Intapp (INTA) Q2 2025 earnings summary

Executive summary

• Achieved strong Q2 FY25 results with SaaS revenue of $80M, up 27% year-over-year, and total revenue of $121.2M, up 17% year-over-year, driven by robust cloud ARR growth and new AI capabilities.

• 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.

• Non-GAAP operating income rose to $18.9M from $7.6M year-over-year; non-GAAP net income increased to $17.4M from $8.8M; net loss for the quarter was $10.2M.

• Ended Q2 with over 2,650 clients, including 728 with contracts over $100,000 ARR; notable client wins and expansions in legal, accounting, consulting, and financial services.

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

Financial highlights

• Total revenue for Q2 was $121.2M, up 17% year-over-year, driven by cloud solutions; SaaS revenue was $80M, up 27% year-over-year; license revenue was $28M, flat year-over-year; professional services revenue was $13.2M, up 4% year-over-year.

• Gross margin was 73% for the quarter, up from 70% in the prior year; non-GAAP gross margin was 76.7%.

• Operating expenses increased 17% to $98.9M, driven by higher personnel and stock-based compensation costs.

• Free cash flow was $25.2M for Q2, or 21% of total revenue; net cash from operating activities was $49.7M for the six months ended Dec 31, 2024.

• Ended Q2 with $285.6M in cash and cash equivalents; no outstanding borrowings under the $100M credit facility.

Outlook and guidance

• Q3 SaaS revenue expected between $84M and $85M, up 27–28% year-over-year; total revenue expected between $128.3M and $129.3M.

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

• FY25 SaaS revenue expected between $328.8M and $332.8M, up 27–28% year-over-year; total revenue between $498.5M and $502.5M; non-GAAP EPS of $0.83–$0.87.

• Management expects continued growth in SaaS and Cloud ARR, with the majority of new ARR from SaaS subscriptions.

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