Hello, everyone. Thank you for joining us, and welcome to the Intapp fiscal Q4 2026 webcast. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to David Trone, Senior Vice President, Investor Relations. Please go ahead. Thank you. Welcome to Intapp's fiscal Q4 and year-end 2026 financial results. On the call with me today are John Hall, Chairman and CEO of Intapp, and David Morton, Chief Financial Officer. During the course of this conference call, we may make forward-looking statements regarding trends, strategies, and the anticipated performance of our business, including guidance provided for our fiscal Q1 and full year 2027. These forward-looking statements are based on management's current views and expectations, entail certain assumptions made as of today's date, and are subject to various risks and uncertainties, including those described in our SEC filings and other publicly available documents that are difficult to predict and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Intapp disclaims any obligation to update or revise any forward-looking statements except as required by law. Further, on today's call, we will also discuss non-GAAP metrics that we believe aid in the understanding of our financial results, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP diluted net income per share, free cash flow, and free cash flow margin. Our GAAP financial results, along with reconciliations of GAAP to non-GAAP financial measures, can be found in today's earnings release and its supplemental financial tables, which is available on our website and as an exhibit to the Form 8-K furnished with the SEC prior to this call, or a supplemental financial presentation, which is available on our website. With that, I'll hand the conversation over to John. Thanks, David. Good afternoon, everyone. Thank you for joining us. Q4 was another strong quarter, closing out a defining year for Intapp. This was the year that we took Firm AI from thesis to category. We launched Celeste, and we saw real proof that firms are ready to transform their business on it. Today, I'll share our Q4 and full year results, walk through what's happened with Firm AI and Celeste since Amplify, talk about our growing ecosystem, and close with the wins that show our strategy working in the market. Heading into fiscal 2027, our position is strong and getting stronger. Celeste is now generally available across the highly regulated industries we serve. I'll touch on specific wins in legal, accounting, private capital, and investment banking later in the call. Our advantage is 25 years of firm-specific data, workflows, and compliance infrastructure that a new entrant can't shortcut their way into. Our lead compounds every quarter as more firms move onto the Intapp platform. That's the foundation for the $50 billion market ahead. Before we get to the numbers, let me start with the strategic focus that's driving it, Firm AI and Celeste. This past February at Amplify, we announced Firm AI, a category distinct from desk-level AI tools, built for the business of the firm itself. Generic AI makes individuals faster. Firm AI makes the firm bigger. A generic assistant can help someone draft an email or summarize a document. It can't screen an inbound deal against a firm's actual investment mandate, and it can't clear a conflict, because both depend on the firm's own history and methods, not something available on the open internet. Take conflicts clearance. Doing it properly means checking a new matter against every related entity, every past client, every wall already in place. A generic assistant cannot be given that access due to compliance restrictions. That's exactly where Firm AI is built to work. We've spent this past year watching firms put that distinction to the test. They've run pilots with the same generic tools everyone has access to, and what they're telling us is consistent. Speed at the desk doesn't show up in the firm's numbers. Follow the economics and you can see why. Practice AI commoditizes the work. Lower delivery costs let a firm offer a lower price, and it competes for market share on that price. Everyone can do the same thing. The prices come down and gross margins come down with them. In a highly competitive industry, like the ones we serve, what actually drives any firm's growth, market share, and operating margin is everything that happens after gross margin in the firm's go-to-market and in its OpEx efficiency. The business of the firm, not the practice of it. That's the gap Firm AI closes, and it's why we spent this year turning this thesis into a product. Delivering Firm AI takes four layers working as one system. Coworker agents run on firm playbooks, so an agent already knows how the firm screens a deal, clears a conflict, or decides to walk away. Those agents reason from the firm's own data and institutional judgment, the real history behind every client and every engagement. Walls for AI enforces compliance automatically, the same way every time. It all compounds. Every decision the firm's people make trains Firm AI to get sharper the next time. A competitor might try to build any one of these layers. What they are not in a position to do is make all four work together as a single Firm AI system. That's the moat. Firm AI runs on Intapp's integrated products and the data and semantic layer underneath them. All of it is now powered by Celeste. We help the firm through its own knowledge, relationships, and methods, strengthen its own competitive advantage and compliance. You don't have to take our word for it. Thilo Zirn from Hg put it this way: "The intelligence is ours, not something generic applied to Hg." Celeste screens against our actual mandate, drawing on knowledge that we've built across the firm over two decades. At Pemberton Asset Management, Vasileios Filippidis describes the same effect in business terms. Every minute that Celeste is saving us is being returned into value to our LPs and our