Intapp, Inc. (NASDAQ: INTA), a leading global provider of
AI-powered solutions for professionals at advisory, capital
markets, and legal firms, announced financial results for its third
quarter ended March 31, 2024. Intapp also provided its outlook for
the fourth quarter and updated outlook for the full fiscal year of
2024.
“We are pleased to report a strong and exciting
third quarter, in which we released several new AI capabilities
aimed directly at the needs of our target markets,” said John Hall,
CEO of Intapp. “Intapp Assist for DealCloud, which helps
professionals apply generative AI to their daily work, has received
a particularly overwhelming response, with hundreds of clients
engaging with us within just a few weeks of the launch.”
Third Quarter of Fiscal Year 2024
Financial Highlights
- SaaS and support
revenue was $80.8 million, a 22% year-over-year increase compared
to the third quarter of fiscal year 2023.
- Total revenue was
$110.6 million, a 20% year-over-year increase compared to the third
quarter of fiscal year 2023.
- Cloud ARR was
$274.2 million as of March 31, 2024, a 33% year-over-year increase
compared to Cloud ARR as of March 31, 2023. Cloud ARR represented
72% of total ARR as of March 31, 2024, compared to 65% as of March
31, 2023.
- Total ARR was
$382.7 million as of March 31, 2024, a 21% year-over-year increase
compared to total ARR as of March 31, 2023.
- GAAP operating
loss was $(7.4) million, compared to a GAAP operating loss of
$(18.2) million in the third quarter of fiscal year 2023.
- Non-GAAP operating
profit was $11.2 million, compared to a non-GAAP operating profit
of $2.9 million in the third quarter of fiscal year 2023.
- GAAP net loss was
$(6.9) million, compared to a GAAP net loss of $(18.1) million in
the third quarter of fiscal year 2023.
- Non-GAAP net
income was $11.2 million, compared to a non-GAAP net income of $2.2
million in the third quarter of fiscal year 2023.
- GAAP net loss per
share was $(0.09), compared to a GAAP net loss per share of $(0.28)
in the third quarter of fiscal year 2023.
- Non-GAAP diluted
net income per share was $0.14, compared to a non-GAAP diluted net
income per share of $0.03 in the third quarter of fiscal year
2023.
Balance Sheet and Cash Flow
Highlights
- Cash and cash
equivalents were $187.4 million as of March 31, 2024, compared to
$130.4 million as of June 30, 2023.
- For the nine months
ended March 31, 2024, cash provided by operating activities was
$40.2 million, compared to cash provided by operating activities of
$16.8 million for the nine months ended March 31, 2023.
Business Highlights
- As of March 31,
2024, we served more than 2,450 clients, 673 of which each with
contracts greater than $100,000 of ARR.
- We upsold and
cross-sold our existing clients such that our trailing twelve
months’ net revenue retention rate as of March 31, 2024 was 115%,
which is within our expected range of 113% to 117%.
- We continued to add
new clients and expand existing accounts including consulting firm
Alix Partners; law firms DAC Beachcroft and Warner Norcross + Judd;
and private equity firm Accordion.
- DealCloud won two
awards: It was named a 2024 top influencer in CRE Technology by
GlobeSt.com and won bronze at the Best in Biz Awards for
the Enterprise Product of the Year — All Other Software
category.
- To mark our
vertical AI leadership in the markets we serve, we celebrated the
launch of our “Intelligence Applied” strategy and brand on February
22, 2024, ringing the bell at Nasdaq and hosting our inaugural
Investor Day and well-attended client and partner events.
- We announced the
availability of new vertical AI capabilities including Intapp
Assist for DealCloud, Intapp Data, Intapp Walls for Copilot, and
the Activator experience.
- We announced
the acquisition of AI software company delphai, which represents
another step forward in building the data foundation that will help
firms get the most out of next-generation AI.
