Earnings call transcript Q2 2023

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Operator

Good day, and thank you for standby. Welcome to the Intapp Fiscal Second Quarter 2023 Webcast. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, David Trone, Senior Vice President, Investor Relations. Please go ahead.

David Trone

you. Thank fiscal financial Intapp's quarter second to results. XXXX Welcome

today Hall, Steve Chairman the Chief call CEO John me with and On and are of Officer. Financial Robertson, Intapp;

made forward-looking conference forward-looking During statements of our are including of These required current risks and quarter are to business, obligation as described various for by could filings management's implied the call, and as differ to revise statements. statements SEC or provided of regarding views predict those guidance based update such entail fiscal we anticipated the and to publicly on uncertainties, cause forward-looking law. Intapp that and performance trends, those this certain documents disclaims date, from statements, in and to forward-looking may are our except course results or including full and strategies materially available XXXX. any assumptions make our today's expectations any actual third and year other subject expressed difficult by

in is we today's website to comparable the in earnings as metrics non-GAAP we this that financial on discuss X-K be certain Form which our with an will call. aid Further of can found metrics prior furnished A release, to reconciliation believe our GAAP available results. to SEC on understanding also exhibit today's and call, the

conversation hand I'll the to over John. that, With

John Hall

with fiscal we us Thank you, quarter. as here David. our Good today being Thank afternoon, our for results everyone. share you for second

growth, growth existing of logos I'm accounts. quarterly support ARR achieved SaaS results acquisition strong pleased supported new again revenue cloud share continued growth, client of we've the to by and and our once that the

of targets overlooked, who any story. professional for and new firms. underserved services industry large of but and intro and be $X our may trillion very an financial As you to actually Intapp

in specialist work firms. the and banking, and support disputes. Professionals global to deals these work firms every teams and These legal, capital consulting accounting who specialty world's the advisors investment day and private professionals are the in of in investors investing, industry cross

target corporations. originally our up of as firms fed Most are partnerships, not

they firms their very result, and to operate them. highly of target corporations differently of our are a are range As manage internally market a that and industry compliance and to a client professional go-to unique on from this, needs statutory regulated ethics wide model both top traditional obligations in and

Intapp for specifically industry the operating been of cloud designed compliance these firms. and unique needs has

traditional selling product. CRM were We systems and companies tangible for are built a from highly differentiated which ERP

business based In collective contrast, and our firms is industry their clients their and to on relationships specialized value clients knowledge, leveraging expertise, to cloud investors. our experience and business understands that deliver for win

competitive and helps for to legal, their and firms advisory and more collective cloud our industry their manage and knowledge operate is risk this returns, deal leading cloud compliance revenues Intapp profitably, strong industry transformation for continue validate these to more strategy. leverage QX and results Our increase effectively efficiently global and advantage. our making,

Okay.

firms $XXX.X how $XXX.X and XX% SaaS second million more up our total total million, also earned year-over-year. We XX% million, revenue support which quarter second X,XXX ARR of Cloud million. we now In revenue of quarter, cloud of did. up now our XX% $XX.X year-over-year than and up premier verticals. our $XX.X serve target across We represents to ARR grew Here's year-over-year. of is XX% our XX%

this at steady two current see steady solutions the demand broader purpose-built for in continue what's gained Intapp New City driving insight some we our results. our QX economic to Tour concerns, our direct into of demand Despite York day climate event in We in November.

opportunities each as accounting had well consulting experts. partners and a their to from firms and capital, each investment firms, private initiatives our and pursuing. about legal from that Participants share clients chance challenges, the is and learn by attended was our event of as Our banking, industry other

at included Chief Jamie Angie Banking; Officer Managing relationships Global Director keynote regulated Goldman and Transformation Thornton, their at shared at Ian Director Women's successfully by operating creating Grant intellectual complex Fowler, Clark, Lazard; Chief Flemmer, experiences competitive capital their winning World Luke Goenaga, efficiencies within at and and Managing and Senior they're industry their Technology organizations, Sachs; speaker Presenters knowledge, leveraging who Officer advantage business highly Investment for Associate and

