Core Insights - The article discusses the investment outlook for Intapp (INTA), emphasizing the importance of maintaining liquidity for potential entry points into the stock [1] Group 1: Analyst Background - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management [1] - The focus is on equity valuation, market trends, and portfolio optimization to identify high-growth investment opportunities [1] - The analyst has a background as a former Vice President at Barclays, with expertise in model validation, stress testing, and regulatory finance [1] Group 2: Research Approach - The research is co-authored with a partner, combining complementary strengths to provide high-quality, data-driven insights [1] - The approach integrates rigorous risk management with a long-term perspective on value creation [1] - There is a specific interest in macroeconomic trends, corporate earnings, and financial statement analysis to generate actionable investment ideas [1]

Core Insights - Intapp, Inc. provides cloud-based software solutions for professional and financial services firms, focusing on operational management, client relationships, and productivity enhancement [1] Financial Performance - Intapp's Return on Invested Capital (ROIC) is -5.33%, while its Weighted Average Cost of Capital (WACC) is 6.98%, resulting in a ROIC to WACC ratio of -0.76, indicating inefficiencies in capital utilization [2][5] - EverCommerce Inc. has a ROIC of 0.42% and a WACC of 8.24%, leading to a ROIC to WACC ratio of 0.05, which, although positive, still does not cover its cost of capital [3] - Integral Ad Science Holding Corp. shows a ROIC of 4.06% against a WACC of 11.03%, resulting in a ROIC to WACC ratio of 0.37, the highest among the analyzed peers [3] - Paycor HCM, Inc. and Flywire Corporation have negative ROICs of -0.68% and -0.29%, respectively, with WACC figures of 6.35% and 9.90%, leading to ROIC to WACC ratios of -0.11 and -0.03 [4] - PowerSchool Holdings, Inc. has a positive ROIC of 0.84% and a WACC of 8.36%, resulting in a ROIC to WACC ratio of 0.10, indicating a slight advantage over some peers but still not optimal [4][5]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential opportunities for traders before the market opens [1] Premarket Gainers - Silicon Laboratories Inc. (SLAB) is up 49% at $204.51 [3] - Concorde International Group Ltd. (CIGL) is up 44% at $3.90 [3] - ENvue Medical, Inc. (FEED) is up 25% at $3.08 [3] - Enphase Energy, Inc. (ENPH) is up 23% at $46.06 [3] - Digital Turbine, Inc. (APPS) is up 18% at $5.85 [3] - Tandy Leather Factory, Inc. (TLF) is up 16% at $3.35 [3] - Lumentum Holdings Inc. (LITE) is up 12% at $487.60 [3] - Super Micro Computer, Inc. (SMCI) is up 10% at $32.66 [3] - Sonos, Inc. (SONO) is up 10% at $16.17 [3] - Exicure, Inc. (XCUR) is up 9% at $4.52 [3] Premarket Losers - Intapp, Inc. (INTA) is down 16% at $24.50 [4] - Texxon Holding Limited (NPT) is down 15% at $6.08 [4] - Varonis Systems, Inc. (VRNS) is down 14% at $22.59 [4] - Mercury Systems, Inc. (MRCY) is down 11% at $88.00 [4] - Boston Scientific Corporation (BSX) is down 9% at $82.80 [4] - nLIGHT, Inc. (LASR) is down 9% at $45.10 [4] - Advanced Micro Devices, Inc. (AMD) is down 8% at $220.84 [4] - NGL Energy Partners LP (NGL) is down 7% at $10.98 [4] - MKDWELL Tech Inc. (MKDW) is down 7% at $2.67 [4] - Wabash National Corporation (WNC) is down 6% at $10.54 [4]