clients. Two different firms saying the same thing in their own way. Celeste reinforces what the firm already knows at the scale the firm actually needs. Celeste was in limited availability throughout Q4, and we reached general availability on July 15th, after the quarter closed. Even in limited availability, it was winning competitive evaluations and firms were already choosing it and finding value fast. Celeste is already integrated with your firm's Intapp data. Available 24/7, more efficient, lets you accomplish more than people can in less time, and enforces your compliance requirements. Let me highlight a few examples. BakerHostetler, an Am Law 100 firm, is adopting Celeste to streamline intake and lateral integration. In their CIO's words, "There is really no true beginning or end to a workday in a law firm. Knowing that Celeste is there all the time is key." A leading international law firm chose Celeste to modernize the technology and processes behind its compliance work and keep pace with new EU anti-money laundering regulations. World leading M&A business, Alvarez & Marsal, is moving to DealCloud with Celeste through a multi-phased rollout, leveraging Firm AI for competitive advantage in data capture and transaction group collaboration. The pipeline is strong, the use cases are expanding, and the best is still ahead. I'll turn now to our Q4 numbers. I'm pleased to say it was another strong quarter. Now we've had 20 consecutive quarters of cloud ARR growth above 25% year-over-year since our 2021 IPO. Q4 cloud ARR grew 29% year-over-year and now represents 84% of total ARR. We ended the quarter with more than 1,400 clients above $50,000 in ARR. Cloud net revenue retention held steady at approximately 123%. I'm proud of the Intapp team for delivering for our clients and partners and applying the expertise we've built since 2000 to serve highly regulated firms. I'll turn now to our partner ecosystem, which just keeps growing stronger and is often a decisive factor in how we win. Co-sell partners influenced roughly a third of our new logo wins for the year, contributing to approximately 35% year-over-year growth in co-sell bookings. Microsoft is the clearest example. They were a co-sell partner on eight of our top 10 deals in the fiscal year. Buyers increasingly want to transact through the Azure Marketplace because it counts toward their MAC and simplifies procurement. That commercial alignment is accelerating deal cycles. On the delivery side, partner-led projects nearly doubled year-over-year. Partner certifications grew 29% over the same period, a sign that services partners see Intapp as a platform worth investing in. Just after quarter end, we expanded our partnership with Moody's, bringing its credit risk, entity screening, and ownership data directly into Celeste. For deal and risk teams across legal, private capital and accounting, this means counterparty intelligence surfaces in the flow of their work, not outside it as a separate research step. It's a good example of how the right data partnerships extend what Celeste can do for a firm without requiring the firm to do anything differently. Let's take a closer look at the industries we serve. First, legal had a strong quarter and fiscal year. We ended the fiscal year with 97 of the Am Law 100. The consolidation trend continues to drive growth with our legal clients. Top firms are capturing further market share via mergers and partner laterals. The largest firms are increasingly turning to Intapp for compliance as scaling and AML pressure push them to modernize intake and conflicts. I'll share a few legal highlights from the quarter. A global law firm chose intake and conflicts to establish a more integrated, scalable approach to conflicts clearance as its conflicts team grows. Eversheds Sutherland, another global law firm, deepened its investment in time by adding Celeste functionality to accelerate its daily billable time capture and enhance time recording firm wide. Two Am Law 100 firms moved from on-prem to cloud in Q4. They're part of a broader wave of more than 30 cloud migrations we signed in Q4, our highest quarterly migration number ever. It's clear that firms want to run on Celeste and need the foundation to support it. That's driving urgency. Next, let's turn to accounting and consulting. As private equity and consolidation reshape the accounting landscape, firms across the industry are feeling the pressure to transform regardless of their investment status. Compliance is their starting point. Their ambitions run further to how they collaborate, win business, and compete. Here are a few of the firms who turned to us this quarter for modernization. Wipfli, a PE-backed top 25 accounting firm, chose employee compliance to modernize its independence processes and establish a scalable foundation as it experiences rapid growth and an expanding attest practice. One of the world's largest professional services firms chose DealCloud to modernize its corporate development and M&A processes from target tracking through post-merger integration. Rimkus, a forensic engineering and technical consulting firm, selected Conflicts, Intake, and Time to automate and accelerate their conflicts clearance process and consolidate time capture across their global team. A global accounting and advisory firm chose DealCloud with Celeste to create a central repository for their corporate finance deal data and drive efficiency in pipeline generation. All told, for fiscal 2026, we added 20 new accounting and consulting logos. Now, 17 of the top 20 accounting firms run on Intapp. I'll turn now to financial services. Financial services firms have spent years accumulating proprietary intelligence, deal history, relationship networks, investment mandates, built over decades. The problem is that most of it lives in fragmented systems or in people's heads. Generic AI has no compliant way to reach it. What we're seeing this quarter is firms moving decisively to change