J Studios Summary Following my coverage on Intapp (NASDAQ:INTA), for which I recommended a hold rating (in Jun’23) as valuation has become too expensive (8x forward revenue at the time of writing), this post is to provide an update on my thoughts on the business and stock. While I did not downgrade to a sell rating, I believe shifting away from a buy rating was the right decision as valuation continued to trend down as share price fell from $48 (previous update time of writing) to $31 (near my original ...

PALO ALTO, Calif., April 09, 2024 (GLOBE NEWSWIRE) -- Knowledge workers across accounting, consulting, private capital, and law are eager to leverage AI technology to automate manual tasks, work more efficiently, and derive greater career satisfaction. Firms have incentive to equip their professionals with the AI tools and training necessary to increase their productivity, help them achieve performance goals, and ensure their retention. These findings and more are revealed in the 2024 Technology Perceptions ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the company's unaudited financial statements, management's analysis, and key risk disclosures [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents the unaudited condensed consolidated financial statements and accompanying notes for the period [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary | Metric | Dec 31, 2023 (in thousands) | Jun 30, 2023 (in thousands) | Change | | :-------------------------- | :-------------------------- | :-------------------------- | :----- | | Cash and cash equivalents | $166,357 | $130,377 | +$35,980 | | Total current assets | $284,098 | $254,839 | +$29,259 | | Total assets | $653,528 | $628,907 | +$24,621 | | Total current liabilities | $259,143 | $259,349 | -$206 | | Total liabilities | $281,871 | $287,699 | -$5,828 | | Total stockholders' equity | $371,657 | $341,208 | +$30,449 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Operations Summary | Metric (in thousands) | 3 Months Ended Dec 31, 2023 | 3 Months Ended Dec 31, 2022 | Change (YoY) | 6 Months Ended Dec 31, 2023 | 6 Months Ended Dec 31, 2022 | Change (YoY) | | :-------------------- | :-------------------------- | :-------------------------- | :----------- | :-------------------------- | :-------------------------- | :----------- | | Total revenues | $103,933 | $84,692 | +22.7% | $205,508 | $164,230 | +25.1% | | SaaS and support revenue | $77,109 | $61,605 | +25.2% | $150,170 | $118,418 | +26.8% | | Total recurring revenues | $91,252 | $72,584 | +25.7% | $178,216 | $141,645 | +25.8% | | Gross profit | $73,164 | $57,907 | +26.3% | $143,166 | $112,111 | +27.7% | | Operating loss | $(11,082) | $(19,428) | -42.9% | $(25,047) | $(38,574) | -35.1% | | Net loss | $(9,213) | $(19,754) | -53.4% | $(24,534) | $(39,808) | -38.4% | | Net loss per share (basic & diluted) | $(0.13) | $(0.31) | -58.1% | $(0.35) | $(0.63) | -44.4% | [Condensed Consolidated Statements of Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Comprehensive Loss Summary | Metric (in thousands) | 3 Months Ended Dec 31, 2023 | 3 Months Ended Dec 31, 2022 | 6 Months Ended Dec 31, 2023 | 6 Months Ended Dec 31, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net loss | $(9,213) | $(19,754) | $(24,534) | $(39,808) | | Foreign currency translation adjustments | $352 | $651 | $61 | $(27) | | Comprehensive loss | $(8,861) | $(19,103) | $(24,473) | $(39,835) | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' Equity Changes | Metric (in thousands) | Balance as of Jun 30, 2023 | Issuance of common stock upon exercise of stock options | Issuance of common stock under employee stock purchase plan | Stock-based compensation | Net loss | Balance as of Dec 31, 2023 | | :-------------------- | :------------------------- | :---------------------------------------------------- | :-------------------------------------------------------- | :----------------------- | :------- | :------------------------- | | Common Stock (Amount) | $69 | $2 | $0 | $0 | $0 | $72 | | Additional Paid-in Capital | $797,639 | $17,934 | $1,725 | $35,265 | $0 | $852,558 | | Accumulated Deficit | $(455,161) | $0 | $0 | $0 | $(24,534) | $(479,695) | | Total Stockholders' Equity | $341,208 | $17,936 | $1,725 | $35,265 | $(24,534) | $371,657 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary | Metric (in thousands) | 6 Months Ended Dec 31, 2023 | 6 Months Ended Dec 31, 2022 | Change | | :------------------------------------------ | :-------------------------- | :-------------------------- | :----- | | Net cash provided by operating activities | $23,647 | $13,347 | +$10,300 | | Net cash used in investing activities | $(4,807) | $(4,395) | -$412 | | Net cash provided by (used in) financing activities | $16,329 | $(10,342) | +$26,671 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $35,372 | $(1,741) | +$37,113 | | Cash, cash equivalents and restricted cash - end of period | $166,557 | $52,570 | +$113,987 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Note 1. Description of Business](index=11&type=section&id=Note%201.%20Description%20of%20Business) - Intapp, Inc is a leading provider of industry-specific, cloud-based software solutions for the global professional and financial services industry[26](index=26&type=chunk) - The company empowers private capital, investment banking, legal, accounting, and consulting firms with technology to operate competitively, deliver insights, and meet regulatory requirements[26](index=26&type=chunk) - Clients are primarily located in the **United States** and the **United Kingdom**[26](index=26&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=11&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) - The unaudited condensed consolidated financial statements are prepared in accordance with GAAP and SEC interim reporting requirements, consistent with annual statements[27](index=27&type=chunk) - Significant accounting estimates include revenue recognition, allowance for credit losses, depreciable lives of assets, fair value of stock-based awards, and contingent consideration liabilities[29](index=29&type=chunk) - The company will be deemed a **large accelerated filer** as of June 30, 2024, due to its market value exceeding $700 million, resulting in the loss of emerging growth company status benefits[57](index=57&type=chunk)[193](index=193&type=chunk) - Adopted ASU No 2016-13 (Financial Instruments – Credit Losses) on July 1, 2023, with **no material impact** on financial statements[58](index=58&type=chunk) - New accounting pronouncements not yet adopted include ASU No 2023-07 (Segment Reporting) and ASU No 2023-09 (Income Taxes), both expected to impact disclosures[59](index=59&type=chunk)[60](index=60&type=chunk) [Note 3. Revenues](index=15&type=section&id=Note%203.