Intapp, Inc.

Hello, everyone, and welcome to the NTAP Second Quarter Fiscal 2026 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 Senior Vice President, Investor Relations, David Trone. The floor is yours.

Thank you. Welcome to NTAP's fiscal third quarter 2026 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 fourth 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. 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. 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. Thanks, David.

Good afternoon, everyone. Thank you for joining us. Q3 was a strong quarter, one that reflects both the health of our core business and the momentum building behind where Intep is headed. Today, I'll share our Q3 results, reflect on what we put in motion at Investor Day at Amplify in February, and walk through the client wins and early signals that speak to the opportunity ahead. First, the numbers. We achieved solid quarterly results in Q3, supported by the addition of new clients and the expansion of client accounts around the world. Our cloud ARR grew to $459 million, up 31% year over year. Cloud now represents 82% of our total ARR of $560 million. In the quarter, we earned SAS revenue of nearly $108 million, up 27% year over year. and total revenue of $146 million, up 13% year over year. February was a significant month for Intech. We brought Amplify, our annual client and product showcase, to New York and London, and we hosted our second Investor Day. Together, those events put a single thesis on the table. Intac is entering its most consequential chapter with strength, and we have a tremendous roadmap ahead to unlock new value for our clients. If you weren't there, I'd encourage you to watch the recordings. I want to use the next few minutes to revisit that thesis. Demand for the professional firms we serve is growing, and we expect that to continue. As the economy expands, Companies need outside counsel for high stakes litigation, bankers for acquisitions, and auditors for assurance. These firms provide functions that are fundamental to capitalism, expert advice, and accepted third party accountability that clients can't replicate internally. Their core economic value has nothing to do with technology. but they're staying competitive does. These firms must transform, and the opportunity to use AI to become more efficient, more capable, and more competitive is significant. And the firms that move decisively will be the ones that win. But they're also learning something after experimenting with first-generation horizontal tools. Generic AI wasn't built for how these highly regulated firms actually work. Or for the professional trust and compliance standards they're required to uphold. For these firms, professional compliance is an existential issue. That's why we built Celeste, an AI native agentic platform designed from the ground up for professional firms. Celeste delivers expert agents directly into the workflows that drive firm performance, business origination, deal and asset management, business intake and compliance, and revenue management, built for firms, not adapted from tools built for everyone else. Celeste works as a standalone platform and as a context and compliance layer that makes other leading AI tools more effective inside a firm, giving them the firm-specific context and professional compliance protections they need to operate in a highly regulated environment. Leading AI companies joined us on stage at Amplify as we launched Celeste. We are re-architecting our core business applications to run as expert agents, powered by Celeste. We demonstrated expert agents for deal development, professional compliance, and revenue management, all grounded in Intap data and systems all running on Celeste. These innovations expand our addressable market meaningfully. As AI automates knowledge work inside firms, Intap can move beyond competing for software budgets and capture a larger share of overall personnel budgets, pricing for the value that expert agents create and for the volume of activity flowing through the platform. Matters opened, deals managed, engagements resourced, compliance actions approved. Celeste enables consumption-based pricing alongside our existing enterprise and seat models. giving us more ways to grow with our clients as adoption deepens. We're entering the agent market from a position of significant structural advantage. With thousands of firms already running on Intap, we manage their end-to-end business workflows, their most critical data, and their professional compliance programs now with a trusted, professionally compliant, agentic platform. No competitor can match that position. We grow as the firms do, and there is no one better position to lead this next chapter. At Amplify, three of the most consequential companies in AI spoke publicly about why they're building with Intab. Our strategic alliance with Microsoft continues to deepen. On stage, Microsoft was direct about what enterprise AI actually requires for professional firms. Quote, AI is becoming part of the enterprise backbone. In order to make this really work at the enterprise level, especially for sensitive firms, we really need