Fourth Quarter and Full Fiscal Year 2024
Outlook
|
Fiscal 2024
Outlook |
|
Fourth Quarter |
Fiscal Year |
SaaS and support revenue (in millions) |
$83.5 -
$84.5 |
$314.5 -
$315.5 |
Total revenue (in millions) |
$111.0 -
$112.0 |
$427.0 -
$428.0 |
Non-GAAP operating profit (in millions) |
$10.5 -
$11.5 |
$35.5 -
$36.5 |
Non-GAAP diluted net income per share |
$0.11 -
$0.13 |
$0.42 -
$0.44 |
|
|
|
The guidance provided above constitutes
forward-looking statements and actual results may differ
materially. Refer to the “Forward-Looking Statements” safe harbor
section below for information on the factors that could cause our
actual results to differ materially from these forward-looking
statements.
The information presented in this press release
includes non-GAAP financial measures such as “non-GAAP operating
profit,” “non-GAAP net income,” and “non-GAAP diluted net income
per share.” Refer to “Non-GAAP Financial Measures and Other
Metrics” for a discussion of these measures and the financial
tables below for reconciliations of each non-GAAP financial measure
to the most directly comparable GAAP financial measure. The Company
has not included a quantitative reconciliation of its guidance for
non-GAAP operating profit and non-GAAP diluted net income per share
to their most directly comparable GAAP financial measures because
certain of these reconciling items, including stock-based
compensation and amortization of intangible assets, could be highly
variable and cannot be reasonably predicted without unreasonable
effort. This is due to the inherent difficulty of forecasting the
timing of certain events that have not yet occurred and are out of
the Company’s control and the amounts of associated reconciling
items. Please note that the unavailable reconciling items could
significantly impact the Company’s GAAP operating results.
Corporate Presentation
A supplemental financial presentation and other information will
be accessible through Intapp’s investor relations website at
https://investors.intapp.com/.
Webcast
Intapp will host a conference call for analysts
and investors on Tuesday, May 7, 2024, beginning at 2:00 p.m. PT
(5:00 p.m. ET). The call will be webcast live via the “Investors”
section of the Intapp company website at
https://investors.intapp.com/. A replay of the call will be
available through the Intapp website for 90 days.
About Intapp
Intapp software helps professionals unlock their
teams’ knowledge, relationships, and operational insights to
increase value for their firms. Using the power of Applied AI, we
make firm and market intelligence easy to find, understand, and
use. With Intapp’s portfolio of vertical SaaS solutions,
professionals can apply their collective expertise to make smarter
decisions, manage risk, and increase competitive advantage. The
world’s top firms — across accounting, consulting, investment
banking, legal, private capital, and real assets — trust Intapp’s
industry-specific platform and solutions to modernize and drive new
growth.
Forward-Looking Statements
This press release contains express and implied
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding our financial outlook for the fourth quarter and full
fiscal year 2024, growth strategy, business plans and market
position. In some cases, you can identify forward-looking
statements by terms such as “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “project,” “would,”
“should,” “could,” “can,” “predict,” “potential,” “target,”
“explore,” “continue,” “expand,” “outlook” or the negative of these
terms, and similar expressions intended to identify forward-looking
statements. By their nature, these statements are subject to
numerous uncertainties and risks, including factors beyond our
control, that could cause actual results, performance, or
achievement to differ materially and adversely from those
anticipated or implied in the statements, including: our ability to
continue our growth at or near historical rates; our future
financial performance and ability to be profitable; the effect of
global events on the U.S. and global economies, our business, our
employees, results of operations, financial condition, demand for
our products, sales and implementation cycles, and the health of
our clients’ and partners’ businesses; our ability to prevent and
respond to data breaches, unauthorized access to client data or
other disruptions of our solutions; our ability to effectively
manage U.S. and global market and economic conditions, including
inflationary pressures, economic and market downturns and
volatility in the financial services industry, particularly adverse
to our targeted industries; the length and variability of our sales
cycle; our ability to attract and retain clients; our ability to
attract and retain talent; our ability to compete in highly
competitive markets, including AI products; our ability to manage
additional complexity, burdens, and volatility in connection with
our international sales and operations; the successful assimilation
or integration of the businesses, technologies, services, products,
personnel or operations of acquired companies; our ability to incur
indebtedness in the future and the effect of conditions in credit
markets; the sufficiency of our cash and cash equivalents to meet
our liquidity needs; and our ability to maintain, protect, and
enhance our intellectual property rights. Additional risks and
uncertainties that could cause actual outcomes and results to
differ materially from those contemplated by the forward-looking
statements are included under the caption “Risk Factors” and
elsewhere in our Annual Report on Form 10-K, our Quarterly Reports
on Form 10-Q, and any subsequent public filings. Moreover, we
operate in a very competitive and rapidly changing environment, and
new risks may emerge from time to time. It is not possible for us
to predict all risks, nor can we assess the impact of all factors
on our business or the extent to which any factor, or combination
of factors, may cause actual results or outcomes to differ
materially from those contained in any forward-looking statements
we may make. Forward-looking statements speak only as of the date
the statements are made and are based on information available to
us at the time those statements are made and/or management’s good
faith belief as of that time with respect to future events. We
assume no obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
except as required by law.