%20Revenues) Revenue by Geography (in thousands) | Geography | 3 Months Ended Dec 31, 2023 | 3 Months Ended Dec 31, 2022 | 6 Months Ended Dec 31, 2023 | 6 Months Ended Dec 31, 2022 | | :-------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | United States | $73,163 | $57,887 | $143,018 | $113,539 | | United Kingdom | $13,829 | $13,511 | $28,555 | $26,523 | | Rest of the world | $16,941 | $13,294 | $33,935 | $24,168 | | **Total** | **$103,933** | **$84,692** | **$205,508** | **$164,230** | - Approximately **$447.6 million** of revenues is expected to be recognized from remaining performance obligations as of December 31, 2023, with **58%** over the next 12 months[65](index=65&type=chunk) - During the six months ended December 31, 2023, the company recognized **$125.1 million** in revenue pertaining to deferred revenue as of June 30, 2023[63](index=63&type=chunk) [Note 4. Goodwill and Intangible Assets](index=16&type=section&id=Note%204.%20Goodwill%20and%20Intangible%20Assets) Goodwill | Metric | Dec 31, 2023 (in thousands) | Jun 30, 2023 (in thousands) | | :-------------------------- | :-------------------------- | :-------------------------- | | Goodwill | $278,955 | $278,890 | Intangible Assets, Net | Intangible Asset | Dec 31, 2023 (in thousands) | Jun 30, 2023 (in thousands) | | :--------------------- | :-------------------------- | :-------------------------- | | Client relationships | $22,218 | $24,559 | | Non-compete agreements | $1,198 | $1,524 | | Trademarks and trade names | $6,942 | $7,235 | | Core technology | $7,134 | $9,244 | | Backlog | $446 | $695 | | **Total Intangible assets, net** | **$37,938** | **$43,257** | Future Amortization of Intangible Assets | Fiscal Year Ending June 30, | Amount (in thousands) | | :-------------------------- | :-------------------- | | 2024 (remaining 6 months) | $4,890 | | 2025 | $7,506 | | 2026 | $5,090 | | 2027 | $4,925 | | 2028 | $4,428 | | 2029 and thereafter | $6,416 | | **Total remaining amortization** | **$33,255** | [Note 5. Fair Value Measurements](index=17&type=section&id=Note%205.%20Fair%20Value%20Measurements) Assets Measured at Fair Value (Dec 31, 2023) | Asset | Level 1 (in thousands) | Level 2 (in thousands) | Level 3 (in thousands) | Total (in thousands) | | :-------------- | :--------------------- | :--------------------- | :--------------------- | :------------------- | | Money market funds | $76,665 | $— | $— | $76,665 | Liabilities Measured at Fair Value | Liability | Dec 31, 2023 (in thousands) | Jun 30, 2023 (in thousands) | | :------------------------------------------ | :-------------------------- | :-------------------------- | | Liability for contingent consideration, current | $1,550 | $2,364 | | Liability for contingent consideration, non-current | $1,931 | $4,317 | | **Total financial liabilities** | **$3,481** | **$6,681** | Changes in Fair Value of Contingent Consideration | Metric | 6 Months Ended Dec 31, 2023 (in thousands) | 6 Months Ended Dec 31, 2022 (in thousands) | | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Balance, beginning of period | $6,681 | $13,835 | | Payment of contingent consideration | $(985) | $(9,299) | | Change in fair value of contingent consideration | $(2,215) | $(232) | | Effect of foreign currency exchange rate changes | $— | $(410) | | **Balance, end of period** | **$3,481** | **$3,894** | [Note 6. Property and Equipment](index=19&type=section&id=Note%206.%20Property%20and%20Equipment) Property and Equipment, Net | Asset Category | Dec 31, 2023 (in thousands) | Jun 30, 2023 (in thousands) | | :-------------------------- | :-------------------------- | :-------------------------- | | Computer equipment and software | $2,698 | $2,290 | | Capitalized internal-use software | $20,053 | $16,978 | | Furniture and office equipment | $2,390 | $2,433 | | Leasehold improvements | $5,840 | $5,897 | | Construction in progress | $491 | $386 | | Total property and equipment | $31,472 | $27,984 | | Less: accumulated depreciation and amortization | $(14,161) | $(11,618) | | **Property and equipment, net** | **$17,311** | **$16,366** | - The company capitalized **$3.1 million** of costs related to internal-use software during the six months ended December 31, 2023[77](index=77&type=chunk) [Note 7. Leases](index=19&type=section&id=Note%207.%20Leases) - Weighted-average remaining lease term for operating leases was **5.8 years** as of December 31, 2023, with a weighted-average discount rate of **7.1%**[81](index=81&type=chunk) Operating Lease Liabilities | Metric | Amount (in thousands) | | :---------------------------------- | :-------------------- | | Present value of operating lease liabilities (Dec 31, 2023) | $19,031 | - In February 2024, the company entered into a six-year lease agreement for an office space in New York City with total undiscounted base rent of approximately **$7.3 million**[82](index=82&type=chunk)[177](index=177&type=chunk) [Note 8. Commitments and Contingencies](index=21&type=section&id=Note%208.%20Commitments%20and%20Contingencies) - The company has a remaining commitment of **$101.0 million** for Microsoft cloud services as of December 31, 2023, under an agreement that concludes at the end of December 2028[84](index=84&type=chunk) - The company is not currently a party to any litigation whose outcome is believed to have a **material adverse effect** on its business, operating results, or financial condition[85](index=85&type=chunk) [Note 9. Debt](index=21&type=section&id=Note%209.%20Debt) - The company has a five-year, senior secured revolving credit facility of **$100.0 million** with JPMorgan Chase Bank, N.A, which was **undrawn** as of December 31, 2023[86](index=86&type=chunk)[89](index=89&type=chunk) - The company was in **compliance with all covenants** under the Credit Agreement as of December 31, 2023[88](index=88&type=chunk) [Note 10. Stockholders' Equity and Stock-Based Compensation](index=22&type=section&id=Note%2010.