Hi, everyone, and thanks for sitting in. Hope you all are having a good conference here. I'm Arvind Ramnani, vertical software and fintech analyst at Piper Sandler. And with me on stage, we have Intapp's CEO and CFO. If you want to just quick on format that we're gonna have is running through a bunch of questions, but you know, certainly open up to the audience for questions as well. You know, before we kind of jump right into sort of Q&A, if you can maybe just start with a quick intro of the firm. I mean, I think most people know Intapp, but I think like a good intro will just kind of level set. Okay. Thanks, Arvind. My name is John Hall. I'm the CEO. Intapp is a vertically oriented industry cloud software company. We focus on the professional and financial services firms of the world. We think this is a traditionally underserved, overlooked market. We take inspiration from companies like Veeva, that really succeeded with the life sciences market. There's some news there today, but our focus is on the professional and financial services firms, the big partnership firms. And we bootstrapped the business all the way to IPO without raising outside money, even though we're in Palo Alto. And I think it was a sign that this market actually is a very resilient end market. In good and bad times economically, they were able to finance the business through purchasing software, and our whole strategy was to look at everything that they had built in-house. Traditionally, these big firms, the law firms, accounting firms, consulting firms, investment banks, private equity firms, did build a lot of software internally, and we always took that as a sign that they weren't getting what they needed from the traditional horizontal ERP and CRM systems, because they really do operate differently. So our company got started by working with the CIOs and building our own data model that accurately reflects the way that these firms operate, and then we built a very strong compliance capability on top. So today, we have 2,300 of the world's premier firms, and we've given some great stats this quarter about the number of $100,000 clients and $1 million clients. Right. I can talk about that, but we're really starting to expand into the enterprise with that story. And Dave Morton, very excited to have join us, our new CFO, who started with us in August. So we're excited to have him. Welcome. Yeah. Thank you. Yeah. And, you know, maybe I'll kick it off with just, kinda asking, David, you know, it's been an early days still, at the firm. Maybe if you can kind of start with, you know, what are your early impressions? I mean, you know, you had a certain view of the firm, kind of prior to joining, and then it's been, like, a few weeks, and is it... Are you, like, even more excited with what you're seeing, or are you just if you can give us, give us a view of your first few weeks, at the firm? Yeah, for sure. Yes, very excited. I think this company's got just a huge amount of untapped potential. You know, yes, we've got the who's who of our client list- Mm-hmm. But there's still a lot more. When you look at the business model itself and selling it into a very resilient customer or client base, it's been very exciting getting to know both the clients and as well as working closely with John and the board and the rest of the management team. The product itself is pretty spectacular. When you get in there and start using it, you can see how broad it can go to different vertical industries, which is another proof point. So as an operator, you understand some of the friction points that you're trying to solve and the proof point that you're going to market with, and the response has been great. And so just really excited and, you know, onwards and upwards, as they would say. Yeah. And are you looking to do anything different than Steve? Nothing immediately, no. Okay. You know, my skill set comes in with the realm of I'm looking, as with the company, you know, $1 billion and beyond, and taking the stage appropriateness to achieve those milestones. It's got a good trajectory, a good path, and that's just something that I'm really growth-oriented in and around. Perfect. Perfect. Perfect. And John, like, you know, I mean, I know you provided guidance just very recently, but as you look into, like, the next 12 months, next 18 months, what are some of the big growth drivers you see, that's gonna help you deliver your numbers or even sort of exceed some of your numbers? Well, as we've built the company, we have developed a series of growth drivers that I think are really helping us. One, we win new clients every quarter. It's a big open market- Mm-hmm. with a lot of firms that don't yet have a supplier like us. We cross-sell and upsell into the clients that we have won. Mm-hmm. So it's a land and expand story, and a lot of our growth comes from selling into these very large institutions that we might just land with a particular solution to get started. We're expanding geographically, so we've won some exciting new wins in the Middle East and Singapore. We talked all about the first big law firm in Japan that we've won. So there's lots of space in the professional and financial services world around the world. Mm-hmm. that we can grow into. We've developed new solutions, and we do a quarterly release, and some of that helps us to support a price increase each year with our clients. And some of it, we sell additional modules or products that we can charge for, so there's additional offerings that we bring back to the client. And then, we've had a successful series of acquisitions over the years. That's not a new skill for us. Even as a private company, we were doing acquisitions, and we were able to bring new technology into the platform, and integrate it, and sell it through our channel to the firm. So there's a lot of avenues for us to continue to drive growth. Right. And if you're gonna stack, kind of, what's the biggest driver for growth? Is it, is it, like, new logos or selling into the current base, or geographically? Like, where do you see kind of the biggest sort of headroom for growth? We have a lot of new logos to go get. Right. We have a lot of cross-sell and upsell- Right - to