portfolio of horizontal applications, including our CRM, EAM, financial applications, HCM and SCM suites, which can be bundled together and integrated with our core enterprise resources planning (ERP) offering or sold on an individual basis to customers who do not utilize our ERP products.

• Unique Cloud Suites and Upgrade Program that Enables Customers to Move Mission Critical Applications to the Cloud. Many traditional software vendors are struggling to pivot to the cloud era for ERP and other mission critical applications. One of the reasons they are having this struggle is the need for extensive customization of their software to meet the specific needs of customers in various industries. Because Infor software has decades of industry-specific functionality built-in and is architected for the Internet era, Infor is the first company to deliver applications and suites in a multi-tenant public cloud through Amazon Web Services. In addition, the Infor UpgradeX Program offers a clear, appealing, and predictable path for modernizing customers’ existing on-premises deployments of Infor applications. Through UpgradeX, Infor will execute all the services required for the initial migration or upgrade to the cloud, where Infor can handle maintenance, support and upgrades.

• Base of Recurring and High-Margin Revenue that Drives Visibility and Stability with Minimal Capital Expenditure Requirements. Our customers are often reluctant to change enterprise software vendors because full enterprise software suite implementations are disruptive, time-consuming and require large initial outlays of financial and human resources. Our industry-specific software products are deeply embedded in our customers’ everyday business processes. Our continued investment in our products and services, our product development emphasis on products that are versatile and adaptable to other software and platforms that complement our offerings, together with our focus on customer service and support, have resulted in high renewal rates. In addition, our business is not capital-intensive.

• Large Scale with a Diversified Base of Customers, Geographies and Industries. We are one of the largest enterprise software companies in the world. We serve a large, diverse and sophisticated global customer base, ranging from Fortune 500 enterprises to mid-sized businesses. Our revenue base is geographically diverse. Of our fiscal 2017 revenues, approximately 62.8% was from the Americas, 29.0% was from EMEA and 8.2% was from APAC. Our strong presence in numerous industry verticals and the mission-critical nature of our products helps to diversify and mitigate the risk of industry-specific and cyclical downturns.

• Complementary Products Create Compelling Cross-Selling Opportunities. We expect to realize significant cross-selling opportunities among our broad array of product offerings and enhanced focus of the sales effort on our product portfolio. For example, our distribution products were historically sold to customer bases in different geographies with almost no overlap. Within our public sector vertical, some of our public sector products focus on asset management and constituent interaction, including service requests, permitting, licensing and utilities, whereas other public sector products provide governments with back-office systems that help control spending via procurement, financial and human resources (HR) applications. In general, we believe there is significant opportunity to leverage greater cross-sale activity among our various business units, and we continue to identify new synergies with respect to products we develop and acquire as they are integrated into our existing businesses.

• Experienced Management Team and Strong Sponsorship. Our management team is comprised of industry executives with extensive operational, strategic, financial and legal experience. We are led by our CEO Charles Phillips, a seasoned executive who was formerly President of Oracle, where he led Oracle’s field organization and oversaw revenue growth of more than 180% during his seven-year tenure. Mr. Phillips played a key role in the success of many of Oracle’s acquisitions, including, among others, BEA Systems, Hyperion Solutions and Siebel Systems. Since joining Infor in December 2010, Mr. Phillips and his team have transformed Infor into a product-led organization, increasing investment in research and development while maintaining strong margins. Mr. Phillips manages a deep team of senior executive talent, including: Co-President, Products Duncan Angove, with more than 20 years of management experience from Oracle and Retek; Co-President, Global Field Operations and Services, Stephan Scholl, an almost 20-year industry veteran from Lawson, Oracle, and PeopleSoft; COO Pam Murphy, with almost 15 years of experience from Oracle and Andersen Consulting: and CFO Kevin Samuelson, over 20 years of extensive finance, accounting, investment and operational experience from his various roles covering the technology industry. Additionally, our principal stockholders—our Sponsors, investment funds or entities affiliated with Golden Gate Capital, Summit Partners, and Koch Industries, provide ongoing support and advice to our management team. We believe we can draw on our Sponsors’ experience and expertise; Golden Gate Capital and Summit Partners being two of the most active investors in the technology industry, having collectively invested in or acquired more than 310 technology companies since their respective inceptions in 2000 and 1984, and Koch Equity Development, the investment and acquisition subsidiary of Koch Industries, Inc., one of the largest private companies in the United States with 120,000 employees worldwide.

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Our Products and Services

We design, develop, market, sell, implement and support enterprise business software applications that provide our customers with highly functional and technically advanced products. We believe we offer a compelling choice to many enterprise software customers and that we have developed competitive advantages in serving our targeted industries. We offer both vertical-specific and horizontal software products. We also believe we offer a number of flexible deployment options for customers, allowing them to run our software on-premise, on a hosted basis or in the cloud using the same product.

CloudSuite

Our CloudSuite offering provides buyers with deep industry functionality and a flexible subscription-based model, all designed to specifically reduce upfront IT expenditure and longer term management costs. Each of the industry-based CloudSuite solutions has been developed by unifying multiple applications that were often deployed independently in support of core business functions. This core, along with a SaaS pricing and deployment model, allows buyers a faster time to value, and access to the most up-to-date upgrades on a continuous basis.

These industry-specific CloudSuites are delivered on top of the Amazon Web Services’ (AWS) cloud. This enables us to take advantage of Amazon’s expertise and economies of scale to access resources as needed, on-demand with auto-scaling built into Infor applications. That allows Infor to focus on building rich application functionality versus managing infrastructure.

Today, Infor provides comprehensive, “mission-critical” industry suites delivered on AWS for the following industries: Aerospace & Defense, Automotive, Chemicals, Distribution, Equipment, Fashion, Federal, Food & Beverage, Healthcare, High Tech, Hospitality, Industrial Manufacturing, Industrial Machinery, Public Sector, and Retail. In addition, Infor has CloudSuites for: Business (with core best-in-class financials and HCM for SMBs), Corporate (with core best-in-class financials and HCM for large enterprises), Clinical, Facilities, and Human Capital Management.

The Infor CloudSuite platform also includes:

Analytics. CloudSuite Analytic Packs provide industry components, data models, and industry dashboards to transform information into actionable insights.

Technology. Infor ION middleware, Infor Ming.le social collaboration, Infor Analytics, and Infor Mongoose development platform.

Core Enterprise Management. Infor LN, Infor M3, Infor Lawson, Infor SyteLine, and Infor SunSystems.

High Value Extension Applications. Infor EAM, Infor Expense Management, Infor HR Service Delivery (Enwisen), Infor PeopleAnswers Talent Science, Infor Learning Management, Infor Workforce Management, Infor Epiphany Interaction Advisor, Infor Orbis Marketing Resource Management, Infor Product Configuration Management, Infor Supplier Exchange, and more.

Infor Technology Platform

The Infor technology platform, Infor Xi, achieves major advancements in the areas of core Infor ION integration, enterprise collaboration with Infor Ming.le, the Infor Motion mobile development platform and applications, and Infor Analytics, which includes the Business Vault, Reporting and pervasive business content. Major investments have been made in each application to achieve new features that support microvertical business processes in focus industries, performance and scalability enhancements, and packaged content to reduce deployment complexity and total cost of ownership.

ION. Infor ION is Infor’s innovative Intelligent Open Network (ION). This purpose-built middleware solution provides a simple but powerful and scalable framework, to help eliminate operational silos, improve exception management, and achieve unparalleled end-to-end efficiency. Our ION products are designed to enable communication and secure sharing of data across on-premise and cloud applications, to monitor the status of business tasks in relation to promised completion or established service level agreements, to automatically receive alerts about exceptions and potential non-compliance and to automate document routing and approvals via workflows across multiple applications.

Social. Infor Ming.le provides a comprehensive platform for social collaboration, business process improvement, and contextual analytics. Incorporating the most innovative social media concepts into a business environment, Infor Ming.le marries communications and business processes to help businesses work smarter and faster.

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Analytics. Infor Analytics provides business intelligence (BI), operational reporting, Business Vault, pervasive and embedded analytics—all of which can be accessed from a mobile device. With Infor Analytics, businesses can build customized mobile dashboards to take action on items anytime, anywhere, as well as present business intelligence information in highly-visual, easy-to-understand ways.

Mongoose. Infor Mongoose is an application development framework and Platform-as-a-Service (PaaS). With Infor Mongoose, businesses can easily design and deploy small applications that enhance the core enterprise solution without knowledge of complex source codes or programming languages.

Enterprise Resource Planning

Our ERP products help customers in targeted industries cut costs, improve operational efficiency, and make smarter decisions faster. Our offerings are specifically designed to meet the needs of customers in the manufacturing, distribution, healthcare, automotive, public sector, ESM&R, and other services and/or trade-oriented businesses and include the following:

Infor LN. Software designed to manage the demands of larger, multi-site businesses with complex manufacturing and distribution environments. Key products include Financial Management, CRM, Order Management, SCM, Manufacturing Control, Sourcing & Procurement, Project Management, Quality Management and Service Management.

Infor Lawson. Software designed to help customers “staff, source and serve” in their respective markets. Key products are specifically designed to serve the healthcare, public sector and other services industries and include financial management, SCM, and services management.

Infor M3. Software designed to help customers who “make, move and maintain” goods or equipment in their markets. Key products include Financial Management, Manufacturing Operations, SCM, Enterprise Asset Management and Customer Sales & Service.

Industry-Specific Software Products

Our industry-specific enterprise software suites are tailored to meet the specific conditions and requirements of individual industries. We target specific industries, including manufacturing, healthcare, distribution, public sector, automotive, service industries, ESM&R, consumer products and retail, and hospitality. Within our target industries, our products are tailored to provide rich functionality at a micro-vertical level. We believe an industry-specific focus is fundamental to our ability to help our customers achieve their desired results and derive greater value from their enterprise software investments.

A brief overview of our industry-specific software products is provided below:

Manufacturing. Our manufacturing products help our customers manage fluctuating demand and costs. Our software covers many of the core and supporting areas that a manufacturing company needs, from initial forecasting, material and capacity planning through to production planning and warehouse management. Our easy-to-use tools and web-enabled technologies help our customers collaborate more effectively across their organizations and supply chain partners and better serve their customers. Features include, among others, powerful planning tools, support for lean manufacturing such as orderless production, advanced warehouse and logistics software products and integrated mobile solutions.

Healthcare. We offer innovative, industry-leading healthcare solutions used by organizations globally that substantially reduce operating costs by improving the integration, planning, tracking, and management of a healthcare organization’s most vital resources: people, supplies, and financial assets. Infor Healthcare solutions help healthcare organizations respond immediately to emerging healthcare needs, improve both the quality of clinical care and the viability of business operations to transform for the future.

Distribution. Our distribution products are designed to provide our customers with visibility and control to help manage high volumes, thin margins and wide product assortments. Features of our distribution software products include, among others, advanced order promising at point-of-sale, support for multi-channel sales, ability to handle supply and product diversity, auto balancing of stock across facilities and integrated route management.

Public Sector. Our public sector products are designed for organizations that serve the public. We invest in industry expertise and consult best practices in the government, education, public authorities and utilities industries. Our focus on the public sector allows us to enable our customers to serve the public in a personal, responsive and cost-effective fashion. Our public sector focused products are designed to fit most needs without unwanted functionality.

Automotive. Our automotive products are designed to meet the unique demands of the automotive manufacturing industry including original equipment manufacturers (OEMs), automotive tier suppliers, specialty vehicle manufacturers, manufacturers of licensed brand components, aftermarket service and specialty parts manufacturers, and companies that remanufacture complex parts. Features include powerful planning tools, support for lean manufacturing such as orderless production, advanced warehouse and logistics software products.

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Service Industries. Our service industries’ products serve a wide variety of service-based organizations such as insurance companies, banks, airlines, shipping companies, casinos, religious institutions, utilities and professional service organizations. Our product offerings include both integrated products that are tailored to meet the needs of specific industries and a series of configurable components for planning, executing and controlling production in different environments.

Equipment Service, Management & Rental. ESM&R products are designed for equipment manufacturers, distributors and rental companies who focus on after-sales service and continuous customer care. Key products include Equipment and Component Control, Preventative Maintenance, Work Order Processing, Maintenance and Performance Costing, Maintenance Customer Order Processing, Maintenance Planning Board, Diagnostics Management and Vehicle Operations Management.

Consumer Products & Retail. We offer a comprehensive suite of enterprise software products for retail companies. These products offer our retail customers tools to help them improve profits and combat charge-backs. It also helps them gain greater control over their margins, products and relationships throughout the supply chain. Additionally, these products help companies to identify and quantify, in advance, potential business process improvements and helps prioritize improvement opportunities within their business.

Hospitality. Our hospitality products are used by hospitality properties worldwide, including some of the world’s most recognizable hotels, resorts and gaming facilities. These products are suitable for a hospitality property of any type and size, including global chains, smaller chains, independent hotels or motels and government lodging. Our products help our customers manage their front-office tasks, reservations, housekeeping, sales and marketing, accounting, engineering and many other tasks.

Enterprise Asset Management

Our EAM products help our customers keep their plant, equipment, and facilities available, reliable, and safe. They are designed to help customers monitor and manage the deployment, performance, and maintenance of company assets to eliminate operational downtimes and reduce costs, as well as provide customers with financial and physical controls required to control their energy consumption and the asset and operating infrastructure that underpins them. Key products include Infor EAM Enterprise, Infor EAM Energy Performance Management and Infor MP2.

Financial Management/Office of the CFO

Our financial management products help customers deliver timely, actionable financial information, enforce global financial standards and controls, and improve business transparency. They are designed for budgeting, forecasting, financial reporting, expense management, and compliance. Key products include Infor Lawson Financials, Infor SunSystems, Infor Dynamic Enterprise Performance Management (d/EPM), Infor Expense Management, Infor HCM, Infor EAM Enterprise, Infor Lawson Supply Chain Management, Infor Corporate Performance Management, Infor BI, Infor Approva Continuous Monitoring, Infor Core Billing and Banking.

Human Capital Management

Our comprehensive HCM products enable our customers to manage their workforce and transform the role of the HR professional from an administrative and policy enforcing role to that of a strategic business partner. Offerings include:

Infor Enwisen HR Service Delivery. Designed as a multi-tier HR service delivery model that empowers employees to take control of routine HR transactions. It includes a personalized, searchable knowledge base and case management tool, to streamline new hire onboarding, voluntary and involuntary offboarding, and total rewards communications.

Infor Learning Management. Designed as a fully-integrated learning management system (LMS) that incorporates a learning content management system, authoring tool, comprehensive learning management reports, and services for e-learning adoption and implementation.

Infor Talent Management. Designed to manage, develop and retain employees. Key products include Talent Acquisition, Goal Management, Performance Management, Compensation Management, Learning and Development, Succession Management and Global Human Resources.

Infor Human Resource Management. Designed to manage the HR processes related to employees. Key products include Absence Management, Benefits Administration, e-Recruiting, Employee and Manager Self-Service, Human Resources, Payroll, Performance Management for Healthcare, Personnel Administration, Resource Navigator, Teacher Contract Administration and TalentView of Performance.

Infor Workforce Management. Designed to automate time-intensive staffing and scheduling tasks. Key products include Scheduling and Staffing, Scheduling and Staffing for Casinos, Scheduling and Staffing for Healthcare and TimeOff Planner for Healthcare.

Infor Talent Science. Designed to empower HR professionals with data science and analytics, Infor Talent Science helps organizations recruit, retain, and promote top performing employees. Developed by behavioral scientists, the application analyzes individual applicants and employees to determine their “Behavioral DNA Profile” and compares that to the profiles of top-performers in the organization leading to reduced turnover, greater job satisfaction, and increased performance.

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Customer Resource Management

Our CRM products help users build deep relationships with their customers and improve service. This software is designed to help users react quickly, intelligently, and personally to customer interactions; plan, execute, and monitor outbound marketing campaigns; and convert customer leads into sales. Key products include Infor CRM, Infor Orbis Marketing Resource Management, Infor Epiphany Interaction Advisor, Infor Epiphany Marketing, Infor Epiphany Sales and Infor Epiphany Service.

Supply Chain Management

Our SCM products are designed to help customers manage their entire supply chain including designing, forecasting, planning and execution. Key products include Infor Sales & Operations Planning, Infor Demand Planning, Infor Advanced Planning, Infor Advanced Scheduling, Infor Network Design, Infor Supply Chain Execution, Infor Transportation Planning, Infor Warehouse Management and Infor Scheduling.

GT Nexus Commerce Network

Companies today have vast supplier networks that help manufacture, design, distribute, ship, and sell their products. Traditional enterprise software has been limited to data and information contained within a single enterprise, which does not provide companies with visibility across their growing supply chains. In a complex, high velocity supply chain, all partners need to know what was ordered, when it was built, where it is in transit, if the order has changed, and if it has cleared customs. Specialization and speed are moving the future of manufacturing into the commerce cloud. Through our GT Nexus platform, data from ERP and other systems flows across the supply chain to help companies manage production and monitor goods in transit and at rest.

Maintenance and Support Services

Our maintenance and technical support programs include product upgrades, updates and corrections for the software under maintenance, as well as various levels of technical support including access to our knowledge base and our product support team, technical advice and application management. These programs are comprehensive customer care programs that entitle our customers to various levels of support to meet their specific needs. Our maintenance and technical support offerings are delivered through the support organization operating from our support centers around the world.

Consulting Services

Our consulting services range from the initial assessment and planning of a project to the actual implementation and post-implementation of a project, including optimizing a customer’s use of its software. We also provide training and learning tools to help our customers become proficient in using our software quickly and effectively.

Our Industry

The enterprise application software industry is competitive, rapidly changing, and significantly affected by new product offerings, evolving technologies and other market activities. While traditional ERP products focused on “back-office” transactional activities, such as accounting, order management and inventory control, enterprise applications have expanded their focus to include managing customer interactions, managing supply chain and automation of and support for a range of administrative and operational business processes across multiple industries. In addition, how enterprise software applications are deployed is evolving and becoming more flexible, from on-site to in the cloud, or a combination of both. According to the March 2017 Gartner Report, the worldwide enterprise application software market in 2016 was approximately $170.9 billion (constant currency), a 9.0% increase from approximately $156.8 billion (constant currency) in 2015. This market is forecasted to be approximately $186.4 billion in revenue for 2017 (constant currency), a 9.1% increase over 2016. The enterprise application software market is forecasted to grow at a compounded annual growth rate of 8.8% per annum from 2016 to 2021. In addition, according to the April 2017 Gartner Report, in 2016 the worldwide market for public cloud application services, which includes SaaS revenues, was approximately $38.6 billion, a 22.2% increase from approximately $31.6 billion in 2015. This market is forecasted to be approximately $46.0 billion in revenue for 2017, a 19.2% increase over 2016. The market for public cloud application services, including SaaS, is forecasted to grow at a compound annual growth rate of approximately 17.6% per annum from 2016 to 2021.

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The enterprise software industries pivot to the cloud continues at a rapid pace. Companies have been using edge software applications like CRM and HCM in the cloud for years. With the cloud transformation of software applications, we believe there is strong appetite for companies to expand their cloud ecosystem to include mission critical applications like ERP and Financial Management. The cloud offers increased flexibility, faster deployment and upgrades, and enhanced security measures to protect against increasing cyber threats and attacks. According to the August 2016 IDC Report, the percent of worldwide application software revenue provided in the public cloud in 2015 was 23.5%, as compared to 76.5% provided on-premise or through other delivery, and is anticipated to increase to 35.6% of worldwide application software revenue by 2020. This represents a compound annual growth rate of approximately 8.7% per annum in the penetration of SaaS applications to the total worldwide application software market from 2015 to 2020. Per IDC, the worldwide market for public cloud application revenue is forecasted to grow at a compound annual growth rate of approximately 16.3% per annum from 2015 to 2020.

We believe our target markets are experiencing favorable trends. We believe that improving economic conditions will continue to encourage companies to enhance their enterprise applications software spending as they refocus on growth and productivity enhancing initiatives. With market leadership positions in multiple enterprise applications products and verticals, we believe that we are well positioned to take advantage of these favorable trends and further enhance our revenue, profitability and market share in the coming years.

The enterprise applications industry has experienced significant consolidation over the last ten years. Many ERP companies have made acquisitions to acquire access to a customer base, fill out their product lines or join forces to better compete in the market. For example, Oracle, one of our primary competitors, has acquired more than 115 companies since 2005, including market leaders such as NetSuite, PeopleSoft, Hyperion and Siebel. SAP, another of our primary competitors, has acquired numerous companies including market leaders such as Concur Technologies, hybris, SuccessFactors and Sybase. While this consolidation has created larger companies with broad product lines, it has also resulted in fewer competitors providing less choice for customers. Moreover, the broad product offerings from these large ERP players have become less targeted and more expensive for customers. Consolidation in our target markets has further enhanced our competitive positioning with our customers. We believe that for many customers, we present a compelling alternative to the largest horizontal providers, such as Oracle and SAP, while maintaining an ability to compete with smaller niche providers.

A number of factors driving demand for enterprise application software products are listed below:

• Need for Vertical-Specific Enterprise Software. We believe that software applications from vendors such as Microsoft Corporation, Oracle, Intuit Inc., The Sage Group plc and SAP, with their broad or horizontal approach, do not adequately address the needs of businesses that have specific functionality requirements. In general, customers may need to customize these horizontal software products to suit their specific needs and may need to acquire select software modules from multiple vendors to integrate into their systems thereby creating one comprehensive software suite that meets their purpose. This approach can lead to a complex and time-consuming implementation and integration process and may drain customers’ human capital and financial resources and increase total cost of ownership. As a result, we believe enterprises in our target markets prefer a single vendor like us that can offer software that requires fewer customizations to adapt to their business needs, along with high-quality implementation, flexible deployment options, and maintenance support services that help optimize the benefits of our product offerings.

• Complex Regulatory Requirements and Changing Industry Dynamics. Businesses across a range of industries are increasingly required to comply with regulations such as the Sarbanes-Oxley Act, Basel II, Solvency II and the Health Insurance Portability and Accountability Act, as well as complex tax and financial audit reporting and other regulatory compliance obligations. Such regulatory mandates often require organizations to audit, track and manage their information, systems and processes to comply with regulations that are often complex and that vary by geography and industry. We believe these regulations and the tightening of the overall regulatory environment are forcing businesses to continue to improve their ability to audit their practices in ever more efficient ways to confront accounting, business and financial management issues with a high degree of attention to avoid or mitigate potentially severe consequences of any failures. We believe such complexity and variability, and the increased operational cost that results, is encouraging businesses to implement information technology software products that help them automate and monitor regulatory compliance requirements in more cost-effective and scalable ways than their current systems can accommodate. Industry dynamics are shifting as organizations must stay current with changing rules and regulations.

• Increasing Focus on Human Capital. We believe that our customers consider efficient and effective utilization of their human capital as a key to their success. Many of our customers have complex human resource organizations, where their workforce is spread across locations, departments and verticals. The ability of our customers to manage their human resources effectively helps lower costs and also helps retain the right talent, enhancing overall productivity. We believe that an increasing focus on HCM among enterprises generally is responsible for driving growth rates in HCM spending that are among the fastest in the enterprise application software market.

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• Need to Improve Process Efficiencies and Customer Service. Companies strive to innovate while controlling costs and offering superior customer service in order to survive and thrive in a highly competitive marketplace. We believe that businesses in general view information technology as a definitive way to modernize, automate and further increase the efficiency of their processes. As global competition increases, these businesses will need to replace their older technology systems or manual processes with more comprehensive business management software products in order to increase efficiencies, optimize their business performance and enhance their competitive advantage.

Competition

The enterprise software industry is intensely competitive, rapidly changing and significantly affected by new product offerings and other market activities. Some of our competitors have an advantage over us due to their larger customer bases, larger technical staffs, greater brand name recognition, and greater financial and marketing resources. We believe the principal competitive factors affecting our market include:

• product features, functionality, performance and price;

• knowledge of a customer’s industry and tailored solutions;

• company stability, resources and reputation;

• ease of integration and speed of implementation;

• level of customer service;

• sales and marketing efforts; and

• new product and technology introductions.

We believe we have competitive advantages over a number of our competitors. Some of these advantages include:

• industry-focused solutions;

• industry-specific experience and expertise;

• innovative applications that provide more meaningful user experiences;

• low total cost of ownership;

• ability to deploy full industry suites in a public cloud on AWS;

• innovative technology; and

• openness and flexibility of our software architecture.

We frequently encounter competitors such as SAP and Oracle. Both are large, global vendors that are increasingly targeting mid-sized businesses, particularly as their traditional larger-customer market becomes saturated. We believe there is demand for a vendor like us that can offer scalable applications that are simpler to implement and operate more efficiently than the more complex applications of SAP and Oracle. Our focus is on delivering differentiated industry-specific solutions with lower total ownership costs including license fees, consulting services and ongoing customer support. In addition, we believe our strategy of building core functionality by industry directly into our applications, versus relying on a network of system integrators to customize each installation, positions us for greater success as the adoption of cloud applications continues to increase, and more customers are energized by the TCO savings that can come from multi-tenant applications. By increasing our scale and the range of our products, we believe we can continue to compete and win against SAP, Oracle and other ERP vendors, globally in our targeted industries.

We have also strengthened our competitive position by launching innovative new products like Infor Ming.le, ION Suite, Infor CloudSuite, Infor Rhythm, and Infor Dynamic Enterprise Performance Management (d/EPM). We have also significantly improved our consulting and maintenance offerings to give our customers a greater choice in how we install and support their applications and technology.

Sales and Marketing

Sales

We market and sell our software and services solutions primarily through a direct sales force, augmented by strategic alliances with systems integrators and resellers. Our direct sales force and services organizations are aligned with our strategy of providing industry-tailored applications. Within each industry, we have a dedicated, direct sales team. These industry teams further break down into regional sales teams that focus on specific geographic territories. Our sales and service offices are located in three geographic regions: the Americas, EMEA and APAC. We also have a telesales group that focuses on inside sales to smaller customers and smaller transactions within larger customer accounts.

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In addition to our direct sales teams, we have over 1,890 active resellers and strategic alliances that focus generally on smaller companies and countries where Infor does not have a direct presence. Our third-party channel relationships allow us to expand our market presence through increased awareness of our software applications within our partners’ organizations and customer bases, and through their personnel who are trained to implement our software. Our partners market and promote our software products and typically provide implementation services to their end-users. Our channel partner network is able to generate sales leads, make initial customer contacts, and assess needs prior to our introduction. In addition, some of our systems integrations partners engage in customer support and localization of our products. We also engage in joint marketing programs, presentations at seminars, attendance at trade shows and the hosting of conferences with many of our business partners.

Marketing

We have significantly increased our marketing efforts toward achieving greater brand awareness and visibility over the last 12 months. Our “Designed for Progress” campaign now includes a large scale television ad buy across the networks of NBC/Universal including NBC, MSNBC, and global CNBC. The campaign continues to run in major airports around the world including San Francisco, London Heathrow, Dubai, Frankfurt, and Paris CDG. In print we are running advertisements in The Wall Street Journal as well as The Financial Times.

Our executives are routinely invited to speak at leading events including Fortune Brainstorm Tech, Web Summit, Bloomberg Next Big Thing, and Collision, among others. Our CEO and other C-suite executives frequently appear on national and international news programs to share insight and expertise including CNBC, Bloomberg, and Fox Business Network.

Research and Development

Since our inception, we have made substantial investments in software product development. We believe that timely development of new software applications, enhancements to existing software applications and the acquisition of rights to sell or incorporate complementary technologies and products into our software offerings are essential to maintain our competitive position in the market. The business application software market is characterized by rapid technological change, frequent introductions of new products, changes in customer demands and rapidly evolving industry standards. We continue to be committed to significant investment in research and development to enhance our existing products as well as developing new innovative applications.

Our total research and development expenses were $455.8 million for the year ended April 30, 2017, or 16.0% of revenue. As of April 30, 2017, our research and development organization consisted of approximately 5,010 employees an increase of approximately 10% from 4,570 employees at the end of last year. See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, for further discussion of research and development expenses.

Trademarks

“Infor,” “Lawson,” “Lawson Software,” “ION,” “Infor10,” “Syteline,” “Visual,” and “GT Nexus,” as well as other Infor product and brand names appearing in this document are trademarks of the Company in the U.S. and the European Union, among other jurisdictions. Solely for convenience, the trademarks, service marks and trade names referred to in this Annual Report on Form 10-K are listed without the ^®, (TM) and (SM) symbols, but we will assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. Other trademarks and trade names appearing in this document are the property of their respective holders. We disclaim proprietary interest in such marks and names of others.

Intellectual Property and Product Liability

We regard certain aspects of our internal operations, software and documentation as proprietary, and rely on a combination of contract, copyright, patent, trademark and trade secret laws and other measures, including confidentiality agreements and other contractual protections, to protect our proprietary information. We currently hold 64 U.S.-issued patents, three pending U.S. patent applications, six foreign equivalent patents, and four foreign equivalent patent applications. While our legal and contractual mechanisms for protecting our intellectual property are helpful in protecting our market position, they may be inadequate to fully protect against individuals or companies that seek to misappropriate our proprietary technology. However, we believe that ultimately our success in the market will be more dependent on factors such as the knowledge, ability and experience of our employees, frequent software product enhancements and the timeliness and quality of support services.

We cannot guarantee that these legally available intellectual property protections will be adequate, or that our competitors will not independently develop technologies that are substantially equivalent or superior to our technology. Some of our existing business units that we and our predecessors have acquired over the years have historically licensed software to customers under a model that allowed the customer to access source code for certain product lines. In general, however, our current practice is to license and distribute only object code versions of most of the software we offer, although we often enter into source code escrow arrangements with recognized third-party source code escrow companies on terms that are customary within the software industry, which provide customer access to source code only under very limited

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circumstances. Access to our source code may increase the likelihood of misappropriation or other misuse of our intellectual property. In addition, the laws of certain countries in which our software products may be licensed do not protect our software products and intellectual property rights to the same extent as the laws of the U.S., and some jurisdictions are less likely to enforce such laws.

We do not believe our software products, third-party software products we offer under sublicense agreements, our trademarks, or other proprietary rights infringe the property rights of third parties. However, we cannot guarantee that third parties will not assert infringement claims against us with respect to current or future software products or that any such assertion may not require us to enter into royalty arrangements or result in costly litigation. Under the license agreements with our customers, we agree to indemnify our customers for third-party claims that may be brought against them asserting that our products infringe the intellectual property rights of those third parties.

We are also exposed to product liability risks under applicable country and state laws. We generally attempt to limit our exposure to product liability claims with customers as part of our license agreements. However, local laws or unfavorable judicial decisions might diminish or invalidate the scope of these limitations.

Employees

As of April 30, 2017, we had approximately 15,970 employees, including approximately 2,230 in sales and marketing, 5,010 in research and development, 6,100 in services and customer support and 2,630 in administration and other. None of our employees in the U.S. are represented by a labor union. We are party to a collective labor agreement applicable to our employees in Sweden, and in certain other countries outside of the U.S. where we have operations, workers’ councils represent our employees.

Financial Information about Geographic Areas

For financial information about geographic areas see Note 20, Segment and Geographic Information, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K for additional information.

Available Information

We make available, free of charge, in the Investors section of our website (www.infor.com) our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports as soon as reasonably practicable after we have electronically filed or furnished such materials to the SEC. Our SEC filings are available to be read or copied at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Information regarding the SEC’s Public Reference Room can be obtained by calling 1-800-SEC-0330. Our filings are also available on the SEC’s website at www.sec.gov.

In addition, we announce material information, including press releases, analyst presentations and financial information regarding the Company, through a variety of means, including the Company’s website (www.infor.com), the Investors subpage of our website (www.infor.com/company/infor-investors-relations/), our blog (blogs.infor.com), press releases, filings with the SEC, public conference calls and social media, including the Company’s Twitter account (twitter.com/infor) and Facebook page (www.facebook.com/infor), in order to achieve broad, non-exclusionary distribution of information to the public. The Investors subpage is accessible by clicking on the tab labeled “Company” on our website home page. We also use these channels to expedite public access to time-critical information regarding the Company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. Therefore, investors should look to these channels for important and time-critical information. We encourage investors, the media and others interested in the Company to review the information we post on these various channels, as such information could be deemed to be material information. The information posted on our website, blog or social media is not incorporated into this Annual Report on Form 10-K.

Item 1A. Risk Factors

Factors That May Affect Our Future Results

We operate in a rapidly changing environment that involves numerous uncertainties and risks. Investors evaluating our company and our business should carefully consider the factors described below and all other information contained in this Annual Report on Form 10-K. This section should be read in conjunction with the Consolidated Financial Statements and Notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this report. Any of the following factors could materially harm our business, operating results and financial condition. Additional factors and uncertainties not currently known to us or that we currently consider immaterial could also harm our business, operating results and financial condition. We may make forward-looking statements from time to time, both written and oral. We undertake no obligation to revise or publicly release the results of any revisions to these forward-looking statements based on circumstances or events which occur in the future. Our actual results may differ materially from those projected in any such forward-looking statements due to a number of factors, including those set forth below and elsewhere in this report.

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We face large, established competitors, specialized competitors and substantial price competition.

We compete with Oracle, SAP and other larger software companies that have advantages over us due to their larger customer bases, greater name recognition, long operating and product development history, greater international presence and substantially greater financial, technical and marketing resources. If customers or prospects want to reduce the number of their software vendors, they may elect to purchase competing products from Oracle or SAP since those larger vendors offer a wider range of products. Furthermore, Oracle is capable of bundling its software with its database applications, which underlie a significant portion of our installed applications. We also compete with a variety of more specialized software and services vendors, including:

• single-industry software vendors;

• human resource management software vendors;

• financial management software vendors;

• manufacturing software vendors;

• merchandising software vendors;

• services automation software vendors;

• CRM software vendors;

• software integrators and outsourced services providers; and

• internet (on demand) software vendors.

Some competitors offer payment terms, contractual warranties, implementation terms or guarantees that are more favorable to customers and prospects. Competitors may entice our customers and prospects to switch software vendors by offering those customers or prospects free or heavily discounted products or services, and other more favorable contract terms. We may be unable to continue to compete successfully with new and existing competitors without lowering prices or offering other favorable terms to customers that lower our margins and increase our risks. We expect competition to persist and intensify, which could negatively impact our operating results and market share.

We may need to change our pricing models to compete successfully.

The intense competition we face in the sales of our products and services and general economic and business conditions can put pressure on us to change our prices. If our competitors offer deep discounts on certain products or services or develop products that the marketplace considers more valuable, we may need to lower prices or offer other favorable terms in order to compete successfully. Any such changes may reduce margins and could adversely affect operating results. Our software license updates and product support fees and hardware systems support fees are generally priced as a percentage of our net new software license fees and net new hardware systems products fees, respectively. Our competitors may offer lower pricing on their support offerings, which could put pressure on us to further discount our new license prices.

Our revenues, and in particular our perpetual software license fees revenues, vary from quarter-to-quarter and are difficult to predict. If we are unsuccessful in achieving anticipated levels of revenue, the value of your investment could decline substantially.

Our software license fees and subscription revenue in any quarter depends upon our perpetual licensing and subscription activity with new and existing customers in each quarter, and our ability to recognize revenues in that quarter under our revenue recognition policies. A significant portion of our future revenue is dependent upon our ability to sell perpetual licenses and software subscriptions to new customers and our existing customers continuing to license and subscribe for additional products, as well as new and existing customers purchasing consulting services and renewing their annual maintenance agreements (if installed customers) or renewing their subscriptions at current or higher service levels (if SaaS customers). If we do not continue to develop or acquire new products, perpetual licensing activity and subscription activity with existing customers will decline. Perpetual licensing activity for our products drives maintenance and services revenues because we sell maintenance and services for only our products. A decrease in perpetual licensing activity will typically lead to a decrease in services revenue in the same or subsequent quarters. If we do not have sufficient new perpetual licensing activity each year, our maintenance revenue and profit for the following year will decline because new customers or sales of additional products to existing customers are needed to offset the percentage of existing customers who scale back their businesses, reduce licenses and maintenance contracts, are acquired, or otherwise choose not to renew annual maintenance. In addition, conversion of our customer base from on-premise maintenance to SaaS subscriptions may lead to a decrease in maintenance revenue. Our sales force and marketing team must continue to generate perpetual license and SaaS subscription sales leads among existing customers and prospective customers. When we “qualify” a lead, that lead becomes part of our sales “pipeline.” If our pipeline does not continue to grow in our different markets and geographies, our revenues will eventually decline. The rate at which we convert our pipeline into actual sales can vary greatly from year to year for the following reasons:

• The period between initial customer contact and a purchase by a customer may vary and can be more than one year. During the sales cycle, prospective customers may decide not to purchase or may scale down purchases because of competing offers, budgetary constraints or changes in the prospect’s management, strategy, business or industry. Customer or prospect organizations typically take multiple steps to approve the purchase of our products and services. Often times, we must wait for a customer or prospect’s board of directors to approve a purchase. These added approval requirements can delay the sales cycle and jeopardize the likelihood of completing the sale.

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• A substantial number of our existing and prospective customers make their purchase decision within the last few weeks or days of each quarter. A delay or deferral in a small number of large new perpetual software license or subscription transactions could cause our quarterly license or subscription revenue to fall significantly short of our predictions.

• Prospective customers may decline or defer the purchase of new products if we do not have sufficient customer references for those products.

• New products or technologies, software industry mergers and other software industry news may create uncertainty and cause customers and prospective customers to cancel, postpone or reduce capital spending for our products.

Additionally, some of the important factors that may cause our revenues, operating results and cash flows to fluctuate from quarter to quarter include, without limitation:

• the growth rates of certain market segments in which we compete;

• shifts in our licensing activity from perpetual licenses to our subscription-based CloudSuite and other SaaS offerings;

• changes to the financial accounting rules for revenue recognition or other accounting guidelines;

• the amount and timing of operating costs and capital expenditures related to the operations and expansion of our business;

• changes in deferred revenue and unbilled deferred revenue balances, which may not be reflected in the balance sheet, due to seasonality, the compounding effects of renewals, invoice duration, invoice timing and new business linearity;

• changes in our pricing policies and terms of contracts, whether initiated by us or as a result of competition;

• the rate of expansion and productivity of our sales force and the impact of reorganizations of our sales force;

• technical difficulties or interruptions in our service;

• changes in foreign currency exchange rates;

• conditions, particularly sudden changes, in the markets we serve;

• changes in the effective tax rates due to changes in the mix of earnings and losses in countries with differing statutory tax rates, certain non-deductible expenses, changes in the valuation of deferred tax assets and liabilities and our ability to utilize them, changes in federal, state or international tax laws and accounting principles, changes in judgment from the evaluation of new information that results in a recognition, derecognition or change in measurement of a tax position taken in a prior period, or results of tax examinations by local and foreign taxing authorities;

• expenses related to significant, unusual or discrete events which are recorded in the period in which the events occur;

• regulatory compliance costs;

• the timing of customer payments and payment defaults by customers;

• extraordinary expenses such as litigation or other dispute-related settlement payments; and

• the timing of commission, bonus, and other compensation payments to employees.

Many of these factors are outside of our control, and the occurrence of one or more of them might cause our operating results to vary widely. As such, we believe that quarter-to-quarter comparisons of our revenues, operating results, changes in our deferred revenue and unbilled deferred revenue balances and cash flows may not be meaningful and should not be relied upon as an indication of future performance.

Because we recognize subscription services revenues ratably over the term of the applicable subscription agreement, decreases or increases related to our subscription renewals or new subscription agreements may not be reflected immediately in our operating results and may be difficult to discern.

We generally recognize subscription services revenues from customers ratably over the terms of the applicable subscription agreements, which are typically one to three years. As a result, the majority of our reported quarterly subscriptions revenues are attributable to the recognition of unearned revenue relating to subscription agreements entered into during previous quarters. A decrease in new or renewed subscription agreements in any one quarter will not be fully reflected in our revenue in that quarter but such a decrease will negatively affect our subscriptions revenues in future quarters. As a result, the effect of significant downturns in sales and market acceptance of our CloudSuite and other SaaS subscription offerings, and potential changes in our pricing policies or rate of renewals in a particular quarter, may not be fully reflected in our results of operations until future periods. In addition, we may be unable to adjust our cost structure to reflect the changes in our subscriptions revenues as a significant majority of our related costs are expensed as incurred, while revenues are recognized over the term of the subscription agreements. As a result, increased growth in the number of our subscription customers could result in our recognition of more costs than revenues in the earlier periods of the terms of the subscription agreements. Our SaaS model also makes it difficult for us to rapidly increase our revenues through additional sales in any period, as revenues from new subscription customers are generally recognized over the applicable subscription term.

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Economic, political and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

Our business is influenced by a range of factors that are beyond our control and that we have no comparative advantage in forecasting. These include:

• general economic and business conditions;

• the overall demand for enterprise software, hardware systems and services;

• governmental budgetary constraints or shifts in government spending priorities;

• general political developments; and

• currency exchange rate fluctuations.

Macroeconomic developments like the recent recessions in the U.S. and Europe and the debt crisis in certain countries in the European Union could negatively affect our business, operating results or financial condition. A general weakening of, and related declining corporate confidence in, the global economy or the curtailment in government or corporate spending could cause current or potential customers to reduce their information technology budgets or be unable to fund software and services purchases, which could cause customers to delay, decrease or cancel purchases of our products and services or cause customers not to pay us or to delay paying us for previously purchased products and services.

In addition, political unrest in regions like the Middle East, terrorist attacks around the globe and the potential for other hostilities in various parts of the world, potential public health crises and natural disasters continue to contribute to a climate of economic and political uncertainty that could adversely affect our results of operations and financial condition, including our revenue growth and profitability. These factors generally have the strongest effect on our sales of new software licenses and related services and, to a lesser extent, also may affect our renewal rates for software license updates and product support and for SaaS offerings.

Economic conditions and regulatory changes that may result from the United Kingdom’s likely exit from the European Union could adversely affect our business, financial condition and results of operations

In June 2016, the United Kingdom (the U.K.) held a referendum in which voters approved an exit from the European Union (the E.U.), commonly referred to as “Brexit.” The announcement of Brexit caused significant volatility in global stock markets and currency exchange rate fluctuations that resulted in the strengthening of the U.S. dollar against foreign currencies in which we conduct business. The announcement of Brexit and likely withdrawal of the U.K. from the E.U. may also create further global economic uncertainty, which may cause our current and future customers to closely monitor their costs and reduce their spending on our products and services.

On March 29, the U.K. gave formal notice of its intention to leave the E.U. This notice triggers the process of negotiating the U.K.’s exit, which will occur in two years, unless the deadline is extended or a withdrawal agreement is negotiated sooner. Given the lack of comparable precedent, it is unclear how Brexit may negatively impact the economies of the U.K., the E.U. countries and other nations. However, any of these effects of Brexit, among others, could adversely affect our financial position, results of operations or cash flows.

Our revenue is heavily dependent on renewal of maintenance agreements by our customers.

We generate substantial recurring revenue from our customer support program and other software maintenance services, most of which renew annually at the customer’s option. The level of our maintenance revenue is directly related to the number of our software products that are in active use by customers. If our customers stop using our products, if we are unable to maintain the rate of addition of new customers, or if our customers determine that they cannot afford maintenance, our maintenance revenue can be expected to decline. We expect that maintenance revenue from legacy products for which we have decreased or curtailed development funding will decline over time.

Our revenue is also dependent on renewal of subscription agreements by our customers.

We generate substantial recurring revenue from our CloudSuite and other SaaS subscription offerings, which generally renew annually once the initial term expires. Our customers have no obligation to renew their subscription agreements after their subscription terms expire, and they may not renew their subscriptions at the same or higher levels. Our subscription renewal rates may fluctuate because of several factors, including our customers’ level of satisfaction with our services, the pricing of our subscription offerings and/or the pricing of our competitors’ offerings, reductions in our customers’ spending levels due to the macroeconomic environment, or other factors. If our customers do not renew their subscription agreements, renew on less favorable terms, or renew for fewer elements of our offerings, our subscriptions revenues may decline over time.

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Our sales to government clients subject us to risks including early termination, audits, investigations, sanctions and penalties.

We derive revenues from contracts with the U.S. and foreign governments, state and local governments and their respective agencies, which in many cases permit the customer to terminate their contracts at any time, without cause. There is increased pressure for governments and their agencies, both domestically and internationally, to reduce spending. In many cases, our government contracts are subject to the approval of appropriations being made by legislators and other government funding authorizations to fund the expenditures under these contracts. Additionally, government contracts are generally subject to audits and investigations, as well as more stringent regulatory requirements and contract terms than would be applicable to contracts with private-sector clients, which could result in greater exposure to increased compliance costs, liability and restrictions that could adversely impact our financial condition or our ability to compete in these markets, including various civil and criminal penalties and administrative sanctions, termination of contracts, refund of all or a portion of fees received, forfeiture of profits, suspension of payments, fines and suspensions or debarment from future government business.

We may not retain or attract customers if we do not develop new products and enhance our current products in response to technological changes and competing products.

The enterprise software market is faced with rapid technological change, evolving standards in computer hardware, software development, communications and security infrastructure, and changing needs and expectations of customers. Building new products and service offerings requires significant time and investment in development. A substantial portion of our research and development resources are devoted to regulatory and maintenance requirements and product upgrades that address new technology support. These demands put significant constraints on our resources available for new product development. We also face uncertainty when we develop or acquire new products because there is no assurance that a sufficient market will develop for those products.

The market for cloud-based applications embodied in the SaaS subscription model may develop more slowly than we expect.

We offer certain of our software applications and functionality within a cloud-based IT environment that we manage and offer via a subscription-based SaaS model. Our success in growing revenue and market share from our SaaS-based software offerings will depend, to a large extent, on the willingness of our customers and the markets we serve to accept this model for commercializing applications that they view as critical to the success of their businesses. Many companies have invested substantial effort and financial resources to integrate traditional enterprise software and IT staffing into their businesses and may be reluctant or unwilling to switch to a recurring fee model for our software applications or to migrate these applications to cloud-based services. Other factors that may affect market acceptance of our SaaS applications include:

• the security capabilities, reliability and availability of cloud-based services;

• customer concerns with entrusting a third party to store and manage their data, especially confidential or sensitive data;

• our ability to minimize the time and resources required to offer our software under this model;

• our ability to maintain high levels of customer satisfaction, including with respect to maintaining uptime and system availability standards consistent with market expectations;

• our ability to implement upgrades and other changes to our software without disrupting our service;

• the level of customization or configuration we offer;

• our ability to provide rapid response time during periods of intense activity on customer websites; and

• the price, performance and availability of competing products and services.

The market for these services may not develop further, or may develop more slowly than we expect, either of which would harm our business. Our business model continues to evolve and we may not be able to compete effectively, generate significant revenues or maintain profitability for our SaaS-based offerings. We have and will continue to incur expenses associated with the infrastructures and marketing of our SaaS subscription offerings in advance of our ability to recognize the revenues associated with these offerings. Demand for our CloudSuite offerings and other SaaS subscription offerings may unfavorably impact demand for certain of our other products and services including new software licenses and software license updates and product support services traditionally provided with our offerings that customers host on their own premises. With a continued shift away from the sale of perpetual software licenses to providing access to our software through subscription agreements we may, in the near term, experience a deferral of revenues and to a lesser extent cash received from our customers.

We use a limited number of third-party data centers to deliver our SaaS services. Any disruption of service at these facilities could harm our business.

We manage our SaaS services and serve all of our SaaS customers from a limited number of third-party data center facilities. While we engineer the computer and storage systems upon which our programs run, we do not control the operation of these data center facilities.

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The owners of these data facilities have no obligation to renew their agreements with us on commercially reasonable terms, or at all. If we are unable to renew these agreements on commercially reasonable terms, we may be required to transfer to new data center facilities or develop our own, and we may incur significant costs in doing so.

Data centers are vulnerable to security breaches, damage or interruption from any number of actions beyond our control, including human error, intentional misconduct, war or terrorist attacks, natural disasters, power losses, hardware failures, systems failures, telecommunications failures and similar events. If these data centers experience disruptions or other performance problems, our reputation and relationship with our customers may be harmed. Disruptions in services or security breaches might reduce our revenue and subject us to potential liability as our customers may ask us to issue credits or take other remedial action, terminate their subscriptions, or sue us.

The occurrence of a natural disaster, an act of terrorism, vandalism or other misconduct, or a decision to close the facilities without adequate notice or other unanticipated problems could result in lengthy interruptions in our services.

We may be unable to identify or complete suitable acquisitions and investments; and any acquisitions and investments we do complete could prove difficult to integrate, disrupt our business, dilute stockholder value and adversely affect our operating results and the value of your investment.

As part of our business strategy, we intend to pursue strategic acquisitions in the future. We may be unable to identify suitable acquisitions or investment candidates. Even if we identify suitable candidates, we cannot provide assurance that we will be able to make acquisitions or investments on commercially acceptable terms. If we acquire a company, we may incur losses in the operations of that company and we may have difficulty integrating its technology, products, services, personnel and/or operations into our business. In addition, its key personnel may decide not to work for us. These difficulties could disrupt our on-going business, distract our management and workforce, increase our expenses and adversely affect our operating results. We may also incorrectly judge the value or worth of an acquired company or business. Furthermore, we may incur significant debt or issue equity securities to pay for future acquisitions or investments. If we finance acquisitions by issuing debt, we could face constraints related to the terms of and repayment obligation related to the incurrence of indebtedness which could affect the market price of our debt securities. The issuance of equity or convertible securities may be dilutive to our stockholders. If the products of an acquired company are not successful, those remaining assets could become impaired, which may result in an impairment loss that could materially adversely impact our financial position and results of operations. Other inherent risks include:

• the potential failure to achieve the expected benefits of the combination or acquisition, including the inability to generate sufficient revenue to offset acquisition or investment costs;

• risk associated with entering new markets in which we have little or no experience or where competitors may have stronger market positions;

• failure to retain and maintain relationships with customers and partners of the acquired company who might not accept new ownership and may transition to different technologies or attempt to renegotiate contract terms or relationships;

• potential for adverse impact on existing relationships between the acquired business and third-party suppliers of technologies and services, some of which may be critical to successfully commercializing or maintaining the acquired business and its assets;

• potential for unknown liabilities associated with the acquired businesses to materialize;

• negative impact to our results of operations because of the depreciation and amortization of amounts related to acquired intangible assets, fixed assets and deferred compensation, and the loss of acquired deferred revenue;

• delays in customer purchases due to uncertainty related to any acquisition;

• customer and employee dissatisfaction and attrition resulting from required changes to pre-existing terms and course of dealing and the need to implement new controls, procedures and policies at the acquired company;

• in the case of foreign acquisitions, the challenges associated with integrating operations across different cultures and languages and any currency, tax and regulatory risks associated with specific countries; or

• the tax effects of any such acquisitions.

Charges to earnings resulting from acquisitions may adversely affect our operating results.

Under business combination accounting standards pursuant to the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations, we recognize the identifiable assets acquired, the liabilities assumed and any non-controlling interests in acquired companies generally at their acquisition date fair values and, in each case, separately from goodwill. Goodwill as of the acquisition date is measured as the excess amount of consideration transferred, which is also generally measured at fair value, and the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. Our estimates of fair value are based upon assumptions believed to be reasonable but which are inherently uncertain. After we complete an acquisition, the following factors could result in material charges and adversely affect our operating results and may adversely affect our cash flows:

• costs incurred to combine the operations of companies we acquire, such as transitional employee expenses and employee retention, redeployment or relocation expenses;

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• impairment of goodwill or intangible assets;

• amortization of intangible assets acquired;

• a reduction in the useful lives of intangible assets acquired;

• identification of or changes to assumed contingent liabilities, both income tax and non-income tax related, after our final determination of the amounts for these contingencies or the conclusion of the measurement period (generally up to one year from the acquisition date), whichever comes first;

• charges to our operating results to maintain certain duplicative pre-merger activities for an extended period of time or to maintain these activities for a period of time that is longer than we had anticipated, charges to eliminate certain duplicative pre-merger activities, and charges to restructure our operations or to reduce our cost structure;

• charges to our operating results resulting from expenses incurred to effect the acquisition; and

• charges to our operating results due to the expensing of certain stock awards assumed in an acquisition.

Substantially all of these costs will be accounted for as expenses that will decrease our net income and earnings per share for the periods in which those costs are incurred. Charges to our operating results in any given period could differ substantially from other periods based on the timing and size of our future acquisitions and the extent of integration activities. A more detailed discussion of our accounting for business combinations and other items is presented in the “Critical Accounting Policies and Estimates” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Competitors may take advantage of our limited intellectual property protection.

We consider certain aspects of our internal operations, software and documentation to be proprietary, and rely on a combination of contract, copyright, trademark and trade secret laws to protect this information. In addition, we currently hold 64 U.S.-issued patents, three pending U.S. patent applications, six foreign equivalent patents and four foreign equivalent patent applications. Generally, copyright laws afford only limited protection because those laws do not protect product ideas. In addition, when we license our products to customers, we may provide source code for some of our products. Some customers may also access source code through a source code escrow arrangement. Access to our source code could provide an opportunity for companies to offer competing maintenance and product modification services to our customers, or infringe our intellectual property. Defending our intellectual property rights is time-consuming and costly.

Changes in intellectual property laws may disrupt or eliminate certain of our anticipated revenue stream.

Protecting our global intellectual property rights and combating unlicensed copying and use of software and other intellectual property is difficult. While piracy adversely affects U.S. revenue, the impact on revenue from outside the U.S. is more significant, particularly in countries where laws are less protective of intellectual property rights. Any changes to foreign intellectual property legislation which would restrict our ability to enforce certain intellectual property rights, including with respect to customer non-compliance and anti-assignment and other software license terms, may disrupt or eliminate our anticipated revenue streams from those affected areas.

Others may claim that we infringe their intellectual property rights.

Many participants in the technology industry, and patent holding companies who have no independent product revenue, have an increasing number of patents and have frequently demonstrated a readiness to take legal action based on allegations of patent and other intellectual property infringement. These types of claims are time-consuming and costly to defend. If a successful claim is made against us and we fail to develop or license a substitute technology, our business, results of operations, financial condition or cash flows could be adversely affected.

Open source software may diminish our software license fees and subscriptions and impair the ownership of our products.

The open source community is comprised of many different formal and informal groups of companies, software developers and individuals who have created a wide variety of software and have made that software available for use, distribution and modification, often free of charge. Open source software, such as the Linux operating system, has been gaining in popularity among business users. If developers contribute enterprise application software to the open source community, and that software has competitive features and scale to business users in our markets, we will need to change our product pricing and distribution strategy to compete. If one of our developers embedded open source components into one of our products without our knowledge or authorization, our ownership and licensing of that product could be in jeopardy. Depending on the open source license terms, the use of an open source component could mean that all products delivered with that open source component become part of the open source community. In that case, our ownership rights and ability to charge license fees for those delivered products could be diminished or rendered worthless. We currently take steps to train our developers and monitor the content of products in development, but there is no assurance that these steps will always be effective.

Our products are deployed in large and complex systems and may contain defects or security flaws or be implemented incorrectly.

