Intapp Inc (INTA) 2023 Q2 法說會逐字稿

Good day, and thank you for standby. Welcome to the Intapp Fiscal Second Quarter 2023 Webcast. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, David Trone, Senior Vice President, Investor Relations. Please go ahead.

美好的一天，感謝您的等待。歡迎收看 Intapp 2023 年第二季財報網路廣播。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人、投資者關係高級副總裁 David Trone。請繼續。

Thank you. Welcome to Intapp's Fiscal Second Quarter 2023 Financial Results. On the call with me today are John Hall, Chairman and CEO of Intapp and Steve Robertson, 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 third quarter and full year 2023. 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. .

謝謝。歡迎閱讀 Intapp 2023 年第二季財務表現。今天與我通話的有 Intapp 董事長兼執行長 John Hall 和財務長 Steve Robertson。在本次電話會議期間，我們可能會就我們業務的趨勢、策略和預期業績做出前瞻性陳述，包括為我們的第三財季和2023 年全年提供的指導。目前的觀點和期望，需要截至今天所做的某些假設，並受到各種風險和不確定性的影響，包括我們向SEC 提交的文件和其他公開文件中所述的風險和不確定性，這些風險和不確定性難以預測，可能導致實際結果與所表達的結果有重大差異或此類前瞻性陳述所暗示的。 Intapp 不承擔更新或修改任何前瞻性聲明的義務，法律要求的除外。 。

Further on today's call, we will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A reconciliation to comparable GAAP metrics can be found in today's earnings release, which is available on our website and as an exhibit to Form 8-K furnished with the SEC prior to this call.

在今天的電話會議上，我們還將討論某些我們認為有助於理解我們財務表現的非公認會計準則指標。與可比較 GAAP 指標的對帳可在今天的收益報告中找到，該報告可在我們的網站上找到，並作為本次電話會議之前向 SEC 提供的 8-K 表格的附件。

With that, I'll hand the conversation over to John.

這樣，我就把談話交給約翰。

Thank you, David. Good afternoon, everyone. Thank you for being here with us today as we share our results for our second fiscal quarter. I'm pleased to share that once again we've achieved strong quarterly results, supported by cloud ARR growth, SaaS and support revenue growth, the acquisition of new logos and the continued growth of our existing client accounts. As an intro for any of you who may be new to our story, Intapp targets an underserved and overlooked, but actually very large $3 trillion industry of professional and financial services firms.

謝謝你，大衛。大家下午好。感謝您今天與我們分享我們第二財季的業績。我很高興與大家分享，在雲端 ARR 成長、SaaS 和支援收入成長、新商標的收購以及現有客戶帳戶持續成長的支持下，我們再次取得了強勁的季度業績。作為對那些可能不熟悉我們故事的人的介紹，Intapp 的目標是一個服務不足且被忽視、但實際上規模高達 3 兆美元的專業和金融服務公司行業。

Professionals in these firms are the investors and advisers who work in the world's private capital investing, investment banking, legal, accounting and consulting firms. These professionals work in specialists and cross specialty teams every day to support the global industry of deals and disputes. Most of our target firms are or were originally set up as partnerships, not corporations. As a result, they operate both internally and in their go-to-market model very differently from traditional corporations. And on top of this, our target firms are a highly regulated industry and need to manage a wide range of statutory professional ethics and client compliance obligations that are unique to them.

這些公司的專業人員是在世界私人資本投資、投資銀行、法律、會計和顧問公司工作的投資者和顧問。這些專業人員每天在專家和跨專業團隊中工作，為全球交易和爭議行業提供支援。我們的大多數目標公司現在或最初都是作為合夥企業而不是公司成立的。因此，他們的內部營運和進入市場模式與傳統公司截然不同。除此之外，我們的目標公司是一個受到嚴格監管的行業，需要管理其特有的廣泛的法定職業道德和客戶合規義務。

Intapp industry cloud has been designed specifically for the unique operating and compliance needs of these firms. We are highly differentiated from traditional CRM and ERP systems, which were built for companies selling a tangible product. In contrast, our industry cloud understands that our clients firm's business is based on leveraging their collective specialized knowledge, expertise, experience and relationships to win business and to deliver value for their clients and investors. Our industry cloud helps these firms to increase their revenues and returns, operate more efficiently and profitably, manage risk and compliance more effectively and leverage their collective knowledge for competitive advantage. Intapp's leading cloud transformation for this global deal making, legal and advisory industry and our strong Q2 results continue to validate our strategy.

Intapp行業雲是專門為這些公司獨特的營運和合規需求而設計的。我們與傳統的 CRM 和 ERP 系統有很大區別，這些系統是為銷售有形產品的公司而建構的。相較之下，我們的行業雲了解客戶公司的業務是基於利用他們集體的專業知識、專業知識、經驗和關係來贏得業務並為其客戶和投資者創造價值。我們的產業雲幫助這些公司增加收入和回報，更有效率地營運和獲利，更有效地管理風險和合規性，並利用他們的集體知識來獲得競爭優勢。 Intapp 在全球交易、法律和諮詢行業中領先的雲端轉型以及我們強勁的第二季業績繼續驗證了我們的策略。

Okay. Here's how we did. In our second quarter, our cloud ARR grew 42% to $191.8 million. Cloud now represents 64% of our total ARR of $301.3 million, which is up 26% year-over-year. We earned second quarter SaaS and support revenue of $61.6 million, up 31% year-over-year and total revenue of $84.7 million, also up 31% year-over-year. We now serve more than 2,200 premier firms across our target verticals. Despite the current climate of broader economic concern, we continue to see steady demand for our purpose-built solutions in our Q2 results.

好的。這就是我們的做法。第二季度，我們的雲端 ARR 成長了 42%，達到 1.918 億美元。目前，雲端占我們總 ARR 3.013 億美元的 64%，年增 26%。我們第二季的 SaaS 和支援收入為 6,160 萬美元，年增 31%，總收入為 8,470 萬美元，也同比增長 31%。現在，我們為目標垂直領域的 2,200 多家一流公司提供服務。儘管目前存在更廣泛的經濟擔憂，但我們在第二季的業績中繼續看到對我們的專用解決方案的穩定需求。

We gained some direct insight into what's driving this steady demand at our 2-day Intapp City Tour event in New York in November. Our event was attended by clients from our private capital investment banking, legal, accounting and consulting firms, as well as our partners and industry experts. Participants had a chance to share and learn from each other about the challenges, opportunities and initiatives that each of their firms is pursuing.

