Slides
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February 25, 2026
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This presentation has been prepared by Intapp, Inc. (“Intapp”) for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or Intapp or any officer, director, employee, agent or advisor of Intapp. This presentation does not purport to be all-inclusive or to contain all of the information you may desire. Information provided in this presentation speaks only as of the date hereof. This presentation includes express and implied “forward-looking statements.” In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” "can," "continue," "could," “estimate,” "expand," “expect,” "explore," “intend,” “may,” “might,” "objective," "ongoing," "outlook," “plan,” "predict," “project,” "potential," "should," “target,” “will,” “would,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to, among other things, our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and growth rates, our future results of operations or financial condition, our plans and objectives for future operations, growth, initiatives, or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. These assumptions, uncertainties and risks include, among others, our ability to continue our growth at or near historical rates; our future financial performance and ability to be profitable; the effect of global events on the U.S. and global economies, our business, our employees, our results of operations, our financial condition, demand for our products, sales and implementation cycles, and the health of our clients' and partners' businesses; our ability to prevent and respond to data breaches, unauthorized access to client data or other disruptions of our solutions; our ability to effectively manage U.S. and global market and economic conditions, including inflationary pressures, economic and market downturns and volatility in the financial services industry, particularly adverse to our targeted industries; the effect on our customers of the imposition of additional tariffs, duties, or taxes, changes to existing trade agreements, and other charges or barriers to trade and any resulting impact to global stock markets, foreign currency exchange rates, and existing inflationary pressures; the length and variability of our sales cycle; our ability to attract and retain clients; our ability to attract and retain talent; our ability to compete in highly competitive markets, including artificial intelligence ("AI") products; our ability to manage the implementation of AI into our products and services and to comply with U.S. and global laws and regulations regarding AI; our ability to manage additional complexity, burdens, and volatility in connection with our international sales and operations; the successful assimilation or integration of the businesses, technologies, services, products, personnel or operations of acquired companies; our ability to incur indebtedness in the future and the effect of conditions in credit markets; the sufficiency of our cash and cash equivalents to meet our liquidity needs; our ability to maintain, protect, and enhance our intellectual property rights; and other risks and uncertainties included in our reports filed with the U.S. Securities and Exchange Commission (available on our website at www.Intapp.com or the SEC’s website at www.sec.gov). It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. You should not rely upon forward-looking statements as predictions of future events. Although our management believes that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events, or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, assumptions, long-term targets and estimates of our future performance and the future performance of the markets in which we compete are necessarily subject to a high degree of uncertainty and risk. In addition to the financial metrics presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes the following non-GAAP metrics: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, free cash flow and free cash flow margin. Non-GAAP gross profit and non-GAAP gross margin exclude the impact of stock-based compensation, amortization of intangible assets and restructuring and other costs; Non-GAAP operating income and non- GAAP operating margin exclude the impact of stock-based compensation, amortization of intangible assets, expenses associated with acquisition-related contingent and deferred liabilities, transaction costs, restructuring and other costs and asset impairments; and free cash flow and free cash flow margin exclude the impact of purchases of property and equipment from the corresponding financial measures determined in accordance with GAAP. Other metrics include total annual recurring revenue ("ARR"), Cloud ARR, total net revenue retention rate ("NRR") and Cloud NRR. Total ARR represents the annualized recurring value of all active Software as a service ("SaaS") subscription and on-premise license contracts at the end of a reporting period. Cloud ARR is the portion of the annualized recurring value of our active SaaS subscription contracts at the end of a reporting period. Contracts with a term other than one year are annualized by taking the committed contract value for the current period divided by number of days in that period, then multiplying by 365. Net revenue retention rate is calculated by starting with the ARR from the cohort of all clients as of the twelve months prior to the applicable fiscal period, or prior period ARR. We then calculate the ARR from these same clients as of the current fiscal period, or current period ARR. We then divide the current period ARR by the prior period ARR to calculate the net revenue retention rate. Cloud net revenue retention rate is calculated by starting with Cloud ARR from the cohort of all clients as of the twelve months prior to the applicable fiscal period, or prior period Cloud ARR. We then calculate the Cloud ARR from these same clients as of the current fiscal period, or current period Cloud ARR. We then divide the current period Cloud ARR by the prior period Cloud ARR to calculate the cloud net revenue retention. Intapp has not included a quantitative reconciliation of its long-term targets for non-GAAP gross margin, non-GAAP operating margin and free cash flow margin to their most directly comparable GAAP financial measures because certain of these reconciling items, including stock-based compensation and amortization of intangible assets could be highly variable and cannot be reasonably predicted without unreasonable effort. This is due to the inherent difficulty of forecasting the timing of certain events that have not yet occurred and are out of the Company’s control and the amounts of associated reconciling items. Please note that the unavailable reconciling items could significantly impact the Company’s GAAP operating results. We present non-GAAP measures when we believe that the additional information is useful and meaningful to investors. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. We urge you not to rely on any single financial measure to evaluate our business. Disclaimer
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Introducing SVP , Investor Relations
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Agenda David Trone John Hall Thad Jampol Ben Harrison Don Coleman David Morton
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Introducing Chairman & Chief Executive Officer
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Intapp helps the leading capital markets, legal and advisory firms grow, manage risk, and run profitably 124% Cloud NRR 31% Cloud ARR YoY 2,750+ Clients Note: refer to "Disclaimer" for definitions of cloud ARR and cloud net revenue retention rate (“cloud NRR”); Client count as of December 31, 2025
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Intapp is positioned to win in the agentic AI cycle
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Intapp is positioned to win in the agentic AI cycle The elite professional firms we serve are expanding, but they must transform and have unique industry requirements for AI.
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Intapp is positioned to win in the agentic AI cycle The elite professional firms we serve are expanding, but they must transform and have unique industry requirements for AI. Today we are launching Celeste, our AI-native agentic platform for firms. Celeste is built to automate a firm’s business and growth workflows with full professional compliance.
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Intapp is positioned to win in the agentic AI cycle The elite professional firms we serve are expanding, but they must transform and have unique industry requirements for AI. Today we are launching Celeste, our AI-native agentic platform for firms. Celeste is built to automate a firm’s business and growth workflows with full professional compliance. Celeste complements other AI tools (e.g., Claude, CoPilot, Harvey) with expert agents, systems of record, and compliance capabilities.
