Intapp, Inc. Price & Performance (INTA)

Thank you. Welcome to Intapp fiscal third quarter twenty twenty five 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 fourth quarter and full year 2025. 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 certain 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, and free cash flow. As a reminder, of our financial figures we will discuss today are non GAAP except for revenue and revenue growth, cash and cash equivalents, and total remaining performance obligations.

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 eight ks furnished with the SEC prior to this call, or a supplemental financial presentation, is available on our website. With that, I'll hand the conversation over to John. Thank you, David. Good afternoon, everyone. Thank you for joining us today as we share the results of our fiscal third quarter. I'm happy to say that once again, we've achieved strong quarterly results driven by the launch of new solutions and AI capabilities an exciting new acquisition new partnerships, and an expanding client base around the world. In Q3, our cloud ARR grew to $352,000,000. Up 28% year over year Cloud now represents 77% of our total ARR of $455,000,000 In the quarter, we earned SaaS revenue of $85,000,000 up 28% year over year. And total revenue of $129,000,000 up 17% year over year. Now I'd like to share some key innovations and growth drivers from our fiscal third quarter. In February, we hosted our premier product event Intapp Amplify. In New York.

Which was attended by leaders from more than 400 of our client firms. We previewed our latest advancements in alignment with our growth AI strategy, And we demonstrated our ongoing commitment to tailored innovation. First, we announced the general availability of Intapp deal cloud activator a research backed AI enabled growth platform that gives professionals the tools insights, and coaching they need to build scale and apply the most successful business development behaviors. We previewed our transformed [indiscernible] scheduled for release this summer, The new Intapp Time uses generative AI and a modernized user experience to make timekeeping faster and easier for professionals. Complete and accurate time entries help firms grow, and better realize revenue. While making clients happier by reducing errors and non compliant billing. We introduced Intapp Walls for AI, which offers protection against the oversharing of confidential data by AI tools. Letting firms confidently deploy AI no matter the provider. We also added three new features to Intapp Assist for DealCloud. First, is an origination capability. That uses Applied AI to deliver search results based on users' investment criteria and preferences. Helping to uncover more opportunities faster than ever before. Next is a smart tagging capability that further automates data capture and enhances organization ensuring that firm intelligence like client activity, deal status, and prospective opportunities is easy to find, understand, and use.

And delivered a prompt studio feature that helps investors, advisers tailor their AI to generate highly personalized insights specific to their role. Giving them even better performing AI for their unique investment and client strategies in pursuit of growth. Zach Polly an associate at Alterna Equity Partners, told us Intapp Assist enables us to include more information on intermediaries, and target companies. With smart tagging and AI suggestions, information is inputted faster than ever. With 100% accuracy. Allowing us to include more and get more done in a shorter time frame. Following the success and client response to Intapp Amplify in New York, we're looking forward to bringing the event to London this May as well. We're also pleased to be continuing our success in real assets. A key win from this quarter is with a large U. S.-based real assets firm. They recently replaced a legacy horizontal CRM with GealCloud, to access better investor relationship data and accelerate fundraising as they establish new investment lines. We're continuing to grow and enhance our Real Assets through the strategic acquisition of Termsheet, a software provider for real estate teams. Bringing together DealCloud and Term Sheet adds additional capabilities and expands our ability to serve new personas [indiscernible] Combined, YieldCloud and Termsheet will deliver a powerful operating system tailored for every aspect of the real assets investment lifecycle.

One of our clients told us that this strategic move differentiates Intapp from more narrow till management solutions. Validating that we've chosen the partner who will innovate to help us grow. We're pleased to welcome the term sheet team to Intapp. Further building our unparalleled team of industry experts. Our partner ecosystem also continues to be an important cornerstone of our company's strategy. We're continuing to achieve strong growth signing eight new partners this quarter. And bringing our partner ecosystem to more than 140. New partners span technology integration, services, data, and software companies. Including Infobode, a research news and insights platform for the real estate industry [indiscernible] a provider of complementary investor onboarding capabilities. Additionally, in March, we co hosted our third annual CIO leadership summit with Microsoft, for a group of select legal, accounting, and consulting CIOs. Held at Microsoft's Redmond campus, the summit focused on driving innovation, and accelerating productivity. Through AI and cloud technologies. It also highlighted the power of our partnership including the many key integrations that enable operational transformation and enhanced collaboration. Okay, I'll turn now to Q3 wins. Both new clients and expansions as well as cloud migrations. First, I'm pleased to share that we're continuing to grow through the addition of new clients.