11 月在紐約舉行的為期 2 天的 Intapp 城市之旅活動中，我們對推動這種穩定需求的因素有了一些直接的了解。我們的私人資本投資銀行、法律、會計和諮詢公司的客戶以及我們的合作夥伴和行業專家出席了我們的活動。參與者有機會分享和相互學習各自公司所面臨的挑戰、機會和措施。

Presenters included keynote speaker, Luke Flemmer, Managing Director at Goldman Sachs; Ian Clarke, Managing Director and Global Chief Technology Officer at Lazard; Angie Goenaga, Senior Investment Associate at Women's World Banking and Jamie Fowler, Chief Transformation Officer at Grant Thornton, who shared their experiences creating efficiencies within their complex organizations, operating successfully in their highly regulated industry and winning business by leveraging their knowledge, intellectual capital and relationships for competitive advantage.

演講者包括主講人高盛董事總經理盧克‧弗萊默 (Luke Flemmer)； Ian Clarke，Lazard 董事總經理兼全球首席技術長；婦女世界銀行高級投資助理Angie Goenaga 和致同會計師事務所首席轉型官Jamie Fowler 分享了在復雜的組織內提高效率、在高度監管的行業中成功運營以及通過利用知識、智力資本和能力贏得業務的經驗。

Many of our attending clients shared that they do not anticipate their digital transformation initiatives slowing down even while facing an economic downturn. Instead, they see the increased capabilities and efficiency provided by the adoption of cloud technology as essential to enabling their firms to weather any challenging economic conditions.

我們的許多與會客戶表示，即使面臨經濟低迷，他們也預期自己的數位轉型計畫不會放緩。相反，他們認​​為採用雲端技術所帶來的能力和效率的提高對於使他們的公司應對任何具有挑戰性的經濟條件至關重要。

The event also included a dedicated daylong session attended by members of our large partner ecosystem, which plays a crucial role in our strategy to deliver optimal value to our clients. We featured a discussion between the Microsoft team and Intapp's Chief Product Officer, Thad Jampol, on innovation and Intapp's industry cloud strategy which delivers a path for these firms as they pursue digital transformation. Their discussion underscored the importance of our strategic partnership with Microsoft, which continues to develop and mature.

該活動還包括由我們大型合作夥伴生態系統成員參加的全天專門會議，這在我們為客戶提供最佳價值的策略中發揮著至關重要的作用。我們重點介紹了 Microsoft 團隊和 Intapp 首席產品長 Thad Jampol 之間關於創新和 Intapp 產業雲端策略的討論，該策略為這些公司追求數位轉型提供了一條道路。他們的討論強調了我們與 Microsoft 策略夥伴關係的重要性，而這種合作關係正在不斷發展和成熟。

Last quarter, we were officially recognized as a top-tier partner of Microsoft, which fewer than 1% of partners ever achieve. Deployment of all our Intapp solutions to Azure is progressing in line with our plan as a key part of our partnership strategy. We worked with some of our new partners to advance our industry cloud and innovation road map in the quarter. We released our new relationship paths capability, which helps firms source and win new business by leveraging their current network of professional connections using applied AI to intelligently surface deeper paths to high-value contacts.

上季度，我們被正式認定為微軟頂級合作夥伴，只有不到 1% 的合作夥伴能夠獲得這項榮譽。我們所有 Intapp 解決方案到 Azure 的部署正在按照我們的計劃進行，這是我們合作夥伴策略的關鍵部分。我們與一些新合作夥伴合作，在本季度推進了我們的產業雲和創新路線圖。我們發布了新的關係路徑功能，該功能可幫助企業利用其當前的專業人脈網絡，利用應用人工智慧智慧地顯示通往高價值聯繫人的更深層次的路徑，從而幫助企業尋找和贏得新業務。

The feature helps professionals and our firms to source potential warm introductions by evaluating our partner Equilar's database of 1.5 million executives and board members, and combine that with the firm's own proprietary relationship information. Relationship paths expands our relationship intelligence capabilities to enable higher quality outreach to help professionals build new and deeper relationships and to drive growth and greater success in winning new business.

該功能透過評估我們的合作夥伴 Equilar 包含 150 萬名高階主管和董事會成員的資料庫，並將其與公司自己的專有關係資訊結合，幫助專業人士和我們的公司尋找潛在的熱情介紹。關係路徑擴展了我們的關係智慧能力，以實現更高品質的外展，幫助專業人士建立新的、更深的關係，並推動成長並在贏得新業務方面取得更大成功。

In the second quarter, we also integrated capabilities from our Billstream acquisition to enhance our Intapp time solution. Together, these solutions help firms integrate compliance across time entry and prebilling processes in a way that accelerates the work to collect cycle as well as improving realization rates, and driving profitability, which offer compelling hard ROI benefits for any firm in the current climate. Our clients who are embracing these operating efficiency features have also noted that the design of our solutions has an additional benefit of enhancing both the professionals and the clients' experience with the firm in the smoothness of the billing and collections program.

在第二季度，我們還整合了收購 Billstream 的功能，以增強我們的 Intapp 時間解決方案。這些解決方案共同幫助企業整合跨時間輸入和預計費流程的合規性，從而加快收款週期、提高實現率並提高盈利能力，這為當前環境下的任何企業提供了令人信服的硬投資回報率優勢。接受這些營運效率功能的客戶也注意到，我們解決方案的設計還有一個額外的好處，即增強專業人士和客戶在公司的流暢計費和收款計劃方面的體驗。

We are also continuing to advance our industry cloud's compliance capabilities designed specifically for the regulated industry we serve. We further enhanced our market-leading walls product to allow for self-service by our professional users. Automated ethical walls and information barriers are a critical compliance requirement designed to protect sensitive client and investor information. Our enhanced lawyer portal for valves ensures that partners, lawyers and associates can process critical ethical barrier requests in real time removing potential bottlenecks and avoiding slowdowns in client onboarding processes and firm's ability to respond rapidly to their clients' requests.

我們也持續提升專為我們服務的受監管產業設計的產業雲端合規能力。我們進一步增強了市場領先的牆壁產品，以便我們的專業用戶能夠提供自助服務。自動道德牆和資訊壁壘是一項關鍵的合規要求，旨在保護敏感的客戶和投資者資訊。我們增強的閥門律師入口網站確保合作夥伴、律師和同事能夠即時處理關鍵的道德障礙請求，消除潛在的瓶頸，避免客戶入職流程和公司快速回應客戶請求的能力放緩。

Finally, demonstrating our ability not just to design, but to deliver our innovative solutions. In Q2, we went live with a number of large and notable client implementations. We celebrated go-lives of DealCloud for the asset management arm of one of the world's leading investment banks as well as a large global financial advisory and asset management firm, and go-lives of our risk and compliance solutions in our industry cloud for one of the world's top strategy consulting firms. Notably, all 3 of those deals closed just in Q1, demonstrating our ability to shorten our time to value even on large or complex client implementations. Our rapid time to value enables our clients to operate more efficiently in the current climate to manage regulatory compliance quickly and to grow effectively.

