Intapp, Inc. (NASDAQ:INTA) is one of the best beaten-down technology stocks to buy, according to analysts. On September 23, the company entered into a strategic partnership with Lexsoft to enhance its sales and implementation presence across Europe and Latin America. Intapp, Inc. (INTA) Partners with Lexsoft to Enhance Sales in Europe and Latin America Copyright: gmast3r / 123RF Stock Photo The strategic partnership paves the way for Intapp to capitalize on the growing demand for its AI-powered solution ...

Intapp, Inc. (NASDAQ:INTA) is one of the Oversold Growth Stocks to Buy According to Analysts. On September 16, Intapp, Inc. (NASDAQ:INTA) announced that Infinedi Partners has chosen Intapp DealCloud to manage its deal pipeline, relationships, and business development. Infinedi Partners is a private equity firm that is focused on long-term investments in intelligence industry businesses. The adoption of DealCloud strategically aligns with Infinedi’s strategy to use agile technology to support growth. This ...

Core Insights - Intapp, Inc. (NASDAQ:INTA) is recognized as an oversold software stock with significant potential for investment, particularly following the selection of its DealCloud platform by private equity firm Infinedi Partners [1][2] Financial Performance - In Q4 2025, Intapp reported total revenue of $135.0 million, marking an 18% year-over-year increase compared to Q4 2024, with SaaS revenue reaching $90.2 million, reflecting a 27% year-over-year growth [2] - For FY 2026, the company anticipates SaaS revenue between $411.4 million and $415.4 million [2] Strategic Developments - Intapp has expanded its product portfolio and R&D capabilities through strategic acquisitions, adding notable new clients and enhancing existing accounts via cross-selling and upselling [2] - The company has also increased its international presence and migrated more clients to cloud services [2] Market Position and Sentiment - TimesSquare Capital Management highlighted Intapp's AI-powered solutions for deal and relationship management, noting a 12% decline in stock value but stable revenue and improved profitability [3] - The firm acknowledged the potential of Intapp as an investment but suggested that other AI stocks may offer greater upside potential with less downside risk [3]

Core Insights - TimesSquare Capital Management reported a gross return of 11.28% and a net return of 11.02% for its "U.S. Small Cap Growth Strategy" in Q2 2025, underperforming the Russell 2000 Growth Index which returned 11.97% [1] - The fund's performance was attributed to double-digit returns in equities driven by improved global economic activity [1] Company Overview: Intapp, Inc. (NASDAQ:INTA) - Intapp, Inc. specializes in industry-specific cloud-based software solutions and is headquartered in Palo Alto, California [2] - The stock of Intapp, Inc. had a one-month return of 7.67% and a 52-week gain of 1.14%, closing at $45.40 per share with a market capitalization of $3.73 billion as of September 11, 2025 [2] Financial Performance - In Q4 2025, Intapp, Inc. reported total revenue of $135 million, reflecting an 18% year-over-year increase [4] - The company's revenue for the latest quarter met consensus expectations, with improved profitability and free cash flow [3] Market Position and Hedge Fund Interest - Intapp, Inc. was held by 28 hedge fund portfolios at the end of Q2 2025, an increase from 22 in the previous quarter [4] - Despite its potential, the company is not among the 30 most popular stocks among hedge funds, and there are suggestions that other AI stocks may offer better upside potential with less downside risk [4] Strategic Focus - TimesSquare Capital's strategy favors critical system providers and specialized component designers within the Information Technology sector, indicating a preference for companies that enhance productivity and efficiency [3] - Intapp's AI-powered solutions, particularly in deal and relationship management, are noted for their positive reception from clients, although the stock experienced a decline of 12% [3]

Core Insights - The article discusses the current market trends and potential investment opportunities within specific sectors, highlighting the importance of thorough analysis before making investment decisions [1][2]. Group 1: Market Trends - Recent market fluctuations have shown a significant impact on investor sentiment, with a notable increase in volatility across various sectors [1]. - Analysts are observing a shift in consumer behavior, which is influencing demand patterns and subsequently affecting stock performance [2]. Group 2: Investment Opportunities - Certain industries, particularly technology and renewable energy, are identified as having strong growth potential, driven by innovation and regulatory support [1]. - The article emphasizes the importance of evaluating financial health and market positioning of companies within these sectors to identify viable investment opportunities [2].

PART I [Item 1. Business](index=5&type=section&id=Item%201.%20Business) Intapp provides AI-powered vertical SaaS solutions to elite professional and financial services firms, leveraging its Intelligent Cloud and Applied AI to drive client growth and manage risk [Overview](index=5&type=section&id=Overview) Intapp delivers AI-powered vertical SaaS solutions to professional and financial services firms, enhancing decision-making, risk management, and growth through its Intelligent Cloud - Intapp offers AI-powered solutions for accounting, consulting, investment banking, legal, private capital, and real assets firms[13](index=13&type=chunk) - The company's solutions help professionals make smarter decisions, manage risk, increase competitive advantage, and drive new growth[13](index=13&type=chunk) - Intapp's industry cloud strategy leverages deep understanding and 25 years of experience to deliver tailored products with Applied AI capabilities[16](index=16&type=chunk)[17](index=17&type=chunk) [Our Products and Platform](index=6&type=section&id=Our%20Products%20and%20Platform) The Intapp Intelligent Cloud, integrated with Microsoft 365, offers core products like DealCloud, compliance, time, and collaboration tools, supported by a data foundation and low-code configurability - The Intapp Intelligent Cloud guides the development and delivery of software, integrating with Microsoft 365 for secure and innovative solutions[19](index=19&type=chunk) - Key products include Intapp DealCloud for client and deal management, compliance products (Intapp Terms, Intapp Employee Compliance, Intapp Intake, Intapp Conflicts, Intapp Walls) for risk and ethical standards, Intapp Time and Intapp Billstream for efficiency, and Intapp Collaboration and Intapp Workspaces for teamwork[22](index=22&type=chunk)[26](index=26&type=chunk) - The platform is supported by a data foundation for secure data management and analysis, and offers low-code configurability for tailored user experiences[23](index=23&type=chunk)[24](index=24&type=chunk) [Applied AI — our AI strategy](index=8&type=section&id=Applied%20AI%20%E2%80%94%20our%20AI%20strategy) Intapp's Applied AI strategy embeds industry-specific AI, including Intapp Assist, across its cloud platform to optimize processes, enhance decision-making, and automate workflows - Intapp's Applied AI strategy embeds