Intapp (INTA) 12 May 222022 Q3 Earnings call transcript

Good day, ladies and gentlemen. Thank you for standing by, and welcome to Intapp's Third Quarter Fiscal Year 2022 Earnings Conference Call. At this time all participants are in a listen-only. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker host, David Trone, Senior Vice President of Investor Relations. ahead. go Please

to conference Welcome quarter year fiscal Thank Intapp's earnings call. XXXX you. third

call are Financial On and me with the today Intapp; Steve CEO John and Robertson, Chief Officer. of Chairman Hall,

management's the our statements. or believe as results. to any over law. exhibit also with which be expressed earnings can the A such disclaims call, is we prior we and non-GAAP certain to this conference materially obligation or conversation GAAP today's strategies to risks described entail XXXX. as year views SEC that date guidance discuss to except XXXX the to full trends, and that, and and and and anticipated those found provided our of are During of the current made today's hand available our to understanding the With statements, based as forward-looking course call, documents in predict comparable reconciliation the filings in Intapp forward-looking may will certain statements I'll could fiscal expectations, statements and assumptions business, update forward-looking make including our publicly metrics SEC to metrics Form required on any today's of year fiscal are various in differ fourth cause that by from available and implied difficult furnished aid Further, on These we are website to those other an actual performance for fiscal regarding financial subject forward-looking release, X-K call. this including on our by XXXX, revise of uncertainties, quarter John. results

strong afternoon, Thank joining thank results. third everyone, with quarter us. We you, for ended our fiscal David. you Good and

deliver connect our to to and and solutions. on AI-powered software services people, enable professional their to through our better financial continue mission processes We firms data

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clients. clients We Workforce cloud that to to the help and our to support. And purpose-built will Solutions even the have greater providing we programs committed between invest our integration deeper joint migration value Microsoft Intapp to going with in forward, solutions securely delivers move

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as Intapp's and integration generation mine firms deals document new Our ability combines business and and Together, capabilities. an integrate marketing business applications and development It's approach business efficiently our to helps end-to-end apply directly pitch well. effectively. QorusDocs' a with with win and marketing more identify, Office that to centralize, development Microsoft can automated combined solution to we insights

client themselves many our UK expanded Finally, finance has Their arm been DealCloud with relationship last KPMG. a we years. month, for

base market firms. we’ve growing relationship support and large of to global enterprise-class that help us Now expanded partnership a into Intapp’s

as enterprise with scaled partnership Our complex need and their successful. of their people digital disruptions can KPMG, digital enable platform. deliver solutions, us tailored or with our clients smoothly cloud capabilities transformation while largest make to our resources program combined they operations solutions transformation improve industry-specific to performance. cloud robust services program large centered more cloud to on will in Intapp’s joint Intapp’s we services, with provide KPMG’s clients clients’ will plan KPMG to scale particularly Together transformation benefit that the their minimizing broad

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deals needs. optimize locations, DealCloud the ability A across DealCloud configure large ADV point to was our Teams of relations and to selected suit multiple their efficiency selling investor connectivity to and specialized to offices. across multiple manage Looking

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investment for firm value-add they in their meet Management, report Finally, This to portfolio focus key their Women’s on World on They now arm with an Banking Banking, explicit women. recently are selected World and objectives. investments of ensure the initiatives track to DealCloud. makes equity institutions direct Women’s Asset companies using DealCloud financial

were portfolio. growing the engaged of call manage to remarks volume As too of and I’d them base relationship their the results. DealCloud’s and success. our size thanking capabilities, solution. like today my complex turn better for to partners in manage I’ll of were they to conclude became momentum cloud funds the robust their tailored increasing, help employee teams which ecosystem and and loyal a clients, continued by pipeline now talented our our outreach will conversations our Intapp’s without including intelligence, discuss innovative financial and driving over Steve and to

thanks, John, for everyone, and joining us today. Thanks,

John As and ARR up a year-over-year ARR our our up strong quarter had we cloud XX% noted, XX% year-over-year. with total

