UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On September 6, 2023, Intapp, Inc. issued a press release announcing its financial results for its fourth quarter and fiscal year ended June 30, 2023. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K and the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
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Description |
99.1 |
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Press Release issued by Intapp, Inc. dated September 6, 2023 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Intapp, Inc. |
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Date: September 6, 2023 |
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By: |
/s/ Steven Todd |
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Name: Steven Todd |
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Title: General Counsel |
Exhibit 99.1
Intapp Announces Fourth Quarter and Full Fiscal Year 2023 Financial Results
PALO ALTO, Calif., September 6, 2023 – Intapp, Inc. (NASDAQ: INTA), a leading provider of cloud software for the global professional and financial services industry, announced its financial results for the fourth quarter and full fiscal year ended June 30, 2023. Intapp also provided its outlook for the first quarter and full fiscal year of 2024.
“We are pleased to report another strong year, with great results across the business and steady demand for our purpose-built cloud solutions,” said John Hall, CEO of Intapp. “This year we added new clients, grew existing relationships, released new applied AI applications, and demonstrated consistent growth. We enter fiscal year 2024 with optimism and momentum.”
Fourth Quarter of Fiscal Year 2023 Financial Highlights
1
Fiscal Year 2023 Financial Highlights
Balance Sheet and Cash Flow Highlights
Business Highlights
2
First Quarter and Full Fiscal Year 2024 Outlook
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Fiscal 2024 Outlook |
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First Quarter |
Fiscal Year |
SaaS and support revenue (in millions) |
$70.0 - $71.0 |
$306.0 - $310.0 |
Total revenue (in millions) |
$96.0 - $97.0 |
$419.0 - $423.0 |
Non-GAAP operating profit (in millions) |
$2.5 - $3.5 |
$20.0 - $24.0 |
Non-GAAP diluted net income per share |
~ $0.03 |
$0.20 - $0.24 |
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 (loss),” “non-GAAP net income (loss),” and “non-GAAP net income (loss) 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 Wednesday, September 6, 2023, 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 makes the connected firm possible. We provide cloud software solutions that address the unique operating challenges and regulatory requirements of the global professional and financial services industry. Our solutions help more than 2,300 of the world’s premier private capital, investment banking, legal, accounting, and consulting firms connect their most important assets: people, processes, and data. As part of a connected firm, professionals gain easy access to the information they need to win more business, increase investment returns, streamline deal and engagement execution, and strengthen risk management and compliance.
3
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 first quarter and full year of 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 customers; 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; 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.
4
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 (loss), non-GAAP net income (loss) and non-GAAP net income (loss) 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, acquisition-related transaction costs and the income tax effect of non-GAAP adjustments.
Unlevered free cashflow is a non-GAAP financial measure, and a supplemental liquidity measure that management uses to evaluate our core operating business and our ability to meet our current and future financing and investing needs. It consists of net cash provided by operating activities less cash paid for purchases of property and equipment and capitalized internal-use software and increased by cash paid for interest expense. 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 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 fully diluted weighted average shares outstanding for the period.
Investor Contact
David Trone
Senior Vice President, Investor Relations
Intapp, Inc.
ir@intapp.com
Media Contact
Ali Robinson
Global Media Relations Director
Intapp, Inc.