that, putting their own data to work in the front office with governed AI that knows the firm. I'll share a few highlights from the quarter. Hg, a leading software focused PE firm, chose Celeste for their front office. Celeste screens new opportunities against Hg's actual investment mandate. Drawing on comparable deals and bidder pass rationales built up across the firm over two decades. It gives deal teams an always current view of pipeline speed and deal progress without the usual reporting burden. The result is a coworker grounded in how Hg actually invests. MP Corporate Finance, an investment banking firm, chose DealCloud with Celeste to gain a fully integrated investment banking configured platform built with agentic capabilities from day one. A private capital firm specializing in primary and secondary investments chose DealCloud to manage its full deal flow in one place. Real assets is another area of continued momentum. Real estate and alternative investment firms are consolidating fragmented systems onto DealCloud, replacing point solutions with a single platform that connects pipeline, CRM, fundraising, and investor relations. I'll share some examples. Mitiska REIM, an EMEA-based real estate investment management group, is moving from a lightweight deal management tool onto DealCloud, gaining full pipeline tracking, CRM, contact management, and fundraising in one system. Domain Capital Group, a multi-strategy alternative investment firm, chose us to build a comprehensive investor relations solution to support its fundraising team. In prepping for this call, the team asked me if there were any anecdotes I could share with you. One conversation came to mind immediately. I was on the phone with the chairman of one of the law firms I mentioned earlier. He told me, "I could not agree with this Firm AI strategy more. We've put so much experimentation into the practice side. You all are the first people who are really speaking to us as a business." He describes Celeste as a concierge his partners can lean on, delivering all of their business services through AI. That's exactly what we're building, and it's exactly what this market has been waiting for. To our clients, partners, investors, board, and the global Intapp team, thank you. This past quarter and year reflect your trust, hard work, and dedication. David, over to you. Thank you, John. Thanks to everyone for joining us today. We delivered a strong Q4 that closed out fiscal 2026, showcasing both steady progression during the year and significant end-of-year financial milestones. AI bookings stepped up sequentially through the year, anchored by a record quarter with Celeste Firm AI early adopter additions accelerating and AI now representing over 20% of net new bookings in FQ4. Cloud migration stepped up sequentially through the year, anchored by a record quarter. 95% of our clients now have Intapp in the cloud. Cloud net revenue retention sustained above 120% for all four quarters of FY 2026, with FQ4 at 123%. Total net new ARR grew to surpass $100 million for the year, notably eclipsing the on-prem ARR base, which is now sub $100 million as of FQ4. Free cash flow expansion translated to a new high watermark of 25% full year margin entering the fiscal 2029 targeted range we outlined in February. These results reflect a business that is executing well and increasingly aligned to the AI opportunity ahead. Our thesis, AI for the business of the firm, is resonating with the market. The market opportunity addresses remains as large as any in enterprise software. Just two quarters into the Celeste limited commercial availability, AI bookings doubled sequentially this quarter to over 20% of net new. Celeste Firm AI pilot monetization is building. Alongside compounding migration activity, both are reinforcing the durability of the future demand trajectory. The Celeste general availability launch just a few weeks ago kicked off fiscal 2027 with an even wider opportunity for client adoption and bookings contribution to build over the coming quarters and years. We are executing on our profitability and capital allocation objectives. Margins are building toward our FY 2029 targets. We repurchased another 1 million+ shares this quarter, and we expect to remain active with approximately $75 million remaining under our current authorization as we enter FY 2027. Shares outstanding are down meaningfully year-over-year, and we replaced and upsized our revolving credit facility in July. All of which underscore continued optionality as we invest into the massive agentic TAM opportunity to serve and grow with our professional firms. On to the FQ4 results. As we narrated at our Investor Day in February, we are broadening our SaaS taxonomy to subscription, reflecting our intent to include revenues associated with both cloud and AI as these models scale within our portfolio. Subscription revenue was $115 million, up 27% year-over-year, and surpassed three-quarters of total revenue. Strong enterprise-driven cloud NRR cadence, AI incrementality, new 50K+ client wins, and cloud conversions continue to drive subscription growth and mix shift. License revenue was $23.9 million, down 25% year-over-year, indicative of the ramping imperative with which clients are executing the consolidation of their Intapp footprint in the cloud. Migration decision timelines are shifting from intermediate deferral in a cloud-preferred world to nearer-term action for an agentic-first future. As clients prepare for that transition, many are shortening on-prem contract durations to one year or less ahead of their cloud move. Together, these dynamics compress near-term license revenue while reinforcing the migration pipeline that underpins our subscription growth outlook. Professional services revenue totaled $13.6 million, up five percent year-over-year as we continue to leverage the scale of our services partner ecosystem for implementation support. Total revenue was $152.5 million, up 