Intapp, Inc. (INTA) - 10-K Summary for Fiscal Year Ended June 30, 2026
Business Context and Reporting Period
This Annual Report on Form 10-K covers the fiscal year ended June 30, 2026. Intapp, Inc. is a leading global provider of AI-powered solutions for professional firms in highly regulated industries, including accounting, consulting, investment banking, legal, private capital, and real assets. The company operates as a single reporting segment and focuses on its "Firm AI" strategy, leveraging its agentic AI coworker, Intapp Celeste, to automate workflows and enhance decision-making for enterprise clients.
Key Financial Metrics
| Metric | Fiscal 2026 | Fiscal 2025 |
|---|---|---|
| Total Revenue | $577.8 million | $504.1 million |
| Gross Profit | $437.9 million | $373.0 million |
| Gross Margin | 76% | 74% |
| Operating Loss | $(40.1) million | $(27.4) million |
| Net Loss | $(41.3) million | $(18.2) million |
| Operating Cash Flow | $146.8 million | $123.5 million |
| Cash and Cash Equivalents (End of Period) | $162.8 million | $313.1 million |
| Remaining Performance Obligations | $833.0 million | N/A |
Key Business Metrics:
- Annual Recurring Revenue (ARR): $590.5 million (up 22% from $485.4 million).
- Cloud ARR: $495.7 million (up 29% from $383.1 million), representing 84% of total ARR.
- Cloud Net Revenue Retention (NRR): 123%.
- Enterprise Clients (>$50k ARR): 1,400 (up 10% from 1,275).
Material Changes vs. Prior Period
- Revenue Growth: Total revenue increased 15% year-over-year, driven primarily by a 27% increase in SaaS revenue ($422.8 million) due to new client acquisitions and expansion within the existing base. License revenue declined 14% as clients migrated to SaaS solutions.
- Profitability: While gross margin improved to 76%, the operating loss widened to $40.1 million from $27.4 million. This was driven by increased operating expenses, specifically a 21% rise in R&D and a 22% rise in Sales and Marketing, largely due to higher stock-based compensation and headcount growth.
- Cash Position: Cash and cash equivalents decreased by approximately $150 million, primarily due to $275.2 million in stock repurchases and $13.5 million in investing activities, partially offset by strong operating cash flow.
- Debt Facility: The company terminated its previous JPMorgan Credit Facility and entered into a new $150 million senior secured revolving credit facility with UBS on July 7, 2026 (subsequent to the fiscal year end).
Guidance, Outlook, and Risks
Management Commentary & Outlook: Management continues to prioritize investment in AI capabilities, specifically the rollout of Intapp Celeste, and expanding its enterprise client base. The company expects to continue incurring operating losses in the near term as it invests in product development, sales, and marketing. No specific numerical guidance for fiscal 2027 was provided in this text.
Key Risks and Contingencies:
- AI Adoption & Regulation: Risks associated with the rapid evolution of AI, including potential inaccuracies, bias, and evolving regulatory frameworks (e.g., EU AI Act) that could impact product deployment and liability.
- Cybersecurity: As a provider of sensitive data solutions, the company faces significant risks from data breaches, ransomware, and unauthorized access, which could damage reputation and result in liability.
- Profitability: The company has a history of losses and may not achieve or maintain profitability in the future despite revenue growth.
- Concentration: While no single client represents more than 10% of revenue, the business is heavily concentrated in highly regulated industries (legal, finance) that are sensitive to economic downturns.
- Stock Repurchases: The company repurchased $275.2 million of its own stock during the year, reducing cash reserves. A $200 million repurchase program remains active with $75 million available as of June 30, 2026.
Investor Verification Checklist
- Stock-Based Compensation Impact: Verify the trajectory of stock-based compensation ($120 million in FY2026), which significantly impacts operating expenses and net loss.
- Cloud Migration Pace: Monitor the rate of decline in License revenue versus the growth in SaaS revenue to assess the success of the cloud transition strategy.
- AI Monetization: Assess whether the investment in "Firm AI" and Intapp Celeste is translating into measurable upsell revenue or pricing power in upcoming quarters.
- Cash Burn vs. Repurchases: Evaluate the sustainability of the stock repurchase program given the company's continued net losses and the reduction in cash reserves from $313 million to $163 million.
- Debt Covenants: Review the covenants of the new UBS Credit Facility to ensure operational flexibility is not constrained by leverage ratios or other financial metrics.