INTA - Earnings call 1 2024

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Operator

Good day, ladies and gentlemen. Welcome to Intapp's Fiscal First Quarter 2024 Financial Results Conference Call and Webcast. [Operator Instructions] Please note that today's conference is being recorded.I will now hand the conference over to your speaker host for today, David Trone, Senior Vice President of Investor Relations. Please go ahead.

David Trone

Thank you. First Financial Fiscal Intapp's to Quarter Results. XXXX Welcome

materially made call, today Hall, David regarding Chairman the this Chief call in disclaims CEO risks trends, law.Further, discuss John Intapp required me with conference publicly of anticipated non-GAAP we those as revise obligation by course and implied described On These date forward-looking will available those in provided or strategies and and based expressed financial predict are statements. also on we uncertainties, are are and aid such update forward-looking current views of performance are other understanding that of any Officer.During differ guidance and statements, fiscal to quarter statements for difficult that certain filings our business, today's and the any except forward-looking second actual may the forward-looking from we entail results. as certain various documents, to make subject cause Financial statements to and and assumptions the expectations, our and on including or our metrics including full of could of SEC Morton, call, to year XXXX. our results today's Intapp, by management's believe

revenue all our for and reminder, revenue and discuss obligations. except financial of non-GAAP, growth a remaining today As figures we are will current performance

as a which I'll available supplemental SEC GAAP tables, with and along of prior today's on can the with our to to results, on conversation to release found supplemental Our to reconciliations hand available this over our the furnished exhibit that, John. an or which earnings is financial call, website.With X-K financial financial presentation, financial its the non-GAAP Form in GAAP be is and website measures

John Hall

XX% quarterly we've share achieved share as Thank of us of released again, you, growth, pleased accounts details that quarter, we new throughout logos partnership SaaS furthered call.In to and the results, expansion these share of strong QX, up of more quarter. world.We XX% I'm to ARR our million. you afternoon, also new million, Microsoft. supported this the we everyone. revenue I'll additional growth AI grew and for of and XX% first to Good million, drivers each cloud client today once select up David. on million, our XX% support fiscal now revenue capabilities of existing our ARR results Cloud of total and year-over-year year-over-year. In strategic ARR Thank the platform joining our with $XXX.X up total applied $XXX.X our represents year-over-year. by cloud around $XX.X $XXX.X our earned

client with at totaled ARR, We a end, XX% particularly clients continue from fiscal $XXX,XXX a their throughout better, business AI. and vast our to specifically and critical Intapp platform done this use help our solutions. is newcomer industry-specific a Intapp to up base, expand XXX in strong faster innovation to We've highlights few over strategy. data like which our AI in processes from I'll first embedded our about AI with talk to ago.Now decisions. and year first not quarter. I'd clients our make share growth our quarter to clients has applied stores improve

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David Morton

functions, were which X,XXX continue of total Revenue beyond.SaaS to fiscal as services year-over-year, profit investments $XX.X income Thanks, of our largely fully our opting XX% I'm was from million.Net John, in business us increase per U.S. platform purposeful base approximately represented to in solid to of growth, $XX.X first Operating for to the our Operating clients in driven to everyone, and prior market services $X.XX XX% and and international of growth joining million, million, and as the $X.XX was product go-to-market pleased of leadership as XXXX expand million, was XX% revenue believe due support in XX% reflecting year-over-year.Overall, extend in in million Professional Subscription on-premises provides driven by period. opportunity total and expenditures ARR our first thanks, growth solutions XX.X% of our the Current positions equivalents.Turning well on ARR returns and was compared of obligations coupled continue $XX.X were rate quarter more had report of XX% $XXX.X invest $XX.X first the first performance our new from renewals. go-to-market continued year-over-year, as revenue XX.X% license expansion and cash invest $X.X further operating a capital XXXX. year-over-year the was key execute cash fiscal was $XXX.X profit motion. our perform and fiscal metrics; reflecting quarter quarter up up year-over-year, land development use of cash quarter our and of expenses us cloud $XXX,XXX, in for our support up diluted gross was several a sales year-over-year, and to early than R&D to clients, ending less by was quarter XX% in quarter, all sales revenue.Our the at million, the cash X.X% to with revenue.QX we strong as flow, up of from to the the quarter $XXX.X year $X.X and professional operations, up for performance, with large both expanding today. revenue. of primarily revenue from strong model, as the XX% million we million, share remaining we size. revenue XXX expand fiscal flow multiyear increased grew customer international million client prior $XX.X with up clients up XXX which exited outside growth. $X.X compared an XX% sales and of to in in revenue and of million, cross-selling is year-to-year, XXXX quarter Total XXXX clients opportunity compared first was recent or million, exciting margin as the year-over-year. up was we existing to pursue We ARR upselling well XX% least by operations first period. quarters, defined attach strong which to year as Free cloud and to in