13% year-over-year. Our partner co-sell momentum continued this quarter with joint engagement on half of the 10 largest deals. Microsoft co-sell in particular strengthened as the year progressed, streamlining marquee deals across verticals via greater Azure Marketplace and MAC alignment. On the product side, we made progress delivering on our roadmap to extend the Celeste platform via partner integration with new data provider MCPs. We are excited to have announced Moody's as the latest, and during our Celeste GA launch event, we signaled additional connector partnerships coming in the quarters ahead. Non-GAAP gross margin was 79.4%, up from 78% a year ago, driven by scaling cloud mix as well as improvement in composite of professional services gross profit. This trajectory keeps us on track towards our FY 2029 margin targets. Non-GAAP operating expenses were $86.8 million, compared to $84 million in the prior year period, driven by continued investment in go-to-market capacity and pipeline generation in support of the Firm AI long-term opportunity. Non-GAAP operating income was $34.3 million, up from $21.3 million last year, reflecting leverage across cost of revenue and all of operating expense lines. Non-GAAP diluted EPS was $0.41 compared to $0.27 a year ago. Free cash flow was $45.9 million, up over 20% year-over-year, and we have ended FQ4 with $162.8 million in cash and cash equivalents. Cloud ARR grew 29% year-over-year to $495.7 million, and total ARR increased 22% to $590.5 million. Cloud ARR growth reflects continued strong expansion dynamics within a larger and more mature installed base, with NRR sustained at 123% and migration activity at a record pace. Total remaining performance obligations were $833 million, up 16% year-over-year, with on-premise RPO presenting a headwind to the overall growth rate, reflecting cloud migrations and implied EOL dynamics as described in the license revenue line. We grew our $1 million plus ARR client base to 142 from 109 in the prior year, 30% year-over-year growth, with corresponding ARR in that cohort growing 40% year-over-year. This is an increasingly important indicator of the depth of our enterprise penetration. Clients generating at least $100,000 in ARR reached 897, the fourth consecutive quarter of more than 100 net adds year-over-year. We exited the quarter with over 1,400 clients at $50,000 plus ARR. For the full fiscal year results, subscription revenue was $422.8 million, up 27% year-over-year, driven by our cloud land, expand, and migration motions. License revenue was $103.4 million, down 14% year-over-year, substantially in line with our expectations communicated a year ago. This reflects deepening institutionalization of our cloud migration motion in tandem with limited multi-year on-prem renewals, particularly in the second half of the year. Professional services revenue was $51.6 million, approximately flat year-over-year, and representing nine percent of total revenue. The build-out of our Intapp certified services partner organization to over 1,000 strong is allowing greater opportunity for efficient co-delivery. Partner-led implementations were up nearly 2x year-over-year. Total revenue was $577.8 million, up 15% year-over-year. Non-GAAP gross margin was 78.5%, compared to 77.3% in the prior year. Non-GAAP operating income was $108.6 million, up from $75.6 million in the prior year, representing approximately four points of margin expansion. Non-GAAP EPS was $1.27, up from $0.94 in the prior year. Free cash flow was $144.7 million or 25% of total revenue, marking our entry into the FY 2029 targeted range we outlined in February and reflecting the operating leverage embedded in our model. Share repurchases for the year totaled 8.4 million shares, and diluted share count declined eight percent year-over-year to 78 million shares. At the end of FQ4, approximately 75 million remain under our current repurchase authorization. Turning to our guidance, our FY 2027 outlook is grounded in three compounding drivers, the continued velocity of cloud subscription growth, the step-up in Celeste monetization, and general availability as it expands our addressable base well beyond the early adopter cohort and the ongoing operating leverage in our model. Firm AI adoption is still early, the demand signal from firm leaders, the GA launch momentum, and the pipeline we are entering the year, which gives us confidence in both the near-term guide and longer-term trajectory towards the $1 billion in ARR. For the Q1 of fiscal 2027, we expect subscription revenue between $123.7 million and $124.7 million. Total revenue between $159.3 million and $160.3 million. Non-GAAP operating income between $33.4 million and $34.4 million. Non-GAAP EPS between $0.39 and $0.41 based on approximately 79 million diluted shares. For the full fiscal year of 2027, we expect subscription revenue between $528.7 million and $532.7 million. Total revenue between $656.5 million and $660.5 million. Non-GAAP operating income between $134.7 million and $138.7 million. Non-GAAP EPS between $1.58 and $1.62, based on approximately 81 million diluted shares. Thank you. I'll now turn the call back to the operator. We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press * one to raise your hand. To withdraw your question, press * one again. We ask that you pick up your handset closer to your mouth when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Kevin McVeigh with UBS. Your line is now open. Please go ahead. Great. Thanks so much, and congratulations, really, on just terrific results and outlook for next year. I guess, you had a couple interesting comments on the AI bookings doubling sequentially, then ultimately some of the licensing sales slowing and as expected as people ship more to kind of cloud and things. You're seeing a ton of leverage in the model, too. Maybe help us understand where some of that leverage is coming from to offset the lost license revenue and that