Executive Summary

Q3 FY2025 was strong: total revenue $129.1M (+17% YoY) and SaaS revenue $84.9M (+28% YoY), with non-GAAP diluted EPS $0.26 and non-GAAP operating income $20.3M .
Guidance raised for FY2025: total revenue to $500.6–$501.6M, non-GAAP operating income to $74.3–$75.3M, and non-GAAP diluted EPS to $0.88–$0.90; Q4 guidance initiated (SaaS $89–$90M, total revenue $131.5–$132.5M) .
KPIs healthy: Cloud ARR $351.8M (+28% YoY), total ARR $454.7M (+19% YoY), cloud NRR 119%, RPO $621.5M (+33% YoY), and 748 clients with ARR ≥$100K .
Catalysts: Applied AI expansion (Intapp Assist, Walls for Copilot, DealCloud Activator), TermSheet acquisition in real assets, and deepening partnerships (Microsoft, MSCI data integration) supporting pipeline and cross-sell momentum .

What Went Well and What Went Wrong

What Went Well

Strong cloud momentum and KPIs: Cloud ARR $351.8M (+28% YoY), total ARR $454.7M (+19% YoY), cloud NRR 119%, and RPO $621.5M (+33% YoY) .
Applied AI product cadence and client enthusiasm: “We released several new capabilities…including Intapp DealCloud Activator” and previewed next-gen Intapp Time with generative AI; “line out the door at Amplify” for demos .
Partner ecosystem scale and Microsoft co-sell: 140+ partners, CIO Summit at Microsoft; “partner certifications have increased 75% YoY” positioning for FY2026 demand generation .

What Went Wrong

Professional services declined YoY amid strategic outsourcing: Q3 professional services revenue $12.5M (-6% YoY); management deemphasizing PS to focus partners and co-sell pipeline .
Billings lumpiness and seasonality: Calculated billings below some expectations; management emphasized noise and seasonality coming off a strong Q2 and pointed to RPO for forward indicators .
SaaS revenue landed below the high end of guidance range in two of the last three quarters; management cited timing of deal provisioning and narrow ranges limiting upside visibility .

Financial Results

Metric	Q1 2025	Q2 2025	Q3 2025
Total Revenue ($USD Millions)	$118.805	$121.209	$129.067
SaaS Revenue ($USD Millions)	$76.876	$79.976	$84.910
License Revenue ($USD Millions)	$28.492	$28.017	$31.684
Professional Services Revenue ($USD Millions)	$13.437	$13.216	$12.473
GAAP Gross Margin (%)	73.1%	73.2%	74.7%
Non-GAAP Gross Margin (%)	76.3%	76.7%	77.9%
Non-GAAP Operating Income ($USD Millions)	$15.097	$18.925	$20.253
GAAP Net Loss per Share ($)	$(0.06)	$(0.13)	$(0.04)
Non-GAAP Diluted EPS ($)	$0.21	$0.21	$0.26

Segment breakdown

Segment Revenue ($USD Millions)	Q1 2025	Q2 2025	Q3 2025
SaaS	$76.876	$79.976	$84.910
License	$28.492	$28.017	$31.684
Professional Services	$13.437	$13.216	$12.473
Total	$118.805	$121.209	$129.067

Key KPIs

KPI	Q1 2025	Q2 2025	Q3 2025
Cloud ARR ($USD Millions)	$309.1	$331.1	$351.8
Total ARR ($USD Millions)	$417.2	$437.1	$454.7
Cloud Net Revenue Retention (%)	119%	119%	119%
Total Clients (#)	>2,600	>2,650	>2,650
Clients ≥$100K ARR (#)	707	728	748
Total RPO ($USD Millions)	$549.4	$615.3	$621.5
Cash & Cash Equivalents ($USD Millions)	$253.8	$285.6	$323.2
Free Cash Flow ($USD Millions)	$24.092	$25.177	$35.122

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
SaaS Revenue ($USD Millions)	FY 2025	$328.8–$332.8	$330.8–$331.8	Tightened/Raised (midpoint ↑)
Total Revenue ($USD Millions)	FY 2025	$498.5–$502.5	$500.6–$501.6	Tightened/Raised (midpoint ↑)
Non-GAAP Operating Income ($USD Millions)	FY 2025	$70.2–$74.2	$74.3–$75.3	Raised
Non-GAAP Diluted EPS ($)	FY 2025	$0.83–$0.87	$0.88–$0.90	Raised
SaaS Revenue ($USD Millions)	Q4 2025	N/A	$89.0–$90.0	New
Total Revenue ($USD Millions)	Q4 2025	N/A	$131.5–$132.5	New
Non-GAAP Operating Income ($USD Millions)	Q4 2025	N/A	$20.0–$21.0	New
Non-GAAP Diluted EPS ($)	Q4 2025	N/A	$0.22–$0.24	New

Q3 guidance vs actual

Metric	Q3 Guidance (issued Q2)	Q3 Actual	Outcome
SaaS Revenue ($USD Millions)	$84.0–$85.0	$84.910	In-range
Total Revenue ($USD Millions)	$128.3–$129.3	$129.067	In-range
Non-GAAP Operating Income ($USD Millions)	$18.5–$19.5	$20.253	Beat
Non-GAAP Diluted EPS ($)	$0.21–$0.23	$0.26	Beat