to think about walls. to make sure that the data only shows up for the right people at the right time. Winston Weinberg, CEO of Harvey, discussed their collaboration with Intap as a way to help clients succeed. Quote, Intap has been working on this for so long, and you have built such an incredible structure and trust with all the clients. making sure that we can integrate with all of your systems and making it the best for the end user. Eleanor Dorfman, head of industries at Anthropix, articulated why our two platforms are built to work together. Quote, we're very ecosystem driven. We build primitives that we then work with our partners like Intap to deliver so customers experience customized value inside of these products. This is exactly the way we want to deliver AI into regulated enterprise environments. This is what it looks like when the market validates your position. And the signals we're seeing from clients and prospects back that up. Let me share a few highlights. Amplify drew over 40% more client attendees than last year. with an 80% increase in digital impressions and more than 110% increase in client and partner engagement across social and digital channels. The appetite for Celeste is clear. Celeste content is generating three times the average engagement across our channels, and the Celeste overview is averaging over nine minutes per individual visit, the highest in their portfolio. Our April webinar series featuring Celeste one for each industry vertical, set company records for both registrants and attendees. And sales development meetings in April exceeded monthly goals by over 65%, a new high watermark. That momentum runs alongside a business that continues to execute and now with Celeste. Q3 growth came from all three of our core motions, new clients, expansion within existing accounts, and cloud migration. while we continue building traction across newer verticals, products, and geographies. In our legal vertical, we saw a continuing trend of firms seeking to modernize and expand their technology while continuing to require the trust and professional compliance expertise we provide. We mentioned last quarter that Ropes & Gray, an AMLO 100 firm, chose our compliance solutions to modernize intake and conflicts. This quarter, they decided to add to those solutions, choosing DealCloud to help accelerate their business development activity and Celeste to drive their agenda. PLT, a current client utilizing conflicts, chose to further modernize their solutions and migrate to the cloud within tap time. They also purchased in tap terms with a system walls as they work to simplify their tech stack via a single provider. Cobre and Kim chose Intap Time to increase overall efficiency and provide enhanced features to improve compliance. And an AMLA 100 firm chose Intap Time for its trusted AI capabilities after a well-funded AI startup competitor fell short of what their firm actually required. This is a pattern in the market. In the accounting industry, technology purchases continue to be driven by both the need for AI capabilities and the continuing competition resulting from PE investments and mergers. Among the firms that turned to Intac for AI-driven modernization this quarter, Modlin and Jenkins, an Accounting Today top 100 firm, needed a central place to track, monitor, and review engagements. They chose Intac Employee Compliance to deliver reliable confirmation with regulatory requirements. UK-based Summer Group looked to Intap to solve inefficiencies from multiple systems brought together from acquisitions. Using Intap collaboration, they will be able to streamline operations and improve collaboration across the firm. The European offices of two major accounting firms chose Intap as well. One purchased Intap collaboration to increase internal productivity and satisfaction, The other purchased both in-tap collaboration and walls to ensure greater control over data with geographic sensitivities. In our financial services verticals, firms continue to choose our purpose-built solutions for their industry specificity. A global private investment firm replaced a competing platform with in-tap deal cloud. choosing industry debt over a generic solution in order to drive adoption and value firm-wide. We also added new clients and real assets. A leading residential builder chose Intap Properties to consolidate their workflows into one centralized repository. And Essential Properties, an internally managed REIT, chose Intap Properties to meet their growing demand for modern technology solutions. Q3 was a strong quarter and it came at a defining moment. We launched Celeste in limited availability. Our clients are engaged and the early signals are strong. Our ecosystem is aligned and our core business continues to execute across new logos, expansions and migrations. What comes next is what we've been building toward. Professional firms are transforming. The firm AI market is growing And if Celeste moves toward broader availability, no one is better positioned to lead it than Intap. To our clients, partners, investors, board, and the global Intap team, thank you. This is the result of your trust and dedication. David, over to you.