That was part of what Phillips characterized as a solid quarter. Infor reported net income of $2.9 million for the most recently ended quarter, compared to a loss of $1.8 million a year ago. Revenue was $714.1 million, up 7.7 percent from $663.3 million in last year's corresponding period. Sales were up 9 percent in constant currencies. The big story continued to be the switch from license sales to subscriptions. License sales of $80.9 million were down 6.4 percent from $86.4 million while SaaS subscriptions rose to $100.7 million, up 88.2 percent from $53.5 million. Phillips also noted the planned investment of $2 billion by Koch Industries, announced after the quarter closed. The deal, subject to regulatory approvals, "does not remove the possibility of a future IPO" Koch said. No matter what happens, Koch said "we want to de-lever." The investment would have a healthy impact on the balance sheet, which showed a shareholder deficit of $770.3 million on October 31.