%20Stockholders'%20Equity%20and%20Stock-Based%20Compensation) Shares Reserved for Issuance (as of Dec 31, 2023) | Category | Shares (in thousands) | | :-------------------------- | :-------------------- | | Outstanding stock options | 8,345 | | Unvested PSUs and RSUs | 6,168 | | Reserved for ESPP | 2,820 | | Reserved for future stock award grants | 5,567 | | **Total** | **22,900** | Stock-Based Compensation Expense | Category | 3 Months Ended Dec 31, 2023 (in thousands) | 3 Months Ended Dec 31, 2022 (in thousands) | 6 Months Ended Dec 31, 2023 (in thousands) | 6 Months Ended Dec 31, 2022 (in thousands) | | :-------------------------- | :----------------------------------------- | :----------------------------------------- | :----------------------------------------- | :----------------------------------------- | | Cost of SaaS and support | $586 | $546 | $1,127 | $831 | | Cost of professional services | $1,432 | $1,145 | $2,765 | $1,893 | | Research and development | $4,468 | $4,646 | $9,114 | $6,780 | | Sales and marketing | $4,888 | $6,352 | $10,227 | $12,105 | | General and administrative | $5,134 | $7,579 | $12,032 | $14,427 | | **Total stock-based compensation** | **$16,508** | **$20,268** | **$35,265** | **$36,036** | - As of December 31, 2023, there was approximately **$129.4 million** of unrecognized compensation cost related to unvested stock-based awards, expected to be recognized over a weighted-average period of approximately **2.6 years**[98](index=98&type=chunk) [Note 11. Income Taxes](index=24&type=section&id=Note%2011.%20Income%20Taxes) Income Tax Expense | Period | 2023 (in thousands) | 2022 (in thousands) | | :-------------------------- | :------------------ | :------------------ | | Three Months Ended Dec 31 | $(188) | $(466) | | Six Months Ended Dec 31 | $(601) | $(651) | - The company maintains a **full valuation allowance** on its federal and state net operating losses and credits[101](index=101&type=chunk) [Note 12. Net Loss Per Share](index=24&type=section&id=Note%2012.%20Net%20Loss%20Per%20Share) Net Loss Per Share | Period | 2023 | 2022 | | :-------------------------- | :----- | :----- | | Three Months Ended Dec 31 | $(0.13) | $(0.31) | | Six Months Ended Dec 31 | $(0.35) | $(0.63) | - Basic net loss per share is the same as diluted net loss per share because the company reported net losses for all periods presented, leading to the exclusion of **14.6 million potential common shares** as anti-dilutive[104](index=104&type=chunk)[105](index=105&type=chunk) [Note 13. Related Party Transactions](index=25&type=section&id=Note%2013.%20Related%20Party%20Transactions) - In November 2023, the company completed a secondary offering where existing stockholders sold **5,000,000 shares** of common stock; the company did not receive any proceeds from this sale[106](index=106&type=chunk) - The company incurred **$0.6 million** in costs related to the secondary offering for the six months ended December 31, 2023[106](index=106&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on financial condition, operational results, key metrics, and liquidity [Overview](index=26&type=section&id=Overview) - Intapp is a leading provider of industry-specific, cloud-based software solutions for the global professional and financial services industry[109](index=109&type=chunk) - The Intapp platform enhances team collaboration, digitizes complex workflows, and leverages proprietary AI to nurture relationships and originate new business[110](index=110&type=chunk) - The platform helps firms increase client fees and investment returns, operate more efficiently, and better manage risk and compliance[110](index=110&type=chunk) [How We Generate Revenue](index=26&type=section&id=How%20We%20Generate%20Revenue) - Revenues are primarily generated from software subscriptions (SaaS and on-premise term licenses with support) and non-recurring professional services for implementation and configuration[111](index=111&type=chunk)[113](index=113&type=chunk) - SaaS subscription revenues are recognized ratably over the contract term, while subscription license revenues are recognized upfront for the license component and ratably for support[111](index=111&type=chunk) - The vast majority of future Annual Recurring Revenue (ARR) growth is expected from the sale of **SaaS subscriptions**[112](index=112&type=chunk) [Key Factors Affecting Our Performance](index=26&type=section&id=Key%20Factors%20Affecting%20Our%20Performance) - Future growth depends on market adoption of the cloud platform, requiring the company to win new clients and expand within existing ones[114](index=114&type=chunk) - The company plans continued substantial investments in **research and development** and in **sales and marketing** to support growth[115](index=115&type=chunk) - Acquisition opportunities will continue to be evaluated to extend the platform, broaden market leadership, and add new clients[116](index=116&type=chunk) [Key Business Metrics](index=27&type=section&id=Key%20Business%20Metrics) Annual Recurring Revenues (ARR) | Metric | Dec 31, 2023 | Dec 31, 2022 | Change (YoY) | | :---- | :----------- | :----------- | :----------- | | Annual Recurring Revenues (ARR) | $365.0 million | $301.3 million | +21% | Cloud ARR | Metric | Dec 31, 2023 | Dec 31, 2022 | Change (YoY) | | :------- | :----------- | :----------- | :----------- | | Cloud ARR | $256.1 million | $191.8 million | +34% | | % of ARR | 70% | 64% | +6 ppts | - Trailing twelve months' net revenue retention rate as of December 31, 2023, was **115%**, within the expected range of 113% to 117%[122](index=122&type=chunk) - The company had over **2,400 clients** as of December 31, 2023, with **649 clients** having contracts greater than $100,000 of ARR, up from 561 clients in the prior year[123](index=123&type=chunk)[124](index=124&type=chunk) [Components of Our Results of Operations](index=27&type=section&id=Components%20of%20Our%20Results%20of%20Operations) - Recurring revenues accounted for **87%** of total revenues during the six months ended December 31, 2023[125](index=125&type=chunk) - Professional services, primarily for implementation and configuration, are currently **loss-making** after