of the diluted fiscal for revenue and track using Operating XX $X XXX%.Now the approximately a retention rate our share customers. shares second full XXXX, expect of and $XXX.X quarter to $X to our steadily an we revenue profit in million million support be outstanding.For turning XXXX, underscores for business Our and quarter with revenue our continues million, the million in $XXX count revenue common existing support range of This $XXX.X and ability $XXX.X between increase key our the $XXX our million. fiscal the of retain range share $XX of and net million year outlook; $X.XX, expand $X.XX results million we to of million. and our increasing to range within to SaaS XXX% and of total the per to between revenue $XXX.X total will weighted in million metric to range million $XX million SaaS fully of we in our that expect to

outstanding.And be per We you for forward in approximately we we Day More our the operator. had $XX.X as will details on in many to XX, to $X.XX, John mentioned, will of year.And like profit shares there. net to fully February and Investor back be count fiscal diluted of share share hosting the income $X.XX million. seeing the later range also range million this And common million would expect of look I follow the XXXX operating of to using in our $XX.X a to turn XX now to call

Operator

[Operator coming Bank Instructions] from And question Ikeda first of America. from Koji our

Natalie Howe

industry to opportunity for I gravitate existing solutions a an that? for Natalie preset with wanted of Is within or sort the looking configurations. This towards customers cross-selling are is new for more ask the is that on for Koji. Howe also that that quicker solution, the What out-of-box logos base?

John Hall

the for thanks question. Natalie, both. It appeals to

absolutely clients So that their the they specific solution understanding business sense and makes the them these show process really because issues for the are that the types exactly that get situation, deep we new sense to the firms can and has of attracted it of face. team the

us So get our showing to more technology even also, these have that we years, processes, solutions. over we're clients we developed able meet definitely the we're competitively to which capabilities to more cross-sell made back with learned as win them value, But the many of their industry the we've helps them and and of and advances we've existing using ourselves. going

both it's situations. So

Natalie Howe

ask marketing quick question. a wanted and second I then And about it. to investment. Got your sales

go-to-market were said guys there. investing [ in motion more ] your you You

to going a the Has of As been later strategy come decreased there sequentially, and year? shift a go-to-market have investment there? in marketing the your is seemed revenue, bit to sales percent a in

David Morton

investments do kind about what The we'll degrees like -- the already we we hi continue thus laid like out. far. to of narration various returns, we've Natalie. was narration monitor those The Obviously, we but of more see

And spend absolute of as see a percentage so no, step-up in an we don't revenue.