AI bookings. Is that a result, John, of the firm initiative as opposed to anything else? Just maybe help us understand that a little bit because it's obviously really nice to see. Thanks, Kevin. Yeah. I'll hit on some of. I'll take a couple points and then Dave. Go ahead. Sorry, John. First of all, we had Celeste, our agentic offering, in limited availability for all of Q4. We had some very good uptake, even in limited availability. We released it based on that experience into general availability July 15th. That will start our new fiscal year 2027 with that broadly available. Within that, there was tremendous response, particularly from senior people at the firms who really responded to the Firm AI strategy. We had a lot of positive feedback from our clients and our prospects on what we're doing with Celeste and how we're positioning that. That's sort of the big message for Q4. Then Dave, do you want to talk about some of the numbers? Yeah, sure thing, and thanks, Kevin. We've worked really hard through the year driving operational leverage, facilitated vis-a-vis our successes on the top line. Clearly, our SaaS attribution continues to be first and foremost. We finally punched through three-quarters of revenue being SaaS. That's quite a success factor. What you're also seeing is the whole on-prem finally taking a foothold to cloud, so you're seeing a little uptick there. Obviously, our services, we got some margin accretion from what they've provided in the past that offered some leverage. Just our continued performance below the line. G&A continues to be a great contributor of efficiency. There's still more to be had. Our sales and marketing, we're driving our cost of acquisition down all through the rate of pace of our product innovation. All that being said, contributed to our end-of-year results. We're quite excited about how this leads into our FY 2027 guide. That's super helpful. Then, John, I think in times past, you've talked about, as you close out the year, some of the bigger accomplishments. Any thoughts just over the course of Obviously, there's been a lot, but anything you want to call out to investors here? Yes. Fiscal 2026 was a big year for the company. The first is obviously the launch of Celeste and the establishment of the Firm AI strategy broadly. We have multiple offerings that feature our Celeste agentic technology now. Celeste for the Firm that we've been emphasizing, but also Celeste within our existing offerings. DealCloud with Celeste, Compliance with Celeste, Time with Celeste. It's an opportunity to bring the agentic experience across the entire firm's platform. A huge achievement for the team to bring together years of AI work into this level of comprehensive value proposition for client firms. We've had some very significant client wins. We've emphasized that 70% of our TAM, this $50 billion agentic TAM, is in the top 2,000 accounts. Each quarter this year, we were able to make some meaningful new wins in the very largest of enterprise accounts. Dave shared with you the progress we made in the million-dollar accounts in addition to the $100,000 accounts, which was a very significant acceleration. We're excited about what's happening there, plus what they're buying once they land, how they're growing as accounts. We made some very important talent moves. As the company grows and is able to serve these larger firms with this agentic value proposition, it's important that we continue to build out the team and the skills, both on the product side and the go-to-market side, to support the growing engagement. I've been thrilled with the talent that has come into the company over the past year and is setting us up for this commitment we have to $1 billion or more. Very clear. Thank you. Your next question comes from the line of Alexei Gogolev with J.P. Morgan. Your line is now open. Please go ahead. Hi, this is Bella Camaj for Alexei Gogolev. Thanks for taking our questions. On the 30+ migrations that you signed in Q4, can you comment on the mix by vertical or product? As you think about the portion of the remaining on-prem base, could you quantify what's remaining and what the main gating factors currently are? Thanks, Bella. We haven't given specific splits of that historically, we have said that the company began serving the legal industry. In the time that we were doing an on-prem business, it was mostly in legal. That's pretty clear. Most of what we're talking about when we talk about these cloud migrations are some of our earliest clients who have been with us for a long time and have grown with us. Now, almost all of them have cloud also from us. It's really a question of migrating their remaining on-prem applications into our cloud environment so that they can get access to Celeste and AI. That's the core driver that is enabling a lot of them to make the project plan internally this year to move and to move quickly so they can get access to Firm AI. It's a really great value proposition for them. Got it. That makes sense. As a quick follow-up, as you continue to scale agentic workflows, especially with Celeste being generally available for customers now, what did you see in 4Q around token usage and costs, and what controls are in place as you think about measurable cost containment and protecting margins? Yes. This is obviously a topic that the whole industry is talking about. We have a lot built into Celeste that should help to manage this question. We're doing, with our limited availability clients, a lot of study. Where is the usage? What is the cost structure? How is that going from a token consumption standpoint? On the one hand, we want a lot of adoption, and we're excited to see it. On the other hand, we've done a lot in Celeste to actually manage the tokenomics of the workflow solutions in a way that I think the CIOs of the firms and the COOs of the firms are showing a lot of positive feedback about. We've incorporated all the firm's existing data in a way