Hello, everyone. My name is Alexei Bogleff, and today I'm delighted to welcome back to Boston GMC the Intapp Group CEO, John Hall, and CFO, Dave Morton. Welcome. Thank you for joining. John, I guess maybe we could start with an overview of the business. Obviously, you've been public for four years, but maybe for those that are less familiar with some of the verticals that you serve, you could perhaps give us a breakdown of the ARR and talk about some of the solutions that you offer. Absolutely. Thank you for having us. Intapp is a vertical industry cloud company focused on the professional and financial services industry. We took our inspiration from companies like Veeva that really focus on particular vertical end markets to build a cloud platform specifically for them. Our chosen end market are the large partnership firms, the law firms, accounting firms, consulting firms, and the investment banks, private equity, and real estate investors. The large traditional partnerships, whether they happen to be partnerships today or not, still operate in that format. It is a surprisingly large industry. It is about 3% of the global economy, and it has been historically underserved by Silicon Valley for a variety of reasons. We started the company with a very unusual strategy in Silicon Valley of bootstrapping the business, so we never raised venture capital, but we worked with the CIOs of the firms to understand what they were building in-house. I always took it as a sign that so much of the software inside these firms had been built in-house when all of the traditional CRM and ERP systems were available to them. What we learned over the years working with the CIOs building a commercial version of their in-house built software is there really is a unique data model, operating model for this partnership form, and it deserves its own software. That is how we grew the business. We've actually been in business for about 20 years, and we brought the company public, as you say, in 2021. Today, we have a very strong position in each of the markets that I described. About two-thirds of our business is in professional services. The law firms, the accounting firms, the consulting firms, about a third of our business is in private capital, real estate, investment banking. You all have us at a number at about $0.5 billion this year. So that's the scale. Perfect. Maybe you could give us some view on the trends that you're seeing in terms of demand for each of those customer groups and the value proposition that Intapp offers in the current environment. Absolutely. There is an interesting underlying demand for what we're doing. These firms, as probably won't surprise most of the audience, are pretty behind the curve in digitalizing their operations. The same cloud trend that you've seen happen in all the other industries is just happening today in many of these firms. We're helping the firms move off of their in-house built on-premises software to the cloud. On top of that, there is a very strong interest across this entire community in the opportunity for generative AI to make a big difference in the way that they operate. There is excitement because many of the examples that you hear when companies talk about the opportunity for this style of AI is what we can do for the most caseworkers like this, much more unstructured information in the way that they operate. We, as a company, actually have been doing a variety of AI-based solutions for them for quite a few years. We had the first Time system in the marketplace that helped all the lawyers keep track of their time and bill for it. The lawyers in the U.S. have to do it in six-minute increments. We had an AI system that was helping them construct that bill that's been in the market for 10 or 11 years now and is really number one in the marketplace. Over time, we built more and more AI, first in the machine learning generation into the platform, and today more and more in generative AI. That's been a big part of our go-to-market story for the past few years. How about the potential delayed effect that you may see for the financial services division? Obviously, private capital is the bigger portion of it, and it's perhaps more insulated. What about the CID segment, and how do you generally view that part of the business, which is probably more cyclical in the environment? Yeah, that's right. One of the things that was important for us as we bootstrapped the company, and we really came to discover this in retrospect, was how surprisingly stable these professional and financial businesses tend to be through most of the economic cycle. The lawyers always get paid in good times and bad. The accountants always get paid. Interestingly, the private capital firms raise relatively long-term capital, and we get paid out of the 2% management fee for their assets under management rather than some sort of deal fee. It is much less susceptible to the deal cycle. We have said that if there is any group that we call on that might be a little bit more susceptible to the cycle, it is the investment banks themselves who move up and down a little bit more as the economy changes. We were able to bootstrap the company through the 2008, 2009 recession, being paid by our customers very reliably, and then again through the COVID turmoil. We actually think we have ended up with an end market that, compared to many, is much more stable than most of the folks that you might look at in other industries. For the banks themselves, we've actually had very good uptake. I think this cloud digitalization trend, the interest in supporting the bankers more effectively with modern technology, the change of generations there to a certain extent, as well as the interest in AI has really helped us. We're just really getting started serving the larger organizations, and I'm going to talk about that in a little bit. We haven't really seen a big fluctuation so far in that. In fact, it's been a pretty steady demand. We talked on this most recent earnings call about, for example, selling the largest investment bank in Norway and one of the big acquisitions they did of Carnegie Bank and standardizing on our platform throughout the whole