industry-specific AI throughout its cloud platform, utilizing automation, machine learning, deep learning, and generative AI[27](index=27&type=chunk) - Intapp Assist integrates advanced AI into products like Intapp DealCloud and Intapp Terms to streamline workflows and enhance decision-making[30](index=30&type=chunk) - Key AI capabilities include summarization, personalized email outreach, 'Signals' for actionable events, narrative generation, relationship signals, 'Ask Intapp' for contractual obligations, compliance automation, and origination tools[31](index=31&type=chunk) [Industry-specific data architecture](index=9&type=section&id=Industry-specific%20data%20architecture) Intapp's Azure-based cloud infrastructure provides high availability and data security, featuring an industry graph data model, low-code integration, and market intelligence within DealCloud - Intapp Cloud Infrastructure is built on Microsoft Azure, providing high availability, robust data security, and seamless integration across all Intapp cloud-based products[32](index=32&type=chunk) - Key capabilities include a specialized industry graph data model, a low-code integration tool (Intapp Integration Service) with over 100 industry-specific connectors, and market intelligence integration within the DealCloud platform[33](index=33&type=chunk) - The infrastructure features multi-tenant architecture for scalability, a single unified codebase for rapid upgrades, and enterprise-grade security compliant with ISO 27001, SOC 2, and CSA STAR[34](index=34&type=chunk) [Key Benefits of Our Solutions](index=10&type=section&id=Key%20Benefits%20of%20Our%20Solutions) Intapp's solutions accelerate growth, streamline operations, strengthen risk management, optimize resource tracking, and enable secure collaboration through data-driven intelligence and a scalable cloud - Solutions accelerate growth with AI-powered insights and automation across business development and client engagement[37](index=37&type=chunk) - Products streamline operations by automating tasks and connecting disparate systems, improving efficiency and supporting scalable growth[37](index=37&type=chunk) - Robust risk and compliance features help firms meet regulatory requirements and mitigate risks, safeguarding reputation and client trust[37](index=37&type=chunk) - Data foundation unifies and secures data, enabling advanced analytics and machine learning for actionable insights and a competitive edge[37](index=37&type=chunk) [Growth Strategies](index=10&type=section&id=Growth%20Strategies) Intapp's growth strategies involve leveraging AI, expanding client base, entering enterprise markets, deepening existing client engagement, leading cloud adoption, and pursuing strategic acquisitions and partnerships - Key growth strategies include capitalizing on AI-driven work changes, growing the client base, moving upmarket into the enterprise sector, and expanding within existing clients[37](index=37&type=chunk)[39](index=39&type=chunk) - Intapp aims to lead the market shift to the cloud, add new solutions to its platform, broaden geographical reach, and serve new and adjacent markets like corporate legal and corporate development[39](index=39&type=chunk) - The company plans to selectively pursue strategic transactions, such as the fiscal year 2025 acquisition of TermSheet, and foster a growing partner ecosystem, including its strategic alliance with Microsoft[39](index=39&type=chunk) [Our Clients](index=11&type=section&id=Our%20Clients) Intapp serves over 2,700 global clients, including top law and accounting firms, with a significant increase in clients generating over $1.0 million in Annual Recurring Revenue - Intapp serves over 2,700 clients globally, including 95 of the Am Law 100 law firms, 16 of the top 20 accounting firms, and over 1,700 private capital and investment banking firms[38](index=38&type=chunk) Clients with Annual Recurring Revenues (ARR) over $1.0 Million | Fiscal Year | Clients with ARR > $1.0M | | :------------ | :----------------------- | | 2025 | 109 | | 2024 | 73 | | Change (YoY) | +49% | [Our Functions](index=12&type=section&id=Our%20Functions) Intapp's functions encompass direct sales, client services, global R&D for AI and cloud innovation, and human capital management, supported by 1,336 employees as of June 30, 2025 - Sales and marketing utilize a direct sales model, supported by technical sales professionals, subject-matter experts, and a partner ecosystem of 145 data, technology, and services partners[41](index=41&type=chunk)[42](index=42&type=chunk) - Client services provide implementation, support, and training, with a focus on client success and leveraging best practices and industry-specific templates[44](index=44&type=chunk)[45](index=45&type=chunk) - Research and development teams are located globally (Belfast, Palo Alto, Charlotte, Berlin, London, Lisbon) and focus on enhancing existing solutions and developing new AI and cloud capabilities[47](index=47&type=chunk)[48](index=48&type=chunk) Employee Count | As of Date | Full-time Employees | | :-------------- | :------------------ | | June 30, 2025 | 1,336 | [Competition](index=13&type=section&id=Competition) Intapp competes in a rapidly evolving market against diverse solutions, leveraging its deep domain expertise, product innovation, and client trust as key competitive differentiators - The markets for Intapp's solutions are highly competitive and subject to rapid technological change, with competition from legacy systems, horizontal platforms, and specialized vertical solutions, including those with AI capabilities[52](index=52&type=chunk)[53](index=53&type=chunk) - Principal competitive factors include deep domain experience, product innovation, purpose-built solutions, comprehensive platform offerings, AI-enabled data connectivity, track record, security, and brand reputation[55](index=55&type=chunk) - Intapp believes its market position is strengthened by its deep domain expertise, rapid product innovation, and trust built with leading firms[56](index=56&type=chunk) [Intellectual Property](index=14&type=section&id=Intellectual%20Property) Intapp protects its intellectual property through patents, copyrights, trademarks, and trade secrets, including the Intapp Intelligent Cloud and DealCloud trademarks - Intapp relies on patent, copyright, trademark, and trade secret laws, as well as confidentiality agreements, to protect its intellectual property[57](index=57&type=chunk)[59](index=59&type=chunk) - The company's patents cover various aspects of the Intapp Intelligent Cloud, and it owns registered trademarks including 'Intapp' and 'DealCloud'[57](index=57&type=chunk)[59](index=59&type=chunk) [Regulations](index=14&type=section&id=Regulations) Intapp navigates evolving global data privacy regulations like GDPR and CCPA, incurring significant compliance burdens and potential liabilities, with continuous investment in compliance efforts - Intapp is subject to evolving federal, state, and foreign laws regarding data protection and privacy, including GDPR, CCPA, and CPRA[60](index=60&type=chunk)[61](index=61&type=chunk)[63](index=63&type=chunk) - GDPR imposes fines of up to **20 million euros** or **4% of annual global revenues** for violations[62](index=62&type=chunk) - The company has invested and continues to invest human and technology resources into GDPR and CPRA compliance efforts[64](index=64&type=chunk) [Seasonality](index=15&type=section&id=Seasonality) Intapp's billings exhibit seasonality, with a higher percentage typically occurring in the fourth fiscal quarter - Intapp experiences seasonality in billings, with a higher percentage in the fourth quarter[65](index=65&type=chunk) [Available Information](index=15&type=section&id=Available%20Information) Intapp provides its SEC filings, including 10-K, 10-Q, and 8-K reports, free on its investor relations website after electronic filing - Intapp's SEC filings (10-K, 10-Q, 8-K) and corporate governance information are available on its investor relations website (www.intapp.com)[66](index=66&type=chunk) [Item 1A. Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) Intapp faces risks from data security, economic downturns, growth management, AI innovation, competition, acquisitions, evolving regulations, market volatility, and potential financial dilution [Risk Factors Summary](index=16&type=section&id=Risk%20Factors%20Summary) This section summarizes key risks to Intapp's common stock, including data security, economic conditions, growth management, client retention, sales cycles, and AI innovation - Summary highlights risks such as data security breaches, adverse economic conditions in target industries, rapid growth management, and profitability challenges[69](index=69&type=chunk) - Other key risks include dependence on client renewals, lengthy sales cycles, challenges in AI integration, and intense competition in evolving markets[69](index=69&type=chunk) [Risks Related to Our Business and Industry](index=18&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) Intapp faces business risks from data breaches, industry-specific economic downturns, rapid growth management, profitability challenges, AI development, intense competition, and market evolution for SaaS solutions - Data security breaches, including cyberattacks, pose a significant risk due to the sensitive client information processed, potentially leading to reputational harm, loss of clients, and substantial liabilities[71](index=71&type=chunk)[74](index=74&type=chunk)[78](index=78&type=chunk) - Intapp's revenue concentration in highly regulated industries (accounting, consulting, investment banking, legal, private capital, real assets) makes it susceptible to industry-specific downturns and economic volatility[80](index=80&type=chunk)[81](index=81&type=chunk) - The company's rapid growth makes future prospects difficult to evaluate, and it has a history of net losses, with no assurance of achieving or maintaining profitability[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) - Success depends on client renewals and expansions, which can be affected by satisfaction, competitor offerings, and macroeconomic conditions; lengthy and variable sales cycles also impact revenue generation[85](index=85&type=chunk)[87](index=87&type=chunk) - Risks associated with AI include potential flaws in algorithms, data provenance issues, intellectual property infringement claims, and compliance with new AI regulations (e.g., EU AI Act)[89](index=89&type=chunk)[91](index=91&type=chunk) - Failure to develop and market new or enhanced solutions, penetrate new markets, or compete effectively in highly competitive and rapidly evolving markets could adversely affect operating results and market share[95](index=95&type=chunk)[96](index=96&type=chunk)[99](index=99&type=chunk)[101](index=101&type=chunk) - Expansion through acquisitions or partnerships carries risks of integration difficulties, increased costs, and dilution, while failure to manage growth effectively could harm business operations[104](index=104&type=chunk)[105](index=105&type=chunk)[108](index=108&type=chunk) - Compliance with data protection and privacy laws (e.g., GDPR, CCPA, CPRA) is complex and evolving, posing risks of liability, fines, and reputational harm[121](index=121&type=chunk)[123](index=123&type=chunk)[125](index=125&type=chunk) - Intellectual property infringement claims by third parties and the inability to protect its own IP could result in significant costs and harm business operations[127](index=127&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[133](index=133&type=chunk) [Risks Related to Our Organizational Structure](index=40&type=section&id=Risks%20Related%20to%20Our%20Organizational%20Structure) Intapp's organizational structure presents risks from concentrated common stock ownership by Anderson Investments, influencing corporate decisions and potentially hindering changes in control - Anderson Investments Pte Ltd. and its affiliates beneficially own approximately **21% of Intapp's common stock**, allowing significant influence over corporate decisions[156](index=156&type=chunk) - Concentrated ownership may delay or prevent actions favored by other stockholders and could lead to conflicts of interest[156](index=156&type=chunk) - Provisions in Delaware law, the Stockholders' Agreement, and corporate documents could hinder or delay a change in control, potentially adversely affecting the common stock price[157](index=157&type=chunk)[160](index=160&type=chunk) [Risks Related to Ownership of Our Common Stock](index=41&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Common%20Stock) Intapp's common stock ownership faces volatility from operating results, market conditions, potential dilution from future offerings, large stockholder sales, and limitations from exclusive forum provisions - The market price and trading volume of Intapp's common stock have been and may continue to be highly volatile due to factors like operating results, market conditions, and analyst reports[161](index=161&type=chunk)[162](index=162&type=chunk) - Future offerings of debt or equity securities could dilute existing stockholders' economic and voting rights and reduce the market price of common stock[163](index=163&type=chunk)[164](index=164&type=chunk) - Sales of substantial amounts of common stock by significant stockholders (e.g., Anderson, holding **21%**) could negatively affect the market price[165](index=165&type=chunk) - The authorized **$150.0 million** stock repurchase program does not guarantee full execution or enhanced long-term value and could increase stock price volatility[168](index=168&type=chunk) - Exclusive forum provisions in the certificate of incorporation designate Delaware courts for certain actions and federal courts for Securities Act claims, potentially limiting stockholders' choice of judicial forum[169](index=169&type=chunk)[170](index=170&type=chunk)[172](index=172&type=chunk) [General Risk Factors](index=44&type=section&id=General%20Risk%20Factors) Intapp faces general risks from catastrophic events, capital access limitations, tax law changes, and the absence of future dividends, requiring reliance on stock price appreciation for investor returns - Natural disasters, pandemics (like COVID-19), catastrophic events, and terrorism could disrupt business operations, international commerce, and the global economy, adversely affecting Intapp's business and financial condition[174](index=174&type=chunk)[175](index=175&type=chunk) - The company may not be able to obtain capital on favorable terms for future growth or acquisitions, potentially limiting its ability to execute business strategies[177](index=177&type=chunk)[178](index=178&type=chunk) - Changes in tax laws (e.g., TCJA, CARES Act, Inflation Reduction Act, OBBBA) or adverse outcomes from tax examinations could negatively impact results of operations and financial condition[179](index=179&type=chunk)[180](index=180&type=chunk) - Intapp has never paid cash dividends and does not anticipate doing so in the foreseeable future, requiring investors to rely on stock price appreciation for returns[173](index=173&type=chunk) [Item 1B. Unresolved Staff Comments](index=45&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) Intapp reports no unresolved staff comments from the SEC - There are no unresolved staff comments[181](index=181&type=chunk) [Item 1C. Cybersecurity](index=45&type=section&id=Item%201C.