Intapp, Inc.

Thank you for standing by, and welcome to NTAP's fiscal fourth quarter and year-end 2024 financial results webcast. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. To remove yourself from the queue, you may press star 11 again. I would now like to turn the call over to David Trone, Senior Vice President, Investor Relations. Please go ahead.

Thank you. Welcome to INTAP's fiscal fourth quarter and year-end 2024 financial results. On the call with me today are John Hall, Chairman and CEO of INTAP, 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 first quarter and full year 2025. These forward-looking statements are based on management's current views and expectations, entail 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. In fact, this claims 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, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP diluted earnings per share, and free cash flow. As a reminder, all of our financial figures we will discuss today are non-GAAP, except for revenue and revenue growth and total 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. We're pleased to be here with you to share the results of our fiscal fourth quarter and full year fiscal 2024. I'm pleased to share that we had another great year with strong results across the business, including cloud ARR growth of 33% year over year. We added new logos, consistently grew existing accounts via cross-sell and up-sell, and deepened and expanded our international footprint. We released a new set of generative AI capabilities designed for the specialized needs of our target markets, and we expanded our product portfolio and R&D capability through strategic acquisitions. And we continue to evolve our partner ecosystem with significant wins related to our strategic partnership with Microsoft. I'll share details on how each of these growth drivers impacted our performance throughout this call. As I noted earlier, in Q4, our cloud ARR grew 33% year over year to $297 million. CloudNow represents 73% of our total ARR of $404 million. In the quarter, we earned SaaS and support revenue of $85 million, up 25% year over year, and total revenue of $114 million up 21% year over year. Additionally, we now have 73 accounts with ARR of more than $1 million, a year over year increase of 38%. Notably, this number was partially driven by an uptick in large enterprise accounts investment banking deals in our fiscal third and fourth quarters. And we continue to increase our profitability and free cash flow this year. We enter fiscal year 2025 with optimism and confidence that our vertical SaaS platform, applied AI strategy, and strong competitive position are a strong foundation for sustained growth, and execution in this large addressable market. Now I'll share some highlights from Intep's fiscal year 2024. I'll start with product innovation, which continued to drive our growth in fiscal 24. As I previously shared, Intep's intelligent cloud is specifically designed for the unique needs of the firms we serve, The same is true for the robust set of applied AI capabilities that we released this year, where our deep understanding of the applications of AI for our professionals in our markets are creating the most effective and high value outcomes for our clients. With each consecutive quarter of fiscal 24, we made advancements to our applied AI portfolio and roadmap, including Intap Assist for DealCloud, which integrates AI into everyday workflows to save professionals time by generating deal, company, and meeting summaries and creating personalized, targeted relationship outreach. The capability has already been adopted by clients, including law firm A&L Goodbody, the investment team at U.S. Realty Advisors, and private equity firm InVenture. We also launched in-depth walls for co-pilot. As exciting as new generative AI is in so many areas of the market, it also brings with it a risk of oversharing sensitive information. In our market, firms are particularly vulnerable to this. Our new offering is designed to help address the oversharing risk as AI rolls out in the market and is uniquely tuned to the confidentiality and security requirements our end market faces. Recently, the CIO of an Amlaw 50 law firm told us, quote, without intact walls providing the confidentiality and security policies to Teams and SharePoint, we would not have been able to roll out Microsoft Copilot knowing we could be at risk of oversharing data with unauthorized users. Other AI features that we announced include Intap Data, a core capability available to all DealCloud clients that augments firms' internal intelligence with information on more than 85 million companies and 200 million contacts in our markets. And DealCloud's Activator Experience, which helps facilitate professional successful business development behaviors and habits using Intap's AI-powered signals. Private equity-focused financial and consulting firm Accordion recently selected DealCloud to help its professionals adopt activator behaviors, giving them a competitive edge in managing client relationships and growing their business. Their CEO, told us that the way we've infused our platform's core functionality with an understanding of what it takes for firms like this to win new business was a key factor in their decision to purchase DealCloud. Our applied AI strategy is winning and helping to deepen client confidence, especially among larger firms. In fact, the investment banking arm of one of the largest global financial services groups selected DealCloud and recognized the value of including Intap Assist to support a set of aggressive near-term financial goals. Their decision to replace their legacy CRM was based in part on the strength of our applied AI strategy and product roadmap. We also continue to invest in our industry solution strategy, which incorporates built-in configurations to enable best practices for the various markets we serve via close to a dozen pre-populated industry blueprints. Our deal cloud adoption rates and accelerated deployments demonstrate that our blueprint strategy is gaining traction. In Q1, Storskogen, a Stockholm-based international group of businesses across trade, industry, and services, chose our blueprint for corporate development. In Q2, transatlantic middle market firm Roan Group chose to leverage our private equity blueprint. And in Q4, a global consulting firm chose our advisory industry blueprint, preconfigured specifically for consulting firms. Now I'd like to continue the conversation on innovation, but focus on our M&A activity. During the second half of fiscal year 24, we continued to add important technology capabilities to our