organization. That is more the model that we're experiencing today. It's just the deployment of digitalization and AI. Perfect. Wrong door. How about if we could maybe discuss a bit more the sales motion that you mentioned, the selling more into enterprises and that multi-market strategy that you introduced? Absolutely. We began the company in the bootstrap era selling to the mid-size firms, and those were the folks that we gave access to when we first got started, and we developed the platform that way. Over time, we gained more and more traction and a little bit more of a reputation and started moving up market. As we step back and look at the SAM more carefully, we came to appreciate that the top 2,000 firms in our market actually have 70% of the SAM. We call that the enterprise group, and we have been selling more and more of those firms as the company has scaled. We did a lot of R&D work coming out of the IPO to do some scalability and interoperability and security confidentiality kind of capabilities for the platform to be able to serve some of the very largest institutions. Last year, in fiscal 2024, we had a small strategic sales team that worked out our go-to-market model for those large accounts, and we had very good success with that. We publish a number of million-dollar-plus ARR clients that we have each year, and that number has consistently gone up. We decided that this year, in fiscal 2025, was the right time to move a little bit more of our sales organization towards those enterprise accounts. We allocated a larger percentage of our team to the enterprise-class firms this fiscal year, starting in July. We had a little bit of a transition period there in Q1, but going into our Q2 and for the rest of this year, we've had very successful pipeline building and engagement with those large firms, and we're even able to announce some important wins as recently as this quarter. We're excited about what's happening in the enterprise-class firms. As part of the efficient go-to-market strategy, can you elaborate a bit more about the blueprints, the notion of the blueprints, and how it differentiates you from competitors? Yeah. This is a conscious investment to really help each of the audiences inside our target firms experience our platform in a language that makes sense to each of them. They all share this traditional partnership operating model, and they all have the same industry graph data structure underneath that our platform is designed specifically to serve. The language differs a little bit. The lawyers talk about matters. The accountants and consultants will talk about engagements. The investment bankers and private capital community will talk about deals, which is an example of how it varies. We have taken from the very beginning of the company a goal to make the system feel as familiar and natural to each of the folks in each of these areas as we can. The blueprints program that we have, the industry solutions program that we have, is our work to make each aspect of the platform more and more specific and verticalized to each of the end users in the marketplace, depending on their specialty. Today, we've gotten to the place where the private credit investor will see an experience that makes sense naturally for them versus a real estate investor versus a fund-of-funds investor versus a GP stakes investor versus a private equity or a private credit investor. Similarly, across the practice areas of the law firm or the service lines of an accounting firm. The blueprints program that we've developed really helps firms as soon as they see the software feel like something that was really made for them. If I could switch to one of the very successful acquisitions that you've done back in 2018, the acquisition of DealCloud, can you talk about the win rates that you're able to reach with DealCloud and where does it stand in terms of competition against horizontal players? DealCloud is our system for business development and the growth side of the firm. We're helping individual partners and their teams raise funds, deploy capital into individual deals, pursue new client relationships, cross-sell services into a variety of clients. One of the things that really sets us apart as a business and DealCloud in particular apart as a product line is how clearly it represents the type of business development activity that these firms pursue. These are not widget salespeople the way that most of the CRM systems that have been designed for the past 20- 30 years assume you are when you're deploying a CRM system. These are professionals who are networking their way through a variety of intermediaries and relationships that they have in the marketplace to find and uncover opportunities. DealCloud is designed for exactly that style of go-to-market. When we bring it to a competitive situation, a lot of what we're talking about feels very natural to the end users compared to a demo that they might get from a traditional CRM company. Our win rates tend to be very strong, and it's consistent with the vertical strategy of the business. This is the success rate that you've seen from our inspiration Veeva and many of the vertical companies is when you really bring something that's purpose-built for the industry itself and understands the people, the process, the terminology. In our case, there's a very strong compliance component to what we do. This is a key differentiating factor for us in competition versus the horizontal suppliers, is really understanding the material nonpublic information obligations and all of the professional ethical obligations that each of the professions signs up to, each of the professionals signs up to. Our system understands all of those and can support them in making sure that the way that they are either doing business development or executing the work for their deal or their clients is consistent in a compliance way. There are some basic things that really set our system apart from the more traditional horizontal offerings. Any anecdotes you can share in terms of competitive displacements that have been done recently? We were able to talk on this quarter's call in quite a few areas. We have examples where we've replaced