Intapp, Inc. Reports 27% Year-over-Year Increase in Q2 SaaS Revenue and Delivers Strong Financial Results for Fiscal Q2 2025

Intapp reported Q2 SaaS revenue of $80 million, a 27% increase, and total revenue growth of 17%.

Quiver AI Summary

Intapp, Inc. reported strong financial results for its fiscal second quarter ending December 31, 2024, with SaaS revenue reaching $80.0 million, a 27% increase from the previous year, and total revenue of $121.2 million, up 17% year-over-year. The company's annual recurring revenue (ARR) from cloud services was $331.1 million, reflecting a 29% rise since December 31, 2023. Intapp's cloud net revenue retention rate was 119%, indicating successful upselling strategies. While the GAAP operating loss improved slightly to $(10.2) million, non-GAAP operating income rose significantly to $18.9 million. The company maintained a strong cash position with $285.6 million in cash and cash equivalents. Looking ahead, Intapp estimates third-quarter SaaS revenue between $84.0 and $85.0 million and total revenue between $128.3 and $129.3 million for fiscal 2025.

Potential Positives

• Second quarter SaaS revenue reached $80.0 million, reflecting a significant 27% increase year-over-year.
• Cloud annual recurring revenue (ARR) climbed to $331.1 million, marking a 29% year-over-year growth.
• The company achieved a trailing twelve months’ cloud net revenue retention rate of 119% as of December 31, 2024, indicating strong customer retention and expansion.
• Intapp was recognized on Forbes’ America’s Most Successful Mid-Cap Companies list for 2024, enhancing its reputation in the market.

Potential Negatives

• Despite a year-over-year increase in total revenue, the company continues to report a significant GAAP net loss of $(10.2) million, which is worse than the previous year's loss of $(9.2) million.
• The company's GAAP operating loss remains substantial at $(10.2) million, indicating ongoing challenges in managing operating expenses despite revenue growth.
• The absence of a quantitative reconciliation for certain non-GAAP financial measures raises concerns about transparency and the reliability of the reported figures.

FAQ

What is Intapp's SaaS revenue for Q2 fiscal 2025?

Intapp's SaaS revenue for the second quarter of fiscal 2025 reached $80.0 million, marking a 27% year-over-year increase.

How much did Intapp's Cloud ARR grow year-over-year?

Intapp's Cloud annual recurring revenue (ARR) grew 29% year-over-year to $331.1 million as of December 31, 2024.

What is Intapp's net revenue retention rate for the trailing twelve months?

The trailing twelve months’ cloud net revenue retention rate for Intapp was 119% as of December 31, 2024.

What are the fiscal 2025 revenue projections for Intapp?

Intapp's projected total revenue for fiscal year 2025 ranges from $498.5 million to $502.5 million.

How did Intapp's stock performance rank recently?

Intapp was named to Forbes' list of America's Most Successful Mid-Cap Companies for 2024.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$INTA Insider Trading Activity

$INTA insiders have traded $INTA stock on the open market 160 times in the past 6 months. Of those trades, 0 have been purchases and 160 have been sales.

Here’s a breakdown of recent trading of $INTA stock by insiders over the last 6 months:

• DAVID BENJAMIN HARRISON (President, Industries) has made 0 purchases and 18 sales selling 1,017,110 shares for an estimated $44,787,170.
• JOHN T HALL (Chief Executive Officer) has made 0 purchases and 24 sales selling 573,006 shares for an estimated $31,765,611.
• THAD JAMPOL (Chief Product Officer) has made 0 purchases and 32 sales selling 389,365 shares for an estimated $18,897,360.
• DONALD F. COLEMAN (Chief Operating Officer) has made 0 purchases and 21 sales selling 284,840 shares for an estimated $14,084,034.
• RALPH BAXTER has made 0 purchases and 20 sales selling 130,000 shares for an estimated $7,243,366.
• MICHELE MURGEL (Chief People & Places Officer) has made 0 purchases and 15 sales selling 136,641 shares for an estimated $6,314,596.
• DAVID H JR MORTON (Chief Financial Officer) has made 0 purchases and 10 sales selling 32,848 shares for an estimated $1,967,585.
• SCOTT FITZGERALD (Chief Marketing Officer) has made 0 purchases and 19 sales selling 30,281 shares for an estimated $1,569,375.
• GEORGE R NEBLE sold 3,000 shares for an estimated $170,730

