Intapp, Inc. Q1 FY2025 earnings call

Key Points

• AI Innovation: Introduced new AI-powered features like Intapp Assist for DealCloud (sourcing recommendations and smart tagging) and Intapp Assist for terms (generative AI in Microsoft Teams), along with Intapp Walls for Copilot (secure AI use).
• Partnerships: Renewed top-tier and global ISP partner status with Microsoft, expanded partner ecosystem to 135 data, technology, and service partners.
• Client Wins and Migrations: Added new clients like Crete PA and TGS Baltic, and saw cloud migrations of firms such as Honigman and a New York Am Law 100 firm.
• Net Revenue Retention: Strong cross-selling and upselling in existing accounts, e.g., Forvis Mazars expanded its relationship with Intapp.

Cloud ARR grew to $309 million, up 27% year-over-year, representing 74% of total ARR of $417 million. SaaS revenue was $77 million, up 30% year-over-year. License revenue was $28.5 million, up 2% year-over-year. Professional services revenue was $13.4 million, down 8% year-over-year. International revenue comprised approximately 34% of total revenue in fiscal Q1, up from 31% a year ago.

Fiscal Q2 2025

• SaaS revenue: $79.5M - $80.5M (26%-28% y-o-y growth)
• Total revenue: $120.5M - $121.5M
• Non-GAAP operating income: $14M - $15M
• Non-GAAP EPS: $0.15 - $0.17

Fiscal 2025 Full Year

• SaaS revenue: $327.6M - $331.6M (26%-28% y-o-y growth)
• Total revenue: $495.5M - $499.5M
• Non-GAAP operating income: $61.5M - $65.5M
• Non-GAAP EPS: $0.73 - $0.77

• Lumpiness in large deal closings.
• Dependence on partnerships and partner ecosystem performance.
• Macro-economic uncertainties affecting deal activity (though no significant impact seen yet).

Q: Update on deal environment and macro impact?

A: No change, demand is strong, pipeline is robust, and no macro impact has been seen even in financial services.

Q: ARR and billing dynamics?

A: Q1 is the time to move accounts to sales teams with good success proof from prior year, and 70% of SAM in top 2,000 accounts.

Q: Cloud ARR growth acceleration?

A: Driven by new logos, cross/sell upsell in existing clients, and migration of on-prem to cloud, with large accounts being lumpy but promising.

Q: AI product net new ACV?

A: Provided annually, not a quarterly metric.

Q: Sales team changes and GTM?

A: Tested model in 2024, reallocated resources in 2025 to enterprise accounts, with good results in Q4 and strong pipeline.

Q: Conversion of on-prem to SaaS?

A: Natural pull for AI capabilities, firm demand for cloud scalability/security, and proactive program to help firms migrate.

Q: Pricing and packaging of AI solutions?

A: Specific use cases driving value, with good pricing defense due to isolated value propositions.

Q: Partnership with Microsoft and AI strategy?

A: Not exclusive on AI tech, but partnership is strategic for Microsoft-oriented end market, with flexible options and cost considerations.

Q: Large deal activity and macro?

A: Realignment of resources to enterprise accounts, mid-market performance consistent, no significant macro impact seen.

Q: Capital markets impact on growth guidance?

A: End markets relatively healthy, focus on execution and product/platform strength.