Intapp Q4 Earnings Call Highlights

Key Points

• Q4 revenue rose 13% to $152.5 million, led by 27% subscription growth to $115 million, while license revenue declined as customers shortened on-premise contracts ahead of cloud migrations. Non-GAAP EPS increased to $0.41, and free cash flow grew more than 20% to $45.9 million.
• Cloud ARR increased 29% to $495.7 million, representing 84% of total ARR, while net revenue retention reached approximately 123%. Intapp signed more than 30 cloud migrations, and AI products accounted for over 20% of fourth-quarter net new bookings.
• Intapp launched its Celeste AI platform broadly on July 15 and expects it to support fiscal 2027 growth alongside cloud adoption. The company forecast fiscal 2027 revenue of $656.5 million to $660.5 million and non-GAAP EPS of $1.58 to $1.62.

Intapp NASDAQ: INTA reported fiscal fourth-quarter revenue growth of 13% and said demand for its cloud products and new artificial intelligence offerings helped close out what management described as a defining fiscal 2026.

Total fourth-quarter revenue rose to $152.5 million, while subscription revenue increased 27% year over year to $115 million and exceeded three-quarters of total revenue. License revenue declined 25% to $23.9 million, which Chief Financial Officer David Morton attributed to customers shortening on-premise contract durations as they prepare to migrate to the cloud. Professional services revenue grew 5% to $13.6 million.

“Q4 was another strong quarter, closing out a defining year for Intapp,” Chairman and CEO John Hall said. Hall said the company moved its Firm AI strategy “from thesis to category” during the year through the launch of Celeste, its AI platform for highly regulated professional and financial-services firms.

Cloud Growth and Profitability

Cloud annual recurring revenue increased 29% year over year to $495.7 million in the fourth quarter, while total ARR rose 22% to $590.5 million. Cloud ARR represented 84% of total ARR. Intapp said it has now recorded 20 consecutive quarters of cloud ARR growth above 25% since its 2021 initial public offering.

Cloud net revenue retention was approximately 123%, and the company ended the quarter with more than 1,400 customers generating at least $50,000 in ARR. Its base of customers generating more than $1 million in ARR grew to 142 from 109 a year earlier, with ARR from that group rising 40%.

Non-GAAP operating income increased to $34.3 million from $21.3 million a year earlier. Non-GAAP diluted earnings per share rose to $0.41 from $0.27. Free cash flow was $45.9 million, up more than 20% year over year, and Intapp ended the quarter with $162.8 million in cash and cash equivalents.

For the full fiscal year, total revenue increased 15% to $577.8 million. Subscription revenue grew 27% to $422.8 million, while license revenue fell 14% to $103.4 million. Full-year non-GAAP operating income rose to $108.6 million from $75.6 million, and free cash flow reached $144.7 million, or 25% of revenue.

Morton said Intapp’s results reflected a business increasingly aligned with the AI opportunity, citing cloud conversion activity, sustained cloud retention and accelerating AI bookings. AI represented more than 20% of net new bookings in the fourth quarter after doubling sequentially, according to the company.

Celeste Reaches General Availability

Intapp launched Celeste in limited availability during the fourth quarter and made it generally available on July 15, after the quarter ended. Hall characterized Celeste as part of a broader “Firm AI” category intended to help firms use their own data, workflows and compliance systems to support business operations.

Hall said the company’s advantage is based on 25 years of firm-specific data, workflows and compliance infrastructure. He said Celeste is designed to support processes such as deal screening, conflicts clearance, intake and time capture while operating within firms’ compliance requirements.

The company cited several customer deployments and wins, including BakerHostetler’s adoption of Celeste for intake and lateral integration; Alvarez & Marsal’s planned move to DealCloud with Celeste; and Hg’s use of Celeste in its front-office investment process. Intapp also said Eversheds Sutherland added Celeste functionality to its time product.

Hall said the company’s monetization model for Celeste includes a platform fee and a usage fee. During the question-and-answer session, he said the limited-availability period produced some of the largest initial customer deployments the company has seen for a product launch, though he did not provide specific deal values.

Management said Celeste is intended to address both technical and business buyers. Hall noted that firms are funding AI through existing IT budgets, newly established AI budgets and, increasingly, budgets connected to business-services labor and operational activities.

Migrations and Partner Activity

Cloud migrations accelerated in the quarter, with Intapp signing more than 30 migrations, its highest quarterly total. Morton said 95% of clients now have Intapp in the cloud, while the remaining on-premise ARR base has fallen below $100 million.

Hall said the remaining migration opportunity is concentrated primarily among long-standing legal customers that already use some cloud products but retain on-premise applications. Access to Celeste and AI capabilities is encouraging these customers to move more quickly, he said.

Morton said cloud migrations have historically produced an ARR uplift of about 20% to 30%. He added that customers completing cloud transitions may then enter separate sales cycles for Celeste.

Partner activity also increased. Co-sell partners influenced roughly one-third of new-logo wins during the year, and co-sell bookings grew about 35% year over year. Microsoft was a co-sell partner on eight of Intapp’s 10 largest deals during fiscal 2026, according to Hall. Partner-led projects nearly doubled, while partner certifications rose 29%.

After the quarter closed, Intapp expanded its relationship with Moody’s to integrate credit-risk, entity-screening and ownership data into Celeste. Management said the partnership is intended to bring counterparty intelligence into workflows for deal and risk teams.

Fiscal 2027 Outlook

For the first quarter of fiscal 2027, Intapp forecast subscription revenue of $123.7 million to $124.7 million and total revenue of $159.3 million to $160.3 million. The company expects non-GAAP operating income of $33.4 million to $34.4 million and non-GAAP EPS of $0.39 to $0.41.

For the full fiscal year, Intapp projected subscription revenue of $528.7 million to $532.7 million and total revenue of $656.5 million to $660.5 million. It forecast non-GAAP operating income of $134.7 million to $138.7 million and non-GAAP EPS of $1.58 to $1.62.

Morton said the outlook is based on continuing cloud subscription growth, expanding Celeste monetization following general availability and operating leverage in the company’s model. Intapp repurchased 8.4 million shares during fiscal 2026 and had about $75 million remaining under its current repurchase authorization at the end of the fourth quarter.

About Intapp (NASDAQ:INTA)

Intapp, Inc, headquartered in Palo Alto, California, is a leading provider of cloud-based software solutions designed to meet the unique needs of professional services firms, including law firms, accounting practices, and financial institutions. The company's integrated platform connects front-office business development with back-office risk and compliance functions, enabling organizations to streamline workflows, improve collaboration and enhance client service.

Intapp's suite of applications—such as Intake, Conflicts, Risk, Open, Time and Flow—addresses the entire client lifecycle.

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