Operator

McVeigh And from our UBS. coming next with Kevin question

Kevin McVeigh

Great. I'm see sorry. progress strong Congratulations to another on good Steve really, just really quarter. really, John, you continue -- or really

that and with partnership benefit more kind of on because really crystallize get to Microsoft logos larger seems new driver. clients it pulled that, them from of the that give that kind On the you obviously, existing like, is a clients, embedded another of some being as more of us that be -- scale, the or up kind can incremental you of -- and starting kind sense could is

John Hall

Yes. Thanks, Kevin.

exciting a big is, one $XX,XXX firms those. a with able growth large coming That's is larger might and firms.But $XX,XXX how the the from So large the and a out number expanding in that's move with past come our market that, deep starting start place, clients $XXX,XXX enterprise the firm's that in being seeing to is more and footprint I that more of go-to-market points with the in big very then business in, of What's $XXX,XXX on bit that guess upsell, from you're or and pointing to. both there's see new addition, big more is the cross-sell have of is up able past mark. landing number at by market us encouraged little opportunity. we're about TAM firms focus how large firms the point beyond, we're working, a the being that very this class to the first

of way sellers goes, a as selling see the marketplace. the about Microsoft available that talk So then people Microsoft helping. its marketplace. we're it points got credit Microsoft on to for about that talked incentive, its this far We've the as we changed through think is One that so things couple now on market.As help of track the quarter, relationship. the I depth a own and is, Azure And

recommend sell. that and reinforces us quota co-sell get and So us their for opportunity when we with to relief

do, that the call, pre-commitment when have people solutions the mentioned have and a a an minimum of they So we can customers lot MAC, use have that to the firms the we opportunity Contract Microsoft help then think has as us.And call -- to that that's a spend; if big our they earlier the Azure buy now. we on

several firms I that land think, to So market. relationship, grow larger the parts and of helping Microsoft past firms to are both us

Kevin McVeigh

revenue? lower a Helpful. which indicator And really dramatic around be pretty margin. scale, that professional the just even then thoughts despite really, that just if services Any services, growth to impress continue what's is more continue favorable and tend -- professional in the future margins to to obviously just of

David Morton

a couple So things, Kevin. of

leverage yield in foremost, and really were the increase we I like revenue. First off to able the do that

previously, liked some what of varying so engineering of narrated roadmap on. and AI, whether so pipe beginning it's within And our on product and our and investments, whether I of whether on it's with kind really partner as economy, gen, our it's so degrees

I that's as We're think the been professional well as progress. in for the a work us, close year.With that something not this to want just so and from services, specifically see we're think look to And year-over-year that's moderate. margin for we remainder not as continue to to it's and don't equilibrium, stay respect of out continue growth, setting we that beneficial, type quite still standard of quite I there to to

Operator

our question And with Terry the Truist. of line coming Tillman next from

Robert Dee

of while continue for the And off and I should could the more time we the go-to-market then on at products This to for wins, here, new cadence selling Dee Terry. expect one customer wins same is base? enhancements follow-up. back to customer help Bobby Starting productivity have

John Hall

is for many for and them. firms we as moving are, is demand is the consistent targeted, through of a have out they're been But one happening building this who for that Bobby, effort, years. underserved kind interest and AI we people the from, applied that them, they've cloud purpose-built benefit marching industry, is they're were the because of left modernization of key pretty solutions things technology we've the not been but historically that by Yes, these

advantage the spend have that. additional about company excited we into of a long-term So help our we consistent some take generally.I each had growth think very put we're think the and go-to-market purposeful demand that. growth it's quarter, to there, of opportunity We so opportunity seeing of hallmark every the we're and

variety the and the I wins proposition the folks; transition, strong folks very a bit of folks cloud who win on are think confidence we've for these that applied that focused in the market, a successful AI are value segments opportunities, the customer on compelling in give side, a us seeing focused on who we're the little more forward-looking. are got both that

Robert Dee

That's in-house corporate great. And to then verticals, expanded legal more and seeing opportunities how in the maybe development with Are have you teams? nontraditional anything use call like cases? traction out emerging there or

John Hall

in seen the Yes, of There's of ecosystem And capital of we've several examples broad on participate subverticals. a the specifically good go firms and markets the and traction one the definitely. call corp-dev advisory We about talked in who with with the companies services them. additional today. both private all that

booming shown lot space is now. a a area already credit, right big about, progress talked We that's But for in also of I as have which private a newer us. relatively

for industry focused of out addressing we for blueprints of and brought have us great new these So intentionally sub-verticals opportunity the expansion some recently, several on been that us. more represent additional

