Intapp (INTA) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1 FY2025 results with total revenue of $118.8 million, up 17% year-over-year, driven by 30% SaaS revenue growth and robust cloud ARR expansion to $309.1 million, now 74% of total ARR.

• Cloud ARR grew 27% year-over-year, with trailing twelve months' cloud net revenue retention rate at 119%.

• Launched new AI-powered features and expanded generative AI functionality in compliance offerings, including Intapp Assist for Terms.

• Expanded strategic partnership with Microsoft, renewed top-tier and global ISV status, and increased Azure Marketplace transactions.

• Expanded client base to over 2,600, with 707 clients above $100,000 ARR, and continued success in cross-selling, upselling, and cloud migrations.

Financial highlights

• SaaS revenue for Q1 was $76.9 million, up 30% year-over-year; license revenue was $28.5 million, up 2%; professional services revenue was $13.4 million, down 8%.

• Non-GAAP gross margin improved to 76.3% from 71.8% year-over-year; GAAP gross margin was 73.1%.

• Non-GAAP operating income was $15.1 million, up from $6.4 million; GAAP operating loss narrowed to $(7.3) million from $(14.0) million.

• Non-GAAP diluted EPS was $0.21, up from $0.06; GAAP net loss per share was $(0.06), improved from $(0.22) a year ago.

• Free cash flow was $24.1 million, or 20% of total revenue; cash and equivalents at quarter-end were $253.8 million.

Outlook and guidance

• Q2 FY25 SaaS revenue expected between $79.5M–$80.5M; total revenue $120.5M–$121.5M.

• Q2 non-GAAP operating income guidance: $14M–$15M; non-GAAP EPS: $0.15–$0.17.

• FY25 SaaS revenue guidance: $327.6M–$331.6M; total revenue $495.5M–$499.5M.

• FY25 non-GAAP operating income: $61.5M–$65.5M; non-GAAP EPS: $0.73–$0.77.

• Guidance excludes stock-based compensation and amortization of intangible assets.