Non-GAAP Financial Measures and Other
Metrics
This press release contains the following
non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross
margin, non-GAAP operating expenses, non-GAAP operating profit,
non-GAAP net income and non-GAAP diluted net income per share.
These non-GAAP measures exclude the impact of stock-based
compensation, amortization of intangible assets, lease modification
and impairment, change in fair value of contingent consideration,
transaction costs, restructuring and other costs and the income tax
effect of non-GAAP adjustments. See below for a reconciliation of
each non-GAAP financial measure to the most directly comparable
GAAP financial measure.
Other metrics include total ARR, Cloud ARR and
net revenue retention rate. Total ARR represents the annualized
recurring value of all active SaaS and on-premise subscription
license contracts at the end of a reporting period. Cloud ARR is
the portion of the annualized recurring value of our active SaaS
contracts at the end of a reporting period. Contracts with a term
other than one year are annualized by taking the committed contract
value for the current period divided by number of days in that
period, then multiplying by 365.
Net revenue retention rate is calculated by
starting with the ARR from the cohort of all clients as of the
twelve months prior to the applicable fiscal period, or prior
period ARR. We then calculate the ARR from these same clients as of
the current fiscal period, or current period ARR. We then divide
the current period ARR by the prior period ARR to calculate the net
revenue retention rate.
We believe these non-GAAP financial measures and
metrics provide useful information to investors as they are used by
management to manage the business, make planning decisions,
evaluate our performance, and allocate resources and provide useful
information regarding certain financial and business trends
relating to our financial condition and results of operations.
These non-GAAP financial measures, which may be different than
similarly-titled measures used by other companies, should not be
considered a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP.
Guidance for non-GAAP financial measures
excludes stock-based compensation expense and amortization of
intangible assets. Non-GAAP diluted net income per share is
calculated by dividing non-GAAP net income by the estimated diluted
weighted average shares outstanding for the period.
Investor Contact
David TroneSenior Vice President, Investor RelationsIntapp,
Inc.ir@intapp.com
Media Contact
Ali RobinsonGlobal Media Relations DirectorIntapp,
Inc.press@intapp.com
INTAPP, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(Unaudited, in thousands, except
per share data and percentages) |
|
|
Three Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
SaaS and support |
$ |
80,817 |
|
|
$ |
66,051 |
|
|
$ |
230,987 |
|
|
$ |
184,469 |
|
Subscription license |
|
16,520 |
|
|
|
13,577 |
|
|
|
44,566 |
|
|
|
36,804 |
|
Total recurring revenues |
|
97,337 |
|
|
|
79,628 |
|
|
|
275,553 |