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Intapp is positioned to win in the agentic AI cycle The elite professional firms we serve are expanding, but they must transform and have unique industry requirements for AI. Today we are launching Celeste, our AI-native agentic platform for firms. Celeste is built to automate a firm’s business and growth workflows with full professional compliance. Celeste complements other AI tools (e.g., Claude, CoPilot, Harvey) with expert agents, systems of record, and compliance capabilities. To position our portfolio for the next wave of demand, we are rearchitecting all our core business applications to run as expert agents.
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Intapp is positioned to win in the agentic AI cycle The elite professional firms we serve are expanding, but they must transform and have unique industry requirements for AI. Today we are launching Celeste, our AI-native agentic platform for firms. Celeste is built to automate a firm’s business and growth workflows with full professional compliance. Celeste complements other AI tools (e.g., Claude, CoPilot, Harvey) with expert agents, systems of record, and compliance capabilities. To position our portfolio for the next wave of demand, we are rearchitecting all our core business applications to run as expert agents. These innovations reinforce the value of our existing portfolio, expand our TAM with new agentic use cases, and enable us to apply consumption-based pricing.
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Intapp is positioned to win in the agentic AI cycle The elite professional firms we serve are expanding, but they must transform and have unique industry requirements for AI. Today we are launching Celeste, our AI-native agentic platform for firms. Celeste is built to automate a firm’s business and growth workflows with full professional compliance. Celeste complements other AI tools (e.g., Claude, CoPilot, Harvey) with expert agents, systems of record, and compliance capabilities. To position our portfolio for the next wave of demand, we are rearchitecting all our core business applications to run as expert agents. These innovations reinforce the value of our existing portfolio, expand our TAM with new agentic use cases, and enable us to apply consumption-based pricing. With 2,750+ firms already on Intapp, we have major distribution and technical advantages as we bring these innovations to market. Note: client count as of December 31, 2025
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Our market is expanding and in need of AI solutions $4T global market We focus on the largest professional firms Every firm has an imperative to transform how they operate with AI The market is consolidating, driving demand for technology to enable scale 4 Note: based on internal research
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Our markets are unique in structure and how they deliver value Typical corporate model Professional firm model Horizontal technology has never served these firms well
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Firms need to differentiate with their proprietary knowledge Individual knowledge In heads Institutional knowledge In systems Differentiated AI Capabilities Firm knowledge powering AI models
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Firms have strict, highly specific requirements for professional compliance Professional compliance is an existential concern Work Structures Ethical & Client Obligations Example Regulatory Bodies Legal Client–Matter– Engagement model Attorney-client privilege, ethical walls (Intapp Walls), client consent protocols SRA | Bar Associations Law Society | FCA State ethics boards Accounting Firm–Client– Engagement–Project Auditor independence, rotation rules, non-audit service restrictions PCAOB | AICPA FRC | IESBA SEC (auditor rules) Consulting Client–Engagement– Workstream–Phase NDA-driven confidentiality, client IP protections, competitor separation Client-specific policies Data sovereignty rules Sector-specific regimes Investment Banking Coverage–Deal– Mandate–Execution MNPI controls, restricted lists, information barriers, client-side / sell-side walls SEC | FINRA | FCA BaFin | MiFID II MAR / insider dealing Private Equity Fund–Portfolio Co– Deal–LP Reporting LP side letters, co-invest allocations, carried interest, fund-level confidentiality SEC (Advisers Act) ILPA | AIFMD Carry / ERISA rules Real Assets Fund–Property– Asset–Lease–Tenant Valuation governance, capital call controls, asset-level JV confidentiality SEC | INREV | RICS Local property law JV operating agreements
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With Intapp Assist, we integrated gen AI into our products
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How we built Celeste AI-native codebase Model agnostic Startup release velocity New user experience paradigm
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Partners and business services are underserved Partners & senior leaders Winning new business and clients Managing and growing key relationships Running their practice profitably Business services Marketing & business development Conflicts, compliance and risk Operations and practice management Junior professionals Research Document drafting and review Financial modeling and analysis ~2/3rd of expenses as a share of revenue
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core IT SAM ~$20B Agentic AI opportunity 1 $30B+ 1 Estimates based on market interviews and our historical data and experience, and Gartner “Forecast: AI Spending, Worldwide, 2024 – 2029, 4Q25” Note: SAM stands for serviceable addressable market; estimates based on market interviews and our historical data and experience Celeste positions us to deliver on the next opportunity curve
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Introducing Co-Founder & Chief Product Officer
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Industry-specific agents Firm Playbooks Knows your firm Professional compliance built-in
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Celeste makes AI models better Expert agents Embedded firm workflows Client systems of record Professional compliance Industry market data
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Inbound Opportunity Screening Firm’s Deal Point of View Preliminary LBO model and valuation
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View Preliminary LBO model and valuation Celeste surfaced in Copilot
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A comprehensive platform for professional firms Legal Private Capital Investment Banking Accounting Consulting Real Assets Intapp Celeste | The Firm AI Expert Agents Firm Playbooks Context Engine MCP Connectors Collaboration Growth DealCloud Properties Compliance Intake Conflicts Terms EC Profitability Time Billstream Walls for AI Intapp Data Foundation
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A comprehensive platform for professional firms Legal Private Capital Investment Banking Accounting Consulting Real Assets Intapp Celeste | The Firm AI Expert Agents Firm Playbooks Context Engine MCP Connectors Collaboration Growth DealCloud Properties Compliance Intake Conflicts Terms EC Profitability Time Billstream Walls for AI Intapp Data Foundation
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Celeste automates firms’ business workflows with expert agents Investors Advisors
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Skills Connectors
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Industry and firm context - context includes the language that firms use. Every firm has a different way of talking about their business. That maps back to their data. These firms have very complex data taxonomies -- one of the reasons the industry graph data model… if you donʼt have this the LLM wont know what fields to pull or pull the wrong ones or pull different ones for different people.
