Intapp, Inc. reported significant financial performance improvements for the three months ended September 30, 2024, compared to the same period in 2023. Total revenues increased by 17% to $118.8 million, up from $101.6 million. This growth was primarily driven by a 30% rise in Software as a Service (SaaS) revenues, which reached $76.9 million, compared to $58.9 million in the prior year. The gross profit also saw a notable increase, rising to $86.9 million, representing a gross margin of 73%, compared to 69% in the previous year.
Despite the revenue growth, Intapp reported an operating loss of $7.3 million, an improvement from the $14.0 million loss in the same quarter of 2023. The net loss for the quarter was $4.5 million, significantly reduced from $15.3 million a year earlier. This reduction in net loss reflects improved operational efficiency and revenue generation.
The company’s cash and cash equivalents increased to $253.8 million as of September 30, 2024, up from $208.4 million at the end of June 2024. Net cash provided by operating activities was $24.4 million, compared to $11.6 million in the same quarter of 2023. The increase in cash flow was attributed to improved operational performance and higher revenue.
Intapp's Annual Recurring Revenue (ARR) rose by 19% to $417.2 million, with Cloud ARR increasing by 27% to $309.1 million, now representing 74% of total ARR. The company reported a Net Revenue Retention (NRR) rate of 114%, indicating strong customer retention and expansion.
Strategically, Intapp completed the acquisition of Transform Data International B.V. on May 1, 2024, which included a working capital adjustment of $0.9 million. The company also recorded a contingent consideration liability of $4.3 million related to its acquisition of Paragon Data Labs in May 2023, with $1.4 million paid during the quarter for this consideration.
Research and Development expenses increased by 14% to support ongoing product development, while Sales and Marketing expenses rose by 10% due to increased headcount and sales commissions. General and Administrative expenses also saw a 14% increase, primarily due to personnel-related costs.
Overall, Intapp's financial results reflect a positive trajectory in revenue growth and operational efficiency, alongside strategic investments in acquisitions and product development.
About Intapp, Inc.
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