%20Cybersecurity) Intapp maintains a robust cybersecurity program based on NIST CSF and international standards, overseen by the Audit Committee, with no material impact from threats to date - Intapp has a cybersecurity risk management program based on NIST CSF, compliant with ISO 27001, ISO 27017, ISO 27108, SOC 2, and CSA STAR[181](index=181&type=chunk)[182](index=182&type=chunk) - The program includes risk assessments, a dedicated security team, use of external service providers, cybersecurity awareness training, and an incident response plan[184](index=184&type=chunk)[187](index=187&type=chunk) - Cybersecurity governance is delegated to the Audit Committee, which receives quarterly reports from the Risk Management Working Group and the CISO[185](index=185&type=chunk)[186](index=186&type=chunk) - The CISO, Mark Schertler, has over **40 years of experience** and leads a team of experienced cybersecurity professionals[188](index=188&type=chunk) - No cybersecurity threat has had a material impact on operations, business strategy, results of operations, or financial condition during the last fiscal year[184](index=184&type=chunk) [Item 2. Properties](index=47&type=section&id=Item%202.%20Properties) Intapp operates twelve leased or managed global offices, including its Palo Alto headquarters, continuously assessing facility needs for its hybrid workforce - Intapp has twelve global offices, all leased or managed, with its corporate headquarters in Palo Alto, California[190](index=190&type=chunk) - Offices are located in the U.S., U.K., Germany, Netherlands, Portugal, Ukraine, and Singapore[190](index=190&type=chunk) - The company continuously assesses its facilities requirements for a hybrid workforce and anticipates availability of additional or alternative space[191](index=191&type=chunk) [Item 3. Legal Proceedings](index=47&type=section&id=Item%203.%20Legal%20Proceedings) Intapp is involved in ordinary course legal proceedings, including potential IP claims, but no current litigation is expected to materially affect its business or financial condition - Intapp is involved in legal proceedings and investigations in the ordinary course of business, including potential intellectual property claims[192](index=192&type=chunk) - The company records a liability when a loss is probable and reasonably estimable[192](index=192&type=chunk) - No current litigation is expected to have a material adverse effect on the business, operating results, or financial condition[192](index=192&type=chunk) [Item 4. Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Intapp PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=48&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Intapp's common stock trades on Nasdaq under "INTA," with 28 record holders as of August 13, 2025; the company has no plans for future cash dividends - Intapp's common stock is listed on the Nasdaq Global Select Market under the symbol "**INTA**"[195](index=195&type=chunk) - As of August 13, 2025, there were **28 holders of record** for common stock[195](index=195&type=chunk) - The company has never declared or paid cash dividends and does not expect to in the foreseeable future, prioritizing retention of future earnings[196](index=196&type=chunk) - No issuer purchases of equity securities were made during the period covered by this report[198](index=198&type=chunk) [Item 6. [Reserved]](index=49&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Intapp reported **$504.1 million** in FY2025 revenues, a **17% increase**, with a net loss of **$18.2 million**, driven by strong SaaS growth and increased operating cash flow [Overview](index=50&type=section&id=Overview) Intapp provides AI-powered vertical SaaS solutions to professional and financial services firms, enhancing decision-making, risk management, and growth through accelerated information flow - Intapp provides AI-powered vertical SaaS solutions to accounting, consulting, investment banking, legal, private capital, and real assets firms[206](index=206&type=chunk) - Solutions leverage Applied AI to help firms make smarter decisions, manage risk, increase competitive advantage, and drive new growth[206](index=206&type=chunk) [Highlights for the Fiscal Year 2025](index=50&type=section&id=Highlights%20for%20the%20Fiscal%20Year%202025) FY2025 highlights include **$504.1 million** in total revenues, **74%** gross margin, **$123.5 million** operating cash flow, and the acquisition of TermSheet, LLC Fiscal Year 2025 Highlights | Metric | Amount ($M) | | :---------------------------- | :---------- | | Total Revenues | 504.1 | | Gross Margin | 74% | | Operating Cash Flow | 123.5 | | Cash and Cash Equivalents | 313.1 | | Remaining Performance Obligations | 719.7 | - Completed the acquisition of TermSheet, LLC[207](index=207&type=chunk) [How We Generate Revenue](index=50&type=section&id=How%20We%20Generate%20Revenue) Intapp generates revenue from SaaS, on-premise licenses, and professional services, with SaaS and support recognized ratably, and most new ARR growth expected from SaaS subscriptions - Revenues are primarily generated from software subscriptions (SaaS and on-premise licenses) and professional services[208](index=208&type=chunk)[210](index=210&type=chunk) - SaaS and support revenue is recognized ratably over the contract term (typically 1-3 years), while license revenues are recognized upfront for subscription fees and ratably for support[208](index=208&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk) - Professional services revenue is recognized as invoiced or in proportion to work performed, with a strategic shift to de-emphasize this revenue in favor of partner involvement[210](index=210&type=chunk)[227](index=227&type=chunk) - The vast majority of new ARR growth is expected from SaaS subscriptions[209](index=209&type=chunk) [Key Factors Affecting Our Performance](index=51&type=section&id=Key%20Factors%20Affecting%20Our%20Performance) Intapp's performance hinges on cloud platform adoption, client acquisition, innovation investments in R&D and sales, and strategic acquisitions to maintain market leadership - Future growth depends on market adoption of the cloud platform, requiring new client acquisition and expansion within existing client bases, demonstrating benefits over point solutions or internally developed systems[211](index=211&type=chunk) - Continued substantial investments in research and development and sales and marketing are planned to build new capabilities, maintain core technology, and broaden market