|
|
|
221,273 |
|
Professional services |
|
13,302 |
|
|
|
12,396 |
|
|
|
40,594 |
|
|
|
34,981 |
|
Total revenues |
|
110,639 |
|
|
|
92,024 |
|
|
|
316,147 |
|
|
|
256,254 |
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
|
|
SaaS and support |
|
14,902 |
|
|
|
13,644 |
|
|
|
43,731 |
|
|
|
38,498 |
|
Total cost of recurring revenues |
|
14,902 |
|
|
|
13,644 |
|
|
|
43,731 |
|
|
|
38,498 |
|
Professional services |
|
15,679 |
|
|
|
14,846 |
|
|
|
49,192 |
|
|
|
42,111 |
|
Total cost of revenues |
|
30,581 |
|
|
|
28,490 |
|
|
|
92,923 |
|
|
|
80,609 |
|
Gross profit |
|
80,058 |
|
|
|
63,534 |
|
|
|
223,224 |
|
|
|
175,645 |
|
Gross margin |
|
72.4 |
% |
|
|
69.0 |
% |
|
|
70.6 |
% |
|
|
68.5 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
27,319 |
|
|
|
25,281 |
|
|
|
83,796 |
|
|
|
68,352 |
|
Sales and marketing |
|
35,256 |
|
|
|
34,946 |
|
|
|
104,944 |
|
|
|
99,796 |
|
General and administrative |
|
24,929 |
|
|
|
21,552 |
|
|
|
66,977 |
|
|
|
62,715 |
|
Lease modification and impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,601 |
|
Total operating expenses |
|
87,504 |
|
|
|
81,779 |
|
|
|
255,717 |
|
|
|
232,464 |
|
Operating loss |
|
(7,446 |
) |
|
|
(18,245 |
) |
|
|
(32,493 |
) |
|
|
(56,819 |
) |
Interest and other income
(expense), net |
|
758 |
|
|
|
(253 |
) |
|
|
1,872 |
|
|
|
(836 |
) |
Net loss before income taxes |
|
(6,688 |
) |
|
|
(18,498 |
) |
|
|
(30,621 |
) |
|
|
(57,655 |
) |
Income tax benefit (expense) |
|
(202 |
) |
|
|
351 |
|
|
|
(803 |
) |
|
|
(300 |
) |
Net loss |
$ |
(6,890 |
) |
|
$ |
(18,147 |
) |
|
$ |
(31,424 |
) |
|
$ |
(57,955 |
) |
Net loss per share, basic and
diluted |
$ |
(0.09 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.91 |
) |
Weighted-average shares used to
compute net loss per share, basic and diluted |
|
72,634 |
|
|
|
64,327 |
|
|
|
70,690 |
|
|
|
63,487 |
|
INTAPP, INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited, in thousands) |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
187,426 |
|
|
$ |
130,377 |
|
Restricted cash |
|
200 |
|
|
|
808 |
|
Accounts receivable, net |
|
80,420 |
|
|
|
92,973 |
|
Unbilled receivables, net |
|
16,465 |
|
|
|
10,661 |
|
Other receivables, net |
|
2,136 |
|
|
|
878 |
|
Prepaid expenses |
|
8,437 |
|
|
|
7,335 |
|
Deferred commissions, current |
|
13,057 |
|
|
|
11,807 |
|
Total current assets |
|
308,141 |
|
|
|
254,839 |
|
Property and equipment, net |
|
18,282 |
|
|
|
16,366 |
|
Operating lease right-of-use
assets |
|
22,211 |
|
|
|
17,180 |
|
Goodwill |
|
278,883 |
|
|
|
278,890 |
|
Intangible assets, net |
|
35,323 |
|
|
|
43,257 |
|
Deferred commissions,
noncurrent |
|
17,043 |
|
|
|
16,529 |
|
Other assets |
|
4,319 |
|
|
|
1,846 |
|
Total assets |
$ |
684,202 |
|
|
$ |
628,907 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
15,359 |
|
|
$ |
6,018 |
|
Accrued compensation |
|
35,970 |
|
|
|
39,761 |
|
Accrued expenses |
|
11,423 |
|
|
|
11,626 |
|
Deferred revenue, net |
|
195,502 |
|
|
|
191,042 |
|
Other current liabilities |
|
12,880 |
|
|
|
10,902 |
|
Total current liabilities |
