Intapp, Inc.

Hello, everyone, and welcome to the NTAP Fourth Quarter Fiscal 2025 Earnings 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. 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 fourth quarter and year-end 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 fiscal first quarter and full year 2026. 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 financial measures or other metrics, 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 turn 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 fourth quarter and full year fiscal 2025. I'm happy to say that once again, we've achieved strong quarterly results, as well as a strong year across the business. In Q4, our cloud ARR grew 29% year over year. to $383 million. Cloud now represents 79% of our total ARR of $485 million. In the quarter, we earned SAS revenue of $90 million, up 27% year over year, and total revenue of $135 million. up 18% year over year. Additionally, we now have 109 clients with ARR of more than $1 million, a year over year increase of 49%. We released additional AI capabilities designed for the specialized needs of our highly regulated target markets. and we're seeing real enthusiasm for these. We expanded our product portfolio and R&D capability through strategic acquisitions. We added notable new logos, consistently grew existing accounts via cross-sell and up-sell, expanded our international footprint, and migrated more clients to the cloud. We also continue to grow our partner ecosystems, with significant wins related to our partnerships, most notably Microsoft. Going into fiscal year 2026, we feel optimism and confidence that our applied AI strategy, vertical SaaS platform, enterprise go-to-market strategy, and unique competitive position for these highly regulated firms provides a strong foundation for sustained growth and execution in this large addressable market. Now I'd like to share some details on our growth drivers from the quarter and the year. We continued progress on our applied AI strategy and roadmap this year. We launched several new AI solutions and showcased our innovation at our largest client event Intac Amplify in February. Our AI strategy reduces costs through automation and helps the professionals to grow revenue by providing back to them unique insights from the firm's proprietary data, relationships, and knowledge, all while staying compliant with the industry's complex regulations. Our AI is helping our firms to originate and win more business and to onboard new clients and engagements faster while maintaining the unique compliance obligations that this highly regulated industry requires. In their increasingly competitive markets, this is what firm leadership is looking to invest in, using AI to arm their professionals with more of their firm's differentiating proprietary knowledge and expertise, which live in Intap's systems. As a quick recap from last quarter, we announced the general availability of Intap VeoCloud 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 added new in-tap assist for deal cloud capabilities, including origination, recommendations, smart tagging, prompt studio, and AI-powered search. We announced the general availability of in-tap assist for terms, a new GenAI feature that makes it easier for legal professionals to comply with client terms. We introduced Intap Walls for AI, which offers protection against the oversharing of confidential data by AI tools. And in Q4, we launched the next generation of Intap Intake, featuring AI-powered, persona-driven summaries and Intap data integration. Our AI-driven wins for this year and the quarter speak to our clients' enthusiasm. To name just a few wins here. An international commercial law firm chose Intap Assist and our compliance solutions to help them comply with new AML regulations in Australia. Eversheds Sutherland, an AMLAW 200 firm, purchased Intap Assist to help manage the complexity and volume of outside council guidelines. And Pantheon Ventures, a global private equity firm, replaced its legacy system with DealCloud and Intap Assist to improve deal flow, capture more opportunities, and bring AI into their workflows. You'll hear more about our AI wins throughout my remarks. We're also pleased to have furthered our growth through our expansive partner network and strategic combinations. I'll speak first about our partnerships. We continue to build our partner strategy around strategic depth as well as breadth. We've curated a high impact ecosystem anchored by Microsoft and a focused set of vertical data technology and services partners. This ecosystem consistently helps us scale our largest deals, accelerate time to value, and expand platform adoption. Some notable new and expanded partnerships announced this quarter include an expanded partnership with Snowflake, which lets our clients build and apply analytics across firm-wide data in the Snowflake AI Data Cloud, and a new partnership with MSCI, which provides access to private capital, real asset, and deal data within Intab DealCloud. In Q4, partners were directly involved in 17 of our 20 largest