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a.Applications. i. Knows your firm.. ii. Rearchitecting iii. Examples of Celeste and agents in our products 1. DealCloud → embedded pane and Cross- selling 2.Compliance → intake acceleration → conflicts clearance (agents running at night) → ongoing compliance monitoring 3.Time → data being used for operational insights. Saw Copilot example earlier. These insights are based on our data exposed via Claude.
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We already manage the critical data and workflows that these firms rely on each day Pursuits Clients Experience Referrers Interactions Balance of Trade Intake Sanctions Lists Conflicts KYC Time/Billings Corp Trees Matter unit economics Matter / Work History Invoices Write downs / Write offs Ethical walls Historical ratesOCGs Collections Financials Staffing / Leverage Fee earner effort Relationships Documents Knowledge DealCloud Compliance Time Collaboration
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DealCloud with Celeste Conflicts with Celeste
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Celeste surfaced in Anthropic Claude
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Walls for AI Contractors Temporary access Laterals Prior client representation Legal holds Information preservation obligations Auctions Multiple bidder representation Cross border Jurisdictional and sanctions Private-public advisory Research and trade separation Information barriers Protect client interests MNPI | Insiders Highly-sensitive M&A Confidentiality Engagement access restrictions Employee conflicts Individual conflicts of interest Independence Firm and personal audit independence Team screens Separation of engagement teams Professional compliance scenarios
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Introducing President, Industries & Founder, DealCloud
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Diversified and global client base of premier firms
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Positive secular trends across all client verticals
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Am Law 100: # of firms with $1B+ revenue >2x in 10 years Scale provides global reach and practice area breadth Heightened complexity from evolving AML + KYC regulations Urgency for tech partner: compliant cloud AI transformations Note: “Am Law 100…” sourced via Am Law 100 rankings: 2025 and 2015
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Transaction volume inflecting, 100+ deals in 2025 alone Private-equity backed: ~1/3rd of top 30, ~1/4th of top 100 Driving scaled roll-ups and mid-size / regional consolidation Catalyst for AI-driven compliance infrastructure modernization Legal Note: “Transaction volume…” sourced via CPA Trendlines; “Private-equity backed…” sourced via Bloomberg and The Wall Street Journal
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Firm share: top 5 = ~40%, top 10 = ~50%, top 100 = ~80% Combinations driven by global scale and hyper-specialization Expansion of advisory services: AI and digital transformation Private equity roll-ups driving compliance prioritization Legal Accounting Note: “Firm share…” based on market interviews and our historical data and experience
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Top bulge brackets: ~25 – 30% of global fees historically Boutiques: ~15 – 20% of global fees historically 2025 rebound in M&A and IPOs, mega-deals at all time-high Secondaries a growing mechanism for liquidity unlock Accounting Legal Consulting Note: “Top bulge brackets…” and “Boutiques…” sourced via historical league tables; “2025 rebound…” sourced via J.P. Morgan
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Private equity: top 10 fundraising share at decade high Secondaries: record transaction volumes Evergreen funds: private wealth-driven inflows Rise of multi-asset super platforms via M&A and partnerships Legal Consulting Accounting Investment banking Note: “Private equity…” sourced via Private Equity Wire; “Secondaries…” sourced via CAIS
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Investors: thousands of real assets private equity firms and REITs Heavy top 10 capital concentration across both PE and REITs TermSheet acquisition: expanding into developers / operators Under-served and largely behind the digitalization curve Legal Accounting Investment banking Consulting Private capital
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deep-seated vertical expertise end-market consolidation trends key persona and workflow knowledge product-market positioning Translating into… value-oriented proposition replicable, referenceable execution Enterprise instrumentation leadership-first approach
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Complexity of private capital secondaries and continuation vehicles Influx of PE dollars into top accounting firms, driving compliance modernization Legal cloud migrations to leverage new cloud AI and connected firm data Upgrade existing CRM for AI-enabled sourcing / origination and data ingestion 1 2 3 4
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Complexity of private capital secondaries and continuation vehicles Influx of PE dollars into top accounting firms, driving compliance modernization Legal cloud migrations to leverage new cloud AI and connected firm data Upgrade existing CRM for AI-enabled sourcing / origination and data ingestion 1 2 3 4
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Complexity of private capital secondaries and continuation vehicles Investor Day 2026 Q2 FY26 New client land Investor Day 2024 Q2 FY24 Investment banking >6x Note: results shown are based on particular client case studies and may not be representative or indicative of other current or future clients. These case studies are shown for informational purposes only client spend DealCloud PCA group Upsell across advisory business with Assist
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Complexity of private capital secondaries and continuation vehicles Influx of PE dollars into top accounting firms, driving compliance modernization Legal cloud migrations to leverage new cloud AI and connected firm data Upgrade existing CRM for AI-enabled sourcing / origination and data ingestion 1 2 3 4
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Influx of PE dollars into top accounting firms, driving compliance modernization Existing client DealCloud >25x Investor Day 2026 Q2 FY26 Investor Day 2024 Q2 FY24 Note: results shown are based on particular client case studies and may not be representative or indicative of other current or future clients. These case studies are shown for informational purposes only client spend Employee Compliance cross-sell Conflicts + Intake Global cross-sell Accounting
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Influx of PE dollars into top accounting firms, driving compliance modernization Existing client Conflicts Intake Investor Day 2026 Q2 FY26 Investor Day 2024 Q2 FY24 >3x Note: results shown are based on particular client case studies and may not be representative or indicative of other current or future clients. These case studies are shown for informational purposes only client spend Conflicts + Intake upsell Employee Compliance cross-sell Accounting