following or through review financial recognized model. subscription ratably, to revenue recognized is financials, two revenue, in Cloud XX% like ARR quickly few license go our reminder, SaaS as sale fundamentals ARR as recognition recognition. time ratably, Because in a recognized is vary as revenue recognized included parts: in line. quarter-to-quarter, our and On-premises it I SaaS I'd as revenue based sale renewal. revenue, a of new is and Before our while revenue at license recognized subscription more or SaaS can of and the timing revenue support XX% the upfront and of revenue support ratably the on is renewal, support predictable a

expand purpose-built million, our solutions well compared prior new cloud cloud XX% services professional reflecting strong primarily on-premises revenue. revenue and Okay, software subscription ongoing reflecting cross-sells with cloud, the follows: million for up upsells million clients new in period, moving services on-premises the migrations QX of was current period. of by reflecting by clients consistent $XX.X of was to million existing license as compared million the to software revenue support mitigated continued and as in up prior $X clients, sales. execute $XX.X our in the and to Subscription up new continue quarter our XX% primarily period, was sales renewals $X more strong implementations to of in was as prior numbers. solutions. our Overall, $XXX,XXX, Professional sales Intapp which the year-over-year, growth of ARR revenue to licenses X,XXX both million, more year-over-year, year and in year ending than Total had to year $XX.X by the XXX from model, period. than of land revenue another to with strong driven the in Intapp's solid we SaaS quarter XXX as $XX.X was growth

In we go-forward we expected rate net our XXX% cross-sold revenue are retention of trends our and the our in of range for our such revenue XXX% that addition, upsold range trailing above clients basis. the expected expect we was XX-month raising existing on on to a row. to retention Based to that to continue, the a rate third quarter XXX% XXX% net

non-GAAP discussing gross results forward. Before that profitability, expenses will going be note discussing and margins, please I

be the tables. release its reconciliation in GAAP supplemental and can reminder, As results, with between financial earnings our our along press non-GAAP financial a found results, GAAP and

quarter results gross were modestly gross and year-over-year, follows: support Recurring by revenue as margins. in up were increase an margins Third SaaS driven

gross growth. year-over-year XX.X% current to decreased services in gross subscription XX.X%, Non-GAAP for Our continuing to prior margin our shift of $XX compared period, continued a and marketing as year-over-year the million, additional our in increase a the of Total decrease in margin to quarter license support year increase services as reflective sales, services as in to period. million primarily product in development we reflecting was business, clients' compared to the work cloud. operating in year $XX.X non-GAAP the some prior were invest this subcontracted expenses as mix the a slight we period and

Non-GAAP and our $X.X company. R&D As expense marketing increase the a Non-GAAP as $XX this was sales million, traded line in map. headcount compared Non-GAAP share of a compared was investments publicly $X.X planned capture investments company. function Non-GAAP loss operating per count. non-GAAP $XX.X associated of increase to new spend expenses a as quarter, in and to of expense the expense XXXX being expected G&A the $X.X $XX.X business commissions fiscal prior with the fiscal markets. was was a in product fiscal a $X.XX third our in and the increase profit average year-over-year year's $X.XX increases sales headcount million, our million $X.X made of reflects was expense third year-over-year, of in expense increased quarter in reflecting XXXX operating Non-GAAP publicly of traded as quarter XXXX, in with increased million, year-over-year the growing growth a year-over-year in being a loss related to million as primarily to we a million, $X.X quarter road third compared increase million share reflecting million business. interest loss net reduction an and primarily weighted

of in as the cash XXXX. end fiscal sheet. Turning $X.X We to $XX.X to equivalents, of million increase an with million balance third the and ended compared the quarter cash

Now turning to guidance.

of million we and $XX $XX support revenue $XX in of and expect SaaS For million the $XX XXXX, the million revenue to of fiscal and between million. range fourth total quarter

million non-GAAP shares to quarter $X We range a non-GAAP XX of $X.XX in weighted basic loss count the outstanding. of a loss expect million and operating to approximately per the common in for $X.XX range share share a million using of net the $X

and SaaS expect $XXX.X year and revenue million. fiscal between range $XXX the support For $XXX XXXX, million we the total of million and to full of million $XXX.X revenue in