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$INTA Hedge Fund Activity

We have seen 141 institutional investors add shares of $INTA stock to their portfolio, and 82 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• FIL LTD removed 2,809,644 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $134,385,272
• CAPITAL WORLD INVESTORS added 1,306,135 shares (+inf%) to their portfolio in Q3 2024, for an estimated $62,472,437
• LUXOR CAPITAL GROUP, LP added 1,000,152 shares (+inf%) to their portfolio in Q3 2024, for an estimated $47,837,270
• AMERIPRISE FINANCIAL INC removed 641,198 shares (-43.6%) from their portfolio in Q3 2024, for an estimated $30,668,500
• BANK OF AMERICA CORP /DE/ added 592,869 shares (+193.2%) to their portfolio in Q3 2024, for an estimated $28,356,924
• FMR LLC added 411,434 shares (+7.8%) to their portfolio in Q3 2024, for an estimated $19,678,888
• ARTISAN PARTNERS LIMITED PARTNERSHIP added 355,500 shares (+114.9%) to their portfolio in Q3 2024, for an estimated $17,003,565

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

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  Second quarter SaaS revenue of $80.0 million, up 27% year-over-year
  


• 
  Cloud annual recurring revenue (ARR) of $331.1 million, up 29% year-over-year
  


• 
  Trailing twelve months’ cloud net revenue retention rate as of December 31, 2024 was 119%
  

PALO ALTO, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) -- Intapp, Inc. (NASDAQ: INTA), a leading global provider of AI-powered solutions for professionals at advisory, capital markets, and legal firms, announced financial results for its fiscal second quarter ended December 31, 2024. Intapp also provided its outlook for the third quarter and the full fiscal year 2025.

“I’m pleased to share that once again we’ve achieved strong quarterly results which are supported by the addition of new clients and expanded client relationships,” said John Hall, CEO of Intapp. “Our second quarter results are indicative of our ability to continually drive AI, cloud adoption, and modernization across the industries we serve.”

Second Quarter of Fiscal Year 2025 Financial Highlights

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  SaaS revenue was $80.0 million, a 27% year-over-year increase compared to the second quarter of fiscal year 2024.
  


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  Total revenue was $121.2 million, a 17% year-over-year increase compared to the second quarter of fiscal year 2024.
  


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  Cloud ARR was $331.1 million as of December 31, 2024, a 29% year-over-year increase compared to Cloud ARR as of December 31, 2023. Cloud ARR represented 76% of total ARR as of December 31, 2024, compared to 70% as of December 31, 2023.
  


• 
  Total ARR was $437.1 million as of December 31, 2024, a 20% year-over-year increase compared to total ARR as of December 31, 2023.
  


• 
  GAAP operating loss was $(10.2) million, compared to a GAAP operating loss of $(11.1) million in the second quarter of fiscal year 2024.
  


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  Non-GAAP operating income was $18.9 million, compared to a non-GAAP operating income of $7.6 million in the second quarter of fiscal year 2024.
  


• 
  GAAP net loss was $(10.2) million, compared to a GAAP net loss of $(9.2) million in the second quarter of fiscal year 2024.
  


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  Non-GAAP net income was $17.4 million, compared to a non-GAAP net income of $8.8 million in the second quarter of fiscal year 2024.
  


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  GAAP net loss per share was $(0.13), compared to a GAAP net loss per share of $(0.13) in the second quarter of fiscal year 2024.
  


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  Non-GAAP diluted net income per share was $0.21, compared to a non-GAAP diluted net income per share of $0.11 in the second quarter of fiscal year 2024.
  