reach[212](index=212&type=chunk) - Strategic acquisitions of complementary businesses are pursued to extend the platform, deepen market leadership, and add new clients[213](index=213&type=chunk) [Key Business Metrics](index=51&type=section&id=Key%20Business%20Metrics) Intapp's key metrics show FY2025 ARR grew **20%** to **$485.4 million**, Cloud ARR grew **29%** to **$383.1 million**, and Cloud NRR was **120%** Annual Recurring Revenues (ARR) | Metric | June 30, 2025 ($M) | June 30, 2024 ($M) | Change (%) | | :----- | :----------------- | :----------------- | :--------- | | ARR | 485.4 | 404.2 | 20% | Cloud ARR | Metric | June 30, 2025 ($M) | June 30, 2024 ($M) | Change (%) | | :-------- | :----------------- | :----------------- | :--------- | | Cloud ARR | 383.1 | 296.7 | 29% | | % of ARR | 79% | 73% | +6 pp | - Trailing twelve months Cloud NRR as of June 30, 2025, was **120%**[219](index=219&type=chunk) Client Growth Metrics | Metric | June 30, 2025 | June 30, 2024 | Change (%) | | :----------------------- | :------------ | :------------ | :--------- | | Total Clients | >2,700 | >2,700 | N/A |\ | Clients with ARR > $100K | 795 | 698 | 14% |\ | Clients with ARR > $1.0M | 109 | 73 | 49% | [Components of Our Results of Operations](index=52&type=section&id=Components%20of%20Our%20Results%20of%20Operations) Intapp's results are driven by SaaS, license, and professional services revenues, with costs and operating expenses reflecting investments in R&D and sales, and income tax impacted by a valuation allowance - Revenue is generated from SaaS solutions (recognized ratably), license subscriptions (fees upfront, support ratably), and professional services (as invoiced or work performed)[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk) - Cost of revenues includes personnel, cloud infrastructure, third-party expenses, depreciation, and amortization, expected to increase with SaaS client base expansion[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk) - Operating expenses (R&D, Sales & Marketing, G&A) are expected to increase due to investments in product development, sales force expansion, and public company compliance costs[232](index=232&type=chunk)[233](index=233&type=chunk)[234](index=234&type=chunk) - Interest and other income/expense includes interest income from cash and foreign currency gains/losses[236](index=236&type=chunk) - Income tax expense is estimated based on tax rates, with a full valuation allowance maintained on federal and state deferred tax assets due to expected non-realization[237](index=237&type=chunk) [Results of Operations](index=55&type=section&id=Results%20of%20Operations) Intapp's FY2025 total revenues grew **17%** to **$504.1 million**, driven by SaaS, with gross profit up **22%**, operating expenses grow **18%**, and net loss improving to **$18.2 million** Consolidated Statements of Operations (in thousands) | Metric | FY2025 | FY2024 | FY2023 | | :-------------------------- | :---------- | :---------- | :---------- | | **Revenues:** | | | | | SaaS | $331,948 | $259,256 | $197,090 | | License | $120,024 | $117,386 | $104,190 | | Professional services | $52,148 | $53,881 | $49,593 | | **Total revenues** | **$504,120**| **$430,523**| **$350,873**| | **Cost of revenues:** | | | | | SaaS | $66,714 | $53,487 | $46,764 | | License | $6,256 | $6,344 | $6,258 | | Professional services | $58,178 | $63,830 | $58,440 | | **Total cost of revenues** | **$131,148**| **$123,661**| **$111,462**| | **Gross profit** | **$372,972**| **$306,862**| **$239,411**| | **Operating expenses:** | | | | | Research and development | $137,760 | $113,634 | $93,851 | | Sales and marketing | $163,846 | $138,176 | $132,189 | | General and administrative | $98,723 | $87,243 | $81,031 | | Lease modification and impairment | $— | $— | $1,601 | | **Total operating expenses**| **$400,329**| **$339,053**| **$308,672**| | **Operating loss** | **$(27,357)**| **$(32,191)**| **$(69,261)**| | Interest and other income (expense), net | $11,219 | $2,285 | $(659) |\ | Net loss before income taxes| $(16,138) | $(29,906) | $(69,920) |\ | Income tax (expense) benefit| $(2,079) | $(2,115) | $495 |\ | **Net loss** | **$(18,217)**| **$(32,021)**| **$(69,425)**| Stock-Based Compensation Expense (in thousands) | Expense Category | FY2025 ($M) | FY2024 ($M) | FY2023 ($M) | | :------------------------ | :---------- | :---------- | :---------- | | Cost of SaaS | 3.174 | 1.740 | 1.329 | | Cost of License | 0.709 | 0.552 | 0.376 | | Cost of Professional Services | 6.026 | 5.030 | 3.916 | | Research and Development | 24.309 | 14.854 | 15.186 | | Sales and Marketing | 24.557 | 17.312 | 20.426 | | General and Administrative| 29.311 | 20.407 | 26.536 | | **Total Stock-Based Compensation** | **88.086** | **59.895** | **67.769** | [Comparison of the Fiscal Years Ended June 30, 2025 and 2024](index=56&type=section&id=Comparison%20of%20the%20Fiscal%20Years%20Ended%20June%2030%2C%202025%20and%202024) FY2025 saw Intapp's total revenues increase **17%** to **$504.1 million**, gross profit rise **22%**, operating expenses grow **18%**, and net loss improve **43%** to **$18.2 million** Revenue Comparison (FY2025 vs. FY2024, in thousands) | Revenue Type | FY2025 ($) | FY2024 ($) | Change ($) | Change (%) | | :-------------------- | :--------- | :--------- | :--------- | :--------- | | SaaS | 331,948 | 259,256 | 72,692 | 28% | | License | 120,024 | 117,386 | 2,638 | 2% | | Professional services | 52,148 | 53,881 | (1,733) | (3)% | | **Total revenues** | **504,120**| **430,523**| **73,597** | **17%** | Cost of Revenues and Gross Profit Comparison (FY2025 vs. FY2024, in thousands) | Metric | FY2025 ($) | FY2024 ($) | Change ($) | Change (%) | | :-------------------- | :--------- | :--------- | :--------- | :--------- | | Cost of SaaS | 66,714 | 53,487 | 13,227 | 25% | | Cost of License | 6,256 | 6,344 | (88) | (1)% | | Cost of Professional Services | 58,178 | 63,830 | (5,652) | (9)% | | **Total Cost of Revenues**| **131,148**| **123,661**| **7,487** | **6%** |\ | Gross Profit | 372,972 | 306,862 | 66,110 | 22% | | SaaS Gross Profit | 265,234 | 205,769 | 59,465 | 29% | | Professional Services Gross Profit | (6,030) | (9,949) | 3,919 | (39)% | Operating Expenses Comparison (FY2025 vs. FY2024, in thousands) | Expense Type | FY2025 ($) | FY2024 ($) | Change ($) | Change (%) | | :------------------------ | :--------- | :--------- | :--------- | :--------- | | Research and development | 137,760 | 113,634 | 24,126 | 21% | | Sales and marketing | 163,846 | 138,176 | 25,670 | 19% | | General and administrative| 98,723 | 87,243 | 11,480 | 13% | | **Total operating expenses**| **400,329**| **339,053**| **61,276** | **18%** | Interest and Other Income, net (FY2025 vs. FY2024, in thousands) | Metric | FY2025 ($) | FY2024 ($) | Change ($) | Change (%) | | :-------------------------- | :--------- | :--------- | :--------- | :--------- | | Interest and other income, net | 11,219 | 2,285 | 8,934 | 391% | Income Tax Expense (FY2025 vs. FY2024, in thousands) | Metric | FY2025 ($) | FY2024 ($) | Change ($) | Change (%) | | :---------------- | :--------- | :--------- | :--------- | :--------- | | Income tax expense | (2,079) | (2,115) | 36 | (2)% | [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) Intapp's liquidity is strong with **$313.1 million** cash, **$123.5 million** operating cash flow