Operator

question of our Raymond line from Sklar the And James. coming with next Alex

Alexander Sklar

Great. rep standpoint. those elaborate on just changes partnership there. Microsoft remarks first enablement in some of from terms seen what of the a John, prepared Can you and go-to-market your on you've

kind to kind reps? sellers Microsoft ago? Microsoft And are of enablement many arm a drive familiar idea you those So year further versus of rep what the Intapp how and with side doing on now Intapp the are

John Hall

Alex. Thanks,

one, know, several working that we're to steps getting Microsoft. more XX incentives Microsoft excited with then Azure from seller make product that continuing go-to-market, recent progress about So to includes where things a increased solutions all Intapp so pretty recently, months support the the this shifted in starting we're with of has reward the meaningfully. from including We've which now.The them and people or selling you very has it's the now, as for been with we're its steady and program for Microsoft most marketplace, all been

this global addition partner started that big adding U.S. the quarter, relationships. to things partner our they happened in was managers of One managers to

until a So U.S.-focused we're been that, now, up very about excited because relationship. it's

team team, go-to-market sellers and U.S., meeting our more or between and the in our all frequently. but go-to-market with just our Microsoft So team with in of have meeting review a the is Microsoft not whole we geographies, the our and regular team global quarterly working

deal.We're the Microsoft that So increase connection, of of volume successfully larger the getting by conversations, in we is also in an accounts, bring MAC about where some the kind deal through into of can I think, and lot that agreement to soak about can Intapp excitement Microsoft, we've and the X talked a solutions by now. buying because up of that have that spending from earlier, committed already they clients with there's

Alexander Sklar

Okay. Great one color then there. follow-up for Dave, you. maybe

the you see to step $X.XX, or up? ARR that with up I that better of kind more reaccelerating but is range, that some logo kind did versus can of new you the $X.XX ARR Just fourth that's provide because wide quarter, context, result just of a expansion pick activity? know it's

David Morton

on say on in new. yes, saw, a net -- some than we I So small step-up expand to indexed motion give the color our would NRR. that, did We probably see we over our

motions but earn we way our to continue those to clearly, respective And of beyond these just move those both far into continue expands, that original clients. land. we so us, we for have And

quite we So this with had good quarter that. success past

Operator

And our Barclays. Kalia from line of next with Saket the question coming

Saket Kalia

Okay. ] maybe print for for the you. quarter. Great. Nice solid John, [

you Does some the questions volatility Can the talk often, there sense? just I of DealCloud of with DealCloud maybe business, is end thought how all, sort just financial the does to private in make one that given the that compare what at of that markets, see the capital. to think that cyclicality in get given right, customer just business? you actually the I just

John Hall

trend think years to private capital, I benefit for us we from happen. larger and and toward over that's happened structural continues Obviously, many the

relatively which have a just the fit operation true. underlying modernization most we small, obviously private these and So the have think that way of gotten I AI technologies those cycle pretty the being specifically or many or the infrastructure to infrastructure general the benefit there's medium really DealCloud describing, that's in runs. capital technology.So deployed, cloud with I fact purpose-built to been And not for the one opportunity and the way run funds business in their funds, an But underserved there's that's not or space, historically, the that you're raised designed does. penetration to need that that who firms gotten that of think firms applied demand for our the independent early is large firm to need firms from have

us.And capital cycle.So of Solutions and strategies strategy segments able develop categories. types of so that, where in for firms into has what the that point So fit the we really now, of we emphasis I economic because of funds, lot specifically generally mode. think them different large get of helped many as while but multi-strategy done to of see taken funds current deploying, is the on get us, in think firms there's well is reasons lot opportunity us current surges doing up that's And our cycle economic moved diversified. are in And that to the pretty we've market trend the is professional the on multi-strategy Industry years, a the which we're growth their demand these then the working strategies there, and a for I just that's an private which across areas into one of services that they're for the category -- to a shift have to top you is raising analogous very see where what are that they're growth underlying

opportunities with And so top. it's sales some foundation, think a pretty opportunistic I on stable great