Ali.robinson@intapp.com
5
INTAPP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data and percentages)
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Three Months Ended June 30, |
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Year Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Revenues |
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SaaS and support |
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$ |
67,841 |
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$ |
52,713 |
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$ |
252,310 |
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$ |
192,980 |
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Subscription license |
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12,166 |
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13,391 |
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48,970 |
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44,202 |
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Total recurring revenues |
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80,007 |
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66,104 |
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301,280 |
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237,182 |
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Professional services |
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14,612 |
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9,417 |
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49,593 |
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34,889 |
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Total revenues |
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94,619 |
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75,521 |
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350,873 |
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272,071 |
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Cost of revenues |
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SaaS and support |
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14,524 |
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14,170 |
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53,022 |
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51,177 |
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Total cost of recurring revenues |
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14,524 |
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14,170 |
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53,022 |
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51,177 |
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Professional services |
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16,329 |
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12,984 |
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58,440 |
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47,906 |
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Total cost of revenues |
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30,853 |
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27,154 |
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111,462 |
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99,083 |
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Gross profit |
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63,766 |
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48,367 |
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239,411 |
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172,988 |
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Gross margin |
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67.4 |
% |
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64.0 |
% |
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68.2 |
% |
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63.6 |
% |
Operating expenses: |
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Research and development |
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25,499 |
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19,631 |
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93,851 |
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74,412 |
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Sales and marketing |
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32,393 |
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30,661 |
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132,189 |
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111,905 |
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General and administrative |
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18,316 |
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20,905 |
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81,031 |
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86,127 |
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Lease modification and impairment |
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— |
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— |
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1,601 |
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— |
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Total operating expenses |
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76,208 |
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71,197 |
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308,672 |
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272,444 |
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Operating loss |
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(12,442 |
) |
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(22,830 |
) |
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(69,261 |
) |
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(99,456 |
) |
Loss on debt extinguishment |
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— |
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— |
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— |
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(2,407 |
) |
Interest expense |
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(39 |
) |
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(38 |
) |
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(156 |
) |
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(274 |
) |
Other income (expense), net |