Although our products are tested prior to release, because our products are deployed in large and complex systems, they can only be fully tested for reliability when deployed in networks for long periods of time. Our software programs may contain undetected

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defects when first introduced or as new versions are released. Our customers might encounter difficulties with the implementation of our products, experience corruption of their data or encounter performance or scaling problems only after our software programs have been deployed. The services needed for implementing our products are also complex, and require knowledge and cooperation between both the customer’s and the service provider’s teams. As a consequence, from time to time we have received customer complaints or been sued. In addition, our products are combined with products from other vendors. As a result, should problems occur, it may be difficult to identify the source of the problem. Software and data security are becoming increasingly important because of regulatory restrictions on data privacy and the significant legal exposures and business disruptions stemming from computer viruses and other unauthorized entry or use of computer systems. We may not be able to avoid or limit liability for disputes relating to product performance, software security or the provision of services. Product defects and security flaws could expose us to product liability and warranty claims, could delay the development or release of new products or new versions of our products and could adversely affect market acceptance of our products, which could impact our future sales of products and services. In addition, we may be legally required to publicly report security breaches of our services, which could adversely impact future business prospects for those services.

Privacy and security concerns, including evolving government regulation in the area of consumer data privacy, could adversely affect our business and operating results.

We are in the information technology business, and our products and services store, retrieve, manipulate and manage our customers’ information and data as well as our own. The effectiveness of our software products relies on our customers’ storage and use of data concerning their customers and personnel, including financial, personally identifying and other sensitive data, and our business uses similar systems that require us to store and use data with respect to our customers and personnel. Our collection and our customers’ collection and use of this data might raise privacy and security concerns and negatively impact our business or the demand for our products and services. If a breach of data security were to occur, our business may be materially and adversely impacted and our products may be perceived as less desirable, which would negatively affect our business and operating results.

Governments in some jurisdictions have enacted or are considering enacting consumer data privacy legislation, including laws and regulations applying to the solicitation, collection, processing and use of consumer data. This legislation could reduce the demand for our software products if we fail to design or enhance our products to enable our customers to comply with the privacy and security measures required by the legislation. Moreover, we may be exposed to liability under existing or new consumer data privacy legislation. Even technical violations of these laws can result in penalties that are assessed for each non-compliant transaction. If we or our customers were found to be subject to and in violation of any of these laws or other data privacy laws or regulations, our business could suffer and we and/or our customers would likely have to change our business practices. In addition, these laws and regulations could impose significant costs on us and our customers.

Additionally, despite our efforts to combat such measures, computer hackers may attempt to penetrate or bypass our data protection and other security measures and gain unauthorized access to our networks, systems and data or compromise the confidential information or data of our customers. Computer hackers may be able to develop and deploy computer viruses, worms, and other malicious software programs that could attack our products and services, exploit potential security vulnerabilities of our products and services, create system disruptions and cause shutdowns or denials of service. Data may also be accessed or modified improperly as a result of employee or supplier error or malfeasance and third parties may attempt to fraudulently induce employees or customers into disclosing sensitive information such as user names, passwords or other information in order to gain access to our data, our customers’ data or our IT systems. These risks for us will increase as we continue to grow our cloud-based offerings and services and store and process increasingly large amounts of our customers’ confidential information and data and host or manage parts of our customers’ businesses in cloud-based IT environments, especially in customer sectors involving particularly sensitive data such as health sciences, financial services and the government. We also have an active acquisition program and have acquired a number of companies, products, services and technologies over the years. While we make significant efforts to address any IT security issues with respect to our acquisitions, we may still inherit such risks when we integrate these acquisitions within our business.

Changes in regulation and industry practice, including particularly regulation and practice dealing with security and privacy, could cause us additional expense.

Recent legislation has increased the responsibilities of software companies and their clients regarding financial security, identity theft and privacy. In particular, the credit card industry has adopted credit card security guidelines intended to help minimize identity theft and credit card fraud. Our customers may not effectively implement all of the updated security features that we introduce or make all necessary changes to their operating procedures, or they may fail to implement other required security measures. It is possible that, regardless of our efforts to comply with credit card company requirements or to implement sound security measures through our software code, we could be subject to claims from our customers, or their clients, if unauthorized access to credit card data occurs through the use of our software.

We might experience significant errors or security flaws in our software products and services.

Despite testing prior to their release, software products frequently contain errors or security flaws, especially when first introduced or when new versions are released. The detection and correction of any security flaws can be time-consuming and costly. Errors in our software products could affect the ability of our products to work with other hardware or software products, could delay the development or release of new products or new versions of products and could adversely affect market acceptance of our products.

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If we experience errors or delays in releasing new software products or new versions of software products, we could lose revenues. In addition, there could be security issues with our products and networks and any security flaws, if exploited, could affect our ability to conduct internal business operations. End users, who rely on our software products and services for applications that are critical to their businesses, may have a greater sensitivity to product errors and security vulnerabilities than customers for software products generally. Software product errors and security flaws in our products or services could expose us to product liability, performance and/or warranty claims as well as harm our reputation, which could impact our future sales of products and services. In addition, we may be legally required to publicly report security breaches of our services, which could adversely impact future business prospects for those services.

There can be no guarantee that we will receive significant revenues from our current research and development efforts for several years, if at all.

Developing software products is expensive and time consuming, and the investment in product development often involves a long return on investment cycle. We have made and expect to continue to make significant investments in research and development and related product opportunities. Accelerated product introductions and short product life cycles require high levels of expenditures for research and development that could adversely affect our operating results if not offset by revenue increases. We believe that we must continue to dedicate a significant amount of resources to our research and development efforts to maintain our competitive position. However, we typically do not expect to receive significant revenues from these investments for several years, if at all.

Deterioration in our relationships with resellers, systems integrators and other third parties that market and sell our products could reduce our revenues.

Our revenue growth will depend, in part, on adding new partners to expand our sales channels, as well as leveraging our relationships with existing partners. If our relationships with these resellers, system integrators and strategic and technology partners deteriorate or terminate, we may lose sales and marketing opportunities. Some current and potential customers rely on third-party systems integrators to implement and manage new and existing applications. These systems integrators may increase their promotion of competing enterprise software applications, or may otherwise discontinue their relationships with us.

Because we do not own all of the products that we license, we rely on our continued relationships with other software suppliers. Our failure to obtain licenses for third-party technologies could harm our business.

We license third-party software products that we incorporate into, or resell with, our own software products. We also have reseller and alliance relationships with other software suppliers’ businesses that allow us to resell their offerings with our products and services. These relationships and other technology licenses are subject to periodic renewal and may include minimum sales requirements. There can be no assurance that the licenses for these third-party technologies will not be terminated, that the licenses will be available on future terms acceptable to us, or that we will be able to license third-party software for future products. In the event that these third-party products were to become unavailable, we may be unable to readily replace these products with substitute products. Any interruption in the short term could have a detrimental effect on our ability to continue to market and sell those of our products relying on these specific third-party products and could adversely impact our business. Our use of third-party technologies exposes us to increased risks including, but not limited to, risks associated with the integration of new technology into our products, the diversion of our resources from development of our own proprietary technology and our inability to generate revenue from licensed technology sufficient to offset associated acquisition and maintenance costs.

International sales and operations subject us to risks that can adversely affect our operating results.

We derive a substantial portion of our revenues, and have significant operations, outside of the U.S. Our international operations include software development, sales, customer support and administration. We face challenges in managing an organization operating in various countries, which can entail longer payment cycles and difficulties in collecting accounts receivable, fluctuations in currency exchange rates, overlapping tax regimes, difficulties in transferring funds from certain countries and reduced protection for intellectual property rights in some countries. We must comply with a variety of international laws and regulations, including trade restrictions, local labor ordinances, and import and export requirements. The risks and challenges associated with sales to customers outside the U.S. also include:

• added costs and challenges inherent with localization of our product and service offerings, including the need for accurate translation into foreign languages and associated expenses;

• laws and business practices that favor local competitors and may be unpredictable;

• compliance with privacy and data protection laws and regulations;

• compliance with applicable anti-corruption laws;

• regional data privacy laws that apply to the transmission of data across international borders;

• treatment of revenue from international sources and changes to tax codes, including being subject to foreign tax laws and being liable for paying withholding income or other taxes in foreign jurisdictions;

• different pricing environments; and

• difficulties in staffing and managing foreign operations.

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We may experience foreign currency gains and losses.

Certain transaction gains and losses are generated from intercompany balances that are not considered to be long-term in nature that will be settled between subsidiaries. We also recognize transaction gains and losses from revaluing debt denominated in Euros and held by subsidiaries whose functional currency is the U.S. Dollar. We conduct a significant portion of our business in currencies other than the U.S. Dollar. Our revenues and operating results are affected when the U.S. Dollar strengthens or weakens relative to other currencies. Changes in the value of major foreign currencies, particularly the Euro and the British Pound relative to the U.S. Dollar, can significantly affect our revenues and operating results. Net foreign currency transaction gains and losses, resulting primarily from recognized balance sheet exposures, are recorded within earnings in the period incurred.

Our substantial indebtedness could adversely affect our financial condition and prevent us from fulfilling our debt obligations.

We have a significant amount of indebtedness. As of April 30, 2017, our total debt outstanding (net of deferred financing fees, discounts and premiums) was $5,650.9 million, and we had unused commitments of $120.0 million under our revolving credit facility (without giving effect to approximately $10.4 million of outstanding letters of credit). Subject to the limits contained in our credit facilities and the indentures governing our senior notes, we may be able to incur substantial additional debt from time to time to finance working capital, capital expenditures, investments or acquisitions, or for other purposes. If we do so, the risks related to our high level of debt could intensify. Specifically, our high level of debt could have important consequences to the holders of our debt, including:

• making it more difficult for us to satisfy our obligations with respect to our debt;

• limiting our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions or other general corporate requirements;

• requiring a substantial portion of our cash flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes;

• increasing our vulnerability to general adverse economic and industry conditions;

• exposing us to the risk of increased interest rates as certain of our borrowings, including borrowings under our credit facilities, are at variable rates of interest;

• limiting our flexibility in planning for and reacting to changes in the industry in which we compete;

• placing us at a disadvantage compared to other, less leveraged competitors; and

• increasing our cost of borrowing.

We may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.

Our ability to make scheduled payments on or to refinance our debt obligations, including our credit facilities and senior notes, depends on our financial condition and operating performance, which in turn are subject to prevailing economic and competitive conditions and to certain financial, business and other factors beyond our control. We may not be able to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and may be forced to reduce or delay investments and capital expenditures, or to sell assets, seek additional capital or restructure or refinance our indebtedness. Our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. The terms of existing or future debt instruments may restrict us from adopting some of these alternatives. In addition, any failure to make payments of interest and principal on our outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating, which could harm our ability to incur additional indebtedness. In the absence of such cash flows and resources, we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations. The credit facilities and the indentures related to our senior notes restrict our ability to dispose of assets and use the proceeds from the disposition. We may not be able to consummate those dispositions or to obtain the proceeds that we could realize from them and any proceeds we do receive may not be adequate to meet any debt service obligations then due. These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations.

In addition, the credit facilities and the indentures related to our senior notes contain restrictive covenants that will limit our ability to engage in activities that may be in our long-term best interest. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of all our debt.

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Repayment of our debt is dependent on cash flow generated by our subsidiaries.

Our subsidiaries own substantially all of our assets and conduct substantially all of our operations. Accordingly, repayment of our indebtedness is dependent, to a significant extent, on the generation of cash flow by our subsidiaries and their ability to make such cash available to us, by dividend, debt repayment or otherwise. Our subsidiaries may not be able to, or may not be permitted to, make distributions to enable us to make payments in respect of our indebtedness. Each subsidiary is a distinct legal entity and, under certain circumstances, legal and contractual restrictions may limit our ability to obtain cash from our subsidiaries. A significant portion of our revenue is generated by subsidiaries located outside of the U.S. While the indentures related to our senior notes limit the ability of our subsidiaries to incur consensual restrictions on their ability to pay dividends or make other intercompany payments to us, these limitations are subject to certain qualifications and exceptions. In the event that we do not receive distributions from our subsidiaries, we may be unable to make required principal and interest payments on our indebtedness.

Litigation may adversely affect our business, financial condition and results of operations.

We are subject to legal and regulatory requirements applicable to our business and industry throughout the world. We are subject to various legal proceedings and the risk of litigation by employees, customers, patent owners, suppliers, stockholders or others through private actions, class actions, administrative proceedings or other litigation. Litigation can be lengthy, expensive, and disruptive to our operations and results cannot be predicted with certainty. There may also be adverse publicity associated with litigation, regardless of whether the allegations are valid or whether we are ultimately found liable. As a result, litigation may adversely affect our business, financial condition and results of operations.

Regional business disruptions could adversely affect our operating results.

A significant portion of our critical business operations, including research and development, product maintenance, services support, and general and administrative support are concentrated in a few geographic areas. A disruption or failure of our information and communication systems could cause delays in completing sales and providing maintenance and services to customers. A major earthquake, fire or other catastrophic event that results in the destruction or disruption of any of our critical business or information technology systems could severely affect our ability to conduct normal business operations and, as a result, our future operating results could be materially and adversely affected.

We must attract and retain account executives in our sales organization to achieve our revenue goals.

Revenue growth, and in particular software license revenue growth, requires that we have a sufficient number of trained account executives in our sales organization to develop leads and call on prospective customers. Competition in our industry for experienced account executives is intense. Competitors and other software companies may lure away our account executives through signing bonuses and other special incentives. The failure to attract and retain account executives will negatively impact our revenue growth. When we hire a new account executive, the time period required for that person to become productive will vary, depending on their experience and training and the customer pipeline and length of sales cycle.

If we are unable to attract and retain senior management, software developers, services consultants, finance and accounting specialists, and other qualified personnel, we will be unable to develop new products and increase our revenue and profitability.

We also rely on the continued service of our senior management, software developers, services consultants, finance and accounting specialists, and other key employees. In the software industry, there is substantial and continuous competition for highly skilled business, product development, technical, financial and other personnel. The failure to attract, train, retain and effectively manage employees could negatively impact our development and efforts and cause a degradation of our customer service. If we are unable to attract and retain finance and accounting personnel who have experience with the software industry and U.S. accounting requirements, we will have to rely on more costlier contractors to fill the roles necessary for us to meet our governance and regulatory requirements.

Our periodic workforce restructurings can be disruptive.

We have in the past restructured or made other adjustments to our workforce, including our direct sales force and development and support teams, all of which are important to our business, in response to management changes, product changes, performance issues, acquisitions and other internal and external considerations. In the past, our attempts to realign our sales force and other restructurings have generally resulted in a temporary lack of focus and reduced productivity. These effects could recur in connection with future acquisitions and other restructurings, and we may be required to incur financial charges in the period when we make such decisions, which could have a material adverse impact on our results of operations for that period. We may decide to take additional restructuring actions from time to time to improve our operational efficiencies.

We are required to delay revenue recognition into future periods for portions of our license and maintenance fee activity.

Our financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (GAAP). Under those rules, we are required to defer revenue recognition for software license fees and subscriptions and product updates and support fees in situations that include the following:

• the customer agreement includes essential services, including significant modifications, customization or complex interfaces;

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• the customer agreement includes unique acceptance criteria;

• the customer agreement includes extended or contingent payment terms or fees;

• a third-party vendor, whose technology is incorporated into our products, delays delivery of its product to the customer; or

• we are not able to establish historical pricing and maintenance renewal rates with respect to our products, such as where the customer agreement includes products that are under development or has other undelivered elements, to meet the vendor-specific objective evidence (VSOE) requirements of these accounting rules.

We expect that we will continue to defer recognition of portions of our license and maintenance fee activity in each period. The amount of software license fees and subscriptions revenue and product updates and support fees deferred may be significant and will vary each quarter, depending on the specific terms of contracts executed during each quarterly period. As a result, much of the revenue we report in each quarter is attributable to agreements entered into during previous quarters. Consequently, a decline in sales to new customers, renewals by existing customers or market acceptance of our products in any one quarter will not necessarily be fully reflected in the revenues in that quarter and will negatively affect our revenues and profitability in future quarters.

We may have exposure to additional tax liabilities.

As a multinational organization, we are subject to income taxes as well as non-income based taxes in both the U.S. as well as in various foreign jurisdictions. Significant judgment is required in determining our worldwide income tax provision and other tax liabilities. In the ordinary course of a global business, there are many intercompany transactions and calculations where the ultimate tax determination is uncertain. Although we believe that our tax estimates are reasonable, there is no assurance that the final determination of tax audits or tax disputes will not be different from what is reflected in our historical income tax provisions and accruals. We are also subject to non-income taxes, such as payroll, sales, use, value-added, net worth, property and goods and services taxes, both in the U.S. and various foreign jurisdictions. We are regularly under audit by tax authorities with respect to these non-income taxes and may have additional exposure to additional non-income tax liabilities.

Our effective tax rate may increase or fluctuate, which could increase our income tax expense and reduce our net income.

Our effective tax rate can be adversely affected by several factors, many of which are outside of our control, including:

• changes in the relative proportions of revenues and income before taxes in the various jurisdictions in which we operate that have differing statutory tax rates;

• changing tax laws, regulations, and interpretations in multiple jurisdictions in which we operate;

• changes to the financial accounting rules for income taxes;

• unanticipated changes in tax rates;

• changes in accounting and tax treatment of equity-based compensation;

• the tax effects of purchase accounting for acquisitions and restructuring charges that may cause fluctuations between reporting periods;

• changes to the valuation allowance on net deferred tax assets; or

• assessments, or any related tax interest or penalties, that could significantly affect our income tax expense for the period in which the settlements take place.

Based upon our corporate structure, a higher proportion of our income before taxes may be subject to U.S. tax compared to our predecessor companies and company groups. Since the combined U.S. federal and state tax rate is typically higher than the tax rates of the non-U.S. jurisdictions in which we operate, our tax expense and cash tax costs may increase as a result. We report our results of operations in part based on our determination of the amount of taxes owed in the various tax jurisdictions in which we operate. Periodically, we receive notices from the relevant tax authorities claiming that we owe a greater amount of tax than we have reported. We regularly engage in discussions, and sometimes disputes, with these tax authorities regarding the amount of taxes owed. If the ultimate determination of our taxes owed is for an amount in excess of the tax provision we have recorded, our operating results, cash flows, and financial condition could be adversely affected.

We earn a significant amount of our operating income from outside the U.S., and any repatriation of funds currently held in foreign jurisdictions may result in higher effective tax rates for us. In addition, there have been proposals to change U.S. tax laws that would significantly impact how U.S. multinational corporations are taxed on foreign earnings. Although we cannot predict whether or in what form this proposed legislation will pass, if enacted it could have a material adverse impact on our tax expense and cash flow.

In addition, our tax provision could be negatively impacted by changes in the tax laws or other tax reforms in foreign jurisdictions. Faced with continuing global fiscal challenges, many countries, various levels of government, and international organizations are increasingly

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focused on tax reform and other legislative or regulatory action to increase tax revenue and to ensure that corporations are taxed on a larger percentage of their earnings. For example, the Organisation for Economic Co-operation and Development (OECD), which represents a coalition of member countries, has recently issued recommendations that would make substantial changes to numerous long-standing tax positions and principles. Under its base erosion and profit shifting (BEPS) project, the OCED provided changes to guidance covering various topics, including transfer pricing, country-by-country reporting and definitional changes to permanent establishment. Many of these changes, if implemented, could increase uncertainty in our tax positions and may adversely affect our provision for income taxes, increase our effective tax rate and have a material adverse impact on our operating results, cash flows, and financial condition.

Changes in financial accounting standards or practices may adversely affect our results of operations or cause unexpected fluctuations in our reported operating results.

Changes in GAAP and applicable interpretations could have a negative impact on our reported financial results and may affect our reporting of transactions completed before the effective date of such guidance. We are currently evaluating the impact that new accounting pronouncements and varying interpretations of accounting pronouncements might have on our financial position, results of operations and cash flows. See Note 2, Summary of Significant Accounting Policies Recent Accounting Pronouncements—Not Yet Adopted, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K. Depending upon the outcome of our evaluation of these new accounting pronouncements, and the potential impact of future accounting pronouncements, implementation guidelines, and interpretations, we may be required to modify our reported results or business practices, which could have a material adverse impact on our results of operations.

The obligations associated with public filings require significant resources and management attention.

We file annual, quarterly and current reports with respect to our business and financial condition. Furthermore, the need to maintain the corporate infrastructure demanded of a registrant may divert management’s attention from implementing our growth strategy, which could prevent us from improving our business, results of operations and financial condition. We have made, and will continue to make, changes to our internal controls and procedures for financial reporting and accounting systems to meet our reporting obligations as a registrant. However, the measures we take may not be sufficient to satisfy our obligations. In addition, we cannot predict or estimate the amount of additional costs we may incur in order to comply with these requirements.

Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

Our properties consist primarily of leased office facilities which we use for our sales, marketing, consulting, customer support, product development, executive and administrative functions. Our corporate headquarters and executive offices are located in New York, New York where we currently lease approximately 149,100 square feet of space. The leases on these facilities expire on February 28, 2025 and 2027. Our main operations center is in Alpharetta, Georgia where we lease approximately 113,800 square feet of space. The lease on this facility expires October 31, 2024. We also lease approximately 774,800 square feet of space in 47 other locations in the U.S., primarily for regional sales and support offices. In addition, internationally we lease or own approximately 1,562,200 square feet of space in 140 locations in 45 countries. Expiration dates of leases on all of our facilities range from 2017 to 2030. We believe that our existing domestic and international facilities are sufficient to meet our current needs. In addition, we believe suitable additional or alternative space would be available on commercially reasonable terms to accommodate expansion of our operations, if required. The restructuring plans we have implemented over the past few years have involved the exit or reduction in space of certain of our leased facilities. See Note 11, Restructuring Charges, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K for additional information. As of April 30, 2017, we have sublet approximately 17,400 square feet of the above space and have identified an additional 89,500 square feet that is being actively marketed for sublease or disposition.

Item 3. Legal Proceedings

Information regarding our legal proceedings can be found in Note 14, Commitments and Contingencies—Litigation, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K and is incorporated herein by reference.

Item 4. Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

There is no established public trading market for our common stock. As of April 30, 2017, there were 1,000 shares of Infor, Inc. common stock authorized, issued and outstanding, each with a par value of $0.01 per share. All of the outstanding shares of our common stock are held by Infor Software Parent LLC.

Dividends

We did not declare or pay any dividends on our common stock in fiscal 2017 or 2016. We may from time-to-time voluntarily service interest payments related to debt held by certain of our affiliate companies which may be funded through dividend distributions to such affiliates. See Note 17, Dividends, and Note 21, Related Party Transactions—Dividends Paid to Affiliates, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K for additional information.

Purchases of Equity Securities

There were no purchases of our equity securities during fiscal 2017 or 2016.

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Item 6. Selected Consolidated Financial Data

SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA

The following table sets forth Infor’s selected historical consolidated financial data for the periods and at the dates indicated and should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7, and our Consolidated Financial Statements and the related Notes to those statements appearing in Part IV, Item 15. The selected consolidated financial data has been derived from our audited Consolidated Financial Statements. Our historical results included below and elsewhere in this Annual Report on Form 10-K are not necessarily indicative of Infor’s future performance.

(in millions)	Year Ended April 30,						11 Months Ended			Year Ended May 31,
Consolidated Statements of Operations Data:	2017			2016(1)			April 30, 2015(2)			2014		2013
Revenues:
Software license fees	$	337.8		$	373.1		$	372.1		$	473.3	$	470.3
SaaS subscriptions		393.3			242.6			107.1			75.0		47.8
Software license fees and subscriptions		731.1			615.7			479.2			548.3		518.1
Product updates and support fees		1,389.0			1,405.8			1,330.3			1,465.9		1,441.2
Software revenues		2,120.1			2,021.5			1,809.5			2,014.2		1,959.3
Consulting services and other fees		735.7			670.1			629.4			747.6		758.7
Total revenues		2,855.8			2,691.6			2,438.9			2,761.8		2,718.0
Operating expenses:
Cost of software license fees(3)		63.1			70.3			62.6			75.5		73.3
Cost of SaaS subscriptions(3)		174.5			100.0			47.1			24.3		13.1
Cost of product updates and support fees(3)		242.0			248.9			238.2			261.9		254.2
Cost of consulting services and other fees(3)		590.5			563.2			507.2			593.2		588.5
Sales and marketing		499.1			433.5			412.9			457.1		460.2
Research and development		455.8			421.6			369.8			391.8		351.9
General and administrative		237.0			193.3			177.9			192.8		210.4
Amortization of intangible assets and depreciation		232.7			243.9			222.9			264.3		275.7
Restructuring		39.5			28.0			5.7			18.6		10.2
Acquisition-related and other costs		215.2			17.1			1.4			27.6		15.0
Total operating expenses		2,749.4			2,319.8			2,045.7			2,307.1		2,252.5
Income from operations		106.4			371.8			393.2			454.7		465.5
Total other expense, net		326.4			387.4			425.7			320.4		519.1
Income (loss) before income tax		(220.0	)		(15.6	)		(32.5	)		134.3		(53.6	)
Income tax provision (benefit)		(33.8	)		(48.8	)		(52.2	)		12.6		22.6
Net income (loss)		(186.2	)		33.2			19.7			121.7		(76.2	)
Net income (loss) attributable to noncontrolling interests		0.6			(2.0	)		—			—		—
Net income (loss) attributable to Infor, Inc.	$	(186.8	)	$	35.2		$	19.7		$	121.7	$	(76.2	)

(1) On September 18, 2015, we completed our acquisition of GT Nexus. Fiscal 2016 includes GT Nexus results for the period from September 18, 2015 through April 30, 2016.

(2) Reflects the 11-month period of June 1, 2014 through April 30, 2015, as a result of the change in our fiscal year end. See Note 1, Nature of Business and Basis of Presentation – Fiscal Year, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K. All other periods presented include twelve months with fiscal 2014 and 2013 as originally reported.

(3) Excludes amortization of intangible assets and depreciation, which are separately stated below.

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	April 30,									May 31,
(in millions)	2017			2016			2015			2014			2013
Consolidated Balance Sheet Data:
Cash and cash equivalents	$	305.8		$	705.7		$	526.7		$	575.3		$	421.9
Working capital deficit		(665.8	)		(248.3	)		(249.0	)		(327.0	)		(441.0	)
Total assets		6,592.5			6,966.2			6,025.9			6,635.8			6,445.4
Total debt, including current maturities(1)		5,650.9			5,710.0			5,226.8			5,250.1			5,187.3
Total stockholders’ deficit		(994.3	)		(778.7	)		(819.4	)		(481.1	)		(572.8	)
Other Financial Information:
Capital expenditures	$	(81.2	)	$	(65.5	)	$	(35.7	)	$	(32.5	)	$	(36.0	)
Dividends paid(2)		(171.9	)		(35.0	)		(65.7	)		—			—

(1) Over the past few fiscal years, in conjunction with certain of our acquisitions and the recapitalization and refinancing of our debt structure in fiscal 2013 through 2017, we have had significant changes to our long-term debt. In particular, we have entered into new credit facilities, issued various notes, amended certain existing facilities and repaid then-existing indebtedness, including notes and credit facilities. See Note 12, Debt, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K for additional information.

(2) Reflects dividend distributions to certain of our affiliate companies to voluntarily service interest payments related to debt held by such affiliates. See Note 21, Related Party Transactions – Dividends Paid to Affiliates, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K for additional information.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

We have changed our fiscal year end from May 31 to April 30, effective for our fiscal year 2015 and subsequent years. Accordingly, in this Annual Report on Form 10-K, we have reported fiscal 2017 as the period of May 1, 2016 through April 30, 2017, fiscal 2016 as the period of May 1, 2015 through April 30, 2016, and fiscal 2015 as the 11-month transition period from June 1, 2014 through April 30, 2015.

Within this Management’s Discussion and Analysis, fiscal 2017 is compared to fiscal 2016, and fiscal 2016 is compared to our fiscal 2015 11-month transition period as originally reported.

The following discussion should be read in conjunction with the Selected Historical Consolidated Financial Data presented above, our Consolidated Financial Statements, the Notes to those statements and other financial information appearing elsewhere in this Annual Report on Form 10-K.

The discussion and analysis of our financial condition and results of operations are based upon our audited financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of our financial statements, the reported amounts of revenues and expenses during the reporting periods presented, as well as our disclosures of contingent assets and liabilities. On an on-going basis, we evaluate our estimates and assumptions, including, but not limited to, those related to revenue recognition, allowance for doubtful accounts and sales returns, fair value of equity-based compensation, fair value of acquired intangible assets and goodwill, useful lives of intangible assets and property and equipment, income taxes, restructuring obligations and contingencies and litigation. We base our estimates and assumptions on our historical experience and on other information available to us at the time that these estimates and assumptions are made. We believe that these estimates and assumptions are reasonable under the circumstances and form the basis for making judgments about the carrying values of our assets and liabilities that are not readily apparent from other sources. Actual results and outcomes could differ from our estimates.

Any reference to we, our, us, Infor or the Company refers to Infor, Inc. and its consolidated subsidiaries.

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Management Overview

General

Infor is a global provider of enterprise business applications software and services focused primarily on medium and large enterprises. We develop, market, distribute and service enterprise software applications that help organizations manage their businesses. We deliver integrated enterprise business solutions including customer relationship management (CRM), enterprise asset management (EAM), enterprise resource planning (ERP), financial management, human capital management (HCM), performance management, product lifecycle management, property management systems, central reservations systems, supplier relationship management and supply chain management (SCM), including business-specific inventory management, transportation logistics, manufacturing and warehouse management software. Infor also offers software license updates and product support as well as other services including consulting, advanced product services, hosting and education.

We offer a broad range of software applications and industry-specific solutions that we believe help our customers improve their business processes and reduce costs, resulting in better business or operational performance. Our solutions help automate and integrate critical business processes which enable our customers to better manage their suppliers, partners, customers and employees.

We specialize in and target specific industries (or verticals), and have industry-specific business units that leverage our industry-oriented products and teams. We provide industry-specific ERP software products to companies in the manufacturing, distribution, healthcare, public sector, automotive, service industries, equipment services, management and rental (ESM&R), consumer products & retail and hospitality industries. Our industry-specific approach distinguishes us from larger competing ERP vendors, whose primary focus is on less specialized software programs that take more time and cost to tailor to our target customers’ specific needs. Augmenting our vertical-specific applications, we have leading horizontal software applications, including our CRM, EAM, HCM, SCM and financial application suites, which, through our proprietary light-weight middleware solution ION, are integrated with our enterprise software applications and sold across verticals.

We generate revenue primarily from the sale of perpetual software licenses granting customers use of our software products, providing access to software products through our SaaS subscription offerings, providing product updates and support and providing consulting services to our customers. We operate in three segments: License, Maintenance and Consulting. We market and sell our software and services primarily through a direct sales force, which is augmented by systems integrators and resellers. In addition to providing software products, we generate substantial recurring revenue by providing on-going software support services to our customers through our maintenance and support programs. The product updates and support we provide are valued by our customers as evidenced by our high annual maintenance retention rates. We also help our customers implement and use our applications effectively through our consulting services offerings, including training, implementation and consulting services.

We serve customers across three geographic regions—the Americas, EMEA and APAC. We have approximately 15,970 employees worldwide and have offices in 46 countries. We have established a worldwide infrastructure for distribution, development and support of our enterprise software. This worldwide coverage provides us with both economies of scale and the ability to leverage our geographical expertise to effectively enter new markets and segments. In fiscal 2017, our Americas, EMEA and APAC regions generated approximately 62.8%, 29.0% and 8.2% of our revenues, respectively. Though we have a considerable presence outside of the U.S. today, we believe we have significant opportunities to expand internationally and capture market share, especially in the EMEA and APAC regions.

Fiscal 2017 Overview

Fiscal 2017 was another year of investment, innovation and growth for Infor as we continued our pivot to the cloud. Our SaaS subscriptions now account for greater than 50% of our new software license fees and subscriptions revenues. We continued to make significant investments in our products to meet the specific needs of customers in targeted microvertical industries, in our user interface to unify and beautify the user experience, and in upgrading our customer base through Infor UpgradeX to Infor CloudSuite. Flexibility, agility, collaboration, mobility and ease of use are our key design principles focused on helping our customers become faster and more efficient.

We now have more than 62 million users accessing Infor cloud applications from more than 100 different countries. We have delivered CloudSuite industry suites for Aerospace & Defense, Automotive, Chemicals, Distribution, Equipment, Fashion, Federal, Food & Beverage, Healthcare, High Tech, Hospitality, Industrial Manufacturing, Industrial Machinery, Public Sector, and Retail. In addition, Infor sells CloudSuites for: Business (with core best-in-class financials and HCM for SMBs), Corporate (with core best-in-class financials and HCM for large enterprises), Clinical, Facilities, and Human Capital Management. Infor now has more than 7,300 cloud customers. As a result of our robust CloudSuite offerings, our SaaS subscriptions revenues continued to experience significant growth in fiscal 2017.

We have completed the roll-out our Infor Xi platform across all of our growth products. Building on our previous release, Infor 10x, Infor Xi delivers a major step in achieving our vision for cloud applications that address specific industry needs with responsive design infused with machine-learning and big data analytics.

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In fiscal 2017 we entered into over 15,000 deals and our average deal size continues to grow; we experienced a 31.8% increase in the average size of deals valued at greater than $1 million in fiscal 2017 compared to fiscal 2016. Total revenues increased by 7.8% in fiscal 2017 compared to fiscal 2016, excluding the unfavorable foreign currency impact of 1.6%, as we realized strong growth in our expanded CloudSuite offerings. SaaS subscriptions revenues and consulting services revenues were up across all regions offsetting a decrease in our software license fees revenues, while our product updates and support fees revenues were relatively flat. Our customer retention rate continues to exceed 93%.

Acquisitions

An acquisition program is an important element of our corporate strategy. We have invested billions of dollars to acquire a number of complementary companies, products, services and technologies. We believe our acquisition program strengthens our competitive position, enhances the products and services that we can offer to customers, expands our customer base, provides greater scale to accelerate innovation, grows our revenues and earnings, and increases our overall value. We expect to continue to acquire companies, products, services and technologies in furtherance of our corporate strategy. See Note 3, Acquisitions, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K for additional information related to our recent acquisitions. Operating results relating to these acquisitions have been included in our results of operations as of the applicable acquisition dates.

We believe we can fund our future acquisitions with our internally available cash, cash equivalents and marketable securities, cash generated from operations, additional borrowings, or additional equity. We estimate the financial impact of any potential acquisition with regard to earnings, operating margin, cash flow and return on invested capital targets before deciding to move forward with an acquisition.

Fiscal 2017 Acquisitions

In fiscal 2017, we completed five acquisitions.

Ciber

On March 31, 2017, we acquired certain assets of Ciber, Inc. (Ciber) related to Ciber’s business of selling and delivering professional services in connection with Infor’s software products, for $15.0 million (the Ciber Acquisition). Based in Greenwood Village, Colorado, Ciber is a longtime Infor services partner specializing in consulting and services around our HCM and financials products and has been recognized as an Infor Services Partner of the Year on multiple occasions. The Ciber Acquisition will help expand our professional service organization’s capabilities in these key solution areas by adding approximately 180 highly-skilled professionals.

Accentia

On March 13, 2017, we acquired Accentia Middle East (Accentia), a longtime Infor services partner and exclusive reseller and provider of consulting services across the Middle East, North Africa, and India, for $18.0 million, net of cash acquired (the Accentia Acquisition). Based in Cairo, Egypt, Accentia has approximately 80 employees, additional offices in Dubai (UAE), Jeddah (Saudi Arabia), Casablanca (Morocco), Tunis (Tunisia), and Pune (India), and customers in 17 countries across the region. Accentia has significant expertise in the local market and specializes in Infor M3, our comprehensive, centralized ERP solution for medium to large enterprises in the manufacturing, distribution, and equipment industries. The Accentia Acquisition significantly expanded Infor’s presence in the region.

Starmount

On August 2, 2016, we acquired Starmount, Inc. (Starmount) for $62.1 million, net of cash acquired and including contingent consideration of $9.7 million recorded at the time of the purchase (the Starmount Acquisition). Included in the purchase price is $23.4 million of deferred consideration, which reflects the present value of a deferred payment of $25.0 million due on the first anniversary of the closing date of the Starmount Acquisition. The total purchase price may also include up to an additional $10.3 million if certain future performance conditions are met. Based in Austin, Texas, Starmount is a modern store systems provider serving large and mid-market retailers. Starmount is an innovative mobile-first company providing point-of-sale, mobile shopping assistant, and store inventory management products along with a data-rich commerce hub to engage shoppers, streamline operations, and support consistent cross-channel customer interactions. The Starmount Acquisition enables us to accelerate delivery of our Infor CloudSuite Retail suite of enterprise applications.

Predictix

On June 27, 2016, we acquired the remaining issued and outstanding capital stock in LogicBlox-Predictix Holdings, Inc. (Predictix) for approximately $125.5 million, net of cash acquired (the Predictix Acquisition), after having acquired a 16.67% equity interest in the third quarter of fiscal 2016 for $25.0 million. Based in Atlanta, Georgia, Predictix is a provider of cloud-native, predictive, and machine-learning solutions for retailers. The Predictix Acquisition complemented and further expanded offerings under Infor CloudSuite Retail, our suite of enterprise applications delivered in the cloud and designed for today’s retailing landscape.

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Merit

On May 11, 2016, we acquired Merit Globe AS (Merit) for $23.7 million, net of cash acquired and including contingent consideration of $7.5 million recorded at the time of the purchase (the Merit Acquisition). The total purchase price may also include up to an additional $4.5 million if certain future performance conditions are met. Based in Norway, Merit is a consulting firm specializing in Infor M3 products and services. The Merit Acquisition brought decades of experience of Infor M3 consulting services that expanded and enhanced Infor’s professional services’ capabilities, particularly in the large and growing European Infor M3 customer base.

Fiscal 2016 Acquisitions

On September 18, 2015, we acquired a majority ownership stake of 81.48% in GT Nexus, for $549.9 million, net of cash acquired (the GT Nexus Acquisition). GT Nexus is a cloud-based SCM vendor based in Oakland, California and provides the cloud platform that some of the world’s largest companies, across many sectors, such as manufacturing and retail, use to monitor and orchestrate their global supply chains including automation of sourcing, trade finance and logistics operations, enabling Infor to create a global commerce cloud providing end-to-end visibility and control across physical and financial supply chains. We funded the total consideration related to this transaction through the use of the proceeds of the issuance of our Senior Secured Notes discussed below, together with cash on hand and equity issued to certain shareholders and management of GT Nexus.

In addition, in the second quarter of fiscal 2017, we exercised our call option pursuant to the Stock Rollover and Equity Purchase Agreement entered into in relation to the GT Nexus Acquisition which allowed us to purchase the remaining 18.52% of GT Nexus from the holders of redeemable noncontrolling interests in GT Nexus. We exercised the call option at a call price of approximately $138.0 million.

Fiscal 2015 Acquisitions

In fiscal 2015, we completed one acquisition. On September 2, 2014, we acquired the assets of Saleslogix, a division of privately held Swiftpage, Inc., for approximately $30.1 million, net of cash acquired. Based in Scottsdale, Arizona, Saleslogix is a provider of SaaS CRM software accessible via mobile devices, desktops, and laptops. The acquisition of Saleslogix complemented our CRM product offerings and added additional sales and service functionality to our industry-focused Infor CloudSuites in the high-growth CRM market.

Financing Activities

Over the past few fiscal years, we have undertaken significant financing activities in conjunction with our acquisitions and the recapitalization and refinancing of our debt structure.

In fiscal 2017 we amended our Credit Agreement to refinance all of our then outstanding term loans under our credit facilities at favorable interest rates and extended the applicable maturity dates.

In fiscal 2016, in connection with the GT Nexus Acquisition, we issued $500.0 million in aggregate principal amount of 5.75% first lien senior secured notes. Net proceeds from the issuance of our Senior Secured Notes (as defined below), after fees and expenses, of approximately $478.5 million were used to fund the GT Nexus Acquisition, and to pay related transaction fees and expenses.

In fiscal 2015 we issued $1,630.0 million in aggregate principal amount of our 6.5% Senior Notes and €350.0 million aggregate principal amount of our 5.75% Senior Notes. The proceeds from the issuance of the 6.5% and 5.75% Senior Notes were used to repay the balance of all of our outstanding senior notes, including our 9 ³/₈%, 10.0% and 11.5% Senior Notes, as well as applicable redemption premiums thereon, accrued and unpaid interest, and to pay related transaction fees and expenses.

See Liquidity and Capital Resources – Long-Term Debt, below for details of these financing activities.

In the first quarter of fiscal 2017, we completed the Predictix Acquisition. See Note 3, Acquisitions – Predictix, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K. In conjunction with the Predictix Acquisition, certain of the Sponsors made new capital contributions to Infor Enterprise Applications, LP (Infor Enterprise), which is an affiliate of the parent company of Infor, of $133.0 million, of which $77.0 million was contributed as equity to Infor, Inc. Investment funds affiliated with Golden Gate Capital and investment funds affiliated with Summit Partners contributed approximately $95.2 million and $37.8 million, respectively. The proceeds from the new equity contribution were used to fund the Predictix Acquisition purchase consideration.

In addition, in the first quarter of fiscal 2017, we paid dividends to Infor Software Parent, LLC (HoldCo) of $111.5 million and HoldCo made an equity contribution to Infor, Inc. of $67.0 million. See Note 21, Related party Transactions – Dividends Paid to Affiliates, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K.

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Restructuring Activities

Over the past few years, in response to the challenging and sometimes uncertain domestic and global economic conditions, we have undertaken certain restructuring actions to reduce our headcount and streamline our operations. We have also taken certain actions to better focus our efforts on our targeted industry-specific solutions. In addition, as a result of our active acquisition program, we have taken certain actions related to acquired entities from time-to-time to streamline back-office functions and eliminate redundancies incurred through acquisitions. We also restructured and consolidated office lease arrangements to eliminate redundant locations worldwide.

Our results for fiscal 2017, 2016 and 2015 include restructuring charges of $39.5 million, $28.0 million and $5.7 million, respectively, relating to these actions. We continue to closely monitor our discretionary spending while preserving targeted investments that we believe will facilitate our long-term growth and increase our operational efficiencies. During fiscal 2016, we engaged an outside consulting firm to provide restructuring advisory services focusing on all areas of our operations across all geographies. Specific actions related to these efforts are reflected in the restructuring charges taken in fiscal 2017 and 2016. We may consider possible future actions to reduce our operating costs if circumstances warrant.

Foreign Currency

A significant portion of our business is conducted in currencies other than the U.S. Dollar, particularly the Euro and British Pound. Our revenues and operating expenses are affected by fluctuations in applicable foreign currency exchange rates. Downward fluctuations in the value of the U.S. Dollar compared to a foreign currency generally have the effect of increasing our revenues but also increasing our operating expenses denominated in currencies other than the U.S. Dollar. Similarly, strengthening in the U.S. Dollar compared to foreign currency exchange rates generally has the effect of reducing our revenues but also reducing our operating expenses denominated in currencies other than the U.S. Dollar. In addition, we have certain intercompany transfer pricing transactions, intercompany loans and other intercompany transactions that are not considered permanent in nature. Fluctuations in applicable foreign currency exchange rates on these intercompany balances may impact our results of operations.

For fiscal 2017, the average exchange rates for the U.S. Dollar against the Euro and British Pound strengthened by approximately 1.5% and 13.9%, respectively, as compared to the average exchange rates for fiscal 2016. For fiscal 2016, the average exchange rates for the U.S. Dollar against the Euro and British Pound strengthened by approximately 9.9% and 5.5%, respectively, as compared to the average exchange rates for fiscal 2015.

Our international operations have provided and will continue to provide a significant portion of our total revenues and expenses. As a result, total revenues and expenses will continue to be affected by changes in the U.S. Dollar against major international currencies. In order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we compare the percent change in the results from one period to another period using constant currency disclosure. To present this information, the most current period results for our entities reporting in currencies other than the U.S. Dollar are converted into U.S. Dollars at constant exchange rates (i.e. the average exchange rates in effect in the prior comparable period) rather than the average exchange rates in effect during the respective period. In each of the tables below, we present the percent change based on actual results in reported currency and in constant currency.

The following tables summarize the period-over-period change, both in U.S. Dollars and percentages, in revenues and costs and expenses, isolating the fluctuations in exchange rates from changes in activity and pricing on a constant currency basis for the fiscal year ended April 30, 2017 versus the fiscal year ended April 30, 2016, and for the fiscal year ended April 30, 2016 versus the 11-month transition period ended April 30, 2015:

(in millions, except percentages) Fiscal 2017 vs. 2016	Change Due to Currency Fluctuations			Change in Constant Currency			Total Change as Reported			Change Due to Currency Fluctuations			Change in Constant Currency			Total Change as Reported
Revenues:
Software license fees	$	(7.9	)	$	(27.4	)	$	(35.3	)		(2.2	)%		(7.3	)%		(9.5	)%
SaaS subscriptions		(2.6	)		153.3			150.7			(1.1	)		63.2			62.1
Software license fees and subscriptions		(10.5	)		125.9			115.4			(1.7	)		20.4			18.7
Product updates and support fees		(21.8	)		5.0			(16.8	)		(1.6	)		0.4			(1.2	)
Software revenues		(32.3	)		130.9			98.6			(1.6	)		6.5			4.9
Consulting services and other fees		(12.4	)		78.0			65.6			(1.8	)		11.6			9.8
Total revenues	$	(44.7	)	$	208.9		$	164.2			(1.7	)%		7.8	%		6.1	%
Total operating expenses	$	(37.8	)	$	467.4		$	429.6			(1.6	)%		20.1	%		18.5	%

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(in millions, except percentages) Fiscal 2016 vs. 11 Months Ended April 30, 2015	Change Due to Currency Fluctuations			Change in Constant Currency		Total Change as Reported		Change Due to Currency Fluctuations			Change in Constant Currency			Total Change as Reported
Revenues:
Software license fees	$	(17.0	)	$	18.0	$	1.0		(4.5	)%		4.8	%		0.3	%
SaaS subscriptions		(2.4	)		137.9		135.5		(2.3	)		128.8			126.5
Software license fees and subscriptions		(19.4	)		155.9		136.5		(4.0	)		32.5			28.5
Product updates and support fees		(63.5	)		139.0		75.5		(4.7	)		10.4			5.7
Software revenues		(82.9	)		294.9		212.0		(4.6	)		16.3			11.7
Consulting services and other fees		(41.4	)		82.1		40.7		(6.5	)		13.0			6.5
Total revenues	$	(124.3	)	$	377.0	$	252.7		(5.1	)%		15.5	%		10.4	%
Total operating expenses	$	(109.6	)	$	383.7	$	274.1		(5.4	)%		18.8	%		13.4	%

Critical Accounting Policies and Estimates

Our Consolidated Financial Statements are prepared in conformity with GAAP as set forth in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) which requires us to make certain estimates, judgments and assumptions. We believe that these estimates, judgments and assumptions are reasonable based upon information available to us at the time that they are made. These estimates, judgments and assumptions can affect the reported amounts of our assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. To the extent there are material differences between these estimates, judgments or assumptions and actual results, our financial statements will be affected.

Our significant accounting policies are described in detail in Note 2, Summary of Significant Accounting Policies, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K. The policies that reflect those areas that require more significant use of estimates, judgments and assumptions in the preparation of our financial statements include the following:

• Revenue Recognition;

• Business Combinations;

• Restructuring;

• Valuation of Accounts Receivable;

• Valuation and Assessment of Impairment of Goodwill and Intangible Assets;

• Income Taxes and Valuation of Deferred Tax Assets;

• Contingencies—Litigation Reserves; and

• Equity-Based Compensation.

In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application. There are also areas in which management’s judgment in selecting among available alternatives would not produce a materially different result. Our senior management has reviewed our critical accounting policies and related disclosures with the Audit Committee of our Board of Directors.

Revenue Recognition

Revenue is a key component of our results of operations and is a key metric used by management and investors to evaluate our performance. Revenue recognition for software businesses is very complex. We follow specific guidelines in determining the proper amount of revenue to be recorded. However, certain judgments affect the application of our revenue recognition policy. Revenue results are difficult to predict, and any shortfall in revenue or delay in recognizing revenue could cause our operating results to vary significantly from year to year. The significant judgments for revenue recognition typically involve whether collectability can be considered probable and whether fees are fixed or determinable. In addition, our transactions often consist of multiple-element arrangements, which typically include software license fees, maintenance and support fees and consulting service fees. The amounts of revenue reported in our Consolidated Statements of Operations may vary, due to the amount of judgment required to address significant assumptions, risks and uncertainties in applying the guidelines under GAAP.

We generate revenues primarily by licensing software and SaaS subscriptions, providing software support and product updates, and providing consulting services to our customers. We record software license, product updates and support, and related service revenues in accordance with the guidance provided by ASC 985-605, Software—Revenue Recognition, and we record revenues related to non-software deliverables such as SaaS subscriptions and related service revenue in accordance with guidance provided by ASC 605, Revenue Recognition. Revenue is recorded net of applicable taxes. Our specific revenue recognition policies are as follows:

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Software license fees and subscriptions

Software license fees and subscriptions revenues are primarily from sales of perpetual software licenses granting customers use of our software products and access to software products through our SaaS subscription offerings. Software license fees are recognized when the following criteria are met: 1) there is persuasive evidence of an arrangement, 2) the software product has been delivered, 3) the fees are fixed or determinable and 4) collectability is reasonably assured. SaaS subscription revenues are recognized over the contract term once the software is made available for use in an environment hosted, supported, and maintained by Infor.

We do not generally offer rights of return or acceptance clauses. If a software license contains rights of return or customer acceptance criteria, recognition of the software license fee revenue is deferred until the earlier of customer acceptance or the expiration of the acceptance period or cancellation of the right of return.

We record revenues from sales of third-party products on a “gross” basis pursuant to ASC 605-45 Revenue Recognition, Principal Agent Considerations, when we are the primary obligor in the arrangement with the end customer and have the risks and rewards as principal in the transaction, such as responsibility for fulfillment, retaining the risk for collection, and establishing the price of the products. If these indicators have not been met, or if indicators of net revenue reporting specified in ASC 605-45 are present in the arrangement, revenue is recognized net of related direct costs.

Revenue arrangements through our resellers that involve Infor contracting directly with an end user follow the same revenue recognition rules as our direct sales business. Revenue arrangements which involve Infor contracting directly with a reseller are generally recognized when the reseller purchases a product for resale to an identified end user provided that all other revenue recognition criteria have been met.

We enter into multiple element arrangements for software and software-related products and services, which may include software licenses, product updates and support and/or implementation and consulting services agreements. Revenue is allocated to undelivered elements based upon their fair value as determined by vendor-specific objective evidence (VSOE). VSOE of fair value for the elements in an arrangement reflects the price charged when the undelivered element is sold separately.

We generally do not have VSOE of fair value for software license fees as software licenses are typically not sold separately from product updates and support. Since the fair value of a delivered element (license) has not been established, the residual method is used to record license revenue when VSOE of fair value of all undelivered elements is determinable. Under the residual method, the VSOE of fair value of an undelivered element (product updates and support and/or services) is deferred and the remaining portion of the fee is allocated to the delivered element (license) and is recognized as revenue in accordance with the provisions of ASC 985-605. In instances where VSOE of fair value of one or more of the undelivered elements is not established, license revenue is recognized ratably over the term of the arrangement once all other services have been delivered and one undelivered element remains.

Certain software products are offered as term based license arrangements where the customer has the right to use the software for a specified period of time. Under these arrangements, license fees for multi-year term licenses can either be recognized up front when product updates and support obligations are charged separately and the product updates and support renewal rate and term are considered substantive, or are recognized ratably over the term of the underlying arrangement if the product updates and support renewal rate and term are not considered to be substantive.

For customer arrangements that include software license fees, implementation and/or other consulting services, the portion of the fees related to software licenses is generally recognized when delivered, as the implementation and consulting services typically qualify for separate recognition. The significant factors considered in determining whether the elements constitute multiple units of accounting for revenue recognition purposes include: 1) the nature of the services and consideration of whether the services are essential to the functionality of the licensed product, 2) degree of risk related to delivering the services, 3) availability of comparable services from other vendors, 4) timing of payments and 5) impact of milestones or acceptance criteria on the recognition of the software license fee. The portion of the fees related to implementation and other consulting services is recognized as such services are performed. If there is a significant uncertainty about the project completion or receipt of payment for the services, revenues are deferred until the uncertainty is sufficiently resolved. If it is determined that the services are not separable from the arrangement for revenue recognition purposes, the license fees and services are recognized using contract accounting either on a percentage of completion basis, measured by the percentage of labor hours incurred to date to estimated total labor hours for each contract, or on a completed contract basis when dependable estimates are not available. Contract accounting is applied to any arrangements: 1) that include milestones or customer-specific acceptance criteria that may affect collection of the software license fees; 2) where services include significant modification or customization of the software; or 3) where the software license payment is tied to the performance of consulting services.

We also enter into multiple element arrangements that may include a combination of our various software-related and non-software- related products and services offerings including software licenses, SaaS subscriptions, product updates and support, consulting services, education and hosting services. Each element within a non-software multiple element arrangement is accounted for as a separate unit of accounting provided the following criteria of ASC 605-25 are met: 1) the delivered item or items have value to the customer on a standalone basis and 2) if the arrangement includes a general right to return relative to the delivered item, delivery or performance of the undelivered items is considered probable and substantially in our control. We consider a deliverable to have standalone value if the product or service is sold separately by Infor or another vendor or could be resold by the customer. In such arrangements, we first allocate the total arrangement

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consideration based on the relative selling prices of the software group of elements as a whole and to the non-software elements. We then further allocate consideration within the software group to the respective elements within that group following the guidance in ASC 985-605 and our policies as described above. For the non-software group, revenue is then allocated to each element using a selling price hierarchy; VSOE if available, third-party evidence (TPE) if VSOE is not available, or best estimate of selling price (BESP) if neither VSOE nor TPE are available.

To determine the selling price in non-software multiple-element arrangements, we establish VSOE of selling prices, as described earlier, to the extent possible. We consider TPE by evaluating similar and interchangeable competitor products or services in standalone arrangements with similarly situated customers. If we are unable to determine the selling price because VSOE or TPE is unavailable, BESP is determined for the purposes of allocating the arrangement. The objective of BESP is to determine the price at which the vendor would transact if the deliverable were sold by the vendor regularly on a standalone basis. Infor determines BESP for its offerings by considering many factors, including, but not limited to, geographies, market conditions, competitive landscape, internal costs, gross margin objectives and pricing practices.

Product Updates and Support Fees

Product updates and support fees entitle the customer to receive, for an agreed upon period, unspecified product upgrades (when and if available), release updates, regulatory updates and patches, as well as support services including access to technical information and technical support staff. The term of product updates and support services is typically twelve months. The product updates and support fees are recorded as product updates and support fees revenue and recognized ratably over the term of the agreement. Revenues for product updates and support that are bundled with license fees are deferred based on the VSOE of fair value of the bundled product updates and support and recognized over the term of the agreement.

