Intapp, Inc. (NASDAQ: INTA), a leading provider of cloud software
for the global professional and financial services industry,
announced its financial results for the third quarter of fiscal
year 2023 ended March 31, 2023. Intapp also provided its outlook
for the fourth quarter and full fiscal year of 2023.
“We are pleased to report another quarter of
strong results as professional and financial services firms
continue to embrace our purpose-built cloud solutions,” said John
Hall, CEO of Intapp. “Our third quarter results and steady demand
for our technology validate our position as the leaders in digital
transformation for the industry we serve.”
Third Quarter of Fiscal Year 2023
Financial Highlights
- SaaS and support revenue was $66.1 million, a 33%
year-over-year increase compared to the third quarter of fiscal
year 2022.
- Total revenue was $92.0 million, a 32% year-over-year increase
compared to the third quarter of fiscal year 2022.
- Cloud ARR was $206.3 million as of March 31, 2023, a 40%
year-over-year increase compared to Cloud ARR at the end of the
third quarter in the prior year. Cloud ARR represented 65% of total
ARR as of March 31, 2023, compared to 58% as of March 31,
2022.
- Total ARR was $315.6 million as of March 31, 2023, a 24%
year-over-year increase compared to total ARR at the end of the
third quarter in the prior year.
- GAAP operating loss was ($18.2) million, compared to a GAAP
operating loss of ($28.7) million in the third quarter of fiscal
year 2022.
- Non-GAAP operating profit was $2.9 million, compared to a
non-GAAP operating loss of ($2.2) million in the third quarter of
fiscal year 2022.
- GAAP net loss was ($18.1) million, compared to a GAAP net loss
of ($28.7) million in the third quarter of fiscal year 2022.
- Non-GAAP net income was $2.2 million, compared to a non-GAAP
net loss of ($2.3) million in the third quarter of fiscal year
2022.
- GAAP net loss per share was ($0.28), compared to a GAAP net
loss per share of ($0.47) in the third quarter of fiscal year
2022.
- Non-GAAP fully diluted net income per share was $0.03, compared
to a non-GAAP net loss per share of ($0.04) in the third quarter of
fiscal year 2022.
Balance Sheet and Cash Flow
Highlights
- Cash and cash equivalents were $53.2 million as of March 31,
2023, compared to $50.8 million as of June 30, 2022, primarily
reflecting net cash provided by operating activities and proceeds
from stock option exercises, reduced by payments of deferred
contingent consideration associated with acquisitions.
- For the nine months ended March 31, 2023, cash provided by
operating activities was $16.8 million, compared to cash provided
by operating activities of $4.6 million for the nine months ended
March 31, 2022.
Business Highlights
- As of March 31, 2023, we served more than 2,250 clients, 572 of
which each generated more 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,
2023 was within our recently increased range of 113% to 117%.
- We continued to add new clients and expand existing accounts
including AmLaw 200 firm Benesch, virtual law firm Practus, and
private equity firm Excel Group.
- DealCloud won two industry awards in the third quarter of
fiscal year 2023. It won Best Deal Origination Technology and Best
Secure Workflow Management Provider in the 2023 Private Equity Wire
European Awards and was named a top influencer in commercial real
estate technology by GlobeSt Real Estate Forum.
Fourth Quarter and Full Fiscal Year 2023
Outlook
|
Fiscal 2023
Outlook |
|
Fourth Quarter |
Fiscal Year |
SaaS and
support revenue (in millions) |
$67.0 -
$68.0 |
$251.5 -
$252.5 |
Total
revenue (in millions) |
$92.5 -
$93.5 |
$349.0 -
$350.0 |
Non-GAAP
operating profit (in millions) |
$1.5 -
$2.5 |
$9.0 -
$10.0 |
Non-GAAP
diluted net income per share |
$0.00 -
$0.02 |
$0.07 -
$0.09 |
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 Monday, May 8, 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 2,250
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.
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
year of fiscal year 2023, 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, such as outbreaks, epidemics, or pandemics involving
public health, including the COVID-19 pandemic and Russia’s
invasion of Ukraine, 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; 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.
