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, cloud ARR expansion, and new AI-powered product launches.

• Cloud ARR grew 27% year-over-year to $309.1 million, now 74% of total ARR, with over 2,600 clients and 707 clients above $100,000 ARR.

• Gross margin improved to 73.1% (non-GAAP: 76.3%), and free cash flow reached $24.1 million, with cash and equivalents at $253.8 million at quarter end.

• Launched new applied and generative AI features, deepened Microsoft partnership, and expanded global client and partner base.

• Trailing twelve months' cloud net revenue retention rate was 119%.

Financial highlights

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

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

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

• Free cash flow: $24.1 million, 20% of total revenue; net cash provided by operating activities: $24.4 million.

• Cash and cash equivalents: $253.8 million at quarter end; no outstanding debt.

Outlook and guidance

• Q2 FY25 SaaS revenue expected between $79.5M–$80.5M (26–28% YoY growth); total revenue: $120.5M–$121.5M.

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

• FY25 SaaS revenue guidance: $327.6M–$331.6M (26–28% YoY growth); 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.