that we don't have to run every single query through every single external call to really drive token burn as if that's the end goal. The end goal is to create the business outcome for the clients in a modern, agentic way and in a compliant way. There's a lot in the architecture that has helped to address this. Celeste is also model agnostic. As the world evolves and the folks who are delivering some of the foundational AI technology evolve and the competition evolves in that part of the industry, we're able to roll out agentic workflows in Celeste that allow people to choose the model or the provider that fits them, including from a cost perspective. I think I'm very excited and impressed with the architecture that was put underneath Celeste with a lot of client input, by the way. A lot of what we did in building out Celeste was based directly on feedback from the CIOs in our marketplace who've worked with us for years and who had enough trial experience with some of the systems that this started to become an issue and a question. The way that Celeste has been designed is just brilliant. I'm very excited about how this is going to go. That's very helpful. Thank you, and congrats on the quarter. Your next question comes from the line of Parker Lane with Stifel. Your line is now open. Please go ahead. Hey, guys. Good afternoon. Thanks for taking the question. John, clearly a lot of adoption here in the early days of Celeste. I'm curious, in the conversations that you're having with customers when you're talking about the ROI calculation of AI from both you and other providers out there, where are they seeing the budget coming from? Are they primarily looking at this as an unlock of the existing head count they have today as an opportunity to drive revenue? Just curious what feedback you're getting from those early adopters. Thanks, Parker. There's a couple sources. At one level, there is an IT budget that we've always called on that has shifted a lot of its priority towards AI spend. That's available to us, as it always has been. The second piece is a new AI budget that many of the firms are creating to make sure that they stay competitive and don't get left behind in this AI moment. That can be anywhere from one percent-two percent of revenue that firms are putting in new just to make sure that they keep up with AI. The big third one is what you're pointing out here. For the first time with the agentic value proposition, the firms can move out of a pure technology budget and look at the traditional labor budgets. One of the things that we've emphasized in the Firm AI story is how much of the firm's operating expenses spend have traditionally gone to business services functions, or to time that the market facing professionals are spending doing business services related activities to manage their funds or their deals or their matters or their engagements. Just the hard spend on business services people can be 15%, 20%, 25% of the firm's spend. If you add the percentage of time, particularly that the senior people, most expensive people have to bear working to manage their relationships with the clients, pursuit of new clients, their business development activities, the compliance oversight responsibilities that they have for the business management, it's a very significant percentage of the firm's revenue overall. That entire space is not what the practice AI tools historically have been rolled out over the past few years to address. This is a wide open space that has some very unique characteristics, not the least of which is the compliance requirements to work with all the information and the people there. The Firm AI strategy is about unlocking the efficiency potential and the increased growth potential of the firm that comes if you're able to leverage their history in a compliant way to help them pursue new business with the most efficient agentic platform underneath them. It really resonates with the managing partners, the managing directors, the heads of strategy or heads of operations of these firms. It's a really winning value proposition that people are responding to with Celeste. Thanks for the feedback there, John. Maybe, given how wide the opportunity is here, how is that changing the competitive set that you're facing today versus maybe two, three years ago before agentic AI was a big topic? Are you seeing a lot more of these AI native players trying to get a piece of this pie, or a relatively similar set of incumbents that are bringing their own functionality? Just curious, when you do those evaluations around Celeste, who's coming to the show there? There are three categories that are selling into these firms now. One is the horizontal AI group, one are the practice AI tools. Those two are both desk oriented tools for the individual, and there's a lot of opportunity and a lot of value in them to help the individuals at the desks become more productive. The third category is this Firm AI category that we've defined that addresses the business side of the firm distinctly. There is some opportunity for us to have competition in that space from the horizontal players or the practice players or the traditional enterprise software players, of course. If you actually talk to the senior people, as I mentioned in the quote from one of the Chairman of the firm that we mentioned in the script, they really see us as the people who understand the business side of the firm because we have provided all of the infrastructure and systems and data that they've used to build the firm over these past 20 years, and we have a right to win there. We're always paying attention to competition. I think this Firm AI strategy is unique, and we have an ability to go win a significant portion of the firm's spend and upgrade the firm to a much better run firm using agentic technology with a Firm AI strategy. Got it. Thanks, John. Your next question comes from the line of Saket Kalia with Barclays. Your line is now