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. 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-premises 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
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, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
SaaS and support |
|
$ |
66,051 |
|
|
$ |
49,808 |
|
|
$ |
184,469 |
|
|
$ |
140,267 |
|
Subscription license |
|
|
13,577 |
|
|
|
10,904 |
|
|
|
36,804 |
|
|
|
30,811 |
|
Total recurring revenues |
|
|
79,628 |
|
|
|
60,712 |
|
|
|
221,273 |
|
|
|
171,078 |
|
Professional services |
|
|
12,396 |
|
|
|
8,951 |
|
|
|
34,981 |
|
|
|
25,472 |
|
Total revenues |
|
|
92,024 |
|
|
|
69,663 |
|
|
|
256,254 |
|
|
|
196,550 |
|
Cost of
revenues |
|
|
|
|
|
|
|
|
|
|
|
|
SaaS and support |
|
|
13,644 |
|
|
|
13,490 |
|
|
|
38,498 |
|
|
|
37,007 |
|
Total cost of recurring revenues |
|
|
13,644 |
|
|
|
13,490 |
|
|
|
38,498 |
|
|
|
37,007 |
|
Professional services |
|
|
14,846 |
|
|
|
12,510 |
|
|
|
42,111 |
|
|
|
34,922 |
|
Total cost of revenues |
|
|
28,490 |
|
|
|
26,000 |
|
|
|
80,609 |
|
|
|
71,929 |
|
Gross profit |
|
|
63,534 |
|
|
|
43,663 |
|
|
|
175,645 |
|
|
|
124,621 |
|
Gross margin |
|
|
69.0 |
% |
|
|
62.7 |
% |
|
|
68.5 |
% |
|
|
63.4 |
% |
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
25,281 |
|
|
|
20,425 |
|
|
|
68,352 |
|
|
|
54,781 |
|
Sales and marketing |
|
|
34,946 |
|
|
|
28,759 |
|
|
|
99,796 |
|
|
|
81,244 |
|
General and administrative |
|
|
21,552 |
|
|
|
23,175 |
|
|
|
62,715 |
|
|
|
65,222 |
|
Lease modification and impairment |
|
|
— |
|
|
|
— |
|
|
|
1,601 |
|
|
|
— |
|
Total operating expenses |
|
|
81,779 |
|
|
|
72,359 |
|
|
|
232,464 |
|
|
|
201,247 |
|
Operating loss |
|
|
(18,245 |
) |
|
|
(28,696 |
) |
|
|
(56,819 |
) |
|
|
(76,626 |
) |
Loss on debt
extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,407 |
) |
Interest
expense |
|
|
(39 |
) |
|
|
(39 |
) |
|
|
(117 |
) |
|
|
(236 |
) |
Other income
(expense), net |
|
|
(214 |
) |
|
|
(272 |
) |
|
|
(719 |
) |
|
|
188 |
|
Net loss before income taxes |
|
|
(18,498 |
) |
|
|
(29,007 |
) |
|
|
(57,655 |
) |
|
|
(79,081 |
) |
Income tax
benefit (expense) |
|
|
351 |
|
|
|
271 |
|
|
|
(300 |
) |
|
|
990 |
|
Net loss |
|
$ |
(18,147 |
) |
|
$ |
(28,736 |
) |
|
$ |
(57,955 |
) |
|
$ |
(78,091 |
) |
Net loss per
share, basic and diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.91 |
) |
|
$ |
(1.28 |
) |
Weighted-average shares used to compute net loss per share, basic
and diluted |
|
|
64,327 |
|
|
|
61,564 |
|
|
|
63,487 |
|
|
|
60,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTAPP, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands)
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
53,159 |
|
|
$ |
50,783 |
|
Restricted cash |
|
|
807 |
|
|
|
3,528 |
|
Accounts receivable, net of allowance for doubtful accounts of
$1,734 and $918 as of March 31, 2023 and June 30, 2022,
respectively |
|
|
68,397 |
|
|
|
66,947 |
|
Unbilled receivables, net |
|
|
12,642 |
|
|
|
6,763 |
|
Other receivables, net |
|
|
1,158 |
|
|
|
3,199 |
|
Prepaid expenses |
|
|
8,637 |
|
|
|
5,984 |
|
Deferred commissions, current |
|
|
11,240 |
|
|
|
10,187 |
|
Total current assets |
|
|
156,040 |
|
|
|
147,391 |
|
Property and
equipment, net |
|
|
15,495 |
|
|
|
12,283 |
|
Operating
lease right-of-use assets |
|
|
