This is my third annual with the Intapp team, and we're kicking them off this year, so I couldn't think of a better way to start this conference than with Intapp. So we're thrilled to have John Hall, who's CEO, David Morton, newer CFO, whose first time up on the stage with us, but we're thrilled to be here today. I try to keep these as interactive as possible. I've got a ton of questions that I'm going to start off. I open it up to the audience at any point, and then I think everybody knows I actually have an iPad too. So if you want to answer any questions vis-à-vis the iPad, please feel free to do so. I'll repeat the question and then open it up to the audience. If for some reason anyone wants to go through email, my email is kevin.mcveigh@ubs.com. So that's K-E-V-I-N dot McVeigh, M-C-V-E-I-G-H @ubs.com. So John's been gracious enough. This is our third year, and I always say, what a difference two years makes, let alone three. I start with the same question every year, John. I think it's important because you folks have done a terrific job. You were part of the class of 2021, that came out and really done a nice job from an execution perspective. But I start with just help the audience understand a little bit about what Intapp does, because I think what's been really unique is the way you've been able to chart a path in the public markets, despite a lot of volatility. You know, a lot of macro unease. You've really been able to prove out the model through continued execution, revenue growth and, you know, as evidenced by the NRR actually being able to increase that rate structurally. So maybe start there. I think it just helps, and then we'll go into some more detailed questions. Thank you for having us. Sure. Of course. So if you're not familiar with the Intapp story, we're an industry cloud company focused on a particular end market, the professional and financial services firms. Our inspiration are companies like Veeva, who really figured out how to win in a regulated market like life sciences. Our end market of the large professional financial services firms, accounting firms, law firms, consulting firms, investment banks, private equity, private capital, more generally, are very differently regulated, but regulated in important ways that affect the way that technology needs to be developed and deployed specifically for their use cases. And we have an unusual history as a Silicon Valley company because we bootstrapped the business all the way to IPO. So we have a lot in the culture around financial discipline, operational discipline, but also because we were bootstrapped, we really had to pay attention to these clients and understand what it was that they would be willing to pay for. So our whole R&D strategy, your question about organic development and execution, what we bring to market is developed and defined by a group of user advisory boards that we've built up over two decades, who tell us what their needs are from a technology standpoint, and then what we invest in is what we know that people are going to buy. So that's been the relationship that we have with the end market. The big issues for them today, the fundamental one, amazingly, is still cloud. There's a huge portion of these firms that are still running in-house, built on-premises software, and they were some of the last people to come to the cloud. There's a couple different signals from that. I always felt one, why in the world are these firms building their own software when there's so much ERP and CRM software out there, as good as it is? It's because they have these specific needs, these specific compliance needs and other aspects of their operating model that need a purpose-built solution. When we came to them with a cloud generation capability, they finally found something that they could come off of their on-prem systems. COVID really accelerated that and helped us, so we saw good opportunity there. And we gotten to a size where we really felt like coming public was an important part of standing up as a long-term provider to this market and realizing the opportunity. It's a huge industry. $3 trillion a year in fees they bring in. It's amazingly big, surprisingly big, and it has a very large software opportunity in it. So we talk about a $10 billion SAM, which is what we have today, $24 billion if we expand. We've done some M&A over the years, so we've, we've been able to build out the platform that way, but the core of the business is organic. And then sort of the final point is, although AI is sort of a newer story in this community, we've actually been deploying AI-based technologies for over a decade into this market. Our first AI solution helped lawyers remember what they should bill and would suggest back to them if they'd forgotten to bill for certain amounts of time. As simple as that is, it found 2 hours per lawyer per month, times x 100 lawyers across a national firm, times $500 or $1,000 an hour that they're billing, and that was enough to pay for the whole platform. With our broad platform, which has a huge set of capabilities, there's an embedded applied AI component that now has become sort of a big driver for our organic expansion. Agreed. And, you know, one of the things that really