Group 1 - The presentation highlights the successful public offering of Intapp in 2021 and acknowledges the efforts of the management team led by John and Thad [1] - The event aims to facilitate an interactive Q&A session following a brief disclosure [2] - The research analyst emphasizes the importance of disclosing relationships between UBS and the companies discussed, specifically Intapp [3]

Summary of Intapp Conference Call Company Overview - **Company**: Intapp - **Industry**: Professional and Financial Services Software - **Public Offering**: Went public in 2021 Key Points and Arguments 1. **Revenue Growth**: Intapp's revenue has grown from $200 million at the time of IPO to $600 million today, indicating strong execution and market demand [2][11][43] 2. **Cloud Transition**: The company transitioned from on-premises solutions to cloud-based services, with over 90% of clients now utilizing cloud solutions, contributing to over 80% of revenue [8][4] 3. **Market Opportunity**: The professional services market is approximately 3% of the global economy, significantly larger than the pharmaceutical industry, presenting a substantial growth opportunity for Intapp [5][6] 4. **AI Integration**: Intapp has integrated machine learning and generative AI into its offerings, focusing on automating workflows and enhancing compliance capabilities, which are critical in regulated industries [6][28][30] 5. **Client Base**: The company serves 2,750 client firms, with a significant opportunity to upsell existing clients, potentially generating over $1 billion in additional revenue [18][19] 6. **Partnerships**: Strong partnerships with Microsoft and KPMG have been established, enhancing market reach and product offerings. Microsoft clients can use Azure credits to purchase Intapp products, facilitating sales [24][25][22] 7. **Net Revenue Retention**: Intapp has achieved a net revenue retention rate of 121%, indicating strong customer loyalty and satisfaction [27][43] 8. **Go-to-Market Strategy**: The company has shifted its sales focus towards the top 2,000 accounts, resulting in higher average deal sizes and a more enterprise-grade solution offering [13][16] 9. **Regulatory Compliance**: Intapp's solutions are designed to help firms navigate complex compliance requirements, which is a significant concern for clients in the legal and financial sectors [8][44] 10. **AI as a Competitive Advantage**: The integration of AI is seen as a way to enhance operational efficiency and unlock the potential of existing knowledge within firms, positioning Intapp as a critical partner for its clients [30][48][50] Additional Important Insights - **Industry Consolidation**: The professional services industry is consolidating, with larger firms requiring enterprise-grade solutions, which Intapp is well-positioned to provide [13][16] - **Client Relationships**: Intapp emphasizes the importance of building strong relationships with clients, which has been crucial for its growth and market penetration [50][51] - **Adaptability in Pricing Models**: The company is exploring various pricing models, including consumption-based pricing, to align with client needs and market trends [40][41] - **Efficiency Gains**: Intapp's solutions have demonstrated significant ROI for clients, such as reducing the time for business clearance from a month to a week, which is critical in competitive environments [44][47] This summary encapsulates the key insights and strategic directions discussed during the Intapp conference call, highlighting the company's growth trajectory, market positioning, and the integration of advanced technologies in its offerings.

Financial Data and Key Metrics Changes - The company reported a quorum with 72,378,553 votes represented, approximately 88.5% of the voting power on the record date [5][6]. - The preliminary vote report indicated that all proposals, including the election of directors and the appointment of Deloitte & Touche LLP, were approved [12]. Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed in the meeting [2][3]. Market Data and Key Metrics Changes - No specific market data or key metrics were provided during the meeting [2][3]. Company Strategy and Development Direction and Industry Competition - The company is focused on maintaining strong governance by electing directors and ensuring the appointment of reputable auditors [9][10]. - The advisory vote on executive compensation reflects the company's commitment to aligning management incentives with shareholder interests [10]. Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [2][3]. Other Important Information - The meeting was conducted virtually to reach a greater number of stockholders, indicating a strategic move towards digital engagement [2]. - The company plans to report final vote results in a Form 8-K within four business days [12]. Q&A Session Summary Question: What were the results of the voting on the proposals? - The preliminary vote report confirmed that the nominees for the Board of Directors were duly elected, and the appointment of Deloitte & Touche LLP was ratified [12].

Financial Data and Key Metrics Changes - The company reported a total of 81,787,131 shares of common stock outstanding as of the record date, with 72,378,553 votes represented at the meeting, indicating approximately 88.5% of the voting power [5][6]. Business Line Data and Key Metrics Changes - No specific data regarding individual business lines was provided in the meeting records. Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting. Company Strategy and Development Direction and Industry Competition - The company has ratified the appointment of Deloitte & Touche LLP as its independent registered public accounting firm for the fiscal year ending June 30, 2026, indicating a focus on maintaining strong governance and compliance [12]. Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting. Other Important Information - The meeting was conducted virtually to reach a greater number of stockholders, reflecting a strategic approach to shareholder engagement [2]. Q&A Session All Questions and Answers Question: What were the results of the voting on the proposals? - The preliminary vote report indicated that the nominees for election to the Board of Directors were duly elected, the selection of Deloitte & Touche LLP was ratified, and the advisory vote to approve named executive officer compensation was approved [12].