|
271,134 |
|
|
|
259,349 |
|
Deferred tax liabilities |
|
1,098 |
|
|
|
1,422 |
|
Deferred revenue, noncurrent |
|
1,828 |
|
|
|
1,355 |
|
Operating lease liabilities,
noncurrent |
|
20,395 |
|
|
|
16,195 |
|
Other liabilities |
|
3,775 |
|
|
|
9,378 |
|
Total liabilities |
|
298,230 |
|
|
|
287,699 |
|
Stockholders’ equity: |
|
|
|
|
|
Common stock |
|
73 |
|
|
|
69 |
|
Additional paid-in capital |
|
873,834 |
|
|
|
797,639 |
|
Accumulated other comprehensive
loss |
|
(1,350 |
) |
|
|
(1,339 |
) |
Accumulated deficit |
|
(486,585 |
) |
|
|
(455,161 |
) |
Total stockholders’ equity |
|
385,972 |
|
|
|
341,208 |
|
Total liabilities and
stockholders’ equity |
$ |
684,202 |
|
|
$ |
628,907 |
|
INTAPP, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(Unaudited, in thousands) |
|
|
Three Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Cash Flows from Operating
Activities: |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(6,890 |
) |
|
$ |
(18,147 |
) |
|
$ |
(31,424 |
) |
|
$ |
(57,955 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
4,022 |
|
|
|
3,669 |
|
|
|
12,006 |
|
|
|
11,406 |
|
Amortization of operating lease right-of-use assets |
|
1,240 |
|
|
|
1,106 |
|
|
|
3,522 |
|
|
|
3,510 |
|
Accounts receivable allowances |
|
1,567 |
|
|
|
726 |
|
|
|
2,795 |
|
|
|
1,402 |
|
Stock-based compensation |
|
14,026 |
|
|
|
18,759 |
|
|
|
49,291 |
|
|
|
54,795 |
|
Lease modification and impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,601 |
|
Change in fair value of contingent consideration |
|
490 |
|
|
|
(641 |
) |
|
|
(1,725 |
) |
|
|
(873 |
) |
Deferred income taxes |
|
(107 |
) |
|
|
(148 |
) |
|
|
(324 |
) |
|
|
(452 |
) |
Other |
|
38 |
|
|
|
38 |
|
|
|
115 |
|
|
|
115 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(2,469 |
) |
|
|
(856 |
) |
|
|
10,101 |
|
|
|
(2,370 |
) |
Unbilled receivables, current |
|
(30 |
) |
|
|
(3,489 |
) |
|
|
(5,804 |
) |
|
|
(5,879 |
) |
Prepaid expenses and other assets |
|
(2,347 |
) |
|
|
(815 |
) |
|
|
(4,135 |
) |
|
|
214 |
|
Deferred commissions |
|
(696 |
) |
|
|
(560 |
) |
|
|
(1,764 |
) |
|
|
(2,116 |
) |
Accounts payable and accrued liabilities |
|
7,783 |
|
|
|
2,622 |
|
|
|
6,266 |
|
|
|
(5,472 |
) |
Deferred revenue, net |
|
96 |
|
|
|
3,484 |
|
|
|
4,933 |
|
|
|
22,257 |
|
Operating lease liabilities |
|
(1,144 |
) |
|
|
(1,471 |
) |
|
|
(3,483 |
) |
|
|
(4,594 |
) |
Other liabilities |
|
926 |
|
|
|
(790 |
) |
|
|
(218 |
) |
|
|
1,245 |
|
Net cash provided by operating activities |
|
16,505 |
|
|
|
3,487 |
|
|
|
40,152 |
|
|
|
16,834 |
|
Cash Flows from Investing
Activities: |
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
(374 |
) |
|
|
(356 |
) |
|
|
(1,728 |
) |
|
|
(2,054 |
) |
Capitalized internal-use software costs |
|
(1,764 |
) |
|
|
(1,179 |
) |
|
|
(5,217 |
) |
|
|
(3,876 |
) |
Investment in note receivable |
|
— |
|
|
|
(500 |
) |
|
|
— |
|
|
|
(500 |
) |
Net cash used in investing activities |
|
(2,138 |
) |
|
|
(2,035 |
) |
|
|
(6,945 |
) |
|
|
(6,430 |
) |
Cash Flows from Financing
Activities: |
|
|
|
|
|
|