最後，展示我們不僅有設計能力，而且有能力提供創新解決方案。在第二季度，我們上線了許多大型且著名的客戶實施。我們慶祝 DealCloud 為全球領先的投資銀行之一的資產管理部門以及一家大型全球金融諮詢和資產管理公司上線，並為我們的行業雲中的風險和合規解決方案之一上線全球頂尖的戰略諮詢公司。值得注意的是，所有 3 筆交易均在第一季完成，這表明我們有能力縮短實現價值的時間，即使在大型或複雜的客戶實施中也是如此。我們快速實現價值，使我們的客戶能夠在當前環境下更有效率地運營，快速管理法規合規性並有效成長。

Our innovation was also recognized with several awards in the quarter. Notably, our DealCloud solution was named as Best Deal Origination Technology in Private Equity Wires, U.S. awards in October, and DealCloud also won Enterprise Product of the Year for the financial software (sic) [services] category at the 2022 Best in Biz Awards, in December. Both awards validate DealCloud's ability to support the unique and complex needs of deal makers. Helping them effectively and efficiently source and originate deals from any location.

我們的創新在本季也獲得了多項獎項。值得注意的是，我們的DealCloud 解決方案於10 月被評為美國Private Equity Wires 最佳交易發起技術獎，並且DealCloud 也榮獲2022 年最佳商業獎金融軟體（原文如此）[服務]類別的年度企業產品獎，十二月。這兩個獎項都驗證了 DealCloud 支援交易撮合者獨特而複雜的需求的能力。幫助他們有效且有效率地從任何地點尋找和發起交易。

Turning now to notable client wins. We continue to add new logos, grow existing client accounts through upsell and cross-sell, and expand our international footprint. I'd like to highlight several of the new logos we acquired in our second quarter. In Q2, we welcomed Global Venture Growth Firm B Capital as a new client. Founded in 2015 and led by Howard Morgan, Sheila Patel, Eduardo Saverin, and Raj Ganguly, B Capital invests as an integrated team across 9 locations in the U.S. and Asia. They chose to shift from a legacy system to DealCloud across their deal, IR, operations and business development teams because it possesses the robust data infrastructure, IR functionality and reporting capabilities, B capital needs to support the long-term growth of their business.

現在轉向著名客戶的勝利。我們繼續添加新徽標，透過追加銷售和交叉銷售擴大現有客戶帳戶，並擴大我們的國際足跡。我想重點介紹我們在第二季度獲得的幾個新徽標。第二季度，我們迎來了全球創投公司 B Capital 成為新客戶。 B Capital 成立於 2015 年，由 Howard Morgan、Sheila Patel、Eduardo Saverin 和 Raj Ganguly 領導，作為一個綜合團隊在美國和亞洲的 9 個地點進行投資。他們選擇將交易、投資者關係、營運和業務開發團隊從遺留系統轉向 DealCloud，因為它擁有強大的資料基礎設施、投資者關係功能和報告功能，B Capital 需要支援其業務的長期成長。

European investment banking franchise, SEB, is another new client who selected DealCloud to replace its legacy system. Previously using a large horizontal CRM, SEB struggled from a lack of user adoption of the system, which wasn't tailored for the way its professionals work. Additionally, that CRM required a level of IT support that was impacting its ability to support other IT projects and initiatives that could drive growth. SEB chose DealCloud because of its reputation as the market leader, the way our technology is tailored to the way the firm operates, its flexibility and the fact that it will significantly reduce ongoing IT support requirements. They'll be implementing the software across M&A, leveraged finance and capital markets teams to improve connectivity and collaboration and better leverage data and institutional knowledge.

歐洲投資銀行業務 SEB 是另一個選擇 DealCloud 來取代其舊系統的新客戶。 SEB 先前使用大型橫向 CRM，但因該系統缺乏用戶採用而陷入困境，該系統並非針對其專業人員的工作方式量身定制。此外，CRM 需要一定程度的 IT 支持，這會影響其支持其他可推動成長的 IT 專案和計劃的能力。 SEB 選擇 DealCloud 是因為它作為市場領導者的聲譽、我們的技術根據公司運作方式量身定制的方式、它的靈活性以及它將顯著減少持續 IT 支援需求的事實。他們將在併購、槓桿金融和資本市場團隊中實施該軟體，以改善連結性和協作，並更好地利用數據和機構知識。

Last quarter, we also continued to expand our footprint in the consulting industry with another new client win. A top global management consulting firm executed a multiyear contract for our risk and compliance solution, which enables the firm to better identify and process complex conflicts for use cases like M&A, bankruptcy, adverse parties or conflicting relationships. While this is a new consulting firm logo for us, it's notable that many of the firm's professionals had previous experience with Intapp at other professional firms, including law firms in the industry. Their familiarity with our brand and their trust and our capabilities helped to speed the deal and illustrates how deal and disputes professionals networks bring us referrals across the vertical industry we serve, and supports our continued expansion and logo acquisition throughout this market.

上季度，我們也持續擴大在顧問業的足跡，贏得了另一個新客戶。一家全球頂級管理顧問公司為我們的風險與合規解決方案簽訂了一份多年期合同，這使該公司能夠更好地識別和處理併購、破產、不利方或衝突關係等用例的複雜衝突。雖然這對我們來說是一個新的顧問公司徽標，但值得注意的是，該公司的許多專業人員以前曾在其他專業公司（包括業內的律師事務所）使用 Intapp 的經驗。他們對我們品牌的熟悉以及他們的信任和我們的能力有助於加快交易速度，並說明了交易和爭議專業人士網絡如何為我們在所服務的垂直行業中帶來推薦，並支持我們在整個市場的持續擴張和徽標獲取。

Finally, I'd like to highlight the recent addition of accounting, business and wealth advisers, Kreston Reeves to our client portfolio. Based in the U.K., Kreston adopted Microsoft Office 365 to enable a secure, collaborative modern work environment. They quickly realize their need to extend the platform's capabilities with solutions tailored to their unique needs as an accounting firm. Kreston selected our collaboration and content solutions to help maximize their Microsoft platform investment and to create a collaborative document management solution.

最後，我想強調最近我們的客戶組合中新增了會計、商業和財富顧問 Kreston Reeves。 Kreston 總部位於英國，採用 Microsoft Office 365 打造安全、協作的現代化工作環境。他們很快意識到需要透過針對其作為會計師事務所的獨特需求量身定制的解決方案來擴展平台的功能。 Kreston 選擇我們的協作和內容解決方案來協助最大化他們的 Microsoft 平台投資並創建協作文件管理解決方案。

To conclude, having reached the halfway point of our fiscal '23, we're pleased with our consistent growth and performance. We are pursuing a deep and underserved $24 billion global TAM. Our revenue model remains highly predictable, and our durable end market continues to demonstrate a strong commitment to investing in digital transformation despite the global economic uncertainty. We continue to add new clients and to grow existing client accounts, and we're continuing to pursue the significant growth opportunity ahead to help our industry embrace cloud transformation.