$X.XX million year basic net million One XXXX the weighted of I'd a point in to and $X.XX common using expect shares range to share for per XXXX loss a million of loss XX count here. the a $X last range outstanding. in to fiscal also approximately FY operating like of non-GAAP We non-GAAP $X share make

next we that on As taking provide guiding it our that marketplace. I we strong in our likely look forward we relates that, quarter's guidance, your initial approximately to the and XXXX, guidance plan XX% But suggests based fiscal John for revenue demand to look earnings experience questions. to continue total With growth to to fiscal our XXXX that specifically release. after will be

question Bank And instructions] [Operator of Ikeda line the first our from America. of from Koji coming

open. is line Your

from guys. Thanks your taking ask there on firstly on quarter to questions. Wanted Really couple you or guidance first last the market comment nice XXXX growth. me. I my XX%, to that's seeing look for on you kind the a Hi, demand really really giving here. number. nice are maybe I of trends A the of revenue guess or pipeline this you that's in end today? number terms what bookings the give or confidence the trends guess,

is Yes. Koji, this Steve.

of across just feel strong our the we've would license from are you raise cross-sells from like see few all range some points the board. the impact given upsells. of sales did we've from our about logo I the before over new NRR seeing growth new we quarters. you that, revenue and as contributions, come some sales a here last we to good see, we're getting the of you activity couple business of And end think we're of starting both and kind cloud of to and note, that that things uneven like And the had would and subscription talked

just likely thought be we're we'd out feeling we'd put at just like it there So place this and the time. that's

that Got so that's XXX, thinking that to that. than the higher to it. it. And that NRR, guidance up Got business range revenue much imply of cloud to On would retention, a is the kind XXX, the XXX net from then just for follow-up. up XXX total range the

driving that's term to And do for here? that NRR wondering cloud questions. Is the of same bulk Thank you the could from those view the was in you drivers be the medium anything expansion my taking there over NRR vertical piece. or maybe specific increase that if I kind product range? unpack So a you of

Well, sales nearly logo whether or all NRR our of it's cloud, new upsell/cross-sell. new is

either So way. it's same the

I professional from our strong think services, financial feel add and and services contribution balanced from to here. to free and markets feel pretty we're John, seeing it right solid feels that. so

as that historically increasingly that's on operation. bringing I that underserved traditional us see They the digital we're modernize been referrals are across calling programs execute player industries think providers, that's and put want The horizontal place. to by software right. firms the They platform to they their they to in cloud references modern the the them. the continuing and through have transformation

some momentum in in we're in here I and adoption, starting long-term think get in to growing real we're is that user just a So trend. cross-sells, upsells, this confidence

Thanks, Dave. Thanks John. Thanks, my for taking questions.

bet. You

Your next question coming with McVeigh Suisse. of line Kevin from the Credit

is open. line Your

congratulations my add as me Let well.

Just you're mean of scope IPO just the can your a it tied the takes because not things kind any just market in seeing but volatility that lot M&A the the that's serve. know and you're are I Or the clients results. to really I really, give of clients activity, acceleration wonder, of focusing us or yet that I they're some exceptional fundamentals you driving context, some despite strengthening just necessarily are, Is puts of adoption. given on environment that? current your

Thanks, Kevin. private economic sustained that the or end has are markets core which cycle of secular couple markets, industry through is XX%, even of our the past a itself growth give times. of Yes, the capital take,

and those initial our deployment of investors but powder. through that to then whether disposing formation And a those. those. they're expansion return the realizing activities. all multiples more or And make them factors center community whole period capital of those as growth advisory So up of pattern. some well more are we're And of kind some around helping growth other of capabilities and go investing their the are have at all the at down, we advisory of within firms of and then end selling those dry or the for set those of a assets has of holding fund on it's deals, the to industry And

whole on private a course very trend the that. through to the the from of the two I company's cycle is over investment, economic the we're capital So as times. and And history, to positioned markets three public for grown we've form long-term our or well markets traction gain take right of think benefit

the my like just really, That's like driving that's that And super helpful. expect and interesting. was partnerships follow-up because KPMG really we feels partnership a Microsoft Should it other then seem in specific, forward? too there terms should examples of And of structurally of other collaboration higher just level of expect we without spend. that going getting the client are where type engagement