Here are a few examples from the quarter. New forests a global investment manager of nature based real asset and natural capital strategies, chose DealCloud to streamline its reporting and communications. And to better track investors and fundraising for a more tailored approach to relationship management Next, [indiscernible] A private equity firm dedicated to energy transition replaced a legacy horizontal CRM with DealCloud, to increase adoption and better manage investor relations and communications. Next, Australian law firm Gaidens. Chose Intapp Intake And Intapp Conflicts To Improve Compliance With New Anti Money Law And Counterterrorism Financing Regulations. And Next, A Global Law Firm Based In Europe. Selected Intapp conflicts intake and terms, to support its strategic growth with improved data quality and streamline processes for regulatory adherence. This quarter, we also continue to see a keen focus on independence in accounting. With first choosing Intapp employee compliance to replace homegrown or legacy solutions and manual processes. These include [indiscernible] a top 20 US based accounting firm and Cohen and Company, a top 50 accounting firm. As well this quarter, upselling and cross selling success in our existing accounts continue to drive strong cloud net revenue retention. I'll share some notable examples.

First, existing client DNB. Norway's largest financial services group and bank, increased its number of DealCloud seats after acquiring Carnegie Bank, and standardizing on our platform. Next, a US based global alternative investment firm added additional DealCloud seats. To bring all deal teams onto the same platform and create one central point of information Next, an AMLOW 200 client. Focused on m and a transactions. Replaced its legacy horizontal CRM with DealCloud, This furthers their goal of creating a legal ecosystem in the cloud. Along with Intapp time, conflicts, intake, terms, and walls. And next, accordion. A private equity focused consulting firm that I mentioned in the past when they purchased DealCloud. [indiscernible] Intapp conflicts, to help them bring on new business without conflicts of interest among their clients and PE investors. Finally, we continue to help more legal clients including Fenimore, Blazer Weil, Jackson Lewis, and Smith Gambrel migrate Intapp Time to the cloud. Once implemented, they'll have access to a more modern web client, new AI features, and continuous innovation. Including the new Intapp Time announced at Amplify. In conclusion, we're proud of our strong third quarter performance and we continue to be optimistic about our growth opportunities.

As our Q3 performance has shown, we are growing by adding new capabilities, and increasing our global enterprise go to market reach. We see continued opportunity both to add new clients across a broad TAM and to deliver greater value. By expanding our existing client base. We're serving a durable end market with our subscription revenue model industry specific cloud platform, and applied AI and compliance capabilities. We have a great growth opportunity to drive AI cloud adoption, and modernization across all the industries we serve. As always, I'd like to thank our clients, our partners, our investors, our Board, and our global Intapp team for their teamwork and dedication. Thank you all very much. Okay, David, over to you. Thank you, John, and thanks to everyone for joining us today.

A special thank you as well to those who turned into our Amplify keynote in February to hear about Intapp's latest product advancements and roadmap strategy across our vertical specific solutions. As a product led growth company, our rate of pace of innovation over the past year has been exceptional. With that, I am pleased to report a solid third quarter performance. The durability of our cloud business was evident in Q3 driven by progress with large accounts across verticals and geographies as well as success in transitioning client spend to the cloud. We also continue to demonstrate improving efficiencies and leverage within the model. We are confident in our ability to deliver profitable growth as we close out fiscal twenty twenty five and enter fiscal twenty twenty six. Well positioned to capitalize on a positive digitalization and cloud native trends in front of us. Let's begin with fiscal Q3 results. SaaS revenue was 84,900,000.0 up 28% year over year, driven by new client acquisitions contract expansions, and the migration of on premise products to the cloud. As of March 31, 93% of our clients have at least one cloud module, up one point sequentially. License revenue was 31,700,000.0 in fiscal q up 2% year over year.