總而言之，23 財年已過半，我們對持續的成長和業績感到滿意。我們正在追求深度且服務不足的 240 億美元全球 TAM。儘管全球經濟存在不確定性，我們的收入模式仍然具有高度可預測性，並且我們持久的終端市場繼續表現出對投資數位轉型的堅定承諾。我們將繼續增加新客戶並擴大現有客戶帳戶，並將繼續尋求未來的重大成長機會，以幫助我們的產業擁抱雲端轉型。

Our purpose-built industry cloud platform has compelling value for our specialized clients, helping them to increase revenues and returns, operate more efficiently and profitably, manage risk and compliance more effectively and leverage their collective knowledge for growing competitive advantage. As always, I'd like to thank our clients, our partners, our investors, our board and our employees, whose teamwork and dedication led to our strong Q2 performance. Thank you all very much. Okay, Steve, over to you.

我們專門建構的行業雲端平台為我們的專業客戶帶來了引人注目的價值，幫助他們增加收入和回報，更有效率地營運和盈利，更有效地管理風險和合規性，並利用他們的集體知識來增強競爭優勢。一如既往，我要感謝我們的客戶、合作夥伴、投資者、董事會和員工，他們的團隊合作和奉獻精神為我們帶來了強勁的第二季業績。非常感謝大家。好的，史蒂夫，交給你了。

Thanks, John, and thanks, everyone, for joining us today. As John noted, we had a strong quarter with our cloud ARR up 42% year-over-year and our total ARR up 26% year-over-year. Before I go through our financials, I'd like to quickly review a few fundamentals of revenue recognition in our financial model, just as a reminder. Cloud ARR is recognized as SaaS revenue ratably following a new sale or renewal. On-premises ARR is recognized in 2 parts: 50% as subscription license revenue recognized upfront at the time of the sale of renewal and 50% of support revenue recognized ratably and included in our SaaS and support revenue line. Because it is recognized ratably, SaaS and support revenue is more predictable quarter-to-quarter, while subscription license revenue can vary based on the timing of revenue recognition.

謝謝約翰，謝謝大家今天加入我們。正如 John 指出的那樣，我們的季度表現強勁，雲端 ARR 年成長 42%，總 ARR 年成長 26%。在介紹我們的財務數據之前，我想快速回顧一下我們財務模型中收入確認的一些基本原理，僅供參考。雲 ARR 在新銷售或續約後按比例確認為 SaaS 收入。本地 ARR 分為兩部分確認：50% 作為訂閱授權收入在銷售續約時預先確認，50% 作為支援收入按比例確認並包含在我們的 SaaS 和支援收入線中。因為它是按比例確認的，所以 SaaS 和支援收入按季度更容易預測，而訂閱授權收入可能會根據收入確認的時間而變化。

Moving to our numbers. SaaS and support revenue was $61.6 million, up 31% year-over-year, reflecting both new sales to new clients and upsells and cross-sells to existing clients of Intapp's purpose-built cloud solutions. Total revenue was $84.7 million, up 31% year-over-year, driven primarily by continued strong sales of our cloud solutions as well as by solid growth in professional services revenue. Subscription license revenue was $11.0 million compared to $9.3 million in the prior year period, reflecting annual and multiyear renewals inclusive of CPI-based price increases. Professional services revenue was $12.1 million as compared to $8.4 million in the prior year period, reflecting an increased growth rate consistent with our current pace of software implementations.

轉向我們的數字。 SaaS 和支援收入為 6,160 萬美元，年成長 31%，反映了 Intapp 專門構建的雲端解決方案對新客戶的新銷售以及對現有客戶的追加銷售和交叉銷售。總收入為 8,470 萬美元，年成長 31%，這主要得益於雲端解決方案的持續強勁銷售以及專業服務收入的穩健成長。訂閱授權收入為 1,100 萬美元，而去年同期為 930 萬美元，反映了年度和多年續訂，包括基於 CPI 的價格上漲。專業服務收入為 1,210 萬美元，而去年同期為 840 萬美元，反映出與我們目前軟體實施步伐一致的成長率。

Overall, we continue to execute our land-and-expand model, ending the quarter with more than 2,200 clients, 561 of which had ARR of more than $100,000, up from 467 in the prior year period. In addition, we upsold and cross-sold our existing clients such that our trailing 12 months net revenue retention rate was above our projected range of 110% to 114%. We have decided to increase our range to 113% to 117%, and this quarter's net revenue retention rate was within that range.

總體而言，我們繼續執行土地擴張模式，本季末擁有超過 2,200 家客戶，其中 561 家的 ARR 超過 10 萬美元，高於去年同期的 467 家。此外，我們也對現有客戶進行追加銷售和交叉銷售，使我們過去 12 個月的淨收入保留率高於我們 110% 至 114% 的預期範圍。我們決定將範圍擴大到 113% 至 117%，本季的淨收入保留率就在這個範圍內。

Before discussing gross margins, expenses and profitability, please note that I will be discussing non-GAAP results going forward. As a reminder, our GAAP financial results, along with the reconciliation between GAAP and non-GAAP results can be found in our earnings press release and its supplemental financial tables. Second quarter results were as follows: Total non-GAAP gross margin was 71.5% as compared to 68.5% in the prior year period, primarily reflecting an increase in our services gross margin and a previously executed organizational realignment of a portion of our client success team from cost of sales to sales and marketing.

在討論毛利率、費用和獲利能力之前，請注意，我將討論未來的非公認會計準則績效。提醒一下，我們的 GAAP 財務業績以及 GAAP 和非 GAAP 業績之間的調整表可以在我們的收益新聞稿及其補充財務表格中找到。第二季業績如下： 非 GAAP 總毛利率為 71.5%，而上年同期為 68.5%，主要反映了我們服務毛利率的成長以及先前對部分客戶成功團隊進行的組織重組從銷售成本到銷售和行銷。

Non-GAAP operating expenses were $57.7 million, a $13.2 million increase year-over-year as we continue to invest in sales, marketing and product development to support our growth. Non-GAAP sales and marketing expense was $25.7 million, a $7.0 million increase year-over-year as a function of increased headcount and related sales commissions to capture new business in our growing markets, along with the previously mentioned organizational realignment. Non-GAAP R&D expense was $18.7 million, a $5.6 million increase year-over-year as we increased headcount and made investments in our product road map. Non-GAAP G&A expense was $13.2 million, a $0.6 million increase year-over-year as we began to see some leverage and scalability in the business. Non-GAAP operating profit was $2.8 million as compared to our second quarter fiscal 2022 non-GAAP operating loss of $0.2 million as we continue to generate some modest initial profitability in the business.