large horizontal CRMs that you all would know in the large banks, in private capital firms, in the large law firms, accounting firms, consulting firms. We had an exciting anecdote from this quarter's release where one of our key customers named Accordion, which is a financial services-oriented consulting firm, had acquired DealCloud, bought DealCloud from us a few quarters ago. Then just this quarter, they added on our compliance offering. We had a very successful deployment of DealCloud there and then a cross-sell of our compliance capability in. That happens across the markets. Sometimes people buy the compliance system first. We had an example in New York where a pretty large M&A bank had bought Salesforce for their CRM, and they had bought our compliance system to go along with it when they first deployed it. Two years later, they replaced Salesforce with our system because they were not getting good adoption by the partners, and they had such success with our compliance system that they went the other way. The first land can happen in several different ways, and the cross-sell can happen in several different ways. Generally, people really start to take up the system versus the competitors. You also mentioned in the past the industry graph data model. Can you highlight how exactly it helps you differentiate from your competitors and improve your win rates? Yeah. The industry graph data model is really at the core of the technical moat for the business. This began at the very beginning of the company as we were working to build a system that could replace the in-house built software that all of these firm CIOs had been building. Ultimately, what we came to appreciate as we worked with the firms and designed our system was the traditional CRMs and ERPs are really designed for a linear manufacturing process and sales process where they're taking bills of materials out of inventory and going into a standard price list and then marketing that price list through a Salesforce and selling off the standard price list, maybe with a little bit of a discount per unit, and then running that through into the ERP to do the costing. That works perfectly well for most of the businesses on Earth, but it has nothing to do with the way that the professional firms actually go to market or how they develop value for their clients. The model that I described earlier, where you have a sponsor who may be trying to sell an asset in an auction scenario, and you have multiple bidding teams bidding on that asset, and the sponsor has a whole set of advisors, including a bank and some other folks who are helping to position that for sale, and then each of the bidding teams has their unique set of advisors, that model of all those people and all those relationships is one moment, is one deal. If you step back and look at these large firms, they could have 100 or 1,000 or 10,000 of these over the course of a year, a few years. The same people, the same institutions that are participating in an auction one day could appear the next day in a completely different configuration where the folks that you were bidding against the day before are now on your team the next day. In order to fully capture the knowledge of the firm and its awareness of the ecosystem that it's operating in, you want that full rich history. This is what the professionals have in their heads traditionally that brings a lot of value to the firm. We provide an industry graph data model underlying our whole system that models that level of the ecosystem relationship, which is just totally different from the traditional horizontal linear manufacturing process that most systems were designed for. As a result, when we bring our system in, everyone in the firm relaxes and says, "Oh, this is something that actually understands what we're trying to do." I can see how I'm going to get pitch information and firm experience and relationships and contacts in the outside world and what our history has been and what our wins and losses have been and who the influencers were and who the intermediaries were. There are all these things that you can extrapolate from the correct industry graph model underneath. It is very specific to this industry that this is a giant industry that has never had something built just for them before. When we bring it in, people say, "Where have you been?" We have built this whole set of applications on top of this industry graph data model, and we feel very good about it because it took us a long time. We did it as a private company in a bootstrapped way, but we really built it specifically for this firm, for this type of firm. We are not repurposing something. It is our IP that is doing this. All the applications that we build then can leverage this data model. Folks love it. They have real success. Now that we bring the AI opportunity on top of this system, all of the AI can take advantage of the correct data underlying these firms. It is really a strong component of the firm's ability to express their own experience and IP when they go to win business through all of their offerings. Thank you, John. Looking at the industry from a broader perspective, are there any regulatory changes that can come into play and pose impacts at your proposition? Yeah. The compliance opportunity, the regulatory opportunity has always been a driver for our business. We began with a conflicts offering to help firms evaluate and vet potential conflicts of interest as they were accepting new business. That grew into a larger compliance capability for our platform overall. There's a very interesting set of issues going on in a variety of our markets that are driving the compliance aspect of our growth. One is, we talked about a little bit in the accounting industry in the U.S., there's a new quality control regulation called QC 1000 that's becoming effective here in December. It's causing all those firms to do a review of their quality control program, which is their business acceptance and everything they have to do around compliance for each of the clients and each of the engagements that they bring in. There's an analogous regulation coming in Australia where there's a much more rigorous program