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article emphasizes that users may face access issues if they have an ad-blocker enabled, suggesting the need to disable it for a better experience [1]

Core Viewpoint - Bank of America identifies five stocks with strong potential for growth following the latest earnings season, emphasizing their solid fundamentals and attractive entry points across various sectors [2][3][7]. Group 1: Stock Highlights - **Palantir Technologies**: Recognized as a key beneficiary of the growing demand for AI platforms, with a strong position in both government and commercial markets, expected to deliver profitable growth as AI adoption accelerates [4][5]. - **Wayfair**: Upgraded to "buy" from "neutral" due to impressive quarterly results, with analysts noting accelerating market share gains and improving margins, positioning it well for a housing market recovery. Price target raised to $130 from $86, with shares up 142% year-to-date [8][9]. - **AerCap Holdings**: The world's largest aircraft leasing company, with a strong portfolio and cash position. Price target increased to $150 from $130, driven by persistent supply constraints in the aviation industry, with shares climbing nearly 39% this year [10][11]. - **Intapp**: A SaaS player with accelerating cloud revenue growth, maintaining a "buy" rating despite a 40% decline in stock this year. Price target raised to $76 from $75, with potential to disrupt its target verticals [12][13]. - **Diamondback Energy**: Identified as the top large-cap oil pick, highlighting strong free cash flow and significant buybacks, with a focus on financial discipline and shareholder returns [14][15].

Core Insights - Intapp reported revenue of $139.03 million for the quarter ended September 2025, reflecting a 17% increase year-over-year and exceeding the Zacks Consensus Estimate of $135.48 million by 2.62% [1] - The company's EPS for the quarter was $0.24, up from $0.21 in the same quarter last year, surpassing the consensus EPS estimate of $0.19 by 26.32% [1] Financial Performance Metrics - Cloud annual recurring revenue (Cloud ARR) reached $401.4 million, exceeding the average estimate of $394.3 million from five analysts [4] - Total annual recurring revenue (Total ARR) was reported at $504.1 million, compared to the estimated $494.72 million from five analysts [4] - Total revenues from SaaS amounted to $97.52 million, slightly above the average estimate of $96.35 million from six analysts [4] - Professional services revenue was $12.32 million, below the average estimate of $13.81 million, marking an 8.3% decrease year-over-year [4] - Total license revenue was $29.19 million, surpassing the average estimate of $25.31 million from six analysts [4] - Gross profit from SaaS was $79.66 million, slightly above the average estimate of $79.45 million from four analysts [4] - Gross profit from licenses was $27.62 million, exceeding the average estimate of $23.59 million from four analysts [4] - Gross profit from professional services was reported at -$3.45 million, worse than the average estimate of -$0.63 million from three analysts [4] Stock Performance - Intapp's shares have returned -4.5% over the past month, contrasting with the Zacks S&P 500 composite's increase of 2.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Intapp (INTA) reported quarterly earnings of $0.24 per share, exceeding the Zacks Consensus Estimate of $0.19 per share, and showing an increase from $0.21 per share a year ago, resulting in an earnings surprise of +26.32% [1] - The company achieved revenues of $139.03 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.62% and up from $118.81 million year-over-year [2] - Intapp has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Outlook - The future performance of Intapp's stock will largely depend on management's commentary during the earnings call and the sustainability of the stock's immediate price movement based on the recent earnings report [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.27 on revenues of $138.06 million, and for the current fiscal year, it is $1.11 on revenues of $569.38 million [7] Industry Context - The Internet - Software industry, to which Intapp belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - In Q1, cloud annual recurring revenue (ARR) grew to $401 million, up 30% year-over-year, representing 80% of total ARR of $504 million [4][16] - SaaS revenue reached $98 million, up 27% year-over-year, while total revenue was $139 million, up 17% year-over-year [4][17] - Non-GAAP gross margin improved to 77.7%, up from 76.3% a year ago, reflecting cloud efficiency gains [19] - Non-GAAP operating income increased to $20.9 million from $15.1 million in Q1 of the previous year [19] - Free cash flow for the quarter was $13.2 million, with cash and cash equivalents at $273.4 million [19] Business Line Data and Key Metrics Changes - SaaS now contributes 70% of total revenue, up more than five points year-over-year [17] - License revenue totaled $29.2 million, up 2% year-over-year, while professional services revenue decreased by 8% year-over-year to $12.3 million [17] - The company saw strong demand for cloud solutions, driving total revenue growth [17] Market Data and Key Metrics Changes - The company reported a cloud net revenue retention rate of 121%, indicating strong retention and upsell among existing cloud clients [20] - The number of clients with ARR of at least $100,000 increased to 813, up from 707 in the previous year [20] - Total remaining performance obligations (RPO) reached $715.2 million, up 30% year-over-year [19] Company Strategy and Development Direction - The company is focused on expanding its vertical AI capabilities and cloud adoption, leveraging partnerships, particularly with Microsoft [4][9] - The strategy includes enhancing compliance capabilities and integrating AI into workflows to differentiate from competitors [6][31] - The company aims to drive AI, cloud adoption, and modernization across all industries served, with a focus on enterprise-class firms [15][62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth opportunities, citing strong demand for cloud solutions and AI capabilities [15][16] - The company is navigating macro trends such as digitalization and compliance-driven demand, which are expected to support sustained, profitable growth [16] - Guidance for Q2 fiscal 2026 includes SaaS revenue between $100 million and $101 million, with total revenue expected in the range of $137.6 million to $138.6 million [20][21] Other Important Information - The company authorized a $150 million share repurchase program, repurchasing $50 million in Q1 [18] - The partner ecosystem is seen as a critical component for long-term cloud growth, with co-sell growth remaining strong [18] Q&A Session Summary Question: What drove the net revenue retention of 121%? - Management attributed the retention to successful upsell and cross-sell efforts, along with low churn rates and strong product adoption [24][26] Question: How is GenAI impacting client behavior? - Management noted that clients are experimenting with various AI tools and are excited about the potential ROI from GenAI, which is driving interest in cloud migration [28][30][32] Question: How much of the ARR acceleration is due to industry-specific changes? - Management indicated that trends such as consolidation in law firms and private equity investments in accounting firms are contributing to ARR growth, alongside macro tailwinds [35][36] Question: What are the common reasons for clients remaining on-premise? - Management highlighted regulatory concerns and the need for trusted partners as key reasons, but noted that AI is capturing attention and could accelerate cloud adoption [41][42] Question: What is the international opportunity for the company? - Management stated that about 30% of business is international, with growth opportunities in regions like Europe and Latin America, supported by partnerships [66][68] Question: What are the key execution levers for reaching the billion-dollar revenue milestone? - Management emphasized the importance of client success, cross-sell and upsell opportunities, and continued innovation as critical factors for growth [60][62]