cloud portfolio through acquisition. In February, we announced our acquisition of Delphi, a cutting-edge organization that applies AI across public data. helping to ensure that firmographic data is collected, structured, and presented to professionals with critical provenance. This acquisition is a further step forward for Intep's AI strategy and augments our already rich AI talent. The integrated team has been highly productive since the acquisition, enriching our Intep data offering with more than $15 million. Delphi-driven data points that equip our firms with information on companies, deals, and opportunities, while creating more proprietary training opportunities for our in-house AI models. And in May, we acquired Transform Data International, a long-time InTap partner that builds and implements enterprise collaboration technology for our markets. We believe the combination of in-tap solutions and TDI's domain expertise will further optimize our clients' work within Microsoft applications. Together, we'll facilitate better collaboration and lay the groundwork for more successful verticalized applications of AI tools like Copilot. Plans to integrate TDI's advanced search capability into our collaboration solutions are already helping to influence deals and strengthening our ability to help firms derive more value from their Microsoft investments. On that note, I'll turn now to our partner ecosystem, where we've also made significant progress throughout the fiscal year. Our strategic partnership with Microsoft continues to support our global growth. Having Intap solutions available on the Microsoft Azure Marketplace positioned us well for Microsoft's Q1 rollout of seller incentives tied to sales on the marketplace. This has helped garner additional interest and support from Microsoft's field team and further accelerate the growth of our business. One notable example is KPMG. KPMG is an Intap partner, and we work together in the field. and now internally to KPMG, they have separately chosen to implement Intap collaboration solutions across their global network of firms and completed their purchase through the Microsoft Azure Marketplace. Intap collaboration solutions will support KPMG's command center initiative, transforming its Microsoft 365 platform into an engagement-centric collaboration solution and further unlocking the firm's potential to benefit from Microsoft Copilot. This comprehensive solution for KPMG exemplifies how the intact Microsoft strategic partnership is meeting the complex needs of professionals at the world's most prestigious firms. Additionally, in Q4, our partner ecosystem and offerings continued to grow. We added five new partnerships, bringing us to 130 data, technology, and services partners. Notably, in Q4, we announced a partnership with Byte Investments, who will help us deliver specific value for alternative asset managers in DealCloud through an integration with their fundraising and investor lifecycle management platform. Okay, I'll turn now to key deals. We've continued to steadily grow our client base through cross-sell, upsell, and the acquisition of new logos, including large enterprise clients. We ended the year serving more than 2,550 premier firms across our target verticals. I'm happy to share just a few of the new logos we added in Q4. First, a global independent investment banking advisory firm chose DealCloud to replace its large legacy CRM. Their incoming COO recognized the need for a deal management platform that informs decisions at a strategic level and selected DealCloud to manage the firm's private capital advisory and fundraising business. Next, one of the largest players in the private credit space also chose DealCloud to replace its existing legacy CRM, which despite years of customization, still had poor adoption. Next, we added clients in new international markets. First, TriLegal. one of India's largest law firms, chose Intact Time to reduce the administrative burden of its professionals, increase accuracy, and accelerate billing. And Old Mutual Alternative Investments, one of Africa's leading private investment managers, selected DealCloud because they believe it offers the quickest route to value, best fit, and lowest implementation risk. And a top 20 US accounting firm chose Intap Intake and Conflicts to better understand their conflicts of interest, streamline manual processes across disparate systems, and improve adherence to PCAOB regulations. Additionally, in Q4, our cross-selling and up-selling success to existing clients continued to drive strong net revenue retention. Some examples. First, an AMLAW 100 law firm currently using our conflicts, terms, and walls solutions also selected DealCloud as its client relationship management platform. The firm believes DealCloud will empower its professionals to better leverage the firm's relationships. They also see our applied AI strategy as helping to set them on the path to leveraging AI for growth. Next, DealCloud client, Argonaut Private Equity, selected in-tap employee compliance. to monitor, identify, and manage employee adherence to the firm's code of ethics and conflicts of interest policies. Next, the European arm of one of the world's largest accounting firms significantly expanded licenses of our collaboration solution as they seek to modernize the document management experience for their legal and tax professionals. Next, The UK arm of another of the world's largest accounting firms added hundreds of deal cloud fees as they worked to modernize their deal flow work streams to better serve their private equity clients. And we also saw healthy uplift and increasing license counts among our legal clients as larger firms expand practice groups and geographies. For example, as lawyer accounts grew in Q4, a top 15 firm and an AMLA 100 firm, each expanded capacity across all of their Intap solutions. In conclusion, we're proud of our strong performance in fiscal year 24, and we're well positioned for continued growth in fiscal year 25. We are serving a durable end market with our deeply differentiated intelligent cloud platform, our vertical AI approach, and our applied AI strategy. We see continued opportunity both to add new clients across a broad TAM and to expand significantly within our existing client base. we have a great growth opportunity to drive cloud and vertical AI adoption and digitalization across this unique and highly valuable end market. As always, I'd like to thank our clients, our partners, our investors, our board, and our global Intact team, whose teamwork and dedication led to such a successful year. Thank you all very much. Okay, now I'll turn things over to our CFO, David Morton.