allocated overhead costs[129](index=129&type=chunk) - Cost of revenues is expected to increase in absolute dollars due to the expansion of the SaaS client base[130](index=130&type=chunk) - Research and development, sales and marketing, and general and administrative expenses are all expected to **increase in absolute dollars** to support continued growth[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) [Revenues](index=31&type=section&id=Revenues_MD&A) Revenue by Category | Revenue Category (in thousands) | 3 Months Ended Dec 31, 2023 | 3 Months Ended Dec 31, 2022 | Change (YoY) | 6 Months Ended Dec 31, 2023 | 6 Months Ended Dec 31, 2022 | Change (YoY) | | :------------------------------ | :-------------------------- | :-------------------------- | :----------- | :-------------------------- | :-------------------------- | :----------- | | SaaS and support | $77,109 | $61,605 | +25% | $150,170 | $118,418 | +27% | | Subscription license | $14,143 | $10,979 | +29% | $28,046 | $23,227 | +21% | | **Total recurring revenues** | **$91,252** | **$72,584** | **+26%** | **$178,216** | **$141,645** | **+26%** | | Professional services | $12,681 | $12,108 | +5% | $27,292 | $22,585 | +21% | | **Total revenues** | **$103,933** | **$84,692** | **+23%** | **$205,508** | **$164,230** | **+25%** | - SaaS and support revenue growth was driven by sales to new clients, expansion within existing clients, and client migration from on-premise to cloud solutions[143](index=143&type=chunk) - Subscription license revenue increased due to larger multi-year renewals, annual renewals on multi-year contracts, and CPI-based price increases[144](index=144&type=chunk) [Cost of Revenues and Gross Profit](index=31&type=section&id=Cost%20of%20Revenues%20and%20Gross%20Profit_MD&A) Cost of Revenues and Gross Profit Summary | Metric (in thousands) | 3 Months Ended Dec 31, 2023 | 3 Months Ended Dec 31, 2022 | Change (YoY) | 6 Months Ended Dec 31, 2023 | 6 Months Ended Dec 31, 2022 | Change (YoY) | | :-------------------- | :-------------------------- | :-------------------------- | :----------- | :-------------------------- | :-------------------------- | :----------- | | Cost of SaaS and support | $14,416 | $12,456 | +16% | $28,829 | $24,854 | +16% | | Cost of professional services | $16,353 | $14,329 | +14% | $33,513 | $27,265 | +23% | | **Total cost of revenues** | **$30,769** | **$26,785** | **+15%** | **$62,342** | **$52,119** | **+20%** | | Gross profit | $73,164 | $57,907 | +26% | $143,166 | $112,111 | +28% | - The increase in cost of SaaS and support revenues was primarily due to higher cloud hosting costs and personnel-related costs[148](index=148&type=chunk)[149](index=149&type=chunk) - Cost of professional services revenues increased due to higher personnel-related costs and sub-contractor costs as teams expanded to support client growth[150](index=150&type=chunk)[151](index=151&type=chunk) - Gross profit improvement was mainly attributable to growth in SaaS and support revenues and an operational realignment of certain team expenses[152](index=152&type=chunk)[153](index=153&type=chunk) [Operating Expenses](index=33&type=section&id=Operating%20Expenses_MD&A) Operating Expenses Summary | Operating Expense (in thousands) | 3 Months Ended Dec 31, 2023 | 3 Months Ended Dec 31, 2022 | Change (YoY) | 6 Months Ended Dec 31, 2023 | 6 Months Ended Dec 31, 2022 | Change (YoY) | | :------------------------------- | :-------------------------- | :-------------------------- | :----------- | :-------------------------- | :-------------------------- | :----------- | | Research and development | $27,981 | $23,392 | +20% | $56,477 | $43,071 | +31% | | Sales and marketing | $35,269 | $33,538 | +5% | $69,688 | $64,850 | +7% | | General and administrative | $20,996 | $20,753 | +1% | $42,048 | $41,163 | +2% | | Lease modification and impairment | $0 | $(348) | * | $0 | $1,601 | * | | **Total operating expenses** | **$84,246** | **$77,335** | **+9%** | **$168,213** | **$150,685** | **+12%** | - **Research and development** expenses increased significantly due to higher personnel-related costs, increased contractor costs, and higher stock-based compensation[155](index=155&type=chunk)[156](index=156&type=chunk) - **Sales and marketing** expenses rose due to increased personnel costs and marketing events, partially offset by a decrease in stock-based compensation[157](index=157&type=chunk)[158](index=158&type=chunk) - **General and administrative** expenses increased primarily from third-party professional fees and personnel costs, partially offset by other factors[159](index=159&type=chunk)[160](index=160&type=chunk) [Interest and Other Income (Expense), Net](index=35&type=section&id=Interest%20and%20Other%20Income%20(Expense),%20Net_MD&A) Interest and Other Income (Expense), Net | Metric (in thousands) | 3 Months Ended Dec 31, 2023 | 3 Months Ended Dec 31, 2022 | Change (YoY) | 6 Months Ended Dec 31, 2023 | 6 Months Ended Dec 31, 2022 | Change (YoY) | | :-------------------------------- | :-------------------------- | :-------------------------- | :----------- | :-------------------------- | :-------------------------- | :----------- | | Interest and other income (expense), net | $2,057 | $140 | +1,369% | $1,114 | $(583) | +291% | - The significant increase in interest and other income (expense), net, was primarily driven by **higher interest income** from cash held in money market funds[163](index=163&type=chunk) [Income Tax Expense](index=36&type=section&id=Income%20Tax%20Expense_MD&A) Income Tax Expense | Period | 2023 (in thousands) | 2022 (in thousands) | | :-------------------------- | :------------------ | :------------------ | | Three Months Ended Dec 31 | $(188) | $(466) | | Six Months Ended Dec 31 | $(601) | $(651) | - Income tax expense was primarily attributable to income tax in **U.S. state and foreign jurisdictions**[164](index=164&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) - As of December 31, 2023, the company had **$166.6 million** in cash, cash equivalents, and restricted cash[165](index=165&type=chunk) - The company has an undrawn **$100.0 million** senior secured revolving credit facility with JPMorgan, and was in compliance with all covenants as of December 31, 2023[167](index=167&type=chunk)[88](index=88&type=chunk) Cash Flow