resonated with me, and we're fortunate to be part of the IPO process, and you really saw the education was, you know, you're helping very highly compensated people, whether it's attorneys, accounting firms, become more efficient. And I think one of the subtle undercurrents to these models is the amount of IP you create internally, which, you know, there's the base subscription, but then a lot of the optionality that I see, and I think you're in the early innings on this, but I'd like to talk about a little bit, is the analytics layer on top, right? So it's the effectiveness of the KYC, the onboarding, the efficiencies, but really the IP of capturing more of the wallet, if you would, across these law firms. Maybe talk to that a little bit. I think the number was there's almost $1 billion in revenue across your existing client base without even... you know, additional add-ons. So maybe talk to that a little bit, because, and this was all really pre-AI, and we're going to talk about AI a little bit more, but really underscores the optionality of the platform, I think. Yeah. So it's a land-and-expand model. We win new clients every quarter, and we expand our existing clients every quarter. We do that by selling additional seats, users, or by selling additional products, so cross-sell. And to your point, we've talked about the fact that just with our top 100 clients today, if they bought everything that we have, it's $1 billion of ARR. So we do win more clients every quarter, and we've talked about a consistent expansion with new logos. There's a lot of underserved firms out there that we can win, but increasingly, we've established ourselves with a footprint, just the beginnings of a relationship with some of these vast global institutions that we can expand for many years inside. Great. And I think, again, one of the things that wasn't lost on us was the fact that, you know, you've got a relatively stable client base in terms of legal and professional services, but they're not immune, right? And even in the class of 2021, 2022, when the capital market slowed in the M&A, the growth accelerated, and you were able to increase your NRR, and I think that really underscores the optionality in the model. Yeah, we—I think, you know, everybody is susceptible to changes in the economy. What's interesting about this end market is that the lawyers always get paid, and the accountants always get paid, no matter what's happening. And I think that's actually one of the reasons why we were able to successfully bootstrap the business all the way to IPO. We grew through the 2008 recession. And I think although obviously these firms are in the news and they talk about their own hirings and not, fundamentally, the transformation that they're going through to get from on-prem to cloud and to start to take up AI and to try to technologically enable these highly compensated professionals, is a underlying trend that we've just benefited from. And one thing, John, I think that is a subtle undercurrent is you've had an on-prem product that, that you really pivoted effectively into the cloud. I think the cloud's about 75% today, and there's a professional service component, and then the on-prem. Maybe talk about that transition a little bit, because we've always been intrigued by that, because we see that as a natural growth accelerator. Because the cloud business has been so strong, and as that on-prem runs off, it naturally helps just boost the overall growth. And, you know, you've really, I think, had an interesting strategy in terms of nurturing those clients as opposed to pulling them. It's been a, you know, just a very collaborative effort. So maybe talk about that a little bit, too. Yeah. I think that goes back to our history, bootstrapping the business with these clients and having them direct our technology. When we started the business, they weren't ready to move to the cloud. There were all kinds of compliance concerns. You think about the information that these folks have; it's some of the most valuable business information that exists out there. It's why it has all these compliance rules around it. So when we developed our cloud solution, it was very careful to develop a system that had the right confidentiality and security requirements. We're very well known for our compliance capabilities throughout the system, and that gave them confidence gradually to move to the cloud, and then COVID really accelerated things. But to your point, we have a whole group of people who have been moving to the cloud with us, and that's an important asset for the business, that we want to make sure that those folks all come. Today, we have over 80% of our total client base has some cloud from us. There's a higher percentage of ARR coming from on-prem, but we've made very strong progress towards getting people to take up the cloud platform, and now it's more of a operational program to get folks to move their remaining on-prem technology to our cloud version. Great. I want to switch... You talked about it earlier a little bit, artificial intelligence, but I want to revisit that just because I think it's going to be a really important lever for you. And I really, I'm hoping you can frame it to the audience from the