Consulting Services and Other Fees

We also provide software and SaaS-related consulting services, including systems implementation and integration services, consulting, training, custom modification and application managed services. Consulting services are usually separately priced per our established VSOE of fair value, are generally not essential to the functionality of our software products, and are also available from third-party vendors and systems integrators. Consulting services are generally provided under time and materials contracts and revenues are recognized as the services are provided. However, when we enter into arrangements with a fixed-fee or a maximum-fee basis where services are not considered essential to the functionality of the software, revenue is recognized based upon a proportionate performance method. When we enter into arrangements where services are considered essential to the functionality of the software, revenue is recognized based upon a percentage of completion method. Under this method, revenue is recognized based upon labor hours incurred as a percentage of total estimated labor hours to complete the project. Provisions for estimated losses on incomplete contracts are made in the period in which such losses are determined. Revenues for consulting services that are bundled with license fees are deferred based on the VSOE of fair value of the bundled services and recognized when the services are performed.

Consulting services and other fees include hosting services. Hosted customers with perpetual licenses have the contractual right to take possession of the software at any time during the hosted period. The customer has the right to choose not to renew its hosting arrangement upon its expiration and can deploy the software internally or contract with another party unrelated to Infor to host the software. Customers can self-host and any penalties to do so are not significant. Accordingly, the portion of an arrangement allocated to the hosting element is recognized once the service begins and then ratably over the term of the hosting arrangement.

Consulting services and other fees also include education services and fees related to Inforum, our customer event. Revenues related to these services are recognized when the services are provided or when the fees are received.

In accordance with the provisions set forth in ASC 605, we recognize amounts associated with reimbursements from customers for out-of-pocket expenses as revenue on a gross basis. Such amounts have been classified as consulting services and other fees.

Deferred Revenues

Deferred revenues represent amounts billed or payments received from customers for software licenses, SaaS subscriptions, product updates and support and/or services in advance of recognizing revenue or performing services. We defer revenues for any undelivered elements, and recognize revenues when the product is delivered or over the period in which the service is performed, in accordance with our revenue recognition policy for such elements. Product updates and support is normally billed quarterly or annually in advance of performing the service.

Deferred Costs

Commissions payable to our direct sales force and independent affiliates who resell our software products, as well as royalties payable to third-party software vendors, are recorded when a sale is completed or cash received, which coincides with the timing of revenue recognition in most cases. When revenue is recognized ratably over time, related commissions and royalties are deferred and amortized over the same period as the recognition of the revenue.

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Collectability

We assess the probability of collection based upon several factors including 1) third-party credit agency information, 2) customer financial statements and/or 3) customer payment history. We typically do not provide for payment terms in excess of six months. Certain customer arrangements are recognized upon collection due to their specific collection history.

Business Combinations

We account for acquisitions in accordance with ASC 805, Business Combinations. ASC 805 requires recognition of the assets acquired and the liabilities assumed separately from goodwill, generally at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While best estimates and assumptions are used as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill, are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in our results of operations in the reporting period such adjustments are made.

Accounting for business combinations requires management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets, support obligations assumed, estimated restructuring liabilities, contingent consideration and pre-acquisition contingencies. Although we believe the assumptions and estimates made in the past have been reasonable and appropriate, they are based in part on historical experience and information obtained from the management of the acquired companies and are inherently uncertain.

Examples of critical estimates in valuing certain of the intangible assets we have acquired include, but are not limited to:

• future expected cash flows from software license fees and subscriptions, product updates and support fees, consulting contracts, other customer contracts and acquired developed technologies and patents;

• expected costs to develop the in-process research and development into commercially viable products and estimated cash flows from the projects when completed;

• the acquired company’s brand and competitive position, as well as assumptions about the period of time the acquired brand will continue to be used in the combined company’s product portfolio; and

• discount rates.

Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results.

In connection with the purchase price allocations for our acquisitions, we estimate the fair value of product updates and support, SaaS subscription and service contract obligations assumed. The acquired deferred revenue is recognized at fair value to the extent it represents a legal obligation assumed by Infor. We consider post-contract support (PCS) obligations/services in their entirety, SaaS subscription contracts and service contracts to be legal obligations of the acquired entity. PCS arrangements of acquired entities typically include unspecified product upgrades (when and if available), release updates, regulatory updates and patches, as well as support including access to technical information and technical support staff. SaaS subscription arrangements of acquired entities provide access to product functionality through a hosted environment and other services. We consider PCS and SaaS subscription arrangements to be separate elements when determining the legal obligations assumed from the acquired entity. We expect to fulfill each underlying obligation element of these arrangements. The estimated fair values of these PCS arrangements, SaaS subscription contracts and service contracts are determined utilizing a bottom-up approach. The bottom-up approach, also referred to the cost build-up approach, relies on an estimate of the direct costs and any incremental costs (such as overhead) required to fulfill the performance obligation, plus a reasonable profit margin, to estimate fair value. The estimated direct and incremental costs are reflective of those that we would normally incur to fulfill similar obligations and do not include any costs incurred prior to the business combination or that are not needed to fulfill the obligation.

The purchase agreements related to certain of our acquisitions may include provisions for the payment of additional cash consideration if certain future performance conditions are met. These contingent consideration arrangements are to be recognized at their acquisition date fair value and included as part of the purchase price at the acquisition date. The estimated fair value of these contingent consideration arrangements are classified as accrued liabilities or other long-term liabilities on our Consolidated Balance Sheets. As such, their fair value is remeasured each reporting period with any change in fair value being recognized in the applicable period’s results of operations and included in acquisition-related and other costs in our Consolidated Statements of Operations. Measuring the fair value of contingent consideration at the acquisition date, and for all subsequent remeasurement periods, requires a careful examination of the facts and circumstances to determine the probable resolution of the contingency(ies).

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In addition, uncertain tax positions and tax related valuation allowances assumed in connection with a business combination are initially estimated as of the acquisition date and we reevaluate these items periodically with any adjustments to our preliminary estimates being recorded to goodwill provided that we are within the measurement period and we continue to collect information in order to determine their estimated values. Subsequent to the measurement period or our final determination of the uncertain tax positions estimated value or tax related valuation allowances, changes to these uncertain tax positions and tax related valuation allowances will affect our provision for income taxes in our Consolidated Statements of Operations and could have a material impact on our results of operations and financial position.

Restructuring

Costs to exit or restructure certain activities of an acquired company, or our internal operations, are accounted for as one-time termination and exit costs pursuant to ASC 420, Exit or Disposal Cost Obligations. If acquisition related, they are accounted for separately from the business combination. Liabilities for costs associated with an exit or disposal activity are measured at fair value on our Consolidated Balance Sheet and recognized in our Consolidated Statement of Operations in the period in which the liability is incurred. In the normal course of business, Infor may incur restructuring charges related to personnel which are accounted for in accordance with ASC 712, Compensation—Nonretirement Postemployment Benefits. These restructuring charges represent severance associated with redundant positions. When estimating the fair value of facility restructuring activities, assumptions are applied regarding estimated sub-lease payments to be received, which can differ materially from actual results. This may require revision of initial estimates which may materially affect our results of operations and financial position in the period the change in estimate occurs.

We estimate the amounts of these costs based on our expectations at the time the charges are taken and we reevaluate the remaining accruals at each reporting date based on current facts and circumstances. If our estimates or expectations change because we are subjected to contractual obligations or negotiations we did not anticipate, we choose to further restructure our operations, or there are other costs or changes we did not foresee, we adjust the restructuring accruals in the period that our estimates change. Such changes are recorded as increases or decreases to the restructuring related charges in our results of operations.

Valuation of Accounts Receivable

We have established an allowance for estimated billing adjustments and an allowance for estimated amounts that will not be collected. We record provisions for billing adjustments as a reduction of revenue and provisions for doubtful accounts as a component of general and administrative expense in our Consolidated Statements of Operations. We review specific accounts, including significant accounts with balances past due over 90 days, for collectability based on circumstances known at the date of the financial statements.

In judging the adequacy of the allowance for doubtful accounts, we consider multiple factors including historical bad debt experience, the general economic environment, the need for specific customer reserves and the aging of our receivables. To assess the need for specific customer reserves, we evaluate the probability of collection based upon several factors including: 1) third-party credit agency information, 2) customer financial statements and/or 3) customer payment history. A considerable amount of judgment is required in assessing these factors. If the factors used in determining the allowance do not reflect future events, then a change in the allowance for doubtful accounts would be necessary at the time of determination. Such a change may have a significant impact on our future results of operations. Accounts receivable are charged off against the allowance when we determine it is probable the receivable will not be recovered.

Valuation and Assessment of Impairment of Goodwill and Intangible Assets

Our goodwill and intangible assets resulted primarily from our acquisitions. We account for intangible assets and goodwill pursuant to ASC 350, Intangibles—Goodwill and Other. Whenever events or changes in circumstances indicate the carrying amount may not be recoverable we review these assets for impairment or disposal. Events or changes in circumstances that indicate the carrying amount of the assets may not be recoverable include, but are not limited to, a significant decrease in the market value of the business or asset acquired, a significant adverse change in the extent or manner in which the business or asset acquired is used or a significant adverse change in the business climate in which we operate. In order to perform these reviews, we must first determine our reporting units in accordance with ASC 280, Segment Reporting. ASC 280 requires a public enterprise to report financial and descriptive information about its reportable operating segments, and thus its reporting units. We have determined that we operate as three reporting units: License, Maintenance and Consulting.

We review goodwill for impairment annually and whenever events or changes in circumstances indicate its carrying value may not be recoverable in accordance with ASC 350, Intangibles—Goodwill and Other. We have adopted the FASB guidance that allows for an initial qualitative analysis to assess potential goodwill impairment prior to performing the goodwill impairment test. Our annual testing for goodwill impairment begins with a qualitative comparison of a reporting unit’s fair value to its carrying value to determine if it is more-likely-than-not (i.e. a likelihood of more than 50 percent) that the fair value is less than the carrying value and thus whether any further impairment tests are necessary. If further impairment testing is necessary, we compare the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not considered impaired. If the carrying amount of the goodwill exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess. Any loss recognized cannot exceed the carrying amount of goodwill. After a goodwill impairment loss is recognized, the adjusted carrying amount of goodwill is the new accounting basis. A subsequent reversal of a previously recognized goodwill impairment loss is prohibited once the measurement of that loss is completed and the loss has been recognized. The FASB has recently issued updated guidance

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simplifying how an entity is required to test goodwill for impairment. See Note 2, Summary of Significant Accounting Policies – Recent Accounting Pronouncements—Not Yet Adopted.

The estimate of the total fair value of our reporting units requires the use of significant estimates and assumptions including projections of future cash flows and discount rates. The discount rate utilized is based on management’s best estimate of the related risks and return at the time the impairment assessment is made. We perform our annual goodwill impairment test as of September 30. The results of our most recent annual tests performed in fiscal 2017, 2016 and 2015 did not indicate any potential impairment of our goodwill and we have no accumulated impairment charges related to our goodwill.

The carrying amount of our intangible assets, other than acquired technology, are reviewed whenever circumstances arise that indicate the carrying amount of an asset may not be recoverable. The carrying amount of our acquired technology is reviewed for recoverability on at least an annual basis. The carrying value of our intangible assets is compared to the undiscounted future cash flows the assets are expected to generate. An asset is considered to be impaired if the carrying value of that asset exceeds its estimated fair value and this difference is recognized as an impairment loss. The estimated fair value of these intangible assets requires the use of significant estimates and assumptions including projections of future cash flows and remaining useful lives of the intangible assets. We have not recognized any losses from impairment of our intangible assets during fiscal 2017, 2016 and 2015.

Income Taxes and Valuation of Deferred Tax Assets

Our provision for income taxes consists of provisions for federal, state, and foreign income taxes. We operate in an international environment with significant operations in various locations outside of the U.S. Accordingly, our combined income tax rate is a composite rate reflecting our operating results in various locations and the applicable rates.

Significant judgment is required in determining our worldwide income tax provision. In the ordinary course of a global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Our judgments, assumptions, and estimates relative to the provision for income taxes take into account current tax laws, our interpretation of current tax laws, and possible outcomes of current and future audits conducted by foreign and domestic tax authorities. Although we believe that our estimates are reasonable, the final tax outcome of matters could be different from that which is reflected in our historical income tax provision and accruals. Such differences, if identified in future periods, could have a material effect on the amounts recorded in our Consolidated Financial Statements.

We utilize the asset and liability method of accounting for income taxes as set forth in ASC 740 Income Taxes. Under this method, we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured by applying enacted statutory tax rates that are applicable to the future years in which deferred tax assets or liabilities are expected to be settled or realized to the differences between the financial statements carrying amount and the tax bases of existing assets and liabilities. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in net loss (or net income) in the period in which the tax rate change is enacted. The statement also requires a valuation allowance against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets may not be realized.

Our worldwide net deferred tax assets consist primarily of net operating loss carryforwards, tax credit carryforwards, disallowed interest expense carryforwards and temporary differences between taxable income (loss) on our tax returns and income (loss) before income taxes under GAAP, primarily related to goodwill and intangible assets. A deferred tax asset generally represents future tax benefits to be received when these carryforwards can be applied against future taxable income or when expenses previously reported in our financial statements become deductible for income tax purposes. We maintain certain strategic management and operational activities in overseas subsidiaries and our foreign earnings are taxed at rates that are generally lower than in the U.S. As of April 30, 2017, we did not provide for U.S. federal income taxes or foreign withholding taxes on the undistributed earnings of our foreign subsidiaries as such earnings are expected to be reinvested indefinitely with the exception of certain previously taxed earnings under Subpart F which were accrued during the fourth quarter of fiscal 2017 as a result of the Koch Industries investment in Infor.

A valuation allowance is recognized for a portion of our net deferred tax assets in the U.S. as well as certain foreign tax jurisdictions. This valuation allowance is based on our assessment of the realizability of these assets. The determination as to whether a deferred tax asset will be realized is made on a jurisdictional basis and is based on the evaluation of positive and negative evidence. This evidence includes historical taxable income, projected future taxable income, the expected timing of the reversal of existing temporary differences and the implementation of tax planning strategies. Projected future taxable income is based on our expected results and assumptions as to the jurisdiction in which the income will be earned. We expect to continue to provide a valuation allowance against these assets until, or unless, we can sustain a level of profitability in the respective tax jurisdictions that demonstrates our ability to utilize these assets. At that time, the valuation allowance could be reduced in part or in total.

We are subject to the provisions of ASC 740-10, which defines the accounting for uncertainty in income taxes by prescribing thresholds and attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This standard also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. The amount of income tax we pay is subject to ongoing audits by federal, state and foreign tax authorities, which may result in proposed assessments. Our estimate of the potential outcome for any uncertain tax issue is highly judgmental. Although we believe we have adequately

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reserved for our uncertain tax positions, no assurance can be given with respect to the final outcome of these matters. We adjust reserves for our uncertain tax positions due to changing facts and circumstances, such as the closing of a tax audit, judicial rulings and refinement of estimates or realization of earnings or deductions that differ from our estimates. To the extent that the final outcome of these matters is different from the amounts recorded, such differences generally will impact our provision for income taxes in the period in which such a determination is made.

The provisions of ASC 740-10 contain a two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in the provision for income taxes line of our Consolidated Statements of Operations.

The Company is included in the GGC Software Parent, LLC (formerly GGC Software Parent, Inc.) consolidated federal income tax return. The Company and its subsidiaries provide for income taxes under the separate return method, by which Infor, Inc. and its subsidiaries compute tax expense as though they file a separate company tax return.

Contingencies—Litigation Reserves

We may, from time to time, have unresolved regulatory, legal, tax or other matters. We provide for contingent liabilities in accordance with ASC 450, Contingencies. Pursuant to this guidance, a loss contingency is charged to income when it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. Gain contingencies are not recorded until realized. We expense all legal costs to resolve regulatory, legal, tax, or other matters in the period incurred.

Periodically, at a minimum at each reporting date, we review the status of each significant matter to assess our potential financial exposure. If a potential loss is considered probable and the amount can be reasonably estimated as defined by the guidance related to accounting for contingencies, we reflect the estimated loss in our results of operations. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability can be reasonably estimated. Because of uncertainties related to these matters, accruals are based on the best information available to us at that time. Further, estimates of this nature are highly subjective, and the final outcome of these matters could vary significantly from the amounts that have been included in the accompanying Consolidated Financial Statements. As additional information becomes available, we reassess the potential liability related to any pending claims and litigation and may revise our estimates accordingly. Such revisions in the estimates of the potential liabilities could have a material impact on our future results of operations, financial position and cash flows.

Litigation by its nature is uncertain and the determination of whether any particular case involves a probable loss and quantifying the amount of loss for purposes of establishing or adjusting applicable reserves requires us to exercise considerable judgment, which is applied as of a certain date. The required reserves may change in the future due to new matters, developments in existing matters, or if we determine to change our strategy with respect to the resolution of any particular matter.

Equity-Based Compensation

We account for equity-based payments, including grants of employee stock options, restricted stock and other equity-based awards, in accordance with ASC 718, Compensation-Stock Compensation, which requires that equity-based payments (to the extent they are compensatory) be recognized in our results of operations based on their fair values and the estimated number of securities we ultimately expect will vest.

We utilize the Option-Pricing Method to estimate the fair value of our equity awards. This approach models the various classes of equity securities as a series of call options on our total equity. The exercise prices of the call options are derived based on the distribution waterfall of the issuing entity. Assumptions utilized under the Option–Pricing Method include: (a) stock price, derived from the estimated fair value of our total equity, (b) time to expiration, derived from the expected time to a potential liquidity event, (c) risk-free interest rate, derived from the U.S. Treasury rate over the expected time to expiration, (d) expected dividend yield and (e) expected volatility of the total equity value.

Circumstances may change and additional data may become available over time which could result in changes to these input assumptions and our estimates of the number of securities we expect will vest. Such changes could materially impact our fair value estimates and how much we recognize as equity-based compensation.

As more fully described in Note 16, Share Purchase and Option Plans, certain stock options, restricted stock and other equity-based awards outstanding under our Share Purchase and Option Plans are subject to vesting and repurchase features that function as in-substance forfeiture provisions. The repurchase features are removed only following the Company’s election not to exercise such repurchase rights within a certain period of time following the termination of the recipient’s employment. If the exercise of the Company’s repurchase rights is considered probable as of a given reporting date, no compensation costs are recognized for securities subject to these repurchase features in that period.

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Results of Operations

The following tables set forth certain line items in our Consolidated Statements of Operations as reported in conformity with GAAP, the period-over-period actual percentage change (Actual) and the period-over-period constant currency percentage change (Constant Currency) for the periods indicated. We have presented our results of operations for fiscal 2017 (12 months) compared to fiscal 2016 (12 months), and with the change in our fiscal year, fiscal 2016 (12 months) compared to our fiscal 2015 11-month transition period as originally reported.

										Fiscal 2017 vs. 2016						Fiscal 2016 vs. 11 Months Ended April 30, 2015
	Year Ended April 30,						11 Months Ended						Constant						Constant
(in millions, except percentages)	2017			2016			April 30, 2015			Actual			Currency			Actual			Currency
Revenues:
Software license fees	$	337.8		$	373.1		$	372.1			(9.5	)%		(7.3	)%		0.3	%		4.8	%
SaaS subscriptions		393.3			242.6			107.1			62.1			63.2			126.5			128.8
Software license fees and subscriptions		731.1			615.7			479.2			18.7			20.4			28.5			32.5
Product updates and support fees		1,389.0			1,405.8			1,330.3			(1.2	)		0.4			5.7			10.4
Software revenues		2,120.1			2,021.5			1,809.5			4.9			6.5			11.7			16.3
Consulting services and other fees		735.7			670.1			629.4			9.8			11.6			6.5			13.0
Total revenues		2,855.8			2,691.6			2,438.9			6.1			7.8			10.4			15.5
Operating expenses:
Cost of software license fees		63.1			70.3			62.6			(10.2	)		(8.5	)		12.3			17.1
Cost of SaaS subscriptions		174.5			100.0			47.1			74.5			75.4			112.3			114.6
Cost of product updates and support fees		242.0			248.9			238.2			(2.8	)		(1.2	)		4.5			10.0
Cost of consulting services and other fees		590.5			563.2			507.2			4.8			6.6			11.0			18.4
Sales and marketing		499.1			433.5			412.9			15.1			16.8			5.0			9.3
Research and development		455.8			421.6			369.8			8.1			9.5			14.0			18.0
General and administrative		237.0			193.3			177.9			22.6			25.8			8.7			16.0
Amortization of intangible assets and depreciation		232.7			243.9			222.9			(4.6	)		(3.6	)		9.4			13.0
Restructuring costs		39.5			28.0			5.7			41.1			41.4			391.2			414.0
Acquisition-related and other costs		215.2			17.1			1.4			NM			NM			NM			NM
Total operating expenses		2,749.4			2,319.8			2,045.7			18.5			20.1			13.4			18.8
Income from operations		106.4			371.8			393.2			(71.4	)		(69.5	)		(5.4	)		(1.7	)
Interest expense, net		317.7			311.5			320.1			2.0			2.0			(2.7	)		(2.7	)
Loss on extinguishment of debt		4.6			—			172.4			NM			NM			(100.0	)		(100.0	)
Other (income) expense, net		4.1			75.9			(66.8	)		(94.6	)		(87.1	)		NM			NM
Income (loss) before income tax		(220.0	)		(15.6	)		(32.5	)		NM			NM			(52.0	)		(88.6	)
Income tax provision (benefit)		(33.8	)		(48.8	)		(52.2	)		(30.7	)		(35.5	)		(6.5	)		(10.7	)
Net income (loss)		(186.2	)		33.2			19.7			NM			NM			68.5			117.8
Net income (loss) attributable to noncontrolling interests		0.6			(2.0	)		—			NM			NM			NM			NM
Net income (loss) attributable to Infor, Inc.	$	(186.8	)	$	35.2		$	19.7			NM	%		NM	%		78.7	%		127.9	%

* NM Percentage not meaningful

The discussion that follows relates to our results of operations for:

• The comparable fiscal years ended April 30, 2017 and 2016, and

• Fiscal 2016 (the 12-month period of May 1, 2015 through April 30, 2016) compared to fiscal 2015 (the 11-month transition period, as originally reported, of June 1, 2014 through April 30, 2015).

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This discussion should be read in conjunction with the accompanying audited Consolidated Financial Statements and related Notes of this Annual Report on Form 10-K and with the information presented in the above table. This analysis addresses the actual changes in our results of operations for the comparable fiscal periods as presented in accordance with GAAP as well as changes excluding the impact of foreign currency fluctuations, as reflected in the constant currency percentages in the above table and the tables that follow. See the Foreign Currency discussion, above, for further explanation of the impact on our results of operations.

Revenues

							Fiscal 2017 vs. 2016						Fiscal 2016 vs. 11 Months Ended April 30, 2015
	Year Ended April 30,				11 Months Ended					Constant						Constant
(in millions, except percentages)	2017		2016		April 30, 2015		Actual			Currency			Actual			Currency
Revenues:
Software license fees	$	337.8	$	373.1	$	372.1		(9.5	)%		(7.3	)%		0.3	%		4.8	%
SaaS subscriptions		393.3		242.6		107.1		62.1			63.2			126.5			128.8
Software license fees and subscriptions		731.1		615.7		479.2		18.7			20.4			28.5			32.5
Product updates and support fees		1,389.0		1,405.8		1,330.3		(1.2	)		0.4			5.7			10.4
Software revenues		2,120.1		2,021.5		1,809.5		4.9			6.5			11.7			16.3
Consulting services and other fees		735.7		670.1		629.4		9.8			11.6			6.5			13.0
Total revenues	$	2,855.8	$	2,691.6	$	2,438.9		6.1	%		7.8	%		10.4	%		15.5	%

Total Revenues. We generate revenues from licensing our software, providing access to our software through SaaS subscriptions, providing product updates and support related to our licensed products and providing consulting services. We utilize written contracts as the means to establish the terms and conditions by which our products, product updates and support and consulting services are sold to our customers. As our product updates and support and consulting services are primarily attributable to our licensed products, growth in our product updates and support and consulting services is generally tied to the level of our license contracting activity.

Total revenues increased 7.8% in fiscal 2017 compared to fiscal 2016, excluding the unfavorable foreign currency impact of 1.7%. On a constant currency basis, we realized growth across all our geographic regions. We experienced significant growth in our SaaS subscriptions revenues, which increased 63.2%, as we continued to expand our CloudSuite offerings and shift our license mix to SaaS subscriptions. As a result of this shift, our perpetual software license fees revenues decreased 7.3%. Our product updates and support fees were relatively flat, up 0.4%, while our consulting services and other fees revenues were up 11.6%. The increase in total revenues reflects the inclusion of the results of operations of our recent acquisitions.

Total revenues increased by 15.5% in fiscal 2016 compared to fiscal 2015, excluding the unfavorable foreign currency impact of 5.1%. On a constant currency basis, revenues in each category increased including a 32.5% increase in our software license fees and subscriptions, primarily our SaaS revenues as we expanded our CloudSuite offerings and shifted our license mix to SaaS subscriptions, a 10.4% increase in our product updates and support fees, as well as a 13.0% increase in our consulting services and other fees revenues. The increase in total revenues also reflected the inclusion of the results of operations of GT Nexus since the acquisition in the second quarter of fiscal 2016. On a constant currency basis, the May 2015 impact on total revenues was an increase of 9.1 points and the other 11 months of fiscal 2016 resulted in an increase of 6.4 points.

Software License Fees. Our software license fees consist of fees resulting from products licensed to our customers on a perpetual basis. Product license fees result from a customer’s licensing of a given software product for the first time or with a customer’s licensing of additional users for previously licensed products.

In fiscal 2017, software license fees revenues decreased by 7.3% compared to fiscal 2016, excluding the unfavorable foreign currency impact of 2.2%. At constant currency, the decrease in perpetual license fees revenues was primarily due to a decrease in our Americas regions, which accounted for a decrease of 7.3 points, as well as a 0.3 point decrease related to our EMEA region. These decreases were somewhat offset by a 0.3 point increase related to our APAC region. We continued to see a shift in our mix of software license business from the sale of perpetual licenses to the sale of SaaS subscriptions, which negatively impacted license fees revenues for the year. Revenue from perpetual licensing transactions is generally recorded up-front, while revenue from SaaS transactions is recognized over the term of the subscription contract.

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Fiscal 2016 software license fees revenues increased by 4.8% compared to fiscal 2015, excluding the unfavorable foreign currency impact of 4.5%. At constant currency, we recorded an increase in perpetual license fees revenues in the Americas and EMEA regions, more than offsetting a decrease in our APAC region. This increase was primarily due to the change in our fiscal year end. May 2015 software license fees accounted for approximately 6.5 points of the year-to-date increase while the remaining 11 months’ software license fees resulted in a decrease of 1.7 points.

SaaS Subscriptions. Our SaaS subscriptions consists of revenues related to granting customers access to our software products through our SaaS subscription offerings.

In fiscal 2017, SaaS subscriptions revenues increased by 63.2% compared to fiscal 2016, excluding the unfavorable foreign currency impact of 1.1%. We continued to see strong demand for our expanding CloudSuite portfolio and other subscription offerings and a further shift of our license mix to SaaS subscriptions. At constant currency, we reported higher SaaS revenues across all geographic regions, especially in the Americas, which accounted for an increase of approximately 45.5 points. In addition, our EMEA and APAC regions contributed increases of approximately 9.6 points and 8.1 points, respectively. The increase in fiscal 2017 SaaS revenues also reflects the inclusion of the results of operations of GT Nexus since the acquisition in the second quarter of fiscal 2016, which accounted for 26.7 points of the increase. The increase in SaaS revenues also reflects the inclusion of the results of operations of our other recent acquisitions.

In fiscal 2016, SaaS subscriptions revenues increased by 128.8% compared to fiscal 2015, excluding the unfavorable foreign currency impact of 2.3%. At constant currency, we reported higher SaaS revenues across all geographic regions, especially in the Americas. The increase in subscriptions revenues in fiscal 2016 also reflects the inclusion of the results of GT Nexus, acquired in the second quarter of fiscal 2016, with no related amounts in the corresponding prior period. GT Nexus contributed 62.4 points of the increase. The impact of May 2015 SaaS revenues was an increase of approximately 12.1 points.

Product Updates and Support Fees. Our product updates and support fees revenues represent the ratable recognition of fees to enroll and renew on-premise licensed products in our maintenance programs. These fees are typically charged annually and are based on the on-premise license fees initially paid by the customer. Product updates and support revenues can fluctuate based on the number and timing of new on-premise license contracts, renewal rates and price increases.

In fiscal 2017, product updates and support fees increased by 0.4%, compared to fiscal 2016, excluding the unfavorable foreign currency impact of 1.6%. At constant currency, we experienced modest growth in our product updates and support fees in our EMEA and APAC regions, which more than offset a slight decrease in the Americas. The net increase was primarily the result of revenues related to new maintenance pull-through from new perpetual license transactions and price increases, offsetting customer attrition and the negative pressure from the shift in our software license business from the sale of perpetual licenses to the sale of SaaS subscriptions, which includes product updates and support. We continue to experience maintenance retention rates of over 93.0% in fiscal 2017.

For fiscal 2016, product updates and support fees increased by 10.4%, excluding the unfavorable foreign currency impact of 4.7%, compared to fiscal 2015. The increase in product updates and support fees was across all geographic regions. At constant currency, the increase was primarily the result of the impact of May 2015, which accounted for an increase of approximately 9.6 points. Product updates and support fees were relatively flat for the other 11 months of fiscal 2016, accounting for a 0.8 point increase, as revenues related to new maintenance pull-through from new on-premise license transactions and price increases offset customer attrition and decreases related to customers converting from on-premise maintenance to our SaaS subscription offerings.

Consulting Services and Other Fees. Our consulting services and other fees revenues consist primarily of software-related services, including systems implementation and integration services, consulting, custom modification, hosting services, application managed services and education and training services for customers who have licensed our products. Consulting services and other fees revenues also includes revenues related to hardware systems products and Inforum, our customer event.

Consulting services and other fees increased by 11.6%, excluding the unfavorable foreign currency impact of 1.8%, in fiscal 2017 compared to fiscal 2016. At constant currency, we experienced an increase in consulting services revenues, which accounted for an increase of 10.6 points compared to last year. This increase was experienced across all geographic regions; EMEA accounted for an increase of 6.4 points, Americas 3.5 points, and APAC 0.7 points. In addition, other fees revenues accounted for a 1.0 point increase, primarily in our Americas region due to the inclusion of revenues related to Inforum, our customer event held in July 2016, with no similar amounts in the corresponding prior period. The increase in consulting services and other fees reflects the inclusion of the results of our recent acquisitions, which accounted for 6.6 points of the increase.

Consulting services and other fees increased by 13.0%, excluding the unfavorable foreign currency impact of 6.5%, in fiscal 2016 compared to fiscal 2015. At constant currency, our consulting services revenues were up across all geographic regions and accounted for an increase of 11.8 points with the Americas, EMEA and APAC accounting for increases of approximately 7.3, 4.0 and 0.5 points, respectively. In addition, our other fees revenues increased by 1.2 points compared to fiscal 2015. The May 2015 impact on consulting services and other fees revenues was an increase of approximately 8.7 points and the other 11 months of fiscal 2016 accounted for an increase of 4.3 points.

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Deferred Revenue. Certain of our revenues are deferred when all conditions of revenue recognition have not been met. Deferred revenue represents revenue that is to be recognized in future periods when such conditions have been satisfied related to certain license agreements (including SaaS), maintenance contracts and certain consulting arrangements, as discussed above. We had total deferred revenues of $1,051.0 million and $973.9 million at April 30, 2017 and 2016, respectively.

The following table sets forth the components of deferred revenue:

	April 30,
(in millions)	2017		2016
Software license fees	$	10.8	$	10.6
SaaS subscriptions		237.7		141.9
Software license fees and subscriptions		248.5		152.5
Product updates and support fees		741.1		757.8
Consulting services and other fees		61.4		63.6
Total deferred revenue		1,051.0		973.9
Less: current portion		1,016.5		936.7
Deferred revenue—non-current	$	34.5	$	37.2

Within our fiscal year, changes in the balance of our deferred revenue are cyclical and primarily driven by the timing of our maintenance services renewal cycles. Our peak renewal activity levels occur in December and May with revenues being recognized ratably over the applicable service periods. We generate substantial recurring product update and support fees revenue from our customer support programs and other software maintenance services. Maintaining our current level of product update and support fees revenue is dependent upon our ability to enroll our customers in our maintenance programs and having our customers renew their maintenance agreements, primarily on an annual basis. Deferred SaaS subscription revenues are a growing part of our deferred software license fees and subscriptions balance and are less cyclical than the balance of our deferred product updates and support fees revenues.

Operating Expenses

							Fiscal 2017 vs. 2016						Fiscal 2016 vs. 11 Months Ended April 30, 2015
	Year Ended April 30,				11 Months Ended					Constant						Constant
(in millions, except percentages)	2017		2016		April 30, 2015		Actual			Currency			Actual			Currency
Operating expenses:
Cost of software license fees	$	63.1	$	70.3	$	62.6		(10.2	)%		(8.5	)%		12.3	%		17.1	%
Cost of SaaS subscriptions		174.5		100.0		47.1		74.5			75.4			112.3			114.6
Cost of product updates and support fees		242.0		248.9		238.2		(2.8	)		(1.2	)		4.5			10.0
Cost of consulting services and other fees		590.5		563.2		507.2		4.8			6.6			11.0			18.4
Sales and marketing		499.1		433.5		412.9		15.1			16.8			5.0			9.3
Research and development		455.8		421.6		369.8		8.1			9.5			14.0			18.0
General and administrative		237.0		193.3		177.9		22.6			25.8			8.7			16.0
Amortization of intangible assets and depreciation		232.7		243.9		222.9		(4.6	)		(3.6	)		9.4			13.0
Restructuring costs		39.5		28.0		5.7		41.1			41.4			391.2			414.0
Acquisition-related and other costs		215.2		17.1		1.4		NM			NM			NM			NM
Total operating expenses	$	2,749.4	$	2,319.8	$	2,045.7		18.5	%		20.1	%		13.4	%		18.8	%

* NM Percentage not meaningful

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Cost of Software License Fees. Cost of software license fees reflects costs related to the sale of our perpetual software licenses including royalties to third parties, channel partner commissions and other software delivery expenses, and applicable overhead costs. Our software solutions may include embedded components of third-party vendors for which a fee is paid to the vendor upon the sale of our products. In addition, we resell third-party products in conjunction with the license of our software solutions, which also results in a fee. We also sell our software solutions through our third-party channel relationships which require us to pay applicable commissions to our channel partners. The cost of software license fees is generally higher, as a percentage of revenues, when we sell products of third-party vendors. As a result, software license fees gross margins will vary depending on the proportion of third-party product sales and/or sales through our business partner channel in our revenue mix.

Cost of software license fees decreased by 8.5%, excluding the favorable foreign currency impact of 1.7%, in fiscal 2017 compared to fiscal 2016. At constant currency, this decrease was primarily due to an 11.1 point decrease related to lower third-party royalties, in-line with lower software license fees revenues in fiscal 2017 compared to last year. This decrease was somewhat offset by a 2.1 point increase related to higher channel partner commissions due to the mix of license fees revenues and a 0.5 point increase related to higher other costs.

Cost of software license fees for fiscal 2016 increased by 17.1%, excluding the favorable foreign currency impact of 4.8%, compared to fiscal 2015. At constant currency, this increase was primarily due to an 11.1 point increase related to higher third-party royalties, a 4.7 point increase related to higher channel partner commissions, and a 1.3 point increase in other costs. The impact of May 2015 on cost of software license fees was an increase of approximately 3.8 points.

Cost of SaaS Subscriptions. Cost of SaaS subscriptions reflects costs related to our SaaS offerings including salaries, employee benefits, vendor costs associated with providing our subscription offerings, and applicable overhead costs.

Cost of SaaS subscriptions increased by 75.4%, excluding the favorable foreign currency impact of 0.9%, in fiscal 2017 compared to fiscal 2016. At constant currency, this increase in SaaS costs was in-line with our higher SaaS subscriptions revenues in fiscal 2017, including a 34.4 point increase related to higher hosting costs, an increase of 25.4 points due to higher employee-related and overhead costs, primarily as a result of 43.5% higher SaaS headcount in fiscal 2017 compared to fiscal 2016, and an increase of 15.6 points related to higher other costs of providing our SaaS subscriptions.

For fiscal 2016, cost of SaaS subscriptions increased by 114.6%, excluding the favorable foreign currency impact of 2.3%, compared to fiscal 2015, in-line with higher year-to-date SaaS subscriptions revenues. The impact of May 2015 on cost of SaaS subscriptions was an increase of approximately 9.9 points.

Cost of Product Updates and Support Fees. Cost of product updates and support fees includes salaries, employee benefits, related travel, third-party maintenance costs associated with embedded and non-embedded third-party products, related channel partner commissions, share-based compensation expense, and the overhead costs of providing our customers product updates and support.

Cost of product updates and support fees decreased by 1.2%, excluding the favorable foreign currency impact of 1.6%, in fiscal 2017 compared to fiscal 2016. At constant currency, the decrease was primarily due to a 1.9 point decrease in employee-related support and overhead costs, and a 1.5 point decrease related to lower third-party royalties. These decreases were somewhat offset by a 1.2 point increase related to higher share-based compensation, a 0.7 point increase related to higher channel partner commissions and a 0.3 point increase related to higher professional fees and other support costs.

For fiscal 2016, cost of product updates and support fees increased by 10.0%, excluding the favorable foreign currency impact of 5.5%, compared to fiscal 2015. At constant currency, the increase was primarily due to a 6.1 point increase related to higher third-party royalties, a 2.7 point increase related to higher professional fees, a 0.8 point increase in employee-related support costs and overhead allocations, and a 0.4 point increase due to higher channel partner commissions. The impact of May 2015 on cost of product updates and support fees was an increase of approximately 9.3 points.

Cost of Consulting Services and Other Fees. Cost of consulting services and other fees includes salaries, employee benefits, third-party consulting costs, related travel, and the overhead costs of providing our customers systems implementation and integration services, consulting, custom modification, hosting services, application managed services, share-based compensation expense, and education and training services. Cost of consulting services and other fees also includes costs associated with our hardware business.

Cost of consulting services and other fees increased by 6.6%, excluding the favorable foreign currency impact of 1.7%, in fiscal 2017 compared to fiscal 2016. At constant currency, cost of consulting services increased 8.6 points due to higher employee-related and overhead costs, primarily as a result of 15.8% higher headcount in our professional services organizations in fiscal 2017 compared to fiscal 2016. The increase in our professional services headcount includes the employees of our recent acquisitions. In addition, higher share-based compensation accounted for a 0.7 point increase. These increases were somewhat offset by a 2.0 point decrease due to lower billable contractor costs and a 0.7 point decrease related to lower professional fees and other costs.

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For fiscal 2016, cost of consulting services and other fees increased by 18.4%, excluding the favorable foreign currency impact of 7.4%, compared to fiscal 2015. At constant currency, cost of consulting services increased 14.0 points due to higher employee-related costs and overhead allocations, a 2.6 point increase related to higher billable employee costs, and a 1.8 point increase related to an increase in other costs. The impact of May 2015 on cost of consulting services and other fees was an increase of approximately 9.7 points.

Sales and Marketing. Sales and marketing expenses consist primarily of salaries, commissions, employee benefits, travel, trade show activities, advertising and branding costs, overhead costs related to our sales and marketing functions, share-based compensation expense, and the costs of Inforum, our customer event.

For fiscal 2017, sales and marketing expenses increased by 16.8%, excluding the favorable foreign currency impact of 1.6%, compared to fiscal 2016. On a constant currency basis, the increase in sales and marketing expenses was primarily due to an increase of 8.5 points in higher employee-related sales and overhead costs due to 4.3% higher headcount in our sales organization in fiscal 2017 compared to fiscal 2016, a 7.1 point increase related to higher share-based compensation triggered as a result of Koch Industries’ investment in Infor, and a 1.3 point increase due to higher marketing program costs, including the costs of Inforum held in the first quarter of this year. These increases were somewhat offset by a 0.1 point decrease due to lower other sales costs.

For fiscal 2016, sales and marketing expenses increased by 9.3%, excluding the favorable foreign currency impact of 4.3%, compared to fiscal 2015. On a constant currency basis, sales and marketing expenses increased 9.7 points due to higher employee-related sales costs and related overhead allocations and 0.3 points due to an increase in other sales costs. These increases were somewhat offset by a 0.7 point decrease related to lower marketing program costs. The impact of May 2015 on sales and marketing expenses was an increase of approximately 8.3 points.

Research and Development. Research and development expenses consist primarily of personnel-related expenditures, third-party consulting and professional services, and overhead costs related to our research and development function.

Research and development expenses increased 9.5%, excluding the favorable foreign currency impact of 1.4%, in fiscal 2017 compared to fiscal 2016. On a constant currency basis, the increase in research and development expenses was primarily due to a 12.9 point increase in employee-related sales and overhead costs due to 9.6% higher headcount in our development organization in fiscal 2017 compared to fiscal 2016, and a 1.0 point increase related to higher professional fees. These increases were somewhat offset by a 4.1 point decrease related to higher capitalization of software development costs in fiscal 2017 compared to fiscal 2016 and 0.3 points related to a decrease in other development costs.

For fiscal 2016, research and development expenses increased by 18.0%, excluding the favorable foreign currency impact of 4.0%, compared to fiscal 2015. On a constant currency basis, research and development expenses increased 16.0 points as a result of higher employee-related costs and related overhead allocations due to higher headcount in our development organization, 6.9 points related to higher professional fees, 2.1 points related to higher share-based compensation, and 0.6 points related to an increase in other development costs. These increases were somewhat offset by a 7.6 point decrease related to higher capitalization of software development costs in fiscal 2016 compared to fiscal 2015. The impact of May 2015 on research and development expenses was an increase of approximately 9.9 points.

General and Administrative. General and administrative expenses consist primarily of personnel-related expenditures for information technology, finance, legal and human resources support functions, and share-based compensation expense.

For fiscal 2017, general and administrative expenses increased by 25.8%, excluding the favorable foreign currency impact of 3.2%, compared to fiscal 2016. On a constant currency basis, general and administrative expenses increased approximately 15.4 points due to higher share-based compensation triggered as a result of Koch Industries’ investment in Infor , a 5.7 point increase in employee-related costs due to 5.8% higher general and administrative headcount in fiscal 2017 compared to fiscal 2016, a 3.5 point increase primarily related to higher corporate technology costs, and a net increase of 1.2 points in other general and administrative expenses.

For fiscal 2016, general and administrative expenses increased by 16.0%, excluding the favorable foreign currency impact of 7.3%, compared to fiscal 2015. On a constant currency basis, general and administrative expenses increased approximately 11.3 points due to higher employee-related costs and related overhead allocations, 4.4 points related to higher consulting and professional fees, and 6.0 points related to an increase in other general and administrative expenses. These increases were partially offset by a decrease of 4.7 points due to lower legal settlement costs incurred in fiscal 2016 compared to fiscal 2015 and 1.0 points due to lower share-based compensation. The impact of May 2015 on general and administrative expenses was an increase of approximately 9.3 points.

Amortization of Intangible Assets and Depreciation. Amortization of intangible assets primarily relates to the on-going amortization of intangible assets acquired in acquisitions. Depreciation expense relates primarily to our computer equipment and purchased software, furniture and fixtures, costs capitalized for internal use software, as well as leasehold improvements.

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Fiscal 2017 amortization of intangible assets and depreciation decreased by 3.6%, excluding the favorable impact of foreign currency of 1.0%, compared to fiscal 2016. The decrease resulted primarily from lower amortization and depreciation related to certain of our assets being fully amortized or depreciated in fiscal 2016 with no corresponding expense recorded in fiscal 2017. The decreases were somewhat offset by higher amortization expense related to intangible assets and depreciation of fixed assets recorded as part of our recent acquisitions, and depreciation of costs capitalized for our internal use software.

Fiscal 2016 amortization of intangible assets and depreciation increased by 13.0%, excluding the favorable impact of foreign currency of 3.6%, compared to fiscal 2015. The increase resulted primarily from the impact of May 2015, which accounted for an increase of approximately 9.6 points, as well as higher amortization expense related to intangible assets and depreciation of fixed assets recorded as part of the GT Nexus Acquisition. These increases were somewhat offset by lower amortization related to certain of our assets being fully amortized or depreciated in fiscal 2016 with no corresponding expense recorded in fiscal 2015.

Restructuring. We have recorded restructuring charges related to our acquisitions and on occasion to eliminate redundancies, improve our operational efficiency and reduce our operating costs. These cost reduction measures included workforce reductions relating to restructuring our workforce, the exiting of certain leased facilities and the consolidation of space in certain other facilities. These restructuring charges include employee severance costs and costs related to the reduction of office space. See Note 11, Restructuring Charges, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K.

In fiscal 2017, we incurred restructuring charges of $39.5 million compared to $28.0 million in fiscal 2016 and $5.7 million in fiscal 2015. The restructuring charges recorded in fiscal 2017 included approximately $35.6 million related to employee severance costs and $3.9 million in accruals for costs related to facilities to be exited. The employee severance costs relate primarily to personnel actions taken in our EMEA and Americas regions affecting all functional areas. The facilities charges relate to exiting or consolidation of space in facilities primarily in the Americas region. The restructuring charges recorded in fiscal 2016 were related to employee severance costs for personnel in all functions and across all geographies as well as charges related to exiting or consolidating space in certain leased facilities. During fiscal 2016, we engaged an outside consulting firm to provide restructuring advisory services focusing on all areas of our operations. These efforts resulted in the charges taken in fiscal 2016. The restructuring charges recorded in fiscal 2015 were related to employee severance costs for personnel in our sales and professional services organizations primarily in our EMEA region as well as personnel in our product development organization primarily in our APAC region.

Acquisition-Related and Other Costs. Acquisition-related and other costs include transaction and integration costs related to our acquisitions, including professional services fees, certain employee costs related to transitional and certain other employees, as well as changes to the estimated fair value of contingent consideration liabilities related to our acquisitions. Acquisition-related and other costs also include certain costs incurred in financing our acquisitions, reorganizing our operations, and other debt and equity financing activities.

Fiscal 2017 acquisition-related and other costs of $215.2 million increased by approximately $198.1 million compared to $17.1 million in fiscal 2016. For fiscal 2017, acquisition-related and other costs included $192.3 million related to the Koch Equity Development, LLC investment in Infor. See Note 13, Common Stock, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K. These costs include transaction related bonuses, Sponsor transaction fees, advisory, legal, and other professional fees. Fiscal 2017 acquisition-related and other costs also included $7.9 million for costs related to our recent acquisitions, $7.6 million in costs related to the refinancing of the outstanding balances of our first lien term loans under our Credit Agreement, $6.9 million in adjustments to the estimated fair value of our contingent consideration liabilities related to certain of our recent acquisitions, and $0.5 million in costs related to other debt and financing activities.

Fiscal 2016 acquisition-related and other costs of $17.1 million increased by approximately $15.7 million compared to $1.4 million in fiscal 2015. For fiscal 2016, acquisition-related and other costs were primarily for the GT Nexus Acquisition in September 2015, adjustments to the estimated fair value of our contingent consideration liability related to previous acquisitions, costs related to our investment in Predictix, as well as costs of the Registration Statement on Form S-4 that we filed with the SEC (Form S-4) related to the Exchange Offer (as defined below). See Liquidity and Capital Resources – Long-Term Debt, below.

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Non-Operating Income and Expenses

								Fiscal 2017 vs. 2016						Fiscal 2016 vs. 11 Months Ended April 30, 2015
	Year Ended April 30,				11 Months Ended						Constant						Constant
(in millions, except percentages)	2017		2016		April 30, 2015			Actual			Currency			Actual			Currency
Interest expense, net	$	317.7	$	311.5	$	320.1			2.0	%		2.0	%		(2.7	)%		(2.7	)%
Loss on extinguishment of debt		4.6		—		172.4			NM			NM			(100.0	)		(100.0	)
Other (income) expense, net		4.1		75.9		(66.8	)		(94.6	)		(87.1	)		NM			NM
Total non-operating expenses	$	326.4	$	387.4	$	425.7			(15.7	)%		(14.3	)%		(9.0	)%		(8.3	)%

* NM Percentage not meaningful

Interest Expense, Net. Interest expense, net consists of the interest expense related to our debt less the interest income on cash and marketable securities.

Fiscal 2017 interest expense, net of $317.7 million increased by $6.2 million, or 2.0%, compared to $311.5 million in fiscal 2016. The increase in our interest expense was primarily due to $8.4 million in higher interest expense related to the issuance of our Senior Secured Notes in the third quarter of fiscal 2016, which was somewhat offset by $3.2 million in lower interest expense related to the term loans under our Credit Agreement, which we refinanced in the fourth quarter of fiscal 2017 at more favorable interest rates. In addition, other interest expense, net increased $0.7 million and the amortization of deferred financing fees and net debt discounts increased $0.2 million in fiscal 2017 compared to last year.

Fiscal 2016 interest expense, net of $311.5 million decreased by $8.6 million, or 2.7%, compared to $320.1 million in fiscal 2015. The decrease in our interest expense was primarily due to the refinancing of our Senior Notes in the fourth quarter of fiscal 2015 at more favorable interest rates somewhat offset by interest on our Senior Secured Notes issued in the second quarter of fiscal 2016. See Liquidity and Capital Resources – Long-Term Debt, below. As a result of these refinancing transactions, our interest expense decreased by approximately $19.3 million. This decrease was somewhat offset by $10.8 million of additional interest related to our interest rate swaps. The May 2015 impact on interest expense, net was an unfavorable $24.4 million and the other 11 months of fiscal 2016 was a favorable $33.0 million, for a net favorable impact of $8.6 million.

Loss on Extinguishment of Debt. Loss on extinguishment of debt consists of redemption premiums paid, the net book value of deferred financing fees and debt discounts written off, and other costs incurred in connection with our refinancing activities. See Note 12, Debt, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K.

In fiscal 2017, we recorded a loss on extinguishment of debt of $4.6 million related to the refinancing of the outstanding balances of our first lien term loans in the fourth quarter of fiscal 2017. This amount includes $3.2 million related to the net book value of deferred financing fees and $1.4 million in debt discounts written off.

In fiscal 2015, we recorded a loss on extinguishment of debt of $172.4 million related to the refinancing of our existing senior notes in the fourth quarter of fiscal 2015. This amount includes $134.7 million in applicable redemption premiums on our existing senior notes, $34.8 million related to the net book value of deferred financing fees and debt discounts written off, and $2.9 million in other costs incurred in connection with the repayment of our existing senior notes.

Other (Income) Expense, Net. Other (income) expense, net consists of the effects of foreign currency fluctuations, gain/loss on the sale of fixed assets, and other costs.

Fiscal 2017 other (income) expense, net was net expense of $4.1 million compared to net expense of $75.9 million in fiscal 2016 and net income of $66.8 million in fiscal 2015. These changes in other (income) expense, net were primarily due to fluctuations in foreign currency exchange rates primarily related to the Euro and British Pound. In fiscal 2016, the May 2015 impact on other (income) expense was a favorable $19.4 million and the other 11 months of fiscal 2016 was an unfavorable $162.0 million, for a net unfavorable impact of $142.7 million.

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Income Tax Provision (Benefit)

										Fiscal 2017 vs. 2016						Fiscal 2016 vs. 11 Months Ended April 30, 2015
	Year Ended April 30,						11 Months Ended						Constant						Constant
(in millions, except percentages)	2017			2016			April 30, 2015			Actual			Currency			Actual			Currency
Income tax provision (benefit)	$	(33.8	)	$	(48.8	)	$	(52.2	)		(30.7	)%		(35.5	)%		(6.5	)%		(10.7	)%
Effective income tax rate		15.4	%		312.8	%		160.6	%

The effective tax rate for the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. Our effective tax rate may fluctuate as a result of changes in the forecasted annual income level and geographical mix of our operating earnings as well as a result of acquisitions, changes in liabilities recorded for unrecognized tax benefits, changes in the valuation allowances for deferred tax assets, tax settlements with U.S. and foreign tax authorities, and the impact from changes in enacted tax laws.

Our provision for income taxes differs from the tax computed at the U.S. federal statutory rate primarily due to certain earnings considered as indefinitely reinvested in foreign operations, states taxes, and foreign earnings taxed at lower income tax rates than in the U.S.

For fiscal 2017, we recorded income tax benefit of $33.8 million, resulting in an effective tax rate of 15.4%. The change in our effective tax rate for fiscal 2017 compared to fiscal 2016 was driven by the requirement to establish a valuation allowance for the deferred tax assets of the Company’s U.S. operations, a reduction in the amount of unrecognized tax benefits, an increase in non-deductible stock compensation, a reduction of U.S. Federal and State research and development tax credit benefits recognized during Fiscal 2017, and a shift in the proportion of U.S. tax losses not subject to income tax benefit relative to the increase in foreign earnings subject to lower foreign taxes.

For fiscal 2016, we recorded an income tax benefit of $48.8 million, resulting in an effective tax rate of 312.8%. The change in our effective tax rate for fiscal 2016 compared to fiscal 2015 was driven by a reduction in our valuation allowance for various foreign deferred tax assets, a reduction in tax expense as a result of various U.S. Federal and State research and development tax credits, a reduction in the foreign tax rate benefit from differential tax rates due to a change in our mix of earnings and an increase in the amount of unrecognized tax benefits.

For fiscal 2015, we recorded an income tax benefit of $52.2 million, resulting in an effective tax rate of 160.6%. The change in our effective tax rate for fiscal 2015 compared to fiscal 2014 was driven by a reduction in foreign earnings subject to U.S. taxes (Subpart F income), a reduction in non-deductible stock compensation, the ability to utilize the benefits of IRC Section 199 for domestic manufacturing, and a reduction in various permanent taxable income addbacks.

During the past few years, we have executed multiple legal entity organizational restructuring actions to streamline and simplify business operations, lower backoffice costs, and provide access to various foreign deferred tax assets. As a result of such actions, various foreign valuation allowances were able to be eliminated during fiscal 2017, 2016 and 2015. Most recently, in fiscal 2017, legal entity organizational restructuring actions resulted in the release of approximately $17.5 million of valuation allowance in Sweden. In fiscal 2016, we released the valuation allowance on our deferred tax assets in the Netherlands based on the removal of negative evidence related to the entities’ most recent three years of operating results, as well as the execution of a tax planning strategy. During fiscal 2016, we completed certain tax planning strategies in the Netherlands which resulted in the release of a $51.5 million valuation allowance relating to certain net operating losses and deferred tax assets. We continue to examine various tax structuring alternatives that may be executed during fiscal 2018, which could provide additional positive evidence in our valuation allowance considerations that may result in further foreign valuation allowance releases.