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Complexity of private capital secondaries and continuation vehicles Influx of PE dollars into top accounting firms, driving compliance modernization Legal cloud migrations to leverage new cloud AI and connected firm data Upgrade existing CRM for AI-enabled sourcing / origination and data ingestion 1 2 3 4
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Cloud migrations to leverage new cloud AI and connected firm data Existing client Time Investor Day 2026 Q2 FY26 Investor Day 2024 Q2 FY24 >9x Note: results shown are based on particular client case studies and may not be representative or indicative of other current or future clients. These case studies are shown for informational purposes only client spend Billstream cross-sell Time cloud migration Compliance AI cross-sell Conflicts, Intake, Terms with Assist Legal
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Cloud migrations to leverage new cloud AI and connected firm data Existing client Conflicts Intake Terms Walls Time Billstream Investor Day 2026 Q2 FY26 Investor Day 2024 Q2 FY24 client spend ~2x Note: results shown are based on particular client case studies and may not be representative or indicative of other current or future clients. These case studies are shown for informational purposes only DealCloud cross-sell Collaboration cross-sell Full cloud migration, starting with Compliance added Assist full suite Legal
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Cloud migrations to leverage new cloud AI and connected firm data Existing client Conflicts Intake Terms Walls Investor Day 2026 Q2 FY26 Investor Day 2024 Q2 FY24 client spend >2x Note: results shown are based on particular client case studies and may not be representative or indicative of other current or future clients. These case studies are shown for informational purposes only Te r m s cloud migration Time cloud cross-sell DealCloud cross-sell Legal
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Complexity of private capital secondaries and continuation vehicles Influx of PE dollars into top accounting firms, driving compliance modernization Legal cloud migrations to leverage new cloud AI and connected firm data Upgrade existing CRM for AI-enabled sourcing / origination and data ingestion 1 2 3 4
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Upgrade existing CRM for AI-enabled sourcing / origination and data ingestion Existing client DealCloud Real assets Investor Day 2026 Q2 FY26 Investor Day 2024 Q2 FY24 client spend ~2x Note: results shown are based on particular client case studies and may not be representative or indicative of other current or future clients. These case studies are shown for informational purposes only DealCloud upsell Doc ingestion cross-sell Agentic AI capabilities cross-sell
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Introducing Chief Operating Officer
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Our coverage model client spend potential client lifecycle Mid-market Enterprise Land Expand
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Our coverage model Enterprise pursuit Enterprise growth Mid-market growth Mid-market pursuit client spend potential client lifecycle
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of core IT SAM in $15B+ Note: SAM estimates based on market interviews and our historical data and experience
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of core IT SAM named accounts opportunity$15B+ ~2.8K >75% lands expands named account mix spend potential Enterprise GTM transition is working… Note: SAM estimates based on market interviews and our historical data and experience
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IPO FY22 FY23 FY24 FY25 Q2 FY26 Inflection with our largest clients Total ARR threshold for top 10, 25, 100 clients Note: “IPO” values are defined as of the fiscal quarter ended June 30, 2021; Refer to "Disclaimer" for a definition of total ARR Top 10 25 100 >2x growth >2x growth >2.5x growth
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Compelling Enterprise new logo greenfield opportunity Professional services Financial services Enterprise new logo opportunity Note: Intapp clients as of the fiscal quarter ended December 31, 2025
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Further harnessing our Enterprise coverage in FY26 increased focus on new logo pursuit Professional services Pursuit + growth YoY seller increase via Enterprise FY26 vs. FY25 adding sellers in Middle East and Singapore Financial services Overall density Geographies
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Supporting clients through go-live to expansion Post-go-livePost-purchase Professional services expert-led implementation T raining services enablement to accelerate adoption Account management commercial relationship owner and coordinator Client success Value realization across client lifecycle
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Data partners T echnologypartners Services partners Intapp partner ecosystem Vertical-centric partners
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Deal size Win rate co-sell Partner-engaged deals outperform
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Scaling partner delivery capabilities and resources partner-led projects up ~45% YoY services partner certifications up ~35% YoY co-delivery 200+ FY25 1.2K+ Q2 FY26
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Successful FY25 with Microsoft…
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jointly executed with Microsoft FY26 YTD Note: “YTD" values are defined as FY26 year to date, as of the fiscal quarter ended December 31, 2025
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Varied pricing and packaging model seat-based enterprise-wide Celeste opportunity platform fee consumption
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Introducing Chief Financial Officer
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Intapp since inaugural Investor Day 2024 Note: non-GAAP gross profit, non-GAAP operating income, and free cash flow are non-GAAP financial measures; refer to "Disclaimer" for definitions of these non-GAAP financial measures Delivering on Growth Delivering on Profitability Non-GAAP gross profit Non-GAAP operating income Free cash flow Model evolution (revenue) Cloud ARR Enterprise Migrations M&A
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Operating at Rule of… Note: "Rule of" defined as: YoY trailing 12-month subscription revenue growth rate plus trailing 12-month non-GAAP operating margin. Non-GAAP operating margin is based on non-GAAP operating income; refer to “Reconciliation: non-GAAP operating income (loss)” in appendix for a reconciliation of this measure to its most directly comparable GAAP financial measure. Refer to slide 96 footnote #1 for additional information regarding subscription revenue 1 FY26E metrics provided as of 2/3/26, based on midpoints of FY26 outlook, communicated in Intapp's 2/3/26 earnings release ~43% FY26E 1 Growth Subscription revenue YoY growth Profitability Non-GAAP operating margin ~18%~26%
