Infor ends fiscal Q2 with $5.2 billion of long-term debt, cash reduced from prior year

By Lisa Kerner

Charlotte, N.C., Dec. 12 – Infor, Inc. ended its fiscal second quarter on Oct. 31 with cash and cash equivalents of about $329 million and long-term debt of $5.2 billion.

This compares to $575 million and $5.3 billion, respectively, at May 31, 2014.

Cash and cash equivalents totaled $364 million at Oct. 31, 2013.

Infor released its second-quarter results on Friday.

According to Infor, it has significant cash on its balance sheet and continues to generate strong cash flows. In addition to cash on hand, the company has an undrawn $150 million credit facility available.

The company’s debt maturities range from 2018 to 2020, according to Infor’s earnings presentation.

At Oct. 31, Infor’s EBITDA to total debt was 6.3 times.

Infor used net cash of $31.4 million in investing activities during the six-month period ended Oct. 31. Of the total, about $30 million was used for acquisitions, and $20 million was used to purchase property, equipment and software. This was partially offset by a $19 million decrease in restricted cash, according to a form 10-Q filed with the Securities and Exchange Commission.

For the prior-year period, net cash used in investing activities totaled about $58 million.

Net cash used in financing activities was $124 million in the six-month period ended Oct 31, primarily for about $72 million in debt repayments and $43 million for dividend payments. This compares to $19.5 million used in financing activities during the same period a year ago.

Infor is a New York-based provider of business software.

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