perspective of the partnership you have with Microsoft and then the partnership you have with KPMG, because I think those are two... you know, you've got such industry credibility now that those almost become their own growth drivers, if you would, maybe. I think it's two very important aspects of the cloud strategy, but maybe talk to each one, or AI rather. Maybe talk to each one independently, because I think they're powerful drivers in their own rights. So as we came public, we were just getting started and had not yet formed these relationships. The Microsoft partnership came, 6 or 9 months after we came public. The acquisition that we did just before we came public, of a company called Repstor, was a solution that was recommended to us by one of our clients because it enabled us to bring our technology together with Office 365 and Teams, which was really moving through this market. But folks had trouble with adoption because it didn't have the compliance style that they needed. So we did an acquisition and brought a whole set of compliance capabilities that enabled us to make the information from our platform available directly in the environment that the professionals usually are working in, Outlook and Teams, and the rest of the Office 365 suite, in a compliant way. And through that began a deeper relationship with Microsoft. We agreed to an Azure program, where we moved and consolidated our cloud on Azure. This was important to the CIOs in our client community. And as part of that, there's a technology partnership that gives us access to all of Microsoft's AI. We were very fortunate that they ended up with OpenAI. This happened after our agreement, but it expanded our footprint there. And then we have a co-marketing, co-selling agreement with Microsoft as well, and several factors in that. We now make all of our solutions available on the Azure Marketplace. There was a press release about that today. As part of that, if a client has a minimum Azure spend commitment, they call it a MACC agreement, and they've already promised to spend with Microsoft $X million a year, they can burn that down by buying our platform.... or any of our products today. So that's exciting for us and for the clients, because it's pre-committed money that they can use. And then, most recently, we talked on this call, Microsoft changed its incentives this past financial year, starting in July, and the Microsoft sellers now get full quota relief when they sell Intapp's solution. So it's been a gradual build of capabilities and dimensions to the partnership with them. So we're very excited about that, and then we can talk about the AI component. On KPMG, one of the things that we felt, you know, what makes one of the great software companies is when the big SIs start building practices around what you're doing and see an opportunity there as well. And this was important to us. We had started to win some of the enterprise-class firms, and KPMG approached us and said: "Hey, can we work with you all to build out a practice around what you're doing? Because we think you have a very differentiated value proposition to this segment," and we were excited to do that. So not only is KPMG a big client of ours, they use our solution internally in several parts of the world, but they now have a center of excellence and group that's actually helping us to deploy. And together with Microsoft and KPMG, we've won some big investment banks. Some of the largest management consultancies in the world have come on board. So it's just a further step in building the company to be more capable at the enterprise level. Sure. And there's the natural network effect, too, as those clients scale, and they attract other clients, and they naturally endorse Intapp, and it grows from there. We're at about 14 minutes or so. Does anyone have any questions in the audience? Otherwise, I'm gonna keep going. Or any questions coming in through the iPad? I just like to check midway through. Let me just check my email real quick. One thing that I've tried to do across this sector is look at kind of more of a... And it's not an exact term, but almost the addressable market from a, you know, revenue per client per month, if you would. Is there any way to think about beyond the kind of $1 billion, like what a typical client might spend with you if they have all the modules, as opposed to where they are today, and as you grow that over time, create more, I guess, within the context of the addressable market? Well, we haven't really given out specifics about pricing for obvious competitive reasons, but we are a premium price product because it's built specific to purpose. These firms are actually quite capable of paying if they want something that works for them, so we've been successful in positioning ourselves that way and delivering really differentiated value. There's a list of growth drivers for the business. I mean, we win new clients every quarter. We expand existing clients. We expand through both upsell and cross-sell. We add new capabilities to the platform every quarter, so we have a quarterly release system, and some of that supports annual relooks at the price that people are paying. Some of it, we can charge additional products or modules