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3)	Trend
Applied AI initiatives (Intapp Assist, Walls for Copilot)	Expanded Assist search, Outlook/Gmail integrations, Walls for Copilot risk data; strong pipeline and co-sell	Continued cadence; next-gen Intapp Time preview; DealCloud Activator GA; strong client interest at Amplify	Accelerating product momentum
Microsoft partnership & co-sell	Azure Marketplace deals; top-tier global ISV status; co-sell motions	CIO Leadership Summit at Microsoft; continued co-sell impact	Deepening, strategic
Real assets strategy (TermSheet acquisition)	Real assets wins and ecosystem partners (Proms, Passthrough)	Announced TermSheet acquisition; integration milestones underway	Expanding TAM and capabilities
Sales org reorg to enterprise accounts	Shift resources to named enterprise accounts; productivity setup for H2	Pipeline strong; larger deals drive average sizes; some quarter-to-quarter lumpiness	Improving coverage; larger deal mix
International revenue and FX	International ~1/3 of revenue; +24% YoY; FX immaterial	International >1/3; +20% YoY; FX “primarily USD”	Stable growth, limited FX impact
Professional services margin	Q1 margin improvement; deemphasize services	Breakeven to slight positive PS margins supporting gross margin lift	Structural improvement
Cloud migrations	Law firms migrating to cloud; employee compliance replacements	Continued migrations (Intapp Time/Billstream); 93% clients with ≥1 cloud module	Increasing adoption
Macro narrative	Strong pipeline, acyclical demand; minimal macro impact	Acyclical demand persistent; tariffs/macro discussed but demand steady	Resilient end markets

Management Commentary

CEO on product innovation: “We released several new capabilities…including Intapp DealCloud Activator, which embeds AI and business development best practices into the daily workflows of professionals” .
CFO on profitability: “Q3 non-GAAP gross margin was 77.9%,…Non-GAAP operating income was $20.3 million…Free cash flow…$35.1 million” .
CEO on TermSheet strategic rationale: “Bringing together DealCloud and TermSheet adds additional capabilities and expands our ability to serve new personas within real assets…deliver a powerful operating system tailored for every aspect of the real assets investment lifecycle” .
Partner ecosystem: “Our partner network grew to over 140 in Q3…partner certifications have increased 75% year-over-year” .
Demand resiliency: “We grew right through the 2008 recession and right through COVID…need…to finally get to the cloud…an unusual opportunity to take advantage of AI” .

Q&A Highlights

Acyclical demand and macro: Management reiterated steady demand across legal/accounting/consulting/private capital; macro/tariffs discussed at clients but not dampening digitalization and AI adoption .
DealCloud in legal: Ongoing replacement of horizontal CRMs in legal; purpose-built BD approach fits cross-sell/lateral hiring dynamics .
AI spend and margins: Applied AI avoids heavy CapEx; focus on embedding AI into specific workflows while maintaining margin expansion ambitions .
TermSheet integration and contribution: Integration underway; Q4 FY25 financial contribution “very immaterial,” more detail expected for FY26; SBC to trend down as % of revenue .
SaaS revenue visibility: Narrow ranges and timing of provisioning limit upside; variability by intra-quarter timing .
Billings lumpiness: Calculated billings can be noisy; management points to RPO as better forward indicator .

Estimates Context

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue Consensus Mean ($USD)	$117.810M	$121.143M	$128.841M
Revenue Actual ($USD)	$118.805M	$121.209M	$129.067M
Primary EPS Consensus Mean ($)	-$0.1400	-$0.1445	-$0.0652
Primary EPS Actual ($)	$0.21	$0.21	$0.26

*Values retrieved from S&P Global.

Revenue beat modestly vs consensus in Q3 ($129.067M actual vs $128.841M consensus). Primary EPS consensus was negative while the company reported GAAP EPS of $(0.04) and non-GAAP diluted EPS $0.26; basis differences make direct comparison imperfect, but results exceeded consensus expectations on both reported bases .

Key Takeaways for Investors

Consistent cloud-led growth with robust KPIs and free cash flow strengthens durability of the model; Cloud ARR $351.8M (+28% YoY), RPO $621.5M (+33% YoY), FCF $35.1M in Q3 .
FY2025 guidance raised across revenue, non-GAAP operating income, and non-GAAP EPS, signaling confidence into year-end and FY2026 setup .
Applied AI product cycle (Assist, Walls for Copilot, DealCloud Activator) and next-gen Intapp Time are driving client engagement and cross-sell; strong Amplify event feedback indicates pipeline support .
Real assets strategy expanding TAM via TermSheet acquisition; early client validation and integration milestones underway .
Enterprise focus is increasing average deal sizes with some quarter-to-quarter lumpiness; management highlights prudence in SaaS guidance and timing sensitivity .
Partner ecosystem (140+), Microsoft co-sell, and potential MSCI data integration into DealCloud enhance distribution and product stickiness .
Near-term trading: Guidance raise and AI/product momentum are positive catalysts; watch for Q4 execution vs new guidance and signals on FY2026 margins and ARR growth trajectory .

Additional Relevant Press Releases (Q3 Context)

DealCloud Activator GA (Feb 26, 2025): AI-enabled growth platform for professional BD behaviors .
TermSheet acquisition announced (Apr 11, 2025): Building an advanced operating system for real assets; team joining Intapp .
MSCI partnership (May 21, 2025): Embedding private assets datasets directly into DealCloud to enhance origination and analytics .

Non-GAAP notes: Non-GAAP measures exclude stock-based compensation, amortization of intangibles, change in fair value of contingent consideration, transaction costs, restructuring and other costs, and the income tax effect of non-GAAP adjustments; reconciliations included in the press release .

Intapp, Inc. (INTA)·Q3 2025 Earnings Summary