in FY2025, a **$100.0 million** credit facility, and a **$150.0 million** stock repurchase program Cash and Cash Equivalents (in thousands) | As of Date | Amount ($) | | :-------------- | :--------- | | June 30, 2025 | 313,109 | Cash Flows Summary (in thousands) | Activity | FY2025 ($) | FY2024 ($) | FY2023 ($) | | :------------------------ | :--------- | :--------- | :--------- | | Operating Activities | 123,529 | 67,231 | 27,487 | | Investing Activities | (62,875) | (19,828) | (14,340) | | Financing Activities | 41,183 | 30,325 | 64,100 | - Intapp has a **$100.0 million** senior secured revolving credit facility with JPMorgan, with no outstanding borrowings as of June 30, 2025[258](index=258&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk) - The Board of Directors authorized a **$150.0 million** common stock repurchase program on August 7, 2025[267](index=267&type=chunk) Material Cash Commitments (in thousands) | Commitment Type | Total ($) | Short-Term ($) | Long-Term ($) | | :---------------------------------- | :-------- | :------------- | :------------ | | Operating lease obligations | 26,081 | 7,780 | 18,301 | | Purchase obligations | 96,698 | 6,433 | 90,265 | | Deferred considerations & holdbacks | 2,596 | 623 | 1,973 | | **Total cash requirements** | **125,375**| **14,836** | **110,539** | [Critical Accounting Policies and Estimates](index=62&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Intapp's critical accounting policies involve significant estimates for revenue recognition, stock-based compensation, goodwill impairment, and business combination purchase price allocation - Revenue recognition requires significant judgment in identifying performance obligations and allocating transaction prices, especially for contracts with multiple deliverables[277](index=277&type=chunk)[279](index=279&type=chunk)[282](index=282&type=chunk) - Stock-based compensation expense for RSUs and PSUs is based on fair value at grant date, with PSUs recognized when performance targets are probable[283](index=283&type=chunk) - Goodwill is tested for impairment annually, and business combinations require significant estimates for valuing acquired assets, liabilities, and contingent consideration[284](index=284&type=chunk)[285](index=285&type=chunk)[286](index=286&type=chunk) [Recent Accounting Pronouncements](index=63&type=section&id=Recent%20Accounting%20Pronouncements) Intapp adopted ASU 2023-07 for FY2025 and is evaluating future pronouncements on income tax, expense disaggregation, and credit losses - Adopted ASU No. 2023-07 (Segment Reporting) retrospectively for fiscal year ended June 30, 2025, enhancing disclosures about significant segment expenses[384](index=384&type=chunk) - ASU No. 2023-09 (Income Tax Disclosures) will be effective for FY2026, expected to result in additional disclosures[385](index=385&type=chunk) - ASU No. 2024-03/2025-01 (Expense Disaggregation Disclosures) will be effective for FY2028, and ASU No. 2025-05 (Credit Losses for Accounts Receivable) for FY2027; both are currently being evaluated for impact[386](index=386&type=chunk)[387](index=387&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=64&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Intapp faces market risks from foreign currency, credit, inflation, and interest rates, though a hypothetical 100 basis point interest rate change would be immaterial to operating results - Intapp is exposed to foreign currency exchange risk from international sales and payroll obligations, but a hypothetical **10% change** in rates would be immaterial to operating results[289](index=289&type=chunk)[290](index=290&type=chunk) - Credit risk is routinely assessed, and no material losses from non-payment of receivables have occurred in fiscal years 2023-2025[291](index=291&type=chunk) - Inflation has not had a material effect on the business, but significant inflationary pressures could increase costs or reduce client spending[292](index=292&type=chunk) - Interest rate risk relates to cash equivalents and the variable-rate JPMorgan Credit Facility (currently with no outstanding balance); a hypothetical **100 basis point change** would be immaterial[293](index=293&type=chunk)[294](index=294&type=chunk)[295](index=295&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=66&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Intapp's audited consolidated financial statements for FY2023-2025, with an unqualified opinion from Deloitte & Touche LLP on both financial statements and internal controls [Reports of Independent Registered Public Accounting Firm](index=67&type=section&id=Reports%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Deloitte & Touche LLP issued an unqualified opinion on Intapp's financial statements and internal controls, highlighting revenue recognition as a critical audit matter - Deloitte & Touche LLP issued an unqualified opinion on Intapp's consolidated financial statements for the three years ended June 30, 2025[299](index=299&type=chunk) - An unqualified opinion was also issued on the effectiveness of the company's internal control over financial reporting as of June 30, 2025[300](index=300&type=chunk)[309](index=309&type=chunk) - Revenue recognition for certain material revenue contracts with multiple performance obligations was identified as a critical audit matter due to significant management judgment[304](index=304&type=chunk)[305](index=305&type=chunk) [Consolidated Financial Statements](index=70&type=section&id=Consolidated%20Financial%20Statements) This section presents Intapp's Consolidated Balance Sheets, Statements of Operations, Comprehensive Loss, Stockholders' Equity, and Cash Flows for FY2023-2025 Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 ($) | June 30, 2024 ($) | | :---------------------- | :---------------- | :---------------- | | Total Assets | 894,161 | 732,999 | | Total Liabilities | 374,396 | 329,761 | | Total Stockholders' Equity | 519,765 | 403,238 | Consolidated Statements of Operations Highlights (in thousands) | Metric | FY2025 ($) | FY2024 ($) | FY2023 ($) | | :---------------------- | :--------- | :--------- | :--------- | | Total Revenues | 504,120 | 430,523 | 350,873 | | Gross Profit | 372,972 | 306,862 | 239,411 | | Operating Loss | (27,357) | (32,191) | (69,261) | | Net Loss | (18,217) | (32,021) | (69,425) | | Net Loss Per Share (Basic & Diluted) | (0.23) | (0.45) | (1.08) | Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | FY2025 ($) | FY2024 ($) | FY2023 ($) | | :------------------------ | :--------- | :--------- | :--------- | | Net cash provided by operating activities | 123,529 | 67,231 | 27,487 | | Net cash used in investing activities | (62,875) | (19,828) | (14,340) | | Net cash provided by financing activities | 41,183 | 30,325 | 64,100 | [Notes to Consolidated Financial Statements](index=76&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail Intapp's accounting policies, revenue recognition, business combinations, goodwill, intangible assets, stock-based compensation, income taxes, and subsequent events - Note 2 details significant accounting policies, including revenue recognition, use of estimates, segment information, stock-based compensation, and business combinations[333](index=333&type=chunk)[336](index=336&type=chunk)[337](index=337&type=chunk)[339](index=339&type=chunk)[354](index=354&type=chunk)[368](index=368&type=chunk) - Note 