an Their challenging economic Many transformation of they not even while conditions. to essential firms do shared, to provided down they enabling and technology but of clients the the by slowing increased efficiency see any weather economic digital as capabilities their downturn. anticipate. our attending Instead, adoption cloud initiatives facing

attended included also a partner event strategy between ecosystem, a Intapp's Intapp's transformation. Officer, discussion for team to Chief the an value crucial cloud The a which role delivers path We Jampol large Thad Microsoft firms optimal deliver our strategy, innovation Product our and industry as they by digital on pursue these a in plays clients. session of dedicated to members our featured daylong which

discussion plan part strategic Last importance the is Our achieved. with recognized mature. in Microsoft, our a of all to Deployment tier of strategy we partnership officially to top Intapp and of partner fewer continues progressing ever partners as underscored solutions which develop our our Microsoft, line with X% a as partnership Azure which of key were of our quarter, than

released current which and of innovation connections, industry leveraging AI cloud using some their network quarter. to value in partners professional source relationship paths applied business new by new firms our new intelligently helps win surface worked to We deeper advance contacts. and the paths We our of our with roadmap to capability, high

intelligence to introduction database X.X members. And and million firms board executives firms Equilar's professionals in warm professionals of drive relationship the information. and greater capabilities our combine helps that growth own to proprietary with partner to to expands relationship higher potential deeper source quality pads new feature by Relationship our The help our evaluating in and new business. success enable winning relationships and outreach builds

realization integrate Together, acquisition hard Intapp enhance as Billstream in current compliance a time any rates solution. processes work climate. cycle, from integrated improving way that across for collect capabilities profitability to pre-billing and our entry our and firms the second offer firm quarter, driving to ROI compelling which time the accelerates as benefits the in In help solutions we also well these

who the of are operating the experience features, in smoothness these clients of that our as billing the the the embracing noted design collections the additional an benefit and solutions and clients Our also efficiency have both program. professionals enhancing firm of

information specifically to also sensitive our self-service designed market for information. and professional requirement, industry are are compliance critical capabilities, leading by continuing serve. regulated walls client allow We and cloud's to Automated ethical further the enhanced for advance We compliance users. we industry protect product to designed our investor our barriers walls

Our time, can requests. that enhanced avoiding partners, lawyers potential barrier ethical lawyer their in client real rapidly portal and in associates to slowdowns onboarding for and respond and clients bottlenecks requests removing critical firm's processes to walls ensures ability process

cloud strategy go management world's design, advisory celebrated Finally, innovative investment of client and large solutions just asset DealCloud risk to but deliver of demonstrating global Lives Go number the for In live not large to firms went consulting and the solutions. implementations. financial and leading banks, the well our ability as top of QX, notable compliance we for one lives our our industry and in asset a arm of as firm We a our of of with one world's management

deals to our our or those client just all three even to on demonstrating time shorten implementations. closed complex value of in ability Notably, large QX,

Our more to quickly compliance value grow enables operate current to and the our rapid to to effectively. time climate clients in efficiently manage regulatory

and technology awards in in US with named recognized several innovation and DealCloud in Both support of also Best awards the the needs validate also in location. won Equity at financial Our Biz helping originate Private deals Enterprise any and from Product was them of Wire in effectively was solution the deal Notably, the unique deal DealCloud's to December. our software for best efficiently Awards and Awards makers, complex Year category origination October XXXX quarter. ability the DealCloud as source

client to wins. notable now Turning

expand the add we highlight our new cross-sell client international logos, In existing quarter. in footprint. logos Global continue up-sell I'd acquired accounts grow we new and through to welcomed We of several QX, to like and led second as Eduardo clients. integrated Patel, XXXX an invest in across Ganguly. Growth US and Capital B locations a Firm as Sheila and team Morgan, Howard nine Raj B Capital and the Venture new Asia. by Saverin in our Founded

system B growth of across deal, They DealCloud development from their the legacy a possesses to to the and data operations and reporting support business chose teams. infrastructure, IR business. robust to long-term capital needs their shift IR, Because it functionality capabilities

work. a was legacy for SEB franchise is a replace to struggled client Banking large tailored SEB CRM, adoption its of system. lack Previously it's Investment the another DealCloud the way of professionals user a who which selected horizontal European using from system, new