Positive contributions continue to be on prem price increases and contract expansions and renewals, and these were largely offset this quarter by our steady pace migrating clients to the cloud and onto our SaaS offerings. Professional services revenue totaled 12,500,000.0 down 6% year over year. Our strategic decision to outsource more activities to the partners has allowed us to place greater emphasis on enhancing client satisfaction and driving co sell pipeline generation, supporting our long term cloud growth objectives. Total revenue was 129,100,000.0 up 17% year over year driven primarily by sales of our cloud solutions. Revenue from our international operations accounted for over one third of our total revenue this quarter and continues to provide growth opportunities. International revenue grew 20% year over year in Q3. We kicked off our calendar 2025 with noteworthy execution on our acquisition and partnership growth strategies. First, as John mentioned earlier, the acquisition of Term Sheet marks an important next step in deepening our expertise of real assets, building on strong organic momentum, including multiple new logo wins this quarter. This combination will broaden our capabilities to fully serve real estate estate teams across their investment life cycles and personas. With this acquisition, we continue to reinforce the core tenets of our ecosystem expansion track record strengthening the breadth and depth of our vertical specific offerings and delivering long term value to our end markets.

On that note, our broader alliances and partner ecosystem saw progress this quarter, with the newly signed InfoBone, a real estate data partner complementary to our term sheet acquisition, our partner network grew to over 140 in Q3. Our co sell motion continues to build the client pipeline drive wins and strengthen retention as a long term growth lever. We are optimistic about our investment in and the increasing impact of Intapp's enhanced partner program to strengthen our capabilities across deal generation technology, data and implementation. As partner certifications have increased 75% year over year, we are on a strong pace for our partner ecosystem and platform to be become more of a material contribution to fiscal twenty twenty six demand generation and greater assistance on revenue realization. As we continue to focus on our margin and operational efficiencies, Q3 non GAAP gross margin was 77.9%. Up from 75.1% in the prior year period, reflecting continued progress toward breakeven professional services gross margins and reducing the relative top line contribution from that business. Non GAAP operating expenses totaled $80,300,000 compared to $71,900,000 in the prior year period, reflecting our continued investment our product led growth. Non GAAP operating income was $20,300,000 as compared to $11,200,000 in the prior year period.

Non GAAP diluted EPS was $0.26 in the third quarter of fiscal twenty twenty five as compared to $0.14 in the prior year period. Free cash flow, which is defined as our cash flow from operations less capital expenditures, was 35,100,000.0 for the third quarter or 27% of total revenue. We exited the quarter with $323,200,000 of cash and cash equivalents. Turning to our key metrics, cloud ARR was up 28% year over year. While total ARR was up 19% year over year. Total remaining performance obligations were 621,500,000.0 up 33% year over year. We remain committed to executing our land and expand go to market model, which yielded a quarter end seven forty eight clients worth annual recurring revenue of at least 100,000 up from $6.73 in the previous year, our 100,000 ks plus ARR clients now comprise 28% of our total clients of over 2,650. Our 119% cloud net revenue retention rate in Q3 highlights the consistency with which we retain and steadily grow business with existing cloud clients. Now turning to our outlook. For the fourth quarter of fiscal twenty twenty five, we expect SaaS revenue of between $89,000,000 and 90,000,000 As these are newly provided revenue outlook metrics, we are also providing the implied year over year growth outlook of between 2627%.

Total revenue in the range of 131,500,000.0 and 132,500,000.0 non GAAP operating income in the range of 20,000,000 and 21,000,000 and non GAAP EPS results of $0.22 to $0.24 using a diluted share count weighted for the quarter of approximately 85,000,000 common shares outstanding. For the full fiscal twenty twenty five, we expect SaaS revenue of between $330,800,000 and 331,800,000.0 As these are newly provided revenue outlook metrics, we also provide the implied year over year growth outlook of 28%. Total revenue in the range of $500,600,000 and 501,600,000.0 We also expect non GAAP operating income in the range of $74,300,000 and 75,300,000.0 and non GAAP EPS in the range of $0.88 to $0.90 using a diluted share count weighted for the fiscal year twenty twenty five of approximately 84,000,000 common shares outstanding. Thank you. And I'll now turn the call back to the operator.