Infor is included in the GGC Software Parent, LLC consolidated federal income tax return. The Company and its subsidiaries provide for income taxes under the separate return method, by which Infor, Inc. and its subsidiaries compute tax expense as though they file a separate tax return. GGC Software Parent, LLC and Infor Software Parent LLC have entered into a tax allocation agreement (Tax Allocation Agreement) with the Company that was effective as of April 5, 2012. The Tax Allocation Agreement sets forth the obligation of the Company and its domestic subsidiaries with regard to preparing and filing tax returns and allocating tax payments under the consolidated reporting rules of the Internal Revenue Code and similar state and local tax laws governing combined or consolidated filings. The Tax Allocation Agreement provides that each domestic subsidiary that is a member of the consolidated, unitary or combined tax group will pay its share of the taxes of the group. In fiscal 2017, 2016 and fiscal 2015, we made cash payments of $9.1 million, $16.0 million and $11.7 million, respectively, to GGC Software Parent, LLC under the terms of the Tax Allocation Agreement.

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Non-GAAP Financial Measures

Our results of operations in this Management’s Discussion and Analysis are presented in accordance with GAAP. In addition to reporting our financial results in accordance with GAAP, we present certain non-GAAP financial measures, including non-GAAP revenues, earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA as defined in the indentures that govern our senior notes, and Adjusted EBITDA margin. We believe our presentation of these non-GAAP financial measures provide meaningful insight into our operating performance and an alternative perspective of our results of operations. We use these non-GAAP measures to assess our operating performance, to develop budgets and to serve as a measurement for incentive compensation awards. In addition, Adjusted EBITDA is a key measurement of our operating performance as per the financial covenants in our debt agreements. These measures are a useful tool for investors because presentation of these non-GAAP measures allows users to review our results of operations from the same perspective as management and our Board of Directors. These non-GAAP financial measures provide users an enhanced understanding of our operations, facilitate analysis and comparisons of our current and past results of operations, facilitate comparisons of our operating results with those of our competitors and provide insight into the prospects of our future performance. We also believe that these non-GAAP measures are useful to users because they provide supplemental information that research analysts, investment bankers and lenders frequently use to analyze software companies including those that have recently made significant acquisitions. Additionally, certain of these non-GAAP disclosures are required by our lenders in our reporting to them.

The method we use to produce non-GAAP financial measures is not in accordance with GAAP and may differ from the methods used by other companies reporting similar measures. These non-GAAP financial measures should not be regarded as a substitute for the corresponding GAAP measures but instead should be utilized as supplemental measures of operating performance in evaluating our business. Non-GAAP measures do have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. As such, these non-GAAP measures should be viewed in conjunction with both our financial statements prepared in accordance with GAAP and the reconciliation of the supplemental non-GAAP financial measures to the comparable GAAP measures presented below.

Non-GAAP Revenues

The following table presents the reconciliation of our non-GAAP revenues to our GAAP revenues as reported for the periods indicated:

							Fiscal 2017 vs. 2016						Fiscal 2016 vs. 11 Months Ended April 30, 2015
	Year Ended April 30,				11 Months Ended					Constant						Constant
(in millions, except percentages)	2017		2016		April 30, 2015		Actual			Currency			Actual			Currency
GAAP revenues	$	2,855.8	$	2,691.6	$	2,438.9		6.1	%		7.8	%		10.4	%		15.5	%
Non-GAAP revenue adjustments— purchase accounting impact:
Software license fees		—		—		0.3
SaaS subscriptions		2.1		11.4		0.4
Product updates and support fees		0.8		0.5		3.5
Consulting services and other fees		0.1		0.1		0.3
Total non-GAAP revenue adjustments		3.0		12.0		4.5
Non-GAAP revenues	$	2,858.8	$	2,703.6	$	2,443.4		5.7	%		7.4	%		10.6	%		15.7	%

The non-GAAP adjustments we make to our reported GAAP revenues are primarily related to purchase accounting and other acquisition matters. These amounts reflect adjustments to increase software license fees and subscriptions, product updates and support fees, and consulting services and other fees that we would have recognized if we had not adjusted acquired deferred revenues to their fair values as required by GAAP. Certain deferred revenue for software license fees and subscriptions, product updates and support fees, and consulting services and other fees on the acquired entity’s balance sheet, at the time of the acquisition, were eliminated from our GAAP results as part of the purchase accounting for the acquisition as they do not reflect the fair value of performance obligations to us. As a result, our GAAP results do not, in management’s view, reflect all of our software license fees and subscriptions, product updates and support fees, and consulting services and other fees. We believe the presentation of non-GAAP revenues provides investors and other external users a helpful alternative view of our operations.

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Adjusted EBITDA

The following table presents the reconciliation of our GAAP net income attributable to Infor as reported to Adjusted EBITDA for the periods indicated:

										Fiscal 2017 vs. 2016						Fiscal 2016 vs. 11 Months Ended April 30, 2015
	Year Ended April 30,						11 Months Ended						Constant						Constant
(in millions, except percentages)	2017			2016			April 30, 2015			Actual			Currency			Actual			Currency
GAAP net income (loss) attributable to Infor, Inc.	$	(186.8	)	$	35.2		$	19.7			NM	%		NM	%		78.7	%		127.9	%
Interest expense, net(1)		318.9			312.8			321.2
Income tax provision (benefit)(2)		(28.5	)		(48.8	)		(52.2	)
Amortization of intangible assets and depreciation		232.7			243.9			222.9
Purchase accounting impact revenues/costs, net		3.0			12.0			4.5
Share-based compensation		86.7			19.7			15.5
Acquisition-related and other costs(3)		215.2			17.1			1.4
Restructuring costs		39.5			28.0			5.7
Foreign currency (gain) loss		4.0			76.1			(66.7	)
Loss on extinguishment of debt		4.6			—			172.4
Other(4)		75.7			54.2			21.3
Adjusted EBITDA	$	765.0		$	750.2		$	665.7			2.0	%		3.3	%		12.7	%		16.3	%
Adjusted EBITDA margin (5)		26.8	%		27.7	%		27.2	%

* NM Percentage not meaningful

(1) Includes other bank and financing fees associated with our debt as defined by our debt agreements.

(2) Includes income tax provision (benefit) plus certain other taxes as defined by our debt agreements.

(3) The increase in the acquisition-related and other costs addback was primarily due to costs related to the Koch Equity Development investment in Infor.

(4) Includes anticipated cost savings related to specific cost saving actions, operating expense reductions and the integration of recent acquisitions, pre-acquisition adjusted EBITDA of recent acquisitions, costs incurred related to sponsor management fees, and other non-recurring costs that are allowed to be added back under the provisions of our debt agreements.

(5) Adjusted EBITDA Margin is defined as the ratio of Adjusted EBITDA to Non-GAAP revenues.

The non-GAAP adjustments we make to our reported GAAP net income (loss) attributable to Infor to get to Adjusted EBITDA include certain non-operating expenses and non-cash charges that are allowed to be added back under the provisions of our debt agreements. These adjustments eliminate the impact of items that we do not consider indicative of our core operating performance or that may vary from period to period without any correlation to the results of our core operations. We believe the presentation of Adjusted EBITDA provides investors and other external users a supplemental measure of our performance and a helpful alternative view of our operations. In addition, the reporting of Adjusted EBITDA is a requirement of our debt agreements.

While Adjusted EBITDA is a key metric that is frequently used by our lenders, analysts and others in their evaluation of our performance, it has limitations as an analytical tool and should not be used in isolation or as a substitute for analysis of our GAAP results as reported. For example, Adjusted EBITDA excludes a number of significant cash and non-cash recurring items including but not limited to interest paid on our debt, income tax payments, the amortization of intangible assets and depreciation of capitalized tangible assets used in generating revenues in our business, and share-based compensation expense.

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Liquidity and Capital Resources

Cash Flows

	Year Ended April 30,						11 Months Ended						Fiscal 2016 vs. 11 Months Ended
(in millions, except percentages)	2017			2016			April 30, 2015			Fiscal 2017 vs. 2016			April 30, 2015
Cash provided by (used in):
Operating activities	$	137.8		$	432.3		$	208.2			(68.1	)%		107.6	%
Investing activities		(287.4	)		(641.4	)		(48.7	)		(55.2	)		NM
Financing activities		(240.3	)		389.3			(158.2	)		NM			NM
Effect of exchange rate changes on cash and cash equivalents		(10.0	)		(1.2	)		(49.9	)		733.3			(97.6	)
Net change in cash and cash equivalents	$	(399.9	)	$	179.0		$	(48.6	)		NM	%		NM	%

* NM Percentage not meaningful

Capital Resources

	April 30,									April 30, 2017 vs. 2016			April 30, 2016 vs. 2015
(in millions, except percentages)	2017			2016			2015
Working capital deficit	$	(665.8	)	$	(248.3	)	$	(249.0	)		168.1	%		(0.3	)%
Cash and cash equivalents	$	305.8		$	705.7		$	526.7			(56.7	)%		34.0	%

Our most significant source of operating cash flows is cash collections from our customers following the purchase and renewal of their subscriptions for licensed software updates (maintenance) and product support agreements. Payments from customers for these maintenance and support agreements are generally received near the beginning of the contracts’ terms, which are generally one year in length. We also generate significant cash from SaaS software subscriptions, new perpetual software license sales and, to a lesser extent, consulting and other services. Our primary uses of cash for operating activities are for personnel-related expenditures. We also make significant cash payments related to interest payments, taxes and leased facilities. During fiscal 2017, 2016 and 2015 we have undertaken significant investing and financing activities related to our acquisitions and the refinancing of our long-term debt. We are highly leveraged and our liquidity requirements are significant, primarily due to debt service requirements.

As part of our business strategy, we may use cash to acquire additional companies or products from time-to-time to enhance our product lines and expand our customer base, which could have a material effect on our capital resources. In fiscal 2017, we completed five acquisitions, paying a total of approximately $203.6 million in cash. In addition, we paid $138.0 million in fiscal 2017 to exercise our call option related to the redeemable noncontrolling interest in GT Nexus which allowed us to purchase the remaining 18.52% interest in GT Nexus. In fiscal 2016, we completed one acquisition for a purchase price of $549.9 million, net of cash acquired. In fiscal 2015, we completed one acquisition for a purchase price of $30.1 million, net of cash acquired. See Note 3, Acquisitions, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K.

As of each of our reported balance sheet dates, we have reported a deficit in working capital. This deficit in working capital represents an excess of our current liabilities over our current assets and is primarily the result of the significant balance of deferred revenue, reported as a current liability, at each balance sheet date. Our deferred revenues represent the excess of our collections from, or our billings due from our customers, for which the related revenues have not yet met all the criteria necessary to be recognized as earned in our Consolidated Statements of Operations. See Critical Accounting Policies and Estimates—Revenue Recognition above for a further description of those criteria.

We believe that cash flows from operations, together with our cash and cash equivalents and borrowing capacity under our revolving credit facility, will be sufficient to meet our cash requirements for working capital, capital expenditures, restructuring activities, and investments for fiscal 2018 and for the foreseeable future. At some point in the future we may require additional funds for either operating or strategic purposes and may seek to raise the additional funds through public or private debt or equity financing. If we ever need to seek additional financing, there is no assurance that this additional financing will be available, or if available, will be on reasonable terms. If our liquidity and capital resources are insufficient to meet our requirements or fund our debt service obligations, we could face substantial liquidity problems, may not be able to generate sufficient cash to service all our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.

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Cash Flows from Operating Activities

Net cash provided by operating activities for fiscal 2017, was $137.8 million. Our net income (loss) adjusted for non-cash items provided $151.7 million in cash due to strong cash flows from operations, which more than offset the significant costs we recorded in conjunction with the Koch Industries investment in Infor, and changes in operating assets and liabilities used cash of $13.9 million. The uses of cash were from a $56.6 million increase in accounts receivable, net primarily from an increase in accounts receivable related to SaaS subscriptions and from $36.2 million in income tax receivable/payable, net. These uses of cash were partially offset primarily by a $74.2 million increase in deferred revenue, primarily due to increased deferred SaaS revenues.

Net cash provided by operating activities for fiscal 2016 was $432.3 million. Our net income adjusted for non-cash items provided $316.0 million in cash due to strong cash flows from operations, and changes in operating assets and liabilities provided cash of $116.3 million. The operating assets and liabilities sources of cash related primarily to a $107.5 million increase in accounts payable, accrued expenses and other liabilities, primarily due to an increase in accrued interest due to the timing of debt payments and an increase in accounts payable, and a $58.6 million increase in deferred revenue, primarily due to increased deferred SaaS revenue. The sources of cash were partially offset by a $38.2 million increase in prepaid expenses and other assets, primarily due to the timing of certain of our significant service agreements, and a $32.3 million increase in accounts receivable, net.

Net cash provided by operating activities for fiscal 2015 was $208.2 million. Our net income adjusted for non-cash items provided $322.6 million in cash due to strong cash flows from operations, while changes in operating assets and liabilities used cash of $114.4 million. The operating assets and liabilities uses of cash related primarily to a $68.1 million decrease in deferred revenue, primarily due to decreased deferred maintenance resulting from the timing of our maintenance renewals in May, and a $39.8 million decrease in accounts payable, accrued expenses and other liabilities, primarily due to a decrease in accrued interest related to the recent refinancing of our senior notes. The uses of cash were partially offset by a $29.4 million decrease in accounts receivable, net.

Cash Flows from Investing Activities

Net cash used in investing activities was $287.4 million in fiscal 2017. The primary uses of cash were $203.6 million net cash used for our fiscal 2017 acquisitions, and $81.2 million used to purchase property, equipment and software, including capitalization of internal and external software development costs.

Net cash used in investing activities was $641.4 million in fiscal 2016. The primary uses of cash were $549.6 million net cash used for the GT Nexus Acquisition, $65.5 million used to purchase property, equipment and software, and $25.0 million for our investment in Predictix.

Net cash used in investing activities was $48.7 million in fiscal 2015. The primary uses of cash were $35.7 million used to purchase property, equipment and software, and $30.1 million net cash used for our acquisitions, partially offset by $17.1 million decrease in restricted cash.

Cash Flows from Financing Activities

Net cash used in financing activities was $240.3 million in fiscal 2017. The primary uses of cash were $3,272.1 million in debt repayments including the outstanding balances of our first lien term loans, $171.9 million in dividend payments to certain of our affiliate companies and $138.0 million related to the purchase of the remaining 18.52% interest in GT Nexus. These uses of cash were offset by $3,214.6 million in proceeds from the issuance of debt related to the refinancing of our first lien term loans, and by $145.0 million in additional cash proceeds from equity transactions from our Sponsors and our parent holding company.

Net cash provided by financing activities was $389.3 million in fiscal 2016. The source of cash was $495.0 million in proceeds from the issuance of debt in connection with the GT Nexus Acquisition. This was partially offset by uses of cash, primarily $35.0 million in dividend payments, $34.2 million in debt repayments, and $16.5 million in deferred financing fees related to the issuance of our Senior Secured Notes.

Net cash used in financing activities was $158.2 million in fiscal 2015. The primary uses of cash were $1,932.5 million in debt repayments, including the outstanding balances of our senior notes in April 2015, $168.7 million in fees paid relating to our refinancing transactions during the fiscal year including approximately $137.7 million in early redemption premiums and other fees related to the repayment of our existing senior notes and $31.0 million that we capitalized as deferred financing fees related to the issuance of our new senior notes, and $65.7 million for dividends paid. These uses of cash were mostly offset by $2,019.7 million in proceeds from the issuance of debt related to the refinancing of our senior notes in April 2015.

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Effect of Exchange Rate Changes

In fiscal 2017, changes in foreign currency exchange rates resulted in a $10.0 million decrease in our cash and cash equivalents. In fiscal 2016, changes in foreign currency exchange rates resulted in a $1.2 million decrease in our cash and cash equivalents. Foreign currency exchange rate changes decreased our cash and cash equivalents by $49.9 million in fiscal 2015.

Working Capital Deficit

Our working capital deficit, defined as current assets less current liabilities, was $655.8 million at April 30, 2017, compared to $248.3 million at April 30, 2016. At April 30, 2017, our cash decreased by $399.9 million compared to the balance at April 30, 2016. Generally, increases in current assets are considered to be uses of cash and increases in current liabilities are considered to be sources of cash. During fiscal 2017, the most significant changes in our current assets, other than cash, was an increase of $54.7 million in accounts receivable, net. During fiscal 2017 the most significant changes in our current liabilities included a $79.8 million increase in deferred revenue, primarily in deferred SaaS revenue, an increase in accrued expenses of $45.3 million, primarily due to an increase in accrued professional fees, and a $23.9 million decrease in the current portion of our long-term debt.

Cash and Cash Equivalents

As of April 30, 2017, we had $305.8 million in cash and cash equivalents including amounts in operating accounts, money market investments and other short-term, highly liquid investments with initial maturities of three months or less. As of April 30, 2017, $89.0 million of our unrestricted cash and cash equivalents were held in the U.S. The remaining $216.8 million of our unrestricted cash and cash equivalents were held in foreign countries. Under current tax laws and regulations, if cash and cash equivalents and short-term investments held outside the U.S. are distributed to the U.S. in the form of dividends or otherwise, we may be subject to additional U.S. income taxes (subject to an adjustment for foreign tax credits) and foreign withholding taxes. It is not practicable to estimate the amount of these potential additional taxes due to the complexities of the tax laws in various jurisdictions, the number of jurisdictions in which we operate, the complexity of our legal entity structure, and the hypothetical nature of the calculations.

Long-Term Debt

The following table summarizes our long-term debt balances for the periods indicated:

	April 30, 2017									April 30, 2016
	Principal			Net			Contractual			Principal			Net			Contractual
(in millions)	Amount			Amount(1)			Rate			Amount			Amount(1)			Rate
First lien Term B-6 due February 1, 2022	$	2,147.1		$	2,084.9			3.90	%	$	—		$	—			—	%
First lien Euro Term B-1 due February 1, 2022		1,089.7			1,082.8			3.75	%		—			—			—	%
First lien Term B-3 due June 3, 2020		—			—			—	%		461.8			458.1			3.75	%
First lien Term B-5 due June 3, 2020		—			—			—	%		2,447.5			2,373.2			3.75	%
First lien Euro Term B due June 3, 2020		—			—			—	%		386.2			382.0			4.00	%
5.75% first lien senior secured notes due August 15, 2020		500.0			485.0			5.75	%		500.0			481.1			5.75	%
6.5% senior notes due May 15, 2022		1,630.0			1,621.1			6.50	%		1,630.0			1,619.7			6.50	%
5.75% senior notes due May 15, 2022		381.4			377.1			5.75	%		401.0			395.9			5.75	%
Deferred financing fees, debt discounts and premiums, net		(97.3	)		—						(116.5	)		—
Total long-term debt		5,650.9			5,650.9						5,710.0			5,710.0
Less: current portion		(32.4	)		(32.4	)					(56.3	)		(56.3	)
Total long-term debt—non-current	$	5,618.5		$	5,618.5					$	5,653.7		$	5,653.7

(1) Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees.

As of April 30, 2017, we were in compliance with all applicable covenants included in the terms of our credit facilities and the indentures that govern our senior notes.

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Credit Facilities

On April 5, 2012, we entered into a secured credit agreement with certain banks which consists of a secured term loan facility and a secured revolving credit facility (the Credit Agreement), which was subsequently amended pursuant to several refinancing amendments described below.

Under the term loan facility, we currently have term loans outstanding with an aggregate principal amount of $3,236.8 million as of April 30, 2017, including the Tranche B-6 Term Loan of $2,147.1 million and the Euro Tranche B-1 Term Loan of €1,000.0 million ($1,089.7 million). Interest on the term loans borrowed under the secured term loan facility is payable quarterly, in arrears. Quarterly principal payment amounts are set for each of the term loans with balloon payments at the applicable maturity dates. The term loans are subject to mandatory prepayments in the case of certain situations.

The secured revolving credit facility (the Revolver) has a maximum availability of $120.0 million. As of April 30, 2017, we have made no draws against the Revolver and no amounts are currently outstanding. However, as of April 30, 2017, $10.4 million of outstanding (undrawn) letters of credit have reduced the amount available under the Revolver to $109.6 million. Pursuant to the Credit Agreement there is an undrawn line fee of 0.50% per annum (subject to a step-down to 0.375% if our total leverage ratio is below a certain threshold). The Revolver matures on April 5, 2019. Amounts under the Revolver may be borrowed (and reborrowed) to finance working capital needs and for general corporate purposes.

At our election, the annual interest rate applicable to the term loans and revolver borrowings under the Credit Agreement are based on a fluctuating rate of interest determined by reference to either (a) Adjusted LIBOR (as defined below) plus an applicable margin or (b) Adjusted Base Rate (ABR—as defined below) plus an applicable margin. For purposes of the Credit Agreement, as of April 30, 2017:

• Adjusted LIBOR is defined as the London interbank offered rate for the applicable currency, adjusted for statutory reserve requirements; provided, the Adjusted LIBOR for the Tranche B-6 Term Loan and the Euro Tranche B-1 Term Loan will at no time be less than 1.00% per annum. The Adjusted LIBOR margin is 2.75% per annum.

• ABR is defined as the highest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus 1/2 of 1.0% and (iii) one-month Adjusted LIBOR plus 1.0% per annum, provided that ABR for the Tranche B-6 Term Loan will at no time be less than 2.00% per annum. The ABR margin is 1.75% per annum.

The credit facilities are guaranteed by Infor, Inc. and certain of our wholly owned domestic subsidiaries (the Guarantors), and are secured by liens on substantially all of our assets and the assets of the Guarantors. Under the provisions of the Credit Agreement, we are required to maintain a total leverage ratio not to exceed certain levels as of the last day of each fiscal quarter under certain circumstances. This financial maintenance covenant is applicable only for the Revolver and then only for those fiscal quarters in which we have significant borrowings under the Revolver as of the last day of such fiscal quarter.

Refinancing Amendments

On February 6, 2017, we entered into the Eighth Amendment to the Credit Agreement (as amended). The Eighth Amendment provided for the refinancing of all of the outstanding balances of our first lien term loans, including our Tranche B-3 Term Loan, our Tranche B-5 Term Loan, and our Euro Tranche B Term Loan, with the proceeds of a new $2,147.1 million Tranche B-6 Term Loan and a new €1,000.0 million Euro Tranche B-1 Term Loan.

Interest on the Tranche B-6 Term Loan is based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with a LIBOR floor of 1.00%, or an alternate base rate, plus a margin of 1.75% per annum, with a minimum alternative base rate floor of 2.00%. There was no change in the effective rate related to the Tranche B-6 Term Loan as compared to the Tranche B-3 Term Loan and the Tranche B-5 Term Loan. Interest on the Euro Tranche B-1 Term Loan is based on a fluctuating rate of interest determined by reference to an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with a LIBOR floor of 1.00%. This was a reduction in our effective rate related to the Euro Tranche B-1Term Loan as compared to the Euro Tranche B Term Loan, which was based on an Adjusted LIBOR rate plus a margin of 3.00% per annum, with an Adjusted LIBOR floor of 1.00% per annum. Both the Tranche B-6 Term Loan and the Euro Tranche B-1 Term Loan mature on February 1, 2022, which was an extension of approximately 20 months compared to the original maturity dates of the Tranche B-3 Term Loan, the Tranche B-5 Term Loan, and the Euro Tranche B Term Loan. The Eighth Amendment also amended the Credit Agreement to, among other things, revise the definition of adjusted EBITDA to include the changes in deferred revenue related to our SaaS subscriptions.

Proceeds from the Tranche B-6 Term Loan and the Euro Tranche B-1 Term Loan were used to refinance the outstanding principal of all of our first lien term loans, together with accrued and unpaid interest and applicable fees.

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On August 15, 2016, we entered into the Seventh Amendment to the Credit Agreement (as amended). The Seventh Amendment provided for, among other modifications to the Credit Agreement as set forth therein, a two-year extension of the maturity date for the Revolver under the Credit Agreement to April 5, 2019, as well as a reduction in the aggregate size of the Revolver from $150.0 million to $120.0 million, with commensurate reductions in related sublimits.

On April 22, 2014, we entered into the Sixth Amendment to the Credit Agreement (as amended) to reflect the change in our fiscal year end from May 31 to April 30 effective June 1, 2014. No other changes were made to the terms of the Credit Agreement or the related credit facilities.

On January 31, 2014, we entered into the Fifth Amendment to the Credit Agreement (as amended). The Fifth Amendment provides for the reduction of the interest rate margins applicable to borrowings made under our Revolver. While we have made no draws against the Revolver, interest on any future Revolver borrowings will be based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, or an alternate base rate, plus a margin of 1.75% per annum. No other changes were made to the terms of the Revolver.

On January 2, 2014, we entered into the Fourth Amendment to the Credit Agreement (as amended). The Fourth Amendment provided for the refinancing of all of the then outstanding balance of our Tranche B-2 Term Loan with the proceeds of a new $2,550.0 million term loan (the Tranche B-5 Term Loan). Interest on the Tranche B-5 Term Loan is based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with a LIBOR floor of 1.0%, or an alternate base rate, plus a margin of 1.75% per annum, with a minimum alternative base rate floor of 2.0%. This was a reduction in our effective rate related to the new term loan as compared to the Tranche B-2 Term Loan which was based on an Adjusted LIBOR rate plus a margin of 4.0% per annum, with an Adjusted LIBOR floor of 1.25% per annum. The Tranche B-5 Term Loan matures on June 3, 2020, which is an extension of approximately 26 months compared to the original Tranche B-2 Term Loan maturity date. Pursuant to the terms of the Credit Agreement, the Tranche B-5 Term Loan is guaranteed by Infor and certain of our domestic subsidiaries, and is secured by liens on substantially all of our assets and the assets of the guarantors.

Proceeds from the Tranche B-5 Term Loan were used to refinance the outstanding principal of our Tranche B-2 Term Loan, together with accrued and unpaid interest and applicable fees.

On October 9, 2013, we entered into the Third Amendment to the Credit Agreement (as amended) to reflect a technical change clarifying certain defined terms added pursuant to the Second Amendment.

On June 3, 2013, we entered into the Second Amendment to the Credit Agreement (as amended). The Second Amendment provided for the refinancing of the then outstanding principal balance of our Tranche B-1 Term Loan and our Euro Term Loan with the proceeds of a new $483.0 million term loan (the Tranche B-3 Term Loan) and a new €350.0 million term loan (the Euro Tranche B Term Loan). Interest on the Tranche B-3 Term Loan is based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with an Adjusted LIBOR floor of 1.0%, or an alternate base rate, plus a margin of 1.75% per annum, with a minimum alternative base rate floor of 2.0%. The Tranche B-3 Term Loan matures on June 3, 2020, which is an extension of approximately three and a half years compared to the original Tranche B-1 Term Loan maturity date. Interest on the Euro Tranche B Term Loan is based on a fluctuating rate of interest determined by reference to an Adjusted LIBOR rate, plus a margin of 3.0% per annum, with an Adjusted LIBOR floor of 1.0%. The Euro Tranche B Term Loan matures on June 3, 2020, which is an extension of approximately 24 months compared to the original Euro Term Loan maturity date. Pursuant to the terms of the Credit Agreement, the Tranche B-3 Term Loan and Euro Tranche B Term Loan are guaranteed by the same guarantors, and are secured by liens on substantially all of the borrower’s assets and the assets of the guarantors. The Second Amendment also amended the Credit Agreement to, among other things, limit the applicability of the financial maintenance covenant (maximum total leverage ratio) to the Revolver and then only for those fiscal quarters in which we have significant borrowings under our Revolver outstanding as of the last day of such fiscal quarter.

Proceeds from the Tranche B-3 Term Loan and Euro Tranche B Term Loan were used to refinance the outstanding principal balance of our Tranche B-1 Term Loan and our Euro Term Loan, together with accrued and unpaid interest and applicable fees. In addition, $250.0 million of the proceeds were used to repay a portion of the outstanding balance of our Tranche B-2 Term Loan.

On September 27, 2012, we entered into the Refinancing Amendment No. 1 (the First Amendment) to the Credit Agreement. The First Amendment provided for the refinancing of the then outstanding principal balance of our Tranche B Term Loan of $2,763.0 million with the proceeds of a new $2,793.1 million term loan (the Tranche B-2 Term Loan). Interest on the Tranche B-2 Term Loan was based on a fluctuating rate of interest determined by reference to, at our option, an Adjusted LIBOR rate, plus a margin of 4.0% per annum, with an Adjusted LIBOR floor of 1.25% per annum, or ABR, plus a margin of 3.0% per annum, with an ABR floor of 2.25% per annum. This was a reduction in our effective rate related to this term loan as compared to the Tranche B Term Loan which was based on an Adjusted LIBOR rate plus a margin of 5.0% per annum. The Tranche B-2 Term Loan was to mature on April 5, 2018, which was the same as the original Tranche B Term Loan maturity date. Pursuant to the terms of the Credit Agreement, the Tranche B-2 Term Loan was guaranteed by the same guarantors, and was secured by liens on substantially all of our assets and the assets of the guarantors.

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Proceeds from the Tranche B-2 Term Loan were used to refinance the outstanding principal of our Tranche B Term Loan, together with accrued and unpaid interest and applicable fees, including a prepayment premium of 1.0% of the principal amount thereof, in accordance with the terms of the Credit Agreement.

Senior Notes

Infor 6.5% and 5.75% Senior Notes

On April 1, 2015, we issued approximately $1,030.0 million in aggregate principal amount of our 6.5% Senior Notes and €350.0 million in aggregate principal amount of our 5.75% Senior Notes at an issue price of 100% (together, the Senior Notes). On April 23, 2015, we issued an additional $600.0 million in aggregate principal amount of our 6.5% Senior Notes at an issue price of 102.25% plus accrued interest from April 1, 2015. The 6.5% and 5.75% Senior Notes mature on May 15, 2022, and bear interest at the applicable rates per annum that is payable semi-annually in cash in arrears, on May 15 and November 15 each year, beginning on November 15, 2015.

In connection with the issuance of the 6.5% and 5.75% Senior Notes, we entered into a registration rights agreements with the initial purchasers of the notes. Under the registration rights agreements, we agreed to file with the SEC a registration statement with respect to an offer to exchange the 6.5% and 5.75% Senior Notes for a new issue of substantially identical notes no later than 365 days after the date of the original issuance of the notes. The requisite registration statement on Form S-4 was filed with the SEC on January 25, 2016 and was declared effective by the SEC on February 12, 2016. See Senior Notes Exchange Offer, below.

Proceeds from the issuance of the 6.5% and 5.75% Senior Notes were used to repay the outstanding balances of our 9 ³/₈%, 10.0% and 11.5% Senior Notes, discussed below, including applicable redemption premiums thereon, accrued and unpaid interest, and to pay related transaction fees and expenses.

The 6.5% and 5.75% Senior Notes are general unsecured obligations of Infor (US), Inc. and are guaranteed by Infor, Inc. and certain of our wholly owned domestic subsidiaries. Under the indentures governing the senior notes, we are subject to certain customary affirmative and negative covenants.

Infor 9 ³/₈% and 10.0% Senior Notes

On April 5, 2012, we issued approximately $1,015.0 million in aggregate principal amount of our 9 ³/₈% Senior Notes and €250.0 million aggregate principal amount of our 10.0% Senior Notes. The 9 ³/₈% and 10.0% Senior Notes were to mature on April 1, 2019, and bore interest at the applicable rates per annum payable semi-annually in cash in arrears, on April 1 and October 1 each year. The outstanding balances of our 9 ³/₈% and 10.0% Senior Notes, including applicable call premiums of $71.4 million and $20.1 million, respectively, were repaid on April 1, 2015, with the proceeds from the issuance of our 6.5% and 5.75% Senior Notes.

Infor 11.5% Senior Notes

On July 5, 2011, we issued approximately $560.0 million in aggregate principal amount of our 11.5% Senior Notes. The 11.5% Senior Notes were to mature on July 15, 2018 and bore interest at a rate of 11.5% per annum payable semi-annually in arrears, on January 15 and July 15 each year. The outstanding balance of our 11.5% Senior Notes, including applicable call premium of $43.2 million, was repaid on April 23, 2015, with the proceeds from the issuance of our additional 6.5% Senior Notes.

First Lien Senior Secured Notes

On August 25, 2015, in connection with the GT Nexus Acquisition, we issued $500.0 million in aggregate principal amount of 5.75% first lien senior secured notes (the Senior Secured Notes) at an issue price of 99.00% plus accrued interest. The Senior Secured Notes mature on August 15, 2020, and bear interest at the applicable rate per annum that is payable semi-annually in cash in arrears, on February 15 and August 15 each year, beginning on February 15, 2016.

The Senior Secured Notes are first lien senior secured obligations of Infor (US), Inc. and are fully and unconditionally guaranteed on a senior secured basis by Infor, Inc., and certain of our existing and future wholly owned domestic subsidiaries. Under the indenture governing the Senior Secured Notes, we are subject to certain customary affirmative and negative covenants.

Net proceeds from the issuance of our Senior Secured Notes, after fees and expenses, of approximately $478.5 million were used to fund the GT Nexus Acquisition, including related transaction fees and expenses.

During fiscal 2017, we entered into supplemental indentures to the indentures governing the Senior Notes and the Senior Secured Notes to add Starmount and GT Nexus as guarantors of each of such notes.

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Unrestricted Subsidiary

As required by the Credit Agreement and the indentures governing our Senior Notes and Senior Secured Notes, we are to present information sufficient to ascertain our financial condition and results of operations excluding our “Unrestricted Subsidiaries”, as defined under the provisions of the Credit Agreement and the indentures governing our Senior Notes and Senior Secured Notes.

As of April 30, 2017, our remaining Unrestricted Subsidiary was LogicBlox.

The financial position and results of operations of LogicBlox are included in our Consolidated Financial Statements. LogicBlox’ financial position as of Aril 30, 2017 and its results of operations for fiscal 2017 were not significant to our consolidated financial position and results of operations as of and for the period ended April 30, 2017. LogicBlox held assets totaling $8.1 million, primarily intangible assets and goodwill, as of April 30, 2017. For fiscal 2017, LogicBlox recorded revenues of $0.9 million and a loss from operations of $6.1 million. In addition, its Adjusted EBITDA for the fiscal 2017 was a loss of $4.9 million, as calculated based on the provisions of the Credit Agreement.

Affiliate Company Borrowings

In addition to the debt held by Infor and its subsidiaries discussed above, certain affiliates of the Company have other borrowings which are not reflected in our Consolidated Financial Statements for any of the periods presented. See Note 12, Debt – Affiliate Company Borrowings, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K.

Restricted Cash

We had approximately $13.3 million of restricted cash as of April 30, 2017, of which approximately $1.1 million and $12.2 million have been reflected in other current assets and other assets on our Consolidated Balance Sheets, respectively. These balances related primarily to various collateral arrangements related to our property leases worldwide.

We had approximately $10.5 million of restricted cash as of April 30, 2016, of which approximately $0.3 million and $10.2 million have been reflected in other current assets and other assets on our Consolidated Balance Sheets, respectively. These balances related primarily to various collateral arrangements related to our property leases worldwide.

Disclosures about Contractual Obligations and Commercial Commitments

The following summarizes our contractual obligations and commercial commitments as of April 30, 2017, and the effect these obligations and commitments are expected to have on our liquidity and cash flows in future periods:

			1 Year		1 - 3		3 - 5		More than
(in millions)	Total		or Less		Years		Years		5 Years
Balance sheet contractual obligations:
Total outstanding debt (principal)	$	5,748.2	$	32.4	$	64.8	$	3,639.7	$	2,011.3
Interest on long-term debt		1,413.4		280.2		564.0		505.3		63.9
Capital leases		10.1		3.0		2.1		5.0		—
Total balance sheet contractual obligations		7,171.7		315.6		630.9		4,150.0		2,075.2
Other contractual obligations:
Operating leases		268.5		55.7		83.0		63.4		66.4
Purchase obligations		366.2		126.8		195.1		44.3		—
Total other contractual obligations		634.7		182.5		278.1		107.7		66.4
Total contractual obligations	$	7,806.4	$	498.1	$	909.0	$	4,257.7	$	2,141.6

Total contractual obligations at April 30, 2017 were $7,806.4 million. Our purchase obligations represent those commitments greater than $0.1 million annually, including commitments related to providing our CloudSuite and other SaaS subscription offerings, development of our software applications, our Sponsors’ advisory services, sales and marketing programs, information technology requirements, and other commitments. Total unrecognized tax benefits of $150.0 million are not included in the above table as we are unable to reasonably estimate when these amounts will ultimately be settled. See Note 18, Income Taxes, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K for additional information. Over the next 12 months, we do not expect any significant cash payments or significant additional changes related to these uncertain tax positions. For the purposes of this disclosure, we have estimated our future interest payments based on the weighted average interest rates applicable to the components of our debt structure as of April 30, 2017, over the projection period.

57

Off-Balance-Sheet Arrangements

We do not have any off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of SEC Regulation S-K, that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Recent Accounting Pronouncements — Not Yet Adopted

Information regarding recent accounting pronouncements can be found in Note 2, Summary of Significant Accounting Policies, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K and is incorporated herein by reference.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Foreign Currency

A significant portion of our business is conducted in currencies other than the U.S. Dollar, the currency in which our financial statements are stated. Significant changes in these currencies, especially the Euro and British Pound, relative to the U.S. Dollar could materially impact our revenue, operating results and financial position. Our international operations are, for the most part, naturally hedged against exchange rate fluctuations since the majority of revenues and expenses of each foreign affiliate are denominated in the same currency. Therefore, we do not engage in formal hedging activities, but we do periodically review the potential impact of this risk to ensure that the risks of significant potential losses remain minimal. Certain transaction gains and losses are generated from intercompany balances that are not considered to be long-term in nature that will be settled between subsidiaries. We also recognize transaction gains and losses from revaluing debt denominated in Euros and held by subsidiaries whose functional currency is the U.S. Dollar.

Our international revenues and expenses are denominated in foreign currencies, principally the Euro and British Pound. The functional currency of each of our foreign subsidiaries is the local currency. International revenues represented 43.0%, 43.2% and 46.9% of our total revenues for fiscal 2017, 2016 and 2015, respectively. International cost of revenues and operating expenses accounted for 36.7%, 42.1% and 46.3% of our total cost of revenues and operating expenses for fiscal 2017, 2016 and 2015, respectively.

As of April 30, 2017 and 2016, a 10% adverse change in foreign exchange rates versus the U.S. Dollar would have decreased our aggregate reported cash and cash equivalents by approximately 4.6% and 4.3%, respectively. A 10% adverse change in the Euro exchange rate versus the U.S. Dollar would have decreased our aggregate reported cash and cash equivalents by approximately 1.4% and 2.1% as of April 30, 2017 and 2016, respectively. A 10% adverse change in the British Pound exchange rate versus the U.S. Dollar would have decreased our aggregate reported cash and cash equivalents by approximately 0.6% and 0.2% as of April 30, 2017 and 2016, respectively.

Interest Rates

We face exposure to changes in interest rates primarily relating to our variable rate long-term debt. As of April 30, 2017 and 2016, we had $5.7 billion and $5.7 billion, respectively, outstanding under our debt agreements. Pursuant to the terms of certain of the debt agreements related to our term loans we had in place at April 30, 2017, interest expense is calculated using the LIBOR or the EURIBOR rates, depending on the debt agreement. In addition, these debt agreements have LIBOR or EURIBOR floors of 1.00%. On April 30, 2017, the three-month LIBOR and EURIBOR rates were 1.17% and -0.33%, respectively. An increase in the three-month LIBOR interest rate of 50 basis points over the April 30, 2017 rate would lead to an estimated increase of approximately $1.3 million in our total monthly interest expense as such a change would be above the applicable LIBOR floor.

As part of our strategy to limit exposure to interest rate risk, primarily future variability in the three-month LIBOR, we have entered into interest rate swap agreements with notional amounts totaling $945.0 million or approximately 29.2% of our variable rate debt. We entered into the interest rate swaps for hedging purposes only to convert a portion of the interest payments on our variable rate debt to fixed rate payments, not for trading or speculation. We have designated these instruments as cash flow hedges and accounted for them accordingly. For further discussion of these derivative instruments see Note 2, Summary of Significant Accounting Policies- Derivative Financial Instruments and Comprehensive Income (Loss), Note 5, Fair Value, and Note 15, Derivative Financial Instruments, in Notes to Consolidated Financial Statements of this Annual Report on Form 10-K.

Item 8. Consolidated Financial Statements and Supplementary Data

The information required by this Item is included in Part IV Item 15(a)(1) and (2).

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

58

Item 9A. Controls and Procedures

Disclosure Controls and Procedures

We have established and maintained disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. As required by Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, we conducted an evaluation under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of April 30, 2017.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Securities Exchange Act Rules 13a-15(f) or 15d-15(f). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with U.S. GAAP.

We conducted an assessment of the effectiveness of our internal control over financial reporting as of April 30, 2017, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on the results of this assessment, management concluded that our internal control over financial reporting was effective as of April 30, 2017. During this assessment, management did not identify any material weaknesses in our internal control over financial reporting.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable, not absolute, assurance with respect to financial statement preparation and presentation and may not prevent or detect misstatements. We do not expect that our disclosure controls and procedures or internal control over financial reporting will prevent all errors and all fraud. In addition, projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.

Our Management’s Report on Internal Control over Financial Reporting was not subject to attestation by our independent registered public accounting firm pursuant to rules of the SEC that permit us to provide only our report. Therefore, this Annual Report on Form 10-K does not include an attestation report of our independent registered public accounting firm regarding our internal control over financial reporting.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act) during the quarter ended April 30, 2017, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

None.

59

PART III

Item 10. Directors, Executive Officers and Corporate Governance

To be filed by amendment.

Item 11. Executive Compensation

To be filed by amendment.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

To be filed by amendment.

Item 13. Certain Relationships and Related Transactions and Director Independence

To be filed by amendment.

Item 14. Principal Accounting Fees and Services

To be filed by amendment.

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) Documents filed as part of this report:

1. Financial Statements:

Report of Independent Registered Public Accounting Firm;

Consolidated Balance Sheets;

Consolidated Statements of Operations;

Consolidated Statements of Comprehensive Income (Loss);

Consolidated Statements of Stockholders’ Deficit and Redeemable Noncontrolling Interests;

Consolidated Statements of Cash Flows; and

Notes to Consolidated Financial Statements.

2. Financial Statement Schedules.

Required schedules are included in the notes to the financial statements.

3. Exhibits.

The Index to Exhibits attached to this report is incorporated by reference herein.

Item 16. Form 10-K Summary

None.

60

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	INFOR, INC.
Dated: June 26, 2017	By:	/s/ CHARLES E. PHILLIPS, JR.
		Charles E. Phillips, Jr.
		Chief Executive Officer
		(principal executive officer)

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Kevin Samuelson and Gregory M. Giangiordano, and each of them, his true and lawful attorney-in-fact and agents, with full powers of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, and hereby grants to such attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite or necessary to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1934, the following persons in the capacities and on the dates indicated have signed this Annual Report on Form 10-K.

Name	Title	Date
/s/ CHARLES E. PHILLIPS, JR.
Charles E. Phillips, Jr.	Chief Executive Officer and Director (principal executive officer)	June 26, 2017
/s/ KEVIN SAMUELSON
Kevin Samuelson	Chief Financial Officer (principal financial officer)	June 26, 2017
/s/ JAY HOPKINS
Jay Hopkins	Chief Accounting Officer, Senior Vice President and Controller (principal accounting officer)	June 26, 2017
/s/ RISHI CHANDNA
Rishi Chandna	Director	June 26, 2017
/s/ DAVID DOMINIK
David Dominik	Director	June 26, 2017
/s/ STEVEN J. FEILMEIER
Steven J. Feilmeier	Director	June 26, 2017
/s/ C.J. FITZGERALD
C.J. Fitzgerald	Director	June 26, 2017
/s/ MATTHEW FLAMINI
Matthew Flamini	Director	June 26, 2017
/s/ JAMES B. HANNAN
James B. Hannan	Director	June 26, 2017
/s/ DANIEL HASPEL
Daniel Haspel	Director	June 26, 2017
/s/ C. JAMES SCHAPER
C. James Schaper	Director	June 26, 2017

61

Name	Title	Date
/s/ ANTHONY J. SEMENTELLI
Anthony J. Sementelli	Director	June 26, 2017
/s/ BRETT D. WATSON
Brett D. Watson	Director	June 26, 2017

62

INDEX TO THE FINANCIAL STATEMENTS – ITEM 15(a) 1-2

	Page Number
Report of PricewaterhouseCoopers LLP, an Independent Registered Public Accounting Firm		64
Consolidated Balance Sheets at April 30, 2017 and 2016		65
Consolidated Statements of Operations for the fiscal years ended April  30, 2017 and 2016, and the 11 months ended April 30, 2015		66
Consolidated Statements of Comprehensive Income (Loss) for the fiscal years ended April 30, 2017 and 2016, and the 11 months ended April 30, 2015		67
Consolidated Statements of Stockholders’ Deficit and Redeemable Noncontrolling Interests for the fiscal years ended April 30, 2017 and 2016, and the 11 months ended April 30, 2015		68
Consolidated Statements of Cash Flows for the fiscal years ended April  30, 2017 and 2016, and the 11 months ended April 30, 2015		70
Notes to Consolidated Financial Statements		71

63

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Infor, Inc.

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations, comprehensive income (loss), stockholders’ deficit and redeemable noncontrolling interests and cash flows present fairly, in all material respects, the financial position of Infor, Inc. and its subsidiaries as of April 30, 2017 and April 30, 2016, and the results of their operations and their cash flows for each of the two years in the period ended April 30, 2017 and for the eleven months ended April 30, 2015 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

/S/ PRICEWATERHOUSECOOPERS LLP

Atlanta, GA

June 26, 2017

64

INFOR, INC.

CONSOLIDATED BALANCE SHEETS

(in millions, except share amounts which are actuals)

	April 30,
	2017			2016
ASSETS
Current assets:
Cash and cash equivalents	$	305.8		$	705.7
Accounts receivable, net		446.6			391.9
Prepaid expenses		161.1			151.2
Income tax receivable		24.9			21.4
Other current assets		26.5			22.9
Deferred tax assets		36.3			43.1
Total current assets		1,001.2			1,336.2
Property and equipment, net		161.5			125.0
Intangible assets, net		774.6			896.6
Goodwill		4,488.0			4,398.0
Deferred tax assets		71.8			76.1
Other assets		95.4			134.3
Total assets	$	6,592.5		$	6,966.2
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	105.1		$	116.8
Income taxes payable		34.0			40.7
Accrued expenses		478.0			432.7
Deferred tax liabilities		1.0			1.3
Deferred revenue		1,016.5			936.7
Current portion of long-term obligations		32.4			56.3
Total current liabilities		1,667.0			1,584.5
Long-term debt, net		5,618.5			5,653.7
Deferred tax liabilities		91.5			127.3
Other long-term liabilities		209.8			239.4
Total liabilities		7,586.8			7,604.9
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests		—			140.0
Stockholders’ deficit
Common stock, $0.01 par value; 1,000 shares authorized; 1,000 shares issued and outstanding at April 30, 2017 and 2016		—			—
Additional paid-in capital		1,215.2			1,135.9
Receivable from stockholders		(59.2	)		(36.9	)
Accumulated other comprehensive income (loss)		(278.2	)		(193.0	)
Accumulated deficit		(1,881.6	)		(1,694.8	)
Total Infor, Inc. stockholders’ deficit		(1,003.8	)		(788.8	)
Noncontrolling interests		9.5			10.1
Total stockholders’ deficit		(994.3	)		(778.7	)
Total liabilities, redeemable noncontrolling interests and stockholders’ deficit	$	6,592.5		$	6,966.2

The accompanying Notes are an integral part of the Consolidated Financial Statements

65

INFOR, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions)

	Year Ended April 30,						11 Months Ended
	2017			2016			April 30, 2015
Revenues:
Software license fees	$	337.8		$	373.1		$	372.1
SaaS subscriptions		393.3			242.6			107.1
Software license fees and subscriptions		731.1			615.7			479.2
Product updates and support fees		1,389.0			1,405.8			1,330.3
Software revenues		2,120.1			2,021.5			1,809.5
Consulting services and other fees		735.7			670.1			629.4
Total revenues		2,855.8			2,691.6			2,438.9
Operating expenses:
Cost of software license fees (1)		63.1			70.3			62.6
Cost of SaaS subscriptions (1)		174.5			100.0			47.1
Cost of product updates and support fees (1)		242.0			248.9			238.2
Cost of consulting services and other fees (1)		590.5			563.2			507.2
Sales and marketing		499.1			433.5			412.9
Research and development		455.8			421.6			369.8
General and administrative		237.0			193.3			177.9
Amortization of intangible assets and depreciation		232.7			243.9			222.9
Restructuring costs		39.5			28.0			5.7
Acquisition-related and other costs		215.2			17.1			1.4
Total operating expenses		2,749.4			2,319.8			2,045.7
Income from operations		106.4			371.8			393.2
Other expense, net:
Interest expense, net		317.7			311.5			320.1
Loss on extinguishment of debt		4.6			—			172.4
Other (income) expense, net		4.1			75.9			(66.8	)
Total other expense, net		326.4			387.4			425.7
Income (loss) before income tax		(220.0	)		(15.6	)		(32.5	)
Income tax provision (benefit)		(33.8	)		(48.8	)		(52.2	)
Net income (loss)		(186.2	)		33.2			19.7
Net income (loss) attributable to noncontrolling interests		0.6			(2.0	)		—
Net income (loss) attributable to Infor, Inc.	$	(186.8	)	$	35.2		$	19.7

(1) Excludes amortization of intangible assets and depreciation which are separately stated below

The accompanying Notes are an integral part of the Consolidated Financial Statements

66

INFOR, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

	Year Ended April 30,						11 Months Ended
	2017			2016			April 30, 2015
Net income (loss)	$	(186.2	)	$	33.2		$	19.7
Other comprehensive income (loss):
Unrealized gain (loss) on foreign currency translation, net of tax		(92.4	)		43.6			(277.5	)
Change in defined benefit plan funding status, net of tax		0.1			0.2			(8.9	)
Unrealized gain (loss) on derivative instruments, net of tax		6.7			3.3			(2.9	)
Total other comprehensive income (loss)		(85.6	)		47.1			(289.3	)
Comprehensive income (loss)		(271.8	)		80.3			(269.6	)
Noncontrolling interests comprehensive income (loss)		0.2			(2.5	)		—
Comprehensive income (loss) attributable to Infor, Inc.	$	(272.0	)	$	82.8		$	(269.6	)

The accompanying Notes are an integral part of the Consolidated Financial Statements

67

INFOR, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

AND REDEEMABLE NONCONTROLLING INTETRESTS

(in millions, except share amounts which are actuals)

	Infor, Inc. Stockholders’ Deficit
	Infor, Inc. Common Stock							Stockholders’			Accumulated Other Comprehensive			Accumulated			Total Infor, Inc. Stockholders’			Noncontrolling			Total Stockholders’			Redeemable Noncontrolling
	Shares		Amount		APIC			Receivable			Income (Loss)			Deficit			Deficit			Interests			Deficit			Interests
Balance, May 31, 2014		1,000	$	—	$	1,255.2		$	(35.3	)	$	48.7		$	(1,749.7	)	$	(481.1	)	$	—		$	(481.1	)	$	—
Equity-based compensation expense		—		—		15.5			—			—			—			15.5			—			15.5			—
Unrealized gain (loss) on foreign currency translation, net of tax		—		—		—			—			(277.5	)		—			(277.5	)		—			(277.5	)		—
Defined benefit plan funding status, net of tax		—		—		—			—			(8.9	)		—			(8.9	)		—			(8.9	)		—
Unrealized gain (loss) on derivative instruments, net of tax		—		—		—			—			(2.9	)		—			(2.9	)		—			(2.9	)		—
Dividend paid/accrued		—		—		(82.7	)		—			—			—			(82.7	)		—			(82.7	)		—
Tax sharing arrangement activity, net		—		—		(1.5	)		—			—			—			(1.5	)		—			(1.5	)		—
Net income (loss)		—		—		—			—			—			19.7			19.7			—			19.7			—
Balance, April 30, 2015		1,000		—		1,186.5			(35.3	)		(240.6	)		(1,730.0	)		(819.4	)		—			(819.4	)		—
Equity-based compensation expense		—		—		19.7			—			—			—			19.7			—			19.7			—
Unrealized gain (loss) on foreign currency translation, net of tax		—		—		—			—			44.1			—			44.1			(0.7	)		43.4			—
Defined benefit plan funding status, net of tax		—		—		—			—			0.2			—			0.2			—			0.2			—
Unrealized gain (loss) on derivative instruments, net of tax		—		—		—			—			3.3			—			3.3			—			3.3			—
Receivable from stockholders		—		—		—			(1.6	)		—			—			(1.6	)		—			(1.6	)		—
Dividend paid/accrued		—		—		(35.5	)		—			—			—			(35.5	)		—			(35.5	)		—
Tax sharing arrangement activity, net		—		—		(17.2	)		—			—			—			(17.2	)		—			(17.2	)		—

68

Redeemable noncontrolling interests due to business combination	—		—		—			—			—			—			—			—			—			125.0
Accretion/reduction of redeemable noncontrolling interests redemption value, net	—		—		(17.6	)		—			—			—			(17.6	)		—			(17.6	)		17.6
Noncontrolling interests acquired	—		—		—			—			—			—			—			10.2			10.2			—
Net income (loss)	—		—		—			—			—			35.2			35.2			0.6			35.8			(2.6	)
Balance, April 30, 2016	1,000		—		1,135.9			(36.9	)		(193.0	)		(1,694.8	)		(788.8	)		10.1			(778.7	)		140.0
Equity-based compensation expense	—		—		77.4			—			—			—			77.4			—			77.4			—
Unrealized gain (loss) on foreign currency translation, net of tax	—		—		—			—			(92.0	)		—			(92.0	)		(0.4	)		(92.4	)		—
Defined benefit plan funding status, net of tax	—		—		—			—			0.1			—			0.1			—			0.1			—
Unrealized gain (loss) on derivative instruments, net of tax	—		—		—			—			6.7			—			6.7			—			6.7			—
Dividend paid/accrued	—		—		(154.4	)		—			—			—			(154.4	)		(1.2	)		(155.6	)		—
Tax sharing arrangement activity, net	—		—		9.7			(22.3	)		—			—			(12.6	)		—			(12.6	)		—
Accretion/reduction of redeemable noncontrolling interests redemption value, net	—		—		1.6			—			—			—			1.6			—			1.6			(1.6	)
Equity contribution	—		—		145.0			—			—			—			145.0			—			145.0			—
Redemption of noncontrolling interests	—		—		—			—			—			—			—			—			—			(138.0	)
Net income (loss)	—		—		—			—			—			(186.8	)		(186.8	)		1.0			(185.8	)		(0.4	)
Balance, April 30, 2017	1,000	$	—	$	1,215.2		$	(59.2	)	$	(278.2	)	$	(1,881.6	)	$	(1,003.8	)	$	9.5		$	(994.3	)	$	—

The accompanying Notes are an integral part of the Consolidated Financial Statements

69

INFOR, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

	Year Ended April 30,						11 Months Ended
	2017			2016			April 30, 2015
Cash flows from operating activities:
Net income (loss)	$	(186.2	)	$	33.2		$	19.7
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		232.7			243.9			222.9
Provision for doubtful accounts, billing adjustments and sales allowances		25.0			21.1			16.0
Deferred income taxes		(40.3	)		(107.2	)		(79.1	)
Non-cash (gain) loss on foreign currency		4.2			76.5			(66.2	)
Non-cash interest		26.3			26.1			24.4
Loss on extinguishment of debt		4.6			—			172.4
Equity-based compensation expense		77.4			19.7			15.5
Other		8.0			2.7			(3.0	)
Changes in operating assets and liabilities (net of effects of acquisitions):
Prepaid expenses and other assets		0.6			(38.2	)		(21.9	)
Accounts receivable, net		(56.6	)		(32.3	)		29.4
Income tax receivable/payable, net		(36.2	)		20.7			(14.0	)
Deferred revenue		74.2			58.6			(68.1	)
Accounts payable, accrued expenses and other liabilities		4.1			107.5			(39.8	)
Net cash provided by operating activities		137.8			432.3			208.2
Cash flows from investing activities:
Acquisitions, net of cash acquired		(203.6	)		(549.6	)		(30.1	)
Purchase of other investments		(0.1	)		(25.0	)		—
Change in restricted cash		(2.5	)		(1.3	)		17.1
Purchases of property, equipment and software		(81.2	)		(65.5	)		(35.7	)
Net cash used in investing activities		(287.4	)		(641.4	)		(48.7	)
Cash flows from financing activities:
Equity contributions		145.0			—			—
Dividends paid		(171.9	)		(35.0	)		(65.7	)
Distributions under tax sharing arrangement		(9.1	)		(13.2	)		—
Loans to stockholders		—			(1.6	)		—
Payments on capital lease obligations		(4.1	)		(3.7	)		(2.5	)
Proceeds from issuance of debt		3,214.6			495.0			2,019.7
Payments on long-term debt		(3,272.1	)		(34.2	)		(1,932.5	)
Deferred financing and early debt redemption fees paid		(1.9	)		(16.5	)		(168.7	)
Purchase of noncontrolling interests		(138.0	)		—			—
Other		(2.8	)		(1.5	)		(8.5	)
Net cash provided by (used in) financing activities		(240.3	)		389.3			(158.2	)
Effect of exchange rate changes on cash and cash equivalents		(10.0	)		(1.2	)		(49.9	)
Net increase (decrease) in cash and cash equivalents		(399.9	)		179.0			(48.6	)
Cash and cash equivalents at the beginning of the period		705.7			526.7			575.3
Cash and cash equivalents at the end of the period	$	305.8		$	705.7		$	526.7
Supplemental disclosure of cash flow information
Cash paid for interest	$	280.6		$	220.1		$	344.4
Cash paid for income taxes	$	43.3		$	37.5		$	41.5
Supplemental disclosure of non-cash investing and financing activities
Assets acquired in acquisitions, net of cash acquired	$	277.0		$	799.2		$	36.3
Liabilities assumed in acquisitions	$	73.4		$	249.6		$	6.2
Capital lease obligations	$	1.8		$	0.7		$	5.2

The accompanying Notes are an integral part of the Consolidated Financial Statements

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INFOR, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Nature of Business and Basis of Presentation

Infor is a global provider of enterprise business applications software and services focused primarily on medium and large enterprises. We provide industry-specific enterprise resource planning (ERP) software products to companies in the manufacturing, distribution, healthcare, public sector, automotive, service industries, equipment services, management and rental (ESM&R), consumer products & retail and hospitality industries. We serve customers in three geographic regions: the Americas; Europe, Middle East and Africa (EMEA); and Asia-Pacific, including Australia and New Zealand (APAC). We offer a broad range of software applications and industry-specific solutions that we believe help our customers improve their business processes and reduce costs, resulting in better business or operational performance. Our solutions help automate and integrate critical business processes which enable our customers to better manage their business operations generally as well as their suppliers, partners, customers and employees. Augmenting our vertical-specific applications, we have horizontal software applications, including our customer relationship management (CRM), enterprise asset management (EAM), financial applications, human capital management (HCM), and supply chain management (SCM) suites which, in addition to our proprietary light-weight middleware solution ION, can be integrated with our enterprise software applications and sold across verticals. In addition to providing software products, we provide on-going support and maintenance services for our customers through our subscription-based annual maintenance and support programs. We also help our customers implement and use our applications more effectively through our consulting services.