Financial Data and Key Metrics Changes - In Q1, cloud annual recurring revenue (ARR) grew to $401 million, up 30% year over year, representing 80% of total ARR of $504 million [4][16] - SaaS revenue was $98 million, up 27% year over year, while total revenue reached $139 million, up 17% year over year [4][17] - Non-GAAP gross margin improved to 77.7%, up from 76.3% a year ago, reflecting cloud efficiency gains [19] - Non-GAAP operating income increased to $20.9 million from $15.1 million in Q1 of the previous year [19] - Free cash flow for the quarter was $13.2 million, with cash and cash equivalents at $273.4 million [19] Business Line Data and Key Metrics Changes - SaaS now contributes 70% of total revenue, up more than five points year over year [17] - License revenue totaled $29.2 million, up 2% year over year, while professional services revenue decreased by 8% to $12.3 million [17] - The company saw strong demand for cloud solutions, with notable growth in client acquisitions and contract expansions [17][19] Market Data and Key Metrics Changes - The company reported a cloud net revenue retention rate of 121%, indicating strong retention and upsell among existing cloud clients [20] - The number of clients with ARR of at least $100,000 increased to 813, up from 707 in the previous year [20] - Total remaining performance obligations (RPO) reached $715.2 million, up 30% year over year [19] Company Strategy and Development Direction - The company is focused on expanding its vertical AI capabilities and cloud adoption, leveraging partnerships, particularly with Microsoft [4][9] - The strategy includes enhancing compliance capabilities and integrating AI into workflows to differentiate from competitors [6][30] - The company aims to drive growth through new client acquisitions and expanding existing client relationships, particularly in the legal and financial services sectors [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth opportunities, driven by digitalization, cloud adoption, and compliance demand [16][21] - The company anticipates SaaS revenue between $412 million and $416 million for the full fiscal year 2026, with total revenue expected between $569.3 million and $573.3 million [21] - Management highlighted the importance of maintaining a prudent approach to guidance while capitalizing on market trends [38] Other Important Information - The company announced a $150 million share repurchase program, with $50 million repurchased in the first quarter [18] - The partner ecosystem is seen as a critical component for driving long-term cloud growth and client satisfaction [18] Q&A Session Summary Question: What drove the net revenue retention of 121%? - Management attributed the retention to successful upsell and cross-sell efforts, along with low churn rates and strong product adoption [24][26] Question: How is GenAI impacting client behavior? - Management noted that clients are experimenting with various AI tools and are excited about the potential ROI from AI integration [28][30] Question: How much of the ARR acceleration is due to industry-specific changes? - Management indicated that trends such as market consolidation in legal and private equity investments in accounting are contributing to growth [35][36] Question: What are the common reasons for clients remaining on-premise? - Management highlighted regulatory concerns and the need for trusted partners to navigate compliance issues as key factors [41][44] Question: How is the Microsoft partnership influencing deal dynamics? - The partnership has enhanced co-selling opportunities, accelerated deal sizes, and improved win rates due to integrated marketing and technology collaboration [76][80]