each quarter. We've done some good M&A over the years and expanded our platform and shown that we can distribute technology back to the marketplace. We've been expanding geographically, so we've talked on the recent call about wins in Japan. Previous call, we were talking about opening our office in Singapore, continental Europe, South Africa, a bunch of places that we've had some really good uptake through referrals, mostly interestingly. That's how we've expanded geographically. And then the ecosystem point. So there's a whole range of ways that we're able to drive growth for the business, and as part of that, there's an annual review of each client's agreement, and we're able to grow there. I think, one of the interesting things that we've been proud to talk about is, hey, we've got relationships with 97 of the top 100 law firms in the U.S., and all four of the Big Four. You know, we've talked about this. We were very proud of that coming public. One of the things we've come to appreciate from the investor community is: "Oh, are you sold out?" And I think the, the important conversation that we've been having over the past couple of years, and I think what's reassured people, is seeing the growth coming from cross-sell, upsell, the expansion. There's actually quite a vast market here that's just been underappreciated, and so we're really just getting started. I agree. And then when you think about the geographical expansion, is that kind of client-led, or is there just a strategic... You know, whether it's Asia, certain parts of Europe, do you let clients help you, you know, have an established client in that region, or, or do you look at it more holistically based on the addressable market? Well, most of our expansion, even at the beginning of the company as we expanded from North America into the U.K. as our first location, was client referrals. And you can imagine these firms are generally in a network of deal makers and advisors that expands across the money centers of the world. And so a lot of our buyers are either regional offices or partnerships in a global network that will take us to a new location, and then we have access to the local firms in that area as well. And you talked about COVID a little bit, driving some of the acceleration. Maybe revisit that a little bit, and then any thoughts on kind of the current macro environment we're in? I mean, obviously, the guidance have been terrific, and the execution's been great, but just any thoughts on the current macro inputs and takes as you think about, you know, maybe longer-term outlook? Well, COVID was an important moment for the end market because we had been making good progress in the cloud, but there were some stragglers who were still nervous about going. And what some of the most prestigious firms in the world discovered was suddenly sending everybody home, their folks couldn't get access in the same way and have the same experience with the on-prem software that they had built in-house. And so we saw this sea change in the most conservative firms who switched from saying, "We're not going to cloud," saying, "We have to go." And so I think that has helped us actually. The mentality is: we can get more scalability, we can get more security, and we can get more accessibility for our team. Certainly for the folks who are competing in the war for talent, it's increasingly becoming untenable for folks to try to present to the incoming class a technology experience that was built in-house. They wanna see a modern experience. So I think COVID really did help us. In the current environment, we're continuing to execute. I mean, people have asked us, "How does it look?" And I think we said: Look, we bootstrapped the business all the way through the 2008 recession. We're not claiming that the end market is immune. Of the end markets that we call on, if there's some group that probably has more sensitivity, it's probably the investment banks themselves. They're the ones you hear about the changes. But the opportunity inside the firms for expansion and the new firms that we still have to get to, and the cloud transition, and now the AI transition, seem to be stronger drivers for us, and it's supporting us well. Great. I mean, the one thing I highlight, too, is, you know, you delivered the COVID seamlessly, right? So all these clients had very specific operational challenges. You were able to deliver on that without a ripple. You know, the other thing I always try to highlight, too, to the market is from an end market perspective today, and no two downturns are the same, but to the extent there's macro slowing, you know, the '08 cycle was financial services-led, right? So a lot of pressure in law firms, financial services firms, so on and so forth. I'm not saying we're not gonna see that today, but it was outsized pressure back then. You know, maybe just a little bit of a preamble, not to steal your thunder around Investor Day, but any initial thoughts as to... You've got a big Investor Day coming up. You know, you're running at $400+ million of revenue today. Just any thoughts and initial thoughts as we think about that, as we prep for it? Well, I'm very excited that Dave Morton's joined us in the past six months, so