15,784 |
|
|
|
— |
|
Goodwill |
|
|
270,043 |
|
|
|
269,103 |
|
Intangible
assets, net |
|
|
40,338 |
|
|
|
48,430 |
|
Deferred
commissions, noncurrent |
|
|
15,818 |
|
|
|
14,755 |
|
Other
assets |
|
|
1,828 |
|
|
|
2,451 |
|
Total assets |
|
$ |
515,346 |
|
|
$ |
494,413 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
4,697 |
|
|
$ |
4,220 |
|
Accrued compensation |
|
|
33,824 |
|
|
|
40,004 |
|
Accrued expenses |
|
|
9,749 |
|
|
|
8,774 |
|
Deferred revenue, net |
|
|
165,885 |
|
|
|
142,768 |
|
Other current liabilities |
|
|
13,095 |
|
|
|
27,753 |
|
Total current liabilities |
|
|
227,250 |
|
|
|
223,519 |
|
Deferred tax
liabilities |
|
|
1,647 |
|
|
|
2,099 |
|
Deferred
revenue, noncurrent |
|
|
1,852 |
|
|
|
2,712 |
|
Operating
lease liabilities, noncurrent |
|
|
16,172 |
|
|
|
— |
|
Other
liabilities |
|
|
3,530 |
|
|
|
10,201 |
|
Total liabilities |
|
|
250,451 |
|
|
|
238,531 |
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred
stock |
|
|
— |
|
|
|
— |
|
Common
stock |
|
|
65 |
|
|
|
63 |
|
Additional
paid-in capital |
|
|
710,040 |
|
|
|
643,227 |
|
Accumulated
other comprehensive loss |
|
|
(1,519 |
) |
|
|
(1,672 |
) |
Accumulated
deficit |
|
|
(443,691 |
) |
|
|
(385,736 |
) |
Total stockholders’ equity |
|
|
264,895 |
|
|
|
255,882 |
|
Total
liabilities and stockholders’ equity |
|
$ |
515,346 |
|
|
$ |
494,413 |
|
|
|
|
|
|
|
|
|
|
INTAPP, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in
thousands)
|
|
Three Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Cash
Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(18,147 |
) |
|
$ |
(28,736 |
) |
|
$ |
(57,955 |
) |
|
$ |
(78,091 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,669 |
|
|
|
4,354 |
|
|
|
11,406 |
|
|
|
12,510 |
|
Amortization of deferred financing costs |
|
|
38 |
|
|
|
38 |
|
|
|
115 |
|
|
|
75 |
|
Amortization of operating lease right-of-use assets |
|
|
1,106 |
|
|
|
— |
|
|
|
3,510 |
|
|
|
— |
|
Provision for doubtful accounts |
|
|
726 |
|
|
|
210 |
|
|
|
1,402 |
|
|
|
804 |
|
Stock-based compensation |
|
|
18,759 |
|
|
|
22,827 |
|
|
|
54,795 |
|
|
|
62,295 |
|
Lease modification and impairment |
|
|
— |
|
|
|
— |
|
|
|
1,601 |
|
|
|
— |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,407 |
|
Change in fair value of contingent consideration, including
unrealized foreign exchange gain |
|
|
(641 |
) |
|
|
125 |
|
|
|
(873 |
) |
|
|
(364 |
) |
Payment of contingent consideration in excess of acquisition date
fair value |
|
|
— |
|
|
|
(279 |
) |
|
|
— |
|
|
|
(279 |
) |
Deferred income taxes |
|
|
(148 |
) |
|
|
(475 |
) |
|
|
(452 |
) |
|
|
(1,084 |
) |
Other |
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
|
32 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(856 |
) |
|
|
(6,596 |
) |
|
|
(2,370 |
) |
|
|
557 |
|
Unbilled receivables, current |
|
|
(3,489 |
) |
|
|
(1,633 |
) |
|
|
(5,879 |
) |
|
|
(1,694 |
) |
Prepaid expenses and other assets |
|
|
(815 |
) |
|
|
(750 |
) |
|
|
214 |
|
|
|
782 |
|
Deferred commissions |
|
|
(560 |
) |
|
|
(606 |
) |
|
|
(2,116 |
) |
|
|
(3,962 |
) |
Accounts payable and accrued liabilities |
|
|
2,622 |
|
|
|
5,786 |
|
|
|
(5,472 |
) |
|
|
2,108 |
|
Deferred revenue, net |
|
|
3,484 |
|
|
|
3,503 |
|
|
|
22,257 |
|
|
|
13,525 |
|
Operating lease liabilities |
|
|
(1,471 |
) |
|
|
— |
|
|
|
(4,594 |