open. Please go ahead. Okay, great. Hey, guys. Thanks for taking my questions here. John, I'd love to dig into Celeste a little bit more and maybe just on that, picking up on that great anecdote that you have in the script, which kind of speaks to the value that Celeste is providing. I guess maybe the question is, first of all, understanding that the tool just became generally available, so it's early. What have you seen in terms of monetization and whether that's added run rates to existing run rates? However you think about monetization, again, understanding that it's early, I'm curious what your early observations are. Thanks, Saket Yes. During the limited availability period, we had a chance to work with quite a few firms across the industries that we target: legal, accounting, consulting, investment banking, private capital. One of the things that we saw was that the Celeste and Firm AI value proposition speaks to a more senior buyer. We put out a white paper that talks about this, the leadership of the firms have not really been addressed by the more practice-oriented, desk-oriented tools that they've all felt compelled to roll out. The Firm AI story does speak to them about how do we help your firm grow? How do we help you use agents to leverage your history of knowledge and experience and methods as a firm rather than as individuals? This really resonates with them. Of all the product launches that we've done over the years, we've done some of the largest value lands with this product just in the limited availability period than we've ever seen. I think we've really hit something here with something that the senior people in the firms are looking for and have the ability to allocate budget to bring in if they think it's going to help their firm to grow more successfully. There's a lot of emphasis on efficiency in all the AI stories out there, the AI technologies certainly do a lot to help individuals become more efficient or even to help the organization be more efficient. If you actually talk to the managing partners of these firms, their primary objective is to grow their business. A lot of what we're doing with the Firm AI strategy is focused on that. How do you leverage this new AI generation and the agentic technology opportunity to support your firm's ability to leverage its own knowledge to grow more successfully, whether that's through competing for market share or bringing in laterals or M&A successfully to scale the business and integrate it successfully. The monetization for that is a platform fee plus a usage fee, we're watching the uptake move pretty quickly here. We're excited about what this represents for the next year or years. That's great. Very helpful. Dave, maybe for my follow-up for you, it's great to see the on-prem migrations accelerate this quarter. Maybe the question is, what type of multiplier are you seeing when those customers convert to SaaS? Just as we think about how cloud ARR is growing, maybe excluding those migrations. Yeah. It's consistent with what we've narrated in the past. It's been about 20%-30%. With that said, what then quickly becomes available and where we're seeing even a precursor of is their whole dynamic in and around of then entering into a selling cycle for Celeste, which then would be even above and beyond. We're really excited about the dynamics being presented, and that's where there's a rate of pace here that you're going to start seeing a little bit more acceleration over our previous durations that we've guided to in the past. Sorry, just to clarify there, when you say an acceleration, is that an acceleration in the rate of conversions that you're referring to? Yes. Got it. Very helpful. Thanks, guys. Your next question comes from the line of Terry Tillman with Truist. Your line is now open. Please go ahead. Great. Good evening, team. This is Connor Passarella on for Terry. Appreciate you taking my questions. To go a little bit further on the Firm AI and Celeste opportunity, I think it's great to hear that you're appealing to senior leaders at these firms. Has there been maybe a fundamental change on how the teams engage with these customers, or has it kind of really reinforced the enterprise sales motion you've built over the last several years? Thanks, Connor. We've done a couple things. As we've discussed on prior calls, we had been evolving the go-to-market team with a greater emphasis on the enterprise firms. The top 2,000 firms, where 70% of our total opportunity is. We wanted to increase and densify the coverage of those firms, and you're seeing some of the outcomes of that in the growth in our billion-dollar cohort, for example, and in the NRR. Not only are those firms the largest opportunities to land new accounts, but they are very significant opportunities to expand for a long time once we land them. That's sort of the cornerstone of our go-to-market story. Obviously, the introduction of Firm AI and Celeste gives us an incredible value proposition to those enterprise firms. A lot of what we were doing in the limited availability period was working with some of those organizations at a business process and value proposition for senior management and business departmental leaders, but also the technical teams and the compliance and security teams. A lot of the Firm AI story is about leveraging the information that the firms already have so they can differentiate themselves with the Firm AI capability in their own competitive market much more effectively using agentic technology. To do that, they must continue to comply with the requirements that are central to this highly regulated set of industries. A lot of emphasis on multiple buyers in those enterprise firms with multiple constituencies, including compliance. Then, yes, we've, in addition, made some incredible moves in the talent area. As I was mentioning earlier, we brought in some excellent go-to-market expertise that has a lot of history, having much larger sales motions