Intapp, Inc.

David Trone. Senior Vice President, Investor Relations.

Thank you. Welcome to NTAP's fiscal second quarter 2025 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 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. INTAP 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, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP diluted net income 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, cash and cash equivalents, and total and current remaining performance obligations. Our gap financial results, along with reconciliations of gaps and non-gap financial measures, can be found in today's earnings release and its 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 happy to share that once again, we've achieved strong quarterly results supported by cloud ARR, new AI capabilities, new partnerships, new logos, expanded client accounts, and cloud migrations around the world. I'll share details on these growth drivers on this call. In Q2, Our cloud ARR grew to $331 million, up 29% year over year. Cloud now represents 76% of our total ARR of $437 million. In the quarter, we earned SAS revenue of $80 million, up 27% year over year, and total revenue of $121 million, up 17% year-over-year. Now I'd like to share some highlights from our fiscal second quarter. I'll start with our continued success in executing on our vertical AI roadmap, specifically our ongoing applied AI innovation and its practical applications in professionals' daily workflows. This quarter, we introduced a new AI-powered search feature within Intap Assist for DealCloud, applying even more generative AI to the daily work of professionals. Using natural language query, professionals are now more easily able to bring together multiple types of DealCloud information to answer more sophisticated questions. This ability to discover and analyze client and deal intelligence across complex datasets is helping professionals apply broader firm-wide intelligence to their work. We also deepened DealCloud's integration with Microsoft Outlook, helping professionals perform work even more seamlessly with DealCloud directly from their Outlook inboxes without needing to continually switch back and forth. We also created a new integration which allows users to leverage DealCloud's relationship intelligence functionality within Google Calendar and Gmail, eliminating the need for manual data entry and app switching for that segment of our market. Finally, we expanded IntapWalls for Copilot to include comprehensive risk assessment data. In addition to giving firms control over the data that Copilot is authorized to access and surface for each professional, the solution now also identifies and alerts compliance teams to previously unknown potential oversharing and security risks among the thousands of documents stored across the firm in one drive. It's another way that we're enabling the secure adoption of AI for our clients and continually strengthening our partnership with Microsoft. Speaking of partnerships, our alliances and partner ecosystem continues to be an important cornerstone of our company's strategy and our INTAP Intelligent Cloud. Since launching our updated and expanded partner program at the beginning of last fiscal year, we've seen strong growth in the number of our partnerships, which is now 20% higher than a year ago, with 137 data, technology, and services partners. We formed several notable new integration partnerships last quarter, including PROMS, a commercial real estate data management platform and PassThrough, a SaaS-based investor onboarding platform. Both of these new partners integrate with Intap DealCloud to add additional capabilities for fund managers and investors in real estate and private capital. Meanwhile, our Microsoft partnership continues to be a growth lever and differentiator for our business. In Q2, we helped several of our clients purchase Intap solutions through the Azure Marketplace. For example, one of the world's largest investment banks significantly expanded their adoption of Intap DealCloud as part of their contract renewal this quarter. The availability of Intap solutions on the Azure marketplace allowed the client to use some of their pre-committed Microsoft spend to acquire our technology. This deal is a great example of the way our Microsoft partnership adds value for our clients. I'll turn now to Q2 wins. both new clients and expansions, as well as cloud migrations. First, I'm pleased to share that we're continuing to grow through the addition of new clients. In accounting and consulting, new firms are adopting solutions across our product offerings. For example, Alvarez and Marcell, a global consulting firm, selected Intap DealCloud, to help its expanding corporate finance practice group manage origination, sales pipeline, and deal workflows. Next, Milstead Langdon, a UK-based accounting firm, chose Intap Collaboration to automate workspace governance and gain greater structure and control around collaboration. Next, Armanino, a top 20 accounting firm in the US, chose Intap Conflicts as its centralized solution to more quickly and accurately identify and resolve conflicts of interest. We're seeing a similar trend in the legal industry, with new law firm clients also choosing Intap solutions across our solution set. I'll share a few highlights. shows in-tap compliance solutions to support and enhance its robust new business intake processes. By leveraging this advanced technology, Skadden aims to maintain its leading position in delivering a seamless and efficient experience to clients during the intake process, while also establishing more efficient workflows to enhance partner productivity and risk management. Colin Biggers and Paisley chose cloud-based Intap Time to modernize its timekeeping practices and enable more efficient work processes for its professionals. Next, Sackers selected Intap DealCloud for its powerful enterprise relationship management capabilities. Additionally, new financial services firms continued to move away from their legacy horizontal CRM solutions and onto Intac DealCloud to centralize information, improve utilization, and reduce manual processes. Wins this quarter include the investment banking arm of one of the largest banks in America, asset management firm Cartesia, and a growing European private equity firm. We see this trend as a significant growth area for Intac. This quarter, cross-selling and up-selling success in our existing accounts continue to drive strong cloud net revenue retention. I'll share some notable examples. Law firms continue to add DealCloud to their Intaps solution stack, including three clients in the AMLAW 100. Troutman Pepper Locke chose DealCloud as its single consolidated system for its ERM, CRM, event management, and business development needs. Next, a Global 50 law firm moved off its legacy CRM and onto DealCloud with Intap Assist for improved CRM access, functionality, and AI capabilities. Next, Blank Roam, longtime users of Intap Time and Compliance solutions, added DealCloud and Billstream as part of a strategic initiative to modernize its marketing, business development, and pre-billing technology. The firm is also migrating its existing Intap portfolio to the cloud to enhance data integration and maximize the synergies across the Intap platform. Large accounting and consulting firms also continued to add solutions I'll share a few. Aprio added Intap conflicts to streamline operations, reduce manual reporting, and improve tracking of gifts and entertainment compliance. Next, one of the big three consulting firms replaced its legacy compliance software with Intap employee compliance to increase automation and scalability. Next, a large global consulting firm added Intap Walls and Intap Collaboration to facilitate the compliant use of Microsoft Teams and transform the firm's Microsoft 365 platform into a compliant, engagement-centric collaboration solution. Additionally, a Big Four client firm expanded Intap DealCloud further, now adding professionals in its Ireland firm, to enable more efficient deal-making and global collaboration. And we're seeing success with legal clients choosing to migrate their Intap solutions to the cloud this quarter. I'll share two more notable examples. An AMLAW 50 firm is migrating Intap time to the cloud as well as adding Intap deal cloud to centralized lawyer and key client plans. And finally, Benesh is migrating both Intap Time and Intap Buildstream to the cloud to further streamline processes. In conclusion, we're proud of our strong second quarter performance, and we continue to be optimistic about the growth opportunities. As our Q2 performance has shown, we are growing by adding new capabilities and increasing our global enterprise go-to-market reach. We see continued opportunity both to add new clients across a broad TAM and to deliver greater value by expanding within our existing client base. We're serving a durable end market with our subscription revenue model, industry-specific cloud platform, and applied AI and compliance capabilities. 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 Intap team for their teamwork and dedication. Thank you all very much. Okay, David, over to you.