Thank you. And as a reminder, to ask a question, simply press To remove yourself, press 11 again. One moment while we compile the Q and A roster. Our first question comes from Gogilev with JPMorgan. Please proceed.

Hello, John, first question for you. For a while, you've highlighted that much of your business is a cyclical. Can you talk about various indicators of that in your recent client conversation? [indiscernible] how much does deal activity drive growth of your business?

Sure. Thanks, Alexi. As you know, we bootstrapped the company all the way to IPO serving this traditionally underserved end market, the specific platform. The law firms, the accounting firms, the consulting firms, the investment banks, the private capital firms have a pretty steady demand to move to the cloud and to adopt AI. That fuels the company's consistent growth. The indicators that we watch obviously, pipeline, We watch sales cycle. We watch the overall deployment time that helps folks to get to the next stage where they can expand further the platform for us. The macro discussion that's going on around tariffs and everything, obviously, all the firms are talking about, we have not seen indications in their operational digitalization move that's affected them. It's been very consistent demand through this period. And we've had that experience through previous economic cycles. We grew right through the two thousand and eight recession and right through COVID. So overall, I think that the fundamental driver here is the need for these firms to catch up with the rest of the industries. To finally get to the cloud and they have an unusual opportunity to take advantage of AI given the type of work that they do.

Great. Thank you, John. And Dave, a quick question for you. About the international revenue. What was the growth in constant currency, please?

Yes. Primarily USD. So it's it's almost one and the same.

Okay.

You.

Thank you. One moment for our next question, please.

And it's from Parker Lane with Stifel. Please proceed.

Hello. This is Matthew Kickert on for Parker. Thank you for taking my questions. [indiscernible] last quarter you talked about solid traction selling deal cloud into the legal vertical.

Could you just talk a little bit about if you saw a continuation of that activity there this quarter and the pipeline around that specific motion?

Thanks, Matthew.

Yes. We are excited about what's happening with bringing DealCloud to legal as we are with the other industries as well. This was a question that the investors had when we came public and we've been highlighting firms that have been taking up DealCloud in legal specifically to help answer that question. There's a lot of enthusiasm in these firms, particularly the large multi practice firms talking specifically about legal, who are looking to grow by winning new clients, but also through cross selling their services into their existing client base. There's also an underlying trend in legal the firms grow through what they call lateral hiring. They bring in law firm partners from other firms and with them a group of clients. And a lot of the objective there is to bring that person's expertise into their existing client base or vice versa, bring the firm's variety of expertise into the clients they bring with them. So that all drives an interest in a much more industry specific business development approach and Hillcot is purpose built for that style of business development. So there's a lot of demand. And in fact, replacing of legacy horizontal CRM systems that don't understand how these professionals actually go to market through their network.

Okay. Got it. And then secondly, with the company leaning more into AI, recently, how should we think about level of incremental spend related to those features as it relates to your margin expansion targets over the next two to three years?

Well, think the overall point we would make is that we are doing applied AI so we are not building data centers or running models that would drive a lot of CapEx or other expense. Dave, you can add some color here. But the opportunity for us is to take this next generation of AI technologies and apply them to specific applications based on our years of experience and expertise in this market where we can really help the firms achieve the value potential inherent in this generation of technology. We've done that several generations of technology. And so that's why you hear us talking about intelligent supply, in the brand overall, and Applied AI consistent part of our story, the firms really appreciate that because the general purpose systems as exciting as they are, need some real attention in order for these firms to adopt specific applications that fit with their workflows, their personas, and the compliance needs in particular that these special firms have. In the way that they use AI?

Terrific. Thank you.

Thank you. Our next question comes from Alex Klar with Raymond James. Please proceed.

Hi. Thank you.