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216 |
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(1,164 |
) |
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(503 |
) |
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(976 |
) |
Net loss before income taxes |
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(12,265 |
) |
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(24,032 |
) |
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(69,920 |
) |
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(103,113 |
) |
Income tax benefit |
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|
795 |
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2,445 |
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|
495 |
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3,435 |
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Net loss |
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$ |
(11,470 |
) |
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$ |
(21,587 |
) |
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$ |
(69,425 |
) |
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$ |
(99,678 |
) |
Net loss per share, basic and diluted |
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$ |
(0.17 |
) |
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$ |
(0.35 |
) |
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$ |
(1.08 |
) |
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$ |
(1.63 |
) |
Weighted-average shares used to compute net loss per share, basic and diluted |
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66,730 |
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62,285 |
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64,295 |
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61,267 |
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6
INTAPP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
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June 30, 2023 |
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June 30, 2022 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
130,377 |
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$ |
50,783 |
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Restricted cash |
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808 |
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3,528 |
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Accounts receivable, net |
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92,973 |
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66,947 |
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Unbilled receivables, net |
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10,661 |
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6,763 |
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Other receivables, net |
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|
878 |
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|
3,199 |
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Prepaid expenses |
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7,335 |
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5,984 |
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Deferred commissions, current |
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11,807 |
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10,187 |
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Total current assets |
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254,839 |
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147,391 |
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Property and equipment, net |
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16,366 |
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12,283 |
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Operating lease right-of-use assets |
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17,180 |
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— |
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Goodwill |
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278,890 |
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269,103 |
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Intangible assets, net |
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43,257 |
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48,430 |
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Deferred commissions, noncurrent |
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16,529 |
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|
14,755 |
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Other assets |
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|
1,846 |
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|
2,451 |
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Total assets |
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$ |
628,907 |
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$ |
494,413 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
6,018 |
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$ |
4,220 |
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Accrued compensation |
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39,761 |
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40,004 |
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Accrued expenses |
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11,626 |
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8,774 |
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Deferred revenue, net |
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191,042 |
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|
142,768 |
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Other current liabilities |
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10,902 |
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|
27,753 |
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Total current liabilities |
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259,349 |
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|
223,519 |
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Deferred tax liabilities |
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|
1,422 |
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|
2,099 |
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Deferred revenue, noncurrent |
|
|
1,355 |
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|
2,712 |