) |
|
|
— |
|
Other liabilities |
|
|
(790 |
) |
|
|
284 |
|
|
|
1,245 |
|
|
|
(5,051 |
) |
Net cash provided by (used in) operating activities |
|
|
3,487 |
|
|
|
(1,955 |
) |
|
|
16,834 |
|
|
|
4,570 |
|
Cash
Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(356 |
) |
|
|
(165 |
) |
|
|
(2,054 |
) |
|
|
(281 |
) |
Capitalized internal-use software costs |
|
|
(1,179 |
) |
|
|
(1,114 |
) |
|
|
(3,876 |
) |
|
|
(3,052 |
) |
Investment in note receivable |
|
|
(500 |
) |
|
|
— |
|
|
|
(500 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(2,035 |
) |
|
|
(1,279 |
) |
|
|
(6,430 |
) |
|
|
(3,333 |
) |
Cash
Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Payments on borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(278,000 |
) |
Proceeds from initial public offering, net of underwriting
discounts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
292,758 |
|
Payments for deferred offering costs |
|
|
(57 |
) |
|
|
— |
|
|
|
(57 |
) |
|
|
(4,358 |
) |
Proceeds from stock option exercises |
|
|
11,247 |
|
|
|
4,187 |
|
|
|
15,727 |
|
|
|
8,070 |
|
Proceeds from employee stock purchase plan |
|
|
— |
|
|
|
— |
|
|
|
1,241 |
|
|
|
— |
|
Payments related to tax withholding for vested equity awards |
|
|
— |
|
|
|
(3,913 |
) |
|
|
(4,948 |
) |
|
|
(3,913 |
) |
Payments of deferred contingent consideration and holdback
associated with acquisitions |
|
|
(11,175 |
) |
|
|
(10,435 |
) |
|
|
(22,290 |
) |
|
|
(10,435 |
) |
Payment of deferred financing costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(769 |
) |
Net cash provided by (used in) financing activities |
|
|
15 |
|
|
|
(10,161 |
) |
|
|
(10,327 |
) |
|
|
3,353 |
|
Effect of
foreign currency exchange rate changes on cash and cash
equivalents |
|
|
(71 |
) |
|
|
(143 |
) |
|
|
(422 |
) |
|
|
160 |
|
Net increase (decrease) in cash, cash equivalents and
restricted cash |
|
|
1,396 |
|
|
|
(13,538 |
) |
|
|
(345 |
) |
|
|
4,750 |
|
Cash, cash
equivalents and restricted cash - beginning of period |
|
|
52,570 |
|
|
|
59,751 |
|
|
|
54,311 |
|
|
|
41,463 |
|
Cash, cash
equivalents and restricted cash - end of period |
|
$ |
53,966 |
|
|
$ |
46,213 |
|
|
$ |
53,966 |
|
|
$ |
46,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
GAAP gross profit |
|
$ |
63,534 |
|
|
$ |
43,663 |
|
|
$ |
175,645 |
|
|
$ |
124,621 |
|
Adjusted to
exclude the following: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
1,524 |
|
|
|
1,228 |
|
|
|
4,248 |
|
|
|
3,166 |
|
Amortization of intangible assets |
|
|
918 |
|
|
|
1,964 |
|
|
|
3,331 |
|
|
|
5,891 |
|
Non-GAAP
gross profit |
|
$ |
65,976 |
|
|
$ |
46,855 |
|
|
$ |
183,224 |
|
|
$ |
133,678 |
|
Non-GAAP
gross margin |
|
|
71.7 |
% |
|
|
67.3 |
% |
|
|
71.5 |
% |
|
|
68.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Expenses
|
|
Three Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Research and development |
|
$ |
25,281 |
|
|
$ |
20,425 |
|
|
$ |
68,352 |
|
|
$ |
54,781 |
|
Stock-based compensation |
|
|
(4,571 |
) |
|
|
(5,136 |
) |
|
|
(11,351 |
) |
|
|
(13,771 |
) |
Non-GAAP research and development |
|
$ |
20,710 |
|
|
$ |
15,289 |
|
|
$ |
57,001 |
|
|
$ |
41,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
$ |
34,946 |
|
|
$ |
28,759 |
|
|
$ |
99,796 |
|
|
$ |
81,244 |
|
Stock-based compensation |
|
|
(6,029 |
) |
|
|
(7,330 |
) |
|
|