do inside the ones that we've already won. So we've talked about the fact that just within our top 100 clients today. Mm-hmm To give you a sense of the sell-through that we have in front of us, just within our top 100 clients today, if they bought everything that we make, that's $1 billion of ARR by itself. Right. This is a very large set of firms that are not penetrated at all yet. Right. And, you know, clearly, like, kind of the multiple has moved up and down, but growth has continued to stay at, like, a fairly healthy rate. And you have this kind of cloud transition as well. At what point do you think kind of the cloud transition would be sort of complete? Will it get to, like, 100%, and, like, what's the timeframe for that? So this industry was a little slow to the cloud. They had compliance concerns, confidentiality concerns. They're a relatively conservative industry in the first place. I think we spent a good amount of time as a private company building relationships and building trust- Mm-hmm ... with these firms, that we were the right technology partner to understand their specific needs and help them. And we developed our cloud offering long before COVID, but when COVID hit, it really changed the orientation of these firms, and I think permanently so. And so today, we have made very good progress. We only sell new cloud, and our existing clients have migrated to the place that our ARR today is 67% cloud. Right. But we've also talked about the fact that 88% of our clients have some cloud today. Mm-hmm. They've really made the decision to go. There are some stragglers, but I think over time, they've just got to go. The whole world is delivering software this way, and I think one of the big drivers that people are increasingly appreciating is the security and compliance. Mm-hmm ... capabilities that you have, working with a big provider versus trying to manage things in-house. For these firms, that's a very important issue. We signed this Microsoft partnership about 18-20 months ago now, and we consolidated our whole cloud platform on Azure, and we're shipping that today. And so we're able to, together with Microsoft, to tell a whole compliance and security story to the firms that's really helping them feel comfortable for the last folks to make the change. Yeah. And I do want to kind of jump into kind of the Microsoft and the GenAI. But just before that, just from a margin perspective, in general, are your cloud clients more profitable than your on-prem? Well, we're certainly selling up as we move them to the cloud. Right. We're getting bigger tickets there. Right. We're also selling increasingly large firms, so there's a lot of components to the overall. I don't think we've disclosed specific margin. No, no, we haven't. We haven't. Okay. Okay. No, no, that's fine. You know, kind of GenAI is a big opportunity, and I—you know, as you mentioned, you signed this agreement with Microsoft about 18 months back. Can you just kind of expand on that relationship that you have with Microsoft as it pertains to GenAI? Yeah. So two big points around AI. So we were the first provider of AI-based technology widely spread in the legal industry. We were selling a time recording product 10 years ago, that watched everything that the lawyers did and suggested back to them, "Here's the client you did it for, and here's how much you should bill." And it was a great solution that had very hard ROI. Right. And we sold it through the market. And then we had a conflicts AI assistant that cut 70% of the clearance time for these firms out of clearing conflicts of interest questions before they could take on a new client. And then we had in our AI group, part of our Relationship Intelligence solution, that figures out who knows whom inside the firm and how to network to the best possible person inside your prospect or your client. So the company has a strong AI- Right ... team historically, and we've been successfully monetizing that and selling it. We did sign the relationship with Microsoft about 20 months ago, before they acquired OpenAI, and then about six months later, they did that acquisition, and suddenly, ChatGPT was in all the news, and everybody wants to talk about generative AI. Right. And it's one of several AI techniques, and an exciting one. Mm-hmm. And I actually think for this end market- Right ... it's a particularly relevant one, because so many of these experts spend their time trying to ask analysts for information, and if they can ask a computer in the same language, it's gonna help them. So we've already, through the Microsoft partnership, integrated components of the GPT system. We talked about that a little bit on the call. In our Relationship Intelligence system now, we have it running, doing automated networking and context management in eight languages. Right. So we're running in European languages, French and German and Portuguese and Spanish, but also in Chinese and in Thai and in Japanese. And so for our global firms, increasingly, they're feeling from us already some generative AI capabilities. There's a lot more that we can do. We're very excited about it. We're excited about the Microsoft partnership, but we've been able to get things to market quickly- Right ... to meet some of these questions because I think we had a strong AI history ourselves. Yeah. Yeah, and has that really kind of influenced your win rates at clients? Like, in a sense, if I go and speak to a salesperson, like, are they—would they say, like, "You know, our GenAI... I mean, our AI capabilities, that's what's helping us kind of win more business, or? ... I think it should help with win rates. I think it certainly has captured the imagination of a lot of the professionals, and a lot of the firms are asking their IT departments: "What are we doing in this area? Right. For them to be able to say, "Well, let's show you what Intapp is doing- Right. has really helped us. So I think it's great for new client acquisition. I think it's great for cross-sell and upsell inside the firms, and for win rates, yeah, it should help. Yeah. Yeah. And so this is, you know, kind of something that's giving your clients value. Like, but internally at Intapp, like, is it helping