Activities | Cash Flow Activity (in thousands) | 6 Months Ended Dec 31, 2023 | 6 Months Ended Dec 31, 2022 | Change | | :------------------------------------------ | :-------------------------- | :-------------------------- | :----- | | Net cash provided by operating activities | $23,647 | $13,347 | +$10,300 | | Net cash used in investing activities | $(4,807) | $(4,395) | -$412 | | Net cash provided by (used in) financing activities | $16,329 | $(10,342) | +$26,671 | - Net cash provided by operating activities increased due to **reduced operating loss** and net cash inflow from changes in operating assets and liabilities[170](index=170&type=chunk) - Net cash provided by financing activities was primarily driven by **$17.9 million** from stock option exercises and **$1.7 million** from the employee stock purchase plan[174](index=174&type=chunk) - Management believes existing cash and credit facility will be **sufficient to meet liquidity needs** for at least the next twelve months[166](index=166&type=chunk) [Non-GAAP Financial Measures](index=39&type=section&id=Non-GAAP%20Financial%20Measures) - Management uses non-GAAP gross profit, non-GAAP recurring gross profit, and non-GAAP operating profit to evaluate business performance[178](index=178&type=chunk)[179](index=179&type=chunk)[181](index=181&type=chunk)[183](index=183&type=chunk) Reconciliation of GAAP to Non-GAAP Gross Profit | Metric | 3 Months Ended Dec 31, 2023 (in thousands) | 3 Months Ended Dec 31, 2022 (in thousands) | 6 Months Ended Dec 31, 2023 (in thousands) | 6 Months Ended Dec 31, 2022 (in thousands) | | :-------------------------- | :----------------------------------------- | :----------------------------------------- | :----------------------------------------- | :----------------------------------------- | | GAAP gross profit | $73,164 | $57,907 | $143,166 | $112,111 | | Stock-based compensation | $2,018 | $1,691 | $3,892 | $2,724 | | Amortization of intangible assets | $1,055 | $917 | $2,110 | $2,413 | | **Non-GAAP gross profit** | **$76,237** | **$60,515** | **$149,168** | **$117,248** | Reconciliation of GAAP to Non-GAAP Recurring Gross Profit | Metric | 3 Months Ended Dec 31, 2023 (in thousands) | 3 Months Ended Dec 31, 2022 (in thousands) | 6 Months Ended Dec 31, 2023 (in thousands) | 6 Months Ended Dec 31, 2022 (in thousands) | | :-------------------------- | :----------------------------------------- | :----------------------------------------- | :----------------------------------------- | :----------------------------------------- | | Recurring gross profit | $76,836 | $60,128 | $149,387 | $116,791 | | Stock-based compensation | $586 | $546 | $1,127 | $831 | | Amortization of intangible assets | $1,055 | $917 | $2,110 | $2,413 | | **Non-GAAP recurring gross profit** | **$78,477** | **$61,591** | **$152,624** | **$120,035** | Reconciliation of GAAP Operating Loss to Non-GAAP Operating Profit | Metric | 3 Months Ended Dec 31, 2023 (in thousands) | 3 Months Ended Dec 31, 2022 (in thousands) | 6 Months Ended Dec 31, 2023 (in thousands) | 6 Months Ended Dec 31, 2022 (in thousands) | | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | :----------------------------------------- | :----------------------------------------- | | GAAP operating loss | $(11,082) | $(19,428) | $(25,047) | $(38,574) | | Stock-based compensation | $16,508 | $20,268 | $35,265 | $36,036 | | Amortization of intangible assets | $2,614 | $2,506 | $5,319 | $5,587 | | Lease modification and impairment | $0 | $(348) | $0 | $1,601 | | Change in fair value of contingent consideration | $(784) | $(232) | $(2,215) | $(232) | | Transaction costs | $350 | $42 | $678 | $201 | | **Non-GAAP operating profit** | **$7,606** | **$2,808** | **$14,000** | **$4,619** | [Critical Accounting Policies and Estimates](index=40&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - There have been **no significant changes** to the company's critical accounting policies or estimates from those disclosed in its Annual Report on Form 10-K for the fiscal year ended June 30, 2023[188](index=188&type=chunk) [Recent Accounting Pronouncements](index=40&type=section&id=Recent%20Accounting%20Pronouncements_MD&A) - Refer to Note 2 of the unaudited condensed consolidated financial statements for information regarding recent accounting pronouncements[189](index=189&type=chunk) [Emerging Growth Company Status](index=41&type=section&id=Emerging%20Growth%20Company%20Status) - The company will be deemed a **large accelerated filer** as of June 30, 2024, because the market value of its common stock held by non-affiliates exceeded $700 million[193](index=193&type=chunk) - As a result, the company will **no longer qualify as an emerging growth company**, losing certain reporting exemptions[193](index=193&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Outlines the company's exposure to foreign currency, credit, inflation, and interest rate risks - The company is exposed to foreign currency exchange risk, primarily related to the British pound, but a hypothetical 10% change in exchange rates would be **immaterial**[196](index=196&type=chunk)[197](index=197&type=chunk) - Credit risk is routinely assessed, and **no material losses** from non-payment of receivables have been experienced[198](index=198&type=chunk) - Inflation has **not had a material effect** on the business, but sustained inflationary pressures could negatively impact the company[199](index=199&type=chunk) - Interest rate risk is primarily related to cash equivalents and an undrawn credit facility; a hypothetical 100 basis points change in interest rates would **not materially impact** operating results[201](index=201&type=chunk)[202](index=202&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Details management's evaluation of disclosure controls and internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were **effective** at the reasonable assurance level as of December 31, 2023[203](index=203&type=chunk) - There were **no changes** in internal control over financial reporting identified during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[204](index=204&type=chunk) - Management acknowledges the inherent limitations of control systems, which can provide only **reasonable, not absolute, assurance**[205](index=205&type=chunk) [PART II. OTHER INFORMATION](index=44&type=section&id=PART%20II.