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David Morton
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A comprehensive platform for professional firms Legal Private Capital Investment Banking Accounting Consulting Real Assets Intapp Celeste | The Firm AI Expert Agents Firm Playbooks Context Engine MCP Connectors Collaboration Growth DealCloud Properties Compliance Intake Conflicts Terms EC Profitability Time Billstream Walls for AI Intapp Data Foundation
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~$15B ~$31B ~$10B ~$24B Large and expanding core market opportunity 2021 Investor Day 2024 ~$39B ~$20B T oday Pricing + packaging Product expansions Real assets M&A SAM core IT TA M core IT Note: TAM stands for total addressable market; SAM stands for serviceable addressable market; estimates based on market interviews and our historical data and experience Product expansions Impactful M&A
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~$15B ~$20B Investor Day 2024 Pricing + packaging Product expansions Real assets M&A Investor Day 2026 Large and expanding core market opportunity T odayInvestor Day 2024 Note: SAM estimates based on market interviews and our historical data and experience SAM core IT
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core IT SAM ~$20B Agentic AI opportunity 1 $30B+ 1 Estimates based on market interviews and our historical data and experience, and Gartner “Forecast: AI Spending, Worldwide, 2024 – 2029, 4Q25” Note: SAM estimates based on market interviews and our historical data and experience Agentic is the next opportunity curve
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$272 $351 $431 $504 $572 FY22 FY23 FY24 FY25 FY26E Total revenue reflecting the model evolution $ in millions 20% CAGR Total revenue FY22 – FY26E 3 +11% YoY License + Services 1 Subscription mix 1,2 73% Subscription mix 66% Subscription mix 60% Subscription mix 56% Subscription mix +1% YoY License + Services (10%) YoY License + Services 3 Note: YoY growth rates and mix / CAGR calculations based on corresponding precise amounts as presented in our consolidated statements of operations in our quarterly and/or annual reports for the applicable time period(s); “Subscription mix” defined as: subscription revenue divided by total revenue for the applicable period 1 Throughout this presentation, the amounts of subscription revenue and services revenue are the same as the amounts of SaaS revenue and professional services revenue in our consolidated statements of operations in our quarterly and/or annual reports forthe applicable time period 2 Effective July 1, 2024, the Company adjusted the classification of support services related to subscription license to be included within “License” on theconsolidated statements of operations. Prior to July 1, 2024, support services related to subscription license was included in a line item entitled “SaaS and Support.” Accordingly, effective July 1, 2024, SaaS revenues include subscription fees from clients accessing our SaaS solutions, premium support services related to SaaS, and updates, if any, to the subscribedservice during the subscription term. There was no change to the Company's revenue recognition policy, except for the change in classification noted herein 3 FY26E metrics provided as of 2/3/26, based on midpoints of FY26 outlook, communicated in Intapp's 2/3/26 earnings release
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$197 $259 $332 $417 $272 $351 $431 $504 $572 FY22 FY23 FY24 FY25 FY26E Subscription revenue strength $ in millions Subscription License Services 32% CAGR Subscription1 FY22 – FY26E 2 73% mix66% mix60% mix56% mix +26% YoY+28% YoY+32% YoY Note: YoY growth rates and CAGR calculations based on corresponding precise amounts as presented in our consolidated statements of operations in our quarterly and/or annual reports for the applicabletime period(s); “mix” defined as subscription revenue divided by total revenue for the applicable period 1 Refer to slide 96 footnote #1 for additional information 2 FY26E metrics provided as of 2/3/26, based on midpoints of FY26 outlook, communicated in Intapp's 2/3/26 earnings release 2 1 1
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$271 $330 $404 $485 $535 FY22 FY23 FY24 FY25 Q2 FY26 Over half a billion of total ARR $ in millions +22% YoY+20% YoY+22% YoY+22% YoY+27% YoY 22% CAGR Total ARR FY22 – Q2 FY26 Note: YoY growth rates and CAGR calculations based on corresponding precise amounts as presented in ourquarterly and/or annual reports for the applicable time period(s)
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$163 $222 $297 $383 $434 $271 $330 $404 $485 $535 FY22 FY23 FY24 FY25 Q2 FY26 Cloud ARR now over 80% mix $ in millions 32% CAGR Cloud ARR FY22 – Q2 FY26 +31% YoY+29% YoY+33% YoY+36% YoY+48% YoY 81% mix79% mix73% mix67% mix60% mix Cloud ARR Non-cloud ARR Note: YoY growth rates and mix / CAGR calculations based on corresponding precise amounts as presented in ourquarterly and/or annual reports for the applicable time period(s)
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FY21 FY22 FY23 FY24 FY25 Cloud and total net new ARR have increased every year $ in millions Note: “net new” total ARR and “net new” cloud ARR defined as: total ARR and cloud ARR at the end of a reporting period minus total ARR and cloud ARR, respectively, at the end of the prior reporting period. "Investor Day 2024" values are defined as of the fiscal quarter ended December 31, 2023 and "today" or "Investor Day 2026" values are defined as of the fiscal quarter ended December 31, 2025; ”TTM” defined as: trailing 12-month period $53 $59 $74$58 $60 $74 $81 $86 >1.5x Investor Day 2024 – today (TTM) Cloud net new ARR Total net new ARR
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David Morton
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Profitability Non-GAAP operating margin Operating at Rule of… Note: "Rule of" defined as: YoY trailing 12-month subscription revenue growth rate plus trailing 12-month non-GAAP operating margin. Non-GAAP operating margin is based on non-GAAP operating income; refer to “Reconciliation: non-GAAP operating income (loss)” in appendix for a reconciliation of this measure to its most directly comparable GAAP financial measure. Refer to slide 96 footnote #1 for additional information regarding subscription revenue 1 FY26E metrics provided as of 2/3/26, based on midpoints of FY26 outlook, communicated in Intapp's 2/3/26 earnings release Growth Subscription revenue YoY growth ~18%~26% ~43% FY26E 1
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Our visible path to $1B Grow current offering Cloud migrations Expand with existing clients Add new clients Expand offering New client sub-verticals New geographies New solutions Accelerate ecosystem Celeste full-platform Partnerships Acquisitions Celeste limited availability Applied AI $0.5B ARR Q2 FY26 $1B ARR
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Scaling across end-markets and geographies T otal ARR mix by vertical Q2 FY26 41% Financial services 59% Professional services T otal revenue mix by geo Q2 FY26 (TTM) 31% International 69% United States