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  Cash and cash equivalents were $285.6 million as of December 31, 2024, compared to $208.4 million as of June 30, 2024.
  


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  For the six months ended December 31, 2024, net cash provided by operating activities was $49.7 million, compared to net cash provided by operating activities of $23.6 million for the six months ended December 31, 2023.
  

Business Highlights

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  As of December 31, 2024, we served more than 2,650 clients, 728 of which each had contracts greater than $100,000 of ARR.
  


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  We upsold and cross-sold our existing clients such that our trailing twelve months’ cloud net revenue retention rate as of December 31, 2024 was 119%.
  


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  We continued to add new clients and expand existing accounts including accounting firm Milsted Langdon and consulting firm Alvarez & Marsal.
  


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  We were named to Forbes’ America’s Most Successful Mid-Cap Companies listing for 2024.
  


• 
  Intapp DealCloud won bronze in the Enterprise Product of the Year – Software category at the 2024 Best in Biz Awards.
  

Third Quarter and Full Fiscal Year 2025 Outlook

The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

The information presented in this press release includes non-GAAP financial measures such as “non-GAAP operating income,” “non-GAAP net income,” and “non-GAAP diluted net income per share.” Refer to “Non-GAAP Financial Measures and Other Metrics” for a discussion of these measures and the financial tables below for reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

The guidance regarding non-GAAP operating income excludes known pre-tax charges related to estimated stock-based compensation of $23.4 million for the third quarter of fiscal year 2025 and $90.6 million for fiscal year 2025 and amortization of intangible assets of $2.7 million for the third quarter of fiscal year 2025 and $11.2 million for fiscal year 2025. The guidance regarding non-GAAP diluted net income per share excludes known pre-tax charges related to estimated stock-based compensation of $0.28 per share for the third quarter of fiscal year 2025 and $1.08 per share for fiscal year 2025 and amortization of intangible assets of $0.03 per share for the third quarter of fiscal year 2025 and $0.13 per share for fiscal year 2025. The Company has not included a quantitative reconciliation of its guidance for non-GAAP operating income and non-GAAP diluted net income per share to their most directly comparable GAAP financial measures, other than stock-based compensation and amortization of intangible assets, because certain of these reconciling items, including change in fair value of contingent consideration, transaction costs, restructuring and other costs and income tax effect of non-GAAP adjustments, could be highly variable and cannot be reasonably predicted without unreasonable effort. This is due to the inherent difficulty of forecasting the timing of certain events that have not yet occurred and are out of the Company’s control and the amounts of associated reconciling items. Please note that the unavailable reconciling items could significantly impact the Company’s GAAP operating results.

Corporate Presentation

A supplemental financial presentation and other information will be accessible through Intapp’s investor relations website at https://investors.intapp.com/.

Webcast



Intapp will host a conference call for analysts and investors on Tuesday, February 4, 2025, beginning at 2:00 p.m. PT (5:00 p.m. ET). The call will be webcast live via the “Investors” section of the Intapp company website at https://investors.intapp.com/. A replay of the call will be available through the Intapp website for 90 days.

About Intapp

Intapp software helps professionals unlock their teams’ knowledge, relationships, and operational insights to increase value for their firms. Using the power of Applied AI, we make firm and market intelligence easy to find, understand, and use. With Intapp’s portfolio of vertical SaaS solutions, professionals can apply their collective expertise to make smarter decisions, manage risk, and increase competitive advantage. The world’s top firms — across accounting, consulting, investment banking, legal, private capital, and real assets — trust Intapp’s industry-specific platform and solutions to modernize and drive new growth.