Is Jonathan McCary for Alex this evening. So just wanted to touch on the Amplify product launch event.

Some really interesting new functionality there. Particularly with the the Intapp Assist use cases. So just hoping, what can you tell us about the event in terms of demand gen? Is there any quantification in terms of pipeline build or customers reengaged after that? I know you gave the 400 customers attending count, but is there any way you could give us any quanta quantifiable sense for that? Thanks, John. We were very excited about the way that Intapp amplify came together. This was our second year of doing an event in New York in February. Since COVID. And we had tremendous turnout both in person and online. We launched a range of new capabilities across the platform We talked about some of them, in the prepared remarks there. Your question about Intapp assist specifically one of the things we highlighted with Intapp Assist was our new origination capability. So this is AI that helps firms who are seeking out either new investors or new investment opportunities or new clients to use AI to pattern match opportunities that look a lot like the types of opportunities that they want to pursue and they've had success with over the past. In the past.

And the reception has been fantastic. We've had a lot of enthusiasm from the folks that were there, but also across our client base because we've gone out with the Intapp Amplify story and all of the content of it and and the meeting with clients around the world. We're also going to do a second edition of Intapp AppFi this year in London, in May. So that whole program continues. The pipeline has had a strong response. Wasn't simply what you asked about with IntappAssist, but one of the things that we really saw incredible response was the next generation of our Intapp Time product, which is very well taken up in the marketplace. And now able to bring this next generation of AI and cloud capabilities into Intapp Time and was a line out the door at Amplify for folks to see demos and talk to us about taking that next step. And then we highlighted several of the law firms that have successfully moved from on prem to the cloud are very excited about the opportunity to take up this new AI driven Intapp time. So several things came out of Amplify and it's part of our overall program as Dave mentioned.

Increased product r and d that is bringing more and more applied AI applications out for our clients. Great. Thank you.

Thank you. Our next question comes from Terry Tillman with Truist Securities. Please proceed.

Great. Thanks for taking the questions. This is Bobby Dion for Terry.

Just a couple on term sheet. Firstly, can you expand on how the acquisition enhances your vertical strategy in Real Assets? And what does early feedback from clients and prospects look like since the announcement And then I have one follow-up. Thank you.

Thanks, Bobby. We're very excited about joining forces with the term sheet team. First of all, it's a tremendously expert group of people that really know the real assets industry and the software needs of the real assets industry to incredible depth. And that's always been a theme of our company is to bring the world's experts in each of these industries and their business operations and what makes them unique.

So the team there is fantastic. They have developed some technologies that are really incredible that expand deal clouds capabilities to serve additional personas in the real assets industry. As you all may recall, we announced our expansion into real assets a little over a year ago at New York event in February in 2024. We had been led into that industry because our multi strategy asset manager clients wanted to use DealCloud across all of the asset classes that they invest in, both for fundraising and raising new funds, as well as deploying capital and managing assets over their life. And we had made some important developments in DealCloud like mapping technologies and some of the geographic information system integrations in order to enable those asset managers to do that. As we did that, we found that we were in a better and better position to serve the broader community of real asset investors, the whole asset class, both investors, advisors, as well as operators. The term sheet team brings us technology to serve even more of those roles. Inside the real assets industry, which is very parallel. It's traditionally underserved. They have a unusual operating model that is not well suited to the traditional horizontal CRMs, And a lot of the technology that we're bringing from term sheet is going to allow us to penetrate further and further into that market.

So it's a really exciting opportunity for us. And it's a big industry that needs cloud and AI technology. It has not been able to succeed with that from the traditional horizontal systems historically.

It's great, appreciate the color. Just secondly, I'm curious, what are the key integration milestones for the unified solution with Term Sheet? And when should we expect initial go to market activity or financial contribution? Thank you very much.

Thank you. Yes, we're already in the integration program. The teams are working together. We had summit last week in New York. I was there for board meeting and we got to meet some of the team members. It's an exciting group that has a lot of energy to go win this market. Some of the integration milestones have to do with bringing together the brands, bringing together the product for the clients and Real Assets. As I mentioned in the script, we have some really positive feedback from firms who had looked at term sheet and looked at DealCloud and said this was a great move for Intapp to make, and it validated their choice. For us as an overall platform. For their business, and we're getting a lot of encouragement from the clients to bring the products together as fast as we can. So we're excited about where this is going.