Basis of Presentation

Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the U.S. (GAAP) as set forth in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) and consider the various staff accounting bulletins and other applicable guidance issued by the U.S. Securities and Exchange Commission (SEC). Our Consolidated Financial Statements include the accounts of Infor, Inc. and our wholly owned and majority-owned subsidiaries operating in the Americas, EMEA and APAC. All significant intercompany accounts and transactions have been eliminated.

Noncontrolling Interests

We consolidate our majority-owned subsidiaries and reflect redeemable noncontrolling interests and noncontrolling interests on our Consolidated Balance Sheets for the portion of those entities that we do not own as mezzanine equity on our Consolidated Balance Sheets and as a component of consolidated equity separate from the equity attributable to Infor, Inc.’s stockholders, respectively. The redeemable noncontrolling interests’ and noncontrolling interests’ share in our net earnings are included in net income (loss) attributable to noncontrolling interests in our Consolidated Statements of Operations, and their portion of comprehensive income (loss) is included in comprehensive income (loss) attributable to noncontrolling interests in our Consolidated Statements of Comprehensive Income (Loss).

Noncontrolling interests with redemption features, such as put options, that are not solely within our control (redeemable noncontrolling interests) are reported as mezzanine equity on our Consolidated Balance Sheets, between liabilities and equity, at the greater of redemption value or initial carrying value. The redeemable noncontrolling interest that we have reported related to an 18.52% interest in GT Nexus, Inc. (GT Nexus) that Infor did not own. In fiscal 2017, we purchased the remaining 18.52% of GT Nexus from the holders of the redeemable noncontrolling interests for $138.0 million, and GT Nexus became a wholly owned subsidiary of the Company. See Note 3, Acquisitions – Fiscal 2016.

The noncontrolling interest that we report as equity on our Consolidated Balance Sheets relates to a minority interest held in an international subsidiary acquired in the GT Nexus Acquisition (as defined below). See Note 3, Acquisitions -Fiscal 2016.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires us to make certain estimates, judgments and assumptions. These estimates, judgments and assumptions are based upon information available to us at the time that they are made and are believed to be reliable. These estimates, judgments and assumptions can affect the reported amounts of our assets and liabilities as of the date of the financial statements as well as the reported amounts of our revenues and expenses during the periods presented. On an on-going basis we evaluate our estimates and assumptions, including, but not limited to, those related to revenue recognition, allowance for doubtful accounts and sales returns, fair value of equity-based compensation, fair value of acquired intangible assets and goodwill, useful lives of intangible assets and property and equipment, income taxes, restructuring obligations, fair value of contingent consideration related to our acquisitions, contingencies and litigation, and fair value of derivative financial instruments, among others. We believe that these estimates and assumptions are reasonable under the circumstances and that they form a basis for making judgments about the carrying values of our assets and liabilities that are not readily apparent from other sources. Differences between these estimates, judgments or assumptions and actual results could materially impact our financial statements. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP

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and does not require management’s judgment in its application. There are also areas in which management’s judgment in selecting among available alternatives would not produce a materially different result.

Business Segments

We view our operations and manage our business as three reportable segments: License, Maintenance, and Consulting. We determine our reportable operating segments in accordance with the provisions in the FASB guidance on segment reporting, which establishes standards for, and requires disclosure of, certain financial information related to reportable operating segments and geographic regions. Factors used to identify our reportable operating segments include the financial information regularly utilized for evaluation by our chief operating decision-maker (CODM) in making decisions about how to allocate resources and in assessing our performance. We have determined that our CODM, as defined by this segment reporting guidance, is our Chief Executive Officer. See Note 20, Segment and Geographic Information.

Fiscal Year

Our fiscal year is from May 1 through April 30. Unless otherwise stated, references to fiscal 2017, 2016 and 2015 relate to our fiscal years ended April 30, 2017, 2016 and 2015, respectively. References to future years also relate to our fiscal years ending April 30.

Beginning in the first quarter of fiscal 2015, we changed our fiscal year end from May 31 to April 30. This change was effective beginning June 1, 2014, the start of our fiscal 2015, which ended on April 30, 2015. As a result of this change, for fiscal 2015 we reported an 11-month transition period from June 1, 2014 to April 30, 2015. Accordingly, our Consolidated Balance Sheets are presented as of April 30, 2017 and 2016. The accompanying Consolidated Financial Statements, and the Notes thereto, include our results of operations and cash flows for the fiscal years ended April 30, 2017 and 2016, and the 11-month transition period of fiscal 2015.

Revision of Prior Period Financial Statements

In connection with the preparation of our consolidated financial statements for fiscal 2017, we identified and corrected an error in the manner in which we were classifying amounts related to the tax allocation agreement between Infor and GGC Software Parent, LLC and Infor Software Parent LLC, parent companies of Infor (the Tax Allocation Agreement). See Note 2, Summary of Significant Accounting Policies – Income Taxes. Historically, Infor recorded the differential between our Parent’s tax attributes utilized under the separate return method for tax allocation purposes and the amounts paid to our Parent under the Tax Allocation Agreement, whereby Infor pays the Parent for their attributes on the consolidated tax return, which will differ from our calculation under the separate return method, as a current asset in income tax receivable on our Consolidated Balance Sheets. This differential should be recorded as a distribution under the Tax Allocation Agreement and recorded as a decrease in additional paid-in capital on our Consolidated Balance Sheets when cash paid exceeds the benefit received, and as a capital contribution when the benefit exceeds the cash paid under the terms of the Tax Allocation Agreement.

In accordance with accounting guidance found in ASC 250-10 (SEC Staff Accounting Bulletin No. 99, Materiality), we assessed the materiality of these changes and concluded that they were not material to any of our previously issued financial statements. In accordance with accounting guidance found in ASC 250-10 (SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), we revised our previously issued financial statements to correct the effect of the error in the current filing.

We corrected this error by removing the portion of the income tax receivable related to distributions under the Tax Allocation Agreement which resulted in a reduction of additional paid-in capital on our Consolidated Balance Sheets and our Consolidated Statement of Stockholders’ Equity as of April 30, 2016 and 2015. We corrected the classification in our Consolidated Statement of Cash Flows to reflect the applicable cash outflows as financing activities as compared to operating activities as originally reported.

Correction of this error resulted in a $39.8 million and $22.6 million change in classification from income tax receivable to additional paid-in capital on our Consolidated Balance Sheets and Consolidated Statement of Stockholders’ Equity as of April 30, 2016 and 2015, respectively, and a $13.2 million change in classification from Cash flows from operating activities to Cash flows from financing activities in our Consolidated Statement of Cash Flows for fiscal 2016. The revisions did not impact our Consolidated Statement of Cash Flows for fiscal 2015. The revision had no impact on our previously issued Consolidated Statement of Operations for fiscal 2016 and fiscal 2015.

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2. Summary of Significant Accounting Policies

Adoption of New Accounting Pronouncements

Not applicable.

Recent Accounting Pronouncements—Not Yet Adopted

In May 2014, the FASB issued guidance on the principles for revenue recognition. This guidance is a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new rules establish a core principle that requires the recognition of revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. This guidance was to be effective for annual reporting periods beginning after December 15, 2016 (our fiscal 2018) and early adoption was not permitted. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017, for annual reporting periods beginning after that date (our fiscal 2019). The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. Initial adoption may be accounted for either retrospectively to each prior reporting period presented (full retrospective), or retrospectively with the cumulative effect of initial application recognized at the date of adoption (modified retrospective). Infor plans to adopt this guidance in our first quarter of fiscal 2019 and have not yet determined whether the effect will be material. We are continuing to evaluate the impact of the modified versus the full retrospective method, as well as the impact on our financial position, results of operations or cash flows, and associated processes, systems, and internal controls. Based on initial assessments, Infor believes the new standard will impact the following policies and practices:

• Recognition of software license revenue from term licenses upon delivery of the software, rather than over the term of the arrangement;

• Accounting for deferred commissions including costs that qualify for deferral and the amortization period;

• The removal of the current limitation on contingent revenue may result in revenue being recognized earlier for certain contracts; and

• The removal of the current residual method of allocating software license fees within a multiple element arrangement may impact reported revenues.

In November 2015, the FASB issued guidance simplifying the balance sheet presentation of deferred taxes. Under this guidance, deferred tax assets and deferred tax liabilities are to be classified as non-current in a classified statement of financial position, amending the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods (our fiscal 2018), and early adoption is permitted. This guidance may be applied either prospectively to all deferred tax assets and liabilities, or retrospectively to all periods presented. The adoption of this guidance will only impact presentation on our consolidated balance sheets and related disclosures and will not have a material impact on our financial position, results of operations or cash flows. We will be adopting this guidance in the first quarter of fiscal 2018 on a prospective basis.

In February 2016, the FASB issued a new leasing standard that will supersede current guidance related to accounting for leases. The guidance is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under this guidance, lessees will recognize a right-of-use asset and a lease liability on their consolidated balance sheets for leases with accounting lease terms of more than 12 months. The liability recognized will be the present value of related lease payments, subject to certain adjustments. Leases will continue to be classified as either operating or finance for income statement purposes, which will affect the pattern of expense recognition in the consolidated statements of operations. The standard will be effective for the first interim period within annual periods beginning after December 15, 2018 (our fiscal 2020), with early adoption permitted. The standard is required to be adopted using the modified retrospective approach. We are currently evaluating how this guidance will impact our consolidated financial statements and related disclosures and evaluating the timing of adoption. We expect that most of our operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption, which will have a significant impact on our assets and liabilities. We do not expect that this guidance will have a material impact on our results of operations or cash flows.

In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and cash payments in the statement of cash flows. This guidance addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The guidance will be effective for the first interim period within annual periods beginning after December 15, 2017 (our fiscal 2019), with early adoption permitted. The standard is required to be adopted using a retrospective transition method approach. We are currently evaluating how this guidance will impact the classification/presentation of these items on our consolidated statements of cash flows and related disclosures. This guidance will not have a material impact on our financial position or our results of operations.

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In October 2016, the FASB issued new guidance related to accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This guidance amends current GAAP which prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The update requires an entity to recognize the income tax consequences of an intra-entity transfer for assets other than inventory when the transfer occurs. The guidance will be effective for the first interim period within annual periods beginning after December 15, 2017 (our fiscal 2019), with early adoption permitted. The amendments are to be applied on a modified retrospective basis through a cumulative-effect adjustment to the balance sheet as of the beginning of the period of adoption. We are currently evaluating how this guidance will impact our financial position, results of operations and cash flows.

In November 2016, the FASB issued new guidance related to the classifications and presentation of changes in restricted cash in the statement of cash flows. This guidance requires that the statement of cash flows explain the change during the period in total of cash, cash equivalents and restricted cash. Accordingly, amounts generally described as restricted cash are to be combined with unrestricted cash when reconciling the beginning and end of period balances on the statement of cash flows. The guidance will be effective for the first interim period within annual periods beginning after December 15, 2017 (our fiscal 2019), with early adoption permitted. We are currently evaluating how this guidance will impact the classification/presentation of restricted cash on our consolidated statements of cash flows and related disclosures. This guidance will not have a material impact on our financial position or our results of operations.

In January 2017, the FASB issued guidance that clarifies the definition of a business. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. This guidance is intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods (our fiscal 2019). Early adoption is permitted. We are currently evaluating how this guidance will impact our financial position, results of operations and cash flows.

In January 2017, the FASB issued guidance simplifying how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under this guidance, goodwill impairment will be determined based on the comparison of the fair value of a reporting unit to its carrying amount with an impairment charge recorded for the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This guidance is to be applied prospectively and is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those annual periods (our fiscal 2021). Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We anticipate adopting this guidance early in the second quarter of fiscal 2018 when we perform our annual test for goodwill impairment. Upon adoption, we will adjust our goodwill testing procedures accordingly. We do not expect that this guidance will have a material impact on our financial position, results of operations or cash flows.

In March 2017, the FASB issued guidance to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. Under this guidance, the service cost component of the net periodic benefit cost is to be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost are to be presented outside of the subtotal of operating income on the income statement and allows only the service cost component of net benefit costs to be eligible for capitalization. This guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods (our fiscal 2019), with early adoption permitted as of the beginning of a fiscal year for which interim or annual statements have not been issued. This guidance is to be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. We do not expect that this guidance will have a material impact on our results of operations.

As of the date of this annual report, there were no other recent accounting standard updates that we have not yet adopted that we believe would have a material impact on our financial position, results of operations or cash flows.

Revenue Recognition

We generate revenues primarily by licensing software and SaaS subscriptions, providing software support and product updates, and providing consulting services to our customers. We record software license, product updates and support, and related service revenues in accordance with the guidance provided by ASC 985-605, Software—Revenue Recognition, and we record revenues related to non-software deliverables such as SaaS subscriptions and related service revenue in accordance with guidance provided by ASC 605, Revenue Recognition. Revenue is recorded net of applicable taxes. Our specific revenue recognition policies are as follows:

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Software license fees and subscriptions

Software license fees and subscriptions revenues are primarily from sales of perpetual software licenses granting customers use of our software products and access to software products through our SaaS subscription offerings. Software license fees are recognized when the following criteria are met: 1) there is persuasive evidence of an arrangement, 2) the software product has been delivered, 3) the fees are fixed or determinable, and 4) collectability is reasonably assured. SaaS subscription revenues are recognized over the contract term once the software is made available for use in an environment hosted, supported, and maintained by Infor.

We do not generally offer rights of return or acceptance clauses. If a software license contains rights of return or customer acceptance criteria, recognition of the software license fee revenue is deferred until the earlier of customer acceptance or the expiration of the acceptance period or cancellation of the right of return.

We record revenues from sales of third-party products on a “gross” basis pursuant to ASC 605-45 Revenue Recognition, Principal Agent Considerations, when we are the primary obligor in the arrangement with the end customer and have the risks and rewards as principal in the transaction, such as responsibility for fulfillment, retaining the risk for collection, and establishing the price of the products. If these indicators have not been met, or if indicators of net revenue reporting specified in ASC 605-45 are present in the arrangement, revenue is recognized net of related direct costs.

Revenue arrangements through our resellers that involve Infor contracting directly with an end user follow the same revenue recognition rules as our direct sales business. Revenue arrangements which involve Infor contracting directly with a reseller are generally recognized when the reseller purchases a product for resale to an identified end user provided that all other revenue recognition criteria have been met.

We enter into multiple element arrangements for software and software-related products and services, which may include software licenses, product updates and support and/or implementation and consulting services agreements. Revenue is allocated to undelivered elements based upon their fair value as determined by vendor-specific objective evidence (VSOE). VSOE of fair value for the elements in an arrangement reflects the price charged when the undelivered element is sold separately.

We generally do not have VSOE of fair value for software license fees as software licenses are typically not sold separately from product updates and support. Since the fair value of a delivered element (license) has not been established, the residual method is used to record license revenue when VSOE of fair value of all undelivered elements is determinable. Under the residual method, the VSOE of fair value of an undelivered element (product updates and support and/or services) is deferred and the remaining portion of the fee is allocated to the delivered element (license) and is recognized as revenue in accordance with the provisions of ASC 985-605. In instances where VSOE of fair value of one or more of the undelivered elements is not established, license revenue is recognized ratably over the term of the arrangement once all other services have been delivered and one undelivered element remains.

Certain software products are offered as term based license arrangements where the customer has the right to use the software for a specified period of time. Under these arrangements, license fees for multi-year term licenses can either be recognized up front when product updates and support obligations are charged separately and the product updates and support renewal rate and term are considered substantive, or are recognized ratably over the term of the underlying arrangement if the product updates and support renewal rate and term are not considered to be substantive.

For customer arrangements that include software license fees, implementation and/or other consulting services, the portion of the fees related to software licenses is generally recognized when delivered, as the implementation and consulting services typically qualify for separate recognition. The significant factors considered in determining whether the elements constitute multiple units of accounting for revenue recognition purposes include: 1) the nature of the services and consideration of whether the services are essential to the functionality of the licensed product, 2) degree of risk related to delivering the services, 3) availability of comparable services from other vendors, 4) timing of payments and 5) impact of milestones or acceptance criteria on the recognition of the software license fee. The portion of the fees related to implementation and other consulting services is recognized as such services are performed. If there is a significant uncertainty about the project completion or receipt of payment for the services, revenues are deferred until the uncertainty is sufficiently resolved. If it is determined that the services are not separable from the arrangement for revenue recognition purposes, the license fees and services are recognized using contract accounting either on a percentage of completion basis, measured by the percentage of labor hours incurred to date to estimated total labor hours for each contract, or on a completed contract basis when dependable estimates are not available. Contract accounting is applied to any arrangements: 1) that include milestones or customer-specific acceptance criteria that may affect collection of the software license fees; 2) where services include significant modification or customization of the software; or 3) where the software license payment is tied to the performance of consulting services.

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We also enter into multiple element arrangements that may include a combination of our various software-related and non-software- related products and services offerings including software licenses, SaaS subscriptions, product updates and support, consulting services, education and hosting services. Each element within a non-software multiple element arrangement is accounted for as a separate unit of accounting provided the following criteria of ASC 605-25 are met: 1) the delivered item or items have value to the customer on a standalone basis, and 2) if the arrangement includes a general right to return relative to the delivered item, delivery or performance of the undelivered items is considered probable and substantially in our control. We consider a deliverable to have standalone value if the product or service is sold separately by Infor or another vendor or could be resold by the customer. In such arrangements, we first allocate the total arrangement consideration based on the relative selling prices of the software group of elements as a whole and to the non-software elements. We then further allocate consideration within the software group to the respective elements within that group following the guidance in ASC 985-605 and our policies as described above. For the non-software group, revenue is then allocated to each element using a selling price hierarchy; VSOE if available, third-party evidence (TPE) if VSOE is not available, or best estimate of selling price (BESP) if neither VSOE nor TPE are available.

To determine the selling price in non-software multiple-element arrangements, we establish VSOE of selling prices, as described earlier, to the extent possible. We consider TPE by evaluating similar and interchangeable competitor products or services in standalone arrangements with similarly situated customers. If we are unable to determine the selling price because VSOE or TPE is unavailable, BESP is determined for the purposes of allocating the arrangement. The objective of BESP is to determine the price at which the vendor would transact if the deliverable were sold by the vendor regularly on a standalone basis. Infor determines BESP for its offerings by considering many factors, including, but not limited to, geographies, market conditions, competitive landscape, internal costs, gross margin objectives and pricing practices.

Product Updates and Support Fees

Product updates and support fees entitle the customer to receive, for an agreed upon period, unspecified product upgrades (when and if available), release updates, regulatory updates and patches, as well as support services including access to technical information and technical support staff. The term of product updates and support services is typically 12 months. The product updates and support fees are recorded as product updates and support fees revenue and recognized ratably over the term of the agreement. Revenues for product updates and support that are bundled with license fees are deferred based on the VSOE of fair value of the bundled product updates and support and recognized over the term of the agreement.

Consulting Services and Other Fees

We also provide software and SaaS-related consulting services, including systems implementation and integration services, consulting, training, custom modification and application managed services. Consulting services are usually separately priced per our established VSOE of fair value, are generally not essential to the functionality of our software products, and are also available from third-party vendors and systems integrators. Consulting services are generally provided under time and materials contracts and revenues are recognized as the services are provided. However, when we enter into arrangements with a fixed-fee or a maximum-fee basis where services are not considered essential to the functionality of the software, revenue is recognized based upon a proportionate performance method. When we enter into arrangements where services are considered essential to the functionality of the software, revenue is recognized based upon a percentage of completion method. Under this method, revenue is recognized based upon labor hours incurred as a percentage of total estimated labor hours to complete the project. Provisions for estimated losses on incomplete contracts are made in the period in which such losses are determined. Revenues for consulting services that are bundled with license fees are deferred based on the VSOE of fair value of the bundled services and recognized when the services are performed.

Consulting services and other fees also include hosting services. Hosted customers with perpetual licenses have the contractual right to take possession of the software at any time during the hosted period. The customer has the right to choose not to renew its hosting arrangement upon its expiration and can deploy the software internally or contract with another party unrelated to Infor to host the software. Customers can self-host and any penalties to do so are not significant. Accordingly, the portion of an arrangement allocated to the hosting element is recognized once the service begins and then ratably over the term of the hosting arrangement.

Consulting services and other fees also include education services and fees related to Inforum, our customer event. Revenues related to these services are recognized when the services are provided or when the fees are received. In accordance with the provisions set forth in ASC 605, we recognize amounts associated with reimbursements from customers for out-of-pocket expenses as revenue on a gross basis. Such amounts have been classified as consulting services and other fees.

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Deferred Revenues

Deferred revenues represent amounts billed or payments received from customers for software licenses, SaaS subscriptions, product updates and support and/or services in advance of recognizing revenue or performing services. We defer revenues for any undelivered elements, and recognize revenues when the product is delivered or over the period in which the service is performed, in accordance with our revenue recognition policy for such elements. Product updates and support is normally billed quarterly or annually in advance of performing the service.

Deferred Costs

Commissions payable to our direct sales force and independent affiliates who resell our software products, as well as royalties payable to third-party software vendors, are recorded when a sale is completed or cash received, which coincides with the timing of revenue recognition in most cases. When revenue is recognized ratably over time, related commissions and royalties are deferred and amortized over the same period as the recognition of the revenue.

Collectability

We assess the probability of collection based upon several factors including 1) third-party credit agency information, 2) customer financial statements and/or 3) customer payment history. We typically do not provide for payment terms in excess of six months. Certain customer arrangements are recognized upon collection due to their specific collection history.

Business Combinations

We account for acquisitions in accordance with ASC 805, Business Combinations. ASC 805 requires recognition of the assets acquired and the liabilities assumed separately from goodwill, generally at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While best estimates and assumptions are used as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the acquisition date, estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill, are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in our results of operations in the reporting period such adjustments are made.

For a given acquisition, certain pre-acquisition contingencies are generally identified as of the acquisition date and may extend the review and evaluation of these pre-acquisition contingencies throughout the measurement period (up to one year from the acquisition date) in order to obtain sufficient information to assess whether to include these contingencies as a part of the purchase price allocation and, if so, to determine the estimated amounts.

If it is determined that a pre-acquisition contingency (non-income tax related) is probable in nature and estimable as of the acquisition date, an estimate is recorded for such a contingency as a part of the preliminary purchase price allocation. We often continue to gather information for and evaluate our pre-acquisition contingencies throughout the measurement period. During the measurement period, if changes are made to the amounts recorded or if additional pre-acquisition contingencies are identified, such amounts are included in the purchase price allocation in the reporting period in which the changes are determined and, subsequently, in our results of operations.

In addition, uncertain tax positions and tax related valuation allowances assumed in connection with a business combination are initially estimated as of the acquisition date and are reevaluated with any adjustments to preliminary estimates made within the measurement period being recorded to goodwill in the reporting period in which the adjustments are determined. Subsequent to the measurement period or the final determination of the tax allowance’s or contingency’s estimated value, changes to these uncertain tax positions and tax related valuation allowances impact the provision for income taxes in our Consolidated Statement of Operations and could have a material impact on our results of operations and financial position.

In connection with the purchase price allocations for our acquisitions, we estimate the fair value of product updates and support, SaaS subscription and service contract obligations assumed. The acquired deferred revenue is recognized at fair value to the extent it represents a legal obligation assumed by Infor. We consider post-contract support (PCS) obligations/services in their entirety, SaaS subscription contracts and service contracts to be legal obligations of the acquired entity. PCS arrangements of acquired entities typically include unspecified product upgrades (when and if available), release updates, regulatory updates and patches, as well as support including access to technical information and technical support staff. SaaS subscription arrangements of acquired entities provide access to product functionality through a hosted environment and other services. We consider PCS and SaaS subscription arrangements to be separate elements when determining the legal obligations assumed from the acquired entity. We expect to fulfill each underlying obligation element of these arrangements. The estimated fair values of these PCS arrangements, SaaS subscription contracts and service contracts are determined utilizing a bottom-up approach. The bottom-up approach, also referred to the cost build-up approach, relies on an estimate of the direct costs and any incremental costs (such as overhead) required to fulfill the performance obligation, plus a reasonable profit margin, to estimate fair value. The estimated direct and

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incremental costs are reflective of those that we would normally incur to fulfill similar obligations and do not include any costs incurred prior to the business combination or that are not needed to fulfill the obligation.

We record receivables acquired in business combinations at their estimated fair market values. Subsequent changes to acquired receivables are reflected as changes in the provision for doubtful accounts included as a component of general and administrative expense in our Consolidated Statements of Operations.

The purchase agreements related to certain of our acquisitions may include provisions for the payment of additional cash consideration if certain future performance conditions are met. These contingent consideration arrangements are to be recognized at their acquisition date fair value and included as part of the purchase price at the acquisition date. The estimated fair value of these contingent consideration arrangements are classified as accrued liabilities or other long-term liabilities on our Consolidated Balance Sheets. As such, their fair value is remeasured each reporting period with any change in fair value being recognized in the applicable period’s results of operations and included in acquisition-related and other costs in our Consolidated Statements of Operations.

ASC 805 also requires that the direct transaction costs associated with business combinations be expensed as incurred. We include such transaction costs in acquisition-related and other costs in our Consolidated Statements of Operations.

Restructuring

Costs to exit or restructure certain activities of an acquired company, or our internal operations, are accounted for as one-time termination and exit costs pursuant to ASC 420, Exit or Disposal Cost Obligations. If acquisition related, they are accounted for separately from the business combination. Liabilities for costs associated with an exit or disposal activity are measured at fair value on our Consolidated Balance Sheet and recognized in our Consolidated Statement of Operations in the period in which the liability is incurred. In the normal course of business, Infor may incur restructuring charges related to personnel which are accounted for in accordance with ASC 712, Compensation—Nonretirement Postemployment Benefits. These restructuring charges represent severance associated with redundant positions. When estimating the fair value of facility restructuring activities, assumptions are applied regarding estimated sub-lease payments to be received, which can differ materially from actual results. This may require revision of initial estimates which may materially affect our results of operations and financial position in the period the change in estimate occurs. See Note 11, Restructuring Charges.

We estimate the amounts of these costs based on our expectations at the time the charges are taken and we reevaluate the remaining accruals at each reporting date based on current facts and circumstances. If our estimates or expectations change because we are subjected to contractual obligations or negotiations we did not anticipate, we choose to further restructure our operations, or there are other costs or changes we did not foresee, we adjust the restructuring accruals in the period that our estimates change. Such changes are recorded as increases or decreases to restructuring costs in our Consolidated Statements of Operations.

Accounts Receivable

Accounts receivable are comprised of gross amounts invoiced to customers and accrued revenue, which represents earned but unbilled revenue at the balance sheet date. The gross amount invoiced includes pass-through taxes and fees, which are recorded as liabilities at the time they are billed. We offset our accounts receivable and deferred revenue for invoices for which the subscription period has not started as of the balance sheet date.

Allowances for Doubtful Accounts, Cancellations and Billing Adjustments

We have established an allowance for estimated billing adjustments and an allowance for estimated amounts that will not be collected. We record provisions for billing adjustments as a reduction of revenue and provisions for doubtful accounts as a component of general and administrative expense in our Consolidated Statements of Operations. We review specific accounts, including significant accounts with balances past due over 90 days, for collectability based on circumstances known at the date of the financial statements. In addition, we maintain reserves based on historical billing adjustments and write-offs. These estimates are reviewed periodically and consider specific customer situations, historical experience and write-offs, customer credit-worthiness, current economic trends and changes in customer payment terms. A considerable amount of judgment is required in assessing these factors. If the factors utilized in determining the allowance do not reflect future performance, a change in the allowance would be necessary in the period such determination is made which would affect future results of operations. Accounts receivable are charged off against the allowance when we determine it is probable the receivable will not be recovered.

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Sales Allowances

We do not generally provide a contractual right of return. However, in the course of arriving at practical business solutions to various claims arising from the sale of our products and delivery of our solutions, we have allowed for sales allowances. We record a provision against revenue for estimated sales allowances on license and consulting revenues in the same period the related revenues are recorded or when current information indicates additional allowances are required. These estimates are based on historical experience determined by analysis of claim activities, specifically identified customers and other known factors. If the historical data utilized does not reflect expected future performance, a change in the allowances would be recorded in the period such determination is made affecting current and future results of operations. The balance of our sales reserve is reflected in deferred revenue on our Consolidated Balance Sheets.

Following is a rollforward of our sales reserve:

(in millions)
Balance, May 31, 2014	$	7.9
Provision		7.4
Write-offs		(7.3	)
Currency translation effect		(0.7	)
Balance, April 30, 2015		7.3
Provision		8.6
Write-offs		(5.4	)
Currency translation effect		(0.1	)
Balance, April 30, 2016		10.4
Provision		14.7
Acquired sales reserve		0.2
Write-offs		(12.7	)
Currency translation effect		(0.4	)
Balance, April 30, 2017	$	12.2

Property and Equipment

Property and equipment is stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method based upon the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of their estimated useful lives or the remaining term of the leases to which they relate. Repair and maintenance costs are expensed as incurred if they do not increase the life or productivity of the related capitalized asset. Assets acquired under capital leases are included in property and equipment with corresponding depreciation included in accumulated depreciation. Capital leases are amortized on a straight-line basis over the lesser of the estimated useful life of the respective assets, or the term of the capital lease.

We have asset retirement obligations accounted for under the provisions of ASC 410-20, Asset Retirement and Environmental Obligations—Asset Retirement Obligations, related to certain leased facilities. We record the asset retirement obligation and a corresponding leasehold improvement which is depreciated over the expected term of the lease. Subsequent to initial recognition, we record period-to-period changes in the asset retirement obligations liability resulting from the passage of time to general and administrative expense and revisions to either the timing or the amount of the original expected cash flows to the related assets. See Note 8, Property and Equipment, for details of the asset retirement obligations amounts.

Gains or losses are reflected in results of operations upon retirement or sale of property and equipment. Property and equipment is reviewed for impairment when circumstances indicate that the carrying value of the property and equipment may not be recoverable. We did not recognize any impairment charges for property and equipment during fiscal 2017, 2016 and 2015.

Software Development Costs

Expenditures for software research and development consist primarily of salaries, employee benefits, related overhead costs, and consulting fees associated with product development, testing, quality assurance, documentation, enhancements and upgrades for existing customers under maintenance. We apply ASC 985-20, Software—Costs of Software to Be Sold, Leased, or Marketed, in analyzing our software development costs. ASC 985-20 requires the capitalization of certain software development costs subsequent to the establishment of technological feasibility for a software product in development. Research and development costs associated with establishing technological feasibility are expensed as incurred. Based on our software development process, technological feasibility is established upon the completion of a working model. Costs capitalized in accordance with ASC 985-20 for the completion of work between the time of technological feasibility and the point at which the software is ready for general release were $5.9 million, $5.4 million and $4.2 million in fiscal 2017, 2016 and 2015,

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respectively. Amortization expense for assets capitalized totaled $5.3 million, $4.7 million and $3.6 million for fiscal 2017, 2016 and 2015, respectively. Unamortized costs capitalized totaled $5.8 million and $5.2 million as of April 30, 2017 and 2016, respectively.

We begin amortizing capitalized software development costs once a product is available for general release. Amortization of capitalized software development costs and acquired technology is recognized based upon the greater of 1) the ratio of current revenues to total anticipated product revenues, or 2) the amount computed on a straight-line basis with reference to the product’s expected useful life. At least annually, we perform a net realizable value analysis and the amount by which unamortized software development costs exceed the net realizable value, if any, is recognized as expense in the period it is determined. Amortization expense associated with capitalized software development costs and acquired technology is recorded as a component of amortization of intangible assets and depreciation in our Consolidated Statements of Operations.

We apply ASC 350-40, Intangibles—Goodwill and Other—Internal Use Software, in review of certain system projects. These system projects generally relate to software we do not intend to sell or otherwise market. In addition, we apply this guidance to our review of development projects related to software used exclusively for our SaaS subscription offerings. In these reviews, all costs incurred during the preliminary project stages are expensed as incurred. Once the projects have been committed to and it is probable that the projects will meet functional requirements, costs are capitalized. These capitalized software costs are amortized on a project-by-project basis over the expected economic life of the underlying product on a straight-line basis, which is typically two to seven years. Amortization commences when the software is available for its intended use. During fiscal 2017, 2016 and 2015 we capitalized approximately $47.2 million, $30.6 million and $4.1 million, respectively, related to internal use software and recorded approximately $14.9 million, $3.6 million and $0.7 million, respectively, in related amortization expense. Unamortized costs of capitalized internal use software totaled $65.8 million and $30.9 million as of April 30, 2017 and 2016, respectively.

Intangible Assets

Intangible assets represent customer contracts and relationships, acquired technology and trade names obtained in connection with acquisitions. These intangible assets, other than acquired technology, are being amortized using either straight-line or accelerated amortization over their estimated useful lives, ranging from 12 months to 20 years. The accelerated amortization method is used should the realization of the economic value of the asset be deemed to have characteristics that more closely match an accelerated amortization methodology, as may exist principally with customer relationships. In those cases, the asset is amortized proportionally based upon the annual proportion of economic value contributed as it relates to the asset’s total economic value. Acquired technology is amortized at the greater of straight-line or the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product. See Note 9, Intangible Assets.

The carrying amount of intangible assets are reviewed whenever circumstances arise that indicate the carrying amount of an asset may not be recoverable, also known as a “triggering event.” The carrying value of these assets is compared to the undiscounted future cash flows the assets are expected to generate. If the asset is considered to be impaired, the carrying value is compared to the fair value and this difference is recognized as an impairment loss. We have not recognized a loss from impairment of intangible assets during fiscal 2017, 2016 or 2015.

Goodwill

Goodwill represents the excess of consideration transferred over the fair value of net tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill amounts are not amortized, but rather are evaluated for potential impairment on an annual basis unless circumstances indicate the need for impairment testing between the annual tests. The judgments regarding the existence of impairment indicators are based on legal factors, market conditions, and operational performance, among other things.

Annual testing for goodwill impairment may begin with a qualitative comparison of our reporting units’ fair value to their carrying value to determine if it is more-likely-than-not that the fair value is less than the carrying value and thus whether any further impairment tests are necessary. Further testing for goodwill impairment is a two-step process. The first step screens for potential impairment, and if there is an indication of possible impairment, the second step must be completed to measure the amount of impairment loss, if any. The first step of the goodwill impairment test used to identify potential impairment compares the fair value of a reporting unit with the carrying value of its net assets. If the fair value of the reporting unit is less than the carrying value of the reporting unit, the second step of the goodwill impairment test would be performed to measure the amount of impairment loss we would be required to record, if any. The second step, if required, would compare the implied fair value of our recorded goodwill with the current carrying amount. If the implied fair value of our goodwill is less than the carrying value, an impairment charge equal to the difference would be recorded as a charge to our operations.

We believe that our reportable segments are also representative of our reporting units for purposes of our goodwill impairment testing. We allocate our goodwill to each of these reporting units based upon their relative fair values. For purposes of allocating our recorded goodwill to our reporting units, we estimated their fair values using a combination of an income approach (discounted cash flow method) and a market approach (market transaction method and market comparable method).

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We conduct our annual impairment test in the second quarter of each fiscal year, as of September 30. The results of the annual tests performed in fiscal 2017, 2016 and 2015 indicated no impairment of goodwill. See Note 4, Goodwill.

Cost Method Investments

We have investments in other entities where we do not hold a controlling interest. We use the cost method of accounting when our voting interests in such entities are less than 20.0% and we do not have the ability to exercise significant influence over the entities’ operating and financial policies. Our cost method investments are reported at cost and are included in other assets on our Consolidated Balance Sheets. Dividend income received, if any, is reported in other (income) expense, net, in our Consolidated Statements of Operations. Our cost method investments are assessed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. We have not recorded any dividends or other-than-temporary impairment charges related to our cost method investments. The fair values of our cost method investments are not readily available and there are no quoted market prices for these investments.

In fiscal 2016, we acquired a 16.67% equity interest in LogicBlox-Predictix Holdings, Inc. (Predictix), for $25.0 million pursuant to the Stock Purchase Agreement dated as of January 18, 2016, by and among Infor Enterprise Applications, LP (Infor Enterprise), which is an affiliate of the parent company of Infor, and Predictix and the stockholder parties signatory thereto (the Predictix Stock Purchase Agreement). We accounted for our investment in Predictix under the cost method in accordance with applicable accounting principles as we did not have significant influence over Predictix. As of April 30, 2016, our investment in Predictix had a carrying value of approximately $25.0 million. On June 27, 2016, we acquired the remaining issued and outstanding capital stock of Predictix and we discontinued the cost method accounting treatment from that date forward. See Note 3, Acquisitions – Fiscal 2017.

Deferred Financing Fees

Deferred financing fees, net of amortization, related to our term loans and senior notes are reflected on our Consolidated Balance Sheets as a direct reduction in the carrying amount of our long-term debt. In addition, deferred financing fees, net of amortization, related to our revolving credit facility are included in other assets. Deferred financing fees include direct financing fees, bank origination fees, amendment fees, legal and other fees incurred in obtaining and/or amending term and facility debt obligations. These deferred costs are being amortized using the effective interest method over the expected life of the related debt obligation and such amortization is included in interest expense, net in our Consolidated Statements of Operations. In fiscal 2017, 2016 and 2015, we capitalized deferred financing fees related to refinancing our first lien term loans, refinancing our senior notes, and amending and obtaining new term debt under our credit arrangements, and we wrote off certain unamortized deferred financing fees in conjunction with these financing activities. See Note 12, Debt—Deferred Financing Fees, and Loss on Extinguishment of Debt.

Lease Obligations

We recognize lease obligations with scheduled rent increases over the terms of the leases on a straight-line basis in accordance with FASB guidance related to operating leases. Accordingly, the total amount of base rentals over the term of our leases is charged to expense using a straight-line method, with the amount of rental expense in excess of lease payments recorded as a deferred rent liability. As of April 30, 2017 and 2016, we had total deferred rent liabilities of $26.3 million and $22.6 million, respectively. The current and non-current portions of our deferred rent liabilities are included in accrued expenses and other long-term liabilities, respectively, on our Consolidated Balance Sheets. We also recognize capital lease obligations and record the underlying assets and liabilities on our Consolidated Balance Sheets. See Note 14, Commitments and Contingencies—Leases.

Contingencies—Litigation Reserves

We provide for contingent liabilities, including those related to litigation matters, in accordance with ASC 450, Contingencies. Pursuant to this guidance, a loss contingency is charged to income when it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. We disclose in the notes to our financial statements those loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. We do not record gain contingencies until they are realized. We expense all legal costs to resolve regulatory, legal, tax, or other matters in the period incurred.

We review the status of each significant matter to assess our potential financial exposure at each reporting date. If a potential loss is considered probable and the amount can be reasonably estimated as defined by the guidance related to accounting for contingencies, we reflect the estimated loss in our results of operations. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability can be reasonably estimated. Because of uncertainties related to these matters, accruals are based on the best information available to us at that time. Further, estimates of this nature are highly subjective, and the final outcome of these matters could vary significantly from the amounts that have been included in our Consolidated Financial Statements. As additional information becomes available,

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we reassess the potential liability related to any pending claims and litigation and may revise our estimates accordingly. Such revisions in the estimates of the potential liabilities could have a material impact on our future results of operations, financial position and cash flows. See Note 14, Commitments and Contingencies – Litigation.

Derivative Financial Instruments

In accordance with ASC 815, Derivatives and Hedging, we record derivative instruments on our Consolidated Balance Sheets as assets or liabilities at their fair value. Changes in their fair value are recognized currently in our results of operations in other (income) expense, net in our Consolidated Statements of Operations unless certain specific hedge accounting criteria are met. These criteria include among other things that we formally document, designate and assess the effectiveness of transactions that receive hedge accounting treatment. For derivative instruments that are designated and qualify as hedging instruments, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative instrument representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The unrealized gains (losses) resulting from changes in the fair value of the derivative instruments are reflected as a component of stockholders’ deficit in accumulated other comprehensive income (loss) on our Consolidated Balance Sheets. Cash inflows or outflows associated with the derivative instruments are included in cash flows from operating activities on our Consolidated Statements of Cash Flows, as are the related interest payments.

We use interest rate swaps to limit our exposure to interest rate risk by converting the interest payments on variable rate debt to fixed rate payments. Interest rate swap agreements are contracts to exchange floating rate for fixed interest payments periodically over the life of the agreements without the exchange of the underlying notional debt amounts. These cash flow hedges are typically designated as accounting hedges until the time the underlying hedged instrument changes. Individual swaps are designated as hedges of our variable rate debt. The periodic settlement of our interest rate swaps will be recorded as interest expense in our Consolidated Statements of Operations. We entered into the interest rate swaps for hedging purposes only and not for trading or speculation.

We are exposed to certain credit-related risks in the event of non-performance by the counterparties to our derivative financial instruments. The credit risk is limited to unrealized gains related to our derivative instruments in the case that any of the counterparties fail to perform as agreed under the terms of the applicable agreements. To mitigate this risk, we only enter into agreements with counterparties that have investment-grade credit ratings.

The additional disclosures regarding derivatives are included below under Comprehensive Income (Loss) and in Note 5, Fair Value, and Note 15, Derivative Financial Instruments.

Foreign Currency

The functional currency of our foreign subsidiaries is typically the applicable local currency. The translation from the respective foreign currencies to U.S. Dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for income statement accounts using a weighted average exchange rate during the applicable period. Gains or losses resulting from translation of balance sheet accounts are included as a separate component of accumulated other comprehensive income on our Consolidated Balance Sheets. Gains or losses resulting from foreign currency transactions are included in foreign currency gain or loss as a component of other (income) expense, net, in the accompanying Consolidated Statements of Operations. Foreign currency gains or losses related to intercompany transactions considered to be long-term investments are included in other comprehensive income (loss) as a net credit or charge.

Transaction gains and losses are recognized in our results of operations based on the difference between the foreign currency exchange rates on the transaction date and on the reporting date. We recognized a net foreign currency exchange loss of $4.0 million, a net loss of $76.1 million and a net gain of $66.7 million, in fiscal 2017, 2016 and 2015, respectively. The foreign currency exchange gains and losses are included as a component of other (income) expense, net, in the accompanying Consolidated Statements of Operations.

Certain foreign currency transaction gains and losses are generated from our intercompany balances that are not considered to be long-term in nature that will be settled between subsidiaries. These intercompany balances are a result of normal transfer pricing transactions among our various operating subsidiaries, as well as certain loans initiated between subsidiaries. We also recognize transaction gains and losses from revaluing our debt denominated in Euros and held by subsidiaries whose functional currency is the U.S. Dollar. See Note 12, Debt.

Comprehensive Income (Loss)

Comprehensive income (loss) is the change in equity of a business enterprise from non-stockholder transactions impacting stockholders’ deficit that are not included in the statement of operations and are reported as a separate component of stockholders’ deficit. Other comprehensive income (loss) includes the change in foreign currency translation adjustments, changes in defined benefit plan obligations, and unrealized gain (loss) on derivative instruments.

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We report accumulated other comprehensive income (loss) as a separate line item in the stockholders’ deficit section of our Consolidated Balance Sheets. We report the components of comprehensive income (loss) on our Consolidated Statements of Comprehensive Income (Loss).

Total accumulated other comprehensive income (loss) and its components were as follows for the periods indicated:

(in millions)	Foreign Currency Translation Adjustment			Funded Status of Defined Benefit Pension Plan(1)			Derivative Instruments Unrealized Gain (Loss)(2)			Accumulated Other Comprehensive Income (Loss)
Balance, April 30, 2015	$	(211.5	)	$	(16.3	)	$	(12.8	)	$	(240.6	)
Other comprehensive income (loss)		43.6			0.2			3.3			47.1
Less: other comprehensive income (loss)attributable to noncontrolling interests		0.5			—			—			0.5
Other comprehensive income (loss) attributable to Infor, Inc.		44.1			0.2			3.3			47.6
Balance, April 30, 2016		(167.4	)		(16.1	)		(9.5	)		(193.0	)
Other comprehensive income (loss)		(92.4	)		0.1			6.7			(85.6	)
Less: other comprehensive income (loss)attributable to noncontrolling interests		0.4			—			—			0.4
Other comprehensive income (loss) attributable to Infor, Inc.		(92.0	)		0.1			6.7			(85.2	)
Balance, April 30, 2017	$	(259.4	)	$	(16.0	)	$	(2.8	)	$	(278.2	)

(1) Funded status of defined benefit pension plan is presented net of tax benefit of $3.4 million, $4.0 million and $4.6 million as of April 30, 2017, 2016, and 2015, respectively.

(2) Derivative instruments unrealized gain (loss) is presented net of tax benefit of $1.8 million, $5.9 million and $8.0 million as of April 30, 2017, 2016, and 2015, respectively.

The components of other comprehensive income (loss), including amounts reclassified out of accumulated other comprehensive income (loss), were as follows for the periods indicated:

(in millions)	Before-Tax			Income Tax (Expense) Benefit			Net-of-Tax
Fiscal 2017 (12 months)
Foreign currency translation adjustment	$	(92.4	)	$	—		$	(92.4	)
Change in funded status of defined benefit plans		1.4			(0.6	)		0.8
Derivative instruments unrealized loss		(0.9	)		0.4			(0.5	)
Reclassification adjustments:
Amortization of net actuarial gains and losses - defined benefit plans (1)		(0.6	)		—			(0.6	)
Amortization of prior service cost - defined benefit plans (1)		(0.1	)		—			(0.1	)
Amortization of derivative instruments unrealized loss		11.7			(4.5	)		7.2
Other comprehensive income (loss)	$	(80.9	)	$	(4.7	)	$	(85.6	)
Fiscal 2016 (12 months)
Foreign currency translation adjustment	$	43.6		$	—		$	43.6
Change in funded status of defined benefit plans		1.7			(0.6	)		1.1
Derivative instruments unrealized loss		(6.4	)		2.5			(3.9	)
Reclassification adjustments:
Amortization of net actuarial gains and losses - defined benefit plans (1)		(0.7	)		—			(0.7	)
Amortization of prior service cost - defined benefit plans (1)		(0.2	)		—			(0.2	)
Amortization of derivative instruments unrealized loss		11.8			(4.6	)		7.2
Other comprehensive income (loss)	$	49.8		$	(2.7	)	$	47.1

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Fiscal 2015 (11 months)
Foreign currency translation adjustment	$	(277.5	)	$	—	$	(277.5	)
Change in funded status of defined benefit plans		(10.5	)		2.1		(8.4	)
Derivative instruments unrealized loss		(5.7	)		1.8		(3.9	)
Reclassification adjustments:
Amortization of net actuarial gains and losses - defined benefit plans (1)		(0.3	)		—		(0.3	)
Amortization of prior service cost - defined benefit plans (1)		(0.2	)		—		(0.2	)
Amortization of derivative instruments unrealized loss		1.0			—		1.0
Other comprehensive income (loss)	$	(293.2	)	$	3.9	$	(289.3	)

(1) Amounts reclassified out of accumulated other comprehensive income (loss) related to defined benefit plan adjustments were included in the respective categories of operating expenses in our Consolidated Statement of Operations. These amounts were included as a component of our net periodic pension costs. See Note 19, Retirement Plans—Defined Benefit Plans, for additional detail.

Advertising Costs

We expense advertising costs as incurred. These costs are included in sales and marketing expense in our Consolidated Statements of Operations. For fiscal 2017, 2016 and 2015, advertising expenses were $14.6 million, $16.5 million and $15.9 million, respectively.

Concentration of Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities and trade receivables with customers. Cash and cash equivalents are generally held with a number of large, diverse financial institutions worldwide to reduce the amount of exposure to any single financial institution. We have implemented investment policies that limit purchases of marketable debt securities to investment grade securities. We do not require collateral to secure accounts receivable. Credit risk with respect to trade receivables is mitigated by credit evaluations performed on existing and prospective customers and by the diversification of our customer base across different industries and geographic areas. No one customer accounted for more than 10% of our consolidated trade accounts receivable balance at April 30, 2017 or 2016. In addition, no individual customer accounted for more than 10% of our consolidated revenues during fiscal 2017, 2016 or 2015.

A significant portion of our business is conducted in currencies other than the U.S. Dollar, the currency in which our financial statements are reported. Significant changes in these currencies, especially the Euro and the British Pound, relative to the U.S. Dollar could materially impact our revenue, operating results and financial position. During fiscal 2017, 2016 and 2015, we did not pursue hedging strategies to mitigate foreign currency exposure.

Fair Value of Financial Instruments

We apply the provision of ASC 820, Fair Value Measurements and Disclosures, to our financial instruments that we are required to carry at fair value pursuant to other accounting standards, including derivative financial instruments. We have not applied the fair value option to those financial instruments that we are not required to carry at fair value pursuant to other accounting standards. The additional disclosures regarding fair value measurements are included in Note 5, Fair Value.

Income Taxes

We utilize the asset and liability method of accounting for income taxes as set forth in ASC 740, Income Taxes. Under this method, we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured by applying enacted statutory tax rates that are applicable to the future years in which deferred tax assets or liabilities are expected to be settled or realized to the differences between the financial statements carrying amount and the tax bases of existing assets and liabilities. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in our results of operations in the period in which the tax rate change is enacted. The statement also requires a valuation allowance against net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets may not be realized. See Note 18, Income Taxes.

The provisions of ASC 740-10 contain a two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50.0% likely to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in provision (benefit) for income taxes in the accompanying Consolidated Statements of Operations.

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Infor is included in the GGC Software Parent, LLC (formerly GGC Software Parent, Inc.) consolidated federal income tax return. Infor and its subsidiaries provided for income taxes under the separate return method, by which Infor, Inc. and its subsidiaries compute tax expense as though they file a separate tax return. GGC Software Parent, LLC and Infor Software Parent LLC entered into a Tax Allocation Agreement (the Tax Allocation Agreement) with Infor that was effective as of April 5, 2012. The Tax Allocation Agreement sets forth the obligation of Infor and our domestic subsidiaries with regard to preparing and filing tax returns and allocating tax payments under the consolidated reporting rules of the Internal Revenue Code and similar state and local tax laws governing combined or consolidated filings. The Tax Allocation Agreement provides that each domestic subsidiary that is a member of the consolidated, unitary or combined tax group will pay its share of the taxes of the group. See Note 21, Related Party Transactions – Due to/from Affiliates.

Equity-Based Compensation

We account for equity-based payments, including grants of employee stock options, restricted stock and other equity-based awards, in accordance with ASC 718, Compensation—Stock Compensation, which requires that share-based payments (to the extent they are compensatory) be recognized in our results of operations based on their fair values and the estimated number of awards we ultimately expect will vest. All equity-based payments are based upon equity issued by a parent company of Infor. Pursuant to applicable FASB guidance related to equity-based awards, we have reflected stock compensation expense related to our parent companies’ equity grants within our results of operations with an offset to additional paid-in capital.

Certain stock options, restricted stock and other equity-based awards outstanding under our Share Purchase and Option Plans are subject to vesting and repurchase features that function as in-substance forfeiture provisions. These in-substance forfeiture provisions preclude recognition of compensation cost for accounting purposes until such repurchase features are removed upon an employee termination event or change in control as defined in the applicable plan agreement. No compensation expense is recognized until the repurchase features lapse. For all other awards not subject to such repurchase features, the fair value of the equity-based awards is recorded as compensation expense over the applicable vesting periods.