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Operating lease liabilities, noncurrent |
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|
16,195 |
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|
— |
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Other liabilities |
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|
9,378 |
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|
10,201 |
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Total liabilities |
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287,699 |
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|
238,531 |
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Stockholders’ equity: |
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Preferred stock |
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— |
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— |
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Common stock |
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69 |
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63 |
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Additional paid-in capital |
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797,639 |
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|
643,227 |
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Accumulated other comprehensive loss |
|
|
(1,339 |
) |
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|
(1,672 |
) |
Accumulated deficit |
|
|
(455,161 |
) |
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|
(385,736 |
) |
Total stockholders’ equity |
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|
341,208 |
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|
255,882 |
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Total liabilities and stockholders’ equity |
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$ |
628,907 |
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$ |
494,413 |
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7
INTAPP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
|
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Three Months Ended June 30, |
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Year Ended June 30, |
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||||||||||
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2023 |
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2022 |
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2023 |
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2022 |
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Cash Flows from Operating Activities: |
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|
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Net loss |
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$ |
(11,470 |
) |
|
$ |
(21,587 |
) |
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$ |
(69,425 |
) |
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$ |
(99,678 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
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|
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|
||||
Depreciation and amortization |
|
|
3,913 |
|
|
|
4,232 |
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|
|
15,319 |
|
|
|
16,742 |
|
Amortization of operating lease right-of-use assets |
|
|
1,129 |
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|
|
— |
|
|
|
4,639 |
|
|
|
— |
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Provision for doubtful accounts |
|
|
(480 |
) |
|
|
(263 |
) |
|
|
922 |
|
|
|
541 |
|
Stock-based compensation |
|
|
12,974 |
|
|
|
15,219 |
|
|
|
67,769 |
|
|
|
77,514 |
|
Lease modification and impairment |
|
|
— |
|
|
|
— |
|
|
|
1,601 |
|
|
|
— |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,407 |
|
Change in fair value of contingent consideration, including unrealized foreign exchange gain |
|
|
(889 |
) |
|
|
(2,412 |
) |
|
|
(1,762 |
) |
|
|
(2,776 |
) |
Deferred income taxes |
|
|
(460 |
) |
|
|
(3,153 |
) |
|
|
(912 |
) |
|
|
(4,237 |
) |
Other |
|
|
39 |
|
|
|
39 |
|
|
|
154 |
|
|
|
(133 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
|
(24,032 |
) |
|
|
(18,762 |
) |
|
|
(26,402 |
) |
|
|
(18,205 |
) |
Unbilled receivables, current |
|
|
1,981 |
|
|
|
3,041 |
|
|
|
(3,898 |
) |
|
|
1,347 |
|
Prepaid expenses and other assets |
|
|
1,047 |
|
|
|
123 |
|
|
|
1,261 |
|
|
|
905 |
|
Deferred commissions |
|
|
(1,278 |
) |
|
|
(4,015 |
) |
|
|
(3,394 |
) |
|
|
(7,977 |
) |
Accounts payable and accrued liabilities |
|
|
7,785 |
|
|
|
13,481 |
|
|
|
2,313 |
|
|
|
15,589 |
|
Deferred revenue, net |
|
|
24,308 |
|
|
|
21,820 |
|
|
|
46,565 |
|
|
|
35,345 |
|
Operating lease liabilities |
|
|
(1,328 |
) |
|
|
— |
|
|
|
(5,922 |
) |
|
|
— |
|
Other liabilities |
|
|
(2,586 |
) |
|
|
1,903 |
|
|
|
(1,341 |
) |
|
|
(3,148 |
) |
Net cash provided by operating activities |
|
|
10,653 |
|
|
|
9,666 |
|
|
|
27,487 |
|
|
|
14,236 |
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of property and equipment |
|
|
(158 |
) |
|
|
(273 |
) |
|
|
(2,212 |
) |
|
|
(554 |
) |
Capitalized internal-use software costs |
|
|
(1,648 |
) |
|
|
(1,181 |
) |
|
|
(5,524 |
) |
|
|
(4,233 |
) |
Business combinations, net of cash acquired |
|
|
(6,604 |
) |
|
|
(2,500 |
) |
|
|
(6,604 |
) |
|
|
(2,500 |
) |
Investment in note receivable |
|
|
— |
|
|
|
— |
|
|
|
(500 |
) |
|
|
— |
|
Repayment of note receivable |
|
|
500 |
|
|
|
— |
|
|
|
500 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(7,910 |
) |
|
|
(3,954 |
) |
|
|
(14,340 |
) |
|
|
(7,287 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Payments on borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(278,000 |
) |
Proceeds from public offering, net of underwriting discounts |
|
|
70,080 |
|
|
|
— |
|
|
|
70,080 |
|
|
|
292,758 |
|
Payments for deferred offering costs |
|
|
(733 |
) |
|
|
— |
|
|
|
(790 |
) |
|
|
(4,358 |
) |
Proceeds from stock option exercises |
|
|
7,729 |
|
|
|
2,141 |
|
|
|
23,456 |
|
|
|
10,211 |
|
Proceeds from employee stock purchase plan |
|
|
1,459 |
|
|
|
1,163 |
|
|
|
2,700 |
|
|
|
1,163 |
|
Payments related to tax withholding for vested equity awards |
|
|
(4,108 |
) |
|
|
(10 |
) |
|
|
(9,056 |
) |
|
|
(3,923 |
) |
Payments of deferred contingent consideration and holdback associated with acquisitions |
|
|
— |
|
|
|
— |
|
|
|
(22,290 |
) |
|
|
(10,435 |
) |
Payment of deferred financing costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(769 |
) |
Net cash provided by financing activities |
|
|
74,427 |
|
|
|
3,294 |
|
|
|
64,100 |
|
|
|
6,647 |
|
