Intapp, Inc. (INTA) - Q2 2026 10-Q Summary
Business Context and Reporting Period
This summary covers Intapp, Inc.'s quarterly report on Form 10-Q for the period ended December 31, 2025 (Fiscal Q2 2026). Intapp is a global provider of AI-powered vertical SaaS solutions for accounting, consulting, investment banking, legal, private capital, and real assets firms. The company operates as a single reporting segment.
Key Financial Metrics
| Metric | Q2 2026 (3 Months) | Q2 2025 (3 Months) | YTD 2026 (6 Months) | YTD 2025 (6 Months) |
|---|---|---|---|---|
| Total Revenue | $140.2 million | $121.2 million | $279.2 million | $240.0 million |
| SaaS Revenue | $102.5 million | $80.0 million | $200.0 million | $156.9 million |
| Gross Margin | 75.0% | 73.2% | 74.8% | 73.2% |
| Operating Loss | $(7.2) million | $(10.2) million | $(21.6) million | $(17.4) million |
| Net Loss | $(5.9) million | $(10.2) million | $(20.3) million | $(14.7) million |
| Operating Cash Flow | $22.9 million (Q2) | N/A | $36.7 million (YTD) | $49.7 million (YTD) |
| Cash & Equivalents | $191.2 million | $285.6 million | $191.2 million | $285.6 million |
| Debt | $0 (No borrowings) | $0 | $0 | $0 |
Key Non-GAAP Metrics:
- Annual Recurring Revenue (ARR): $535.0 million (up 22% YoY).
- Cloud ARR: $433.6 million (up 31% YoY), representing 81% of total ARR.
- Cloud Net Revenue Retention (NRR): 124% (trailing twelve months).
- Remaining Performance Obligations: $777.1 million as of December 31, 2025.
Material Changes vs. Prior Period
- Revenue Growth: Total revenue increased 16% YoY for both the quarter and YTD periods. SaaS revenue grew 28% (quarter) and 27% (YTD), driven by new client acquisition and expansion within existing accounts. Conversely, License revenue declined 9% (quarter) and 3% (YTD) as clients migrate to SaaS solutions.
- Profitability: Operating loss narrowed significantly in the quarter (from $10.2M to $7.2M) due to revenue growth outpacing expense increases. However, YTD operating loss widened to $21.6M from $17.4M due to higher investments in R&D and Sales & Marketing.
- Stock Repurchases: The company fully utilized its $150.0 million repurchase authorization during the six months ended December 31, 2025, retiring approximately 3.4 million shares. This resulted in a significant cash outflow of $150.1 million in financing activities.
- Cash Position: Cash and cash equivalents decreased by approximately $122 million YTD, primarily due to the stock repurchase program and operating cash flow dynamics, despite positive operating cash generation.
Guidance, Outlook, and Risks
Management Commentary & Outlook: Management continues to prioritize investment in R&D and Sales & Marketing to drive cloud adoption and market leadership. The company expects SaaS to remain the primary growth driver while license revenue declines as a percentage of total revenue. No specific forward-looking financial guidance was provided in this filing.
Subsequent Events:
- New Repurchase Program: On January 29, 2026, the Board authorized a new $200.0 million stock repurchase program.
- Restructuring: In January 2026, the company initiated a restructuring plan to reduce costs and optimize its footprint in the Netherlands, expecting approximately $5.0 million in charges for fiscal year 2026.
Risks and Contingencies:
- AI Competition: Risks related to the ability to compete in highly competitive markets, specifically regarding AI products and the management of AI implementation.
- Liquidity: While the company has $191.2 million in cash and a $100 million credit facility (currently undrawn), future capital requirements depend on growth investments and potential acquisitions.
- Global Economic Conditions: Exposure to inflation, economic downturns, and foreign currency exchange rate fluctuations.
Investor Verification Checklist
- Stock Repurchase Impact: Verify the dilution impact of the new $200M repurchase program versus the cash burn rate and operating cash flow sustainability.
- Restructuring Costs: Monitor the timing and magnitude of the $5.0 million restructuring charges and their impact on near-term profitability.
- SaaS Migration Rate: Track the continued decline in License revenue and the corresponding growth in SaaS revenue to ensure the transition strategy is on track.
- Cloud NRR Stability: Confirm that the 124% Cloud Net Revenue Retention remains stable as the company scales, indicating healthy upsell and low churn.
- Debt Covenants: Review the JPMorgan Credit Facility covenants to ensure compliance, particularly given the recent cash outflows for buybacks.