Intapp, Inc. (INTA) - Q3 2026 10-Q Summary
Business Context and Reporting Period
This summary covers Intapp, Inc.'s unaudited financial results for the quarterly period ended March 31, 2026 (Fiscal Q3 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 | Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 |
|---|---|---|---|---|
| Total Revenue | $146.0M | $129.1M | $425.3M | $369.1M |
| Gross Profit | $110.5M | $96.4M | $319.5M | $272.0M |
| Gross Margin | 76% | 75% | 75% | 74% |
| Operating Loss | $(14.2M) | $(5.7M) | $(35.9M) | $(23.1M) |
| Net Loss | $(15.5M) | $(3.0M) | $(35.8M) | $(17.7M) |
| Diluted EPS | $(0.20) | $(0.04) | $(0.44) | $(0.23) |
| Operating Cash Flow (9M) | $100.6M (9M 2026) vs $85.2M (9M 2025) | |||
| Cash & Equivalents | $146.8M (as of Mar 31, 2026) | |||
| Debt | $0 outstanding on $100M revolving facility |
Material Changes vs. Prior Period
- Revenue Growth: Total revenue increased 13% year-over-year (YoY) in Q3 and 15% for the nine-month period. SaaS revenue grew 27% YoY, driven by new client acquisition and expansion within the existing base. Conversely, License revenue declined 22% YoY as clients migrate to SaaS solutions.
- Expense Expansion: Operating expenses increased 22% in Q3 and 20% for the nine months. Research and Development (R&D) rose 29% and Sales and Marketing (S&M) rose 24%, primarily due to increased headcount, stock-based compensation (SBC), and restructuring costs.
- Restructuring Costs: The company initiated the "Netherlands Restructuring Plan" in January 2026 following the integration of TDI. This resulted in $3.5M in restructuring costs for the nine months ended March 31, 2026, including severance, accelerated equity vesting, and acquisition-related consideration adjustments.
- Stock Repurchases: The company aggressively returned capital to shareholders, repurchasing $250.0M of common stock during the nine months ended March 31, 2026. A new $200M repurchase authorization was approved in January 2026, with $100M remaining available as of period end.
Guidance, Outlook, and Risks
- Key Metrics: Annual Recurring Revenue (ARR) reached $559.9M (up 23% YoY), with Cloud ARR at $459.3M (up 31% YoY). Cloud Net Revenue Retention (NRR) was 123% for the trailing twelve months.
- Outlook: Management expects to continue investing in R&D and S&M to drive growth. The company anticipates operating losses to continue as it scales. No specific forward-looking financial guidance (e.g., revenue ranges) was provided in this text.
- Risks: Key risks include the ability to maintain growth rates, competition in the AI space, integration of acquired businesses, and global economic conditions affecting client spending. The company also faces risks related to data security and the successful implementation of AI into its products.
- Liquidity: With $146.8M in cash and an undrawn $100M credit facility, management believes liquidity is sufficient for the next 12+ months.
Investor Verification Checklist
- SaaS Migration Pace: Verify the sustainability of the 27% SaaS growth rate and the timeline for the decline in License revenue.
- Restructuring Impact: Confirm the total expected cost of the Netherlands Restructuring Plan and the timeline for cost savings realization.
- Stock-Based Compensation: Review the trajectory of SBC expenses, which totaled $89.1M for the nine months, and its impact on future profitability.
- Share Repurchase Strategy: Assess the remaining $100M authorization under the new program and the company's commitment to capital returns amidst operating losses.
- Deferred Revenue: Analyze the $281.8M deferred revenue balance and the $791.4M remaining performance obligations to gauge future revenue visibility.