Effect of foreign currency exchange rate changes on cash and cash equivalents |
|
|
49 |
|
|
|
(908 |
) |
|
|
(373 |
) |
|
|
(748 |
) |
Net increase in cash, cash equivalents and restricted cash |
|
|
77,219 |
|
|
|
8,098 |
|
|
|
76,874 |
|
|
|
12,848 |
|
Cash, cash equivalents and restricted cash - beginning of period |
|
|
53,966 |
|
|
|
46,213 |
|
|
|
54,311 |
|
|
|
41,463 |
|
Cash, cash equivalents and restricted cash - end of period |
|
$ |
131,185 |
|
|
$ |
54,311 |
|
|
$ |
131,185 |
|
|
$ |
54,311 |
|
8
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 June 30, |
|
|
Year Ended June 30, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
GAAP gross profit |
|
$ |
63,766 |
|
|
$ |
48,367 |
|
|
$ |
239,411 |
|
|
$ |
172,988 |
|
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation |
|
|
1,373 |
|
|
|
1,121 |
|
|
|
5,621 |
|
|
|
4,287 |
|
Amortization of intangible assets |
|
|
1,009 |
|
|
|
1,986 |
|
|
|
4,340 |
|
|
|
7,877 |
|
Non-GAAP gross profit |
|
$ |
66,148 |
|
|
$ |
51,474 |
|
|
$ |
249,372 |
|
|
$ |
185,152 |
|
Non-GAAP gross margin |
|
|
69.9 |
% |
|
|
68.2 |
% |
|
|
71.1 |
% |
|
|
68.1 |
% |
Non-GAAP Operating Expenses
|
|
Three Months Ended June 30, |
|
|
Year Ended June 30, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Research and development |
|
$ |
25,499 |
|
|
$ |
19,631 |
|
|
$ |
93,851 |
|
|
$ |
74,412 |
|
Stock-based compensation |
|
|
(3,835 |
) |
|
|
(3,395 |
) |
|
|
(15,186 |
) |
|
|
(17,166 |
) |
Non-GAAP research and development |
|
$ |
21,664 |
|
|
$ |
16,236 |
|
|
$ |
78,665 |
|
|
$ |
57,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales and marketing |
|
$ |
32,393 |
|
|
$ |
30,661 |
|
|
$ |
132,189 |
|
|
$ |
111,905 |
|
Stock-based compensation |
|
|
(2,292 |
) |
|
|
(4,741 |
) |
|
|
(20,426 |
) |
|
|
(25,428 |
) |
Amortization of intangible assets |
|
|
(1,523 |
) |
|
|
(1,287 |
) |
|
|
(5,921 |
) |
|
|
(5,214 |
) |
Non-GAAP sales and marketing |
|
$ |
28,578 |
|
|
$ |
24,633 |
|
|
$ |
105,842 |
|
|
$ |
81,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
General and administrative |
|
$ |
18,316 |
|
|
$ |
20,905 |
|
|
$ |
81,031 |
|
|
$ |
86,127 |
|
Stock-based compensation |
|
|
(5,474 |
) |
|
|
(5,962 |
) |
|
|
(26,536 |
) |
|
|
(30,633 |
) |
Amortization of intangible assets |
|
|
(149 |
) |
|
|
(109 |
) |
|
|
(512 |
) |
|
|
(428 |
) |
Change in fair value of contingent consideration |
|
|
889 |
|
|
|
1,366 |
|
|
|
1,762 |
|
|
|
639 |
|
Acquisition-related transaction costs |
|
|
(663 |
) |
|
|
(1,733 |
) |
|
|
(1,366 |
) |
|
|
(1,939 |
) |
Non-GAAP general and administrative |
|
$ |
12,919 |
|
|
$ |
14,467 |
|
|
$ |
54,379 |
|
|
$ |
53,766 |
|
9
Non-GAAP Operating Profit (Loss)
|
|
Three Months Ended June 30, |
|
|
Year Ended June 30, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
GAAP operating loss |
|
$ |
(12,442 |
) |
|
$ |
(22,830 |
) |
|
$ |
(69,261 |
) |
|
$ |
(99,456 |
) |
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation |
|
|
12,974 |
|
|
|
15,219 |
|
|
|
67,769 |
|
|
|
77,514 |
|
Amortization of intangible assets |
|
|
2,681 |
|
|
|
3,382 |
|
|
|
10,773 |
|
|
|
13,519 |
|
Lease modification and impairment |
|
|
— |
|
|
|
— |
|
|
|
1,601 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
|
(889 |
) |
|
|
(1,366 |
) |
|
|
(1,762 |
) |
|
|
(639 |
) |
Acquisition-related transaction costs |
|
|
663 |
|
|
|
1,733 |
|
|
|
1,366 |
|
|
|
1,939 |
|
Non-GAAP operating profit (loss) |
|
$ |
2,987 |
|
|
$ |
(3,862 |
) |
|
$ |
10,486 |
|
|
$ |
(7,123 |
) |
Non-GAAP Net Income (Loss)
|
|
Three Months Ended June 30, |
|
|
Year Ended June 30, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
GAAP net loss |
|
$ |
(11,470 |
) |
|
$ |
(21,587 |
) |
|
$ |
(69,425 |
) |
|
$ |
(99,678 |
) |
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation |
|
|
12,974 |
|
|
|
15,219 |
|
|
|
67,769 |
|
|
|
77,514 |
|
Amortization of intangible assets |
|
|
2,681 |
|
|
|
3,382 |
|
|
|
10,773 |
|
|
|
13,519 |
|
Lease modification and impairment |
|
|
— |
|
|
|
— |
|
|
|
1,601 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
|
(889 |
) |
|
|
(1,366 |
) |
|
|
(1,762 |
) |
|
|
(639 |
) |
Acquisition-related transaction costs |
|
|
663 |
|
|
|
1,733 |
|
|
|
1,366 |
|
|
|
1,939 |
|
Income tax effect of non-GAAP adjustments (1) |
|
|
(775 |
) |
|
|
— |
|
|
|
(2,017 |
) |
|
|
— |
|
Non-GAAP net income (loss) |
|
$ |
3,184 |
|
|
$ |
(2,619 |
) |
|
$ |
8,305 |
|
|
$ |
(7,345 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP net loss per share, basic and diluted |
|
$ |
(0.17 |
) |
|
$ |
(0.35 |
) |
|
$ |
(1.08 |
) |
|
$ |
(1.63 |
) |
Non-GAAP net income (loss) per share, diluted |
|
$ |
0.04 |
|
|
$ |
(0.04 |
) |
|
$ |
0.11 |
|
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average shares used to compute GAAP net loss per share, basic and diluted |
|
|
66,730 |
|
|
|
62,285 |
|
|
|
64,295 |
|
|
|
61,267 |
|
Weighted-average shares used to compute non-GAAP net income (loss) per share, diluted |
|
|
78,843 |
|
|
|
62,285 |
|
|
|
73,800 |
|
|
|
61,267 |
|
(1) The income tax effect of non-GAAP adjustments for the three and twelve months ended June 30, 2022 were immaterial.
Unlevered Free Cash Flow
|
|
Year Ended June 30, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Net cash provided by operating activities |
|
$ |
27,487 |
|
|
$ |
14,236 |
|
Adjusted for the following cash outlays: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(2,212 |
) |
|
|
(554 |
) |
Capitalized internal-use software costs |
|
|
(5,524 |
) |
|
|
(4,233 |
) |
Cash paid for interest |
|
|
3 |
|
|
|
5,950 |
|
Unlevered free cash flow |
|
$ |
19,754 |
|
|
$ |
15,399 |
|
10
Document And Entity Information |
Sep. 06, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Sep. 06, 2023 |
| Entity Registrant Name | Intapp, Inc. |
| Entity Central Index Key | 0001565687 |
| Entity Emerging Growth Company | true |
| Securities Act File Number | 001-40550 |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identification Number | 46-1467620 |
| Entity Address, Address Line One | 3101 Park Blvd |
| Entity Address, City or Town | Palo Alto |
| Entity Address, State or Province | CA |
| Entity Address, Postal Zip Code | 94306 |
| City Area Code | (650) |
| Local Phone Number | 852-0400 |
| Entity Information, Former Legal or Registered Name | Not Applicable |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Ex Transition Period | false |
| Title of 12(b) Security | Common Stock, par value $0.001 per share |
| Trading Symbol | INTA |
| Security Exchange Name | NASDAQ |
-8?20$3;8T.P6BP^0"X99K>]9!:G