Intapp, Inc. has recently released its 10-K report, providing insights into its financial performance and business operations. The company, headquartered in Palo Alto, California, offers industry-specific cloud-based software solutions for professional and financial services firms globally. Its solutions include DealCloud, collaboration and content solutions, risk and compliance management solutions, and operational and financial management solutions, enabling firms to leverage AI and cloud-based architectures for critical business functions without compromising industry-specific functionality or regulatory compliance.
In fiscal year 2024, Intapp generated total revenues of $430.5 million with a gross margin of 71%. The company's operating cash flow stood at $67.2 million, and it completed acquisitions of delphai and TDI. As of June 30, 2024, Intapp held total cash and cash equivalents of $208.4 million, with remaining performance obligations amounting to $566.5 million.
The company primarily generates revenues from software subscriptions, recognizing SaaS subscriptions ratably over the contract term. It also derives a majority of its non-recurring revenues from professional services, including configuration, implementation, and strategic consulting. Intapp's client base includes over 2,550 clients, with 698 clients having contracts greater than $100,000 of ARR as of June 30, 2024.
Key metrics for evaluating Intapp's performance include Annual Recurring Revenues (ARR), Cloud ARR, Net Revenue Retention (NRR), Cloud NRR, and the number of clients. Notably, the company's trailing twelve months' NRR rate as of June 30, 2024 was 116%, with Cloud NRR at 121%. Cloud ARR represented 73% of ARR for fiscal year 2024, indicating strong growth in the SaaS segment.
Intapp's revenue mix comprises recurring revenues from SaaS solutions, subscriptions to term software applications, and non-recurring revenues from professional services, accounting for 87% and 13% of total revenues, respectively, in fiscal year 2024. The company expects revenues from support services to decrease as a percentage of total revenues over time as it focuses on new sales of SaaS solutions.
Cost of revenues primarily includes expenses related to providing SaaS subscription, support, and professional services, with the cost of professional services accounting for 13% of total revenues in fiscal year 2024. Intapp anticipates an increase in the cost of revenues as it expands its SaaS client base, resulting in higher cloud infrastructure costs and personnel expenses.
Intapp's 10-K report provides a comprehensive overview of its financial condition, results of operations, and key business metrics, reflecting its position as a leading global provider of AI-powered solutions for professional and financial services firms. Following these announcements, the company's shares moved 0.9%, and are now trading at a price of $44.15. Check out the company's full 10-K submission here.