%20OTHER%20INFORMATION) Contains other required information including legal proceedings, risk factors, and exhibit filings [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) Reports on ordinary course legal proceedings with no expected material adverse effect - The company is subject to claims, lawsuits, and proceedings that arise in the ordinary course of business[208](index=208&type=chunk) - The company does not believe that any current litigation would individually or in the aggregate have a **material adverse effect** on its business[85](index=85&type=chunk)[208](index=208&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) Confirms no material changes to risk factors disclosed in the most recent Annual Report on Form 10-K - There have been **no material changes** to the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended June 30, 2023[209](index=209&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) States no unregistered sales of equity securities or use of proceeds occurred during the period - None[210](index=210&type=chunk) [Item 3. Defaults Upon Senior Securities](index=44&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Confirms no defaults upon senior securities occurred - Not applicable[211](index=211&type=chunk) [Item 4. Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) States that mine safety disclosures are not applicable - Not applicable[212](index=212&type=chunk) [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) Discloses the adoption and termination of Rule 10b5-1 trading plans by officers and directors - Ralph Baxter, Michele Murgel, and Thad Jampol entered into **Rule 10b5-1 trading plans** in late 2023 for the potential exercise of stock options and sale of common stock[213](index=213&type=chunk) - Kalyani Tandon, the former Chief Accounting Officer, **terminated her Rule 10b5-1 Plan** on November 13, 2023[214](index=214&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Quarterly Report on Form 10-Q - The exhibits include certifications, a strategic advisor agreement, and Inline XBRL documents[217](index=217&type=chunk)

Financial Data and Key Metrics Changes - In Q2, the company's cloud ARR grew to $256.1 million, up 34% year-over-year, representing 70% of total ARR of $365 million [22] - SaaS and Support revenue was $77.1 million, up 25% year-over-year, while total revenue reached $103.9 million, up 23% year-over-year [22][39] - Non-GAAP gross margin improved to 73.4% compared to 71.5% in the prior year [41] - Non-GAAP operating profit was $7.6 million, up from $2.8 million in the prior year [42] - Free cash flow for Q2 was $11.8 million, or 11% of total revenue [42] - Net revenue retention rate was 115%, within the range of 113% to 117% [43] Business Line Data and Key Metrics Changes - Subscription license revenue increased by 29% year-over-year to $14.1 million, driven by multiyear on-premises renewals from large clients [39] - Professional services revenue grew modestly by 5% year-over-year to $12.7 million, reflecting a strategic shift to leverage partner networks [40] Market Data and Key Metrics Changes - International operations contributed approximately 30% of total revenue for fiscal Q2, indicating strong growth opportunities outside the U.S. [41] - The company continues to expand its client base, ending the quarter with over 2,400 clients, including 649 with ARR of at least $100,000, up from 561 in the prior year [43] Company Strategy and Development Direction - The company is focusing on embedding industry-specific AI into its platform, enhancing its solutions with automation, machine learning, and generative AI [25][27] - The upcoming Intelligence Applied Launch Day on February 22 will unveil new AI capabilities and a new brand identity [24][36] - The company aims to drive growth through its SaaS model and industry-specific cloud platform, capitalizing on AI and cloud adoption [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth opportunities, emphasizing the importance of client relationships and industry-specific solutions [36] - The company is aware of the compliance and trust concerns surrounding AI applications and is focused on addressing these issues [72][73] - The outlook for Q3 includes expected SaaS and Support revenue between $80 million and $81 million, with total revenue projected in the range of $107.5 million to $108.5 million [44] Other Important Information - The company is experiencing a shift away from professional services, focusing more on SaaS and cloud solutions [40] - The relationship with Microsoft is growing, with firms leveraging Azure commitments to purchase Intapp solutions [79] Q&A Session Summary Question: How is the company planning to monetize new AI products? - The company will introduce a mix of capabilities included in existing offerings and new premium SKUs based on advanced capabilities requested by clients [8] Question: What is the outlook for net revenue retention? - Management indicated that more details will be provided at the upcoming Investor Day, with a focus on off-prem cloud solutions [10] Question: How does the company differentiate itself in the AI market? - The company specializes in professional and financial services, embedding AI into industry-specific solutions tailored to client needs [13][14] Question: What is the impact of brand consolidation on DealCloud? - Brand consolidation has led to increased visibility and enthusiasm among clients, enhancing word-of-mouth marketing [50][61] Question: How is the company addressing seasonality in its cloud business? - Management noted that seasonality varies based on client fiscal year ends, with fluctuations expected across quarters [59] Question: What is the relationship with Microsoft and its impact on business? - The relationship is growing, with firms using Azure commitments to purchase Intapp solutions, contributing positively to business [79][80]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40550 Intapp, Inc. (Exact Name of Registrant as Specified in its Charter) ( State or other jurisdiction of incorporation or ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-40550 Intapp, Inc. (Exact name of Registrant as specified in its Charter) (State or other jurisdiction of incorporation ...