welcome. One of the things that we've been talking about is reintroducing the company to the investor community now. So do you wanna talk a little bit about this question? Yeah, sure thing. So, we're gonna take the opportunity, as John said, to reintroduce ourselves. When we came out, it was a very, very busy time in 2021. You know, and at that point in time, we were just a cloud transition story, and I think we've moved well beyond that. Specifically as, you know, our cloud ARRs, you know, low 70s, high 60s, or at least one module, you know, all of our existing customers, upwards of high 80s. So, you know, we're well beyond that, and I think it's appropriate time to not only elongate our own product portfolio and what we're doing with some of our industry solutions, some of our applied AI, talk a little bit about our own brand, and then give some more color on some additional KPIs. One thing that I don't think the investor community has a good appreciation for is just some of the growth on the top line with respect to just pure SaaS only. So just looking at key KPIs there, whether it just be SaaS-led revenue, SaaS NRR, and so some modules in and around that that help kind of configure that whole narrative in and around that storyboard. You've made a lot of progress. Dave, one thing I wonder, you're new at Intapp. I wonder... I always try to ask, you know, expectations coming in versus where you are today, puts and takes, you know, any thoughts on that? And then wanna spend a little bit more time on, you know, not only has the revenue been great, but there's been a tremendous scale of the margin, too. Maybe talk to that a little bit. Yeah. So, with respect to the end clients, I mean, it's a gold-plated list, and so you're really comforted by that, as well as the stickiness of us not only being a vertical SaaS, but you know, how well our clients appreciate us and how well we show up to our respective clients. So the churn has been de minimis. So that's always heartfelt, specifically in backdrops such as these. You know, with respect to leverage in the model, there's a lot of opportunity there as we continue to narrate and look at our, you know, mid to longer term models that will give more discussion and color around. But it's been, you know, just a lot of pleasant surprises to the upside, of, you know, where I personally view a lot of undervalued assets within Intapp itself. As you think about some of the... Maybe just anything you can comment from an expense perspective, just as, you know, that business continues, as you come from the on-prem becomes a smaller and smaller percentage of the business, there's got to be some natural scale there, too. And does that get reinvested as opposed to... Any thoughts on reinvestment, Dave, John, as opposed to the margin expansion, just philosophy, more as opposed to specific numbers, just philosophical? So yes, we do see, you know, visions of continued margin expansion, so it's not gonna be 100% reinvested. I would narrate that if you look at our total ARR, we really haven't seen a left pocket, right pocket from on-prem to off-prem. It's been all an organic opportunity for that cloud ARR. So now, as we continue on what I'll call like a phase two, phase three, there's that continued opportunity for, I'll call it just top-line growth with just pure SaaS. And then, obviously, that will continue to drive leverage below the line as we become more and more, I'll call it, not necessarily having dual or, you know, overlays there with trying to provide so many different solution sets to our end client base. From a philosophical standpoint, you know, we have a growth mentality. We think there's a huge opportunity here. We are investing for growth. That said, you know, as we came public, it wasn't as fashionable to be a break-even, cash-generating company, which we had always been as a bootstrap business, and it, the world has kind of changed around us, where people are more interested in this strategy. But one of the things I think folks can take comfort in is that the culture of the business has always been a group that looks for the growth opportunity, but also with a very responsible management of the bottom line. And now we're getting to a scale where we can do a little bit of both. So I think that's what we're going to try to do. And John, you alluded to this earlier, but a little bit. Been pretty stringent in terms of M&A criteria, things like that. You know, any thoughts as to... Because obviously some of the less capitalized players, where they're more private as opposed to public in your sector, does that open up the opportunity for continued M&A? Or how do you think about M&A versus organic growth, and just any thoughts around that? Well, we'll always have a strong organic R&D program. It's driven by our clients. It's what we're known for, true innovation, looking at the problems of this market and building specifically for them. So that's the centerpiece. But we've used M&A over the years. There's some very interesting small technology companies that we've been able to acquire that have really accelerated our capabilities. Almost all of them were recommended to us by one of our clients who was already connecting our platform with theirs. So