Intapp, Inc.

Hello, everyone, and welcome to the INTAP Fiscal Third Quarter 2025 webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To participate, you will need to press star 1-1 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press star 1-1 again. Please be advised that today's conference is being recorded. Now it's my pleasure to turn the call over to the Senior Vice President of Investor Relations, David Trone. The floor is yours.

Thank you. Welcome to Intap's fiscal third quarter 2025 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 fourth 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. NTAP 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 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 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 third quarter. I'm happy to say that once again, we've achieved strong quarterly results, driven by the launch of new solutions and AI capabilities, an exciting new acquisition, new partnerships, and an expanding client base around the world. In Q3, our cloud ARR grew to $352 million, up 28% year over year. CloudNow represents 77% of our total ARR of $455 million. In the quarter, we earned SAS revenue of $85 million up 28% year-over-year, and total revenue of $129 million, up 17% year-over-year. Now, I'd like to share some key innovations and growth drivers from our fiscal third quarter. In February, we hosted our premier product event, Intap Amplify, in New York. which was attended by leaders from more than 400 of our client firms. We previewed our latest advancements in alignment with our growth AI strategy, and we demonstrated our ongoing commitment to tailored innovation. First, we announced the general availability of Intat DealCloud Activator, a research-backed AI-enabled growth platform that gives professionals the tools, insights, and coaching they need to build, scale, and apply the most successful business development behaviors. We previewed our transformed Intap Time product, scheduled for release this summer. The new Intap Time uses generative AI and a modernized user experience to make timekeeping faster and easier for professionals. Complete and accurate time entries help firms grow and better realize revenue, while making clients happier by reducing errors and non-compliant billing. We introduced in-tap walls for AI, which offers protection against the oversharing of confidential data by AI tools, letting firms constantly deploy AI, no matter the provider. We also added three new features to InTap Assist for deal cloud. First is an origination capability that uses applied AI to deliver search results based on users' investment criteria and preferences, helping to uncover more opportunities faster than ever before. Next is a smart tagging capability that further automates data capture and enhances organization, ensuring that firm intelligence, like client activity, deal status, and prospective opportunities, is easy to find, understand, and use. And we delivered a prompt studio feature that helps investors' advisors tailor their AI to generate highly personalized insights specific to their role. giving them even better performing AI for their unique investment and client strategies in pursuit of growth. Zach Pohle, an associate at Alterna Equity Partners, told us, Intap Assist enables us to include more information on intermediaries and target companies. With smart tagging and AI suggestions, information is inputted faster than ever. with 100% accuracy, allowing us to include more and get more done in a shorter timeframe. Following the success and client response to Intab Amplify in New York, we're looking forward to bringing the event to London this May as well. We're also pleased to be continuing our success in real assets. A key win from this quarter is with a large US-based real assets firm. They recently replaced a legacy horizontal CRM with DealCloud to access better investor relationship data and accelerate fundraising as they establish new investment lines. We're continuing to grow and enhance our real assets offering through the strategic acquisition of Termsheet, a software provider for real estate teams. Bringing together DealCloud and Termsheet adds additional capabilities and expands our ability to serve new personas within real assets. Combined, YieldCloud and Termsheet will deliver a powerful operating system tailored for every aspect of the real assets investment lifecycle. One of our clients told us that this strategic move differentiates Intap from more narrow deal management solutions, validating that we've chosen a partner who will innovate to help us grow. We're pleased to welcome the term sheet team to Intep, further building our unparalleled team of industry experts. Our partner ecosystem also continues to be an important cornerstone of our company's strategy. We're continuing to achieve strong growth, signing eight new partners this quarter, and bringing our partner ecosystem to more than 140. New partners span technology integration, services, data, and software companies, including Infobode, a research news and insights platform for the real estate industry, and Subscribe, a provider of complementary investor onboarding capabilities. Additionally, in March, we co-hosted our third annual CIO Leadership Summit with Microsoft for a group of select legal, accounting, and consulting CIOs. Held at Microsoft's Redmond campus, the summit focused on driving innovation and accelerating productivity through AI and cloud technologies. It also highlighted the power of our partnership, including the many key integrations that enable operational transformation and enhanced collaboration. Okay, I'll turn now to Q3 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. Here are a few examples from the quarter. New Forests, a global investment manager of nature-based real assets and natural capital strategies, chose DealCloud to streamline its reporting and communications. and to better track investors and fundraising for a more tailored approach to relationship management. Next, Omnes Capital, a private equity firm dedicated to energy transition, replaced a legacy horizontal CRM with DealCloud to increase adoption and better manage investor relations and communications. Next, Australian law firm Gaydens chose Intap Intake and Intap Conflicts to improve compliance with new anti-money laundering and counterterrorism financing regulations. And next, a global law firm based in Europe selected Intap Conflicts Intake and Terms to support its strategic growth with improved data quality and streamlined processes for regulatory adherence. This quarter, we also continue to see a keen focus on independence in accounting, with firms choosing in-tap employee compliance to replace homegrown or legacy solutions and manual processes. These include Crow, a top 20 U.S.-based accounting firm, and Cohen & Company, a top 50 accounting firm. As well this quarter, upselling and cross-selling success in our existing accounts continue to drive strong cloud net revenue retention. I'll share some notable examples. First, existing client DNB, Norway's largest financial services group and bank, increased its number of deal cloud seats after acquiring Carnegie Bank. and standardizing on our platform. Next, a U.S.-based global alternative investment firm added additional deal cloud seats to bring all deal teams onto the same platform and create one central point of information. Next, an AMLA 200 client focused on M&A transactions replaced its legacy horizontal CRM with DealCloud. This furthers their goal of creating a legal ecosystem in the cloud, along with time, conflicts, intake, terms, and walls. And next, Accordion, a private equity-focused consulting firm that I mentioned in the past when they purchased DealCloud, added in-tap conflicts to help them bring on new business without conflicts of interest among their clients and PE investors. Finally, we continue to help more legal clients, including Fenimore, Blazer Weil, Jackson Lewis, and Smith Gambrell, migrate in-tap time to the cloud. Once implemented, They'll have access to a more modern web client, new AI features, and continuous innovation, including the new in-tap time announced at Amplify. In conclusion, we're proud of our strong third quarter performance, and we continue to be optimistic about our growth opportunities. As our Q3 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 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 Intac team for their teamwork and dedication. Thank you all very much. Okay, David, over to you.