Officials said during this week's earnings conference call that was because of the currency impact on Infor's European debt. As a result, Infor  lost $175 million for the most recently ended quarter, compared to $25.4 million in red ink year earlier. That negated a 22.8-percent increase in operating income, which rose to $95.4 million, up from $77.7 million. Overall revenue rose to $759.7 million from $701.6 million. CEO Charles Phillips was pleased with a return to license growth, as the fourth quarter had produced a 10-percent decline. He also noted that Koch Industries, which invested $2 billion in Infor last year, is implementing Infor products, including what he described as "One of the largest HCM implementations in the world." License revenue reached $77.8 million, a 3.3-percent increase from $75.3 million a year earlier. Services revenue rose to $207.6 million, up 13.4 percent from $183.1 million. Support and upgrade revenue of $351.2 million was essentially flat. Pressed on the question of a possible IPO, Phillips responded "It's a topic worth discussing at the board—nothing is decided." While he said the company's bankers feel it can handle an IPO, "there are advantages to remaining private."