Intapp (INTA) Q2 2025 earnings summary

Executive summary

• Achieved strong Q2 FY25 results with total revenue of $121.2M, up 17% year-over-year, driven by SaaS and cloud ARR growth, new AI capabilities, expanded partnerships, and successful cloud migrations.

• Cloud ARR reached $331.1M, up 29% year-over-year, now 76% of total ARR; total ARR was $437.1M, up 20% year-over-year.

• Over 2,650 clients, with 728 generating at least $100K ARR, and significant wins in legal, accounting, consulting, and financial services.

• Continued investment in product innovation, especially AI and Microsoft integrations, driving adoption and differentiation.

• Recognized by Forbes as one of America's Most Successful Mid-Cap Companies for 2024.

Financial highlights

• SaaS revenue was $80M, up 27% year-over-year; total revenue was $121.2M, up 17% year-over-year; professional services revenue was $13.2M, up 4% year-over-year; license revenue was $28M, flat year-over-year.

• Non-GAAP gross margin improved to 76.7% from 73.4% year-over-year; GAAP gross margin was 73.2% for Q2.

• Non-GAAP operating income was $18.9M, up from $7.6M year-over-year; non-GAAP diluted EPS was $0.21, up from $0.11.

• Free cash flow was $25.2M for Q2 (21% of total revenue); cash and equivalents at $285.6M as of Dec 31, 2024.

• Net loss for the quarter was $10.2M, or $0.13 per share, compared to $9.2M in the prior year period.

Outlook and guidance

• Q3 SaaS revenue expected between $84M-$85M (27%-28% year-over-year growth); total revenue $128.3M-$129.3M.

• Q3 non-GAAP operating income expected $18.5M-$19.5M; non-GAAP EPS $0.21-$0.23.

• FY25 SaaS revenue guidance $328.8M-$332.8M (27%-28% growth); total revenue $498.5M-$502.5M; non-GAAP EPS $0.83-$0.87.

• Guidance excludes stock-based compensation and amortization of intangibles; actual results may differ due to risks.