its markets firm collaboration software data the initiatives leveraged level chose the that to across be a and and support M&A, requirements. other its ongoing institutional fact operates, improve and as flexibility support way growth. could that required to way will SEB significantly leader, technology is drive CRM and knowledge. projects IT There'll that's Additionally implementing IT leverage it the connectivity market teams its IT because support tailored finance the and reduce impacting the reputation was and capital to better that of our ability of the DealCloud,

contract management which also footprint and for relationships. industry top identify new M&A, or a risk enables the adverse firm like better expand bankruptcy, executed conflicting process client consulting compliance we win. solution, consulting our quarter, with another global Last cases in the continue use multiyear conflicts and A our to for firm parties complex to

us. firm While this consulting for is a logo new

bring expansion deal this and with trust but the we familiarity our market. the the brand logo firms notable, serve and experience and professional to our It's professionals across and our help networks capabilities, in Intapp illustrates and referrals supports speed industry. firms, of had continued other many deal law disputes industry their vertical professionals previous with at firms acquisition the including how us Their in throughout

Kreston capabilities their like to Office needs work to a needs solution. the business addition modern to our accounting advisors help I'd Based with recent of to content Microsoft accounting adopted to wealth their realize Kreston Microsoft to platform selected an Reeves UK secure a highlight tailored in and solutions unique our and solutions document maximize to quickly collaborative They extend create firm. client the management Kreston collaboration investments as platform's and their collaborative XXX the enable environment. portfolio. Finally

'XX, To of fiscal the conclude, our our performance. reached growth halfway consistent pleased with and having we're point

are a $XX We and TAM. global deep unreserved pursuing billion

and commitment transformation remains strong Our predictable our highly economic global continues durable demonstrate to market digital revenue end to uncertainty. in the investing a model despite

to to We clients industry pursue client existing the to and embraced help new growth to and opportunity significant accounts grow our add ahead we're transformation. continue continuing cloud's

compliance and our compelling leverage industry operate risk returns, helping for cloud knowledge advantage. has more to growing more their and them competitive specialized value effectively, profitably, platform for efficiently collective Our and and revenues clients, increase purpose-built manage

As our thank dedication always, I'd all teamwork our our clients, very Board led Thank employees like to QX strong our and to much. our you and our performance. whose investors, partners,

Okay. over you. Steve, to

Steve Robertson

Thanks, John for and everyone us joining today. thanks

XX% noted, XX% up we ARR total cloud had our year-over-year. John As strong ARR year-over-year and our quarter a with up

go as SaaS a revenue through review Before just in a quickly I renewal. of I'd revenue like or ARR fundamentals as a ratably few financial following model, sale our recognized reminder. recognition Cloud new financials, our to is

SaaS recognized is recognized On-premises ratably, ARR time support our in Because quarter-to-quarter. support as subscription revenue revenue renewal revenue line. parts, it as included predictable of in and upfront revenue and or XX% and the and is sale XX% at recognized SaaS more the is two recognized support ratably license

revenue on the subscription revenue can based recognition. license of timing While vary

Okay.

Intapp's revenue cross our and upsells year-over-year to and solutions. reflecting SaaS sells to to new cloud was numbers. Moving of clients, purpose-built new XX% existing up $XX.X sales million, clients and support both

implementations. an in was compared revenue year was with $XX.X Professional services based by up the rate pace prior-year period, multi-year well increased renewals primarily license current continued Total to million reflecting was revenue cloud solutions, consistent to Subscription strong CPI $X.X of million sales increases. and annual period, growth price million of the compared year-over-year million growth our million, $XX.X inclusive reflecting revenue. in in $X.X revenue of software XX% services as as prior by solid our driven as professional $XX.X

which Overall, year had model, ending we our in and with $XXX,XXX of the continue the more from to than more XXX quarter prior execute than X,XXX XXX of period. land ARR up expand clients,

our retention such to above net revenue upsold we of existing that trailing and cross-sold XX our our clients, range addition, rate was XXX% projected months XXX%. In

our increase XXX% retention within this to range and have net We XXX% range. to revenue that was decided rate to quarter's