kind of on the cost side, on the revenue side? Like, where do you think this... Which part of your business is seeing kind of a bigger benefit? Well, certainly in the product offering- Yeah. It's given us even more to talk about. Right. So that is exciting and helps. It's also a fact that we're using it internally- Right ... on R&D to begin with, and we've seen some real advancements there- Right in our ability to bring new capabilities to market quickly through- Right - the use of Generative AI ourselves. So it's an exciting time. Right. Right. And in terms of, like, kind of the key on the cost side, right? Like, I mean, has it like... Are you writing. I'm trying to get a little bit more specific. So are you using GenAI to write code, to develop, or help on the customer service side? Like, on the cost side, specifically, how is it, how are you using it? Well, we're looking at opportunities to deploy it in client-facing service. Yeah. We have had things like chatbots supporting our clients, and they've been successful both in the sales process and in the support process. Right. We've been using various forms of AI. Right. As far as specifically generative, we've started in R&D. Right. I think there's a lot of benefits to the R&D team to be able to get product out. Now, that doesn't preclude us from also deploying it- Right in some of the more client-facing work. Right. And, are these AI capabilities, are they pervasive across both your on-prem product and your cloud product, or is it, is it mostly on the cloud product? No, all of... Part of our strategy has been that all of our AI capabilities are available in the cloud. Okay. This is one of the several arguments that we have to help folks make the decision to get to the cloud. Right. Yeah, yeah. That makes sense. And at, at what point do you basically kind of turn off, like, the on-prem? Do you get to, like, 90%, 95%? Like, at what point do you say, like: "Look, you know, this is our only kind of offering," or, or, like, is that something...? Well, we haven't formally announced an end of life. Right. We're working with our clients to get to a place where we feel that that's an appropriate next step. I think the important thing is that we are unusual as an industry-specific partner to these firms. We've built our reputation with the firms in this industry over many years, and they really do trust us. Many of them are not, at the senior levels, technological people. They're expert in other areas. Right. And they have looked at us as their trusted partner to help them make this progress through the technology generations. And so we benefit from that. They're not going and looking elsewhere very often, and I think it's important to us to maintain that, that asset, that relationship with the firm. So we're not, you know, putting a big stick up today- Right ... but we are moving them consistently each quarter, and increasingly, we're getting to a place where I think it's in the cards that we would do that. Great. Great. I have one last question on GenAI, and then sort of move on. But just if I have to dream the dream, and I think, you know, out in the future, and I don't necessarily want to put, like, a time frame, but I want, like, three years, five years, seven years, like, out in the future, what are some of the kind of key applications or use cases for GenAI, AI, you expect to have, that you can kind of roll out to your clients? So there are a lot of areas- Yeah - that we can work with them. Right. There's the summarization aspect- Right - of what generative AI is doing, and there's also the generation aspect. So one of the most interesting things for the market that we sell, is how important summarization is. If you look at what a lot of these professionals do- Right ... they're looking out into the marketplace across a wide range of client opportunities or deal opportunities, and they're trying to integrate a huge stream of market information about all the potential things that they could be looking at, match it against the strategy of their investing group, or match it against the strategy of their particular practice area, and then figure out what the right way to go insert the firm is- Mm-hmm - into the opportunity there and be ahead of the competition in winning the deal, or at least positioning themselves as a likely participant in an auction if something is to happen. So, so much of what the firm is organized to do is to integrate external information about the market from as many sources as the firm can find, and all the internal proprietary history that the firm has about how it can position itself successfully and use its expertise to win the deal eventually. And a lot of what our platform is doing, historically, under a certain technology paradigm- Right is to help the analysts and the whole organization synthesize all that information to help the professionals be armed to make the best possible case. And what the AI, Generative AI generation brings is an opportunity to do that at much larger scale, to have a much lower chance of missing something. Right that's happening in the marketplace, and to summarize it effectively for the professional much more quickly, with a lot less effort. The analysts' jobs will change, but the professionals will be much better armed to go win opportunities in the marketplace. So it's just a central part of the way that these firms go to market in each of their value propositions, and I think it's gonna be a huge amplifier to the ability of the firms to compete. Terrific. Are there any questions from the audience? All right, I'll keep going in the interest of time. You know, kind of, I wanna talk a bit about product development, and how should we think of product development? Because you have kind of law firms who have different needs than PE firms, and many of the needs are common, but some of the needs are specific. How do you prioritize kind of product spend across kind of these various kind of needs? I mean, the ones that are generic, I understand, but how do you kind of kind of make kind of product-level decisions? We have always been client-driven in our R&D process and also in our M&A process. As a bootstrap company, we got very close to our