sell the now claim firms, upside we would the inside us that's of through the with you able level just all to components both the different one do some particularly market, global we upsell is the initial and got to And in things Microsoft public, KPMG We're more another is talking more just strategic there's as have coming about we're helping marketplace in the platforms the be we institutions. where win us one of billion we can recall, the that very logo big additional very within beyond in might of of today. you're excited that our right, for were that of were of traction these to happen. global although we we've XXX where the partnership. to logo we some larger a things one large talked it's if we And partners about complex that $X top cross-sell a our have the a about clients, there's excited never XXX I'm institutions when sold engagement relationships and huge form, them we and got And the scale, form to our starting that we and higher with at stage as

ourselves us help is our there. out growth into going of deeper deeper building these tie ecosystem firms to support So to large and this capability

big get support way and that We're that that more options announcing to in with to we us. the our it's strategy they growth work as today, like continue part not more anything and of rich partnerships to will a ecosystem but the We additional build gives out firms look scale. ecosystem for our

a really, amazing job. Congrats really again. just So

much. very Thanks

the of from And our coming question next Alex Sklar with Raymond line James.

open. is line Your

with wanted Thanks, John. had new that to Maybe you announced like some about start, week. sounds all for any It kind of solution can you that solutions this Intapp the And the of be on proposition, But provide management ask for legal acquired kind color there your might Repstor. is existing you plus customers? of to that I larger document opportunity? the value solution repackaging targeting document particularly system legal

Sure.

this acquired did So absolutely expansion the expertise technology before the we just and with of some that the was we of last Repstor we year. acquisition that public came

corporate their that we're into As the our seven our had users will those done case, days in our opportunistically in, want departments management directly Teams, the platform Office, and the we've XXX great industry and And recall, in to that in-house legal and that the into in in it this outside areas one want acquisitions and said, to success of from is experience made we've council what embedded M&A not Teams at document there they of XXX, client is they over Microsoft technology that of the systems. have law systems. Teams. the large our our you to Intapp Outlook them most which things future. Office commitment one this the of Microsoft the and market history, expanded area." sometimes use a spend bringing "Wow, in our This departments, discovered a out the working SharePoint go really corporate legal SharePoint. going of They with have experienced could big collaborative look environment is in we as firms and tradition, had is They firms, and who many And firms, law lot circulate corporate in particular

And Microsoft already a it them case, for get solution firm's this already of lawyers lot in because the the to a are is adopt. there approach is that there environment to working the committed there. that's professionals that we the company's category IT value big they're the in working It's whole easy and so already through users something way, to something our leverage in. department this quickly in, departments to And can brings the to

good the releverage market demand this. across bit. the invested this already little that professionals excited a circulate clients platform a bring that It's historically, strategy ecosystem we're example of deal-making them in. that's the follow that we've the is been to So our And about and and way expansion the products follow

as Steve, That's just color. look – for as Okay. for great really Koji's And XXXX following well, XX% you, up outlook follow-up on a maybe impressive. the question is

kind for acceleration versus of look fourth timing-related get guide. does the there an Repstor what's it's acquisition, you As the call here it harder like post if anything just the implied see comps quarter there's to could I out. want

you not completely exactly how phrased sure that, that. I I'm Well, followed

fourth are quarter come. comes, little would license out there. I to subscription I think the past, put given I right will said, our to business. relates after model they this quarter-over-quarter, be we that as we thought it growth we've sometimes a in I a in it that, are and there particularly with the When how work to some this and But our is try just be another feel QX. that looking that mean, as think percentage suggested that cloud, as and I our like for feel I way the comparisons it's now the our and mix overall think in going everybody through, will less is forward one interesting going, less factor tough start it business will to of

helpful that So good. and be would

Thank you. great. Okay,

next Stifel. question of line from And Parker our with coming Lane the

Your line is open.