We utilize the Option-Pricing Method to estimate the fair value of our parent company’s equity awards. This approach models the various classes of equity securities as a series of call options on our total equity. The exercise price of the call options is derived based on the distribution waterfall of the issuing entity. Assumptions utilized under the Option–Pricing Method include: (a) stock price, derived from the estimated fair value of our parent company’s total equity, (b) time to expiration, derived from the expected time to a potential liquidity event, (c) risk- free interest rate, derived from the U.S. Treasury rate over the expected time to expiration, (d) expected dividend yield and (e) expected volatility of the total equity value. The following is a summary of the weighted average assumptions used in estimating the fair value of equity awards granted in the periods indicated and the resulting fair values of such awards.

	Year Ended April 30,						11 Months Ended April 30, 2016
	2017			2016
Expected term (years)		2.00			2.00			2.00
Risk-free interest rate		0.59	%		0.68	%		0.48	%
Dividend yield		0.00	%		0.00	%		0.00	%
Volatility		55.00	%		50.02	%		47.66	%
Weighted average fair value per unit granted	$	9.30		$	8.67		$	7.56

The following table presents equity compensation expense recognized in our Consolidated Statements of Operations, by category, for the periods indicated:

	Year Ended April 30,				11 Months Ended April 30, 2015
(in millions)	2017		2016
Cost of SaaS subscriptions	$	0.5	$	—	$	0.2
Cost of product updates and support fees		3.2		0.3		0.5
Cost of consulting services and other fees		4.1		—		0.3
Sales and marketing		33.0		2.3		3.5
Research and development		10.6		11.5		3.7
General and administrative		35.3		5.6		7.3
Total	$	86.7	$	19.7	$	15.5

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Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

3. Acquisitions

Fiscal 2017

Ciber

On March 31, 2017, we acquired certain assets of Ciber, Inc. (Ciber) related to Ciber’s business of selling and delivering professional services in connection with Infor’s software products, for $15.0 million (the Ciber Acquisition). Based in Greenwood Village, Colorado, Ciber is a longtime Infor services partner specializing in consulting and services around our HCM and financials products and has been recognized as an Infor Services Partner of the Year on multiple occasions. The Ciber Acquisition will help expand our professional service organization’s capabilities in these key solution areas by adding approximately 180 highly-skilled professionals.

We have recorded approximately $5.0 million of identifiable intangible assets and $6.9 million of goodwill related to the Ciber Acquisition. The acquired intangible assets relating to Ciber’s customer relationships are being amortized over their weighted average estimated useful lives of approximately five years. We have determined that the goodwill arising from the Ciber Acquisition will be deductible for tax purposes.

Accentia

On March 13, 2017, we acquired Accentia Middle East (Accentia), a longtime Infor services partner and exclusive reseller and provider of consulting services across the Middle East, North Africa, and India, for $18.0 million, net of cash acquired (the Accentia Acquisition). Based in Cairo, Egypt, Accentia has approximately 80 employees, additional offices in Dubai (UAE), Jeddah (Saudi Arabia), Casablanca (Morocco), Tunis (Tunisia), and Pune (India), and customers in 17 countries across the region. Accentia has significant expertise in the local market and specializes in Infor M3, our comprehensive, centralized ERP solution for medium to large enterprises in the manufacturing, distribution, and equipment industries. The Accentia Acquisition significantly expanded Infor’s presence in the region.

We have recorded approximately $5.5 million of identifiable intangible assets and $11.9 million of goodwill related to the Accentia Acquisition. The acquired intangible assets relating to Accentia’s customer relationships are being amortized over their weighted average estimated useful lives of approximately seven years. We have determined that a portion of the goodwill arising from the Accentia Acquisition will be deductible for tax purposes.

Starmount

On August 2, 2016, we acquired Starmount, Inc. (Starmount) for $62.1 million, net of cash acquired and including contingent consideration of $9.7 million recorded at the time of the purchase (the Starmount Acquisition). Included in the purchase price is $23.4 million of deferred consideration, which reflects the present value of a deferred payment of $25.0 million due on the first anniversary of the closing date of the Starmount Acquisition. The total purchase price may also include up to an additional $10.3 million if certain future performance conditions are met. Based in Austin, Texas, Starmount is a modern store systems provider serving large and mid-market retailers. Starmount is an innovative mobile-first company providing point-of-sale, mobile shopping assistant, and store inventory management products along with a data-rich commerce hub to engage shoppers, streamline operations, and support consistent cross-channel customer interactions. The Starmount Acquisition enabled us to accelerate delivery of our Infor CloudSuite Retail suite of enterprise applications.

We have recorded approximately $15.1 million of identifiable intangible assets and $47.7 million of goodwill related to the Starmount Acquisition. The acquired intangible assets relating to Starmount’s trade name, existing technology and customer relationships are being amortized over their weighted average estimated useful lives of approximately one, seven and nine years, respectively. We have determined that the goodwill arising from the Starmount Acquisition will not be deductible for tax purposes.

Predictix

On June 27, 2016, we acquired the remaining issued and outstanding capital stock in LogicBlox-Predictix Holdings, Inc., for approximately $125.5 million, net of cash acquired (the Predictix Acquisition). This is in addition to the 16.67% equity interest we acquired in the third quarter of fiscal 2016 for $25.0 million. See Note 2, Summary of Significant Accounting Policies—Cost Method Investments. Based in Atlanta, Georgia, Predictix is a provider of cloud-native, predictive, and machine-learning solutions for retailers. Predictix uses next-generation data science and big data analytics to help solve some of the most complex and challenging problems faced by retailers today. The Predictix Acquisition complemented and further expanded offerings under Infor CloudSuite Retail, our suite of enterprise applications delivered in the cloud and designed for today’s retailing landscape. The merger consideration was partially funded through a new capital contribution made to

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Infor’s parent company by its current equity holders, investment funds affiliated with Golden Gate Capital and investment funds affiliated with Summit Partners. See Note 21, Related Party Transactions- Equity Contributions.

We have recorded approximately $37.0 million of identifiable intangible assets and $118.8 million of goodwill related to the Predictix Acquisition. The acquired intangible assets relating to Predictix’ existing technology and customer relationships are being amortized over their weighted average estimated useful lives of approximately five and twelve years, respectively. We have determined that the goodwill arising from the Predictix Acquisition will not be deductible for tax purposes.

Merit

On May 11, 2016, we acquired Merit Globe AS (Merit) for $23.7 million, net of cash acquired and including contingent consideration of $7.5 million recorded at the time of the purchase (the Merit Acquisition). The total purchase price may also include up to an additional $4.5 million if certain future performance conditions are met. Based in Norway, Merit is a consulting firm specializing in Infor M3 products and services with approximately 250 employees and more than 500 customers in 22 countries, with a concentration in Europe. The Merit Acquisition brings decades of experience of Infor M3 consulting services that expanded and enhanced Infor’s professional services’ capabilities, particularly in the large and growing European Infor M3 customer base.

We have recorded approximately $9.0 million of identifiable intangible assets and $19.0 million of goodwill related to the Merit Acquisition. The acquired intangible assets relating to Merit’s trade name, existing technology and customer relationships are being amortized over their weighted average estimated useful lives of approximately two, two and eight years, respectively. We have determined that the goodwill arising from the Merit Acquisition will not be deductible for tax purposes.

Our estimates of fair value and resulting allocation of purchase price related to our fiscal 2017 acquisitions are preliminary as of April 30, 2017. We are in the process of finalizing the valuation of certain assets and liabilities, primarily income tax liabilities, and as a result the final allocation of the adjusted purchase prices may differ from the information presented in these Consolidated Financial Statements.

The operating results related to the fiscal 2017 acquisitions have been included in our Consolidated Financial Statements from their respective acquisition dates. Transaction and merger related integration costs of approximately $5.0 million associated with the fiscal 2017 acquisitions were expensed as incurred and are reflected in our results of operations for fiscal 2017, in acquisition-related and other costs. These acquisitions were not significant for financial reporting purposes, and their related results were not material to our results for fiscal 2017.

Fiscal 2016

On September 18, 2015, we acquired a majority ownership stake of 81.48% in GT Nexus, for $549.9 million, net of cash acquired (the GT Nexus Acquisition). GT Nexus is a cloud-based supply chain management vendor based in Oakland, California. GT Nexus is the cloud platform that some of the world’s largest companies, across many sectors, including manufacturing and retail, use to monitor and orchestrate their global supply chains including automation of sourcing, trade finance and logistics operations. The GT Nexus Acquisition complemented and further expanded our global SCM offerings. The results of operations of GT Nexus have been included in our results of operations from the date of the GT Nexus Acquisition.

The total consideration for the GT Nexus Acquisition was funded through the issuance of our 5.75% senior secured notes due 2020 (see Note 12, Debt – Senior Secured Notes), together with cash on hand and equity issued to certain shareholders and management of GT Nexus. Transaction and merger related integration costs of $14.6 million associated with the GT Nexus Acquisition were expensed as incurred and are reflected in our results of operations for fiscal 2016, in acquisition-related and other costs. In addition, in fiscal 2016, we took certain actions relating to GT Nexus’ operations to eliminate redundancies, improve our operational efficiency and reduce our operating costs. We may take additional actions in future periods related to GT Nexus as we integrate its operations. See Note 11, Restructuring Charges. The excess of the consideration transferred over the fair values of the net assets acquired and liabilities assumed was recorded as goodwill, which represents operating efficiencies expected to be realized.

The following table summarizes our allocation of the GT Nexus purchase consideration:

(in millions)
Cash	$	14.8
Accounts receivable		35.9
Other current assets		16.3
Identified intangible assets:
Existing technology		93.5
Existing customer relationships		273.5

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Tradenames		5.9
Other non-current assets		9.8
Goodwill		364.4
Deferred revenue		(11.3	)
Current liabilities assumed		(31.7	)
Long-term liabilities assumed		(86.0	)
Noncontrolling interests		(10.2	)
Total fair value of net assets acquired		674.9
Less: fair value of redeemable noncontrolling interests		(125.0	)
Purchase consideration	$	549.9

The acquired intangible assets relating to GT Nexus’ existing technology, existing customer relationships and tradenames are being amortized over their weighted average estimated useful lives of approximately six years, twelve years and three years, respectively. We have determined that the goodwill arising from the GT Nexus Acquisition will not be deductible for tax purposes.

The remaining 18.52% redeemable noncontrolling interest in GT Nexus included two redemption features: call options exercisable by Infor and put options exercisable by the redeemable noncontrolling interest holders. Given that the noncontrolling interests are redeemable at the option of the holders, they are reported in the mezzanine section on our Consolidated Balance Sheets between liabilities and equity. The redeemable noncontrolling interests were puttable at a redemption price of $150.0 million on the first anniversary of the acquisition date. Therefore, we were accreting the redeemable noncontrolling interests, using the effective interest method, from the acquisition date fair value to the redemption value over a one-year period. Accretion adjustments to the carrying value of the redeemable noncontrolling interests were considered deemed dividends and were recorded against additional paid-in capital.

In the second quarter of fiscal 2017 we exercised our call option pursuant to the Stock Rollover and Equity Purchase Agreement entered into in relation to the GT Nexus Acquisition, which allowed us to purchase the remaining 18.52% of GT Nexus from the holders of the redeemable noncontrolling interests in GT Nexus. We exercised the call option at a call price of $138.0 million. With our purchase of this remaining interest, GT Nexus became a wholly owned subsidiary of the Company. See Note 1, Nature of Business and basis of Presentation – Noncontrolling Interests, and Note 22, Supplemental Guarantor Financial Information.

Platform Settlement Services, LLC (PSS), a wholly owned subsidiary of GT Nexus, is a bankruptcy-remote special purpose entity. PSS was established for the purpose of facilitating the settlement of transactions between GT Nexus customers and their supply chain providers. PSS acts as a collection and paying agent, receiving funds from customers and forwarding such funds to appropriate credit parties. PSS is a custodian of the cash received from its customers and has no legal ownership rights to the funds held in such custodial accounts. Therefore, we do not report any cash in transit in the bank accounts of PSS at period end, nor any cash movements during a reporting period, in our Consolidated Financial Statements. The balance of cash in transit in custodial accounts held by PSS was $46.9 million and $54.2 million at April 30, 2017 and 2016, respectively.

Fiscal 2015

On September 2, 2014, we acquired the assets of Saleslogix, a division of privately held Swiftpage, Inc., for approximately $30.1 million, net of cash acquired (the Saleslogix Acquisition). Based in Scottsdale, Arizona, Saleslogix is a provider of SaaS CRM software accessible via mobile devices, desktops and laptops. The Saleslogix Acquisition complemented our CRM product offerings and added additional sales and service functionality to our industry-focused Infor CloudSuites in the CRM market. We recorded approximately $13.4 million of identifiable intangible assets and $18.2 million of goodwill related to the Saleslogix Acquisition. The acquired intangible assets relating to Saleslogix’s existing technology and customer relationships are being amortized over their weighted average estimated useful lives of approximately five and seven years, respectively. We have determined that the goodwill arising from the Saleslogix Acquisition will be deductible for tax purposes.

The operating results related to Saleslogix have been included in our Consolidated Financial Statements from the acquisition date.

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Contingent Consideration

The agreements related to certain of our acquisitions include contingent consideration provisions. The change in the estimated fair value of the contingent consideration, during the contingency period through settlement, is recorded in our results of operations in the period of such change and is included in acquisition-related and other costs in our Consolidated Statements of Operations.

The purchase consideration related to one of our pre-fiscal 2016 acquisitions included additional contingent cash consideration payable to the sellers if certain performance conditions were met as detailed in the applicable agreement. As of April 30, 2017, we estimated the fair value of the remaining contingent consideration to be $1.7 million, which we anticipate will be paid in the first quarter of fiscal 2018.

In addition, the purchase consideration related to the Merit Acquisition and the Starmount Acquisition includes additional contingent cash consideration payable to the sellers if certain future performance conditions are met as detailed in the applicable purchase agreements. The potential undiscounted amount of future payments that we may be required to make related to the contingent consideration is between $0.0 and $32.0 million. As of April 30, 2017, we have recorded a liability for the estimated fair value of these contingent consideration arrangements of approximately $23.8 million.

4. Goodwill

The following table reflects changes in the carrying amount of our goodwill by reportable segment for the periods indicated:

(in millions)	License			Maintenance			Consulting			Total
Balance, April 30, 2015	$	931.5		$	2,851.7		$	262.6		$	4,045.8
Goodwill acquired		331.9			—			32.5			364.4
Currency translation effect		(4.3	)		(7.2	)		(0.7	)		(12.2	)
Balance, April 30, 2016		1,259.1			2,844.5			294.4			4,398.0
Goodwill acquired		155.5			6.5			44.5			206.5
Currency translation effect		(25.1	)		(83.2	)		(8.2	)		(116.5	)
Balance, April 30, 2017	$	1,389.5		$	2,767.8		$	330.7		$	4,488.0

Goodwill acquired during fiscal 2017 totaled $206.5 million and primarily related to the Predictix Acquisition and the Starmount Acquisition. Goodwill acquired during fiscal 2016 totaled $364.4 million related to the GT Nexus Acquisition. See Note 3, Acquisitions.

In accordance with the FASB guidance related to goodwill and other intangible assets, we are required to assess the carrying amount of our goodwill for potential impairment annually or more frequently if events or a change in circumstances indicate that impairment may have occurred. We conduct our annual impairment test in the second quarter of each fiscal year as of September 30. We believe that our reportable segments are also representative of our reporting units for purposes of our goodwill impairment testing.

We conducted our most recent annual impairment assessment in the second quarter of fiscal 2017. We chose to perform a Step 1 goodwill impairment assessment as of September 30, 2016. This assessment did not indicate any potential impairment for any of our reporting units and no further testing was required. We believe there was no impairment of our goodwill and no indication of potential impairment existed as of April 30, 2017. The results of the annual tests performed in fiscal 2016 and 2015 indicated no impairment of goodwill and we have no accumulated impairment charges related to our goodwill.

5. Fair Value

Fair Value Hierarchy

The FASB has established guidance on financial assets and liabilities and non-financial assets and liabilities that are recognized at fair value on a recurring basis and guidance for non-financial asset and liabilities that are recognized at fair value on a nonrecurring basis. This guidance defines fair value and establishes a framework for measuring fair value. Fair value is defined as an “exit price” which represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in valuing an asset or liability. The above mentioned guidance also requires the use of valuation techniques to measure fair values that maximize the use of observable inputs and minimize the use of unobservable inputs. As a basis for considering such assumptions and inputs, the guidance establishes a fair value hierarchy which identifies and prioritizes three levels of inputs to be used in measuring fair value.

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The three levels of the fair value hierarchy are as follows:

Level 1 —	Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 —	Inputs other than the quoted prices in active markets that are observable either directly or indirectly including: quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3 —	Unobservable inputs that are supported by little or no market data, are significant to the fair values of the assets or liabilities, and require the reporting entity to develop its own assumptions.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. In addition, the fair value of liabilities should include consideration of non-performance risk including the Company’s own credit risk.

We measure certain financial assets and liabilities at fair value including our cash equivalents, contingent consideration and derivative instruments. The following table summarizes the fair value of our financial assets and liabilities that were accounted for at fair value on a recurring basis, by level within the fair value hierarchy, as of April 30, 2017 and 2016:

	April 30, 2017
	Fair Value Measurements Using Inputs Considered as
(in millions)	Level 1		Level 2		Level 3		Fair Value
Liabilities
Contingent consideration	$	—	$	—	$	25.5	$	25.5
Derivative instruments		—		4.6		—		4.6
Total	$	—	$	4.6	$	25.5	$	30.1

	April 30, 2016
	Fair Value Measurements Using Inputs Considered as
(in millions)	Level 1		Level 2		Level 3		Fair Value
Assets
Cash equivalents	$	80.0	$	—	$	—	$	80.0
Total	$	80.0	$	—	$	—	$	80.0
Liabilities
Contingent consideration	$	—	$	—	$	1.7	$	1.7
Derivative instruments		—		15.4		—		15.4
Total	$	—	$	15.4	$	1.7	$	17.1

Cash equivalents include funds held in money market instruments and are reported at their current carrying value which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents on our Consolidated Balance Sheets. Our money market instruments are valued using quoted market prices and are included in Level 1 inputs.

Contingent consideration relates to certain of our acquisitions. The estimated fair value of the contingent consideration was based primarily on our estimates of meeting the applicable contingency conditions as per the terms of the applicable agreements. These include estimates of various operating performance measures and our assessment of the probability of meeting such results, with the probability-weighted earn-out then discounted to estimate fair value. The various operating performance measures included in these contingent consideration agreements relate to revenue growth rates, the level of services, license and SaaS revenues, the ratio of EBITDA to total revenue, and the level of EBITDA. As these are unobservable inputs, the contingent consideration liabilities are included in Level 3 inputs. The contingent consideration liabilities are included in accrued expenses and other long-term liabilities on our Consolidated Balance Sheets. In future periods, until settled, we will remeasure the estimated fair value of the contingent consideration and will include any change in the related liability in acquisition-related and other costs in our Consolidated Statements of Operations. See Note 3, Acquisitions.

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Derivative instruments consist of interest rate swaps entered into to hedge our market risk relating to possible adverse changes in interest rates. The fair value of the interest rate swaps is estimated as the net present value of projected cash flows based upon forward interest rates at the balance sheet date. The models used to value the interest rate swaps are based primarily on readily observable market data, such as LIBOR forward rates, for all substantial terms of the interest rate swap contracts and the credit risk of the counterparties. As such, these derivative instruments are included in Level 2 inputs. See Note 15, Derivative Financial Instruments.

We have had no transfers of assets/liabilities into or out of Levels 1, 2 or 3 during fiscal 2017 or 2016. The following table reconciles the change in our Level 3 assets/liabilities for the periods indicated:

	Fair Value
	Measurements Using
	Significant
	Unobservable Inputs
(in millions)	Level 3
Balance, May 31, 2014	$	12.4
Settlements		(8.5	)
Total (gain) loss recorded in earnings		(3.9	)
Balance, April 30, 2015		—
Total (gain) loss recorded in earnings		1.7
Balance, April 30, 2016		1.7
Contingent consideration		17.2
Total (gain) loss recorded in earnings		7.0
Currency translation effect		(0.4	)
Balance, April 30, 2017	$	25.5

In addition to the financial assets and liabilities included in the above table, certain non-financial assets and liabilities are to be measured at fair value on a nonrecurring basis in accordance with applicable GAAP. This includes items such as non-financial assets and liabilities initially measured at fair value in a business combination (but not measured at fair value in subsequent periods) and non-financial long-lived asset groups measured at fair value for an impairment assessment. In general, nonfinancial assets including goodwill, other intangible assets and property and equipment are measured at fair value when there is an indication of impairment and are recorded at fair value only when any impairment is recognized. As of April 30, 2017, we had not recorded any impairment related to such assets and had no other material non-financial assets or liabilities requiring adjustments or write-downs to their current fair value.

As allowed by applicable FASB guidance, we have elected not to apply the fair value option for financial assets and liabilities to any of our currently eligible financial assets or liabilities. As of April 30, 2017 and 2016, our material financial assets and liabilities not carried at fair value included our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses. These financial instruments are recorded at their carrying values which are deemed to approximate fair value, generally due to their short periods to maturity.

Fair Value of Long-Term Debt

To estimate the fair value of our long-term debt for disclosure purposes, we use recent market transactions and related market quotes (Level 2 on the fair value hierarchy). At April 30, 2017 and 2016, the total carrying value of our long-term debt was approximately $5.7 billion and $5.7 billion, respectively, and the fair value of our long-term debt was approximately $5.8 billion and $5.6 billion, respectively.

6. Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents are comprised primarily of unrestricted amounts in operating accounts, money market investments and other short-term, highly liquid investments with initial maturities of three months or less. Each is recorded at cost, which approximates fair market value given their short-term nature. In addition, we have restricted cash balances which are classified as either other current assets or other assets on our Consolidated Balance Sheets depending on the nature of the restriction.

Restricted cash is used to collateralize various operating guarantees such as leases, acquisition funding, or letters of credit and is recorded at cost, which approximates fair market value. At April 30, 2017 and 2016, our total restricted cash balance was $13.3 million and $10.5 million, respectively.

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The following is a summary of our cash and cash equivalents for the periods indicated:

	April 30,
(in millions)	2017		2016
Cash	$	305.8	$	625.7
Cash equivalents		—		80.0
Total cash and cash equivalents	$	305.8	$	705.7

7. Accounts Receivable

Accounts receivable, net is comprised of the following for the periods indicated:

	April 30,
(in millions)	2017			2016
Accounts receivable	$	408.9		$	363.0
Unbilled accounts receivable		53.1			42.4
Less: allowance for doubtful accounts		(15.4	)		(13.5	)
Accounts receivable, net	$	446.6		$	391.9

Unbilled accounts receivable represents revenue recognized on contracts for which billings have not yet been presented to customers because the amounts were earned but not contractually billable as of the balance sheet date.

The following is a rollforward of our allowance for doubtful accounts for the periods indicated:

(in millions)
Balance, May 31, 2014	$	18.2
Provision		8.6
Write-offs and recoveries		(13.6	)
Currency translation effect		(1.3	)
Balance, April 30, 2015		11.9
Provision		12.5
Write-offs and recoveries		(10.7	)
Currency translation effect		(0.2	)
Balance, April 30, 2016		13.5
Provision		10.3
Write-offs and recoveries		(8.0	)
Currency translation effect		(0.4	)
Balance, April 30, 2017	$	15.4

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8. Property and Equipment

Property and equipment, net consists of the following for the periods indicated:

	April 30,						Useful Lives (in years)
(in millions)	2017			2016
Land, buildings and leasehold improvements	$	103.4		$	96.9			1–36
Computer equipment and software		261.7			203.1			1–7
Other equipment, furniture and fixtures		47.4			42.5			1–13
Equipment under capital leases		10.9			12.7
Total property and equipment		423.4			355.2
Less: accumulated depreciation and amortization		(261.9	)		(230.2	)
Property and equipment, net	$	161.5		$	125.0

Total depreciation expense related to our property and equipment for fiscal 2017, 2016 and 2015 was $44.8 million, $33.3 million and $28.0 million, respectively.

Amortization expense for equipment under capital leases included in the total expense above was $4.1 million, $3.8 million and $3.5 million for fiscal 2017, 2016 and 2015, respectively. Accumulated amortization for equipment under capital leases was $7.3 million and $7.5 million as of April 30, 2017 and 2016, respectively.

We have asset retirement obligations related to certain of our leased facilities. The accrued asset retirement obligations at April 30, 2017 and 2016, were $8.5 million and $9.4 million, respectively.

9. Intangible Assets

Intangible assets, net consist of the following for the periods indicated:

	April 30, 2017						April 30, 2016
(in millions)	Gross Carrying Amounts		Accumulated Amortization		Net(1)		Gross Carrying Amounts		Accumulated Amortization		Net		Estimated Useful Lives (in years)
Customer contracts and relationships	$	2,003.7	$	1,374.4	$	629.3	$	2,004.0	$	1,305.2	$	698.8		2 - 15
Acquired and developed technology		1,130.7		991.2		139.5		1,126.7		936.7		190.0		1 - 11
Tradenames		137.7		131.9		5.8		138.3		130.5		7.8		1 - 20
Total	$	3,272.1	$	2,497.5	$	774.6	$	3,269.0	$	2,372.4	$	896.6

(1) Net intangible assets decreased from April 30, 2016 to April 30, 2017, by approximately $11.6 million due to cumulative foreign currency translation adjustments, reflecting movement in the currencies of the applicable underlying entities.

The following table presents amortization expense recognized in our Consolidated Statements of Operations, by asset type, for the periods indicated:

	Year Ended April 30,				11 Months Ended April 30, 2015
(in millions)	2017		2016
Customer contracts and relationships	$	105.4	$	139.7	$	129.1
Acquired and developed technology		79.7		69.4		64.3
Tradenames		2.8		1.5		1.5
Total	$	187.9	$	210.6	$	194.9

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The estimated future annual amortization expense related to these intangible assets as of April 30, 2017, was as follows:

(in millions)
Fiscal 2018	$	144.5
Fiscal 2019		124.8
Fiscal 2020		115.0
Fiscal 2021		107.9
Fiscal 2022		66.2
Thereafter		216.2
Total	$	774.6

10. Accrued Expenses

Accrued expenses consisted of the following for the periods indicated:

	April 30,
(in millions)	2017		2016
Compensation and employee benefits	$	185.7	$	165.9
Taxes other than income		24.4		26.9
Royalties and partner commissions		44.9		55.5
Litigation		2.5		1.9
Professional fees		38.6		8.5
Subcontractor expense		8.7		6.2
Interest		77.4		77.8
Restructuring		16.5		14.9
Asset retirement obligations		1.7		2.3
Deferred rent		3.6		2.9
Deferred acquisition payment		41.1		1.7
Other		32.9		68.2
Accrued expenses	$	478.0	$	432.7

Included above in other accrued expenses as of April 30, 2016, was approximately $17.5 million, respectively, pertaining to dividends accrued related to our funding of interest on our affiliate company’s debt. See Note 21, Related Party Transactions – Dividends Paid to Affiliates.

11. Restructuring Charges

We have recorded restructuring charges related to our acquisitions and on occasion to eliminate redundancies, improve our operational efficiency and reduce our operating costs. These cost reduction measures included workforce reductions relating to restructuring our workforce, the exiting of certain leased facilities and the consolidation of space in certain other facilities. In accordance with applicable FASB guidance, our restructuring charges are broken down into acquisition-related and other restructuring costs. These restructuring charges include employee severance costs and costs related to reduction of office space. No business activities of the companies that we have acquired were discontinued. The employees terminated were typically from all functional areas of our operations.

Fiscal 2017 Restructuring Charges

During fiscal 2017, we incurred restructuring costs of $39.5 million related to employee severance costs for personnel actions taken across all functions and all geographic regions, primarily in the Americas and EMEA, and for facility charges related to exiting or consolidation of space in facilities primarily in the Americas region. We made cash payments of $24.3 million during fiscal 2017 related to these actions. We expect to complete the remainder of these actions in fiscal 2018.

Fiscal 2017 Acquisition-Related Charges

During fiscal 2017, we incurred acquisition-related restructuring costs of $1.4 million related to the operations of our current year acquisitions. These restructuring charges included employee severance costs related to redundant positions and facility charges related to exiting or consolidation of space. During fiscal 2017, we made cash payments of $0.9 million related to these actions. We expect to complete the remainder of these actions in the first quarter of fiscal 2018.

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Fiscal 2016 Restructuring Charges

During fiscal 2016, we incurred restructuring costs related to employee severance costs for personnel actions taken across all functions and all geographic regions, primarily in the Americas and EMEA, and for facility charges related to exiting or consolidation of space in facilities primarily in the Americas region. During fiscal 2017 we recorded restructuring cost reversals of $2.2 million and we made cash payments of $9.2 million related to these actions. During fiscal 2016, we engaged an outside consulting firm to provide restructuring advisory services focusing on all areas of our operations. These efforts resulted in the charges taken in fiscal 2017 and 2016. Actions related to these restructuring activities have been completed.

Fiscal 2016 Acquisition-Related Charges

During fiscal 2016, we incurred acquisition-related restructuring costs primarily related to the operations of GT Nexus that we acquired in the second quarter of fiscal 2016. These acquisition-related restructuring charges included employee severance costs related to redundant positions and facility charges related to exiting or consolidation of space. During fiscal 2017, we recorded restructuring costs of $1.0 million and we made cash payments of $2.2 million related to these actions. Actions related to these restructuring activities have been completed.

Fiscal 2015 Restructuring Charges

We incurred restructuring costs during fiscal 2015 related to employee severance costs primarily for personnel in our sales and professional services organizations primarily in our EMEA region as well as personnel in our product development organization primarily in our APAC region. During fiscal 2017, we recorded restructuring cost reversals of $0.1 million and made cash payments of $0.2 million related to these severance actions. Actions related to these restructuring activities have been completed.

Previous Restructuring Charges and Acquisition-Related Charges

Prior to fiscal 2015, we had completed certain restructuring activities related to our ongoing operations as well as a series of restructuring activities related to our acquisitions. During fiscal 2017, we recorded net restructuring cost reversals of $0.1 million and we made cash payments of $0.4 million related to these previous restructuring and acquisition-related actions. The remaining accruals associated with these prior restructuring charges relate to contractual payment obligations of severed employees and lease obligations associated with the closure of redundant offices acquired in prior business combinations. Actions related to these restructuring activities have been completed. The remaining leased facilities costs were paid in fiscal 2017.

The following tables summarize the accrued restructuring costs at April 30, 2017, 2016, and 2015. The adjustments to costs in the tables below consist of adjustments to the accrual that were accounted for as adjustments to current period earnings (Expense), adjustments to the accrual that were reclasses between balance sheet accounts (Other), or adjustments to the accrual that were related to the impact of fluctuations in foreign currency exchange rates (Foreign Currency Effect).

					Adjustment to Costs																Total
	Balance										Foreign						Balance		Total Costs		Expected
	April 30,		Initial								Currency			Cash			April 30,		Recognized		Program
(in millions)	2016		Costs		Expense			Other			Effect			Payments			2017		to Date		Costs
Fiscal 2017 restructuring
Severance	$	—	$	37.5	$	—		$	—		$	(0.7	)	$	(23.7	)	$	13.1	$	37.5	$	37.5
Facilities and other		—		2.0		—			0.5			—			(0.6	)		1.9		2.6		2.6
Total fiscal 2017 restructuring		—		39.5		—			0.5			(0.7	)		(24.3	)		15.0		40.1		40.1
Fiscal 2017 acquisition-related
Severance		—		0.7		—			—			—			(0.7	)		—		0.7		0.7
Facilities and other		—		0.7		—			—			—			(0.2	)		0.5		0.7		0.7
Total fiscal 2017 acquisition-related		—		1.4		—			—			—			(0.9	)		0.5		1.4		1.4
Fiscal 2016 restructuring
Severance		11.1		—		(2.2	)		(0.7	)		(0.4	)		(7.0	)		0.8		15.9		15.9
Facilities and other		4.0		—		—			0.7			—			(2.2	)		2.5		5.4		5.4
Total fiscal 2016 restructuring		15.1		—		(2.2	)		—			(0.4	)		(9.2	)		3.3		21.3		21.3

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Fiscal 2016 acquisition-related
Severance		0.7		—		—			—			—			(0.7	)		—		1.3		1.3
Facilities and other		3.1		—		1.0			(0.1	)		—			(1.5	)		2.5		4.6		4.6
Total fiscal 2016 acquisition-related		3.8		—		1.0			(0.1	)		—			(2.2	)		2.5		5.9		5.9
Fiscal 2015 restructuring
Severance		0.3		—		(0.1	)		—			—			(0.2	)		—		10.1		10.1
Total fiscal 2015 restructuring		0.3		—		(0.1	)		—			—			(0.2	)		—		10.1		10.1
Previous restructuring
Severance		0.2		—		(0.1	)		—			—			(0.1	)		—		12.6		12.6
Total previous restructuring		0.2		—		(0.1	)		—			—			(0.1	)		—		12.6		12.6
Previous acquisition-related
Severance		0.1		—		—			—			—			—			0.1		40.5		40.5
Facilities and other		0.3		—		—			—			—			(0.3	)		—		4.0		4.0
Total previous acquisition-related		0.4		—		—			—			—			(0.3	)		0.1		44.5		44.5
Total restructuring	$	19.8	$	40.9	$	(1.4	)	$	0.4		$	(1.1	)	$	(37.2	)	$	21.4	$	135.9	$	135.9

					Adjustment to Costs													Total
	Balance							Foreign						Balance		Total Costs		Expected
	April 30,		Initial					Currency			Cash			April 30,		Recognized		Program
(in millions)	2015		Costs		Expense			Effect			Payments			2016		to Date		Costs
Fiscal 2016 restructuring
Severance	$	—	$	18.9	$	—		$	0.2		$	(8.0	)	$	11.1	$	18.9	$	18.9
Facilities and other		—		4.7		—			—			(0.7	)		4.0		4.6		4.6
Total fiscal 2016 restructuring		—		23.6		—			0.2			(8.7	)		15.1		23.5		23.5
Fiscal 2016 acquisition-related
Severance		—		1.3		—			—			(0.6	)		0.7		1.3		1.3
Facilities and other		—		3.3		—			0.5			(0.7	)		3.1		3.7		3.7
Total fiscal 2016 acquisition-related		—		4.6		—			0.5			(1.3	)		3.8		5.0		5.0
Fiscal 2015 restructuring
Severance		2.2		—		(0.4	)		—			(1.5	)		0.3		10.2		10.2
Total fiscal 2015 restructuring		2.2		—		(0.4	)		—			(1.5	)		0.3		10.2		10.2
Previous restructuring
Severance		0.6		—		—			—			(0.4	)		0.2		31.4		31.4
Facilities and other		0.3		—		0.1			—			(0.4	)		—		2.2		2.2
Total previous restructuring		0.9		—		0.1			—			(0.8	)		0.2		33.6		33.6
Previous acquisition-related
Severance		0.4		—		(0.1	)		(0.2	)		—			0.1		40.5		40.5
Facilities and other		0.4		—		0.2			0.2			(0.5	)		0.3		4.0		4.0
Total previous acquisition-related		0.8		—		0.1			—			(0.5	)		0.4		44.5		44.5
Total restructuring	$	3.9	$	28.2	$	(0.2	)	$	0.7		$	(12.8	)	$	19.8	$	116.8	$	116.8

					Adjustment to Costs												Total
	Balance May 31,		Initial				Foreign Currency			Cash			Balance April 30,		Total Costs Recognized		Expected Program
(in millions)	2014		Costs		Expense		Effect			Payments			2015		to Date		Costs
Fiscal 2015 restructuring
Severance	$	—	$	10.5	$	—	$	(0.2	)	$	(8.1	)	$	2.2	$	10.5	$	10.5
Facilities and other		—		0.2		—		—			(0.2	)		—		0.2		0.2
Total fiscal 2015 restructuring		—		10.7		—		(0.2	)		(8.3	)		2.2		10.7		10.7

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Previous restructuring
Severance		14.3		—		(3.4	)		(0.8	)		(9.5	)		0.6		45.3		45.3
Facilities and other		0.9		—		—			—			(0.6	)		0.3		2.2		2.2
Total previous restructuring		15.2		—		(3.4	)		(0.8	)		(10.1	)		0.9		47.5		47.5
Previous acquisition-related
Severance		0.7		—		(0.1	)		(0.1	)		(0.1	)		0.4		48.4		48.4
Facilities and other		2.3		—		(1.5	)		(0.2	)		(0.2	)		0.4		17.7		17.7
Total previous acquisition-related		3.0		—		(1.6	)		(0.3	)		(0.3	)		0.8		66.1		66.1
Total restructuring	$	18.2	$	10.7	$	(5.0	)	$	(1.3	)	$	(18.7	)	$	3.9	$	124.3	$	124.3

The remaining restructuring reserve accruals related to severance and current facilities costs are included in accrued expenses with the long-term facilities cost reserve included in other long-term liabilities on our Consolidated Balance Sheets.

The following table summarizes the restructuring charges reflected in our results of operations for fiscal 2017, 2016 and 2015 for each of our reportable segments including charges related to those functions not allocated to our segments.

	Year Ended April 30,				11 Months Ended April 30, 2015
	2017		2016
(in millions)
License	$	5.3	$	7.5	$	3.2
Maintenance		7.9		4.3		0.8
Consulting		9.7		4.6		0.8
General and administrative and other functions		16.6		11.6		0.9
Total restructuring costs	$	39.5	$	28.0	$	5.7

12. Debt

The following table summarizes our long-term debt balances for the periods indicated:

	April 30, 2017									April 30, 2016
	Principal			Net			Contractual			Principal			Net			Contractual
(in millions)	Amount			Amount(1)			Rate			Amount			Amount(1)			Rate
First lien Term B-6 due February 1, 2022	$	2,147.1		$	2,084.9			3.90	%	$	—		$	—			—	%
First lien Euro Term B-1 due February 1, 2022		1,089.7			1,082.8			3.75	%		—			—			—	%
First lien Term B-3 due June 3, 2020		—			—			—	%		461.8			458.1			3.75	%
First lien Term B-5 due June 3, 2020		—			—			—	%		2,447.5			2,373.2			3.75	%
First lien Euro Term B due June 3, 2020		—			—			—	%		386.2			382.0			4.00	%
5.75% first lien senior secured notes due August 15, 2020		500.0			485.0			5.75	%		500.0			481.1			5.75	%
6.5% senior notes due May 15, 2022		1,630.0			1,621.1			6.50	%		1,630.0			1,619.7			6.50	%
5.75% senior notes due May 15, 2022		381.4			377.1			5.75	%		401.0			395.9			5.75	%
Deferred financing fees, debt discounts and premiums, net		(97.3	)		—						(116.5	)		—
Total long-term debt		5,650.9			5,650.9						5,710.0			5,710.0
Less: current portion		(32.4	)		(32.4	)					(56.3	)		(56.3	)
Total long-term debt - non-current	$	5,618.5		$	5,618.5					$	5,653.7		$	5,653.7

(1) Debt balances net of applicable unamortized debt discounts, premiums and deferred financing fees.

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As of April 30, 2017, we were in compliance with all applicable covenants included in the terms of our credit facilities and the indentures that govern our senior notes.

The weighted average contractual interest rate related to our long-term debt at April 30, 2017 and 2016, was 4.89% and 4.85%, respectively. The effective interest rate of each of our debt obligations is not materially different from the contractual interest rate.

The following table summarizes our future repayment obligations on the principal debt balances for all of our borrowings as of April 30, 2017:

(in millions)
Fiscal 2018	$	32.4
Fiscal 2019		32.4
Fiscal 2020		32.4
Fiscal 2021		532.4
Fiscal 2022		3,107.3
Thereafter		2,011.3
Total	$	5,748.2

Credit Facilities

On April 5, 2012, we entered into a secured credit agreement with certain banks which consists of a secured term loan facility and a secured revolving credit facility (the Credit Agreement), which was subsequently amended pursuant to several refinancing amendments described below.

Under the term loan facility, we currently have term loans outstanding with an aggregate principal amount of $3,236.8 million as of April 30, 2017, including the Tranche B-6 Term Loan of $2,147.1 million and the Euro Tranche B-1 Term Loan of €1,000.0 million ($1,089.7 million). Interest on the term loans borrowed under the secured term loan facility is payable quarterly, in arrears. Quarterly principal payment amounts are set for each of the term loans with balloon payments at the applicable maturity dates. The term loans are subject to mandatory prepayments in the case of certain situations.

The secured revolving credit facility (the Revolver) has a maximum availability of $120.0 million. As of April 30, 2017, we have made no draws against the Revolver and no amounts are currently outstanding. However, as of April 30, 2017, $10.4 million of outstanding (undrawn) letters of credit have reduced the amount available under the Revolver to $109.6 million. Pursuant to the Credit Agreement there is an undrawn line fee of 0.50% per annum (subject to a step-down to 0.375% if our total leverage ratio is below a certain threshold). The Revolver matures on April 5, 2019. Amounts under the Revolver may be borrowed (and reborrowed) to finance working capital needs and for general corporate purposes.

At our election, the annual interest rate applicable to the term loans and revolver borrowings under the Credit Agreement are based on a fluctuating rate of interest determined by reference to either (a) Adjusted LIBOR (as defined below) plus an applicable margin or (b) Adjusted Base Rate (ABR—as defined below) plus an applicable margin. For purposes of the Credit Agreement, as of April 30, 2017:

• Adjusted LIBOR is defined as the London interbank offered rate for the applicable currency, adjusted for statutory reserve requirements; provided, the Adjusted LIBOR for the Tranche B-6 Term Loan and the Euro Tranche B-1 Term Loan will at no time be less 1.00% per annum. The Adjusted LIBOR margin is 2.75% per annum.

• ABR is defined as the highest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus 1/2 of 1.0% and (iii) one-month Adjusted LIBOR plus 1.0% per annum, provided that ABR for the Tranche B-6 Term Loans will at no time be less than 2.00% per annum. The ABR margin is 1.75% per annum.

The credit facilities are guaranteed by Infor, Inc. and certain of our wholly owned domestic subsidiaries (the Guarantors), and are secured by liens on substantially all of our assets and the assets of the Guarantors. Under the provisions of the Credit Agreement, we are required to maintain a total leverage ratio not to exceed certain levels as of the last day of each fiscal quarter under certain circumstances. This financial maintenance covenant is applicable only for the Revolver and then only for those fiscal quarters in which we have significant borrowings under the Revolver as of the last day of such fiscal quarter.

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Refinancing Amendments

On February 6, 2017, we entered into the Eighth Amendment to the Credit Agreement (as amended). The Eighth Amendment provided for the refinancing of all of the outstanding balances of our first lien term loans including our Tranche B-3 Term Loan, our Tranche B-5 Term Loan, and our Euro Tranche B Term Loan, with the proceeds of a new $2,147.1 million Tranche B-6 Term Loan and a new €1,000.0 million Euro Tranche B-1 Term Loan.

Interest on the Tranche B-6 Term Loan is based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with a LIBOR floor of 1.00%, or an alternate base rate, plus a margin of 1.75% per annum, with a minimum alternative base rate floor of 2.00%. There was no change in the effective rate related to the Tranche B-6 Term Loan as compared to the Tranche B-3 Term Loan and the Tranche B-5 Term Loan. Interest on the Euro Tranche B-1 Term Loan is based on a fluctuating rate of interest determined by reference to an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with a LIBOR floor of 1.00%. This was a reduction in our effective rate related to the Euro Tranche B-1Term Loan as compared to the Euro Tranche B Term Loan which was based on an Adjusted LIBOR rate plus a margin of 3.00% per annum, with an Adjusted LIBOR floor of 1.00% per annum. Both the Tranche B-6 Term Loan and the Euro Tranche B-1 Term Loan mature on February 1, 2022, which was an extension of approximately 20 months compared to the original maturity dates of the Tranche B-3 Term Loan, the Tranche B-5 Term Loan, and the Euro Tranche B Term Loan. The Eighth Amendment also amended the Credit Agreement to, among other things, revise the definition of adjusted EBITDA to include the changes in deferred revenue related to our SaaS subscriptions.

Proceeds from the Tranche B-6 Term Loan and the Euro Tranche B-1 Term Loan were used to refinance the outstanding principal of all of our first lien term loans, together with accrued and unpaid interest and applicable fees.

On August 15, 2016, we entered into the Seventh Amendment to the Credit Agreement (as amended). The Seventh Amendment provided for, among other modifications to the Credit Agreement as set forth therein, a two-year extension of the maturity date for the Revolver under the Credit Agreement to April 5, 2019, as well as a reduction in the aggregate size of the Revolver from $150.0 million to $120.0 million, with commensurate reductions in related sublimits.

On April 22, 2014, we entered into the Sixth Amendment to the Credit Agreement (as amended) to reflect the change in our fiscal year end from May 31 to April 30 effective June 1, 2014. No other changes were made to the terms of the Credit Agreement or the related credit facilities.

On January 31, 2014, we entered into the Fifth Amendment to the Credit Agreement (as amended). The Fifth Amendment provides for the reduction of the interest rate margins applicable to borrowings made under our Revolver. While we have made no draws against the Revolver, interest on any future Revolver borrowings will be based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, or an alternate base rate, plus a margin of 1.75% per annum. No other changes were made to the terms of the Revolver.

On January 2, 2014, we entered into the Fourth Amendment to the Credit Agreement (as amended). The Fourth Amendment provided for the refinancing of all of the then outstanding balance of our Tranche B-2 Term Loan with the proceeds of a new $2,550.0 million term loan (the Tranche B-5 Term Loan). Interest on the Tranche B-5 Term Loan is based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with a LIBOR floor of 1.0%, or an alternate base rate, plus a margin of 1.75% per annum, with a minimum alternative base rate floor of 2.0%. This was a reduction in our effective rate related to the new term loan as compared to the Tranche B-2 Term Loan which was based on an Adjusted LIBOR rate plus a margin of 4.0% per annum, with an Adjusted LIBOR floor of 1.25% per annum. The Tranche B-5 Term Loan matures on June 3, 2020, which is an extension of approximately 26 months compared to the original Tranche B-2 Term Loan maturity date. Pursuant to the terms of the Credit Agreement, the Tranche B-5 Term Loan is guaranteed by Infor and certain of our domestic subsidiaries, and is secured by liens on substantially all of our assets and the assets of the Guarantors.

Proceeds from the Tranche B-5 Term Loan were used to refinance the outstanding principal of our Tranche B-2 Term Loan, together with accrued and unpaid interest and applicable fees.

On October 9, 2013, we entered into the Third Amendment to the Credit Agreement (as amended) to reflect a technical change clarifying certain defined terms added pursuant to the Second Amendment.

On June 3, 2013, we entered into the Second Amendment to the Credit Agreement (as amended). The Second Amendment provided for the refinancing of the then outstanding principal balance of our Tranche B-1 Term Loan and our Euro Term Loan with the proceeds of a new $483.0 million term loan (the Tranche B-3 Term Loan) and a new €350.0 million term loan (the Euro Tranche B Term Loan). Interest on the Tranche B-3 Term Loan is based on a fluctuating rate of interest determined by reference to either, at our option, an Adjusted LIBOR rate, plus a margin of 2.75% per annum, with an Adjusted LIBOR floor of 1.0%, or an alternate base rate, plus a margin of 1.75% per annum, with a

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minimum alternative base rate floor of 2.0%. The Tranche B-3 Term Loan matures on June 3, 2020, which is an extension of approximately three and a half years compared to the original Tranche B-1 Term Loan maturity date. Interest on the Euro Tranche B Term Loan is based on a fluctuating rate of interest determined by reference to an Adjusted LIBOR rate, plus a margin of 3.0% per annum, with an Adjusted LIBOR floor of 1.0%. The Euro Tranche B Term Loan matures on June 3, 2020, which is an extension of approximately 24 months compared to the original Euro Term Loan maturity date. Pursuant to the terms of the Credit Agreement, the Tranche B-3 Term Loan and Euro Tranche B Term Loan are guaranteed by the same Guarantors, and are secured by liens on substantially all of the borrower’s assets and the assets of the Guarantors. The Second Amendment also amended the Credit Agreement to, among other things, limit the applicability of the financial maintenance covenant (maximum total leverage ratio) to the Revolver and then only for those fiscal quarters in which we have significant borrowings under our Revolver outstanding as of the last day of such fiscal quarter.

Proceeds from the Tranche B-3 Term Loan and Euro Tranche B Term Loan were used to refinance the outstanding principal balance of our Tranche B-1 Term Loan and our Euro Term Loan, together with accrued and unpaid interest and applicable fees. In addition, $250.0 million of the proceeds were used to repay a portion of the outstanding balance of our Tranche B-2 Term Loan.

On September 27, 2012, we entered into the First Amendment to the Credit Agreement. The First Amendment provided for the refinancing of the then outstanding principal balance of our Tranche B Term Loan of $2,763.0 million with the proceeds of a new $2,793.1 million Tranche B-2 Term Loan. Interest on the Tranche B-2 Term Loan was based on a fluctuating rate of interest determined by reference to, at our option, an Adjusted LIBOR rate, plus a margin of 4.0% per annum, with an Adjusted LIBOR floor of 1.25% per annum, or ABR, plus a margin of 3.0% per annum, with an ABR floor of 2.25% per annum. This was a reduction in our effective rate related to this term loan as compared to the Tranche B Term Loan which was based on an Adjusted LIBOR rate, plus a margin of 5.0% per annum. The Tranche B-2 Term Loan was to mature on April 5, 2018, which was the same as the original Tranche B Term Loan maturity date. Pursuant to the terms of the Credit Agreement, the Tranche B-2 Term Loan was guaranteed by the same guarantors, and was secured by liens on substantially all of our assets and the assets of the guarantors.

Proceeds from the Tranche B-2 Term Loan were used to refinance the outstanding principal of our Tranche B Term Loan, together with accrued and unpaid interest and applicable fees, including a prepayment premium of 1.0% of the principal amount thereof, in accordance with the terms of the Credit Agreement.

Senior Notes

Infor 6.5% and 5.75% Senior Notes

On April 1, 2015, we issued approximately $1,030.0 million in aggregate principal amount of our 6.5% Senior Notes and €350.0 million in aggregate principal amount of our 5.75% Senior Notes at an issue price of 100% (together, the Senior Notes). On April 23, 2015, we issued an additional $600.0 million in aggregate principal amount of our 6.5% Senior Notes at an issue price of 102.25% plus accrued interest from April 1, 2015. The 6.5% and 5.75% Senior Notes mature on May 15, 2022, and bear interest at the applicable rates per annum that is payable semi-annually in cash in arrears, on May 15 and November 15 each year.

In connection with the issuance of the 6.5% and 5.75% Senior Notes, we entered into a registration rights agreements with the initial purchasers of the notes. Under the registration rights agreements, we agreed to file with the SEC a registration statement with respect to an offer to exchange the 6.5% and 5.75% Senior Notes for a new issue of substantially identical notes no later than 365 days after the date of the original issuance of the notes. The requisite registration statement on Form S-4 was filed with the SEC on January 25, 2016 and was declared effective by the SEC on February 12, 2016. See Senior Notes Exchange Offer, below.

Proceeds from the issuance of the 6.5% and 5.75% Senior Notes were used to repay the outstanding balances of our 9 ³/₈%, 10.0% and 11.5% Senior Notes, discussed below, including applicable redemption premiums thereon, accrued and unpaid interest, and to pay related transaction fees and expenses.

The 6.5% and 5.75% Senior Notes are general unsecured obligations of Infor (US), Inc. and are guaranteed by Infor, Inc. and certain of our wholly owned domestic subsidiaries. Under the indentures governing the senior notes, we are subject to certain customary affirmative and negative covenants.

Infor 9 ³/₈% and 10.0% Senior Notes

On April 5, 2012, we issued approximately $1,015.0 million in aggregate principal amount of our 9 ³/₈% Senior Notes and €250.0 million aggregate principal amount of our 10.0% Senior Notes. The 9 ³/₈% and 10.0% Senior Notes were to mature on April 1, 2019, and bore interest at the applicable rates per annum payable semi-annually in cash in arrears, on April 1 and October 1 each year. The outstanding balances of our 9 ³/₈% and 10.0% Senior Notes, including applicable call premiums of $71.4 million and $20.1 million, respectively, were repaid on April 1, 2015, with the proceeds from the issuance of our 6.5% and 5.75% Senior Notes.

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Infor 11.5% Senior Notes

On July 5, 2011, we issued approximately $560.0 million in aggregate principal amount of our 11.5% Senior Notes. The 11.5% Senior Notes were to mature on July 15, 2018 and bore interest at a rate of 11.5% per annum payable semi-annually in arrears, on January 15 and July 15 each year. The outstanding balance of our 11.5% Senior Notes, including applicable call premium of $43.2 million, was repaid on April 23, 2015, with the proceeds from the issuance of our additional 6.5% Senior Notes.

Senior Notes Exchange Offer

On January 25, 2016, we filed a Registration Statement on Form S-4 with the SEC (Form S-4), relating to an offer to exchange our Senior Notes (the Exchange Offer) and the related guarantees for the notes that were registered with the SEC. The Exchange Offer commenced on February 12, 2016, the fourth quarter of fiscal 2016. Under the terms of the Exchange Offer, holders of our Senior Notes could exchange their original 6.5% and 5.75% Senior Notes (the Original Notes) for a like principal amount of 6.5% and 5.75% Senior Notes (the Exchange Notes) that were registered with the SEC. The terms of the Exchange Notes are substantially identical to those of the Original Notes, except that the transfer restrictions, registration rights and certain additional interest provisions relating to the Original Notes do not apply to the Exchange Notes. The exchange has been completed and the Exchange Offer expired on March 15, 2016. We did not receive any proceeds from the Exchange Offer.

First Lien Senior Secured Notes

On August 25, 2015, in connection with the GT Nexus Acquisition, we issued $500.0 million in aggregate principal amount of 5.750% first lien senior secured notes (the Senior Secured Notes) at an issue price of 99.000% plus accrued interest. The Senior Secured Notes mature on August 15, 2020, and bear interest at the applicable rate per annum that is payable semi-annually in cash in arrears, on February 15 and August 15 each year, beginning on February 15, 2016.

The Senior Secured Notes are first lien senior secured obligations of Infor (US), Inc. and are fully and unconditionally guaranteed on a senior secured basis by Infor, Inc., and certain of our existing and future wholly owned domestic subsidiaries. Under the indenture governing the Senior Secured Notes, we are subject to certain customary affirmative and negative covenants.

Net proceeds from the issuance of our Senior Secured Notes, after fees and expenses, of approximately $478.5 million were used to fund the GT Nexus Acquisition, including related transaction fees and expenses.

During fiscal 2017, we entered into supplemental indentures to the indentures governing the Senior Notes and the Senior Secured Notes to add Starmount and GT Nexus as guarantors of each of such notes.