Thank you. Thank you.

Our next question is from George Kurosawa with Citi. Please proceed.

Hi, I'm on for Steve Anders.

Thanks for taking the questions. When I'm looking across the metrics for the quarter, I did notice calculated billings came in a little below our estimate I know that can be a lumpy metric. So anything one time, nature or timing related that we should keep in mind when we're interpreting that metric?

Yeah, we've always narrated because of the noise, not only in billings, and in some of the Doctor and so forth just because of our fixed fee models. With our partner ecosystem. You know, we we look more to our remaining performance obligation to give you kind of the forward leading indicators, which was very nice. But coming off the billings itself, you also have to remember we're coming off a a high in f q '2. So there's going to be not only seasonality coming off of that, as well as some timing. So there's nothing else to narrate on that specifically.

Okay. That's helpful. And then I guess a little related, I know I'm a quarter early here, but I did want to ask about if there's any kind of color you can give us early view into FY 2026 and we're trying to triangulate our models between RPO growth, ARR growth, billings growth and then I guess on the margin side, whether you're thinking about FY 2026 as more of a margin harvesting year or more of an investment year? Thank you.

Well, we'll always continue to invest. So and we'll continue to drive leverage in our model as well. But it'd be far too early and probably not prudent for us to articulate anything as we get into 2026 at this point in time. With that said, we continue to work very hard on building up our demand gen. We continue to drive pipe across all of our leading platform of offerings. We like how that continues to develop, not only for this intra quarter, but then also for the back half of the year. And so as you've seen, our continued investment, only in the go to market, but also in our our product and engineering, you've seen with the advancement of our new product offerings with Amplify that John narrated on and you continue to also hear us talk about our partner ecosystem, which continues to drive co sell motions on that as well. So we like where things are being positioned. We think it's a good setup, but as far as quantifying anything heading into '26, it'd be far too early. For us to do that at the at this time.

Fair enough.

Appreciate the color and thanks for taking the questions.

Thank you. Our next question comes from Brian Schwartz with Oppenheimer. Please proceed.

Yes, hi. Thanks for taking my questions this afternoon.

John, wanted to see if you could just give us an update in terms of the arc of improvements you're seeing from the sales reorganization that you did at the beginning of the year to target large accounts.

I'm just wondering if you're starting to see some of the fruits from those changes you made at the beginning of the year or if that's still on the come for the business? And then I have a follow-up for David.

Thanks, Brian.

Yes, we did make an adjustment to the sales organization at the beginning of the fiscal year to move more resources to the large and larger end of our market which we call enterprise accounts, is our mid market accounts. 70% of our TAM. Is in firms of that class. And there's a tremendous opportunity for us both to win new clients, and to expand within our existing clients And the team has done an excellent job of getting out and covering even deeper the accounts of that end of the market. We've also had some very good success with a lot of the technology investment that we made over the past couple of years. To do things around scalability and interoperability and security and compliance for firms of that class Obviously, deals high 6 figure, 7 figure deals are [indiscernible] from a sales cycle process, but they also pay off when they land. So we're seeing a very strong pipeline there. And I'm excited about [indiscernible] move that we made. It was well executed. A lot of the team has developed pipeline there that's really in great shape. So it's an exciting time for us in the enterprise.

Thanks, John. And then the follow-up questions, on the model I have for David. Just one on the near term, just on the revenue guide. And in 4Q. What are you expecting from term sheet? And then as we think about calibrating our model, can you give us any directional advice on how you think stock based compensation should trend It's just kind of varied as a percentage of revenue over the last two years. And just wondering anything that you could help us directionally with the model for fiscal twenty six. Thanks for taking my questions this afternoon. Yeah. No. For sure. Term sheet for f FQ4 is gonna be very immaterial. Contribution. We can talk more about the contribution, specifically for FY '26 on our next, earnings call. Then as far as SBC that will continue to trend down. As a percentage of revenue. And so you should continue to see that stair step down. As it did this quarter.