Before forward. please discussing expenses gross will profitability, note non-GAAP I margins, be and that results discussing going

can with and found press financial be non-GAAP a As release financial a reminder, tables. results its along reconciliation results between GAAP and GAAP in our our earnings supplemental

as of the non-GAAP portion follows. gross realignment as we compared cost growth. sales to prior executed product marketing. our sales, were was previously client success period, to year-over-year and Second reflecting expenses support primarily million of margin in from XX.X% invest increase quarter and organizational sales were and year increase development in to of gross in a services an XX.X% as marketing a million, our margin results a $XX.X Total Non-GAAP continued team operating our $XX.X to

marketing expense new realignment. and a increase a related business growing with sales markets function as capture Non-GAAP $XX.X increased sales mentioned our organizational headcount $X.X in year-over-year the was of along million, million previously commission and to

as $XX.X was headcount year-over-year a $XX.X made leverage in million, million began investments R&D and product some see in million was Non-GAAP expense $X.X and $X.X scalability Non-GAAP we as increase we year-over-year the expense increased our roadmap. to a million, G&A business. increase

profit million to as in fiscal non-GAAP operating profitability of modest our $X.X XXXX some to continue was compared we operating as quarter $X.X initial loss second the generate Non-GAAP business. million,

net of but to rounded diluted Non-GAAP per quarter $X.XX second XXXX. income in XXXX fiscal was second share quarter fiscal of in a as the to compared $X.XX loss, the fully

and the sheet, we cash cash million the of $XX.X terms ended balance quarter with In equivalents. in

Now turning to guidance.

For $XX million. fiscal quarter SaaS $XX we million range revenue $XX million third and between to of and support and 'XX, revenue the expect of million in total of the $XX

to of outstanding. share positive and We in a shares of $X.X million expect fully weighted quarter range of the $X.XX count in XX for the common non-GAAP operating using range negative approximately profit per share to $X.XX million $X.X the non-GAAP diluted million results

$XXX For support the $XXX.X and expect $XXX.X revenue total full SaaS we $XXX range and revenue year the of fiscal 'XX, million of million and million in million. of between to

share for be non-GAAP million range diluted million count the $X.XX expect and range share of net in $X.X outstanding. operating using million profit to 'XX year per $X.X $XX also in of approximately weighted non-GAAP We fully to the $X.XX of a to income shares common fiscal

your John and to taking that questions. With I forward look

Operator

[Operator Ikeda comes Instructions] Bank from Our question line first Koji of of America. from the

open. is line Your

Natalie Howe

and quarter verticals not Natalie the question impact Last cycles this on that now. lengthening than Thanks others? the Is there still Howe macro great quarter. taking Hi, you Koji. any job better of are case and are geographies a said, right for outperforming for my seeing sales guys of any Thank and you. more is the you now the and feeling

John Hall

Natalie. for Hi. your question. Thanks

So cycles. of we have not seen a lengthening sales

program to We continue to through monitor cloud that. We think that our clients talking on that. are pretty transformation following about to committed been we've and them their

see on themselves advantage And that your transformation and are real advantages benefit our how they the Tour in its we our general initiatives, asking to that they what's see in take to uncertainty event any going were encouraged was are tone were kind following of very operationally some one York real that City of of can the capabilities. cloud in going, at position that the we through inside and things winter, New on by their because better to and firms weather folks some economic they platform questions

us That gave being said, going that to confidence. we're to So continue watch some

consulting to your firms, second fortunate be To capital, the accounting the industry. be the firms, firms services stable. broad the good There The the firms, private about is strength board. financial sub-verticals. based equity professional question the relatively law We're across across private tend to very

the position that doing that little a lot themselves past improvement see initiatives watching We of better. of carefully. said and them bit time, the are it's a have these to investment the in that, variability banks same At we're may

been pretty steady. monitor we're to going that, to but overall So it's continue

Natalie Howe

it. That's you. Thank

John Hall

Thanks.

Operator

Instructions] McVeigh next comes of [Operator from from Suisse. line the Credit Kevin question Our

Your line is open.