Unrestricted Subsidiary

In fiscal 2016, we designated Infor Retail Holdings Inc. (Infor Retail Holdings), a wholly owned subsidiary of Infor (US), Inc., as an “Unrestricted Subsidiary” as defined under the provisions of the Credit Agreement and the indentures governing our Senior Notes and Senior Secured Notes. As required by the Credit Agreement and the indentures governing our Senior Notes and Senior Secured Notes, we are to present information sufficient to ascertain our financial condition and results of operations excluding our Unrestricted Subsidiaries.

Accordingly, as of April 30, 2016, prior to the Predictix Acquisition, the financial position of Infor Retail Holdings only reflected our $25.0 million investment in Predictix, acquired in the third quarter of fiscal 2016, with an offsetting credit in equity. See Note 2, Summary of Significant Accounting Policies – Cost Method Investments. This investment was included in other assets on our Consolidated Balance Sheets as of April 30, 2016. In addition, Infor Retail Holdings did not have any results of operations to report for fiscal 2016, and our Consolidated Statements of Operations were not impacted by the Unrestricted Subsidiary during fiscal 2016.

In the first quarter of fiscal 2017, we acquired the remaining issued and outstanding capital stock of Predictix and Infor Retail Holdings then included the financial position and results of operations of Predictix and LogicBlox, which we acquired in the Predictix Acquisition. See Note 3, Acquisitions - Predictix. In the fourth quarter of fiscal 2017, Infor Retail Holdings and the Predictix operating companies were merged into Infor (US), Inc., a restricted subsidiary. Therefore, as of April 30, 2017, our remaining Unrestricted Subsidiary was LogicBlox.

The financial position and results of operations of LogicBlox are included in our Consolidated Financial Statements. LogicBlox’ financial position as of Aril 30, 2017 and its results of operations for fiscal 2017 were not significant to our consolidated financial position and results of operations as of and for the period ended April 30, 2017. LogicBlox held assets totaling $8.1 million, primarily intangible assets and goodwill, as of April 30, 2017. For fiscal 2017, LogicBlox recorded revenues of $0.9 million and a loss from operations of $6.1 million.

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Deferred Financing Fees

As of April 30, 2017 and 2016, deferred financing fees, net of amortization, related to our term loans and senior notes of $78.9 million and $100.2 million, respectively, were reflected on our Consolidated Balance Sheets as a direct reduction in the carrying amount of our long-term debt. In addition, we had deferred financing fees, net of amortization, related to our Revolver of $1.2 million and $1.2 million as of April 30, 2017 and 2016, respectively, which were reflected on our Consolidated Balance Sheets in other assets. For fiscal 2017, 2016 and 2015, we amortized $20.0 million, $20.0 million and $19.0 million, respectively, in deferred financing fees which are included in interest expense, net in our Consolidated Statements of Operations.

In fiscal 2017, we capitalized as deferred financing fees $1.1 million in fees, paid in conjunction with the Eighth Amendment to the Credit Agreement. In fiscal 2016, we capitalized as deferred financing fees $16.5 million in fees paid in conjunction with the issuance of our 5.75% Senior Secured Notes. In fiscal 2015, we capitalized $31.0 million in fees paid in conjunction with the issuance of our 6.5% and 5.75% Senior Notes. These deferred financing fees are being amortized over the applicable life of the Term Loans, the Senior Secured Notes and Senior Notes under the effective interest method.

In addition, the repayment of our 9.375%, 10.0% and 11.5% Senior Notes in April 2015 was determined to be an extinguishment of the original debt obligations and as a result we expensed $34.8 million in unamortized deferred financing fees and debt discounts related to the repayment of our 9.375%, 10.0% and 11.5% Senior Notes. These amounts were recorded in our results of operations for fiscal 2015 as a component of loss on extinguishment of debt in our Consolidated Statements of Operations.

In conjunction with the amendments to the Credit Agreement described above, we evaluated each refinancing transaction in accordance with ASC 470-50-40, Debt—Modifications and Extinguishments—Derecognition, to determine if the refinancing of the applicable term loans were modifications or extinguishments of the original term loans. Each lender involved in the applicable amendments’ refinance was analyzed to determine if their participation in the refinancing should be accounted for as a modification or an extinguishment. As a result of our assessment, the participation of certain lenders was determined to be modifications and applicable amounts of the unamortized deferred financing fees continue to be capitalized and amortized over the term of the refinanced debt. In addition, we capitalized fees paid to creditors as deferred financing fees related to the modifications. These capitalized fees also include costs associated with lenders participating in the financing for the first time. These amounts have been reflected as cash flows from financing activities on our Consolidated Statements of Cash Flows. For the remaining lenders, a discounted cash flow analysis was performed to determine if their participation had substantially changed. The lenders who chose not to participate in the applicable amendments’ refinance, and those lenders whose participation substantially changed, were determined to be extinguishments. As a result, the unamortized balance of the applicable deferred financing fees and debt discounts were expensed and recorded in our results of operations as a component of loss on extinguishment of debt in our Consolidated Statements of Operations.

In addition to the deferred financing fees, we have recorded debt discounts, net of premiums and accumulated amortization, of $18.4 million and $16.3 million as a direct reduction of the carrying amount of our long-term debt as of April 30, 2017 and 2016, respectively.

Loss on Extinguishment of Debt

In fiscal 2017, we recorded a loss on extinguishment of debt of $4.6 million related to the refinancing of all the outstanding balances of our first lien term loans in the fourth quarter of fiscal 2017 as discussed above. This amount includes $3.2 million related to the net book value of deferred financing fees written off and $1.4 million in unamortized debt discounts related to the existing notes written off.

In fiscal 2015, we recorded a loss on extinguishment of debt of $172.4 million related to the refinancing of our 9.375%, 10.0% and 11.5% Senior Notes in the fourth quarter of fiscal 2015 as discussed above. This amount includes $134.7 million in applicable redemption premiums on our existing senior notes, $32.0 million related to the net book value of deferred financing fees written off, $2.8 million in unamortized debt discounts related to the existing notes written off, and $2.9 million in other costs incurred in connection with the repayment of our existing senior notes.

Affiliate Company Borrowings

In addition to the debt held by Infor and its subsidiaries discussed above, certain affiliates of the Company have other borrowings which are not reflected in our Consolidated Financial Statements for any of the periods presented. These affiliate company borrowings are described below.

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Holding Company PIK Notes

On April 8, 2014, Infor Software Parent, LLC (HoldCo), an indirect holding company of Infor, and its direct subsidiary Infor Software Parent, Inc., issued $750.0 million in aggregate principal amount of 7.125%/7.875% Senior Contingent Cash Pay Notes (the HoldCo Notes) with net proceeds, after expenses, of approximately $737.8 million. The HoldCo Notes mature on May 1, 2021, and bear interest at the applicable rates per annum set forth below that is payable semi-annually in arrears, on May 1, and November 1, each year.

Interest is payable entirely in cash, unless certain conditions are satisfied, in which case interest on the HoldCo Notes may be paid by increasing the principal amount of the HoldCo Notes or by issuing new notes (PIK interest), or through a combination of cash and PIK interest. Interest on the notes, if paid in cash, will accrue at a rate of 7.125% per annum. PIK interest on the notes will accrue at a rate of 7.875% per annum. As of April 30, 2017 and 2016, the total balance outstanding related to the HoldCo Notes was $750.0 million. We may from time-to-time service interest payments related to the HoldCo Notes. Any payment of interest that we may pay will be funded primarily through dividend distributions from Infor to HoldCo. Since inception, HoldCo has elected to pay interest due related to the HoldCo notes in cash and we have funded, or accrued for the funding of, the interest payments primarily through dividend distributions from Infor to HoldCo. See Note 21, Related Party Transactions – Dividends Paid to Affiliates.

The HoldCo Notes are HoldCo’s general unsecured senior obligations and are not guaranteed by any of HoldCo’s subsidiaries including Infor. The HoldCo Notes rank equally in right of payment with any future unsecured indebtedness of HoldCo, will be effectively subordinated to any future secured indebtedness of HoldCo to the extent of the value of the collateral securing such indebtedness, and will be structurally subordinated to all of the existing and future indebtedness and other liabilities of HoldCo’s subsidiaries, including Infor’s borrowings under its senior secured credit facilities and Infor’s existing notes.

Proceeds from the sale of the HoldCo Notes were used to repay the outstanding balance of HoldCo’s affiliate’s existing debt of $166.8 million, to make a $565.5 million distribution to HoldCo equityholders, to pay a call premium and accrued interest related to the affiliate’s existing debt, and to pay related transaction fees and expenses.

13. Common Stock

As of April 30, 2017 and 2016, there were 1,000 shares of Infor, Inc. common stock authorized, issued and outstanding, each with a par value of $0.01 per share.

In the fourth quarter of fiscal 2017, an affiliate of Koch Equity Development LLC (KED), the investment and acquisition subsidiary of Koch Industries, Inc. (Koch Industries), completed the purchase of more than $2 billion of preferred and common equity of certain affiliates of the Company under the definitive agreement we previously disclosed in the second quarter of fiscal 2017 (the KED Purchase). Under this agreement, our existing shareholders, including Golden Gate Capital, Summit Partners and certain members of management, maintained control of the Company.

14. Commitments and Contingencies

Leases

We have entered into cancelable and non-cancelable operating leases, primarily related to rental of office space, certain office equipment and automobiles. In addition to minimum lease payments, many of the facility leases require payment of a proportionate share of real estate taxes and building operating expenses. Certain lease agreements include rent payment escalation clauses. The total amount of base rentals over the term of the leases is charged to expense on a straight-line method with the amount of the rental expense in excess of lease payments recorded as a deferred rent liability. Total rent expense for operating leases was $56.9 million, $54.1 million and $50.7 million for fiscal 2017, 2016 and 2015, respectively.

We have also entered into certain capital lease commitments for buildings, automobiles, computers and operating equipment. Aggregate property acquired through capital leases and the associated depreciation of these assets is included in property and equipment on our Consolidated Balance Sheets. The current portion of our capital lease obligations is included in accrued expenses, and the long-term portion of capital lease obligations is included in other long-term liabilities on our Consolidated Balance Sheets.

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The future minimum lease payments under our capital and operating leases as of April 30, 2017, were as follows:

Capital Lease Obligations

(in millions)
Fiscal 2018	$	3.0
Fiscal 2019		1.4
Fiscal 2020		0.7
Fiscal 2021		0.6
Fiscal 2022		4.4
Thereafter		—
Total minimum capital lease payments		10.1
Less: amounts representing interest		(1.1	)
Present value of net minimum obligations		9.0
Less: current portion		(2.6	)
Long-term capital lease obligations	$	6.4

Operating Lease Obligations

(in millions)
Fiscal 2018	$	55.7
Fiscal 2019		44.9
Fiscal 2020		38.1
Fiscal 2021		34.1
Fiscal 2022		29.3
Thereafter		66.4
Total minimum operating lease payments	$	268.5

Litigation

From time to time, we are subject to litigation in the normal course of business. In accordance with applicable FASB guidance, we accrue for litigation exposure when a loss is probable and estimable, and we provide disclosures of matters for which the likelihood of material loss is at least reasonably possible. As of April 30, 2017 and 2016, we had accrued $2.5 million and $1.9 million, respectively, related to current litigation matters. We expense all legal costs to resolve regulatory, legal, tax or other matters in the period incurred.

Felleskjøpet Agri SA (FKA) initiated legal proceedings against Infor (Steinhausen) II GmbH (Infor Steinhausen), a wholly-owned subsidiary of the Company, in Norway claiming damages of up to $43.1 million (NOK 370.0 million) related to the suspension of an ERP project. Infor Steinhausen has denied FKA’s claims and asserted counterclaims. Court hearings are scheduled for late calendar 2017 and a court decision is expected in calendar 2018. We intend to vigorously defend FKA’s claims. While we believe we have meritorious defenses against these claims, given the inherent unpredictability of litigation, we cannot at this time estimate the possible outcome of this lawsuit.

We are subject to various other legal proceedings and the risk of litigation by employees, customers, patent owners, suppliers, stockholders or others through private actions, class actions, administrative proceedings or other litigation. While the outcome of these claims cannot be predicted with certainty, we are of the opinion that, based on information presently available, the resolution of any such legal matters existing as of April 30, 2017, will not have a material adverse effect on our financial position, results of operations or cash flows.

Guarantees

We typically grant our customers a warranty that guarantees that our product will substantially conform to Infor’s current specifications for 90 days from the delivery date. We also indemnify our customers from third-party claims of intellectual property infringement relating to the use of our products. Infor’s standard software license agreements contain liability clauses that are limited in amount. We account for these clauses under ASC 460, Guarantees. We have not previously incurred costs to settle claims or paid awards under these indemnification obligations. Accordingly, we have not recorded any liabilities related to these agreements as of April 30, 2017 and 2016.

15. Derivative Financial Instruments

In fiscal 2014, we entered into certain interest rate swaps with notional amounts totaling $945.0 million to limit our exposure to floating interest rate risk related to a significant portion of the outstanding balance of our Term Loans. See Note 12, Debt. We entered into these interest rate swaps to mitigate our exposure to the variability of the three-month LIBOR for our floating rate debt. We have designated these instruments as cash flow hedges upon initiation, they have been highly effective since their inception, and we anticipate that they will be highly effective on an on-going basis. These interest rate swaps had an effective date of March 31, 2015, with a 30-month term expiring September 29, 2017, and have a 1.25% floor.

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The following table presents the fair values of the derivative financial instruments included on our Consolidated Balance Sheets at the dates indicated:

	Notional		Derivative			Balance Sheet	Fair Value at April 30
(in millions, except percentages)	Amount		Base			Classification	2017			2016
Accounting cash flow hedges:
Interest rate swap	$	425.3		2.4725	%	Accrued expenses	$	(2.0	)	$	(5.2	)
						Other long-term liabilities		—			(1.7	)
Interest rate swap		212.6		2.4740	%	Accrued expenses		(1.1	)		(2.6	)
						Other long-term liabilities		—			(0.9	)
Interest rate swap		212.6		2.4750	%	Accrued expenses		(1.1	)		(2.6	)
						Other long-term liabilities		—			(0.9	)
Interest rate swap		94.5		2.4725	%	Accrued expenses		(0.4	)		(1.1	)
						Other long-term liabilities		—			(0.4	)
Total	$	945.0				Total liabilities	$	(4.6	)	$	(15.4	)

The following table presents the before-tax impact of the derivative financial instruments on our other comprehensive income (OCI), accumulated other comprehensive income (AOCI), and our statement of operations for the periods indicated:

	Statement of		Year Ended April 30,						11 Months Ended
(in millions)	Operations Location		2017			2016			April 30, 2015
Accounting cash flow hedges:
Interest rate swaps
Effective portion - gain (loss) recognized in OCI			$	(0.9	)	$	(6.4	)	$	(5.7	)
(Gain) loss reclassified from AOCI into net income		Interest expense, net	$	11.7		$	11.8		$	1.0

We have no other derivatives instruments designated as accounting hedges and no derivatives that are not designated as hedging instruments. The amounts reflected in the above tables do not include any adjustments to reflect the impact of deferred income taxes. For all periods presented, there were no gains or losses recognized in income related to hedge ineffectiveness.

As of April 30, 2017, approximately $4.6 million of the amounts included in accumulated other comprehensive income (loss) related to our derivative instruments is expected to be reclassified into earnings during the next twelve months. This estimate is based on the effective date of our interest rate swaps and the timing of the occurrence of the hedged forecasted transactions. The maximum term over which we are hedging our exposure to the variability of future cash flows (for all forecasted transactions) is approximately six months.

16. Share Purchase and Option Plans

Infor Class C Management Incentive Units

On May 31, 2012, Infor Enterprise granted to certain employees of Infor 10.4 million equity awards, primarily Management Incentive Units (MIUs), pursuant to the Infor Enterprise Applications, LP Agreement of Limited Partnership (Infor Enterprise Agreement) and certain MIU agreements. These MIUs are for Class C non-voting units (Infor Enterprise MIUs). The Infor Enterprise Class C MIUs were granted with vesting schedules ranging from immediate vesting to three years of service.

Under the provisions of the Infor Enterprise Agreement and MIU agreements, if employees are no longer employed by Infor or any of its subsidiaries for any reason (including, but not limited to, death or disability), all unvested Class C MIUs held by such employee shall automatically expire and be forfeited to Infor. For grants to certain employees, Infor has the ability to repurchase applicable Class C MIUs pursuant to the award’s provisions upon their termination of employment with Infor. The repurchase commences upon the later of 1) the termination date and 2) the 181st day following the date upon which the Class C MIUs that are subject to such repurchase have become vested. Infor may elect to repurchase all or any portion of the applicable Class C MIUs, in the event of the employee’s termination for cause, participation in a competitive activity or resignation, at a price equal to the lower of the original cost or the fair market value of the Class C

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MIUs being repurchased. If the employee leaves Infor under any other circumstances, such as through involuntary termination, without cause or upon death, the repurchase option is for fair market value, defined in the Infor Enterprise Agreement as the amount to which the holder of the applicable Class C MIUs would be entitled to receive if the Company’s assets were liquidated in accordance with the Infor Enterprise Agreement (as in effect immediately prior to such liquidation) and applicable law, and the proceeds of such liquidation were applied and distributed pursuant to Infor Enterprise Agreement (as in effect immediately prior to such liquidation).

This repurchase feature in certain Infor Enterprise Class C MIUs granted to employees, as noted above, functions as an in-substance forfeiture provision which precludes recognition of compensation cost for accounting purposes until such repurchase features are removed upon an employee termination event or change in control as defined in the Infor Enterprise Agreement. No compensation expense is recognized until the repurchase features lapse. Of the 10.4 million Infor Enterprise Class C MIUs granted on May 31, 2012, 4.4 million were issued with the repurchase feature and do not have corresponding equity compensation expense recognized, except to the extent related to modifications of certain of these awards which in effect made such awards probable of vesting, and related to the KED Purchase, both discussed below. The remaining 6.0 million Infor Enterprise Class C MIUs granted did not include the repurchase feature, and we recognized applicable equity compensation expense in fiscal 2016 and 2015, accordingly. These Infor Enterprise Class C MIUs were fully expensed by the end of fiscal 2016.

Prior to fiscal 2015, several of our parent company’s Infor Enterprise Class C MIU grants were modified to allow for a cash settlement option. A portion of these grants are subject to the repurchase features that function as in-substance forfeiture provisions, as described above. The addition of a cash settlement option effectively made these awards probable of vesting, resulting in equity compensation expense being recognized for the first time on the related modified grants and causing these grants to change to liability awards at the parent company. The remaining grants which are not subject to repurchase features remain classified as equity awards at the parent company. In contemplation of the KED Purchase, discussed below, the final cash settlement option was waived during fiscal 2017, and accordingly we reversed share-based compensation related to that settlement option. We have recorded equity compensation expense of $0.8 million, $4.6 million and $8.7 million in fiscal 2017, 2016 and 2015, respectively, related to these modified grants.

In fiscal 2016, certain Infor Enterprise Class C MIUs with repurchase features that function as in-substance forfeiture provisions were modified to remove the repurchase features. The removal of these features made these grants probable of vesting, resulting in incremental equity compensation expense being recognized for the first time on the related modified grants. This modification did not change the classification of the related grants, which remain classified as equity awards. We recorded incremental equity compensation expense of $9.3 million related to these modified grants in fiscal 2016.

Additionally, in fiscal 2016, certain Infor Enterprise Class C MIUs without repurchase features which had been modified prior to fiscal 2015 to add a cash settlement option were further modified to expand the cash settlement option. This modification did not change the classification of the related grants, which remain classified as equity awards. In contemplation of the KED Purchase, discussed below, the remaining cash settlement options were waived during fiscal 2017, and accordingly we reversed share-based compensation related to these settlement options. We recorded equity compensation benefit of $2.5 million and equity compensation expense of $4.8 million related to these modified grants in fiscal 2017 and 2016, respectively.

During fiscal 2017, we granted approximately 1.1 million Infor Enterprise Class C MIUs, approximately 0.4 million were forfeited, and 0.7 million were repurchased by the Company.

During fiscal 2016, we granted approximately 1.2 million Infor Enterprise Class C MIUs, approximately 0.6 million were forfeited, and less than 0.1 million were repurchased by the Company.

During fiscal 2015, we granted approximately 0.6 million Infor Enterprise Class C MIUs, approximately 0.2 million were forfeited, and less than 0.1 million were repurchased by the Company.

KED Purchase

As further explained in Note 13, Common Stock, KED purchased an ownership stake in IGS Holding, an affiliate of the parent company of Infor, Inc., in the fourth quarter of fiscal 2017. Related to this transaction, IGS Holding granted to certain executive officers of Infor MIUs, pursuant to the IGS Holding LP Agreement of Limited Partnership (IGS LP Agreement) and certain MIU agreements. These MIUs (IGS Class C MIUs) are for 38.2 million Class C non-voting units (IGS Class C Units). The IGS Class C MIUs were granted as of February 17, 2017 (the Closing Date), with immediate vesting. We have recorded equity compensation expense of $19.5 million in the fourth quarter of fiscal 2017 related to these grants.

Pursuant to the IGS LP Agreement, holders of IGS Class C Units will be entitled to receive: (a) a preferred return equal to the excess, if any, of the total equity value of IGS at the time of determination over the total equity value on the date of issuance, up to a specified amount per IGS Class C Unit; and (b) participation in additional distributions in excess of the total equity value on the date of issuance. Further, each holder of IGS Class C Units is entitled to put to IGS for cash settlement on each of the fourth, fifth, sixth and seventh anniversaries of the Closing Date, 25% of the IGS Class C Units and 25% of any remaining Infor Enterprise Class C MIUs held by him or her. The settlement

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price for such units will be equal to the fair market value as of the settlement date. Therefore, in accordance with applicable FASB guidance, the addition of these cash settlement options did not result in a modification of the Infor Enterprise Class C MIUs, and there is no incremental equity compensation expense to be recognized.

Also in connection with the KED Purchase, all outstanding, non-vested Infor Enterprise Class C MIUs became vested MIUs under the Infor Enterprise Agreement, and the holders received a pro-rata share of the proceeds of the KED Purchase. In accordance with applicable FASB guidance, we treated this as a modification and recorded equity compensation expense of $63.1 million in the fourth quarter of fiscal 2017. The retained equity, which was previously subject to the repurchase feature described above, remains subject to the repurchase feature, and accordingly no equity compensation expense has been recorded for the retained equity.

The following table summarizes Infor Enterprise Class C MIU activity for fiscal 2017, 2016 and 2015:

				Weighted
	Number of			Average
	Infor Enterprise			Grant Date
(in thousands, except fair value amounts)	Class C MIUs			Fair Value
Non-vested, May 31, 2014		2,844		$	5.24
Granted		591		$	7.56
Cancelled		(155	)	$	5.20
Vested		(1,734	)	$	4.31
Non-vested, April 30, 2015		1,546		$	7.19
Granted		1,155		$	8.67
Cancelled		(551	)	$	7.55
Vested		(449	)	$	6.94
Non-vested, April 30, 2016		1,701		$	8.14
Granted		1,079		$	9.30
Cancelled		(368	)	$	8.27
Vested		(2,412	)	$	8.55
Non-vested, April 30, 2017		—		$	—

This table reflects the legal vesting of the awards. As noted above, certain of the awards are subject to a repurchase feature, which functions as an in-substance forfeiture provision, so these awards are not considered to have vested for accounting purposes. Total unrecognized Infor Enterprise Class C MIU compensation expense at April 30, 2017, was $10.8 million.

Company Benefit Units

During fiscal 2016, Infor enacted a new equity-based incentive plan (the CBU Plan) for the purpose of granting awards to a large portion of our employees. Based on criteria such as tenure, position and personal performance, Infor authorized 1.5 million Company Benefit Units (CBUs) for issuance to employees. During fiscal 2016, approximately 0.9 million CBUs were issued to approximately 4,800 employees. The CBUs are non-voting units that vest 25% per year over four years of service. Additionally, a performance condition precludes recognition of compensation cost for accounting purposes until such performance condition is achieved or upon a change of control event, as defined by the CBU Plan agreement.

During fiscal 2017, in connection with the KED Purchase, substantially all remaining unvested outstanding CBUs became vested and the Company repurchased 0.7 million at $6.75 per share. In accordance with applicable FASB guidance, we treated this as a modification and recorded equity compensation expense of $5.0 million in the fourth quarter of fiscal 2017. Less than 0.1 million remain outstanding with total unrecognized compensation expense at April 30, 2017 of $0.2 million.

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The following table summarizes CBU activity for fiscal 2017 and 2016:

				Weighted
				Average
	Number of			Grant Date
(in thousands, except fair value amounts)	CBUs			Fair Value
Non-vested, April 30, 2015		—		$	—
Granted		853		$	9.29
Cancelled		(36	)	$	9.29
Non-vested, April 30, 2016		817		$	9.29
Cancelled		(47	)	$	9.29
Vested		(741	)	$	9.29
Non-vested, April 30, 2017		29		$	9.29

17. Dividends

We did not declare or pay any dividends on our common stock in fiscal 2017, 2016 or 2015. Future dividend payments on our common stock, if any, will be based at that time on the provisions of our current credit facilities, an analysis of our liquidity as well as the future prospects for our business. In addition, we may from time-to-time voluntarily service interest payments related to debt held by certain of our affiliate companies which may be funded through dividend distributions to such affiliates. See Note 21, Related Party Transactions – Dividends Paid to Affiliates.

18. Income Taxes

Income taxes have been provided in accordance with ASC 740, Income Taxes. The effective tax rate for the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. Our effective tax rate may fluctuate as a result of changes in the forecasted annual income level and geographical mix of our operating earnings as well as a result of acquisitions, changes in liabilities recorded for unrecognized tax benefits, changes in the valuation allowances for deferred tax assets, tax settlements with U.S. and foreign tax authorities, and the impact from changes in enacted tax laws.

Our income (loss) before income taxes related to the following jurisdictions:

	Year Ended April 30,						11 Months Ended
(in millions)	2017			2016			April 30, 2015
United States	$	(369.6	)	$	(101.4	)	$	(187.7	)
Foreign		149.6			85.8			155.2
Income (loss) before income tax	$	(220.0	)	$	(15.6	)	$	(32.5	)

The income tax provision (benefit) attributable to earnings from operations consisted of the following:

	Year Ended April 30,						11 Months Ended
(in millions)	2017			2016			April 30, 2015
Current
Federal	$	(29.0	)	$	0.9		$	6.3
State		(0.8	)		(3.2	)		1.1
Foreign		36.5			60.7			19.5
Total current provision		6.7			58.4			26.9
Deferred
Federal		(40.1	)		(45.0	)		(68.9	)
State		(1.7	)		(3.0	)		(7.1	)
Foreign		1.5			(59.2	)		(3.1	)
Total deferred provision (benefit)		(40.3	)		(107.2	)		(79.1	)
Total income tax provision (benefit)	$	(33.8	)	$	(48.8	)	$	(52.2	)
Effective income tax rate		15.4	%		312.8	%		160.6	%

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Our income tax provision (benefit) differed from the amount computed by applying the federal statutory rate to our income (loss) before provision for income taxes as follows:

	Year Ended April 30,						11 Months Ended
(in millions)	2017			2016			April 30, 2015
Federal income tax rate	$	(77.0	)	$	(5.4	)	$	(11.4	)
Subpart F income		3.8			1.2			5.9
Research and development credit		(9.6	)		(28.4	)		—
Foreign tax rate differential		(30.3	)		(19.5	)		(49.6	)
Reorganization costs		11.1			1.9			(0.9	)
Change in valuation allowance		66.5			(32.2	)		0.5
U.S. state tax rate difference		(13.4	)		(3.9	)		(7.2	)
Tax rate changes		(1.8	)		1.4			—
Stock compensation		29.8			7.6			5.5
Withholding tax		8.5			9.1			9.2
Permanent items		(1.0	)		1.1			1.4
Uncertain tax positions		(22.6	)		21.0			—
Section 199 benefit		—			(0.5	)		(1.6	)
Other		2.2			(2.2	)		(4.0	)
Total income tax provision (benefit)	$	(33.8	)	$	(48.8	)	$	(52.2	)

A summary of the components of our deferred tax assets and liabilities was as follows:

	April 30,
(in millions)	2017			2016
Deferred tax assets
Foreign operating loss carryforward	$	128.0		$	139.9
Interest		289.6			290.9
Federal operating loss carryforward		165.7			83.9
Capital loss carryforward		32.2			38.5
Preacquisition disallowed deductions		15.0			13.4
State operating loss carryforward		22.9			14.3
Accrued payroll and related expenses		34.5			38.4
Depreciation		—			5.7
Credits		40.0			46.6
Deferred revenue		17.8			15.3
Bad debts		3.3			4.3
Accrued severance		1.5			1.8
Other		52.0			73.5
Gross deferred tax assets		802.5			766.5
Less: valuation allowance		(501.2	)		(468.8	)
Net deferred tax assets		301.3			297.7
Deferred tax liabilities
Intangibles		187.2			218.4
Goodwill		74.2			68.3
Depreciation		10.4			—
Capitalized debt service cost		13.3			19.8
Prepaid expenses		0.6			0.6
Gross deferred tax liabilities		285.7			307.1
Net deferred tax assets (liabilities)	$	15.6		$	(9.4	)

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The net deferred tax asset (liability) was classified on our Consolidated Balance Sheets as follows:

	April 30,
(in millions)	2017			2016
Current deferred tax asset	$	36.3		$	43.1
Non-current deferred tax asset		71.8			76.1
Current deferred tax liability		(1.0	)		(1.3	)
Non-current deferred tax liability		(91.5	)		(127.3	)
Net deferred tax assets (liabilities)	$	15.6		$	(9.4	)

The following summarizes the rollforward of our deferred tax asset valuation allowance:

(in millions)
Balance, May 31, 2014	$	565.2
Adjustment of net operating losses		(10.9	)
Provisions for valuation allowance		9.0
Release of valuation allowance		(8.5	)
Currency adjustment		(33.1	)
Balance, April 30, 2015		521.7
Adjustment of net operating losses		(33.7	)
Provisions for valuation allowance		47.8
Release of valuation allowance		(61.0	)
Currency adjustment		(6.0	)
Balance, April 30, 2016		468.8
Adjustment of net operating losses		0.9
Acquisitions		1.6
Provisions for valuation allowance		186.7
Release of valuation allowance		(143.7	)
Currency adjustment		(13.1	)
Balance, April 30, 2017	$	501.2

As of April 30, 2017, we have U.S. Federal net operating loss deferred tax assets amounting to $165.7 million. These losses expire in various years between 2018 and 2034, the majority of which will expire between 2019 and 2028. We also have U.S. foreign tax credits of $0.9 million, U.S. research and development credits of $7.7 million, and alternative minimum credit carryovers of $14.0 million. In addition, we have state and local net operating losses and credits of $22.9 million and $7.8 million, respectively. Our state and local net operating losses expire in various years between 2018 and 2034. We currently have a deferred tax asset of $289.6 million relating to interest limitations under IRC Section 163(j), which has an indefinite carryforward. Section 382 of the Internal Revenue Code contains rules that limit the ability of a company that undergoes an ownership change to utilize its net operating loss carryforwards and certain built-in losses or deductions. As a result of the Starmount Acquisition, the Predictix Acquisition and the GT Nexus Acquisition, Starmount, Predictix and GT Nexus experienced ownership changes that resulted in the application of Section 382 limitations. These limitations are, however, not expected to materially limit our ability to utilize Starmount, Predictix and GT Nexus’ net operating loss carryforwards. In addition, we experienced an ownership change as a result of the global restructuring that occurred April 5, 2012, that resulted in the application of a Section 382 limitation. This limitation is, however, not expected to materially limit our ability to utilize any net operating loss carryforwards. Some of our U.S. loss and credit carryforwards are also subject to various limitations resulting from changes of ownership prior to April 5, 2012, and the possibility of future changes of ownership may further limit our ability to utilize certain loss and credit carryforwards.

As of April 30, 2017, we have foreign net operating loss deferred tax assets amounting to $128.0 million. The majority of these losses relate to our subsidiary operations in the United Kingdom, Brazil, France, Austria, Norway, Japan, Sweden, Hong Kong and Singapore. We also have certain foreign capital loss carryforward deferred tax assets of $32.2 million, the majority of which relate to our subsidiary operations in the United Kingdom and are not subject to expiry but do require us to generate certain qualified income in order to utilize. The foreign loss and credit carryforwards are subject to various limitations resulting from prior changes of ownership and the possibility of future changes of ownership may further limit our ability to utilize certain foreign loss and credit carryforwards.

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ASC 740 requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of a deferred tax asset will not be realized. We recorded a net increase to our valuation allowance (including the impact of ASC 740-10) in fiscal 2017 of $43.0 million, a net decrease to our valuation allowance in fiscal 2016 of $13.2 million, and a net increase to our valuation allowance of $0.5 million in fiscal 2015. In fiscal 2017 we recorded a valuation allowance on our deferred tax assets in the U.S. based on the change in position of our U.S. operations from a net deferred tax liability position to a net deferred tax assets position, which resulted from various tax deductible charges incurred during the fourth quarter related to the closure of the KED Purchase. In addition, during the fourth quarter we released a $17.5 million valuation allowance previously established for a net operating loss in Sweden as a result of the completion of a tax planning strategy. We also established a valuation allowance of $18.9 million in the fourth quarter in the United Kingdom as a result of the establishment of negative evidence from the most recent three years of operating results. In fiscal 2016, we released the valuation allowance on our deferred tax assets in the Netherlands based on the removal of negative evidence related to the entities’ most recent three years of operating results, as well as the execution of a tax planning strategy. The valuation allowance and the change therein as of April 30, 2017 and 2016, primarily relate to disallowed carried forward interest expense as well as certain U.S. and foreign net operating losses, tax credits, and capital losses associated with our U.S. and foreign subsidiaries. No other valuation allowances were deemed necessary due to future possible sources of taxable income, including the anticipation of future taxable income and future reversals of existing taxable temporary differences.

Deferred taxes have not been recognized with the exception of certain previously taxed earnings resulting from Subpart F as well as certain IRC Section 987 losses from U.S. branch operations for the excess of the amount for financial reporting over the tax basis of the investment in each of our foreign subsidiaries because the undistributed earnings of each of our foreign subsidiaries are considered permanently reinvested. Therefore, these basis differences are not expected to reverse in the foreseeable future. It is not practicable to calculate the amount of the unrecognized deferred tax liability which would result if these basis differences reversed due to the complexities of the tax laws in various jurisdictions, the number of jurisdictions in which we operate, the complexity of our legal entity structure, and the hypothetical nature of the calculations. For purposes of the previously taxed earnings resulting from Subpart F as well as certain IRC Section 987 losses incurred from U.S. branch operations, the Company has recorded a gross deferred tax asset of $21.5 million to reflect the foreign exchange losses associated with these pools of unremitted earnings. In addition, the Company has established a valuation allowance of $21.5 million for this deferred tax asset as a result of the valuation allowance position of the Company’s U.S. operations.

Our income tax returns are routinely audited by taxing authorities and provisions are routinely made in our financial statements in anticipation of the results of these audits. The amount of these tax liabilities may be revised in future periods if estimates of our ultimate liability are revised.

The following summarizes the rollforward of our unrecognized tax benefits:

(in millions)
Balance, May 31, 2014	$	161.7
Additions based on tax positions related to current year		10.3
Additions based on tax positions related to prior years		20.5
Reductions based on tax positions related to prior years		(18.5	)
Reductions related to settlements		(0.7	)
Reductions related to lapses in statute		(10.6	)
Additions/(reductions) due to changes in foreign exchange rates		(18.9	)
Balance, April 30, 2015		143.8
Additions based on tax positions related to current year		23.7
Additions based on tax positions related to prior years		14.7
Reductions based on tax positions related to prior years		(0.4	)
Reductions related to settlements		(11.0	)
Reductions related to lapses in statute		(15.1	)
Additions/(reductions) due to changes in foreign exchange rates		(0.4	)
Balance, April 30, 2016		155.3
Additions based on tax positions related to current year		9.3
Additions based on tax positions related to prior years		10.9
Reductions based on tax positions related to prior years		(2.0	)
Reductions related to settlements		(3.0	)
Reductions related to lapses in statute		(15.1	)
Additions/(reductions) due to changes in foreign exchange rates		(5.4	)
Balance, April 30, 2017	$	150.0

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The reversal of the unrecognized tax benefits above would have impacted our effective tax rate (through the recognition of an income tax benefit) at April 30, 2017, 2016, and 2015 by $71.9 million, $100.0 million and $70.6 million, respectively. During our upcoming fiscal year ending April 30, 2018, we expect that approximately $54.1 million of the unrecognized tax benefits above will reverse, primarily due to the expiration of statutes of limitation in various jurisdictions.

We classify interest on uncertain tax positions as provision (benefit) for income taxes in our Consolidated Statements of Operations. The amount of accrued interest on uncertain tax positions at April 30, 2017 and 2016, was $18.4 million and $19.0 million, respectively, and is primarily reflected in other long-term liabilities on our Consolidated Balance Sheets. The amount of interest expense recorded for uncertain tax positions for fiscal 2017, 2016 and 2015, net of income tax benefits was $1.3 million, $1.4 million and $13.4 million, respectively.

We classify penalties on uncertain tax positions as provision (benefit) for income taxes in our Consolidated Statements of Operations. The amount of accrued penalties on uncertain tax positions at April 30, 2017 and 2016, was $4.7 million and $5.3 million, respectively, and is primarily reflected in other long-term liabilities on our Consolidated Balance Sheets. The amount of penalty expense recorded for uncertain tax positions for fiscal 2017, 2016 and 2015 was a benefit of $0.4 million, a benefit of $0.0 million and a benefit of $0.1 million, respectively. The fiscal 2017, 2016 and 2015 benefits were due to the expiration of the statute of limitations in various jurisdictions.

The Company is in the process of completing a voluntary disclosure agreement with a foreign taxing jurisdiction in connection with potential withholding tax exposure on certain intercompany transactions. Within the next twelve months, it is reasonably possible that the Company will complete negotiations with the taxing jurisdiction and enter into a settlement resulting in tax, interest and penalties ranging from zero to $19.6 million.

Domestically, we file a federal income tax return and generally file state income tax returns in each jurisdiction in which we do business. The statutes of limitations for these returns, with some exceptions, run through 2021. We are generally no longer subject to tax examinations domestically for years prior to fiscal 2013. We are also currently under examination in a number of state jurisdictions. Management believes that we have adequately provided for any uncertain tax positions that may be addressed in these examinations.

Internationally, we generally file income tax returns in each jurisdiction in which we do business. The statutes of limitations for these returns, with some exceptions, run through 2021. We are generally no longer subject to tax examination internationally for years prior to fiscal 2011. We are currently under examination in a number of international jurisdictions. Management believes that we have adequately provided for any uncertain tax positions that may be addressed in these examinations.

While management believes we have adequately provided for all tax positions, amounts asserted by taxing authorities could materially differ from our accrued positions as a result of uncertain and complex application of tax regulations. Additionally, the recognition and measurement of certain tax benefits includes estimates and judgment by management and inherently includes subjectivity. Accordingly, additional provisions on tax-related matters could be recorded in the future as revised estimates are made or the underlying matters are settled or otherwise resolved.

19. Retirement Plans

Defined Contribution Plans

We sponsor a 401(k) plan for all eligible employees in the U.S. Under this 401(k) plan, employees can generally make pre-tax contributions of up to the lesser of a maximum of 75.0% of their eligible compensation or the section 402(g) limit as defined by the Internal Revenue Service.

We also have defined contribution plans in certain foreign locations. We recognized expense for contributions to our defined contribution plans of $12.9 million, $11.7 million and $10.2 million in fiscal 2017, 2016 and 2015, respectively.

Defined Benefit Plans

We maintain defined benefit plans for certain of our employees in the U.S. and various other countries which were assumed in connection with acquisitions we completed in prior years. The most significant of these defined benefit plans are in the United Kingdom, France, Germany, and Switzerland. Benefits under the various plans are based primarily on applicable legal requirements, years of service and compensation levels. Our defined benefit plans in the U.S., United Kingdom and Germany have been frozen with no further benefits accruing. As of April 30, 2017, these plans were funded to comply with the minimum legal funding requirements.

We used measurement dates of April 30, 2017 and 2016, respectively, for our pension plans and accrued benefit obligations. Actuarial valuations of the plans occur either on an annual or triennial basis, depending on jurisdictional statutes.

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The following tables summarize the key data and assumptions for our defined benefit plans:

Change in Projected Benefit Obligation

	April 30,
(in millions)	2017			2016
Projected Benefit obligation, beginning of fiscal year	$	106.8		$	114.3
Benefit obligation assumed in acquisition		6.4			—
Service cost		1.4			1.5
Interest cost		2.7			3.1
Plan participants’ contributions		0.3			0.3
Actuarial (gain) loss		8.7			(2.2	)
Benefits payments		(2.9	)		(3.1	)
Assumption changes		0.1			(0.6	)
Curtailment/settlement		(1.4	)		(2.5	)
Currency translation adjustment		(9.8	)		(4.0	)
Projected benefit obligation, end of fiscal year	$	112.3		$	106.8
Accumulated benefit obligation, end of fiscal year	$	106.1		$	101.5

Change in Plan Assets

	April 30,
(in millions)	2017			2016
Fair value of plan assets, beginning of fiscal year	$	68.5		$	74.9
Fair value of plan assets acquired		3.0			—
Actual return on plan assets		10.0			(0.3	)
Employer contribution		2.2			2.5
Plan participants’ contributions		0.3			0.3
Benefits payments		(2.4	)		(2.8	)
Settlements		(0.9	)		(2.0	)
Other		—			(0.7	)
Currency translation adjustment		(7.0	)		(3.4	)
Fair value of plan assets, end of fiscal year	$	73.7		$	68.5
Funded status, end of fiscal year	$	(38.6	)	$	(38.3	)

Amounts Recognized on Our Consolidated Balance Sheets

	April 30,
(in millions)	2017			2016
Non-current asset	$	0.1		$	0.2
Current liability		(1.0	)		(0.1	)
Non-current liability		(37.7	)		(38.4	)
Total	$	(38.6	)	$	(38.3	)

Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

	April 30,
(in millions)	2017			2016			2015
Net actuarial gain (loss)	$	(19.1	)	$	(19.7	)	$	(19.9	)
Prior service cost		(0.3	)		(0.4	)		(1.0	)
Tax		3.4			4.0			4.6
Total amounts recognized in accumulated other comprehensive income (loss)	$	(16.0	)	$	(16.1	)	$	(16.3	)

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Components of Net Periodic Pension Cost

	Year Ended April 30,						11 Months Ended
(in millions)	2017			2016			April 30, 2015
Service cost	$	1.4		$	1.5		$	1.2
Interest cost		2.7			3.1			3.4
Amortization of prior service cost		0.1			0.2			0.2
Amortization of net actuarial (gain) loss		0.6			0.7			0.3
Expected return on plan assets		(3.2	)		(3.8	)		(3.7	)
Curtailment/settlement		(0.4	)		0.1			—
Net periodic pension cost	$	1.2		$	1.8		$	1.4

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

	Year Ended April 30,						11 Months Ended
(in millions)	2017			2016			April 30, 2015
Net actuarial gain (loss)	$	0.6		$	0.2		$	(11.4	)
Prior service cost		0.2			0.8			0.6
Amortization of prior service cost		(0.1	)		(0.2	)		(0.2	)
Tax		(0.6	)		(0.6	)		2.1
Total recognized in other comprehensive income (loss)	$	0.1		$	0.2		$	(8.9	)
Total recognized in net periodic benefit costs and other comprehensive income (loss)	$	(1.1	)	$	(1.6	)	$	(10.3	)

Estimated Amortization to be Recognized as Part of Net Periodic Pension Cost in Fiscal 2018

(in millions)
Net actuarial (gain) loss	$	0.5
Prior service cost	$	0.2

Defined Benefit Plans with Accumulated Benefit Obligations that Exceed the Fair Value of the Plan Assets

The accumulated benefit obligation exceeds the fair value of the plan assets for the majority of our defined benefit plans. The pension benefits and the fair value of plan assets for those plans with accumulated benefit obligations in excess of plan assets were as follows:

	April 30,
(in millions)	2017		2016
Projected benefit obligation	$	112.1	$	106.5
Accumulated benefit obligation	$	106.0	$	101.1
Fair value of plan assets	$	73.4	$	68.0

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Fair Value of Plan Assets

The fair value of defined benefit plans assets, as of April 30, 2017 and 2016, were as follows:

	April 30, 2017
	Fair Value Measurements Using Inputs Considered as
(in millions)	Level 1		Level 2		Level 3		Fair Value
Assets
Equity securities	$	—	$	43.8	$	—	$	43.8
Debt securities		—		23.3		—		23.3
Other		0.1		6.5		—		6.6
Total	$	0.1	$	73.6	$	—	$	73.7

	April 30, 2016
	Fair Value Measurements Using Inputs Considered as
(in millions)	Level 1		Level 2		Level 3		Fair Value
Assets
Equity securities	$	—	$	40.2	$	—	$	40.2
Debt securities		—		19.2		—		19.2
Other		0.4		8.7		—		9.1
Total	$	0.4	$	68.1	$	—	$	68.5

Pension plan assets relate to defined benefit pension plans which cover certain employees primarily in the U.S., United Kingdom, Germany, Switzerland and France and include investments held in cash, equity and debt index funds. The fair value of investments held in these funds is based on the fair value of the underlying securities within the fund. The pension plan assets are reflected in either other assets or other long-term liabilities on our Consolidated Balance Sheets depending on whether the related plan is over-funded or under-funded, respectively. Our pension plan assets are valued primarily using observable inputs other than quoted market prices and are included in Level 2 inputs within the fair value hierarchy as discussed in Note 5, Fair Value.

Determination of Benefit Obligations

Generally, the discount rates used to determine benefit obligations are determined as of the applicable measurement date, by considering various current yield curves representing high quality, long-term fixed income instruments, the duration of which are consistent with the duration of the applicable plan liabilities. The long-term expected rate of return for each asset class is based upon actual historical returns and future expectations for returns for each asset class. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation and the long-term return assumption for each asset class.

Weighted-Average Assumptions Used to Determine Benefit Obligations

	April 30,
	2017			2016			2015
Projected benefit obligation
Discount rate		2.2	%		2.9	%		2.9	%
Rate of compensation increase		2.4	%		2.5	%		2.5	%
Net periodic benefit cost
Discount rate		2.2	%		2.9	%		3.7	%
Expected rate of return on plan assets		4.8	%		5.2	%		5.5	%
Rate of compensation increase		2.5	%		2.5	%		2.5	%

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Investment Policy

Our investment strategy for our plan assets is to seek a competitive rate of return relative to an appropriate level of risk. The investments are held in cash, equity and debt index funds. Investments held in these funds are based on the fair value of the underlying securities within the fund, which represents the net asset value, a practical expedient to fair value, of the units held by the pension plan at year end. The asset allocations for our pension plans by asset category are as follows:

	Target			Percentage of
	Allocation			Plan Assets at
	Fiscal 2018			April 30, 2017
Equity securities		59.4	%		59.4	%
Debt instruments		31.6	%		31.6	%
Other		9.0	%		9.0	%

Future Contributions

We made contributions to our defined benefit pension plans of $2.2 million, $2.5 million and $2.3 million in fiscal 2017, 2016 and 2015, respectively. We expect to contribute approximately $2.6 million to our defined benefit plans during fiscal 2018.

Future Benefit Payments

As of April 30, 2017, we anticipate future benefit payments related to our defined benefit plans over the next 10 years will be as follows:

(in millions)
Fiscal 2018	$	5.2
Fiscal 2019		1.9
Fiscal 2020		2.1
Fiscal 2021		2.0
Fiscal 2022		2.2
Fiscal 2023 through 2027		13.4
Total	$	26.8

20. Segment and Geographic Information

We are a global provider of enterprise business applications software and services focused primarily on medium and large enterprises. We provide industry-specific and other enterprise software products and related services to companies in the manufacturing, distribution, healthcare, public sector, automotive, service industries, ESM&R, consumer products & retail and hospitality industries. We serve customers in the Americas, EMEA and APAC geographic regions.

Segment Information

We view our operations and manage our business as three reportable segments: License, Maintenance, and Consulting. See Note 1, Nature of Business and Basis of Presentation – Business Segments. It is around these three key sets of business activities that we have organized our business and established budgets, forecasts and strategic objectives, including go-to-market strategies. Within our organization, multiple sets of information are available reflecting various views of our operations including vertical, geographic, product and/or functional information. However, the financial information provided to and used by our CODM to assist in making operational decisions, allocating resources and assessing performance reflects revenues, cost of revenues and sales margin for these three segments.

License—Our License segment develops, markets and distributes enterprise business software applications including the following types of software: ERP, enterprise HCM, financial management, business intelligence, asset management, enterprise performance management, supply chain management, service management, manufacturing operations, business project management and property management for hospitality companies. License revenues include license fees resulting from products licensed to our customers on a perpetual basis and subscription revenues related to granting customers access to software products through our SaaS subscription offerings. Product license fees result from a customer’s licensing of a given software product for the first time or with a customer’s licensing of additional users for previously licensed products.

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Maintenance—Our Maintenance segment provides software updates and product support including when-and-if-available upgrades, release updates, regulatory updates and patches, access to our knowledge base and technical support team, technical advice and application management. Generally, these services are provided under annual contracts. Infor’s maintenance agreements are comprehensive customer support programs which entitle customers to various levels of support to meet their specific needs. Infor’s maintenance and customer support offerings are delivered through our global support organization operating from our support centers around the world. Maintenance revenues include product updates and support fees revenues which represent the ratable recognition of fees to enroll and renew licensed products in our maintenance programs. These fees are typically charged annually and are based on the license fees initially paid by the customer. These revenues can fluctuate based on the number and timing of new license contracts, renewal rates and price increases.

Consulting—Our Consulting segment provides software implementation, customization, integration, training and other consulting services related to Infor’s software products. Services in this segment are generally provided under time and materials contracts, and in certain situations, under fixed-fee or maximum-fee contracts. Infor’s consulting offerings range from initial assessment and planning of a project to the actual implementation and post implementation of a project, including optimizing a customer’s use of our software as well as training and learning tools designed to help customers become proficient in using Infor’s software quickly and effectively. Consulting services and other revenue include consulting services and other fees revenues from services provided to customers who have licensed Infor’s products.

The measure that we use to assess our reportable segment’s operating performance is sales margin. Reportable segment sales margin includes segment revenues net of direct controllable costs. Segment revenues include adjustments to increase revenues that would have been recognized if we had not adjusted certain deferred revenue balances related to acquisitions to their fair values at the time of the acquisition as required by GAAP. Segment costs represent those cost of resources dedicated to each segment, direct sales costs, and allocation of certain operating expenses. Segment costs exclude any allocation of depreciation and amortization related to our acquired intangible assets or restructuring costs.

We do not have any intercompany revenue recorded between reportable segments. The accounting policies for our reportable segments are the same as those used in our Consolidated Financial Statements. We do not assess or report assets or capital expenditures by reportable segment. For disclosure of goodwill by reportable segment see Note 4, Goodwill.

The following table presents financial information for our reportable segments for the periods indicated:

	Reportable Segment
(in millions, except percentages)	License			Maintenance			Consulting			Total
Fiscal 2017 (12 months)
Revenues	$	733.2		$	1,389.8		$	735.8		$	2,858.8
Cost of revenues		233.1			238.8			586.4			1,058.3
Direct sales and other costs		397.1			—			12.6			409.7
Sales margin	$	103.0		$	1,151.0		$	136.8		$	1,390.8
Sales margin %		14.0	%		82.8	%		18.6	%		48.6	%
Fiscal 2016 (12 months)
Revenues	$	627.1		$	1,406.3		$	670.2		$	2,703.6
Cost of revenues		166.2			248.6			563.2			978.0
Direct sales and other costs		368.7			—			—			368.7
Sales margin	$	92.2		$	1,157.7		$	107.0		$	1,356.9
Sales margin %		14.7	%		82.3	%		16.0	%		50.2	%
Fiscal 2015 (11 months)
Revenues	$	479.9		$	1,333.8		$	629.7		$	2,443.4
Cost of revenues		105.6			237.7			506.9			850.2
Direct sales and other costs		331.3			—			7.2			338.5
Sales margin	$	43.0		$	1,096.1		$	115.6		$	1,254.7
Sales margin %		9.0	%		82.2	%		18.4	%		51.4	%

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The following table presents the reconciliation of our reportable segment revenues, net of the reversal of purchase accounting revenue adjustments to total consolidated revenues, and our reportable segment sales margin to consolidated income (loss) before income tax for the periods indicated:

	Year Ended April 30,						11 Months Ended
(in millions)	2017			2016			April 30, 2015
Reportable segment revenues	$	2,858.8		$	2,703.6		$	2,443.4
Purchase accounting revenue adjustments (1)		(3.0	)		(12.0	)		(4.5	)
Total revenues	$	2,855.8		$	2,691.6		$	2,438.9
Reportable segment sales margin	$	1,390.8		$	1,356.9		$	1,254.7
Other unallocated costs and operating expenses (2)		1,012.2			713.2			632.9
Amortization of intangible assets and depreciation		232.7			243.9			222.9
Restructuring costs		39.5			28.0			5.7
Income from operations		106.4			371.8			393.2
Total other expense, net		326.4			387.4			425.7
Income (loss) before income tax	$	(220.0	)	$	(15.6	)	$	(32.5	)

(1) Adjustments to decrease reportable segment revenue for revenue that we would have recognized had we not adjusted acquired deferred revenue as required by GAAP.

(2) Other unallocated costs and operating expenses include certain sales and marketing expenses, research and development, general and administrative, acquisition-related and other costs, equity-based compensation, as well as adjustments for deferred costs recognized related to acquired deferred revenue.

Geographic Information

The following table presents our revenues summarized by geographic region, based on the location at which each sale originates, for the periods indicated:

	Geographic Region
(in millions)	Americas		EMEA		APAC		Total
Fiscal 2017 (12 months)
Software license fees	$	194.4	$	111.4	$	32.0	$	337.8
SaaS subscriptions		307.7		46.3		39.3		393.3
Software license fees and subscriptions		502.1		157.7		71.3		731.1
Product updates and support fees		903.7		378.3		107.0		1,389.0
Software revenues		1,405.8		536.0		178.3		2,120.1
Consulting services and other fees		387.7		291.2		56.8		735.7
Total revenues	$	1,793.5	$	827.2	$	235.1	$	2,855.8
Fiscal 2016 (12 months)
Software license fees	$	223.6	$	118.8	$	30.7	$	373.1
SaaS subscriptions		197.4		25.4		19.8		242.6
Software license fees and subscriptions		421.0		144.2		50.5		615.7
Product updates and support fees		910.4		391.0		104.4		1,405.8
Software revenues		1,331.4		535.2		154.9		2,021.5
Consulting services and other fees		358.4		261.5		50.2		670.1
Total revenues	$	1,689.8	$	796.7	$	205.1	$	2,691.6

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Fiscal 2015 (11 months)
Software license fees	$	210.0	$	121.2	$	40.9	$	372.1
SaaS subscriptions		90.8		12.5		3.8		107.1
Software license fees and subscriptions		300.8		133.7		44.7		479.2
Product updates and support fees		840.7		386.3		103.3		1,330.3
Software revenues		1,141.5		520.0		148.0		1,809.5
Consulting services and other fees		312.7		264.7		52.0		629.4
Total revenues	$	1,454.2	$	784.7	$	200.0	$	2,438.9

The following table presents our long-lived tangible assets, consisting of property and equipment net of accumulated depreciation, summarized by geographic region:

	Geographic Region
(in millions)	Americas		EMEA		APAC		Total
April 30, 2017	$	131.5	$	17.9	$	12.1	$	161.5
April 30, 2016	$	92.9	$	20.4	$	11.7	$	125.0

The following table sets forth our revenues attributable to the U.S., our country of domicile, and foreign countries, based on the country at which each sale originates, for the periods indicated:

	Year Ended April 30,				11 Months Ended
(in millions)	2017		2016		April 30, 2015
United States	$	1,627.9	$	1,529.6	$	1,295.1
All other countries		1,227.9		1,162.0		1,143.8
Total revenues	$	2,855.8	$	2,691.6	$	2,438.9

The following table sets forth long-lived tangible assets by country at the dates indicated:

	April 30,
(in millions)	2017		2016
United States	$	129.5	$	90.5
All other countries		32.0		34.5
Total long-lived tangible assets	$	161.5	$	125.0

Only those countries in which revenues or long-lived assets exceed 10% of our consolidated revenues or long-lived assets are reflected in the above tables. In those fiscal periods when a country’s revenues or long-lived tangible assets are less than 10% of the consolidated totals, applicable amounts are included in “all other countries.”