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Cloud net new ARR mix: land + expand New logo Net expand 4-year mix FY22 – FY25 27% 73% 32% 68% 2-year mix FY24 – FY25 Note: “net new” cloud ARR defined as: cloud ARR at the end of a reporting period minus cloud ARR at the end of the prior reporting period; “New logo” defined as: the portion of net new cloud ARR from existing reporting period clients that were not clients at the end of the prior reporting period; “Net expand” defined as: the portion of net new cloudARR from existing reporting period clients that were also existing clients at the end of the prior reporting period
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Client lands are getting larger Q2 FY26 IPO $30K $50K $60K ~50% growth since IPO New logo ARR per gross logo adds (TTM) $40K
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Clients are committing to longer with Intapp >20% growth average contract duration IPO – today at ~2 years ~10pt increase long-term RPO mix 1 IPO – today ~3 years top 10 ARR client average contract duration 1 “RPO” defined as: remaining performance obligations; “long-term RPO mix” denotes the portion of total remaining performance obligations from which revenue is expected to be recognized after 12 months following the end of a reporting period
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$50K+ ARR clients embody the broader business momentum ~100% YoY net new logo mix (TTM) 1 ~95% of total ARR ~50% of total clients vs. IPO up 10+ pts up 60+ pts up 5+ pts 1 $50K+ ARR client net new logo mix defined as: the portion of net new logos represented by clients with greater than $50,000 of ARR; “Net new logos” defined as: the difference between the number of existing clients at the end of a reporting period and the number of existing clients at the end of the prior reporting period
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>850 >1,000 >1,150 >1,275 >1,325 FY22 FY23 FY24 FY25 Q2 FY26 Healthy growth across our $50K+ ARR clients 14% CAGR +10% YoY >100>125>125>150>125YoY adds
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506 603 698 795 834 FY22 FY23 FY24 FY25 Q2 FY26 41 53 73 109 120 FY22 FY23 FY24 FY25 Q2 FY26 Strong growth in our large clients 36% CAGR 15% CAGR YoY adds 3336201210 $100K+ ARR clients $1M+ ARR clients +15% YoY +38% YoY 10697959786
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834 FY22 FY23 FY24 FY25 Q2 FY26 120 FY22 FY23 FY24 FY25 Q2 FY26 Strong growth in our large clients $100K+ ARR clients $1M+ ARR clients >10 clients at $3M+ ARR
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Progress in our $1M+ ARR client base Q2 FY26IPO >40% of total ARR ~25% of total ARR % of total ARR from $1M+ ARR clients >$225M ARR >4x ARR since IPO 5 of 6 sub-verticals
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Progress and continued opportunity in our $1M+ ARR client base Q2 FY26IPO >40% of total ARR ~25% of total ARR % of total ARR from $1M+ ARR clients Q2 FY26 <10% of $50K+ ARR clients
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Steady, consistent expansion across our annual client cohorts FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Total ARR expansion 6.8x 4.8x 3.1x 2.6x 2.1x 2.4x 1.9x 2.0x 1.7x 1.5x 1.0x FY cohorts Note: chart reflects growth in total ARR over time for client cohorts based on initial contract year with Intapp. Based on fiscal year ending June 30; clients acquired through certain business acquisitions are included on a proforma basis as if such acquisition had occurred at the beginning of the applicable fiscal year 1.2x
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Steady, consistent expansion across our annual client cohorts FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY cohorts +20% growth in FY25 each of FY14 + FY24 cohorts Note: chart reflects growth in total ARR over time for client cohorts based on initial contract year with Intapp. Based on fiscal year ending June 30; clients acquired through certain business acquisitions are included on a proforma basis as if such acquisition had occurred at the beginning of the applicable fiscal year
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FY21 FY22 FY23 FY24 FY25 Q2 FY26 Strong cloud net retention 100% 125% 115% ~124% Cloud NRR
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Multi-pronged cloud expand engine augments stable gross retention Cloud base UpsellCross-sell Pricing Churn + downgrades Cloud NRR Cloud migrations 100% ~124% Illustrative cloud NRR build Note: chart reflects respective contribution to cloud net new client spend from shown categories for the 12 months prior to the end of the fiscal quarter ended December 31, 2025
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Multi-pronged cloud expand engine augments stable gross retention Cloud base UpsellCross-sell Pricing Churn + downgrades Cloud NRR Cloud migrations 100% ~124% Illustrative cloud NRR build Note: chart reflects respective contribution to cloud net new client spend from shown categories for the 12 months prior to the end of the fiscal quarter ended December 31, 2025 upside potential from building migration motion
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Agentic AI Significant expand whitespace within core IT SAM of our top 200 clients Time Compliance DealCloud Collaboration ~93% ~21% ~79% ~21% ~79% ~7% ~98% ~$2.5B incremental ARR opportunity 1 % penetration % whitespace 1 Incremental ARR opportunity based on estimated expand potential of product portfolio within our top 200 clients (as determined by total ARR as of Q2 FY26) Time Compliance DealCloud Firm AI ~2%
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Significant expand whitespace within core IT SAM of our top 200 clients Time Compliance DealCloud Collaboration ~93% ~21% ~79% ~21% ~79% ~98% ~10% mix Legal % of DealCloud ARR Note: whitespace is the incremental ARR opportunity based on estimated expand potential of product portfolio within our top 200 clients (as determined by total ARR as of Q2 FY26) Time Compliance DealCloud Firm AI ~2%~7% % penetration % whitespace
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Cloud motion tees up the future in agentic Client mix: IPO Client mix: Q2 FY26 All cloud Hybrid All on-premise 82% 12% 6% 94% of clients with 1+ cloud products +17pts since IPO Note: “All cloud” defined as: clients with only cloud ARR; “Hybrid” defined as: clients with both cloud ARR and non-cloud ARR; “All on-premise” defined as: clients with only non-cloud ARR
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Cloud motion tees up the future in agentic Time Conflicts, Intake, Terms Walls Migration program maturity horizon Relative % mix of migration program 1 Mid-stage Early-stage 2H FY26 start 1 Mix based on client spend for the on-premise deployed product families shown
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Domain expertise and compliance positioning provide early signals for success into the agentic era Q2 FY26 ~10% Assist AI % of net new client spend Agentic AI opportunity with Celeste