with some of these enterprise class accounts. You see that in our team and in a lot of the deals that we're bringing in now and will continue to bring in. Development in several areas to emphasize that motion. That's really helpful, John. Thank you for that. Maybe just a follow-up. Wanted to double-click on the momentum with Microsoft and the co-sell motion there. Just as the partnership continues to mature, is Microsoft primarily helping you accelerate deals that are already in the pipe, or are they actually increasing incremental demand by bringing Intapp into some of the enterprise AI conversations that they may be having a little bit earlier in that sales cycle? It's certainly both. Our teams are doing very well working together and co-selling together. We have a very close relationship with this set of industries. That's one of the cornerstones of our strategy obviously. We've been working with these firms for a long time, so it's very common for us to be the first people who uncover opportunities for AI or Firm AI at the firms. We have a great relationship with the Microsoft sales team and can bring them in at various stages in the process to help us. The MAC agreements that the firms have signed with Microsoft have been a huge help for us, and we really appreciate the relationship that we have with Microsoft in that regard, because we can get bigger deals faster through that relationship. It is also the case that as we've won larger and larger deals, the Microsoft team is becoming more conscious of what we can do to help them deepen their Azure footprint and their AI footprint with these firms and help them leverage more of their Microsoft estate. We are getting inbounds from the Microsoft team that helps us grow our pipeline. It goes both directions. Thank you. Your next and final question comes from the line of Jonathan McCary with Raymond James. Your line is now open. Please go ahead. Hi, thank you. This is Jonathan on for Alex. John, I wanted to ask you, on organizations investing in AI now, one of the things we hear regularly throughout software is the technology is really ahead of where the customer base is in a lot of cases, and Intapp seems to be leading the way as it relates to the Firm AI approach. I'm curious, what would you call out as the commonality behind the clients that you see that are really leaning in already? Has that changed how you think about the relative growth contribution from the different end markets? Thanks, Jonathan. I think there are two buckets currently. There's a segment of the market that got out very early and experimented with every AI tool that came out. You'll go into some of these firms, and they'll have six or 12 different pilots that they've run or are in the middle of. Those very sophisticated early adopter style organizations, often led by IT, have developed a real feel for what the practical realities of deploying this AI generation set of technologies is going to be and what some of the challenges are, getting it to work in a business context and a technical context inside the organization. One of the things that the Celeste team has done an incredible job of is to show a true enterprise-class, compliance-aware architecture that helps these enterprise-class firms who've experimented with all the startup tools and all the horizontal AI tools, see what the correct design for Firm AI is going to need to be. We've won a lot of exciting competitive deals in a limited availability period that really prove the technical chops of the team and of the Celeste architecture. That's really exciting because that gives us a lot of opportunity and confidence in our enterprise strategy, because that's what we're going to encounter. That's what all the companies are going to encounter when they try to get their systems into the guts of the way that these enterprise-class IT organizations work. That's the technical crowd. The second group are the business leaders, because many of these firms have created a head of AI or head of innovation role that didn't exist three years ago. Often that person has the new AI budget at their command, and they're chartered with making sure that the firm at a business level is leveraging AI to create improved outcomes across the organization. For that person who's really been focused, because the offerings have been either the horizontal AI tools or the startups who have practice-specific tools, for that person to hear the Firm AI strategy and to say, "Oh, there's this other half or more of my organization spend that I haven't even considered what the best opportunity is to deploy AI to accelerate, and there's so much cost and so much growth opportunity for the firm if we can leverage that. This really speaks to me." That's much more of a business story where Celeste is coming in with specific agents for specific workflows that address the business management and the growth opportunity for the firm. We're running both of those sales motions in parallel. Obviously they are two sides of the same coin. To sell in the enterprise, you have to be able to speak to both of those audiences. That's been one of the most exciting things that's come out of the limited availability period, is watching the team develop those repetitions to really introduce themselves, understand who the buyer is on the other side, and then compete and win with the right positioning of this Firm AI story. It gave us a lot of confidence as we were bringing out the general availability launch there in July. That's very helpful. Just one quick follow-up. I will now turn the call back to John Hall, Chairman and CEO, for closing remarks. Okay. Thank you all very much for spending time with us today. We have an incredible Q4 and fiscal 2026 behind us. We appreciate very much your attention and your questions. We're excited about our continued momentum for fiscal year 2027. Thanks again for your time today, and we'll look forward to talking with you again next quarter.