[caption id="attachment_96476" align="aligncenter" width="700"] Source: Company reports/Coresight Research[/caption]   1Q20 Results Infor reported fiscal 1Q20 revenues of $780.0 million, down 0.3% year over year and up 1.3% on a constant currency basis. Management attributed the growth to higher SaaS subscription and consulting services revenues. One European SaaS customer put its project on hold, which hurt revenues by $7 million and margins by 2%. Adjusted net income was $11.6 million, down 85.7% year over year. Adjusted EBITDA was $183.1 million, representing a 23.4% margin and down 9.4% year over year. The company ended the quarter with $253.3 million in cash and equivalents, down from $356.4 million at the end of the prior quarter, which was affected by the timing of the maintenance renewal cycle. Leadership Transition On August 21, Infor announced the following management changes:

• CFO Kevin Samuelson was named CEO, and Charles Philips, who had served as CEO since 2010, will become chairman of the board.
• Soma Somasundaram will remain CTO and also will take on the newly created position as president of products.
• Jay Hopkins moved from chief accounting officer to CFO.
• Cormac Watters was promoted to general manager, head of international markets.
• Rod Johnson was promoted to general manager, head of Americas.

Results by Segment

• Software subscription and license fee revenues were $226.7 million, up 2.1% year over year and up 3.1% in constant currency.

o  SaaS revenues were $171.8 million, up 10.0% year over year. o  Software license fee revenues were $54.9 million, down 16.7% year over year.

• Product update and support fee revenues were $340.6 million, down 3.0% year over year and down 1.3% in constant currency. The company commented that retention rates continue to perform well, partially offsetting decreases from UpgradeX conversions and lower perpetual license bookings levels during the past year.
• Consulting service and other fee revenues were $172.9 million, up 0.9% year over year and up 3.6% in constant currency. Management commented that consulting services grew in all geographies.

Implications for Retail Infor offers a comprehensive suite of modern enterprise and retail specific software for retail companies, which help them improve profit, improve inventory utilization and drive exceptional customer experiences. Its products are built to take advantage of the cloud, enabling easier upgrades, and the use of machine learning throughout many applications. The company classifies its retail solutions as customer-centric retail, which centers on the following industry trends: the personal supply chain, the everywhere consumer, brand ambassadors, the store of the future, brand convergence and return on innovation. Outlook Infor did not provide forward-looking information or guidance.