Hi, guys. Thanks for taking my questions.

customer in migrations of of held Just acceleration that Are the considers base looking how the year, seeing you here? at that any net really target next steady versus did Or the migrations? for much again pace new? of

at cloud at our say steady single that to and moment the would We're for again, per pretty continues. kind the of it's pace I low sense steady. mid-millions of migrations, No. base sort year makes still at client that

so, acceleration now. seeing It's particular consistent the pattern we're no same And there. for

larger been those has seeing and cohort nice with moving larger customers time, the out have a into And that a there approach it. going Or you the sale $XXX,XXX-plus and last well cohort? cohort more long teams then the of from for your in Understood. customer as Got come sales really as into you capturing that Are up balanced the over it large opportunities? growth organizations moving year. of

color, would part you can good heavier mean, John, amount might We for we it's add think say an of I want do grow see upsell land can or of – as I Yes. I both. that cross-sell. sure we mix $XXX,XXX-plus a over land both. and at we to clients but also

it's good mix. a So

Got on it. quarter. Congrats Appreciate the color. the

Thanks.

And question the line from Sandler. of Arvind Piper our Ramnani with coming next

Your open. line is

Thanks my question. set of for taking results. Good

couple a questions. Just quick of

far as have you macro as of – that? of of Is potential macro the kind the like mean, year? XX% of for all factors, any think you of As of kind that about kind thought things, and those incorporated I for next growth recession, sort kind environment of

start the and maybe, mean what's mindful and on. threats the you John, recession I'll and going for of I Well, can in of elaborate. market so we're certainly sure

a it. P&Ls, they fairly be thing is for and of and trend to value-added it's for relatively clients and our as I are in The technology the the strong business. are and think said, – doing for our we we're thinking digital – they're have is a momentum clients solutions – small transformation that. they part one, profitable John their our But spend about on seeing doing strong a

So relatively of we we right it feel but where are now. we're mindful about good think I

considered that I So for yes, sure. have

Europe environment a product on then capacity perspective, of And other thing talent technical talent. some the with of I region? Are kind still on Perfect. comment and would like development if clearly is this recruit you mean, you sucked talent? that, being Okay. How retain kind your Eastern Just Russian able been rely has great. out from the to be can the of and that of you

there. Yes. market we're for There's talent looking in technical definitely particular, tight a talent out

to longer excited aggressively get things is meet to of resources but One ourselves. the people more ecosystem. other the access in firms. from also about that it. that a environment, us doing It's of we've the the some we taking It this of all to obviously, partnerships we're reasons help the little that We're gives we're about and coming some recruiting demand talked are growing these

talent to of the talent and we to continuing excellent, lot to making our best clients we're say these them get helping to execute the the will the So get focus company even side, seen vision. that who past sure part our we've continuous going that's to that them very the or and in is get I that the prestigious flip the the a we're project, few come quarters, see our think progress be of and from us into are company excellent establishing end attractive. very some competitors on a that some possible markets brand make over I and

to having are folks going so that But think attention help I even us something to. it's in that's of And a to pay a and lot joining market. us, success we've tight got

right. could Perfect. one just And if I All slip in. more

of big the sort it kind you a the is given in, looking M&A? now? at valuations of Or some opportunity for Just priority not like coming of are

would of kind say of looking. this, time, say, are but nothing and our our yes, we the it's it's I look, can of looking, you a we're like it's deals, John that one about, think. would – drivers over to part as market one talk That's do and business always looking. interesting particular I in would of see here But an But program said, part of know. Well, we I always and keep there's always would the to in

very Thank Perfect. much. you

question next with Securities. from coming our And Terry Truist line Tillman of the

Your line is open.

Terry. Connor is Passarella on for This Hi.

First one here.

you've landing organization. the you're just you might terms I'm new within with there's curious in any shift maybe be of momentum logos. mentioned where been seeing if client some So solid that

gain you to you enterprise speaking more transition of importance as realize you scale? on senior kind of do of So – kind traction, management cloud to start find at a client companies an yourself with the

Yes. Thanks, It true. Connor. is

people firms, better the their want want version They grow end modern, our become we're efficient firms their to of professionals – of a of benefits. working all their view talent folks mean that in They wise the competing are there's advice with the for of arm want with to make those transformation are I operationally has an in that into inside well. grow within market they're to data markets and current and right to competing We modernization generations want the better work important of own to about kind to of firms overall more talking They the strategy senior And And provide with, of war their in. as cloud-enabled the organization clients. more many who a an cloud insights decisions several as with inform investment talent we economically. war. people way. these and clients as component the increasingly that coming

to modernize and so And digital firm that this a see continue to macro trends the these driving transformation there's as strategic of the are program. execute folks there to sort decision