|
|
|
|
|
Payments for deferred offering costs |
|
— |
|
|
|
(57 |
) |
|
|
(781 |
) |
|
|
(57 |
) |
Proceeds from stock option exercises |
|
7,251 |
|
|
|
11,247 |
|
|
|
25,187 |
|
|
|
15,727 |
|
Proceeds from employee stock purchase plan |
|
— |
|
|
|
— |
|
|
|
1,725 |
|
|
|
1,241 |
|
Payments related to tax withholding for vested equity awards |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,948 |
) |
Payments of deferred contingent consideration and holdback
associated with acquisitions |
|
— |
|
|
|
(11,175 |
) |
|
|
(2,551 |
) |
|
|
(22,290 |
) |
Net cash provided by (used in) financing activities |
|
7,251 |
|
|
|
15 |
|
|
|
23,580 |
|
|
|
(10,327 |
) |
Effect of foreign currency
exchange rate changes on cash and cash equivalents |
|
(549 |
) |
|
|
(71 |
) |
|
|
(346 |
) |
|
|
(422 |
) |
Net increase (decrease) in cash, cash equivalents and restricted
cash |
|
21,069 |
|
|
|
1,396 |
|
|
|
56,441 |
|
|
|
(345 |
) |
Cash, cash equivalents and
restricted cash - beginning of period |
|
166,557 |
|
|
|
52,570 |
|
|
|
131,185 |
|
|
|
54,311 |
|
Cash, cash equivalents and
restricted cash - end of period |
$ |
187,626 |
|
|
$ |
53,966 |
|
|
$ |
187,626 |
|
|
$ |
53,966 |
|
INTAPP, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(Unaudited, in thousands,
except per share data and percentages) |
|
The following tables reconcile the specific
items excluded from GAAP in the calculation of non-GAAP financial
measures for the periods indicated below:
Non-GAAP Gross Profit
|
Three Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP gross profit |
$ |
80,058 |
|
|
$ |
63,534 |
|
|
$ |
223,224 |
|
|
$ |
175,645 |
|
Adjusted to exclude the
following: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
1,956 |
|
|
|
1,524 |
|
|
|
5,848 |
|
|
|
4,248 |
|
Amortization of intangible assets |
|
1,054 |
|
|
|
918 |
|
|
|
3,164 |
|
|
|
3,331 |
|
Non-GAAP gross profit |
$ |
83,068 |
|
|
$ |
65,976 |
|
|
$ |
232,236 |
|
|
$ |
183,224 |
|
Non-GAAP gross margin |
|
75.1 |
% |
|
|
71.7 |
% |
|
|
73.5 |
% |
|
|
71.5 |
% |
Non-GAAP Operating Expenses
|
Three Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP research and development |
$ |
27,319 |
|
|
$ |
25,281 |
|
|
$ |
83,796 |
|
|
$ |
68,352 |
|
Stock-based compensation |
|
(2,509 |
) |
|
|
(4,571 |
) |
|
|
(11,623 |
) |
|
|
(11,351 |
) |
Restructuring and other costs |
|
(52 |
) |
|
|
— |
|
|
|
(52 |
) |
|
|
— |
|
Non-GAAP research and development |
$ |
24,758 |
|
|
$ |
20,710 |
|
|
$ |
72,121 |
|
|
$ |
57,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing |
$ |
35,256 |
|
|
$ |
34,946 |
|
|
$ |
104,944 |
|
|
$ |
99,796 |
|
Stock-based compensation |
|
(4,207 |
) |
|
|
(6,029 |
) |
|
|
(14,434 |
) |
|
|
(18,134 |
) |
Amortization of intangible assets |
|
(1,398 |
) |
|
|
(1,467 |
) |
|
|
(4,281 |
) |
|
|
(4,398 |
) |
Non-GAAP sales and marketing |
$ |
29,651 |
|
|
$ |
27,450 |
|
|
$ |
86,229 |
|
|
$ |
77,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative |
$ |
24,929 |
|
|
$ |
21,552 |
|
|
$ |
66,977 |
|
|
$ |
62,715 |
|
Stock-based compensation |
|
(5,354 |
