Intapp — First Quarter Fiscal Year 2027 Earnings Summary

Financial Performance:

• Subscription revenue reached $125.5 million, a 29% year-over-year increase compared to the first quarter of fiscal year 2026.
• Total revenue was $161.3 million, representing a 16% year-over-year increase compared to the first quarter of fiscal year 2026.
• Cloud Annual Recurring Revenue (ARR) was $515.3 million as of September 30, 2026, a 28% year-over-year increase; Cloud ARR represented 85% of total ARR, up from 80% in the prior year period.
• Total ARR was $607.1 million, a 20% year-over-year increase compared to September 30, 2025.
• GAAP operating loss was $(1.1) million, an improvement from a GAAP operating loss of $(14.5) million in the first quarter of fiscal year 2026.
• Non-GAAP operating income was $35.4 million, compared to $20.9 million in the first quarter of fiscal year 2026.
• GAAP net loss was $(1.3) million, compared to a GAAP net loss of $(14.4) million in the first quarter of fiscal year 2026.
• Non-GAAP net income was $34.4 million, compared to $20.7 million in the first quarter of fiscal year 2026.
• GAAP net loss per share was $(0.02), compared to $(0.18) in the first quarter of fiscal year 2026.
• Non-GAAP diluted net income per share was $0.44, compared to $0.24 in the first quarter of fiscal year 2026.
• Cash and cash equivalents were $147.7 million as of September 30, 2026, down from $162.8 million as of June 30, 2026.
• Net cash provided by operating activities was $28.4 million for the three months ended September 30, 2026, compared to $13.8 million in the same period of the prior year.
• Gross margin was 77.9% for the three months ended September 30, 2026, compared to 74.7% in the prior year period.
• Deferred revenue, net, was $288.1 million as of September 30, 2026, down from $315.1 million as of June 30, 2026.

Guidance and Future Outlook:

• Second Quarter fiscal year 2027 subscription revenue is projected between $129.1 million and $130.1 million.
• Second Quarter fiscal year 2027 total revenue is projected between $158.8 million and $159.8 million.
• Second Quarter fiscal year 2027 non-GAAP operating income is projected between $31.8 million and $32.8 million.
• Second Quarter fiscal year 2027 non-GAAP diluted net income per share is projected between $0.37 and $0.39.
• Full fiscal year 2027 subscription revenue is projected between $530.5 million and $534.5 million.
• Full fiscal year 2027 total revenue is projected between $658.2 million and $662.2 million.
• Full fiscal year 2027 non-GAAP operating income is projected between $136.8 million and $140.8 million.
• Full fiscal year 2027 non-GAAP diluted net income per share is projected between $1.64 and $1.68.
• Guidance excludes estimated stock-based compensation of $36.6 million for the second quarter and $138.1 million for the full year, and amortization of intangible assets of $1.9 million for the second quarter and $7.4 million for the full year.

Business Segments and Product Lines:

• The company serves more than 1,400 clients with contracts greater than $50,000 of ARR, including 908 clients with contracts greater than $100,000 of ARR.
• Trailing twelve months' cloud net revenue retention rate was 123% as of September 30, 2026.
• Intapp Celeste became generally available, with the introduction of Compliance with Celeste and Time with Celeste to embed agentic AI into business acceptance, risk management, and revenue workflows.
• The Intapp Profitability Network, a certified partner ecosystem, was launched to assist law firms with pricing, matter management, billing, and collections.
• Strategic collaborations were expanded with OpenAI, Moody's, and Legora to apply frontier AI and trusted intelligence within governed workflows.
• New client additions included Baker Donelson, Bryan Cave Leighton Paisner, Practus, Shoosmiths, Troutman Pepper Locke, Forvis Mazars, BDO Capital Advisors, and Epiq.

Market and Competitive Landscape:

• Intapp defines the "Firm AI" category, creating a governed AI platform for professional firms in highly regulated industries.
• Management reports remarkable response from leading firms, with managing partners and firm leaders stating the solution meets their specific needs.
• The company operates in highly competitive markets, including AI products, and faces risks related to competition and market volatility.

Risks and Challenges:

• Forward-looking statements are subject to risks including the ability to maintain growth rates, future profitability, and global economic conditions.
• Risks include competition in AI products, challenges in managing AI implementation and regulatory compliance, and potential data breaches.
• External factors such as inflation, economic downturns, trade barriers, and currency exchange rates could materially impact results.
• Sales cycle length and variability, client retention, talent acquisition, and integration of acquired businesses present operational risks.
• The company notes that unavailable reconciling items for GAAP guidance, such as acquisition-related costs and restructuring, could significantly impact GAAP operating results.

Management Commentary and Tone:

• John Hall, Chairman and CEO, expressed confidence in the company's direction, citing the general availability of Intapp Celeste and the migration of firms to the cloud.
• Management highlighted that professional firms require AI that is governed, grounded in firm data, and built to run firm business.
• The tone reflects confidence in the Firm AI strategy and the response from the world's leading firms.

Other Key Points:

• The company repurchased 0.6 million shares of common stock for an aggregate amount of $25.0 million during the three months ended September 30, 2026.
• Effective July 1, 2026, the company adjusted the naming of "SaaS revenue" to "subscription revenue" with no change to revenue recognition policy.
• A conference call for analysts and investors was scheduled for October 27, 2026, at 2:00 p.m. PT.
• Free cash flow for the three months ended September 30, 2026, was $28.1 million, calculated as net cash provided by operating activities less cash paid for purchases of property and equipment.