about implementing anti-money laundering checks and terrorist financing avoidance procedures. That's helping us a lot. There's a variety of those across each of the industries that we serve that we're able to use the platform to help firms succeed in these regulatory checks. There are also some macro trends happening. The accounting industry is going through a very interesting time when private equity is coming in at the very beginning and investing in firms for the first time. That often drives a whole review of their compliance capability from a risk management standpoint. Compliance is a big part of our accounting. Interesting. Moving to a new sector, a new vertical that you're expanding into, the real assets vertical, can you talk about how you selected this vertical as a pathway for expansion and maybe mention some of the acquisitions that you've done, the TermSheet deal? Yeah. Real assets is an important part of our overall portfolio. It's obviously a huge factor unto itself. We got into this because we were working with several of the large multi-strategy alternative asset managers. We had been supporting their private equity investing team with DealCloud. We expanded into their private credit team, their hedge funds team, their GP stakes team, and we were approached by their real assets team and said, "Can you do the same system for us?" There was some R&D we had to do for each of these areas. In real assets in particular, I was mentioning earlier that the investors in real assets like to see a picture of the property that they're investing in, but they also have a whole set of KPIs that they want to track that are specific to that asset class. There is a whole set of external global information that they are trying to bring in to kind of vet the various assets that they are looking to potentially invest in. We had to build out that set of capabilities. About 14 months ago at our first investor day, we expanded our SAM definition and talked about the opportunity in real assets. Once we had made this possible for the multi-strategy asset managers, all the specialist firms in the real assets community became opportunities for us, and we could grow that way. TermSheet was something we announced just this quarter. It was a technology company that was making some very exciting technology for the real estate industry itself with some tremendous experts in the organization that were growing that company. We had an opportunity to acquire them and add some of their technology to the platform and be able to serve not just the folks who were doing the fundraising or the folks who were doing the fund deployment, which is what we were doing first, but now in addition, all the folks who manage the asset through its lifecycle for the real assets community. That opens up more space more quickly for us to go bring DealCloud in. That is an exciting area of growth for us. Amazing. How much the cloud makes and the latest data that you recently reported, 77% of ARR on the cloud, is quite impressive. Do you still feel confident in your ability to continue to add about 5 percentage points per year on average in terms of cloud penetration? What sort of carrots and sticks are you using to drive that? The company began a while ago, and we have had an on-premises offering for many years. We no longer sell anything on-premises. It's 100% cloud sales today, even to firms that have some on-prem. If you buy something new from us, they're buying the cloud version of what they're buying. We have about $100 million left of ARR on-premises from some of these firms. We also share in each quarter a statistic on the number of our firms who have something in the cloud from us. That number was 93% this quarter. We want to show folks that it's not an opposition to taking up the cloud in our client base, but more a practical issue to how they migrate off of that original on-prem software. We have deployed a whole program to finish the job of moving folks from the remaining on-prem to cloud generation products. We have a general manager who's running that program, doing a fantastic job. We're working with each of the CIOs and COOs of the firms to lay out the program for doing this. We have positive incentives for folks to do that. For example, all the AI that we're doing is in the cloud, and it makes it much easier for them to make the case internally that it's time to make the move. We have an opportunity to do some additional incentives. We haven't announced an end of life today. We want to get everybody up on our cloud platform in some way and make the transition very practical. We're getting close to being able to do that, and I think we'll be able to move a significant portion here. How about some initial feedback on the recently launched AI products? What are you hearing from customers, and how do these new AI SKUs increase the intensity and demand for cloud offerings? We're excited about the range of new SKUs that we've offered. We launched Intapp Assist for DealCloud. Intapp Assist is our generative AI product brand, and we're rolling that out across the platform with successive releases. We began with a DealCloud-based solution. We came out shortly thereafter with a system for one of our compliance products called Terms, so Intapp Assist for Terms. This past February, at our Intapp Amplify product launch event in New York, we announced Assist Origination, which is a system for all of the folks who work on either originating fundraising or originating fund deployment or client acquisition. Each of these is a product that we can go back to our existing base and sell. It's also something that we highlight in the first instance for clients that we're pursuing new today. We have additional AI generation offerings. We have a Walls for AI solution that is also in our compliance area that helps manage the information governance risk, the oversharing risk that is present when you deploy solutions like Copilot or similar AI products. It helps manage to make sure that the AI doesn't answer to you information that might be MNPI that it knows about that you shouldn't. And so this is a confidentiality management program that's very popular. A lot of the deployments