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Successful M&A track record ~$110 million capital deployed since IPO 1 ~$5 billion additional SAM via M&A since IPO gwabbit Applied AI in time management Real assets AI-based operating system Compliance Enterprise collaboration solutions AI-based solutions Cloud time entry Employee compliance Deal management Prebilling automation and workflow Relationship intelligence Microsoft Teams and Office 365 technology Marketing and CRM IPO Note: SAM estimates based on market interviews and our historical data and experience 1 Total consideration for acquisitions announced and/or closed subsequent to the closing of Intapp’s IPO, through the end of the fiscal quarter ended December 31, 2025
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David Morton
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Growth Subscription revenue YoY growth Operating at Rule of… Note: "Rule of" defined as: YoY trailing 12-month subscription revenue growth rate plus trailing 12-month non-GAAP operating margin. Non-GAAP operating margin is based on non-GAAP operating income; refer to “Reconciliation: non-GAAP operating income (loss)” in appendix for a reconciliation of this measure to its most directly comparable GAAP financial measure. Refer to slide 96 footnote #1 for additional information regarding subscription revenue 1 FY26E metrics provided as of 2/3/26, based on midpoints of FY26 outlook, communicated in Intapp's 2/3/26 earnings release Profitability Non-GAAP operating margin ~18%~26% ~43% FY26E 1
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$185 $249 $319 $390 $423 FY22 FY23 FY24 FY25 Q2 FY26 TTM Gross margin improvement $ in millions 68% 71% 74% 77% 78% +6pts Note: non-GAAP gross profit and non-GAAP gross margin are non-GAAP financial measures; refer to “Reconciliation: non-GAAP gross profit” in appendix for a reconciliation to their most directly comparable GAAP financial measures 78% TTM 72% TTM 2026 Investor Day 2024 Investor Day FY22 FY23 FY24 FY25 Q2 FY26 TTM
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$185 $249 $319 $390 $423 FY22 FY23 FY24 FY25 Q2 FY26 TTM Gross margin improvement $ in millions 68% 71% 74% 77% 78% Subscription mix shift Cloud economies of scale Services margin maintenance FY22 FY23 FY24 FY25 Q2 FY26 TTM Note: non-GAAP gross profit and non-GAAP gross margin are non-GAAP financial measures; refer to “Reconciliation: non-GAAP gross profit” in appendix for a reconciliation to their most directly comparable GAAP financial measures
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($7) $10 $39 $76 $102 Operating margin improvement $ in millions (3%) 3% 9% 15% 18% FY22 FY23 FY24 FY25 FY26E 1 Note: non-GAAP operating income (loss) and non-GAAP operating margin are non-GAAP financial measures; refer to “Reconciliation: non-GAAP operating income (loss)” in appendix for a reconciliation to their most directly comparable GAAP financial measures 1 FY26E metrics provided as of 2/3/26, based on midpoints of FY26 outlook, communicated in Intapp's 2/3/26 earnings release +12pts 17% TTM 5% TTM 2026 Investor Day 2024 Investor Day
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($7) $10 $39 $76 $102 Operating margin improvement $ in millions (3%) 3% 9% 15% 18% FY22 FY23 FY24 FY25 FY26E 1 Gross margin: subscription mix shift S&M: sales productivity, partner economy, blueprints G&A: economies of scale, process automation Note: non-GAAP operating income (loss) and non-GAAP operating margin are non-GAAP financial measures; refer to “Reconciliation: non-GAAP operating income (loss)” in appendix for a reconciliation to their most directly comparable GAAP financial measures 1 FY26E metrics provided as of 2/3/26, based on midpoints of FY26 outlook, communicated in Intapp's 2/3/26 earnings release
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$14 $25 $65 $122 $108 FY22 FY23 FY24 FY25 Q2 FY26 TTM Free cash flow margin improvement $ in millions 5% 7% 15% 24% 20% Gross margin and OpEx leverage Working capital management Operational efficiency optimization FY22 FY23 FY24 FY25 Q2 FY26 TTM Note: free cash flow and free cash flow margin are non-GAAP financial measures; refer to “Reconciliation: free cash flow” in appendix for a reconciliation to their most directly comparable GAAP financial measures
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Inflection in free cash flow since Investor Day 2024 m 2024 Investor Day IPO 2026 Investor Day10 quarters 8 quarters ~$200M~$60M Note: refer to “Reconciliation: free cash flow” in appendix for a reconciliation of this measure to its most directly comparable GAAP financial measure
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Capital allocation framework Strong cash flow drives optionality Product innovation + go-to-market Deliberate, disciplined M&A Share repurchases 1 Dilution management 1 Additional information regarding our share repurchase programs may be found in our Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2025 Forward growth opportunity
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74M 80M 84M 83M FY23 FY24 FY25 FY26E Managing equity dilution Non-GAAP weighted-average shares +20% YoY +9% YoY +4% YoY (1%) YoY FY26E with share repurchases as of Q2 FY26 Note: net dilution calculated as: year-over-year percentage change in diluted weighted-average shares used to compute non-GAAP net income per share 1 Based on expectation for FY26E diluted shares, communicated in Intapp's 2/3/26 earnings release 1
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David Morton
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Headlines to define Intapp’s financial model on the path to $1B NRR strength and deeper penetration of named account universe to continue guiding go-forward new logo trajectory should show tighter track with total and subscription revenue growth participation and monetization and stickiness with partners and services delivery continued cash generation and margin expansion share repurchases to manage dilution
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The model progression… T otal ARR IPO FY21 Investor Day 2024 Q2 FY24 (TTM) Cloud % of total ARR Non-GAAP gross margin Non-GAAP operating margin Free cash flow margin $212 million $365 million 52% 70% 69% 72% 4% 5% (6%) 9% Note: non-GAAP gross margin, non-GAAP operating margin, and free cash flow margin are based on non-GAAP financial measures. Refer to “Reconciliations” in appendix for a reconciliation of these measures to their most directly comparable GAAP financial measures
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The model progression… T otal ARR Investor Day 2024 Q2 FY24 (TTM) Cloud % of total ARR Non-GAAP gross margin Non-GAAP operating margin Free cash flow margin $212 million $365 million 52% 70% 69% 72% 4% 5% (6%) 9% Investor Day 2026 Q2 FY26 (TTM) $535 million 81% 78% 17% 20% Note: non-GAAP gross margin, non-GAAP operating margin, and free cash flow margin are based on non-GAAP financial measures. Refer to “Reconciliations” in appendix for a reconciliation of these measures to their most directly comparable GAAP financial measures IPO FY21