分组1 - Intapp reported quarterly earnings of $0.33 per share, exceeding the Zacks Consensus Estimate of $0.26 per share, and showing an increase from $0.21 per share a year ago, resulting in an earnings surprise of +26.92% [1] - The company achieved revenues of $140.21 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.40% and increasing from $121.21 million year-over-year [2] - Intapp has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] 分组2 - The stock has underperformed, losing about 26.6% since the beginning of the year, while the S&P 500 has gained 1.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.31 on revenues of $143.98 million, and for the current fiscal year, it is $1.18 on revenues of $571.83 million [7] - The Internet - Software industry, to which Intapp belongs, is currently ranked in the top 37% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Data and Key Metrics Changes - Cloud ARR grew to $434 million, up 31% year-over-year, representing 81% of total ARR of $535 million [4][17] - SaaS revenue reached $102 million, up 28% year-over-year, while total revenue was $140 million, up 16% year-over-year [4][18] - Non-GAAP gross margin improved to 78.1%, up from 76.7% a year ago, and non-GAAP operating income increased to $27.7 million from $18.9 million [20][17] - Free cash flow for the quarter was $22.2 million, with cash and cash equivalents at $191.2 million [20] Business Line Data and Key Metrics Changes - SaaS revenue now represents 73% of total revenue, while license revenue decreased by 9% year-over-year to $25.4 million [18] - Professional services revenue totaled $12.3 million, down 7% year-over-year [18] - The number of clients generating at least $100,000 in ARR increased to 834, up from 728 a year ago [20] Market Data and Key Metrics Changes - The partner ecosystem, particularly with Microsoft, played a significant role in driving growth, with over half of the largest wins executed jointly with Microsoft [8][19] - The company is gaining traction in newer markets across various verticals and global locations [8] Company Strategy and Development Direction - The company continues to execute its vertical AI roadmap, focusing on increasing AI adoption in highly regulated industries [5][4] - There is a strong emphasis on expanding the partner ecosystem, which includes over 145 curated data technology and services partners [8] - The company aims to drive AI, cloud adoption, and modernization across all industries served, leveraging its subscription revenue model and industry-specific cloud platform [15][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities, citing strong quarterly results driven by new client additions and account expansions [4][14] - The company anticipates continued demand for its AI capabilities and compliance solutions, particularly in the legal and accounting sectors [10][11] - Management noted that conversations with clients have shifted from curiosity to experimentation with AI technologies, indicating a positive trend in adoption [47] Other Important Information - The company authorized a $200 million share repurchase program, reflecting confidence in long-term business value [19] - Upcoming events include an Investor Day and the Intapp Amplify program, where significant announcements regarding AI innovations are expected [22][85] Q&A Session Summary Question: Positioning in light of Anthropic news - Management clarified that their focus is on the business of law rather than contract review, emphasizing their unique value proposition in professional financial services [27][30] Question: Balancing third-party partnerships and proprietary data - Management highlighted their ecosystem strategy, ensuring firms can safeguard proprietary information while leveraging third-party data for better decision-making [33][34] Question: Motivation for AI offerings - The primary motivations for clients adopting AI include efficiency and the ability to access comprehensive information that would be cost-prohibitive to assemble manually [39][40] Question: Customer experimentation with AI tools - Management noted that while clients are experimenting with AI tools, they are likely to continue relying on specialized providers for comprehensive solutions [42][43] Question: Impact of Microsoft partnership - The partnership with Microsoft has been beneficial in shortening sales cycles and facilitating larger enterprise deals [51] Question: Guidance for full year revenue - Management reiterated their cloud-first strategy and indicated that revenue dynamics are influenced by ongoing migrations to cloud solutions [58] Question: AI budget allocation among clients - Many firms are allocating specific budgets for AI, which has positively impacted the company's sales [66] Question: Pricing models and AI monetization - The company is exploring various pricing models, including consumption-based pricing, to align with client value perception [75][76]

Financial Data and Key Metrics Changes - Cloud ARR grew to $434 million, up 31% year-over-year, representing 81% of total ARR of $535 million [4][17] - SaaS revenue reached $102 million, up 28% year-over-year, while total revenue was $140 million, up 16% year-over-year [4][18] - Non-GAAP gross margin improved to 78.1%, up from 76.7% a year ago, and non-GAAP operating income increased to $27.7 million from $18.9 million [20][17] - Free cash flow for the quarter was $22.2 million, with cash and cash equivalents at $191.2 million [20] Business Line Data and Key Metrics Changes - SaaS revenue now represents 73% of total revenue, while license revenue decreased by 9% year-over-year to $25.4 million [18] - Professional services revenue totaled $12.3 million, down 7% year-over-year [18] - The number of clients generating at least $100,000 in ARR increased to 834, up from 728 a year ago, representing 30% of the total client base [20] Market Data and Key Metrics Changes - The partner ecosystem, particularly with Microsoft, played a significant role in driving growth, with partners involved in seven of the ten largest deals in Q2 [8][19] - The company is gaining traction in newer markets across various verticals and global locations [8] Company Strategy and Development Direction - The company continues to execute its vertical AI roadmap, focusing on increasing AI adoption in highly regulated industries [5][4] - There is a strong emphasis on expanding the partner ecosystem, which is crucial for growth and client acquisition [8][19] - The company aims to drive AI, cloud adoption, and modernization across all industries served, leveraging its subscription revenue model and applied AI capabilities [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities, citing strong demand for SaaS solutions and a focus on margin expansion and cash generation [16][17] - The company anticipates continued strong performance in the third quarter, with SaaS revenue guidance between $105 million and $106 million [21] - Management noted that customer conversations have shifted from curiosity to experimentation with AI technologies, indicating positive reactions and increased visibility in decision-making [47] Other Important Information - The company authorized an additional $200 million share repurchase program, reflecting confidence in long-term business value [19] - Upcoming events include an Investor Day and the Intapp Amplify event, where new AI-powered innovations will be showcased [22][85] Q&A Session Summary Question: Positioning in light of Anthropic news - Management clarified that their focus is on the business of law rather than contract review, emphasizing their unique position in professional financial services [27][30] Question: Balancing third-party partnerships and proprietary data - Management highlighted their strategy to manage and safeguard proprietary information while leveraging third-party partnerships to enhance data strategy [33][34] Question: Motivation for AI offerings - The primary motivation for customers adopting AI offerings is efficiency, allowing firms to enhance capabilities without significantly increasing headcount [39][40] Question: Customer experimentation with AI tools - Management noted that while firms are experimenting with AI tools, they are likely to continue relying on specialized providers for comprehensive solutions [42][43] Question: Customer conversations and AI adoption - Conversations have shifted positively, with firms articulating business value from deploying AI technologies, leading to increased sales opportunities [47][48] Question: Guidance for full year revenue - Management reiterated their cloud-first strategy, indicating that revenue shifts are part of ongoing cloud migration efforts [58] Question: Capital allocation and buyback plans - Management discussed their focus on anti-dilution measures and confidence in the strength of their balance sheet, leading to the continuation of the buyback program [61] Question: AI budgets within named accounts - Many firms are allocating specific budgets for AI, benefiting the company as they bring more solutions to market [66][67] Question: Monetization of AI products - Management indicated that updates on AI product monetization will be shared at the upcoming Investor Day, highlighting positive uptake and application [80]