Kevin McVeigh

really much do what really and the gives John, be or the Thanks just terrific increase I Great. would happy around. know so results now? really, you NRR. but on to to bands kind of Steve the and all don't the aggregate see for confidence this Maybe components it if David,

Steve Robertson

seeing to that better count this pattern like a a a We've performance will has looks just reflect a balanced. we for been can this than into we row, both is had Kevin. of good cross-sell and we financial few a we quarters on we it it thought, settled Sure. raise in up that be and It up-sell services good is and expect and sort pretty in here. services. time range both It's new and professional forecasted

selling our as we expand to on our part the really hitting cylinders in So clients sense are of of kind land strategy. of existing all

a logos too. new So working and continue it's add really quarter you can we well every as see, of lot to

in straightforward, is this, the be So might like decided and past ahead that's something indicated -- we pretty about and to do we probably go it thinking really you it.

Kevin McVeigh

obviously client outcome. it then And the feels kind change great a It's average like structural of in size. seeing, you're a

in If any frame-up? those Steve, to opposed modules, logos additional pulled new you existing there Are of think as maybe how clients that XXX,XXX. that excess qualify about that? off --- is being much from way maybe is of to

Steve Robertson

out previous going XX% land me which our that because Well, of any in combination someone observed north new are order clients XX%. a of on below -- the then logo rate the is, I'll there, that XXX,XXX. something to might it's a of started XXX,XXX client XXXK and add land the client and quarter logos number have looks but like that and We it's upsells point it's -- from expand clients at rounded day, our new to give growing

that the we number phase. of in benefit get both starting So in the

Kevin McVeigh

Thank nice you. really Really, outcome.

Steve Robertson

Thanks.

Operator

line Our Terry from from the comes question next Tillman [Operator Truist. Instructions] of

line open. is Your

Terry Tillman

I on the congratulations afternoon and Hi, two quarter like hear and you Hopefully good can gentlemen. okay outlook. the questions. to have I'll Yes. me

wanted is, little a that collaborating you that kind it's terms them you And cycle and but of seems of might a into kind to of be of delve multi-part, like curious for with important, where so are starting, you? bit the seems they starting bit it -- I'm are in pretty The well detail, of I first But in terms more but Microsoft. all? influencing to one little work business where

then seems base? -- market around of dynamism you equally sounded of and new more logos were see intriguing? was earlier, or in. that rolling more almost installed you The Do And any teams second you you one like mentioned out that a a go it think brought part had there helping that follow-up kind all is, into I Microsoft to Is customer I

John Hall

is Terry. Thanks, The Microsoft relationship going well.

multi-track on place we in we and collaborating organizations have in a over just are our of We a on each inside and the Microsoft we've put side, plan relationships different the cloud side of the that parts go-to-market. the company when from technology started them our with begun jointly year with partnership ago team. There those

field. problem. Microsoft the a To work way your very they to whole it more do that the us market Teams, had work the try to absolutely of and industry, financial are that excited solve lot makes been about specific to for way with value adjust cloud, question but the in historically go to in very Office operate has because platform industry partnership that has Azure to Microsoft and that end to able firms that based really that We're for friendly, we're Microsoft proposition XXX, a this we capabilities a augments have an in services about vice collaborating versa, professional position the market, with the

question. to us of in reps opportunity firms. to to They've with we're team introduced them their field have bringing at example your accounts. the some Microsoft excited the us for in also Azure that together expand many them come And are for brought So places we've for them in an our footprint and

we and It's collaboration And logos that both to grow base. successes us us a we've of good telling it's in both. help there. the that worked they accounts So have to And some or as new also had capabilities. I to good the of stories win was where with with some overview, new in new going business installed the

Terry Tillman

may forward a their question your kind in own seem a of to about But sounds cloud? years sense of cloud, We of That's of wanting question. next a greater over on-prem. cloud the still get amount some And in in getting couple trying because how towards what terms the the of next that ongoing XX% hear. ARRs transformation you to move in get great cloud? Just of still should evolve transformation terms business, fair digital terms in you. move customers that over positive the to I about larger terms of clients be guess your with to of follow-up are propensity kind years the of just of like that to How is, on they're Thank a what couple initiatives. thinking I'm total

Steve Robertson

of Well, as than Terry. take have we -- customers least before, I'll than at Sure, cloud. XX% that said our first may the one of ARR XX% of that one all, more more in cloud have our product

what clients fully migration that's want still So, some the a their we to migration customers, or and we've new our a making have often our for way are and to they meet cloud. implement those seeing might some to that doing described. are is, have And sign on-premises some recently larger to for ready whatever buy on time cloud been up full capability as the when of mostly customers you of hybrid

we getting So but continue to towards assessment it's progress the to whole sort and is we think for client go as and continuously base. sell quarter ongoing our organic each up migrations along, an steady the cloud sign of I

Terry Tillman

Thank you.