Saket Kalia

makes Got sense. Dave, of it. a you. for it. maybe Got lot That

to this just the earlier QX maybe think and just QX. is I on question,

I one any think QX. of just out you've the later, at QX, But growth the of days deal I ARR now of clearly, the maybe got of QX, so sort that sort if kind of least expecting, in And was coming seasonally consideration I cloud net ARR lower wonder questions timing the new strong around was some given was, than done. if accelerated XX sort well of here and had right, were But something QX enterprise between business, acceleration in of as here, the of explain sort at I'm the might that's QX? curious, and we deal look right? it, growth of to software sort look kind There's of sort as ARR? QX that kind more always then consider if just the of slippage here, help for time ARR at QX you've to any performance there

John Hall

I go 'XX. back wouldn't and there FY 'XX we I of think we that forget tough FY that say timeframe. there's do for if new FY into there. comps 'XX, QX, those digest again, material the And fell to about I some think were once deals that how were comparing some any news

go going zeroed you're and that so a And when noise looking numbers, a at obviously, forward, about think out. gets we from perspective, be there of lot was there's think some of year-over-year decel.As it perceived I a to

And so we pace, I right on back think rate in of we see of half we're this the and what the year. like

Operator

Stifel. our And of next Lane the line coming Parker with from question

J. Lane

sense the last side? a And on do these the co-selling us plus. channel with if were year over where I you expect you that trend partnerships the formed of only Microsoft and KPMG today? the know can has give contribution from that's curious made with that coming Microsoft I'm could those John, changes

John Hall

could. Honestly, ]. still regions, done folks in getting spaces selling the a We're joint getting them in with have of deals in all Microsoft relationship. [ we do it's some our to know we it the the of territories our in not We're variety early but deal that to

of getting each go lot made that. us in do to the we sellers of front our think and opportunity a there there's I to between know have and And formed getting of is out people excellent but progress, theirs. So relationship more it the

just with in of So us front around they're Intapp's we've I up. a large to very and great it's exciting KPMG, us which space some there's win similarly, for this deploy helped with and go.Similarly of and us. technology. wins think space But more ramping They've still up banks the there, investment KPMG. platform is early, They've built opportunity some a large of had practice for

majority to really us leverage the the ahead of of So channel. for is I on think opportunities getting the

J. Lane

it. Got

we I only Okay. about AI should applied talked AI And about the your that something there, available as development at only guess, think incentive, as look down that to And then you that, on to that's I cloud-based -- some is people part of you're of cloud of the that for functionality an enough providing switch, customers? if offering? road the actually when

John Hall

large long that are our for already The the in and shared cloud. AI know, about We're the software for us is clients been case. in you that's available a about we our time. with we're not timing capabilities overall Yes, on-premise's most We're the clients us us previous with that cloud. the project practical calls, IT our the question now cloud. grateful a And right some very supporting to as their talked migrating working them portfolio.As have have It's of within we R&D the doing percentage of meaningful have are what them on to more anymore. in of

clients do about way their your just only that people they for our move.It's I business So the AI, of it's the overall reason. already, migrate. that and do But most that incentive to think of remaining point to to an not absolutely something portion is need

want to system. a that helping decision. to on need And really on-premises a systems them cloud. people the benefits COVID go think local is to and really a into off of lot to that model AI get But incentive That's I they they go there's alone. understand people that make is cloud-based of because the further their Some cloud helped want modern to to the

Operator

Matt And VanVliet our BTIG. with of question coming line next from the

Matthew VanVliet

what on of on you mentioned of been of for maybe curious capital how looks lack trending, with. John, that deals won just markets given but how couple of market financial services your large the solution? Curious is has the banks demand activity the some straining that the revenue corner a like, there there, around is you've investment modernizing pipeline much