Thank you.

Thank you. One moment for our last question, please. It comes from Kouhi Ikeda with Bank of America. Please go ahead.

Yeah. Hey, guys. Thanks so much for taking the questions. A couple from me here. I wanted to ask a question on SaaS revenue.

And so when I look at the performance in the quarter, it looks like it came in slightly below the high end of the guide. And when I look at the last three quarters, the three quarters that you've given this guide, you beat the high end once and you were below the high end twice. And so just kind of wondering how we should be thinking about the performance of SaaS revenue, the visibility in SaaS revenue and how we should be thinking about upside potential in this line item going forward?

Yeah, think a lot of that, Koji, just gets into when the deals have been exercised, not only signed, but then, provided for. And so that gets into the timing of the quarter. And so anytime you come in with that level, I mean, the visibility it comes into month one, month two execution and revenue yield. And so, yeah, we that that range is very narrow. And, obviously, there's pros and ton, pros and puts and takes as to how we can overachieve that. On any given point in time. So that's kind of the prudence we put into it. You know, obviously, we're trying to execute even more, get even more upside off of that, but it's always going to be within that envelope. So hopefully that answers your question on that.

Yep.

No. That's super helpful. And maybe a follow-up here. I wanted to ask helpful. And follow-up about how your customer conversations are going broadly.

In the uncertain macro environment, maybe split between professional services and financial services, and take it from that view. But even if you could, you could get more granular if you like, you want to talk specifically about law firms versus consulting versus investment banking versus private private equity? I mean, any sort of deeper granularity in the demand environment would be greatly appreciated. Thank you.

Sure, Kochi.

Thank you for the question. The private capital investment community pays our bill out of their management fee. Rather than out of any particular deal transaction fee. So we have a very stable and growing demand from those firms as they're trying to modernize their operation, compete with each other, adopt AI, pursue origination opportunities in the marketplace. And very steady pipeline build from those firms, both new clients and expansion. I mentioned a few examples on the call, specifically to emphasize that firms standardize on DealCloud when they put it in. They start with one group, expand over time, and that's so that they can continue to raise funds and deploy funds consistently and get the insights across all of that activity for the benefit of the management team and their overall firm strategy and fund strategy. On the adviser side, looking at accounting, consulting, the financial advisers like investment banks, and then the legal firms they have had a very steady pull to digitalize their operation because they have not succeeded with the traditional horizontal system. So, I gave several examples and tried to do it each quarter of us replacing very well known horizontal CRM systems because we have the purpose built platform that's getting more and more traction and credibility across even the very largest firms.

In the enterprise class. So I think it's an exciting vertical industry cloud category creation situation that we're in where we're really following the example of pioneers like Fiva for each of their industry you know, those firms' industries. To bring the next generation cloud and AI platform to these folks. We have said over the years that if there's any of our end markets that's more sensitive to the cycle, it might be the investment bankers themselves. But we've had some very good and large wins. I gave an example with DNB in Norway where they actually did an acquisition and standardized on Intapp deal cloud across the whole firm. As part of that. And that's really awesome situation where people have really said this is the platform for our future. And so I think that's where we are at an important time in the overall industry's move to be more cloud based in their technology and more AI enabled and also compliant, a really important part of our overall story. Is the fact that our platform is built to be compliant with the unique requirements, both ethical professional and statutory regulatory, for this industry, and it really sets our overall platform apart.

So know, we've grown the company through direct client funding from for all these years because we actually understand the idiosyncrasies of how this very large underserved industry works, and and that's what's driving our business.

Thank you.

Thank you. And this concludes our Q and A session and I will turn it back to John Hall for final comments.

Okay.

Well, everyone. We appreciate your attention and your questions. We have a great Q3 behind us and we're very excited about our continued momentum. In fiscal twenty five. Thanks again for your time today, and we look forward to talking to you next quarter.

Thank you. And with that, we conclude our program for today. We thank you for participating, and you may now disconnect.