that's an important criterion that we use to have proof about the opportunity. But we've done, you know, seven or eight acquisitions over the years and been successful with them. So I think coming public, part of the reason was to get better visibility. We thought it was a good marketing opportunity, particularly in this end market. We think that's pointed out to be true. We paid off all of our debt, so the company has no debt, so that was a great thing to do. We had very good timing on that. And now we have a public currency that we could use if opportunities arise. And there are very interesting businesses out there, but we're also extremely prudent about that, and we've looked very carefully at the things that we know will turn into growth, and we're going to continue to stick with that philosophy. Well, it's interesting because to your point, if you know, no two companies in this sector are the same, but if you look at how the market's rewarded you folks relative to some of your peers, it's really been a really, really nice outcome, and I think that continues. Any questions from the audience as we close it out here or? Please. Yeah. So the question was: What's the client base mix across the end market? So what we've said so far is that about two-thirds of the business comes from professional services. The company started in legal, very originally, and one-third is coming from financial services. So we talk about professional services being legal, accounting, and consulting, and financial services being private capital and investment banking firms. That said, we've also shared that the financial services group has been growing faster, so those two things are happening. And then within those, you know, the company started with legal, so we have quite a few clients there, but more to win. And we also did an acquisition called DealCloud, about 4 or 5 years ago, that had started in private capital, so we have a stronger position there. I wish I'd end with... You know, if we were to think about one part of the business that you don't think the market maybe understand or you don't get enough credit for, what would-- whether it's the business or IP, any- I mean, I think your point about the insight that we have around what these folks need and what they do, and the information that they're collecting, and how they analyze that for better business outcomes, better decision-making, is really an incredible asset of the business. I think we're so close to these professionals, whether they're in an investor role or an advisory role, and the types of work that they do, surveying the market, looking for great deals, advising on the way to negotiate those deals, and then managing the compliance and the life cycle of the asset over time. It's a very unusual solution set that we've developed, and the reason that we feel so differentiated from it is that this is all the stuff that people were building in-house. So why were they building in-house, when they could have bought it? Because it's specific to them. And so I really think this unusual history of the business gives us access and an appreciation and awareness of a category that just didn't exist, but has always been there under the covers as the in-house built technology. And so I think as we continue to expand and build on what we have, you'll see AI-powered solutions, the whole industry solutions with applied AI strategy, that we haven't talked as much about here, but it's really the centerpiece of what we're going to market with today across relationship intelligence and terms intelligence and time intelligence, and a whole set of views into the marketplace, is a unique asset for the company. Again, I think just being able to make highly compensated people more efficient is just such a huge undercurrent to what you do. And the thing that always fascinated me, too. It just seems so counterintuitive, but the fact that companies internally don't know how much more they can penetrate their clients, and you give them that opportunity is just fascinating. Well, the other thing is that AI is all in the buzz now, but general-purpose AI is not gonna work for these markets because they're so regulated. You have to have a deep appreciation for the compliance requirements. Who's allowed to know what? What is the computer allowed to say to a person who's asking the question? You have to know who that person is and what they're allowed to know and not know. It's a totally different paradigm for leveraging technology, and we've grown up with that. In fact, we make the confidentiality system for these firms. So I think we have a particular opportunity to be able to apply AI in a powerful way, but in a compliant way that will enable these people to actually take it up and benefit from it in the way that the other more horizontal markets don't even think about, because they don't have this compliance regime that they have to work within. You've got the regulatory, and then you have the client sensitivity as well, where they don't want their competitors knowing, Exactly. - how they're interacting. Terrific. Okay, I think we're up on time. Thank you so much, and really just terrific, terrific. Thank you, Kevin. We appreciate it. Thanks. Thank you, everybody.