John Hall

Matt, thanks.

but that standardized the them to maintained solution that built in-house really has market, seen they're for us, IT end large architecture, a -- and like applications supplier we've real can more to built that each been large large us. want the more a been and custom they in.I in the particularly us. and And these of to we've bringing opportunities at built great their across banks the of if a us some the couple early. replace have of One, think times additions, are many traditionally a So with there's replace in-house the they're banks recent work diversified We're where midsized It's own. often purpose-built one wins for banks, moving systems. market large those get we able have to

as their So of just like to to there's And to it's economic come do, what think them natural try and for reason labor, a out figure natural the actually budgets rationality partner work division to us, they argument departments. to I from they scrutinize with coming a us. want IT a

applications new nice help think those own banks And also so been each of They've they're I think and of groups really opportunities to got build their of them able range baseline demand.I that's a trying modernization there's products, we've strategies, launch several a explore the that where to have parts successfully. grown. to across

investment the we've as said of across if we've it's a probably economic all group grown. reality doing pinch, well banks. there's of that despite more no serve, So we But we the been that segments might that the there's feel question,

it, some deals that won. of watching about we're So excited the we've been but we've very

Matthew VanVliet

in larger, And of Very helpful. the Should where stop think, Street there's on were selling we ahead that some to subscription most still new term thoughts you maybe I we potential And through? cloud on licenses these and of, coming the moving and future? when in everyone revenue bit the All lumpier sort then came of right. on expect quite any this. the deals for of a insist

John Hall

fact working cloud get success good want had talked support to we we've Well, make platform, about with we them there's is it an sure everybody be moving no to to and We've reason them our option that and have not that because the for people. move, us. very

So of shift. think onto like get opportunity yet. folks we haven't more an as that the talked about to clients make have we to platform, help cloud we're I But going the moment a our

Operator

Schwartz question And from coming the line with next Brian our of Oppenheimer.

Brian Schwartz

geographies. different versus bookings follow-up. in demand wanted and to of they're from seeing different ask the top I world? you terms you're the that the America And or funnel the of then John, about realize maybe I seeing businesses. North have Can what I you the of rest about talk the sized you're the a

John Hall

overall revenue, steadily, business pretty The pretty been we've of XX% the and been growing about it's international line. portion So much our actually. growing is of in

the America distinction seen North growth So world. between and big rate of the the we rest haven't

Brian Schwartz

difference the services they're landing in there topic where the out the strongly. follow-up the of that's read of you, wanted much end I market? bigger your my is of sounds through concentration So bigger those Is even services versus guess question Europe, end America than deals was professional The grow which to that's financial from terms though ask there. coming size on to that, a I from, deals North great. just continuing on market

John Hall

lot services professional that large huge but that Well, called and time an there is over the a space. services of firms the the organization. that sub-verticals we develop newer there. few and the we've the some as we of years, point opportunity on, are some feedback positive the past in to firms the And financial in getting work space for to from are are the us, both of really less firms largest a we've very large And more technology very have done out

cross-sell, to some that firms, or inside global private or we both the think and capital firms multi-strategy I large the land and it's large firms firms, very big So have where opportunity banks in law the whether the the consulting opportunity. growth very Big expand or upsell significant accounting X to significantly, the investment

think sell space those. across deep a I to got we've into

Operator

Hall call remarks. And the this now we I further closing I any time. John to the for will back have turn see in no queue Mr. questions at over

John Hall

start Okay. questions, and I'd your thank great excited us, the and attention QX a you year. fiscal like appreciate say your and about to we to We have we're everyone. our to behind

thanks So today. your you forward talking quarter. time next look to to We for

Operator

you your conference Ladies and Thank gentlemen, our participation. for that today. concludes for

disconnect. You may now

Intapp (INTA) 7 Nov 232024 Q1 Earnings call transcript