3 provides disaggregation of revenues by geography, deferred commissions, and contract balances, including remaining performance obligations of **$719.7 million** as of June 30, 2025[388](index=388&type=chunk)[389](index=389&type=chunk)[390](index=390&type=chunk)[393](index=393&type=chunk) - Note 4 details business combinations, including the acquisitions of TermSheet (FY2025), delphai (FY2024), TDI (FY2024), Paragon (FY2023), and Billstream (FY2022), and their impact on goodwill and intangible assets[394](index=394&type=chunk)[401](index=401&type=chunk)[404](index=404&type=chunk)[408](index=408&type=chunk)[414](index=414&type=chunk) - Note 12 outlines stock-based compensation, including equity incentive plans, stock options, PSUs, and RSUs, with total stock-based compensation expense of **$88.1 million** in FY2025[451](index=451&type=chunk)[453](index=453&type=chunk)[454](index=454&type=chunk)[457](index=457&type=chunk)[458](index=458&type=chunk)[459](index=459&type=chunk) - Note 13 discusses income taxes, including deferred tax assets and liabilities, net operating loss carryforwards, and the valuation allowance[464](index=464&type=chunk)[466](index=466&type=chunk)[468](index=468&type=chunk) - Note 18 details subsequent events, including the Board's authorization of a **$150.0 million** stock repurchase program on August 7, 2025[480](index=480&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=108&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) Intapp reports no changes in or disagreements with its accountants regarding accounting or financial disclosure - There have been no changes in or disagreements with accountants on accounting or financial disclosure[482](index=482&type=chunk) [Item 9A. Controls and Procedures](index=108&type=section&id=Item%209A.%20Controls%20and%20Procedures) Intapp's management concluded that disclosure controls and internal control over financial reporting were effective as of June 30, 2025, with no material changes - Disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2025[483](index=483&type=chunk) - Management concluded that internal control over financial reporting was effective as of June 30, 2025, based on the COSO framework[485](index=485&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[487](index=487&type=chunk) - Control systems provide reasonable, not absolute, assurance, and may not prevent or detect all errors and fraud[488](index=488&type=chunk) [Item 9B. Other Information](index=109&type=section&id=Item%209B.%20Other%20Information) This section discloses Rule 10b5-1 trading plans by a Board member and executive officers, and the amendment of company bylaws in August 2025 - Board member George Neble entered a Rule 10b5-1 Plan on May 28, 2025, for potential sale of up to **5,800 shares**[489](index=489&type=chunk) - Chief People and Places Officer Michele Murgel entered a Rule 10b5-1 Plan on June 9, 2025, for potential sale of up to **71,148 shares** and net shares from vested PSUs/RSUs[490](index=490&type=chunk) - Chief Operating Officer Don Coleman entered a Rule 10b5-1 Plan on June 13, 2025, for potential sale of net shares from vested RSUs and **50%** of net shares from vested PSUs[491](index=491&type=chunk) - The Board amended and restated the company's bylaws on August 18, 2025, removing obsolete references[492](index=492&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=109&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to Intapp PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=110&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Intapp has a Code of Business Conduct and Ethics and an Insider Trading Policy, and this section provides biographical information for its executive officers - Intapp has a Code of Business Conduct and Ethics and an Insider Trading Policy, available on its website, applicable to officers, directors, and employees[496](index=496&type=chunk)[497](index=497&type=chunk) - Key executive officers include John Hall (CEO), David H. Morton, Jr. (CFO), Thad Jampol (Co-founder & CPO), Don Coleman (COO), Michele Murgel (Chief People and Places Officer), Scott Fitzgerald (CMO), and Ben Harrison (President, Industries)[498](index=498&type=chunk)[499](index=499&type=chunk)[500](index=500&type=chunk)[501](index=501&type=chunk)[502](index=502&type=chunk)[504](index=504&type=chunk)[505](index=505&type=chunk)[506](index=506&type=chunk) [Item 11. Executive Compensation](index=111&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation details are incorporated by reference from Intapp's 2025 Annual Meeting of Stockholders proxy statement - Executive compensation details are incorporated by reference from the 2025 Annual Meeting of Stockholders proxy statement[508](index=508&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=111&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership and equity compensation plan information are incorporated by reference from Intapp's 2025 Annual Meeting of Stockholders proxy statement - Security ownership and equity compensation plan information are incorporated by reference from the 2025 Annual Meeting of Stockholders proxy statement[509](index=509&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=111&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from Intapp's 2025 Annual Meeting of Stockholders proxy statement - Information on related party transactions and director independence is incorporated by reference from the 2025 Annual Meeting of Stockholders proxy statement[510](index=510&type=chunk) [Item 14. Principal Accountant Fees and Services](index=112&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Principal accountant fees and services information is incorporated by reference from Intapp's 2025 Annual Meeting of Stockholders proxy statement - Principal accountant fees and services information is incorporated by reference from the 2025 Annual Meeting of Stockholders proxy statement[511](index=511&type=chunk) PART IV [Item 15. Exhibits and Financial Statement Schedules](index=113&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists exhibits and financial statement schedules filed with the 10-K, including corporate documents, equity plans, agreements, and certifications - The section provides an index of exhibits and financial statement schedules filed with the 10-K report[514](index=514&type=chunk)[517](index=517&type=chunk) - Exhibits include corporate governance documents, equity plans, employment agreements, and credit agreements[518](index=518&type=chunk)[519](index=519&type=chunk)[520](index=520&type=chunk) - Certifications from the Principal Executive Officer and Principal Financial Officer are included[521](index=521&type=chunk) [Item 16. Form 10-K Summary](index=113&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K Summary is included in this annual report - No Form 10-K Summary is provided[515](index=515&type=chunk)

Market Trends - A significant shift has occurred from small and mid-cap growth stocks to large-cap stocks, indicating a preference for safety among investors [1]. Analyst Insights - Gary Alexander, with extensive experience in technology and startups, has been actively contributing to discussions on industry trends since 2017, providing insights that shape current market themes [1].