clients early on, and we really listened to the challenges that they were having. Right. Then our technology architecture was originally designed listening to what they had built in-house to recognize what was missing from the traditional horizontal system. Yeah. So, in the culture, is a very client-oriented view of this. Right. From the perspective of how do we serve the adjacent sub-industries that we call on among the investors and the advisors that we sell to, there's a very common data model for this partnership form- Mm-hmm. where you have some business services departments, traditionally, like marketing or IT or finance, that support the professionals, but 80% or 90% of the population are folks who are starting out at the associate or analyst level in their career and moving up through VP and ultimately, managing directors and partners. Right. Each of them, as an organization, is broken into a variety of strategic investment teams or practice areas, all of whom specialize in their area. So the data model that we designed from the very beginning, that underlies our whole platform, reflects that. It's very different from the traditional linear model of a CRM system or an ERP system, where you're selling a widget through a pipeline, you have a bill of materials, and that classic sales motion. Ours is much more oriented towards the professional's knowledge in each of the areas of specialty. And what we found when we started selling to the law firms was, we started getting inbound calls from these adjacent industries that are also set up as partnerships because they're organized essentially the same. And then we had done a lot of work in compliance. Mm-hmm. So the information governance, security, confidentiality, as well as conflicts of interest, engagement letters, terms of business, all the things that make these professional partnership firms really different in the way that they go to market and engage with clients, we had built in to our platform. So there's a huge commonality. If you grow up as an investment banker, you may not think you're that similar to a lawyer or to an accountant, and, you know, everybody might say the same thing, but actually, if you look at the structure of the organization, it's very similar, and you can use a common platform to support it, but it's a different platform from the traditional corporate one. Right. That being said, we do have to speak the language of each of the professional types. So we have an industry solutions group that's populated with humans who come from those firms themselves- Right -and really know how that works, and they're building out all the blueprints for each of the processes inside each of the firms. And there is a little bit of variety at that level, but it's not custom code. It's a single platform that is configured- Mm-hmm For each of these use cases, and we get a lot of flexibility that we can configure with our own services team, that our ecosystem of partners. We have a very large contingent of third-party companies now that have built practices around our platform, including KPMG, now we're very excited about- Right Building a practice to work with some of our very largest clients. And then the firms themselves can do configuration of the platform to meet specific needs internally. So it's a true platform story. Right. And just to clarify, with KPMG, should we think of them as a sales channel when you think they're building a practice, they're helping you, like, land clients? And deploy. Yeah, yeah. So we've co-sold with them. Uh-huh. We also co-sell and co-market with Microsoft. Right. And sometimes all three organizations are together- Right selling to the largest institutions. Right. So that should lift margins, right? We're excited about those partnerships. I mean, I think the company is reaching new levels in this area. Yeah, of course. In terms of product roadmap, you know, other than GenAI, what are some of the big sort of product development features we should think about over the next, like, 18 months? So we've done a lot of work around Relationship Intelligence this year. How do the firms compete and win new business? Mm-hmm. We brought a lot of AI techniques into that. We've also brought a lot of third-party data sources into that, including BoardEx and Equilar- Right ... Some of these services that help firms navigate to the best possible clients. We've talked a little bit about the work that we did to expand into some of the real estate- Right Areas of asset classes and also the advisors to that community. Part of that has allowed us to go into private credit, which has got a lot of energy right now. So we've done a lot of private credit expansion. We're excited about that. As we are introduced to some of the adjacent strategies and practice areas inside these firms, we can do some configuration at the industry solutions level inside the platform and be able to serve some of these areas. Back to your original question about growth vectors, we think that's gonna continue. Right. Right. Yeah, and just, like, circling back on growth vectors, we're just almost out of time, but I, I would want to ask David a question on M&A. I mean, you mentioned it's a really important kind of core to what, what you all do. How should we think about some of your M&A priorities for the next couple of years? Yeah, we continue to look at various degrees of targets, both from, you know, capacity as well as technical. You know, in the past, a lot of our history has just been smaller tuck-ins. Uh-huh. But there's nothing, you know, at the forefront today that would say anything should alter in the near term. As John just explained, we have a very robust portfolio as it is, and so, you know, anything incremental that can help accelerate both our technical as well as our top line, we'll continue to take that under consideration. Right. Right. And would you be looking to kind of enhance, like, tech capabilities within your core, or would this acquisition be kind of expand the market share? Like, I mean, how should we think about? Yes. Oh, yes, it is. Okay, perfect. No, that sounds great. We are, we are out of time, but thank you very much, and thanks, everyone, for listening in. Yeah.