Intapp, Inc.

Thank you for standing by, and welcome to NTAP's fiscal second quarter 2024 webcast. At this time, all participants are on a listen-only mode. After the speaker's presentations, there will be a question and answer session. To enter a question at that time, please press star 11 on your telephone. Please be advised that today's call has been recorded. I would now like to turn the conference over to your host, Mr. David Trone, Senior Vice President, Investor Relations. Please go ahead.

Thank you. Welcome to NTAP's fiscal second quarter 2024 financial results. On the call with me today are John Hall, Chairman and CEO of NTAP, and David Morton, Chief Financial Officer. During the course of this conference call, we may make forward-looking statements regarding trends, strategies, and the anticipated performance of our business, including guidance provided for our fiscal third quarter and full year 2024. These forward-looking statements are based on management's current views and expectations entails certain assumptions made as of today's date and are subject to various risks and uncertainties, including those described in our SEC filings and other publicly available documents that are difficult to predict and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. INTEP disclaims any obligation to update or revise any forward-looking statements except as required by law. Further on today's call, we will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. As a reminder, all of our financial figures we will discuss today are non-GAAP, except for revenue and revenue growth and remaining performance obligations. Our GAAP financial results, along with reconciliations of GAAP to non-GAAP financial measures, can be found in today's earnings release and in supplemental financial tables which is available on our website and as an exhibit to the Form 8K furnished with the SEC prior to this call, or a supplemental financial presentation, which is available on our website. With that, I'll hand the conversation over to John.