非 GAAP 營運費用為 5,770 萬美元，年增 1,320 萬美元，因為我們繼續投資於銷售、行銷和產品開發以支持我們的成長。非 GAAP 銷售和行銷費用為 2,570 萬美元，年比增加 700 萬美元，這是由於為在不斷增長的市場中獲取新業務而增加的員工數量和相關銷售佣金，以及前面提到的組織調整。非 GAAP 研發費用為 1,870 萬美元，年比增加 560 萬美元，因為我們增加了員工人數並對產品路線圖進行了投資。非 GAAP G&A 費用為 1,320 萬美元，比去年同期增加 60 萬美元，因為我們開始看到業務具有一定的槓桿作用和可擴展性。非 GAAP 營業利潤為 280 萬美元，而 2022 財年第二季非 GAAP 營業虧損為 20 萬美元，因為我們繼續在業務中產生一些適度的初始盈利能力。

Non-GAAP net income per fully diluted share was $0.03 in the second quarter of fiscal 2023 as compared to a loss that rounded to $0.00 in the second quarter of fiscal 2022. In terms of the balance sheet, we ended the quarter with $51.6 million in cash and cash equivalents.

2023 財年第二季的非GAAP 完全攤薄每股淨利為0.03 美元，而2022 財年第二季的虧損四捨五入至0.00 美元。美元。

Now turning to guidance. For the third quarter of fiscal '23, we expect SaaS and support revenue of between $63 million and $64 million and total revenue in the range of $87 million to $88 million. We expect non-GAAP operating profit in the range of $0.5 million to $1.5 million, and non-GAAP per share results in the range of negative $0.01 to positive $0.01 using a fully diluted share count, weighted for the quarter of approximately 75 million common shares outstanding. For the full year of fiscal '23, we expect SaaS and support revenue of between $246 million and $250 million and total revenue in the range of $340.5 million to $344.5 million. We also expect non-GAAP operating profit to be in the range of $4.5 million to $8.5 million and non-GAAP net income per share in the range of $0.02 to $0.06 using a fully diluted share count weighted for fiscal year '23 of approximately 73 million common shares outstanding.

現在轉向指導。對於 23 財年第三季度，我們預計 SaaS 和支援收入將在 6,300 萬美元至 6,400 萬美元之間，總收入將在 8,700 萬美元至 8,800 萬美元之間。我們預計非GAAP 營業利潤將在50 萬至150 萬美元之間，以完全稀釋後的股數計算，非GAAP 每股收益將在負0.01 美元至正0.01 美元之間（以本季約7,500 萬股普通股加權）傑出的。對於 23 財年全年，我們預計 SaaS 和支援收入將在 2.46 億美元至 2.5 億美元之間，總收入將在 3.405 億美元至 3.445 億美元之間。我們也預計，非GAAP 營業利潤將在450 萬美元至850 萬美元之間，非GAAP 每股淨利潤將在0.02 美元至0.06 美元之間（使用23 財年加權的完全攤薄股數約為7300 萬股）已發行普通股。

With that, John and I look forward to taking your questions.

約翰和我期待著回答你們的問題。

(Operator Instructions) Our first question comes from the line of Koji Ikeda from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的池田浩二。

This is Natalie Howe on for Koji. Great job on the quarter. Last quarter, you guys said you were not seeing the lengthening of sales cycles right now. Is that still the case now? And are there any verticals and geographies outperforming and any that are feeling the impact of the macro more than others?

我是娜塔莉·豪 (Natalie Howe) 為 Koji 配音。本季的工作非常出色。上個季度，你們說你們現在沒有看到銷售週期的延長。現在還是這樣嗎？有沒有任何垂直產業和地區表現出色，以及是否比其他產業更能感受到宏觀經濟的影響？

Natalie, thanks for your question. So we have not seen a lengthening of sales cycles. We continue to monitor that. We think that our clients are pretty committed to following through on their cloud transformation program, and we've been talking to them about that, and that was 1 of the questions that we were asking at our City Tour event in New York in the winter was, what's going on inside your firms and how are things going. And we were very encouraged by the general tone that folks are following through on their cloud transformation initiatives because they see some real benefit to themselves operationally to better position to weather any kind of economic uncertainty, and they see in our platform some real advantages if they can take advantage of its capabilities. So that gave us some confidence. That being said, we're going to continue to watch.

娜塔莉，謝謝你的問題。所以我們沒有看到銷售週期延長。我們將繼續關注這一情況。我們認為我們的客戶非常致力於完成他們的雲端轉型計劃，我們一直在與他們討論這一點，這是我們在冬季紐約城市之旅活動中提出的問題之一是，你們公司內部發生了什麼以及進展如何。我們對人們正在執行雲端轉型計畫的整體基調感到非常鼓舞，因為他們看到了自己在營運上的一些真正的好處，可以更好地應對任何類型的經濟不確定性，並且他們在我們的平台中看到了一些真正的優勢，如果他們可以利用其能力。這給了我們一些信心。話雖如此，我們將繼續關注。

To your second question about the sub verticals. There's good strength across the board. We're fortunate to be relatively broad-based across the professional and financial services industry, the law firms, the accounting firms, the consulting firms, the private -- capital private equity firms tend to be very stable. We have said in the past that it's the investment banks that may see a little bit of variability, and we're watching that carefully. At the same time, a lot of them are doing these improvement initiatives to position themselves better. So we're going to continue to monitor that. But overall, it's been pretty steady.

關於子垂直領域的第二個問題。整體實力都不錯。我們很幸運，在專業和金融服務業的基礎相對廣泛，律師事務所、會計師事務所、顧問公司、私人資本私募股權公司往往非常穩定。我們過去曾說過，投資銀行可能會看到一些變化，我們正在仔細觀察這一點。與此同時，他們中的許多人正在採取這些改進措施，以更好地定位自己。所以我們將繼續監控這一情況。但整體來說，還是比較穩定的。

(Operator Instructions) Our next question will come from the line of Kevin McVeigh from Credit Suisse.

（操作員說明）我們的下一個問題將來自瑞士信貸銀行的 Kevin McVeigh。

Great. And really, really terrific results all around. I don't know if this would be for John, Steve or David, but really happy to see increase the bands on the NRR, maybe disaggregate the components and kind of what gave you the confidence to do it now?