Operator

next you. for our Thank moment One question.

the Our from line next from Brian of Oppenheimer. Schwartz question comes

Your line open. is

Brian Schwartz

NRR. in actually Hi, my the afternoon, congratulations John, question up-selling is for on questions Steve, a quarter. had thanks my and question about -- taking Yes. cadence that back this I of I customers additional cadence seeing coming. any in from activity to really coming the strong Are when speeding John to are opportunities the at you all you when those are purchases the purchase? around original up make and

John Hall

a the in on-prem get cloud us help they to quickly reasons up our additional but from in Hi, model position cloud, if I to the and are people We've question. it Brian. is help good running Yes, once people industry modules in up cross-sell a the help Thanks there. think to bring the was they've has the or had upsell want encouraged about the whether the them good cloud. generation always faster put the many more that's and adapt program for that one model and the cloud opportunity got running we're about and capabilities we evolution to excited of clients,

Brian Schwartz

question for John. then you. Thanks, And one Steve

Just a question around the the and all the strength that seeing assumptions Steve. for the the macro the demand us Thanks, in the your business at you outlook. guidance that throughout guidance persist the is or steady Is gave updated the today? in in macro your expectation discounting the in are macro year that you of

Steve Robertson

strong I respond a that little is is that has pretty pipeline, good mean we as and I that we for Brian you bit will. is, have way if of would us, the Well, are think John last the said, the always as to and business been I we same careful. think I said quarter certainly the we tone -- have, it's

it know none and us to sure. of continue We monitor though for

careful So we but shift are the of going now. no terms about way We're our in thinking the forward particular modeling carefully. there watching right just macro we're being that, in is

Brian Schwartz

much. very you Thank

Operator

of line question comes Instructions] Alex James. Raymond from the Our Sklar from next [Operator

is line open. Your

Alex Sklar

Is to there. from landing at environment? follow-up new on where telling John, your a to around value force remarks want focus additional be sales customers Thanks. on benefits your where enhancements with selling the in ROI you're harder proposition Any that pressure you're all current the I ROI? on part and or changing perspective to Billstream the

John Hall

and Thank helping advantage. It's has business, Alex. interesting, strategy do. platform propositions and origination places origination of what and compliance from efficiency winning new different and and they're to position with their firms knowledge and two, operations and and in are sourcing and value the looking market And own in range to profitability you. a Hi sourcing to competitive

what that to strategic sure compliance what's the skilled So the and really making our them each are at the story, understand offering the listening we carefully and client achieve, positioning their team helps and important and at is the very time. operational firms to in way goals now

the are for that there a current the growth kind on right not themselves their higher of is compliance and professionals and their I who having experience environment, but are There firms do who ROI, think of and at hard efficiencies the clients. focused who story, are for firms on in operating exclusively. are their firms looking focused positioning for proportion

trying really like past to about they're do is for struggled today get ERP support traditional they to And it. part of the of get of And platform and grow bring can evolves, and them Intapp's and differentiation that and it's and with CRM with us. that, richness what as we they to overall that in going folks that's to kind and the that the flexibility firms strategy their is one the potential can of it things with

broad So strategic that in each we and to drive good case broad specific the then get because potential a deals. been very story of it's client

Alex Sklar

drivers higher year Okay. Great. of any than outlook thoughts quarters was in the profitability that the That's the on overall context. we your then, on you the talk started Can for year. And plans and helpful bit Steve, changes super a upside about quite a couple just of where ago? hiring

Steve Robertson

ahead Yes. having a we've get are this some continuing bottom for growth. of the Sure. of that and now, No, that capture, line. we, no, it we want to to of I said we're part of and quarters we're to performance good good mean, couple drops seeing revenue -- And of course, We certainly hire, that, but this -- remains true.

steadily expect to bit of we at leverage now. a said I think our here certainly see that's to we're are we that, time little business line, in -- also from over and profit better Having do looking operating starting something we sort the here of

it future. no, and we where hiring So we're our of the makes opportunities, we next growth and sense planning getting ahead now, year But for are so can capture.