deals. Microsoft, in particular, continues to be a major growth driver Almost half of our largest Q4 wins were jointly executed with Microsoft. And in several of those, Microsoft even fronted Azure investment dollars to help accelerate the deals. As an example, one of the world's largest multinational investment banks added on Intap Assist after seeing it at Amplify. The firm's dealmakers will leverage Intep's AI to bring a more robust and data-driven approach to their complex network of deal sourcing relationships. Working closely with Microsoft, we were able to close the deal quickly and complete the purchase via the Azure Marketplace using their existing Mac agreement. Next, I'll speak about M&As. To briefly recap from Q3, we acquired Termsheet, a software provider for real estate teams. Bringing together DealCloud and Termsheet expands our capabilities and our ability to serve new personas within real assets. The Termsheet team is bringing great energy and insights, and we're already winning together with new clients like Kronos Real Estate Group, a real estate investor focused on Spain and Portugal. True Homes, one of the largest private home builders in the US. And a private real estate investment firm with a primary focus on hotels and resorts. Speaking of growth, I'll now turn to some notable wins from Q4. Our growth was powered by adding new clients, expanding within existing clients and migrating clients to the cloud. We also made traction in new markets, spanning across our verticals, products and global locations. Our success this quarter was bolstered by a number of large enterprise deals. As you may recall, In fiscal 24, we successfully piloted our strategic accounts program. In fiscal 25, we solidified this model by creating an enterprise sales group that focuses on large accounts, which represent 70% of our SAM. We saw tremendous success in this approach with 49% growth in the number of our million dollar accounts year over year. I've already mentioned some today, but I'd like to share a few more examples of how our enterprise go-to-market strategy is working here in financial services. The M&A team at a multinational professional services firm chose DealCloud as part of its strategy to improve data management, access, and analysis. A leading global alternative investment manager, added additional capacity within DealCloud for new employees coming into the company following an acquisition. And a preeminent multi-strategy asset manager chose DealCloud with Intap Assist to replace a well-known legacy horizontal software provider. Intap Assist was the differentiator that supported the replacement purchase because it enabled the firm's investment professionals to improve their comprehensive coverage of management teams and their pursuit of new investment opportunities. I'd also like to mention some new deals reflecting our continued success in investment banking. Capstone Partners added DealCloud within TAP Assist to support pipeline generation and streamline operations using AI and industry-specific workflows. A large US-based investment bank chose DealCloud for its M&A business as a single source of truth for deal data, from origination to execution to long-term relationship management. And a specialty investment bank focusing on M&A and capital advisory services for the middle market chose to replace its legacy horizontal solution with DealCloud and Intap Assist to facilitate firm growth and ensure a better AI-driven user experience across the firm. In Q4 also, accounting firms continued to modernize their compliance practices using Intap solutions to handle the increased complexity created by PE investments and mergers. These included Anderson Tax, one of the largest independent tax firms in the world, Baker Tilling, a leading advisory tax and assurance firm, one of the largest accounting and advisory firms in the U.S., and a top 10 global accounting firm. Additionally, law firms are continuing to replace legacy and horizontal CRM by adding Intap DealCloud to their existing Intap product portfolios. I'll share a few examples from Q4. A Quebec-based firm chose DealCloud and Intap and Intap Assist to support business development and relationship management in French. Fish & Richardson. chose DealCloud to up-level its business development activities and tracking, especially relationship management. And Marshall Gerstein chose DealCloud as its integrated system to enhance marketing and business development efforts, information sharing, and activity tracking. Finally, our legal clients, including Goodwin and Steptoe, continue to find value migrating their on-prem impact time to the cloud. Once implemented, they'll have access to all our new AI features and our continuous innovation. In conclusion, we're proud of our strong fourth quarter and fiscal 25 performance, and we continue to be optimistic about our growth opportunities. As our performance has shown, we're 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 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 hard work and dedication. Thank you all very much. Okay, David. Over to you.