Forward-Looking Statements

This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter and full fiscal year 2025, growth strategy, business plans and market position. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “expand,” “outlook” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including: our ability to continue our growth at or near historical rates; our future financial performance and ability to be profitable; the effect of global events on the U.S. and global economies, our business, our employees, our results of operations, our financial condition, demand for our products, sales and implementation cycles, and the health of our clients’ and partners’ businesses; our ability to prevent and respond to data breaches, unauthorized access to client data or other disruptions of our solutions; our ability to effectively manage U.S. andglobal marketand economic conditions, including inflationary pressures, economic and market downturns and volatility in the financial services industry, particularly adverse to our targeted industries; the length and variability of our sales cycle; our ability to attract and retain clients; our ability to attract and retain talent; our ability to compete in highly competitive markets, including AI products; our ability to manage additional complexity, burdens, and volatility in connection with our international sales and operations; the successful assimilation or integration of the businesses, technologies, services, products, personnel or operations of acquired companies; our ability to incur indebtedness in the future and the effect of conditions in credit markets; the sufficiency of our cash and cash equivalents to meet our liquidity needs; and our ability to maintain, protect, and enhance our intellectual property rights. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and any subsequent public filings. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Presentation Changes Related to SaaS and License Revenue

Effective July 1, 2024, the Company adjusted the classification of support services related to subscription license to be included within “license” on the unaudited condensed consolidated statements of operations. Prior to July 1, 2024, support services related to subscription license were included in a line item entitled “SaaS and Support.” Accordingly, effective July 1, 2024, SaaS revenues include subscription fees from clients accessing our SaaS solutions, premium support services related to SaaS, and updates, if any, to the subscribed service during the subscription term. There was no change to the Company's revenue recognition policy, except for the change in classification noted herein.

The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues did not affect total revenues, operating income, or net income.

Non-GAAP Financial Measures and Other Metrics

This press release contains the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP diluted net income per share. These non-GAAP measures exclude the impact of stock-based compensation, amortization of intangible assets, change in fair value of contingent consideration, transaction costs, restructuring and other costs and the income tax effect of non-GAAP adjustments. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Free cash flow is a non-GAAP financial measure, and a supplemental liquidity measure that management uses to evaluate our core operating business and our ability to meet our current and future financing and investing needs. It consists of net cash provided by operating activities less cash paid for purchases of property and equipment. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Other metrics include total ARR, Cloud ARR and Cloud net revenue retention rate. Total ARR represents the annualized recurring value of all active SaaS and on-premise subscription license contracts at the end of a reporting period. Cloud ARR is the portion of the annualized recurring value of our active SaaS contracts at the end of a reporting period. Contracts with a term other than one year are annualized by taking the committed contract value for the current period divided by number of days in that period, then multiplying by 365. Cloud net revenue retention rate is the portion of our net revenue retention rate, which represents the net revenue retention of our SaaS contracts. We calculate Cloud net revenue retention by starting with the Cloud ARR from the cohort of all clients as of the twelve months prior to the applicable fiscal period, or prior period Cloud ARR. We then calculate the Cloud ARR from these same clients as of the current fiscal period, or current period Cloud ARR. We then divide the current period Cloud ARR by the prior period Cloud ARR to calculate the Cloud net revenue retention.

We believe these non-GAAP financial measures and metrics provide useful information to investors as they are used by management to manage the business, make planning decisions, evaluate our performance, and allocate resources and provide useful information regarding certain financial and business trends relating to our financial condition and results of operations. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Guidance for non-GAAP financial measures excludes stock-based compensation expense, amortization of intangible assets, change in fair value of contingent consideration, transaction costs, restructuring and other costs and the income tax effect of non-GAAP adjustments. Non-GAAP diluted net income per share is calculated by dividing non-GAAP net income by the estimated diluted weighted average shares outstanding for the period.

Investor Contact



David Trone


Senior Vice President, Investor Relations


Intapp, Inc.


ir@intapp.com

Media Contact



Ali Robinson


Global Media Relations Director


Intapp, Inc.


press@intapp.com

INTAPP, INC.




RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES




(Unaudited, in thousands, except per share data and percentages)

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below:

Non-GAAP Gross Profit

Non-GAAP Operating Expenses

Non-GAAP Operating Income