偉大的。真的，真的很棒的結果。我不知道這是否適合約翰、史蒂夫或大衛，但真的很高興看到 NRR 上的頻段增加，也許分解組件以及是什麼讓您有信心現在這樣做？

Sure, Kevin. We've been seeing good performance better than we had forecasted for a few quarters in a row, it looks like this has settled into a pattern that we can count on. And we just thought this is a good time to raise it up and reflect sort of a new range that we expect we will be in here. It's pretty balanced. It is both cross-sell and up-sell and both professional services and financial services. So we really are kind of hitting on all cylinders in the sense of selling to our existing clients as part of our land and expand strategy. So it's really working well. And as you can see, we continue to add a lot of new logos every quarter too. So that's really -- it's pretty straightforward. We probably indicated in the past, we might be thinking about something like this. We decided to go ahead and do it.

當然，凱文。我們連續幾季的表現都好於我們的預測，看起來這已經成為我們可以信賴的模式。我們只是認為現在是提高它並反映我們期望我們將在這裡的新範圍的好時機。這是相當平衡的。它既是交叉銷售也是追加銷售，既是專業服務也是金融服務。因此，作為我們土地和擴張策略的一部分，我們確實在全力以赴地向現有客戶銷售產品。所以它確實運作得很好。正如您所看到的，我們每個季度也會繼續添加許多新徽標。所以真的非常簡單。我們過去可能表示，我們可能正在考慮這樣的事情。我們決定繼續做下去。

No, it's a great outcome. And then you're obviously seeing just -- it feels like a structural change in kind of the average client size. If you think about in excess of 100,000 -- are those -- is there any way to frame -- Steve, how much of that is new logos as opposed to maybe existing clients being pulled off from additional modules? Just could you help us maybe quantify that?

不，這是一個很棒的結果。然後你顯然會看到——感覺像是平均客戶規模的結構性變化。如果你考慮超過 100,000 個 - 是那些 - 有什麼方法可以框架 - 史蒂夫，其中有多少是新徽標，而不是從附加模組中拉出的現有客戶？您能幫我們量化一下嗎？

Well, I'll observe something that someone pointed out to me the other day, which is our client -- our new client logo rate looks like it's growing on the order of 10%. We give a rounded number there. But the 100,000 clients are growing at 20%, because it's a combination of new logos that land north of $100,000 in any quarter and then upsells from previous land and expand clients that might have started below 100,000. So we get the benefit of both in that number. It's a starting place.

好吧，我會觀察前幾天有人向我指出的一些事情，那就是我們的客戶——我們的新客戶徽標率看起來正在以 10% 的量級增長。我們在那裡給出一個四捨五入的數字。但 10 萬名客戶正以 20% 的速度成長，因為它是新商標的組合，任何季度的銷售額都超過 10 萬美元，然後是之前土地的追加銷售，並擴大了可能低於 10 萬的客戶。所以我們在這個數字上得到了兩者的好處。這是一個起點。

Our next question will come from the line of Terry Tillman from Truist.

我們的下一個問題將來自 Truist 的 Terry Tillman。

Hopefully, you can hear me okay, and I'll echo congratulations on the quarter and the outlook. I had 2 questions. The first 1 might be a little bit multipart, but it's seems like it's pretty important. So I wanted to kind of delve into a little bit more detail. But Microsoft, what I'm curious is, where are you in terms of the cycle of them starting to work well with you all and the team is kind of collaborating and starting where are they in terms of influencing business for you? The second part of that is, I think you mentioned earlier a customer that was rolling out Microsoft Teams and it thought it almost like you all were brought in. Do you see more dynamism around them helping you into new logos? Or equally installed base? Is there any 1 kind of go-to-market that seems more intriguing? And then I had a follow-up.

希望您能聽到我的聲音，我將對本季和前景表示祝賀。我有兩個問題。第一個可能有點多部分，但看起來它非常重要。所以我想深入研究一些細節。但是微軟，我很好奇的是，就他們開始與你們所有人良好合作的周期而言，您處於什麼位置，並且團隊正在進行協作，並且在影響您的業務方面他們處於什麼位置？第二部分是，我想你之前提到過一位正在推出Microsoft Teams 的客戶，它認為這幾乎就像你們都被引入了一樣。 ？或同等安裝基礎？有沒有哪一種進入市場看起來比較有趣？然後我進行了跟進。

Thanks, Terry. The Microsoft relationship is going well. We have a multitrack plan that we put in place with them jointly when we started the partnership just over a year ago. And we've begun collaborating on the technology side, on the cloud side and in our go-to-market. There are relationships from each of those organizations inside our company with different parts of the Microsoft team. To your question about go-to-market, they absolutely are collaborating with us in the field.

謝謝，特里。與微軟的關係進展順利。我們有一個多軌計劃，是在一年多前開始合作時與他們共同製定的。我們已經開始在技術方面、雲端方面和市場推廣方面進行合作。我們公司內部的每個組織都與 Microsoft 團隊的不同部分有關係。對於您關於進入市場的問題，他們絕對正在與我們在該領域合作。

We're very excited about that and vice versa because we have a position in the professional and financial services industry with an industry cloud value proposition that augments the whole Microsoft Office 365 teams, Azure capabilities in a way that makes it more specific for this end market that historically has been very Microsoft friendly, but has had to do a lot of work to try to adjust the Microsoft platform to really work for the way that the partnership-based firms operate, and we're able to solve that problem. So the Microsoft field reps are excited to have us come in and we're bringing our team together with them at many accounts. They've introduced us in places to your question. And we've also brought them in for an opportunity for them to expand their Azure footprint, for example, at some of the firms. So there's a good collaboration going there.

我們對此感到非常興奮，反之亦然，因為我們在專業和金融服務行業中佔有一席之地，其行業雲價值主張增強了整個 Microsoft Office 365 團隊和 Azure 功能，使其更加具體於此目的這個市場歷來對微軟非常友好，但必須做大量工作來嘗試調整微軟平台，使其真正適合基於合作夥伴關係的公司的運作方式，而我們能夠解決這個問題。因此，微軟現場代表很高興我們能加入，我們正在將我們的團隊與他們在許多客戶處聚集在一起。他們已經向我們介紹了你的問題。我們也為他們提供了擴大 Azure 足跡的機會，例如在一些公司。所以這是一個很好的合作。

And as to new logos or installed base, it's both. And we've had good successes in some of the stories that I was telling in the overview, where they worked with us both to win new business and also to help us grow some of the accounts that we have with new capabilities.

至於新標誌或安裝基礎，兩者兼而有之。我們在概述中講述的一些故事中取得了很好的成功，他們與我們合作，既贏得了新業務，又幫助我們發展了一些具有新功能的客戶。

That's great to hear. And I guess a follow-up question. We get the question a fair amount in terms of just the ongoing kind of cloud transformation in your own business. It sounds positive in terms of clients seem like they're still wanting to move forward with their digital transformation initiatives. But what about in terms of some of your larger customers that still may be on-prem? How are you thinking about over the next couple of years in terms of a greater propensity to move to cloud? Because what I'm getting at is 64% of the total ARR is cloud. Just trying to get a sense on how that should kind of evolve over the next couple of years towards cloud?

