"We had a solid year," he commented. On an 11-month-to-11-month basis, software fees and subscriptions were up 12 percent, 17.7 percent in constant currencies. Currency had a big role, taking a $35-million bite out of operations. Infor also said that yet-to-be recognized revenue from subscription contracts was another $35 million. Infor is also ramping up its selling efforts. "We will be increasing our rep count for the first time in three years," Phillips said. He did not quantify the amount in terms of numbers of sales representatives or percentage change. Operating expenses dropped by 1.5 percent for the compared 11 months. And it's clear just from eyeballing 11-month 2015 versus 12-month 2014 that net margins were down sharply. Infor noted a recent refinancing of debt, which gave it a lower interest rate and stretched out its loans, reducing annual interest payments with the amount in that category falling by $28.3 million over the prior year.