Intapp, Inc. (NASDAQ:INTA) Q4 2023 Results Conference Call August 6, 2023 5:00 PM ET Company Participants David Trone - SVP, IR John Hall - Chairman and CEO David Morton - CFO Conference Call Participants Alex Sklar - Raymond James Kevin McVeigh - Credit Suisse Koji Ikeda - Bank of America Connor Passarella - Truist Securities Matthew Kikkert - Stifel Brian Schwartz - Oppenheimer Matt Vanvliet - BTIG Saket Kalia - Barclays Operator Hello, and welcome to Intapp Fiscal Fourth Quarter and Year-End 2023 Financi ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the unaudited financial statements, management's analysis of financial condition and operations, market risk disclosures, and internal controls [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Intapp, Inc.'s unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, along with detailed accounting policy notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$515.3 million** by March 31, 2023, driven by receivables and property, while total liabilities rose to **$250.5 million**, leading to higher stockholders' equity Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2023 (in thousands) | June 30, 2022 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $156,040 | $147,391 | | **Total Assets** | $515,346 | $494,413 | | **Total Current Liabilities** | $227,250 | $223,519 | | **Total Liabilities** | $250,451 | $238,531 | | **Total Stockholders' Equity** | $264,895 | $255,882 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues for the three months ended March 31, 2023, increased **32%** to **$92.0 million**, narrowing the operating loss to **$(18.2) million** and improving net loss per share Statement of Operations Highlights (in thousands, except per share data) | Metric | Q3 2023 (in thousands) | Q3 2022 (in thousands) | Nine Months 2023 (in thousands) | Nine Months 2022 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $92,024 | $69,663 | $256,254 | $196,550 | | SaaS and support | $66,051 | $49,808 | $184,469 | $140,267 | | **Gross Profit** | $63,534 | $43,663 | $175,645 | $124,621 | | **Operating Loss** | $(18,245) | $(28,696) | $(56,819) | $(76,626) | | **Net Loss** | $(18,147) | $(28,736) | $(57,955) | $(78,091) | | **Net Loss Per Share** | $(0.28) | $(0.47) | $(0.91) | $(1.28) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly improved to **$16.8 million** for the nine months ended March 31, 2023, while cash was used in investing and financing activities Cash Flow Summary (in thousands) | Activity | Nine Months Ended March 31, 2023 (in thousands) | Nine Months Ended March 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $16,834 | $4,570 | | **Net cash used in investing activities** | $(6,430) | $(3,333) | | **Net cash provided by (used in) financing activities** | $(10,327) | $3,353 | | **Net increase (decrease) in cash** | $(345) | $4,750 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details significant accounting policies, including lease accounting and revenue recognition, and provides information on goodwill, debt, stock-based compensation, and a subsequent acquisition - The company adopted the new lease accounting standard (ASC 842) on July 1, 2022, recognizing Right-of-Use (ROU) assets of **$21.3 million** and lease liabilities of **$24.7 million**[63](index=63&type=chunk)[66](index=66&type=chunk) - As of March 31, 2023, the company has approximately **$380.3 million** in remaining performance obligations, with **62%** expected to be recognized as revenue in the next 12 months[73](index=73&type=chunk) - On May 2, 2023, the company acquired Paragon Data Labs, Inc. for total consideration including **$7.6 million** at closing, **$2.2 million** deferred, and up to **$10.2 million** in contingent consideration[113](index=113&type=chunk) Revenue by Geography (in thousands) | Region | Nine Months Ended March 31, 2023 (in thousands) | Nine Months Ended March 31, 2022 (in thousands) | | :--- | :--- | :--- | | United States | $178,205 | $136,107 | | United Kingdom | $40,029 | $33,363 | | Rest of the world | $38,020 | $27,080 | | **Total** | **$256,254** | **$196,550** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting strong **ARR growth** and a shift to cloud, alongside an analysis of operations, liquidity, and non-GAAP measures [Key Business Metrics](index=25&type=section&id=Key%20Business%20Metrics) The company demonstrates strong growth in key business metrics, with **Annual Recurring Revenue (ARR)** increasing **24%** to **$315.6 million** and **Cloud ARR** growing **40%** Annual Recurring Revenue (ARR) Growth | Metric | As of March 31, 2023 (in millions) | As of March 31, 2022 (in millions) | Growth | | :--- | :--- | :--- | :--- | | Total ARR | $315.6 | $253.5 | 24% | | Cloud ARR | $206.3 | $147.8 | 40% | - Cloud ARR constituted **65%** of total ARR as of March 31, 2023, up from **58%** in the prior year, indicating a successful shift to SaaS[130](index=130&type=chunk) - The number of clients with over **$100,000** in ARR grew to **572** from **484** year-over-year, demonstrating success in securing larger contracts[132](index=132&type=chunk) - The trailing twelve months' net revenue retention rate was within the recently increased range of **113% to 117%** as of March 31, 2023[122](index=122&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Total revenues increased **30%** to **$256.3 million** for the nine months ended March 31, 2023, driven by SaaS growth, while the operating loss significantly narrowed Revenue Comparison (in thousands) | Revenue Type | Nine Months Ended March 31, 2023 (in thousands) | Nine Months Ended March 31, 2022 (in thousands) | Change % | | :--- | :--- | :--- | :--- | | SaaS and support | $184,469 | $140,267 | 32% | | Subscription license | $36,804 | $30,811 | 19% | | Professional services | $34,981 | $25,472 | 37% | | **Total revenues** | **$256,254** | **$196,550** | **30%** | Operating Expense Comparison (in thousands) | Expense Category | Nine Months Ended March 31, 2023 (in thousands) | Nine Months Ended March 31, 2022 (in