很高興聽到這個消息。我想還有一個後續問題。我們在您自己的業務中正在進行的雲端轉型方面收到了相當多的問題。就客戶而言，這聽起來很積極，他們似乎仍然希望推動數位轉型計畫。但是對於一些仍可能在本地的較大客戶來說又如何呢？您如何看待未來幾年遷移到雲端的更大傾向？因為我得到的結果是，總 ARR 的 64% 是雲。只是想了解未來幾年該如何向雲端發展？

Sure. I'll take that one, Terry. Well, first of all, as we may have said before, 64% of our cloud is cloud ARR more than that is more than 80% of our customers had at least 1 product in the cloud. So we have hybrid customers that are on their way to making the migration as you described. And for some of our larger customers, what we've been doing and seeing mostly recently is, when some of those clients are ready to buy or implement some new capability, that's often a time to sign up a full or cloud migration for whatever they still have on-premises and might want to fully move to the cloud. So it's an ongoing sort of organic assessment as we go along, but we continue to sign up and sell migrations continuously each quarter, and I think our progress is steady towards getting to the cloud for the whole client base.

當然。我要那個，特里。首先，正如我們之前所說的，我們 64% 的雲端是雲端 ARR，超過 80% 的客戶在雲端中至少擁有 1 個產品。因此，我們有混合客戶正在按照您的描述進行遷移。對於我們的一些較大客戶來說，我們最近所做和看到的主要情況是，當其中一些客戶準備購買或實施某些新功能時，通常是為他們的任何內容註冊完整遷移或雲端遷移的時候。因此，隨著我們的發展，這是一種持續的有機評估，但我們每個季度都會繼續註冊和銷售遷移，我認為我們在為整個客戶群遷移到雲端方面的進展是穩定的。

Our next question comes from the line of Brian Schwartz from Oppenheimer.

我們的下一個問題來自奧本海默的布萊恩‧施瓦茲 (Brian Schwartz)。

Congratulations on a really strong quarter. John, I had a question about the upselling activity and the NRR. I actually -- my question is around the cadence of when those opportunities are coming. Are you seeing any speeding up at all in the cadence on when customers are coming back to you to make additional purchases from their original purchase?

恭喜這個季度的強勁表現。約翰，我有一個關於追加銷售活動和 NRR 的問題。事實上，我的問題是這些機會何時到來的節奏。您是否發現顧客再次向您購買商品的節奏比原來購買的商品有任何加速？

Brian, thanks for the question. Yes, I think, the cloud program has put us in a position to help people get up and running faster if they want to bring up additional modules in the cloud. We've always had good upsell and cross-sell from our clients, whether it was in the on-prem generation or cloud, but we are encouraged about the opportunity to help people once they've got the industry cloud running to help them adopt more capabilities quickly. That's 1 of the many reasons that the model is a good model, and we're excited about the evolution there.

布萊恩，謝謝你的提問。是的，我認為，雲端計畫使我們能夠幫助人們更快地啟動和運行，如果他們想在雲端中啟動其他模組。我們一直從客戶那裡獲得良好的追加銷售和交叉銷售，無論是在本地世代還是雲端中，但我們很高興有機會在人們運行行業雲後幫助他們採用快速獲得更多功能。這是該模型成為好模型的眾多原因之一，我們對那裡的演變感到興奮。

And then 1 question, Steve, for you. Just a question around the assumptions for the macro in your outlook. Is your expectation in the guidance that the strength the business is seeing and the steady demand in the macro that, that persists throughout the year. Or are you discounting at all the macro in the updated guidance that you gave us today?

然後是 1 個問題，史蒂夫，問你。只是一個關於您展望中的宏觀假設的問題。您在指導中的預期是企業所看到的實力以及全年持續存在的宏觀穩定需求嗎？或者您今天向我們提供的更新指導中是否對所有宏觀因素都打了折扣？

Well, I think what -- the way I respond to that, Brian, is I think that we are always a little bit careful. I mean, we have -- we certainly have, as John has said, and we've said pretty strong pipeline. The business is good. And the tone of that is the same as it's been last quarter for us, if you will. We continue to monitor it, though, and none of us know for sure. So we're being careful about that. But there's no particular shift in the way we're modeling our thinking going forward in terms of the macro right now. We're just watching carefully.

好吧，我認為，布萊恩，我對此的回應方式是，我認為我們總是有點小心。我的意思是，正如約翰所說，我們當然有，而且我們已經說過相當強大的管道。生意不錯。如果你願意的話，這種基調與我們上個季度的基調相同。不過，我們仍在繼續監控它，但沒有人確切知道。所以我們對此非常小心。但目前我們在宏觀方面對未來思維進行建模的方式並沒有特別的轉變。我們只是仔細觀察。

Our next question comes from the line of Alex Sklar from Raymond James.

我們的下一個問題來自 Raymond James 的 Alex Sklar。

John, I want to follow up on your remarks around the Billstream enhancements and the harder ROI benefits there. Is where you're landing with new customers or where you're telling your salesforce to focus on from a value proposition perspective changing at all in the current environment? Any additional pressure to be selling on that part ROI?

約翰，我想跟進您關於 Billstream 增強功能和更嚴格的投資回報率收益的評論。在當前環境中，您吸引新客戶的地方，還是告訴銷售人員從價值主張角度關注的地方，是否發生了根本變化？銷售該部分的投資報酬率是否有額外的壓力？

Alex, thank you. It's interesting, the platform has a range of value propositions from helping with origination and sourcing and -- sourcing origination and winning new business to efficiency and profitability to compliance and to knowledge and to competitive advantage. And firms are in different places in their own strategy and operations and market position and what they're looking to do. So the team is very skilled now at listening carefully to each client and making sure we understand what their strategic and operational and compliance goals are and positioning the offering and our story a way that really helps the firms achieve what's important to them at the time.

亞歷克斯，謝謝你。有趣的是，該平台具有一系列價值主張，從幫助發起和採購，到採購發起和贏得新業務，到效率和盈利能力，到合規性、知識和競爭優勢。各公司在自己的策略、營運、市場地位以及他們想要做什麼方面處於不同的位置。因此，團隊現在非常擅長仔細傾聽每個客戶的意見，確保我們了解他們的策略、營運和合規目標是什麼，並將產品和我們的故事定位為真正幫助公司實現當時對他們重要的目標的方式。

I do think that in the current environment, there's a higher proportion of firms who are looking at operating efficiencies and hard ROI, but not exclusively. There are firms who are focused on the compliance story. There are firms who are focused on positioning themselves for growth and having the right kind of experience for their professionals and for their clients. And part of the differentiation of Intapp's overall platform is that we can bring that richness and potential to the firms and it's going to grow with them as their strategy evolves. That's 1 of the things folks really like about it. And that they've struggled in the past with traditional CRM and ERPs to get that kind of flexibility and support for what they're trying to do today, and they can get it with us. So it's been a good, broad strategic story because of that broad potential, and then we get very specific in each client case to drive the deals.