(18,134 |
) |
|
|
(20,687 |
) |
Amortization of intangible assets |
|
|
(1,467 |
) |
|
|
(1,448 |
) |
|
|
(4,398 |
) |
|
|
(3,927 |
) |
Non-GAAP sales and marketing |
|
$ |
27,450 |
|
|
$ |
19,981 |
|
|
$ |
77,264 |
|
|
$ |
56,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
21,552 |
|
|
$ |
23,175 |
|
|
$ |
62,715 |
|
|
$ |
65,222 |
|
Stock-based compensation |
|
|
(6,635 |
) |
|
|
(9,133 |
) |
|
|
(21,062 |
) |
|
|
(24,671 |
) |
Amortization of intangible assets |
|
|
(120 |
) |
|
|
(106 |
) |
|
|
(363 |
) |
|
|
(319 |
) |
Change in fair value of contingent consideration |
|
|
641 |
|
|
|
— |
|
|
|
873 |
|
|
|
(727 |
) |
Acquisition-related transaction costs |
|
|
(502 |
) |
|
|
(125 |
) |
|
|
(703 |
) |
|
|
(206 |
) |
Non-GAAP general and administrative |
|
$ |
14,936 |
|
|
$ |
13,811 |
|
|
$ |
41,460 |
|
|
$ |
39,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Profit
(Loss)
|
|
Three Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
GAAP operating loss |
|
$ |
(18,245 |
) |
|
$ |
(28,696 |
) |
|
$ |
(56,819 |
) |
|
$ |
(76,626 |
) |
Adjusted to
exclude the following: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
18,759 |
|
|
|
22,827 |
|
|
|
54,795 |
|
|
|
62,295 |
|
Amortization of intangible assets |
|
|
2,505 |
|
|
|
3,518 |
|
|
|
8,092 |
|
|
|
10,137 |
|
Lease modification and impairment |
|
|
— |
|
|
|
— |
|
|
|
1,601 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
|
(641 |
) |
|
|
— |
|
|
|
(873 |
) |
|
|
727 |
|
Acquisition-related transaction costs |
|
|
502 |
|
|
|
125 |
|
|
|
703 |
|
|
|
206 |
|
Non-GAAP
operating profit (loss) |
|
$ |
2,880 |
|
|
$ |
(2,226 |
) |
|
$ |
7,499 |
|
|
$ |
(3,261 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income (Loss)
|
|
Three Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
GAAP net loss |
|
$ |
(18,147 |
) |
|
$ |
(28,736 |
) |
|
$ |
(57,955 |
) |
|
$ |
(78,091 |
) |
Adjusted to
exclude the following: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
18,759 |
|
|
|
22,827 |
|
|
|
54,795 |
|
|
|
62,295 |
|
Amortization of intangible assets |
|
|
2,505 |
|
|
|
3,518 |
|
|
|
8,092 |
|
|
|
10,137 |
|
Lease modification and impairment |
|
|
— |
|
|
|
— |
|
|
|
1,601 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
|
(641 |
) |
|
|
— |
|
|
|
(873 |
) |
|
|
727 |
|
Acquisition-related transaction costs |
|
|
502 |
|
|
|
125 |
|
|
|
703 |
|
|
|
206 |
|
Income tax effect of non-GAAP adjustments (1) |
|
|
(761 |
) |
|
|
— |
|
|
|
(1,242 |
) |
|
|
— |
|
Non-GAAP net
income (loss) |
|
$ |
2,217 |
|
|
$ |
(2,266 |
) |
|
$ |
5,121 |
|
|
$ |
(4,726 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss per share, basic and diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.91 |
) |
|
$ |
(1.28 |
) |
Non-GAAP net
income (loss) per share, diluted |
|
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
0.07 |
|
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute GAAP net loss per share,
basic and diluted |
|
|
64,327 |
|
|
|
61,564 |
|
|
|
63,487 |
|
|
|
60,868 |
|
Weighted-average shares used to compute non-GAAP net income (loss)
per share, diluted |
|
|
76,306 |
|
|
|
61,564 |
|
|
|
72,125 |
|
|
|
60,868 |
|
(1) The income tax effect of non-GAAP
adjustments for the three and nine months ended March 31, 2022 were
immaterial.
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