INTA — Intapp, Inc.

INTA Q2 2026 Earnings Call Summary

1. Key Financial Results and Metrics

• Total Revenue: $140.2 million, up 16% year-over-year.
• SaaS Revenue: $102.5 million, up 28% year-over-year, representing 73% of total revenue.
• Cloud ARR: $434 million, up 31% year-over-year; cloud now constitutes 81% of total ARR of $535 million.
• Non-GAAP Gross Margin: 78.1%, improved from 76.7% year-over-year.
• Non-GAAP Operating Income: $27.7 million, up from $18.9 million last year.
• Free Cash Flow: $22.2 million; cash and cash equivalents totaled $191.2 million.
• Net Revenue Retention Rate: 124%, indicating strong client retention and expansion.
• Remaining Performance Obligations: $777.1 million, up 26% year-over-year.

2. Strategic Updates and Business Highlights

• Continued execution of the vertical AI roadmap, enhancing compliance capabilities and driving cloud migrations.
• Significant client wins in the legal, accounting, and financial services sectors, with notable firms adopting Intapp's AI-driven solutions.
• Expansion of the partner ecosystem, particularly with Microsoft, which contributed to several large deals and accelerated sales cycles.
• Introduction of over 70 new AI capabilities in the DealCloud platform, enhancing productivity and compliance for clients.
• Growth in the client base with 834 clients now generating over $100,000 in ARR, up from 728 a year ago.

3. Forward Guidance and Outlook

• Q3 2026 Guidance: SaaS revenue expected between $105 million and $106 million; total revenue between $143.8 million and $144.8 million; non-GAAP operating income between $23.1 million and $24.1 million; non-GAAP EPS between $0.27 and $0.29.
• Full Year 2026 Guidance: SaaS revenue expected between $415 million and $419 million; total revenue between $570.3 million and $574.3 million; non-GAAP operating income between $99.9 million and $103.9 million; non-GAAP EPS between $1.20 and $1.24.

4. Bad News, Challenges, or Points of Concern

• License Revenue: Declined 9% year-over-year to $25.4 million, consistent with the ongoing cloud migration strategy.
• Professional Services Revenue: Down 7% year-over-year to $12.3 million, indicating potential challenges in service demand as clients transition to cloud solutions.
• Market Competition: Increased competition in the AI space, particularly with new entrants focusing on contract review and compliance, could pressure Intapp’s market share.

5. Notable Q&A Insights

• AI Adoption: Clients are increasingly allocating specific budgets for AI, indicating a shift towards integrating AI solutions into their operations.
• Partnership with Microsoft: The collaboration is seen as a significant growth driver, helping to shorten sales cycles and secure larger enterprise deals.
• Customer Sentiment: Conversations with clients have shifted from curiosity to experimentation with AI, with firms articulating clear business value from deploying Intapp’s AI technologies.
• Pricing Models: Intapp is exploring consumption-based pricing models to align with client value perceptions, while maintaining existing user-based and firm-based pricing strategies.

Overall, Intapp reported strong growth driven by cloud adoption and AI capabilities, despite facing challenges in certain revenue segments and increasing competition in the market. The company remains optimistic about future growth opportunities, particularly in AI and enterprise solutions.