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01/10 20:31
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary shows strong financial performance with significant growth in SaaS and cloud ARR, improved margins, and strong non-GAAP EPS. The optimistic guidance, particularly around cloud and AI adoption, suggests continued growth. Despite some regulatory and competitive risks, the Q&A reveals strong demand and enthusiasm for new products. The lack of a share repurchase program is a minor negative, but overall, the company's robust financial health and strategic initiatives, coupled with a market cap of $2.65 billion, indicate a likely positive stock price movement of 2% to 8%.
Cloud ARR $352 million, up 28% year-over-year.
SaaS revenue $85 million, up 28% year-over-year.
Total revenue $129 million, up 17% year-over-year.
License revenue $31.7 million, up 2% year-over-year.
Professional services revenue $12.5 million, down 6% year-over-year.
Non-GAAP gross margin 77.9%, up from 75.1% in the prior year period.
Non-GAAP operating expenses $80.3 million, compared to $71.9 million in the prior year period.
Non-GAAP operating income $20.3 million, compared to $11.2 million in the prior year period.
Non-GAAP diluted EPS $0.26, compared to $0.14 in the prior year period.
Free cash flow $35.1 million, or 27% of total revenue.
Total remaining performance obligations $621.5 million, up 33% year-over-year.
Cloud net revenue retention rate 119%.
Clients with ARR of at least $100,000 748 clients, up from 673 in the previous year.
Total ARR $455 million, up 19% year-over-year.
New Product Launches: Intapp announced the general availability of Intapp DealCloud Activator, an AI-enabled growth platform, and previewed the transformed Intapp Time product, which uses generative AI for improved timekeeping.
New Features: Introduced new features to Intapp Assist for DealCloud, including origination capability, smart tagging, and a prompt studio feature for tailored AI insights.
Market Expansion: Intapp's Cloud ARR grew to $352 million, up 28% year-over-year, with international revenue accounting for over 1/3 of total revenue and growing 20% year-over-year.
New Partnerships: Signed 8 new partners this quarter, expanding the partner ecosystem to over 140, including Infabode and Subscribe.
Operational Efficiencies: Non-GAAP gross margin improved to 77.9%, up from 75.1% year-over-year, reflecting progress toward breakeven professional services gross margins.
Client Migration to Cloud: 93% of clients have at least one cloud module, indicating a steady migration from on-premise to cloud solutions.
Strategic Acquisition: Acquired TermSheet, enhancing capabilities in real assets and expanding service offerings for real estate teams.
Focus on AI and Cloud Technologies: Continued investment in AI and cloud technologies to drive innovation and operational transformation.
Forward-looking statements: The company acknowledges that forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied.
Regulatory issues: The company mentioned compliance with new anti-money laundering and counterterrorism financing regulations, indicating potential regulatory challenges.
Supply chain challenges: The strategic decision to outsource more activities to partners reflects a challenge in managing professional services revenue, which decreased by 6% year-over-year.
Competitive pressures: The company faces competition in the market, as indicated by the need to replace legacy systems and enhance client satisfaction to retain and grow its client base.
Economic factors: The company noted that international revenue growth provides opportunities, but also reflects potential economic variability in different regions.
Cloud ARR Growth: Cloud ARR grew to $352 million, up 28% year-over-year, representing 77% of total ARR.
New Product Launches: Introduced Intapp DealCloud Activator and transformed Intapp Time product using generative AI.
Acquisition of TermSheet: Acquired TermSheet to enhance capabilities in real assets and expand service offerings.
Partner Ecosystem Growth: Signed 8 new partners, bringing total to over 140, enhancing technology integration and service offerings.
Client Wins: Secured new clients including New Forests and Omnes Capital, and expanded existing accounts.
Q4 SaaS Revenue Guidance: Expect SaaS revenue between $89 million and $90 million, implying 26%-27% year-over-year growth.
Q4 Total Revenue Guidance: Total revenue expected in the range of $131.5 million to $132.5 million.
Full Year SaaS Revenue Guidance: Expect SaaS revenue between $330.8 million and $331.8 million, with 28% year-over-year growth.
Full Year Total Revenue Guidance: Total revenue expected in the range of $500.6 million to $501.6 million.
Full Year Non-GAAP Operating Income Guidance: Expected in the range of $74.3 million to $75.3 million.
Full Year Non-GAAP EPS Guidance: Expected in the range of $0.88 to $0.90.
Share Repurchase Program: None
The earnings call indicates strong SaaS and total revenue growth, optimistic guidance, and a strategic partnership with Microsoft. Despite some volatility in billings and conservative full-year guidance, the focus on AI, cloud adoption, and shareholder returns suggests a positive outlook. With a market cap of around $2.65 billion, the stock is likely to experience a moderate positive reaction, falling within the 2% to 8% range.
The earnings call highlighted strong SaaS revenue growth, improved margins, and positive free cash flow. The Q&A session revealed optimism about partnerships and AI adoption, despite some uncertainty in guidance specifics. The market cap suggests a moderate reaction, leading to a positive stock price movement prediction.
The earnings call summary shows strong financial performance with significant growth in SaaS and cloud ARR, improved margins, and strong non-GAAP EPS. The optimistic guidance, particularly around cloud and AI adoption, suggests continued growth. Despite some regulatory and competitive risks, the Q&A reveals strong demand and enthusiasm for new products. The lack of a share repurchase program is a minor negative, but overall, the company's robust financial health and strategic initiatives, coupled with a market cap of $2.65 billion, indicate a likely positive stock price movement of 2% to 8%.
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