of AI have been worried about this kind of risk, particularly in this market, so we have an answer there. And then we have just recently released our next generation Time product. This is a big part of our original legal business that actually reflects a little bit on this on-prem discussion because we wanted to do a whole set of capabilities for compliant time recording in the cloud with generative AI for all of our original Time customers. We had a line out the door for demos we had at this Amplify event. There is a whole range of these products that we can sell up to our existing clients and also use to win such business. Perfect. Maybe the next question could be for Dave. Dave, could you discuss your plan of using more of system integrators as you move more to the cloud and offload some of the low-margin services revenues to them? Yeah. We've been working on a revenue mix not only with over-pronating or over-indexing on our SaaS growth there, but then also looking at our on-prem and then also services. What we've set back or really realized and understand and appreciate is kind of that growing ecosystem. Bringing more system integrators into our ecosystem not only helps with the fundamental deployment but then also helps down the road with further co-sell or deal origination as well. It's really a nice bilateral ecosystem that we've developed here. Other partners may bring on data sets, and that's a growing place for us as well. Obviously just the end technical partners. We've always highlighted Microsoft, and KPMG is a top two tiering, but there are many others that play a very important part within that overall ecosystem. That trend will continue, and it's also going to be part of our continued growth narrative going into our FY 2026 planning and part icipation on that. Thank you, Dave. John, maybe you could elaborate a bit more about the Microsoft partnership and the relationship that has evolved, the value add that you can provide on the back of that partnership. We were very excited to form this relationship with Microsoft. It happened after the IPO, something that we were able to put together a couple of years ago. The relationship has a few different pillars. One is a technology partnership. So we're working together to make sure that all of Intapp's systems interoperate with Microsoft Office 365 and Azure and OpenAI capabilities. There is a co-marketing component to the partnership where we were able to work with Microsoft's organization. This past quarter, we held in Redmond itself a big event for all of the CIOs of the largest, in this case, legal and accounting firms in the world. Microsoft executives were there talking about working with Intapp for the specific needs of this special end market and talking about our joint product development. Then there's a co-selling component, which has a big impact too. We have an agreement where all of our software is made available in the Microsoft Azure marketplace. If a client has a Microsoft Azure minimum spend commitment agreement, they call it a MAC agreement, they can use that agreement dollar for dollar to buy Intapp software. We're at a stage now in the relationship where the Microsoft sellers receive quota relief dollar for dollar for selling Intapp's products. There is a very strong alignment between Microsoft's field organization and Intapp's field organization to continue to make progress in this market and win market share together. That is really going very well. We are very excited about the progress of the Microsoft relationship. Great. Dave, maybe another question for you. Can you elaborate on how new logos and expansions have contributed to your growth? Within expansions, what is the share roughly of upsell versus cross-sell? Yeah. I mean, it's an important part of our growth. We've narrated previously, yes, we landed 26, 50 approximate logos today. Just continuing on, if all we were to do between here and a billion dollars, we could achieve that just by entertaining new logos. Conversely, expand via B2B, either upsell or cross-sell, meaning either selling more seats of what they bought previously upsell or cross-sell into the various offerings that we have across Time, DealCloud, compliance, and so on. We could add at least another billion dollars on that as well. That motion has been very strong, as John had articulated, with our go-to-market motions and with all of our product-led growth innovation that you've seen here really accelerate over the past year. Both of those motions are readily in view of sight. Roughly one-third of your business is international. Any specific markets that are driving expansion internationally right now? We've been international for a long time. We have a strong footprint today in the U.K. and Canada and Australia and New Zealand. More recently, we've been expanding in other parts of Central Europe, in the Nordics. We've been winning business in the Middle East. We opened an office in Singapore in the last 18 months or so. It's doing well. We've won our first clients in Japan and are expanding there. It is all the locations where you have these money center operations with major professional services firms and financial services firms. Perfect. Finally, maybe you can talk about some more gross margin opportunities. Outside of the cloud focus and the mixture that we already discussed, are you seeing any benefits from scale as you work with your partners on the cloud? Any potential drivers for gross margins there? We haven't specifically guided to anything outside of our long-term range and then our near-term guide. Clearly, we still have operational efficiencies to be garnered. We, over the near term, have guided to 300-500 basis points of improvement overall. I think our track record over the last year, last two years, has been very proven of what we've been able to deliver overall in our leverage and just driving scale and then even in some areas, absolute reduction. As we go after those, as we continue to become more and more stage appropriate on our track for the billion and beyond, there's continued opportunity there. Perfect. John, Dave, thank you very much for joining today. I appreciate your time. Thank you. Pleasure.