Alex Sklar

Alex Sklar inquired about broader IT and AI budgets within named accounts for 2026, and the drivers behind the notable step-up in Net Revenue Retention (NRR) this quarter.

Answer

Chairman and CEO John Hall noted that some firms have dedicated AI budgets, while others integrate AI into traditional IT procurement. CFO David Morton attributed the NRR increase to the effectiveness of Intapp's enterprise motion and successful partner ecosystem talk tracks, leading to larger lands and expands through upsell and cross-sell.

Alex Sklar asked about the trends in broader IT and AI budgets within Intapp's named accounts for 2026, specifically if distinct spend is dedicated to AI, and how Intapp's increased investment in AI offerings aligns with its strategy. He also asked about the drivers behind the notable step-up in net revenue retention (NRR) this quarter.

Answer

CEO John Hall noted that some firms have specific AI budgets, while others integrate AI into general IT procurement, both benefiting Intapp. He highlighted Intapp's significant R&D investment in AI, leading to its largest and most consequential product release at the upcoming Amplify event, driven by extensive client collaboration. CFO David Morton attributed the NRR increase to the effective enterprise motion, successful partner ecosystem engagement, and larger lands and expands through both upsell and cross-sell.

Alex Sklar asked about the international opportunity compared to the strong US performance, including necessary product and go-to-market investments. He also inquired about the magnitude, timing, and focus of direct sales hiring plans for fiscal year 2026.

Answer

CEO John Hall noted that international business historically accounts for 30-33% of revenue, with a growing footprint in regions like the UK, Australia, New Zealand, Canada, Continental Europe, Nordics, and Singapore, further expanded by partners in Spanish and Portuguese-speaking countries. CFO David Morton indicated that incremental investment for international expansion has been nominal, primarily involving pacing and planning. CEO John Hall stated that direct sales hiring in fiscal year 2026, leading into 2027, will focus on growing the enterprise group to target large, scaling enterprise-class firms.

Alex Sklar asked about the international opportunity, specifically comparing its potential to the strong US performance, and for David Morton to comment on the investment needed for this expansion given existing partners. He also inquired about the magnitude and timing of direct sales hiring plans for fiscal 2026, particularly for the enterprise group, compared to the previous year.

Answer

John Hall (Chairman and CEO, Intapp) noted that international business historically accounts for 30-33% of revenue, with strong growth in the UK, Australia, New Zealand, Canada, continental Europe, Nordics, and new markets like Singapore and Spanish/Portuguese-speaking countries via partners. David Morton (CFO, Intapp) stated that incremental investment for international expansion has been nominal, primarily a matter of pacing and planning due to minimal localization needs. John Hall added that direct sales hiring is focused on growing the enterprise group, adding capacity in fiscal 2026 leading into fiscal 2027, to serve scaling enterprise-class firms.

Alex Sklar inquired about the specific factors contributing to South Africa's accelerated subscriber growth, sales hiring progress in Southeast Asia and Europe, and whether significant hiring in Southeast Asia will drive subscriber growth beyond 20-21%. He also asked if South African ARPU growth was solely from camera/Tag or price hikes, and for Southeast Asia's ARPU and expected dilution.

Answer

Zak Calisto, Founder and Group CEO, clarified that both subscriber growth and cross-selling are progressing as planned, attributing performance to increased market footprint and execution. He confirmed sales hiring is on track across all regions and stated the ambition is to exceed and compound on the 20-21% subscriber growth rate in Southeast Asia for a strong FY2027. He confirmed South African ARPU growth was driven by camera and Tag adoption. For Southeast Asia, he reiterated that ARPU is expected to eventually mirror South Africa's, anticipating a decrease as the business expands into lower ARPU countries, a known trend from the outset.

Alex Sklar of Raymond James inquired about the progress of hiring plans in Southeast Asia, future sales productivity, the margin impact of cross-selling, and the potential to increase ownership in Karoo Logistics.

Answer

CEO Isaias Jose Calisto confirmed that Southeast Asia hiring is on target and that they expect to deliver increased productivity. He clarified that ARPU growth from cross-selling is aimed at increasing absolute profit, not profit margins, due to associated costs. He also confirmed the company has an option to increase its stake in Karoo Logistics starting February 2026, which will be evaluated then.

Alex Sklar asked Sanjit Biswas if the success in verticalizing the public sector sales force has influenced Samsara's go-to-market strategy for other end markets. He also asked Dominic Phillips about any changes to the expansion motion within the 115% NRR framework, considering the traction of newer products and potential for NRR to step up.

Answer

Sanjit Biswas, CEO and Co-founder, Samsara, stated that while the public sector team has been successful due to its unique buyer persona, Samsara continuously evaluates its go-to-market strategy for different segments. Dominic Phillips, CFO, Samsara, noted that the business remains balanced, with roughly half of new bookings from new logos and half from expansions, and while there's significant expansion opportunity with new products, he expects this balance to continue.

Alex Sklar from Raymond James asked for more details on the two top 50 bank commercial expansions, specifically what nCino solutions these banks were using previously and what new capabilities they adopted. He also inquired about the remaining white space within nCino's U.S. installed base for core enterprise commercial lending. Additionally, Sklar questioned the anticipated impact of increased bank M&A activity over the next one to two years on nCino's business.

Answer

CEO Sean Desmond noted that the expansions reflected opportunities within existing business lines where customers had more needs for nCino's solutions. CFO Greg Orenstein explained that bank M&A has historically been a tailwind, citing an internal study showing nCino as the go-forward platform in 95% of over 270 M&A events involving nCino bank customers over the past decade, reinforcing the platform's scalability and choice for growing institutions.

Alex Sklar asked for more details on the two top 50 bank commercial expansions, specifically what these banks were using nCino for previously and what new functionalities they are adopting. He also questioned the remaining white space within the core enterprise commercial lending segment of nCino's U.S. installed base, and how recent bank M&A activity is expected to impact nCino over the next one to two years.

Answer

Sean Desmond, nCino's Chief Executive Officer, explained that the expansions reflect opportunities within existing business lines where customers had more need for nCino's solutions. Greg Orenstein, nCino's Chief Financial Officer, reiterated that bank M&A has historically been a tailwind, citing an internal study showing nCino as the go-forward platform in 95% of over 270 M&A events involving nCino customers over the past decade.

Alex Klar asked about trends in new logo win rates and the mix between competitive takeaways versus conversions from manual processes. He also inquired about the decline in implied license revenue.

Answer

CEO David DeStefano stated that win rates are consistent, with takeaways often driven by a competitor's poor support or a customer's growing complexity. He also credited investments in the Microsoft ecosystem for driving new wins. CFO John Schwab noted there was no change in the on-premise to cloud migration activity, which remains at 2-4% of the customer base annually.

John Messina, on for Alex Sklar, asked if the macro environment was leading to more single-solution deals instead of platform sales and inquired about the expected cadence of margin improvement to reach medium-term targets.

Answer

CEO Julie Iskow asserted that the platform is a key differentiator in the current environment, as customers prioritize efficiency and solution consolidation. CFO Jill Klindt noted that the guidance implies significant margin improvement in the second half of 2025 and that while the ramp to 2027 targets may not be linear, they are operating to execute on that path.