Thank you, David. Good afternoon, everyone. Thank you for joining us today as we share the results of our fiscal second quarter. I'm pleased to share our strong results supported by innovation, new logos, and expansion of our existing accounts around the world. In Q2, our cloud ARR grew to $256.1 million, up 34% year over year. CloudNow represents 70% of our total ARR of $365 million. In the quarter, we earned SaaS and support revenue of $77.1 million, up 25% year-over-year, and total revenue of $103.9 million, up 23% year-over-year. We released new applied AI capabilities, and we built on the initial success of our industry solution strategy during the quarter. And we announced that our inaugural investor day will take place February 22nd. The date also marks our intelligence applied launch day when we'll unveil a host of new applied AI capabilities, as well as our AI roadmap and a new brand identity to our clients, partners, and investors. We're excited to share these developments with all of you. Now I'll share a few highlights from our fiscal second quarter. First, I'll talk about innovation. As I've mentioned, Intap has been embedding industry specific AI throughout our platform and solutions for more than 10 years now. We've infused our solutions with AI technology, including automation, machine learning, deep learning, and now generative AI to help our clients use their data to improve critical processes and make better, faster decisions. During this quarter, We enhanced our relationship intelligence feature with new AI capabilities that automate contact and company creation within DealCloud. The feature captures key contacts and companies directly from client interactions, enriches and validates information via third-party data, and then adds it directly to the platform. This helps professionals prioritize and act on their most promising opportunities. and helps keep the entire firm's latest insights and relationships up to date. It's another example of our zero entry philosophy. We're delivering greater value to busy professionals while relieving them from manual tasks or typing. We're now deploying this at firms ranging from 10 to 5,000 seats, including one of the largest firms in the world who is using the solution across 40 countries. A great example from this quarter is McCabe's Lawyers, who added relationship intelligence to their DealCloud instance to support their lawyers as they deepen their relationships with clients. As I mentioned at the top of the call, we'll be revealing a broad set of AI capabilities at Intelligence Applied Launch Day on February 22nd. We will showcase how generative AI can help our clients drive incremental productivity enable broader firm-wide transformation, and do so with compliance and trust. During Q2, we worked closely with firms in our AI early adopter program to use and provide feedback on these new features, which we're excited to now bring to all our clients. Working closely with our clients to understand their needs has always been integral to Intap's product development approach. we're ensuring that new applied AI capabilities are purpose-built for our client firm's most pressing and industry-specific needs. We're also continuing to expand our portfolio of industry solutions. We're growing our capabilities for each of the sub-verticals that we serve with specific deal cloud blueprints that enable best practices using applied AI. we delivered new blueprints for legal, private equity, and fund-to-funds. The latest release also included several enhancements to existing blueprints, as well as an accelerated deployment path for clients seeking best practices and an even faster time to value. We also extended our blueprint strategy to our Data Cortex technology. which supports faster integration with our many data partners, helping both new and existing clients enrich their data with critical market and contact intelligence. Our initial win rates, accelerated deployments, and increased client satisfaction show us that our industry solution strategy of packaging best practice blueprints will serve us well and drive growth. As an example, this quarter, Roan Group, a transatlantic private equity firm selected DealCloud to replace its aging homegrown CRM using our private equity blueprint. Clients leveraging these blueprints deploy in roughly half the time and gain access to the best practices we have learned over thousands of deployments. With dozens more blueprints in the pipeline, we intend to build on our successes with continued expansion and enhancement of this offering. Okay, moving to Q2 wins and implementations. I'll share some examples of how we're continuing to grow our client base and expand existing accounts. I'm pleased to share that we again welcomed new clients across every vertical that we serve. Here are just a few highlights. In our investment banking client base, global investment banking firm Livingstone Partners replaced a legacy cloud-based CRM with DealCloud due to lack of adoption among their professionals. They were impressed by DealCloud's tailored platform and numerous Microsoft integrations, and they anticipate significant efficiency gains. We saw expansion in our consulting client base with new logos that included these two firms. Global consulting firm Alex Partners selected DealCloud to replace a legacy CRM. With technology purpose-built for the complexity of their work, the firm's corporate development team will have greater visibility into pipeline and be better able to execute deals. And private equity-focused consulting firm Accordion also recently selected DealCloud to support their growth strategy and promote collaboration among teams. They chose us over a generic cloud-based CRM because of our expertise in the market and our software's ability to suit their specific needs. We have also seen marked growth in the legal market this quarter with the addition of several new clients including Panama-based Galindo, Arias, and Lopez, who selected Intap Time to take advantage of our automated time capture functionality. UK-based Marriott Harrison selected Intap Time after deciding they required a more efficient, reliable, cloud-based time tracking system. And US-based Porzio, Bromberg, and Newman selected Intap Conflicts, to help automate the processes associated with managing the firm's high volume of conflicts checks. Additionally, cross-selling and up-selling successes in our existing accounts continue to drive net revenue retention. Let me go through a few expansion examples. Global law firm and longtime Intap risk and compliance client, Baker Boss, recently replaced a large legacy CRM with DealCloud. The firm selected DealCloud to support its strategic growth plans in the tech and energy sectors. DealCloud's intuitive interface and relationship intelligence capabilities help drive their selection. The firm believes they'll help its lawyers develop new business, deepen client relationships, and take market share from its competitors. Investment banking firm and DealCloud client Union Square Advisors selected our employee compliance offering to replace their previous solution. They chose our software as it offered an easier, more modern way to automate personal compliance tasks and monitor trade activity. And we continue to see success at the world's largest accounting and consulting firms. One of our existing global accounting clients uses Intap solutions across multiple geographies and has now expanded its use of DealCloud to its Ireland and UK-based corporate finance team. DealCloud will replace the division's legacy CRM, which had proved challenging to maintain and lacked adoption. DealCloud was selected over two large horizontal CRM options. based on our ability to deliver capabilities tailored to their transaction advisory business. This is a great example of the power of our industry solution blueprints to meet the specific needs of even the largest and most complex professional firms. Finally, cloud wins and implementations continue to affirm our strategy as shown through a number of new in-tap time migrations in the court. These include an AMLAW top 10 firm, which purchased in-tap time in the cloud to benefit from features like automated data capture, mobile time entry, and compliant time. Allen and Overy, one of the world's top law firms, which typically uses on-prem solutions completed a straight-to-cloud implementation for IntapTime. And one of the world's largest international law firms completed its migration of IntapTime from on-prem to the cloud. In conclusion, we're proud of our strong second quarter performance, and we're optimistic about our continued growth opportunities. As our Q2 highlights illustrate, We continue to grow by adding new purpose-built capabilities to our platform, positioning us to help lead our industries to harness the power of generative AI. And we can't wait to share our new applied AI capabilities, AI roadmap, and new brand identity in greater detail just a few weeks from now. We see continued opportunity to drive growth adding new clients across a broad TAM and expanding within our existing client base. We're serving a durable end market with our subscription revenue model and industry specific cloud platform. We have a great growth opportunity to drive AI, cloud adoption and modernization across all the industries we serve. As always, I'd like to thank our clients, our partners, our investors, our board, and our global Intac team for their teamwork and dedication. We hope you all join us on the 22nd for our Investor Day. You can find the link to the webcast on our website at investors.intac.com. Thank you all very much. With that, let me turn it over to Dave to share our Q2 results.