) |
|
|
(6,635 |
) |
|
|
(17,386 |
) |
|
|
(21,062 |
) |
Amortization of intangible assets |
|
(163 |
) |
|
|
(120 |
) |
|
|
(489 |
) |
|
|
(363 |
) |
Change in fair value of contingent consideration |
|
(490 |
) |
|
|
641 |
|
|
|
1,725 |
|
|
|
873 |
|
Transaction costs(1) |
|
(1,471 |
) |
|
|
(502 |
) |
|
|
(2,149 |
) |
|
|
(703 |
) |
Non-GAAP general and administrative |
$ |
17,451 |
|
|
$ |
14,936 |
|
|
$ |
48,678 |
|
|
$ |
41,460 |
|
Non-GAAP Operating Profit
|
Three Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP operating loss |
$ |
(7,446 |
) |
|
$ |
(18,245 |
) |
|
$ |
(32,493 |
) |
|
$ |
(56,819 |
) |
Adjusted to exclude the
following: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
14,026 |
|
|
|
18,759 |
|
|
|
49,291 |
|
|
|
54,795 |
|
Amortization of intangible assets |
|
2,615 |
|
|
|
2,505 |
|
|
|
7,934 |
|
|
|
8,092 |
|
Lease modification and impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,601 |
|
Change in fair value of contingent consideration |
|
490 |
|
|
|
(641 |
) |
|
|
(1,725 |
) |
|
|
(873 |
) |
Transaction costs(1) |
|
1,471 |
|
|
|
502 |
|
|
|
2,149 |
|
|
|
703 |
|
Restructuring and other costs |
|
52 |
|
|
|
— |
|
|
|
52 |
|
|
|
— |
|
Non-GAAP operating profit |
$ |
11,208 |
|
|
$ |
2,880 |
|
|
$ |
25,208 |
|
|
$ |
7,499 |
|
Non-GAAP Net Income
|
Three Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP net loss |
$ |
(6,890 |
) |
|
$ |
(18,147 |
) |
|
$ |
(31,424 |
) |
|
$ |
(57,955 |
) |
Adjusted to exclude the
following: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
14,026 |
|
|
|
18,759 |
|
|
|
49,291 |
|
|
|
54,795 |
|
Amortization of intangible assets |
|
2,615 |
|
|
|
2,505 |
|
|
|
7,934 |
|
|
|
8,092 |
|
Lease modification and impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,601 |
|
Change in fair value of contingent consideration |
|
490 |
|
|
|
(641 |
) |
|
|
(1,725 |
) |
|
|
(873 |
) |
Transaction costs(1) |
|
1,471 |
|
|
|
502 |
|
|
|
2,149 |
|
|
|
703 |
|
Restructuring and other costs |
|
52 |
|
|
|
— |
|
|
|
52 |
|
|
|
— |
|
Income tax effect of non-GAAP adjustments |
|
(611 |
) |
|
|
(761 |
) |
|
|
(1,736 |
) |
|
|
(1,242 |
) |
Non-GAAP net income |
$ |
11,153 |
|
|
$ |
2,217 |
|
|
$ |
24,541 |
|
|
$ |
5,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share, basic
and diluted |
$ |
(0.09 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.91 |
) |
Non-GAAP net income per share,
diluted |
$ |
0.14 |
|
|
$ |
0.03 |
|
|
$ |
0.31 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to
compute GAAP net loss per share, basic and diluted |
|
72,634 |
|
|
|
64,327 |
|
|
|
70,690 |
|
|
|
63,487 |
|
Weighted-average shares used to
compute non-GAAP net income per share, diluted |
|
81,437 |
|
|
|
76,306 |
|
|
|
80,426 |
|
|
|
72,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Consists of
acquisition-related transaction costs and costs related to certain
non-capitalized offering-related expenses. |
Intapp (NASDAQ:INTA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Intapp (NASDAQ:INTA)
Historical Stock Chart
From Sep 2023 to Sep 2024