Financial Data and Key Metrics Changes - Cloud ARR grew to $434 million, up 31% year-over-year, representing 81% of total ARR of $535 million [4][16] - SaaS revenue reached $102 million, up 28% year-over-year, while total revenue was $140 million, up 16% year-over-year [4][17] - Non-GAAP gross margin improved to 78.1%, up from 76.7% a year ago, and non-GAAP operating income increased to $27.7 million from $18.9 million [19][16] - Free cash flow for the quarter was $22.2 million, with cash and cash equivalents ending at $191.2 million [19] Business Line Data and Key Metrics Changes - SaaS revenue now represents 73% of total revenue, while license revenue decreased by 9% year-over-year to $25.4 million [17] - Professional services revenue totaled $12.3 million, down 7% year-over-year [17] - The partner ecosystem contributed significantly to cloud growth, with co-sell execution involved in many new logo wins [18] Market Data and Key Metrics Changes - The company continues to gain traction in newer markets across various verticals and global locations [8] - In the legal vertical, several Am Law 100 firms adopted AI-powered compliance solutions, indicating strong demand in the sector [9][10] - The accounting industry is experiencing disruption due to private equity investments, leading firms to modernize compliance practices [11] Company Strategy and Development Direction - The company is focused on driving AI, cloud adoption, and modernization across all industries served, emphasizing the importance of industry-specific AI solutions [13][14] - The growth strategy includes expanding the partner ecosystem, particularly with Microsoft, which has been a major growth driver [8][52] - The company aims to enhance its product offerings and client relationships through targeted investments in AI and cloud solutions [20][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities, highlighting the strong demand for SaaS solutions and the effectiveness of the enterprise-focused go-to-market strategy [15][13] - The company anticipates continued growth in SaaS revenue and total revenue for the third quarter and full fiscal year 2026 [20][21] - Management noted that customer conversations have shifted from curiosity to experimentation with AI technologies, indicating a positive trend in adoption [46] Other Important Information - The company authorized a $200 million share repurchase program, reflecting confidence in long-term business value [18] - The upcoming Investor Day and Intapp Amplify event are expected to showcase significant AI-powered innovations [21][84] Q&A Session Summary Question: Positioning in light of Anthropic news - Management clarified that their focus is on the business of law rather than contract review, emphasizing their unique value proposition in professional financial services [26][28] Question: Balancing third-party partnerships and proprietary data - Management discussed their ecosystem strategy and the importance of safeguarding proprietary data while leveraging third-party partnerships [31][32] Question: Customer motivations for AI offerings - Management noted that efficiency and enhanced capabilities are primary motivations for customers adopting AI solutions [36][38] Question: Changes in customer conversations regarding AI - Management observed a shift towards articulating business value from AI deployments, indicating positive reactions from customers [46] Question: Impact of Microsoft partnership on deal cycles - Management confirmed that the partnership with Microsoft has shortened sales cycles and facilitated larger enterprise deals [52] Question: Guidance for full year revenue - Management reiterated their cloud-first strategy and clarified that revenue shifts are part of ongoing cloud migration efforts [56][58] Question: AI budgets within named accounts - Management indicated that many firms are allocating specific budgets for AI, benefiting the company's growth [63][66] Question: Pricing models and potential for consumption-based pricing - Management confirmed the existence of multiple pricing models and expressed interest in exploring consumption-based pricing as AI services grow [72][75]

Investor presentation February 2026 © 2026 Intapp. All rights reserved. Disclaimer This presentation has been prepared by Intapp, Inc. ("Intapp") for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or Intapp or any officer, director, employee, agent or advisor of Intapp. This presentation does not purport to be all-inclusive or to contain all of the information you ma ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________________________________________________________________ FORM 10-Q _______________________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commissi ...

PALO ALTO, Calif.--(BUSINESS WIRE)--Intapp, Inc. (Nasdaq: INTA), a leading global provider of AI-powered solutions for professionals at advisory, capital markets, and legal firms, today announced that its Board of Directors authorized a common stock repurchase program of up to $200.0 million on January 29, 2026. This share repurchase program follows the $150.0 million share repurchase program previously authorized by the Board of Directors on August 7, 2025, which has been completed. Under the. ...