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Targeting $1 billion in total ARR… T otal ARR IPO FY21 Investor Day 2024 Q2 FY24 (TTM) Cloud % of total ARR Non-GAAP gross margin Non-GAAP operating margin Free cash flow margin $212 million $365 million $1 billion 52% 70% 90%+ 69% 72% 80%+ 4% 5% 28% – 30% (6%) 9% 25% – 30% FY29 targetInvestor Day 2026 Q2 FY26 (TTM) $535 million 81% 78% 17% 20% Note: FY29 amounts reflect our operating priorities, not specific targets or guidance. This data involves a number of assumptions and limitations, and are necessarily subject to a high degree of uncertainty and risk; Non-GAAP gross margin, non-GAAP operating margin, and free cash flow margin are based on non-GAAP financial measures. Refer to “Reconciliations” in appendix for a reconciliation of these measures to their most directly comparable GAAP financial measures
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…and GAAP profitability Total ARR Cloud % of total ARR Non-GAAP gross margin Free cash flow margin $535 million 81% 78% 20% Note: FY28 and FY29 amounts reflect our operating priorities, not specific targets or guidance. This data involves a number of assumptions and limitations, and are necessarily subject to a high degree of uncertainty and risk; Non-GAAP gross margin, non-GAAP operating margin, and free cash flow margin are based on non-GAAP financial measures. Refer to “Reconciliations” in appendix for a reconciliation of these measures to their most directly comparable GAAP financial measures $1 billion 90%+ 80%+ 25% – 30% GAAP operating margin P ositive GAAP operating income FY28 target Investor Day 2026 Q2 FY26 (TTM) FY29 target Non-GAAP operating margin 17% 28% – 30%
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Investor Day 2026
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Distribution: we have the trust of 2,750+ clients worldwide Note: client count as of December 31, 2025
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Data and workflows: we already manage the critical data and workflows that these firms rely on each day Pursuits Clients Experience Referrers Interactions Balance of Trade Intake Sanctions Lists Conflicts KYC Time/Billings Corp Trees Matter unit economics Matter / Work History Invoices Write downs / Write offs Ethical walls Historical ratesOCGs Collections Financials Staffing / Leverage Fee earner effort Relationships Documents Knowledge DealCloud Compliance Time Collaboration
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Walls for AI Contractors Temporary access Laterals Prior client representation Legal holds Information preservation obligations Auctions Multiple bidder representation Cross border Jurisdictional and sanctions Private-public advisory Research and trade separation Information barriers Protect client interests MNPI | Insiders Highly-sensitive M&A Confidentiality Engagement access restrictions Employee conflicts Individual conflicts of interest Independence Firm and personal audit independence Team screens Separation of engagement teams Professional compliance: Intapp is the industry leader
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Data partners T echnologypartners Services partners Intapp partner ecosystem Vertical-centric partners
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Successful M&A track record ~$110 million capital deployed since IPO 1 ~$5 billion additional SAM via M&A since IPO gwabbit Applied AI in time management Real assets AI-based operating system Compliance Enterprise collaboration solutions AI-based solutions Cloud time entry Employee compliance Deal management Prebilling automation and workflow Relationship intelligence Microsoft Teams and Office 365 technology Marketing and CRM IPO Note: SAM estimates based on market interviews and our historical data and experience 1 Total consideration for acquisitions announced and/or closed subsequent to the closing of Intapp’s IPO, through the end of the fiscal quarter ended December 31, 2025
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Team: Our industry expertise and client focus set us apart Founder-led Vertical expertise Silicon Valley engineering Client obsessed
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Summary Firms are expanding but need AI that is compliant and built for how they work Celeste is our AI-native agentic platform, purpose-built for professional firms We partner with Microsoft, Anthropic and Harvey; Celeste makes their tools better We're rearchitecting our applications as agents, running on Celeste These innovations reinforce the value of our portfolio, expand our TAM, and enable us to apply consumption-based pricing We have the distribution, data, compliance depth, and team to win
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Reconciliation: non-GAAP gross profit $ in millions FY21 FY22 FY23 FY24 FY25 Q2 FY24 TTM Q2 FY26 TTM GAAP gross profit $140 $173 $239 $307 $373 $270 $406 Adjusted to exclude the following: Stock-based compensation 1 4 6 7 10 7 10 Amortization of intangible assets 7 8 4 5 7 4 7 Non-GAAP gross profit $148 $185 $249 $319 $390 $281 $423 GAAP gross margin 65% 64% 68% 71% 74% 69% 75% Non-GAAP gross margin 69% 68% 71% 74% 77% 72% 78%
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FY21 FY22 FY23 FY24 FY25 Q2 FY24 TTM Q2 FY26 TTM GAAP operating loss $(23) $(99) $(69) $(32) $(27) $(56) $(32) Adjusted to exclude the following: Stock-based compensation 19 77 68 60 88 67 101 Amortization of intangible assets 11 14 11 11 12 11 12 Lease modification — — 1 — — — — Expenses related to acquisition related contingent and deferred liabilities 1 — (1) (2) (3) 1 (4) 6 Transaction costs 2 1 2 1 3 1 2 1 Restructuring and other costs — — — — 1 — 1 Asset impairments 3 — — — — — — 1 Non-GAAP operating income (loss) $8 $(7) $10 $39 $76 $20 $90 GAAP operating margin (11%) (37%) (20%) (7%) (5%) (14%) (6%) Non-GAAP operating margin 4% (3%) 3% 9% 15% 5% 17% Reconciliation: non-GAAP operating income (loss) $ in millions 1 Consists of incremental costs, which may include, fair value adjustments on contingent liabilities and compensation expenses related to compensation arrangements entered into concurrent with the closing of an acquisition that will become payable, if at all, only upon the achievement of certain performance milestones 2 Consists of acquisition-related transaction costs, acquisition termination costs, costs related to a legal settlement incurred in connection with an acquisition and costs related to certain non-capitalized offering-related expenses 3 Consists of impairment costs related to capitalized cloud computing implementation costs from our digital transformation initiative
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Reconciliation: free cash flow $ in millions FY21 FY22 FY23 FY24 FY25 Q2 FY24 TTM Q2 FY26 TTM Net cash (used in) provided by operating activities $(10) $14 $27 $67 $124 $38 $111 Adjusted for the following cash outlay: Purchases of property and equipment (2) — (2) (2) (2) (2) (3) Free cash flow $(12) $14 $25 $65 $122 $36 $108 Free cash flow margin (6%) 5% 7% 15% 24% 9% 20% Note: beginning with the quarter ended December 31, 2023, we have excluded capitalized internal-use software costs from the calculation of our free cash flow, which we believe better aligns with industry standard. Our free cash flow for prior periods presented were recast to conform to the updated methodology and are reflected herein forcomparison purposes