21. Related Party Transactions

Our largest investors have historically been our sponsors, Golden Gate Capital and Summit Partners. In fiscal 2017, Koch Industries made a significant investment in Infor becoming another of our largest investors and together with Golden Gate Capital and Summit Partners, our Sponsors. See Note 13, Common Stock. The following is a summary of our transactions with our Sponsors and other related parties.

Sponsor Management and Other Fees

We have entered into advisory agreements with Golden Gate Capital and Summit Partners pursuant to which we have retained them to provide advisory services relating to financing and strategic business planning, acquisitions and investments, analysis and oversight, executive recruiting, certain other services and the reimbursement of reasonable out-of-pocket expenses. These advisory agreements are for an initial term of ten years with the annual management fees payable to Golden Gate Capital and Summit Partners on a quarterly basis. Under these advisory agreements, the total contractual annual management fee due is approximately $7.0 million which is payable to Golden Gate Capital and Summit Partners based on the provisions in the applicable agreements. In addition, Infor Enterprise, Golden Gate Capital and Summit Partners have entered into a similar advisory agreement with Koch Equity Development. We recognized these management fees as a component of general and administrative expenses in our Consolidated Statement of Operations.

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The following table sets forth management fees and applicable expenses rendered under the advisory agreements for the periods indicated:

	Year Ended April 30,				11 Months Ended
(in millions)	2017		2016		April 30, 2015
Golden Gate Capital	$	4.8	$	5.6	$	4.9
Summit Partners		1.8		2.0		1.8
Koch Industries		0.8		—		—
Total management fees and expenses	$	7.4	$	7.6	$	6.7

At April 30, 2017, approximately $1.9 million and $0.7 million of the fees related to Golden Gate Capital and Summit Partners, respectively, remained unpaid.

In addition, under the advisory agreements the Sponsors may be entitled to receive transaction fees in relation to certain consummated transactions including among others, acquisitions and financing transactions. We generally recognize these transaction fees in acquisition-related and other costs in our Consolidated Statement of Operations in the period when incurred.

In fiscal 2017, in connection with the Predictix Acquisition, we expensed buyer transaction fees of approximately $1.1 million paid to Golden Gate Capital and $0.4 million paid to Summit Partners, and in connection with the KED Purchase we expensed buyer transaction fees and applicable expenses of approximately $17.8 million paid to Golden Gate Capital and $6.9 million paid to Summit Partners. In addition, in connection with the KED Purchase we paid approximately $17.5 million in applicable transaction expenses for Koch Industries through dividends paid to our affiliate companies. See Dividends Paid to Affiliates, below.

In fiscal 2016, in connection with the issuance of our Senior Secured Notes, we capitalized as deferred financing fees $2.5 million in fees paid to Angel Island Capital Services, LLC, an affiliate of Golden Gate Capital. In addition, we expensed buyer transaction fees of approximately $4.8 million payable to Golden Gate Capital and $1.9 million payable to Summit Partners in connection with the GT Nexus Acquisition. The GT Nexus Acquisition transaction fees were included in other long-term liabilities on our Consolidated Balance Sheets as of April 30, 2016 and were paid in the first quarter of fiscal 2017.

We also capitalized as deferred financing fees $5.5 million during fiscal 2015 for fees and expenses paid to Golden Gate Capital and their affiliates in connection with our various debt transactions.

Related Party Operating Activity

Revenues and Expenses

In the normal course of business, we may sell products and services to companies owned by the Sponsors. Revenues related to our software products and our professional services provided to companies owned by Golden Gate Capital, Summit Partners and Koch Industries are made at our customary rates and are recognized according to our revenue recognition policy as described in Note 2, Summary of Significant Accounting Policies. Revenues from Golden Gate Capital-owned companies were approximately $1.9 million, $1.0 million and $0.9 million in fiscal 2017, 2016 and 2015, respectively. In fiscal 2017 we had less than $0.1 million in revenues from companies owned by Summit Partners and no revenues in fiscal 2016 or 2015. Revenues from companies owned by Koch Industries companies were $1.2 million in fiscal 2017, since their investment in Infor.

In addition, we have made payments or accrued amounts to be paid to companies owned by Golden Gate Capital for products and services of $12.1 million, $11.1 million and $1.1 million in fiscal 2017, 2016 and 2015, respectively. We have made payments to companies owned by Summit Partners for products and services of $0.2 million, $0.5 million and less than $0.1 million in fiscal 2017, 2016 and 2015, respectively. We made no payments to Koch Industries companies in fiscal 2017.

Koch SaaS Agreement

In the fourth quarter of fiscal 2017, we entered into a SaaS subscription agreement with Koch Business Solutions, LP (KBS), an affiliate of Koch Industries (the Koch SaaS Agreement) under which KBS agreed to a five-year subscription to our CloudSuite HCM and CloudSuite Financials software, both at our customary rates. The Koch SaaS Agreement totals approximately $43.3 million. SaaS subscription revenues of $6.8 million are expected to be recognized in the first year and approximately $9.1 million per year over each of the remaining four years under the agreement.

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Golden Gate Capital SaaS Agreement

In the second quarter of fiscal 2017, we entered into a SaaS subscription agreement with Golden Gate Capital (the Golden Gate Capital SaaS Agreement) under which Golden Gate Capital agreed to a three-year subscription to our CloudSuite Financials and Procurement software including related implementation services, both at our customary rates. The Golden Gate Capital SaaS Agreement and related services total approximately $0.9 million, including SaaS subscription revenue of $0.2 million per year which will be recognized ratably over each of the three years under the agreement, and $0.3 million in consulting services which are to be recognized as the services are provided.

Summit Partners MSA Agreement

In October 2014, we entered into a Master Services Agreement with Summit Partners (the MSA) under which we agreed to offer certain of Summit Partners’ portfolio companies our software products and our professional services at our customary rates. The MSA had an initial term of 12 months and automatically renews for successive 12-month renewal periods unless either party provides written notice of intent not to renew within 90 days prior to the first day of the applicable renewal period. In addition, after the initial term either party may terminate the MSA upon 90 days written notice.

Equity Contributions

In the first quarter of fiscal 2017, we completed the Predictix Acquisition. See Note 3, Acquisitions – Fiscal 2017—Predictix. In conjunction with the Predictix Acquisition, certain of the Sponsors made new capital contributions to Infor Enterprise, an affiliate of the parent company of Infor, of $133.0 million, of which $77.0 million was contributed as equity to Infor, Inc. Investment funds affiliated with Golden Gate Capital and investment funds affiliated with Summit Partners contributed approximately $95.2 million and $37.8 million, respectively. The proceeds from the new equity contribution were used to fund the Predictix Acquisition purchase consideration.

In the fourth quarter of fiscal 2017, Koch Industries completed the purchase of more than $2 billion of preferred and common equity of certain affiliates of the Company under the definitive agreement we previously disclosed in the second quarter of fiscal 2017. Under this agreement, our existing shareholders, including Golden Gate Capital, Summit Partners and certain members of management, maintain control of the Company. In conjunction with the purchase, representatives of Koch Industries have been appointed to hold five of the eleven directors on Infor’s board. See Note 13, Common Stock.

Due to/from Affiliates

Infor, through certain of our subsidiaries, had net receivables from our affiliates, HoldCo and Infor Software Parent LLC, of $59.2 million and $36.9 million as of April 30, 2017 and 2016, respectively. The historic receivables arose primarily due to our payment of deferred financing fees and interest related to certain acquired debt of Infor Software Parent LLC. The $22.3 million increase in the receivables in fiscal 2017 was due to activity related to our Tax Allocation Agreement. These receivables are included in receivable from stockholders in the equity section on our Consolidated Balance Sheets.

Infor has entered into a Tax Allocation Agreement with GGC Software Parent, LLC, and Infor Software Parent LLC. See Note 1, Nature of Business and Basis of Presentation—Revision of Prior Period Financial Statements, and Note 2, Summary of Significant Accounting Policies – Income Taxes. Payments made under the Tax Allocation Agreement have been recorded against affiliate payable, which is included in accounts payable on our Consolidated Balance Sheets. In fiscal 2017 and 2016 we made payments of $9.1 million (all of which was classified as distributions under tax sharing arrangement in the financing activities section of our Consolidated Statements of Cash Flows) and $16.0 million ($2.8 million which was classified as payment for income taxes in the operating activities section and $13.2 million which was classified as distributions under tax sharing arrangement in the financing activities section of our Consolidated Statements of Cash Flows), respectively, under the Tax Allocation Agreement. We had $0.0 million and $10.4 million payable under the Tax Allocation Agreement as of April 30, 2017 and 2016, respectively.

Dividends Paid to Affiliates

Fiscal 2017

In fiscal 2017, we paid dividends to certain of our affiliates totaling $171.9 million including the following:

In the first quarter of fiscal 2017, we paid dividends to HoldCo totaling $94.0 million. The dividend related to the funding of HoldCo’s semi-annual interest on the HoldCo Notes due November 1, 2016 as well as funding of future interest payments related to the HoldCo Notes and future amounts due under our Tax Allocation Agreement. HoldCo then contributed equity of $67.0 million to Infor, Inc.

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In the first quarter of fiscal 2017, we paid dividends to HoldCo totaling $17.5 million related to the funding of semi-annual interest on our affiliate’s debt. In April 2016, HoldCo elected to pay semi-annual interest due related to the HoldCo Notes of approximately $26.7 million in cash (i) with $0.1 million cash on-hand, (ii) with amounts we funded through dividend distributions from Infor to HoldCo of $17.5 million, which were accrued as of April 30, 2016, and (iii) through certain payments made under the Tax Allocation Agreement, totaling $9.1 million. The dividends and amounts due under the Tax Allocation Agreement were paid on May 2, 2016.

In the fourth quarter of fiscal 2017, we paid dividends totaling $60.4 million, including $51.0 million to HoldCo and $9.4 million to Infor Enterprise, of which $30.2 million related to the funding of semi-annual interest on HoldCo’s Notes due May 1, 2017 and $30.2 million related to the funding of certain transaction cost incurred in connection with the KED Purchase.

Fiscal 2016

In fiscal 2016 we paid dividends to HoldCo totaling $35.0 million related to the funding of semi-annual interest on HoldCo’s debt.

In April 2015, HoldCo elected to pay semi-annual interest due related to the HoldCo Notes of approximately $26.7 million in cash (i) with $1.2 million cash on-hand, (ii) with amounts we funded through dividend distributions from Infor to HoldCo of $17.0 million, which were accrued as of April 30, 2015, and (iii) through certain payments made under the Tax Allocation Agreement, totaling $8.5 million. The dividends and amounts due under the Tax Allocation Agreement were paid on May 1, 2015.

In October 2015, HoldCo elected to pay the semi-annual interest due related to the HoldCo Notes of approximately $27.3 million in cash (i) with $0.3 million cash on-hand, (ii) with amounts we funded through dividend distributions from Infor to HoldCo of $18.0 million which were accrued as of October 31, 2015, and (iii) through payments made under the Tax Allocation Agreement of $9.0 million. The dividends and amounts due under the Tax Allocation Agreement were paid on November 2, 2015.

Fiscal 2015

In fiscal 2015 we paid dividends to certain of our affiliates totaling $65.7 million, including $21.6 million related to the funding of interest on our affiliate’s debt and $44.1 million related to the funding of our affiliate’s equity distributions.

In October 2014, HoldCo elected to pay interest due related to the HoldCo Notes of $30.1 million in cash and we funded the quarterly interest due related to the HoldCo Notes through dividend distributions from Infor to HoldCo of $21.6 million and through certain payments made under the Tax Allocation Agreement of $8.5 million.

In October 2014 and April 2015, we made dividend distributions of approximately $21.1 million and $23.0 million, respectively, to Infor Enterprise, an affiliate of the parent company of Infor, to fund equity distributions to members of our executive management team under certain of their equity awards.

In future periods we may from time-to-time service additional interest payments related to the HoldCo Notes through further dividend distributions.

22. Supplemental Guarantor Financial Information

The Senior Notes and Senior Secured Notes issued by Infor (US), Inc., are fully and unconditionally guaranteed except for certain customary automatic release provisions, jointly and severally, by Infor, its parent company, and substantially all of its existing and future 100% owned domestic subsidiaries (collectively the Guarantor Subsidiaries). See Note 12, Debt. Its other subsidiaries (collectively, the Non-Guarantor Subsidiaries) are not guarantors of our borrowings. The indentures governing the Senior Notes and Senior Secured Notes limit, among other things, the ability of Infor, Inc. and the Guarantor Subsidiaries to incur additional indebtedness; declare or pay dividends, redeem stock or make other distributions to stockholders; make investments; create liens or use assets as security in other transactions; merge or consolidate, or sell, transfer, lease or dispose of substantially all of our assets; enter into transactions with affiliates; and sell or transfer certain assets.

The following tables set forth requisite financial information of Infor, Inc., Infor (US), Inc., the Guarantor Subsidiaries and Non-Guarantor Subsidiaries including our Consolidating Balance Sheets as of April 30, 2017 and 2016, our Consolidating Statements of Operations, our Consolidating Statements of Comprehensive Income (Loss), and our Consolidating Statements of Cash Flows for the fiscal years ended April 30, 2017 and 2016, and the 11 months ended April 30, 2015.

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The Infor (US), Inc. (Subsidiary Issuer) column excludes Infor (US), Inc.’s Unrestricted Subsidiary, LogicBlox, which is included in the Non-Guarantor Subsidiaries column retrospectively for all periods presented below. See Note 12, Debt – Unrestricted Subsidiary.

In fiscal 2017, we purchased the remaining 18.52% of GT Nexus from the holders of the redeemable noncontrolling interests and GT Nexus became a wholly owned subsidiary of the Company. See Note 3, Acquisitions – Fiscal 2016. In addition, in the third quarter of fiscal 2017, we merged the wholly owned domestic subsidiaries of GT Nexus into Infor (US), Inc. and accordingly, they are included in the subsidiary Issuer column retrospectively for all periods presented below.

During fiscal 2017, we identified and corrected an error in the manner in which we presented receipts of dividends received by Infor, Inc. (Parent) from Infor (US), Inc. (Issuer) and dividends further paid out of Infor, Inc. (Parent) to its parent company. Previously, such amounts were presented on a net basis as there was a net zero impact to our financing cash flows. However, in fiscal 2017, we have presented such amounts on a gross basis, and presentation in the prior period’s Consolidating Statement of Cash Flows below has been revised to be consistent with the current period presentation. We have assessed the materiality of these revisions and concluded that they were not material to any of our previously issued financial statements.

During fiscal 2017, we identified and corrected an error in the manner in which we were classifying amounts related to our Tax Allocation Agreement. Previously, such amounts were presented as a current asset in income tax receivable on our Consolidated Balance Sheets and as an operating activity in our Consolidated Statements of Cash Flows. However, in fiscal 2017, we have presented such amounts as a decrease in additional paid-in capital and as a financing activity and presentation in the applicable prior period’s Consolidated Balance Sheets and Consolidating Statements of Cash Flows below have been revised to be consistent with the current period presentation. We have assessed the materiality of these revisions and concluded that they were not material to any of our previously issued financial statements. See Note 1, Nature of Business and Basis of Presentation – Revision of Prior Period Financial Statements.

Condensed Consolidating Balance Sheets

	April 30, 2017
	Infor, Inc.		Infor (US), Inc.		Guarantor		Non-Guarantor					Total
(in millions)	(Parent)		(Subsidiary Issuer)		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—	$	88.1	$	—	$	217.7	$	—		$	305.8
Accounts receivable, net		—		238.8		14.5		193.3		—			446.6
Prepaid expenses		—		100.9		22.2		38.0		—			161.1
Income tax receivable		—		9.8		0.2		14.9		—			24.9
Other current assets		—		10.3		0.1		16.1		—			26.5
Affiliate receivable		—		120.7		179.0		80.2		(379.9	)		—
Deferred tax assets		—		18.6		5.1		12.7		(0.1	)		36.3
Total current assets		—		587.2		221.1		572.9		(380.0	)		1,001.2
Property and equipment, net		—		121.5		8.0		32.0		—			161.5
Intangible assets, net		—		657.1		0.8		116.7		—			774.6
Goodwill		—		2,914.8		62.5		1,510.7		—			4,488.0
Deferred tax assets		0.1		—		—		71.8		(0.1	)		71.8
Other assets		—		27.4		6.2		61.8		—			95.4
Affiliate receivable		—		118.0		0.1		127.8		(245.9	)		—
Investment in subsidiaries		—		1,809.6		—		—		(1,809.6	)		—
Total assets	$	0.1	$	6,235.6	$	298.7	$	2,493.7	$	(2,435.6	)	$	6,592.5
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	—	$	74.8	$	—	$	30.3	$	—		$	105.1
Income taxes payable		—		—		—		34.0		—			34.0
Accrued expenses		—		264.6		35.2		178.2		—			478.0

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Deferred tax liabilities		0.1			—			—		1.0		(0.1	)		1.0
Deferred revenue		—			635.0			22.7		358.8		—			1,016.5
Affiliate payable		29.4			254.2			7.3		89.0		(379.9	)		—
Current portion of long-term obligations		—			32.4			—		—		—			32.4
Total current liabilities		29.5			1,261.0			65.2		691.3		(380.0	)		1,667.0
Long-term debt		—			5,618.5			—		—		—			5,618.5
Deferred tax liabilities		—			72.5			5.0		14.1		(0.1	)		91.5
Affiliate payable		58.2			127.4			0.4		59.9		(245.9	)		—
Other long-term liabilities		—			72.4			7.3		130.1		—			209.8
Losses in excess of investment in subsidiaries		916.2			—			—		—		(916.2	)		—
Total liabilities		1,003.9			7,151.8			77.9		895.4		(1,542.2	)		7,586.8
Total Infor, Inc. stockholders’ equity (deficit)		(1,003.8	)		(916.2	)		220.8		1,588.8		(893.4	)		(1,003.8	)
Noncontrolling interests		—			—			—		9.5		—			9.5
Total stockholders’ equity (deficit)		(1,003.8	)		(916.2	)		220.8		1,598.3		(893.4	)		(994.3	)
Total liabilities, redeemable noncontrolling interests and stockholders’ equity (deficit)	$	0.1		$	6,235.6		$	298.7	$	2,493.7	$	(2,435.6	)	$	6,592.5
	April 30, 2016
	Infor, Inc.			Infor (US), Inc.			Guarantor		Non-Guarantor					Total
(in millions)	(Parent)			(Subsidiary Issuer)			Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	163.7		$	—	$	542.0	$	—		$	705.7
Accounts receivable, net		—			208.0			9.2		174.7		—			391.9
Prepaid expenses		—			85.4			23.7		42.1		—			151.2
Income tax receivable		—			10.3			0.2		10.9		—			21.4
Other current assets		—			5.5			0.5		16.9		—			22.9
Affiliate receivable		—			75.5			144.6		52.2		(272.3	)		—
Deferred tax assets		—			23.1			5.1		15.0		(0.1	)		43.1
Total current assets		—			571.5			183.3		853.8		(272.4	)		1,336.2
Property and equipment, net		—			81.3			9.2		34.5		—			125.0
Intangible assets, net		—			746.3			2.2		148.1		—			896.6
Goodwill		—			2,745.7			62.5		1,589.8		—			4,398.0
Deferred tax assets		0.2			—			11.2		76.1		(11.4	)		76.1
Other assets		—			58.8			15.0		60.5		—			134.3
Affiliate receivable		—			643.9			0.1		70.0		(714.0	)		—
Investment in subsidiaries		—			1,658.3			—		—		(1,658.3	)		—
Total assets	$	0.2		$	6,505.8		$	283.5	$	2,832.8	$	(2,656.1	)	$	6,966.2
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	—		$	88.0		$	—	$	28.8	$	—		$	116.8
Income taxes payable		—			0.5			—		40.2		—			40.7
Accrued expenses		—			228.1			37.5		167.1		—			432.7
Deferred tax liabilities		0.1			—			—		1.3		(0.1	)		1.3
Deferred revenue		—			571.5			16.5		348.7		—			936.7
Affiliate payable		29.5			185.5			3.0		54.3		(272.3	)		—
Current portion of long-term obligations		—			56.3			—		—		—			56.3
Total current liabilities		29.6			1,129.9			57.0		640.4		(272.4	)		1,584.5

124

Long-term debt		—			5,653.7			—			—			—			5,653.7
Deferred tax liabilities		—			120.8			—			17.9			(11.4	)		127.3
Affiliate payable		58.1			69.7			0.4			585.8			(714.0	)		—
Other long-term liabilities		—			93.0			17.2			129.2			—			239.4
Losses in excess of investment in subsidiaries		701.3			—			—			—			(701.3	)		—
Total liabilities		789.0			7,067.1			74.6			1,373.3			(1,699.1	)		7,604.9
Redeemable noncontrolling interests		—			140.0			—			—			—			140.0
Total Infor, Inc. stockholders’ equity (deficit)		(788.8	)		(701.3	)		208.9			1,449.4			(957.0	)		(788.8	)
Noncontrolling interests		—			—			—			10.1			—			10.1
Total stockholders’ equity (deficit)		(788.8	)		(701.3	)		208.9			1,459.5			(957.0	)		(778.7	)
Total liabilities, redeemable noncontrolling interests and stockholders’ equity (deficit)	$	0.2		$	6,505.8		$	283.5		$	2,832.8		$	(2,656.1	)	$	6,966.2
Condensed Consolidating Statements of Operations
	Year Ended April 30, 2017
	Infor, Inc.			Infor (US), Inc.			Guarantor			Non-Guarantor						Total
(in millions)	(Parent)			(Subsidiary Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Software license fees	$	—		$	177.7		$	4.1		$	156.0		$	—		$	337.8
SaaS subscriptions		—			343.9			3.5			45.9			—			393.3
Software license fees and subscriptions		—			521.6			7.6			201.9			—			731.1
Product updates and support fees		—			822.6			31.3			535.1			—			1,389.0
Software revenues		—			1,344.2			38.9			737.0			—			2,120.1
Consulting services and other fees		—			338.8			19.5			377.4			—			735.7
Total revenues		—			1,683.0			58.4			1,114.4			—			2,855.8
Operating expenses:
Cost of software license fees		—			36.7			3.0			23.3			0.1			63.1
Cost of SaaS subscriptions		—			141.1			5.0			26.0			2.4			174.5
Cost of product updates and support fees		—			124.4			3.2			110.5			3.9			242.0
Cost of consulting services and other fees		—			258.0			14.2			310.4			7.9			590.5
Sales and marketing		—			288.6			32.9			172.4			5.2			499.1
Research and development		—			255.9			6.4			180.9			12.6			455.8
General and administrative		—			24.1			166.2			78.8			(32.1	)		237.0
Amortization of intangible assets and depreciation		—			173.3			7.3			52.1			—			232.7
Restructuring costs		—			6.4			1.4			31.7			—			39.5
Acquisition-related and other costs		—			141.8			65.7			7.7			—			215.2
Affiliate (income) expense, net		—			285.5			(236.4	)		(49.1	)		—			—
Total operating expenses		—			1,735.8			68.9			944.7			—			2,749.4
Income from operations		—			(52.8	)		(10.5	)		169.7			—			106.4
Other expense, net:
Interest expense, net		—			317.9			0.1			(0.3	)		—			317.7
Affiliate interest (income) expense, net		—			(14.8	)		—			14.8			—			—
Loss on extinguishment of debt		—			4.6			—			—			—			4.6
Other (income) expense, net		—			(17.1	)		—			21.2			—			4.1
Total other expense, net		—			290.6			0.1			35.7			—			326.4
Income (loss) before income tax		—			(343.4	)		(10.6	)		134.0			—			(220.0	)

125

Income tax provision (benefit)		—			(79.3	)		15.1			30.4			—			(33.8	)
Equity in (earnings) loss of subsidiaries		186.2			(77.9	)		—			—			(108.3	)		—
Net income (loss)		(186.2	)		(186.2	)		(25.7	)		103.6			108.3			(186.2	)
Net income (loss) attributable to noncontrolling interests		—			(0.4	)		—			1.0			—			0.6
Net income (loss) attributable to Infor, Inc.	$	(186.2	)	$	(185.8	)	$	(25.7	)	$	102.6		$	108.3		$	(186.8	)
	Year Ended April 30, 2016
	Infor, Inc.			Infor (US), Inc.			Guarantor			Non-Guarantor						Total
(in millions)	(Parent)			(Subsidiary Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Software license fees	$	—		$	198.2		$	8.3		$	166.6		$	—		$	373.1
SaaS subscriptions		—			213.5			1.0			28.1			—			242.6
Software license fees and subscriptions		—			411.7			9.3			194.7			—			615.7
Product updates and support fees		—			830.1			31.8			543.9			—			1,405.8
Software revenues		—			1,241.8			41.1			738.6			—			2,021.5
Consulting services and other fees		—			312.8			14.6			342.7			—			670.1
Total revenues		—			1,554.6			55.7			1,081.3			—			2,691.6
Operating expenses:
Cost of software license fees		—			41.3			4.4			24.4			0.2			70.3
Cost of SaaS subscriptions		—			79.8			3.4			14.9			1.9			100.0
Cost of product updates and support fees		—			127.9			2.4			113.8			4.8			248.9
Cost of consulting services and other fees		—			240.1			13.4			302.0			7.7			563.2
Sales and marketing		—			231.9			23.7			171.9			6.0			433.5
Research and development		—			238.5			8.6			162.8			11.7			421.6
General and administrative		—			28.0			123.6			74.0			(32.3	)		193.3
Amortization of intangible assets and depreciation		—			163.4			11.6			68.9			—			243.9
Restructuring costs		—			13.2			0.6			14.2			—			28.0
Acquisition-related and other costs		—			16.8			0.1			0.2			—			17.1
Affiliate (income) expense, net		—			196.5			(154.9	)		(41.6	)		—			—
Total operating expenses		—			1,377.4			36.9			905.5			—			2,319.8
Income from operations		—			177.2			18.8			175.8			—			371.8
Other expense, net:
Interest expense, net		—			311.7			—			(0.2	)		—			311.5
Affiliate interest (income) expense, net		—			(36.6	)		—			36.6			—			—
Other (income) expense, net		—			20.2			—			55.7			—			75.9
Total other expense, net		—			295.3			—			92.1			—			387.4
Income (loss) before income tax		—			(118.1	)		18.8			83.7			—			(15.6	)
Income tax provision (benefit)		—			(44.3	)		(4.4	)		(0.1	)		—			(48.8	)
Equity in (earnings) loss of subsidiaries		(33.2	)		(107.0	)		—			—			140.2			—
Net income (loss)		33.2			33.2			23.2			83.8			(140.2	)		33.2
Net income (loss) attributable to noncontrolling interests		—			(2.6	)		—			0.6			—			(2.0	)
Net income (loss) attributable to Infor, Inc.	$	33.2		$	35.8		$	23.2		$	83.2		$	(140.2	)	$	35.2

126

	11 Months Ended April 30, 2015
	Infor, Inc.			Infor (US), Inc.			Guarantor			Non-Guarantor						Total
(in millions)	(Parent)			(Subsidiary Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Software license fees	$	—		$	186.0		$	6.9		$	179.2		$	—		$	372.1
SaaS subscriptions		—			89.8			0.6			16.7			—			107.1
Software license fees and subscriptions		—			275.8			7.5			195.9			—			479.2
Product updates and support fees		—			762.9			28.1			539.3			—			1,330.3
Software revenues		—			1,038.7			35.6			735.2			—			1,809.5
Consulting services and other fees		—			267.0			11.7			350.7			—			629.4
Total revenues		—			1,305.7			47.3			1,085.9			—			2,438.9
Operating expenses:
Cost of software license fees		—			33.9			3.2			25.3			0.2			62.6
Cost of SaaS subscriptions		—			34.5			3.6			8.1			0.9			47.1
Cost of product updates and support fees		—			117.2			2.5			113.9			4.6			238.2
Cost of consulting services and other fees		—			195.1			14.8			289.7			7.6			507.2
Sales and marketing		—			205.8			23.4			178.1			5.6			412.9
Research and development		—			196.8			7.3			154.5			11.2			369.8
General and administrative		—			23.9			111.0			73.1			(30.1	)		177.9
Amortization of intangible assets and depreciation		—			134.3			12.8			75.8			—			222.9
Restructuring costs		—			1.0			—			4.7			—			5.7
Acquisition-related and other costs		—			(0.8	)		1.3			0.9			—			1.4
Affiliate (income) expense, net		—			174.8			(154.7	)		(20.1	)		—			—
Total operating expenses		—			1,116.5			25.2			904.0			—			2,045.7
Income from operations		—			189.2			22.1			181.9			—			393.2
Other expense, net:
Interest expense, net		—			320.2			0.1			(0.2	)		—			320.1
Affiliate interest (income) expense, net		—			(36.6	)		(0.1	)		36.7						—
Loss on extinguishment of debt		—			172.4			—			—			—			172.4
Other (income) expense, net		—			(57.0	)		—			(9.8	)		—			(66.8	)
Total other expense, net		—			399.0			—			26.7			—			425.7
Income (loss) before income tax		—			(209.8	)		22.1			155.2			—			(32.5	)
Income tax provision (benefit)		—			(64.5	)		(0.9	)		13.2			—			(52.2	)
Equity in loss (earnings) of subsidiaries		(19.7	)		(165.0	)		—			—			184.7			—
Net income (loss)		19.7			19.7			23.0			142.0			(184.7	)		19.7
Net income (loss) attributable to noncontrolling interests		—			—			—			—			—			—
Net income (loss) attributable to Infor, Inc.	$	19.7		$	19.7		$	23.0		$	142.0		$	(184.7	)	$	19.7

127

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Year Ended April 30, 2017
	Infor, Inc.			Infor (US), Inc.			Guarantor			Non-Guarantor						Total
(in millions)	(Parent)			(Subsidiary Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(186.2	)	$	(186.2	)	$	(25.7	)	$	103.6		$	108.3		$	(186.2	)
Other comprehensive income (loss):
Unrealized gain (loss) on foreign currency translation, net of tax		—			—			—			(92.4	)		—			(92.4	)
Defined benefit plan funding status, net of tax		—			—			—			0.1			—			0.1
Unrealized gain (loss) on derivative instruments, net of tax		—			6.7			—			—			—			6.7
Total other comprehensive income (loss)		—			6.7			—			(92.3	)		—			(85.6	)
Comprehensive income (loss)		(186.2	)		(179.5	)		(25.7	)		11.3			108.3			(271.8	)
Noncontrolling interests comprehensive income (loss)		—			(0.4	)		—			0.6			—			0.2
Comprehensive income (loss) attributable to Infor, Inc.	$	(186.2	)	$	(179.1	)	$	(25.7	)	$	10.7		$	108.3		$	(272.0	)
	Year Ended April 30, 2016
	Infor, Inc.			Infor (US), Inc.			Guarantor			Non-Guarantor						Total
(in millions)	(Parent)			(Subsidiary Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	33.2		$	33.2		$	23.2		$	83.8		$	(140.2	)	$	33.2
Other comprehensive income (loss):
Unrealized gain (loss) on foreign currency translation, net of tax		—			—			—			43.6			—			43.6
Defined benefit plan funding status, net of tax		—			—			—			0.2			—			0.2
Unrealized gain (loss) on derivative instruments, net of tax		—			3.3			—			—			—			3.3
Total other comprehensive income (loss)		—			3.3			—			43.8			—			47.1
Comprehensive income (loss)		33.2			36.5			23.2			127.6			(140.2	)		80.3
Noncontrolling interests comprehensive income (loss)		—			(2.6	)		—			0.1			—			(2.5	)
Comprehensive income (loss) attributable to Infor, Inc.	$	33.2		$	39.1		$	23.2		$	127.5		$	(140.2	)	$	82.8
	11 Months Ended April 30, 2015
	Infor, Inc.			Infor (US), Inc.			Guarantor			Non-Guarantor						Total
(in millions)	(Parent)			(Subsidiary Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	19.7		$	19.7		$	23.0		$	142.0		$	(184.7	)	$	19.7
Other comprehensive income (loss):
Unrealized gain (loss) on foreign currency translation, net of tax		—			—			—			(277.5	)		—			(277.5	)
Defined benefit plan funding status, net of tax		—			(0.2	)		—			(8.7	)		—			(8.9	)
Unrealized gain (loss) on derivative instruments, net of tax		—			(2.9	)		—			—			—			(2.9	)
Total other comprehensive income (loss)		—			(3.1	)		—			(286.2	)		—			(289.3	)
Comprehensive income (loss)		19.7			16.6			23.0			(144.2	)		(184.7	)		(269.6	)
Noncontrolling interests comprehensive income (loss)		—			—			—			—			—			—
Comprehensive income (loss) attributable to Infor, Inc.	$	19.7		$	16.6		$	23.0		$	(144.2	)	$	(184.7	)	$	(269.6	)

128

Condensed Consolidating Statements of Cash Flows

	Year Ended April 30, 2017
	Infor, Inc.			Infor (US), Inc.			Guarantor			Non-Guarantor						Total
(in millions)	(Parent)			(Subsidiary Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	—		$	13.8		$	3.4		$	120.6		$	—		$	137.8
Cash flows from investing activities:
Acquisitions, net of cash acquired		—			(169.5	)		—			(34.1	)		—			(203.6	)
Purchase of other investments		—			(0.1	)		—			—			—			(0.1	)
Change in restricted cash		—			—			—			(2.5	)		—			(2.5	)
Purchases of property, equipment and software		—			(68.1	)		(2.9	)		(10.2	)		—			(81.2	)
Net cash used in investing activities		—			(237.7	)		(2.9	)		(46.8	)		—			(287.4	)
Cash flows from financing activities:
Equity contributions received		145.0			145.0			—			1.0			(146.0	)		145.0
Equity contributions made		(145.0	)		(1.0	)		—			—			146.0			—
Dividends received		162.5			1.1			—			—			(163.6	)		—
Dividends paid		(162.5	)		(171.9	)		—			(1.1	)		163.6			(171.9	)
Distributions under tax sharing arrangement		—			(9.1	)		—			—			—			(9.1	)
Payments on capital lease obligations		—			(1.6	)		(0.5	)		(2.0	)		—			(4.1	)
Proceeds from issuance of debt		—			3,214.6			—			—			—			3,214.6
Payments on long-term debt		—			(3,272.1	)		—			—			—			(3,272.1	)
(Payments) proceeds from affiliate within group		—			384.8			—			(384.8	)		—			—
Deferred financing fees and early debt redemption fees paid		—			(1.9	)		—			—			—			(1.9	)
Purchase of non-controlling interests		—			(138.0	)		—			—			—			(138.0	)
Other		—			(1.6	)		—			(1.2	)		—			(2.8	)
Net cash provided by (used in) financing activities		—			148.3			(0.5	)		(388.1	)		—			(240.3	)
Effect of exchange rate changes on cash and cash equivalents		—			—			—			(10.0	)		—			(10.0	)
Net increase (decrease) in cash and cash equivalents		—			(75.6	)		—			(324.3	)		—			(399.9	)
Cash and cash equivalents at the beginning of the period		—			163.7			—			542.0			—			705.7
Cash and cash equivalents at the end of the period	$	—		$	88.1		$	—		$	217.7		$	—		$	305.8
	Year Ended April 30, 2016
	Infor, Inc.			Infor (US), Inc.			Guarantor			Non-Guarantor						Total
(in millions)	(Parent)			(Subsidiary Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	—		$	263.3		$	3.8		$	165.2		$	—		$	432.3
Cash flows from investing activities:
Acquisitions, net of cash acquired		—			(549.6	)		—			—			—			(549.6	)
Purchase of other investments		—			(25.0	)		—			—			—			(25.0	)
Change in restricted cash		—			—			—			(1.3	)		—			(1.3	)
Purchases of property, equipment and software		—			(50.3	)		(3.8	)		(11.4	)		—			(65.5	)
Net cash used in investing activities		—			(624.9	)		(3.8	)		(12.7	)		—			(641.4	)

129

Cash flows from financing activities:
Dividends received		18.0			—			—			—			(18.0	)		—
Dividends paid		(18.0	)		(35.0	)		—			—			18.0			(35.0	)
Distributions under tax sharing arrangement		—			(13.2	)		—			—			—			(13.2	)
Loans to stockholders		—			(1.6	)		—			—			—			(1.6	)
Payments on capital lease obligations		—			(1.4	)		—			(2.3	)		—			(3.7	)
Proceeds from issuance of debt		—			495.0			—			—			—			495.0
Payments on long-term debt		—			(34.2	)		—			—			—			(34.2	)
(Payments) proceeds from affiliate within group		—			47.0			—			(47.0	)		—			—
Deferred financing fees and early debt redemption fees paid		—			(16.5	)		—			—			—			(16.5	)
Other		—			(1.5	)		—			—			—			(1.5	)
Net cash provided by (used in) financing activities		—			438.6			—			(49.3	)		—			389.3
Effect of exchange rate changes on cash and cash equivalents		—			—			—			(1.2	)		—			(1.2	)
Net increase (decrease) in cash and cash equivalents		—			77.0			—			102.0			—			179.0
Cash and cash equivalents at the beginning of the period		—			86.7			—			440.0			—			526.7
Cash and cash equivalents at the end of the period	$	—		$	163.7		$	—		$	542.0		$	—		$	705.7
	11 Months Ended April 30, 2015
	Infor, Inc.			Infor (US), Inc.			Guarantor			Non-Guarantor						Total
(in millions)	(Parent)			(Subsidiary Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	—		$	(33.0	)	$	6.5		$	234.7		$	—		$	208.2
Cash flows from investing activities:
Acquisitions, net of cash acquired		—			(27.3	)		—			(2.8	)		—			(30.1	)
Change in restricted cash		—			18.2			—			(1.1	)		—			17.1
Purchases of property, equipment and software		—			(13.9	)		(6.5	)		(15.3	)		—			(35.7	)
Net cash used in investing activities		—			(23.0	)		(6.5	)		(19.2	)		—			(48.7	)
Cash flows from financing activities:
Dividends received		65.7			—			—			—			(65.7	)		—
Dividends paid		(65.7	)		(65.7	)		—			—			65.7			(65.7	)
Payments on capital lease obligations		—			(0.3	)		—			(2.2	)		—			(2.5	)
Proceeds from issuance of debt		—			2,019.7			—			—			—			2,019.7
Payments on long-term debt		—			(1,932.5	)		—			—			—			(1,932.5	)
(Payments) proceeds from affiliate within group		—			71.3			—			(71.3	)		—			—
Deferred financing fees and early debt redemption fees paid		—			(168.7	)		—			—			—			(168.7	)
Other		—			(8.5	)		—			—			—			(8.5	)
Net cash provided by (used in) financing activities		—			(84.7	)		—			(73.5	)		—			(158.2	)
Effect of exchange rate changes on cash and cash equivalents		—			—			—			(49.9	)		—			(49.9	)
Net increase in cash and cash equivalents		—			(140.7	)		—			92.1			—			(48.6	)
Cash and cash equivalents at the beginning of the period		—			227.4			—			347.9			—			575.3
Cash and cash equivalents at the end of the period	$	—		$	86.7		$	—		$	440.0		$	—		$	526.7

130

23. Supplemental Quarterly Financial Information (unaudited)

The following tables present certain unaudited quarterly financial information for fiscal 2017 and 2016. This supplemental quarterly financial information reflects all normal recurring adjustments, in the opinion of management, necessary to fairly state our results of operations for the periods presented when read in conjunction with the accompanying Consolidated Financial Statements and related Notes.

	Quarter Ended
(in millions)	July 31, 2016			October 31, 2016			January 31, 2017			April 30, 2017
Fiscal 2017
Total revenues	$	701.6		$	714.1		$	706.6		$	733.5
Restructuring costs	$	20.0		$	9.7		$	7.8		$	2.0
Acquisition-related and other costs	$	3.9		$	3.9		$	(1.2	)	$	208.6
All other operating expenses	$	600.0		$	593.9		$	598.8		$	702.0
Income from operations	$	77.7		$	106.6		$	101.2		$	(179.1	)
Net income (loss)	$	(25.4	)	$	2.8		$	38.0		$	(201.6	)
Net income (loss) attributable to Infor, Inc.	$	(25.5	)	$	2.9		$	37.6		$	(201.8	)
	Quarter Ended
(in millions)	July 31, 2015			October 31, 2015			January 31, 2016			April 30, 2016
Fiscal 2016
Total revenues	$	640.3		$	663.3		$	671.6		$	716.4
Restructuring costs	$	1.8		$	6.4		$	12.2		$	7.6
Acquisition-related and other costs	$	2.0		$	9.6		$	3.4		$	2.1
All other operating expenses	$	533.2		$	554.3		$	591.1		$	596.1
Income from operations	$	103.3		$	93.0		$	64.9		$	110.6
Net income (loss)	$	57.5		$	(2.8	)	$	(45.6	)	$	24.1
Net income (loss) attributable to Infor, Inc.	$	57.5		$	(1.8	)	$	(44.2	)	$	23.7

24. Subsequent Events

Birst Acquisition

Subsequent to our fiscal year end, on May 31, 2017, we acquired Birst, Inc. (Birst) for $75.0 million, net of cash acquired (the Birst Acquisition). The total purchase price may also include up to an additional $30.0 million if certain future performance conditions are met during the 2017 and 2018 calendar years. Based in San Francisco, California, Birst is a pioneer of cloud-native, business intelligence (BI), analytics, and data visualization with approximately 260 employees and more than 300 customers worldwide. Birst is a unique, comprehensive platform for sourcing, refining, and presenting standardized data insights at scale to drive business decisions. Birst connects the entire enterprise through a network of virtualized BI instances on top of a shared common analytical fabric. Birst spans ETL (extract, transform, and load), operational reports, dashboards, semantic understanding, visualization, smart discovery, and data blending to form a rich, simplified end-to-end BI suite in the cloud. The Birst Acquisition provides Infor a cloud BI platform which will significantly expand our analytical applications.

131

INDEX TO EXHIBITS (ITEM 15(a) 3)

Number	Description
3.1(1)	Second Amended and Restated Certificate of Incorporation of Infor, Inc.
3.2(1)	Amended and Restated By-Laws of Infor, Inc.
4.1(2)	Indenture, dated as of April 1, 2015, among Infor (US), Inc., each of the guarantors party thereto and Wilmington Trust, National Association, as trustee.
4.2(2)	Form of 6.500% Senior Notes due 2022 (included as Exhibit A-1 to Indenture, dated as of April 1, 2015, Exhibit 4.1 above).
4.3(2)	Form of 5.750% Senior Notes due 2022 (included as Exhibit A-2 to Indenture, dated as of April 1, 2015, Exhibit 4.1 above).
4.4(3)	Indenture, dated as of August 25, 2015, among Infor (US), Inc., each of the guarantors party thereto and Wilmington Trust, National Association, as trustee and as collateral agent.
4.5	Form of 5.750% First Lien Senior Secured Notes due 2020 (included as Exhibit A to Exhibit 4.4).
10.1(4)	Credit Agreement, dated as of April 5, 2012, between Infor, Inc. (formerly GGC Software Holdings, Inc.), Infor (US), Inc. (formerly Lawson Software, Inc.), the lenders from time to time party thereto and Bank of America, N.A. as administrative agent and collateral agent.
10.2(4)	Refinancing Amendment No. 1, dated September 27, 2012, between Infor, Inc., Infor (US), Inc., the Additional Refinancing Lenders party thereto and Bank of America, N.A. as administrative agent, amending the Credit Agreement, dated as of April 5, 2012, between Infor, Inc. (formerly GGC Software Holdings, Inc.), Infor (US), Inc. (formerly Lawson Software, Inc.), the lenders from time to time party thereto and Bank of America, N.A. as administrative agent and collateral agent.
10.3(5)	Amendment No. 2, dated June 3, 2013, between Infor, Inc., Infor (US), Inc., the existing Lenders party thereto, the Additional Refinancing Lenders party thereto and Bank of America, N.A. as administrative agent, amending the Credit Agreement, dated as of April 5, 2012, between Infor, Inc. (formerly GGC Software Holdings, Inc.), Infor (US), Inc. (formerly Lawson Software, Inc.), the lenders from time to time party thereto and Bank of America, N.A. as administrative agent and collateral agent, as previously amended.
10.4(6)	Amendment No. 3, dated October 9, 2013, between Infor, Inc., Infor (US), Inc., and Bank of America, N.A. as administrative agent, amending the Credit Agreement, dated as of April 5, 2012, between Infor, Inc., Infor (US), Inc., the lenders from time to time party thereto and Bank of America, N.A. as administrative agent and collateral agent, as previously amended.
10.5(7)	Amendment No. 4, dated January 2, 2014, between Infor, Inc., Infor (US), Inc., the existing Lenders party thereto, the Additional Refinancing Lenders party thereto and Bank of America, N.A. as administrative agent, amending the Credit Agreement, dated as of April 5, 2012, between Infor, Inc., Infor (US), Inc., the lenders from time to time party thereto and Bank of America, N.A. as administrative agent and collateral agent, as previously amended.
10.6(8)	Amendment No. 5, dated January 31, 2014, between Infor, Inc., Infor (US), Inc., the existing Revolving Lenders party thereto, the Issuing Bank, the Swingline Lender and Bank of America, N.A. as administrative agent, amending the Credit Agreement, dated as of April 5, 2012, between Infor, Inc., Infor (US), Inc., the lenders from time to time party thereto and Bank of America, N.A. as administrative agent and collateral agent, as previously amended.
10.7(9)	Amendment No. 6, dated April 22, 2014, between Infor, Inc., Infor (US), Inc., and Bank of America, N.A. as administrative agent, amending the Credit Agreement, dated as of April 5, 2012, between Infor, Inc., Infor (US), Inc., the lenders from time to time party thereto and Bank of America, N.A. as administrative agent and collateral agent, as previously amended.

Number	Description
10.8(10)	Amendment No. 7, dated August  15, 2016, between Infor, Inc., Infor (US), Inc., the Subsidiary Loan Parties party thereto, the Amendment No. 7 Consenting Revolving Lenders party thereto, Bank of America, N.A., the Collateral Agent, the Issuing Bank and the Swingline Lender amending the Credit Agreement, dated as of April 5, 2012, between Infor, Inc., Infor (US), Inc., the lenders from time to time party thereto and Bank of America, N.A. as administrative agent, and other agents and arrangers named therein, as previously amended.
10.9(11)	Amendment No. 8, dated February  6, 2017, between Infor, Inc., Infor (US), Inc., the Subsidiary Loan Parties party thereto, Bank of America, N.A., as Administrative Agent, Bank of America, N.A., as Additional Refinancing Lender, the other Additional Refinancing Lenders party thereto, and the Amendment No. 8 Extending Term Lenders, amending the Credit Agreement, dated as of April 5, 2012, between Infor, Inc., Infor (US), Inc., the lenders from time to time party thereto and Bank of America, N.A. as administrative agent, and other agents and arrangers named therein, as previously amended.
10.10(12)	Infor Enterprise Applications, LP Agreement of Limited Partnership, dated as of April 5, 2012.
10.11(12)	Infor Enterprise Applications, LP Form of Management Incentive Unit Subscription Agreement.
10.12(12)	Employment Agreement, dated October 19, 2010, between Infor Global Solutions (Michigan), Inc., a Michigan corporation, and Charles E. Phillips, Jr.
10.13(12)	Employment Agreement, dated December 1, 2010, between Infor Global Solutions (Michigan), Inc., a Michigan corporation, and Duncan Angove.
10.14(12)	Second Amendment to Employment Agreement, dated May 1, 2013, between Infor Global Solutions (Michigan), Inc., a Michigan corporation, and Stephan Scholl.
10.15(12)	Amended and Restated Employment Agreement, dated January 25, 2012, between Infor Global Solutions (Michigan), Inc., a Michigan corporation, and Pam Murphy.
10.16(13)	Employment Agreement, dated June 26, 2015, between Infor (US), Inc., a Delaware corporation, and Jeffrey Laborde.
10.17(14)	Transition Consulting Letter Agreement, dated July 15, 2016, between Infor (US), Inc., a Delaware corporation, and Jeffrey M. Laborde.
10.18(15)	Second Amended and Restated Employment Agreement, dated January 16, 2016, between Infor (US), Inc., a Delaware corporation, and C. James Schaper.
10.19(16)	Agreement and Plan of Merger, dated August 10, 2015, between Infor (US), Inc., GT Topco, LLC, Apollo Acquisition Sub, Inc., GT Nexus, Inc. and Warburg Pincus Equity Partners Liquidating Trust.
10.20(16)	Form of Stock Rollover and Equity Purchase Agreement, dated as of August 10, 2015, by and among GT Topco, LLC, Infor (US), Inc., and the other parties thereto.
10.21(17)	Employment Agreement, dated as of July 12, 2016, by and between Infor (US), Inc. and Kevin Samuelson.
10.22(18)	Agreement and Plan of Merger, dated June 23, 2016, by and among Infor (US), Inc., Infor Retail Holdings, Inc., Logicblox-Predictix Holdings, Inc. and Fortis Advisors LLC, as seller representative.
10.23(19)	First Supplemental Indenture, dated as of October 12, 2016, by and among Starmount, Inc., Infor (US), Inc. and Wilmington Trust, National Association, as Trustee under the indenture dated as of April 1, 2015 providing for the issuance of Issuer’s 6.500% Senior Notes due 2022 and 5.750% Senior Notes due 2022.
10.24(19)	First Supplemental Indenture, dated as of October 12, 2016, by and among Starmount, Inc., Infor (US), Inc. and Wilmington Trust, National Association, as Trustee and Notes Collateral Agent under the indenture dated as of August 25, 2015 providing for the issuance of the Issuer’s 5.750% First Lien Senior Secured Notes due 2020.
10.25(20)	Second Supplemental Indenture, dated as of December  13, 2016, by and among GT Nexus, Inc., GT Topco, LLC, Infor (US), Inc. and Wilmington Trust, National Association, as Trustee under the indenture dated as of April  1, 2015 providing for the issuance of Issuer’s 6.500% Senior Notes due 2022 and 5.750% Senior Notes due 2022.
10.26(20)	Second Supplemental Indenture, dated as of December  13, 2016, by and among GT Nexus, Inc., GT Topco, LLC, Infor (US), Inc. and Wilmington Trust, National Association, as Trustee and Notes Collateral Agent under the indenture dated as of August  25, 2015 providing for the issuance of the Issuer’s 5.750% First Lien Senior Secured Notes due 2020.
12.1(21)	Statement of Computation of Ratio of Earnings to Fixed Charges

Number	Description
21.1(21)	Subsidiaries of Infor, Inc.
24.1(21)	Powers of Attorney (included on signature page)
31.1(21)	Certification Pursuant to Section 302 of Sarbanes-Oxley Act— Charles E. Phillips, Jr.
31.2(21)	Certification Pursuant to Section 302 of Sarbanes-Oxley Act— Kevin Samuelson
32.1(21)	Certification Pursuant to Section 906 of Sarbanes-Oxley Act— Charles E. Phillips, Jr.
32.2(21)	Certification Pursuant to Section 906 of Sarbanes-Oxley Act— Kevin Samuelson
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase.
101.DEF	XBRL Taxonomy Definition Linkbase.
101.LAB	XBRL Taxonomy Extension Label Linkbase.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase.

Interactive Data Files pursuant to Rule 405 of Regulation S-T. The following unaudited financial statements from Infor, Inc.’s Annual Report on Form 10-K for the fiscal year ended April 30, 2017, formatted in eXtensible Business Reporting Language (XBRL) – furnished not filed herewith:

  i. Consolidated Balance Sheets at April 30, 2017 and 2016,

 ii. Consolidated Statements of Operations for the fiscal years ended April 30, 2017 and 2016, and the 11 months ended April 30, 2015,

iii. Consolidated Statements of Comprehensive Income (Loss) for the fiscal years ended April 30, 2017 and 2016, and the 11 months ended April 30, 2015,

 iv. Consolidated Statements of Stockholders’ Deficit and Redeemable Noncontrolling Interests for the fiscal years ended April 30, 2017 and 2016, and the 11 months ended April 30, 2015,

  v. Consolidated Statements of Cash Flows for the fiscal years ended April 30, 2017 and 2016, and the 11 months ended April 30, 2015, and

 vi. Notes to Consolidated Financial Statements.

  (1) Incorporated by reference to the Form S-4 filed on August 23, 2012.

  (2) Incorporated by reference to the Form 8-K filed on April 6, 2015.

  (3) Incorporated by reference to the Form 8-K filed on August 27, 2015.

  (4) Incorporated by reference to the Form 8-K filed on October 1, 2012.

  (5) Incorporated by reference to the Form 10-K filed on August 2, 2013.

  (6) Incorporated by reference to the Form 10-Q filed on January 10, 2014.

  (7) Incorporated by reference to the Form 8-K Filed on January 6, 2014.

  (8) Incorporated by reference to the Form 8-K filed on February 4, 2014.

  (9) Incorporated by reference to the Form 8-K filed on April 23, 2014.

(10) Incorporated by reference to the Form 8-K filed on August 16, 2016.

(11) Incorporated by reference to the Form 8-K filed on February 10, 2017.

(12) Incorporated by reference to the Form 10-K/A filed on August 29, 2013.

(13) Incorporated by reference to the Form 10-K/A filed on July 24, 2015.

(14) Incorporated by reference to the Form 10-K/A filed on July 22, 2016.

(15) Incorporated by reference to the Form S-4 filed on January 25, 2016.

(16) Incorporated by reference to the Form 10-Q filed on September 3, 2015.

(17) Incorporated by reference to the Form 8-K filed on July 15, 2016.

(18) Incorporated by reference to the Form 8K filed on June 28, 2016.

(19) Incorporated by reference to the Form 10-Q filed on December 9, 2016.

(20) Incorporated by reference to the Form 10-Q filed on March 2, 2017.

(21) Filed herewith.