thousands) | Change % | | :--- | :--- | :--- | :--- | | Research and development | $68,352 | $54,781 | 25% | | Sales and marketing | $99,796 | $81,244 | 23% | | General and administrative | $62,715 | $65,222 | (4)% | | **Total operating expenses** | **$232,464** | **$201,247** | **16%** | - Gross profit margin improved from **63%** to **69%** for the nine-month period year-over-year, driven by strong recurring revenue growth and cost management[149](index=149&type=chunk)[162](index=162&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains **$54.0 million** in cash and equivalents, with **$16.8 million** generated from operations, and believes its liquidity is sufficient, supported by an undrawn **$100.0 million** credit facility - The company has a **$100.0 million** senior secured revolving credit facility, which was undrawn as of March 31, 2023[179](index=179&type=chunk) - During the nine months ended March 31, 2023, the company made significant payments for prior acquisitions, including **$9.3 million** for Repstor contingent consideration and **$11.2 million** for Billstream deferred consideration[191](index=191&type=chunk)[192](index=192&type=chunk) [Non-GAAP Financial Measures](index=36&type=section&id=Non-GAAP%20Financial%20Measures) The company presents non-GAAP financial measures, reporting a non-GAAP operating profit of **$7.5 million** for the nine months ended March 31, 2023, a significant improvement from the prior year's loss Reconciliation of GAAP Operating Loss to Non-GAAP Operating Profit (Loss) (in thousands) | Description | Nine Months Ended March 31, 2023 (in thousands) | Nine Months Ended March 31, 2022 (in thousands) | | :--- | :--- | :--- | | **GAAP operating loss** | **$(56,819)** | **$(76,626)** | | Stock-based compensation | $54,795 | $62,295 | | Amortization of intangible assets | $8,092 | $10,137 | | Lease modification and impairment | $1,601 | $— | | Change in fair value of contingent consideration | $(873) | $727 | | Acquisition-related transaction costs | $703 | $206 | | **Non-GAAP operating profit (loss)** | **$7,499** | **$(3,261)** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks including foreign currency, credit, inflation, and interest rates, with foreign currency and interest rate risks currently deemed immaterial due to an undrawn credit facility - The company's primary market risks are foreign currency exchange, credit, inflation, and interest rates[210](index=210&type=chunk) - Interest rate risk exists due to a **$100.0 million** variable-rate credit facility, but there was no outstanding balance as of March 31, 2023[215](index=215&type=chunk) - As of June 30, 2022, one client accounted for **20%** of total accounts receivable, but by March 31, 2023, no single client accounted for **10%** or more[57](index=57&type=chunk)[213](index=213&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[217](index=217&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[218](index=218&type=chunk) [PART II. OTHER INFORMATION](index=41&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section addresses legal proceedings, key risk factors, unregistered equity sales, and other relevant disclosures [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal proceedings, noting the dismissal of a lawsuit filed by Navatar Group, Inc. against its subsidiary, DealCloud, Inc. - The lawsuit filed by Navatar Group, Inc. against DealCloud, Inc. for false advertising was dismissed on February 7, 2023[223](index=223&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) This section highlights key risks, including the company's dependence on the professional and financial services industries and the potential impact of economic downturns and financial market volatility - The company's revenue is entirely dependent on clients in the professional and financial services industry, making it vulnerable to downturns affecting these sectors[225](index=225&type=chunk) - Recent events like the failure of Silicon Valley Bank (SVB) and broader financial institution instability are cited as risks that could reduce client demand, even though the company's direct exposure to SVB was minimal[229](index=229&type=chunk)[231](index=231&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On May 2, 2023, the company issued **27,104** common shares, valued at approximately **$1.2 million**, as partial consideration for the acquisition of Paragon Data Labs, Inc. - The company issued **27,104** shares of common stock as part of the acquisition of Paragon Data Labs, Inc. on May 2, 2023[233](index=233&type=chunk) [Item 3. Defaults Upon Senior Securities](index=42&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable to the company's current reporting requirements - Not applicable[235](index=235&type=chunk) [Item 4. Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[236](index=236&type=chunk) [Item 5. Other Information](index=42&type=section&id=Item%205.%20Other%20Information) No other material information is required to be reported in this section - None[237](index=237&type=chunk) [Item 6. Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Quarterly Report on Form 10-Q, including officer certifications and Inline XBRL data files - Lists the exhibits filed with the report, such as officer certifications (**31.1, 31.2, 32.1, 32.2**) and XBRL data files[239](index=239&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40550 Registrant's telephone number, including area code: (650) 852-0400 Securities registered pursuant to Section 12(b) of th ...

Intapp, Inc. (NASDAQ:INTA) Q2 2023 Earnings Conference Call February 6, 2023 5:00 PM ET Company Participants David Trone - SVP-IR John Hall - Chairman and CEO Steve Robertson - CFO Conference Call Participants Natalie Howe - Bank of America Kevin McVeigh - Credit Suisse Terry Tillman - Truist Brian Schwartz - Oppenheimer Alex Sklar - Raymond James Matthew Kikkert - Stifel Arvind Ramnani - Piper Sandler Operator Good day, and thank you for standby. Welcome to the Intapp Fiscal Second Quarter 2023 Webcast. [O ...