Intapp (INTA) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 delivered strong results, with cloud ARR up 33% year-over-year to $297M and total ARR at $404M, driven by new client wins, cross-sell, upsell, and international expansion.

• SaaS and support revenue reached $316M for the year, up 25%, and total revenue was $114M in Q4, up 21% year-over-year.

• Product innovation, especially in applied AI and vertical SaaS, fueled growth, with new generative AI capabilities and strategic acquisitions enhancing the portfolio.

• The client base expanded to over 2,550, with 73 clients exceeding $1M in ARR, up from 53 last year.

• Net revenue retention rate for the trailing twelve months was 116%.

Financial highlights

• Q4 SaaS revenue was $70.8M, up 31% year-over-year; subscription license revenue was $16.1M, up 32%.

• Q4 non-GAAP operating income was $13.5M, up from $3M; Q4 non-GAAP net income was $11.9M, up from $3.2M.

• Q4 non-GAAP gross margin was 76.1%, up from 69.9% a year ago; fiscal year non-GAAP gross margin was 74.2%, up from 71.1%.

• Free cash flow for FY24 was $64.8M, or 15% of total revenue, up from $25.3M last year.

• Year-end cash and equivalents were $208.4M, up from $130.4M.

Outlook and guidance

• FY25 SaaS revenue expected between $326.7M and $330.7M, implying 26%-28% growth.

• Total FY25 revenue guidance is $493M-$497M; non-GAAP operating income expected at $56.5M-$60.5M.

• Q1 FY25 SaaS revenue guidance is $75.3M-$76.3M, up 28%-30% year-over-year.

• Minimal direct AI revenue contribution expected in FY25, but strong pipeline and interest noted.

• Fiscal 2025 non-GAAP diluted net income per share: $0.59–$0.63.