Alex Sklar

right. All you. Thank Great.

Operator

next moment for One question.

Our from the Lane from Parker line of comes Stifel. next question

Your open. is line

Matthew Kikkert

been want have on for for Kikkert top your Matthew growth is I Has that key and address expansion strategy. there the congratulations you're over Thanks XXXX recently. the questions Customer a change to funnel taking in about been And demand? ask This my have of do top there investments the to demand Parker. any planned part of you incremental any quarter? that seeing last the funnel of quarter.

Steve Robertson

Look, strong. whole pipeline top the the funnel, remains of

growth. continuing I are as there We invest to said, I we to capture think, because want steadily,

no So, the of our right in in seeing marketplace orientation towards investment opportunity particular in the sales we're change now. terms

Matthew Kikkert

Thank from you me. That's Okay. very much. all

Steve Robertson

You bet. you. Thank

Operator

question. next for moment One you. Thank

Sandler. Our next from the question comes from Arvind Piper line Ramnani of

line is open. Your

Arvind Ramnani

taking I your want sure for it complex my -- how and for like when environment you question. new by I'm Thanks you sign but is can clients, frame client varies help a to but Hi. and timeframe is, what client up of does about ask typical they with a provide or they put -- Intapp up of platform? realize just when implement the for start to your they do it and sort sign and that what range maybe client, benefits -- some of timeframe when if

John Hall

Hi Arvind. you. Thank

an the that largest that. global is running. too of doing to larger The nine easier And on XX side clients implementations certain a is, We our generally can and enterprise firms get it we've done and a situations. smaller firms But in and six year. time months the group So it's have up to us and focus days, lot clients. months in do on get for class how up speaking, can very mid-size take running IT that their

in total you average. things months six doing maybe if we're usually about to months, wanted nine So

Arvind Ramnani

X you once stay to they kind expansion in medium are client, expansion kind does year, X And in of after sort months the revenue a the of of to like with Xx, three six sign clients, what with you existing like years, you is or up dollars typically you of of at of Xx, growth think someone then go type like sort wafer in up provide some But terms initial Perfect. signs once seeing you? in up the revenue. for are term

Steve Robertson

exactly progressed way, we I'll take We is that. do at certainly we look Yes but how we Steve, Arvind. -- This after land. it track don't that we

have across basis is on we some and certainly As past, low gotten client penetrated, whole I actually the are clients our platform base, quite fully others penetration are think in average have just said started. the an our

as year. months, said, can it might implementation John it is As appreciate nine the next an be if to you six

So of we're sell come back set to ready the next and capabilities. implement and

sometimes quicker, it happens that Sometimes doesn't.

to don't we're I can your here see our have NRR strong which from question, the exactly you rates range we performance. think but answer our we're seeing So and raising

selling clients users. existing to in product strongly We opportunities and new definitely both cross-sell upsell are

So to be think. a will continue we and momentum it's so strong

Arvind Ramnani

Terrific. to And of in terms your revenue like like just clarify, build.

months. clearly are as started as had XX last and heard what clients that. pipeline, have as on the think in those those ago, strong and or months new to starts want just continuing, who call in nine I but are six as mean just is. I new I far months been logos I today's like project confirm they

Steve Robertson

Yes.

for I quarters or think, customers XX quarter we've added plus every so net now. new several

steady it's been that So way.

Arvind Ramnani

Terrific. Thank you much. very

Steve Robertson

You bet. Thank you.

Operator

any call the I'd queue, Thank further you. to for back turn in I'm like closing not any questions remarks. And showing to over John the

John Hall

May. us for Okay. today. to We'll Have our again in you again. day. with a Thanks look third Thanks all talking quarter good release at everyone forward joining

Operator

And this you concludes for Thank participating. today's call. conference

disconnect. now may a great day. You Everyone have

Intapp (INTA) 6 Feb 232023 Q2 Earnings call transcript