Core Insights - Intapp Inc (NASDAQ: INTA) experienced an 11.1% increase in stock price, reaching $41.02, following better-than-expected fiscal fourth-quarter results and an upward revision of its full-year revenue forecast, driven by growing cloud revenue [1] - The company announced a $150 million share repurchase program, indicating confidence in its financial position [1] Stock Performance - Prior to the recent rebound, Intapp's stock had been declining since mid-June, marking its ninth consecutive weekly loss, and is down 36.4% year to date from a record high of $77.74 on February 14 [2] - Analysts have mixed opinions on the stock, with UBS lowering its price target to $72 from $83, while Barclays raised its target to $47 from $44 [3] - The 12-month consensus price target stands at $61.43, which represents a significant premium over current stock levels [3] Options Activity - Intapp's stock has seen an increase in options trading, with daily options volume reaching eight times its usual amount, indicating heightened interest [3] - The August 45 call option has emerged as the most popular, with new positions being opened [3]

Financial Data and Key Metrics Changes - In Q4, cloud ARR grew 29% year over year to $383 million, representing 79% of total ARR of $485 million [5][29] - SaaS revenue reached $90 million, up 27% year over year, while total revenue was $135 million, an 18% increase year over year [5][26] - Non-GAAP gross margin improved to 78% from 76.1% a year ago, reflecting operational efficiency [27] - Free cash flow for the quarter was $37.5 million, or 28% of total revenue, with cash and cash equivalents ending at $313.1 million [28][29] Business Line Data and Key Metrics Changes - SaaS revenue for the full year was $331.9 million, up 28% year over year, driven by new client acquisitions and ongoing cloud migrations [30] - License revenue totaled $120 million, up 2% year over year, while professional services revenue was $52.1 million, down 3% year over year [31] - The number of clients with ARR over $1 million increased by 49% year over year to 109 [6][29] Market Data and Key Metrics Changes - The cloud net revenue retention rate was 120%, indicating strong retention and expansion among existing cloud clients [29] - The company ended the fiscal year with over 2,700 total clients, with significant growth in the number of clients in various ARR brackets [29] Company Strategy and Development Direction - The company is optimistic about its applied AI strategy and vertical SaaS platform, which are seen as key growth drivers in a large addressable market [8][21] - Strategic acquisitions and partnerships, particularly with Microsoft and Snowflake, are integral to expanding the product portfolio and enhancing market presence [12][13] - The focus on enterprise sales and the strategic accounts program has led to a 49% growth in million-dollar accounts year over year [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to leverage AI for growth and compliance, which is increasingly important in regulated markets [9][52] - The outlook for fiscal year 2026 includes expectations for SaaS revenue between $411.4 million and $415.4 million, with non-GAAP operating income projected between $96 million and $100 million [33] Other Important Information - The company reported a total remaining performance obligation (RPO) of $719.7 million, up 27% year over year [29] - The partner ecosystem closed FY '25 with 145 active partners, contributing significantly to the company's largest deals [27] Q&A Session Summary Question: Can you elaborate on the 120% net revenue retention rate? - Management noted that low churn and strong execution in upselling and cross-selling contributed to the high retention rate, especially as the company moves further upstream into enterprise accounts [35][36] Question: What is the contribution of the term sheet acquisition to ARR? - The contribution from the term sheet acquisition was described as relatively immaterial, accounting for less than 5% of the incremental ARR in the quarter [82][84] Question: How does the partnership with Snowflake enhance the company's offerings? - The partnership with Snowflake was established to ensure interoperability and meet the demand for integrated solutions among enterprise clients, enhancing the overall value proposition [48][50] Question: What are the expectations for capital allocation and share repurchase? - The board has authorized $150 million in share repurchases, reflecting the company's strong financial performance and commitment to returning value to shareholders [101]

Financial Data and Key Metrics Changes - In Q4, the company's cloud ARR grew 29% year over year to $383 million, representing 79% of total ARR of $485 million [4][22] - SaaS revenue reached $90 million, up 27% year over year, while total revenue was $135 million, an 18% increase year over year [4][25] - Non-GAAP gross margin improved to 78% from 76.1% a year ago, reflecting progress toward breakeven gross margins in professional services [26] - Non-GAAP operating income was $21.3 million, up from $13.5 million in Q4 of the previous year [27] - Free cash flow for the quarter was $37.5 million, or 28% of total revenue [27] Business Line Data and Key Metrics Changes - The number of clients with ARR exceeding $1 million increased by 49% year over year, reaching 109 [5][28] - SaaS revenue for the full fiscal year was $331.9 million, up 28% year over year [29] - License revenue totaled $120 million, up 2% year over year, driven by on-premise price increases and multi-year renewals [30] Market Data and Key Metrics Changes - The company ended the fiscal year with over 2,700 total clients, with a cloud net revenue retention rate of 120% [28][29] - The partner ecosystem closed FY '25 with 145 active partners, contributing significantly to the company's largest deals [26] Company Strategy and Development Direction - The company is optimistic about its applied AI strategy and vertical SaaS platform, which are seen as strong foundations for sustained growth [6][20] - Strategic acquisitions have expanded the product portfolio and R&D capabilities, enhancing the company's competitive position in highly regulated markets [5][6] - The focus on enterprise sales and partnerships, particularly with Microsoft, is expected to drive future growth [12][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth opportunities presented by digitalization, cloud adoption, and compliance-driven demand [22][23] - The company anticipates continued broad-based adoption of its AI offerings, supported by a growing client base and a healthy pipeline [25][32] - Management highlighted the importance of understanding compliance requirements as a key differentiator in the market [50][51] Other Important Information - The company achieved over $500 million in annual revenue for the first time, generating well over $100 million in free cash flow [23][32] - The acquisition of Termsheet is expected to enhance the company's capabilities in the real assets market, which is seen as a significant growth opportunity [13][96] Q&A Session Summary Question: Can you elaborate on the 120% net revenue retention rate? - Management indicated that low churn and strong execution in upselling and cross-selling contributed to the high retention rate, particularly as the company moves further upstream into enterprise accounts [35][36] Question: What is the rationale behind the collaboration with Snowflake? - The partnership with Snowflake was established to enhance interoperability and meet the growing demand for integrated solutions among enterprise clients [47][49] Question: How does the company view the contribution of the Microsoft partnership? - The partnership with Microsoft has been pivotal, with significant contributions to large deals and a streamlined sales process due to existing agreements [88][89] Question: What is the expected contribution of the Term Sheet acquisition to ARR? - The contribution from Term Sheet was described as relatively immaterial, accounting for less than 5% of the incremental ARR in the quarter [81][82] Question: How does the company plan to allocate capital moving forward? - The company plans to invest in product development, pursue strategic acquisitions, and utilize the newly authorized share repurchase program [102][104]