Intapp, Inc. Q1 FY2026 earnings call

Key Points - John Hall highlighted strong quarterly results supported by cloud ARR growth, new products (e.g., Intapp Time with GenAI), strategic partnership with Microsoft, and expanded client accounts. - Added applied AI capabilities to the platform, with industry-specific AI solutions automating tasks and delivering actionable insights while maintaining compliance. - Grew the partner ecosystem anchored by Microsoft, with 145 curated data technology and services partners. - Notable wins in legal, accounting, and financial services verticals, including large law firms consolidating, clients adding additional Intapp solutions when migrating to cloud, and firms in financial services choosing purpose-built solutions. - David Morton discussed cloud ARR surpassing $400 million, 30% YOY growth, non-GAAP gross margin of 77.7% up from 76.3% YOY, non-GAAP operating expenses, free cash flow of $13.2 million, key metrics like cloud net revenue retention rate 121%, and the role of the partner ecosystem in go-to-market execution.

In the fiscal first quarter, cloud ARR grew to $401 million, up 30% year-over-year, with cloud representing 80% of total ARR of $504 million. SaaS revenue was $98 million, up 27% year-over-year. License revenue totaled $29.2 million, up 2% year-over-year. Professional services revenue was $12.3 million, down 8% year-over-year. Total revenue was $139 million, up 17% year-over-year.

Fiscal Second Quarter 2026 - Expected SaaS revenue between $100 million and $101 million, total revenue in the range of $137.6 million and $138.6 million, non-GAAP operating income in the range of $21.4 million to $22.4 million, and non-GAAP EPS in the range of $0.25 to $0.27. ### Full Year 2026 - Expected SaaS revenue between $412 million and $416 million, total revenue in the range of $569.3 million and $573.3 million, non-GAAP operating income in the range of $97.7 million and $101.7 million, and non-GAAP EPS in the range of $1.15 to $1.19.

Risks associated with forward-looking statements, including uncertainties in market conditions, competition, regulatory changes, and other factors that could cause actual results to differ materially from those implied by forward-looking statements.

Q: Kevin McVeigh asked about the net revenue retention rate of 121% and what drove it.

A: David Morton responded that it's due to continued inroads on upsell and cross-sell, densifying the enterprise model around key accounts, and low single-digit churn.

Q: Alexei Gogolev asked about what drove ARR acceleration.

A: John Hall said it's a combination of industry-specific changes (e.g., market consolidation in legal), macro tailwinds, enterprise sales build-out, and productivity improvement.

Q: J. Lane asked about on-prem holdouts and AI as a tipping point.

A: John Hall said AI is accelerating the move to cloud, with Microsoft partnership helping meet regulatory requirements, and focus on compliance and information governance in enabling AI adoption.

Q: Koji Ikeda asked about which verticals are more open to AI and catalysts for less open ones.

A: John Hall said the market is excited about AI, with financial services and professional services both having opportunities, focusing on vertical AI solutions and compliant workflows.

Q: Dominique Manansala asked about seasonality and moving towards $1 billion revenue.

A: David Morton said seasonality remains, and John Hall discussed execution levers like cross-sell, upsell, new client acquisition, and vertical AI innovation.

Q: Alexander Sklar asked about international opportunity and direct sales hiring.

A: John Hall talked about expanding globally with partners and growing the enterprise sales group, and David Morton noted nominal incremental investment needed.

Q: Steven Enders asked about Microsoft partnership and margin.

A: John Hall discussed the collaborative partnership with Microsoft, and David Morton said they continue to invest in product innovation and go-to-market.

Q: Saket Kalia asked about on-prem conversions and roadmap.

A: David Morton said on-prem conversions have 20%-30% uplift, and John Hall talked about roadmap including compliance capabilities with AI.

Q: Camden Levy asked about cloud NRR and product performance.

A: David Morton noted cross-sell motion driving NRR, and John Hall said GenAI features in cloud have been a driver of SaaS beat.