Financial Data and Key Metrics Changes - Cloud ARR grew to $434 million, up 31% year-over-year, representing 81% of total ARR of $535 million [4][16] - SaaS revenue reached $102 million, up 28% year-over-year, while total revenue was $140 million, up 16% year-over-year [4][17] - Non-GAAP gross margin improved to 78.1%, up from 76.7% a year ago, and non-GAAP operating income increased to $27.7 million from $18.9 million [19][16] - Free cash flow for the quarter was $22.2 million, with cash and cash equivalents ending at $191.2 million [19] Business Line Data and Key Metrics Changes - SaaS revenue now represents 73% of total revenue, while license revenue decreased by 9% year-over-year to $25.4 million [17] - Professional services revenue totaled $12.3 million, down 7% year-over-year [17] - The partner ecosystem contributed significantly to cloud growth, with co-sell execution involved in many new logo wins [18] Market Data and Key Metrics Changes - The company continues to gain traction in newer markets across various verticals and global locations [8] - In the legal vertical, several Am Law 100 firms adopted AI-powered compliance solutions, indicating strong demand in the sector [9][10] - The accounting industry is experiencing disruption due to private equity investments, leading firms to modernize compliance practices [11] Company Strategy and Development Direction - The company is focused on driving AI, cloud adoption, and modernization across all industries served, emphasizing the importance of industry-specific AI solutions [13][14] - The growth strategy includes expanding the partner ecosystem, particularly with Microsoft, which has been a major growth driver [8][52] - The company aims to enhance its product offerings and client relationships through targeted investments in AI and cloud solutions [20][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities, highlighting the strong demand for SaaS solutions and the effectiveness of the enterprise-focused go-to-market strategy [15][13] - The company anticipates continued growth in SaaS revenue and total revenue for the third quarter and full fiscal year 2026 [20][21] - Management noted that customer conversations have shifted from curiosity to experimentation with AI technologies, indicating a positive trend in adoption [46] Other Important Information - The company authorized a $200 million share repurchase program, reflecting confidence in long-term business value [18] - The upcoming Investor Day and Intapp Amplify event are expected to showcase significant AI-powered innovations [21][84] Q&A Session Summary Question: Positioning in light of Anthropic news - Management clarified that their focus is on the business of law rather than contract review, emphasizing their unique value proposition in professional financial services [26][28] Question: Balancing third-party partnerships and proprietary data - Management discussed their ecosystem strategy and the importance of safeguarding proprietary data while leveraging third-party partnerships [31][32] Question: Customer motivations for AI offerings - Management noted that efficiency and enhanced capabilities are primary motivations for customers adopting AI solutions [36][38] Question: Changes in customer conversations regarding AI - Management observed a shift towards articulating business value from AI deployments, indicating positive reactions from customers [46] Question: Impact of Microsoft partnership on deal cycles - Management confirmed that the partnership with Microsoft has shortened sales cycles and facilitated larger enterprise deals [52] Question: Guidance for full year revenue - Management reiterated their cloud-first strategy and clarified that revenue shifts are part of ongoing cloud migration efforts [56][58] Question: AI budgets within named accounts - Management indicated that many firms are allocating specific budgets for AI, benefiting the company's growth [63][66] Question: Pricing models and potential for consumption-based pricing - Management confirmed the existence of multiple pricing models and expressed interest in exploring consumption-based pricing as AI services grow [72][75]

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