So their that calling of firm, some the think trend a environment are from to on, the term, who ones, the create people the is moving that talk why the to for just times long them a of strategic have people. we are up get the in ones, at is one right view, and the this to that we confidence reasons midsized have to all the actually ones, more audiences help I firms that size we're smaller in the get these larger of have meaningful systems with to going compete and over which

one Got it. Appreciate the Maybe color quick there. follow-up. just

your kinds grow quickly? maybe you support and faster of can teams, how your show of accelerate cases what adding client have a So to client result to And maybe use you value and been expansion you've as stronger success as more seeing are so here investments more helped headcount relationships?

you. Thank Yes.

well on growing of care of management part are is success as as regular them as areas account consistently we group do teams each explore them, been our as also they our our It's engage help as client and the client our efforts. can grown So business. system. each basis we've well additional We've It's deploy to doing success our take group. support of part a where we part with the account quarter client that what expansion, services of And land-and-expand strategy.

expansion groups. solutions We've market segment we've with of thing the pulled real that seeing from firms. done, pursue investment the with multi-strategy with needed developed estate counsel the themselves directly seeing in legal some this corporate kind area specifically, the intelligence. of – the our private we help this in conversation done we're came us have for firms outside relationship same clients this estate expansion that where capital their in So We're in go that real of opportunities some to

a in model The account our land-and-expand based operating our lot of team inside So tremendous organic business engage just we momentum there's on of how folks. the has with done a support three client program or management and over account invested we've as the past in quarters and these footprint try inside and our grow to management more success both services four firms. to job

the color. Appreciate Thanks. Perfect.

you. Thank

from [Operator coming with Instructions] line question Oppenheimer. next of Schwartz Our the Brian

Hi. markets. the questions international momentum Yes. I an maybe John, you give us seeing taking the could provide what Thanks this in on for of pipeline my in just you're your was if any terms wondering activity, afternoon. update, demand color

and seeing shed in business? terms I did into introductory you're for can of the talk have momentum pipeline Steve. nice your real of kind in a customer in But You then wins light And international discussions about you any your the some customer comment. what follow-up

America. we've Middle started States United East, clients of clients the those in a very Yes, similar in as we we've those in Asia. adding UK. each Europe, won about Brian. of and And consistently and of been places been in areas you the pattern in recall, we've business we've the in what started outside may to areas in all growing. company each growing Australia, that but in off Originally, Africa, and the Continental does Thanks, in America, XX% growing been doing its the like Great. we consistently and North North

international It's line the So a opportunity. continue rate our to of aspect our to of same we important is meaningful We the rest a growing kind program up. the of But that it's as highlight examples. It's pillar those for an great in it's wanted so some grow. and strategy. growth business, of keeping to rate the growth about as some

wanted just I the for question company. about Thanks capacity follow-up John. then, Steve, the have, ask that for to color, here And services the

that having that able capacity, a introductory you more how outsource work of is, some services I services customers feel to margin. question to comments Thanks. do mentioned I'm these the in is the implement lingering. if new you terms being talking all the that You you versus the outsourced just the fashion in in were wondering work? guess about Or quarter your in when of of here timely

No. Yes. Yes.

that's services it. over keep business hiring to pretty the permanent a the steadily our get temporary feel here sort capacity. I'm than all. people But growth more some with a had keep right this we that particular hard we expect pretty capacity are and think do to regularly services we bit little little the I the comfortable And subcontracted have thing I we reasons of about in don't and at all This to be have good we growth It's may the then with in business. been do now. time. in, pace We to our at might not a normally but quarter. need

John market. it's As tight said, a

to questions like I'm at further any now this showing Mr. Thank for would remarks. call I back no the John over to Hall you. closing time. And turn

attention Okay. your Thank your and questions. you, everyone. We appreciate

us have very a today, Thanks you we'll behind about we're for to look all to great next continuing time quarter. your We excited talking forward momentum. QX and and the

Ladies participation. and with gentlemen, does conclude your for conference today. that you our Thank

You disconnect. may now