我確實認為，在當前環境下，有更高比例的公司專注於營運效率和硬投資報酬率，但並非全部如此。有些公司專注於合規故事。有些公司專注於自我定位以實現成長，並為其專業人士和客戶提供合適的經驗。 Intapp 整體平台的部分差異化在於，我們可以為公司帶來豐富性和潛力，隨著他們策略的發展，它將與他們一起成長。這是人們真正喜歡它的原因之一。他們過去一直在努力使用傳統的 CRM 和 ERP 來為他們今天要做的事情獲得這種靈活性和支持，而他們可以透過我們獲得。因此，由於具有廣泛的潛力，這是一個很好的、廣泛的策略故事，然後我們針對每個客戶案例進行非常具體的處理以推動交易。

Okay. Great. That's super helpful context. And then, Steve, on the profitability outlook, quite a bit higher than where we started the year. Can you just talk about the drivers of that upside and any changes in your overall thoughts on hiring plans for the year versus a couple of quarters ago?

好的。偉大的。這是非常有用的背景。然後，史蒂夫，就盈利前景而言，比我們年初的水平要高得多。您能否談談這一上升趨勢的驅動因素以及您對今年招聘計劃與幾個季度前相比的整體想法有何變化？

Yes, sure. No, we -- I mean, part of this certainly we're having good revenue performance and that -- some of that, of course, drops to the bottom line. And -- but no, we are continuing to hire. We're seeing good growth. We want to get ahead of that and capture it. We've said this for a couple of quarters now. It remains true. Having said that, we also -- we are starting to see a little bit of leverage here from the business. And I think we expect to sort of steadily do better over time in our operating profit line. That's certainly something we're looking at here now. So we're planning for next year now and the future. But no, we are hiring where it makes sense and getting ahead of our growth opportunities so we can capture it.

是的，當然。不，我的意思是，我們確實擁有良好的收入表現，其中一部分當然會下降到底線。而且——但不，我們將繼續招募。我們看到了良好的成長。我們希望領先並抓住它。我們已經這麼說了幾個季度了。這仍然是事實。話雖如此，我們也開始從該業務中看到一點槓桿作用。我認為，隨著時間的推移，我們預計我們的營業利潤將穩定提高。這當然是我們現在正在考慮的事情。所以我們現在正在為明年和未來做計劃。但事實並非如此，我們在有意義的地方進行招聘，並搶佔成長機會，以便我們能夠抓住它。

Our next question will come from the line of Parker Lane from Stifel.

我們的下一個問題將來自 Stifel 的 Parker Lane 線路。

This is Matthew Kikkert on for Parker. Congratulations on the quarter. Customer expansion has been a key part of your growth strategy. I want to ask about the top of funnel demand that you're seeing recently. Has there been any change there over the last quarter? And do you have any planned incremental investments in 2023 to address that top of the funnel demand?

這是帕克的馬修·基克特。恭喜本季。客戶拓展一直是您成長策略的關鍵部分。我想問一下您最近看到的漏斗頂部需求。上個季度有什麼變化嗎？您是否有計劃在 2023 年進行增量投資來滿足漏斗頂部的需求？

Look, top of the funnel, the whole pipeline remains strong. We are continuing to invest there steadily, I think, because, as I said, we want to capture growth. So no particular change in our investment orientation towards the opportunity we're seeing in terms of sales in the marketplace right now.

看，在漏斗的頂部，整個管道仍然很強大。我認為，我們將繼續在那裡穩步投資，因為正如我所說，我們希望實現成長。因此，我們對目前市場銷售機會的投資方向並沒有特別改變。

Our next question comes from the line of Arvind Ramnani from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Arvind Ramnani。

I want to ask about your -- when you sign up a new client, what is the time frame -- and I'm sure it varies client by client and how complex the environment is. But if you can help frame for a typical client or maybe just provide a range for when they sign up with Intapp until they kind of put it kind of implement it, and what is that sort of time frame? And when do they start to sort of realize some of the benefits of your platform?

我想問一下你的情況——當你註冊一個新客戶時，時間範圍是多少——我確信這會因客戶而異，以及環境的複雜程度。但是，如果您可以幫助制定典型客戶的框架，或者只是提供他們在 Intapp 註冊時的範圍，直到他們實施它，那麼這個時間範圍是多少？他們什麼時候開始意識到你的平台的一些好處？

Arvind, thank you. So generally speaking, it's 6 months to 9 months on our midsized and larger clients. We can do implementations and get clients up and running in 30 days. We've done that in certain situations. The smaller firms have an easier time doing that. And for the very largest enterprise global class firms, it can take a year. But a lot of it too is how focus is the IT group on their side to get us up and running. So usually, we're doing things in about 6 months, maybe 9 months, if you wanted a total average.

阿文德，謝謝你。一般來說，我們的中型和大型客戶需要 6 個月到 9 個月的時間。我們可以在 30 天內實施並讓客戶啟動並運行。我們在某些​​情況下已經這樣做了。小公司更容易做到這一點。對於最大的全球級企業來說，這可能需要一年的時間。但其中很大一部分還在於 IT 團隊如何專注於讓我們啟動並運作。因此，通常情況下，如果您想要總平均值，我們會在大約 6 個月甚至 9 個月內完成工作。

Perfect. And then in terms of growth expansion at existing clients, are you -- provide some sort of wafer to think like once you sign up a client, the initial 6 months or 1 year is X dollars in revenue. But once they stay with you for 3 years, does revenue typically go up 2x, 3x, like what type of expansion are you seeing in the sort of medium term after someone signs up with you?

完美的。然後就現有客戶的成長擴張而言，您是否提供某種晶圓來思考，一旦您簽約了客戶，最初的 6 個月或 1 年的收入是 X 美元。但是，一旦他們在你身邊待了 3 年，收入通常會增加 2 倍、3 倍嗎？

Yes. Arvind, this is Steve. I'll take that. We don't track it exactly that way, but we do -- we certainly look at how we progress after we land. As I think we said in the past, our penetration is actually quite low on an average basis across our client base. Some clients certainly have the whole platform and are fully penetrated. Others have just gotten started. As John said, you can appreciate if an implementation is 6 to 9 months, it might be the next year, so we're ready to come back and sell and implement the next set of capabilities. Sometimes that happens quicker, sometimes it doesn't. So we don't have exactly the answer to your question. But I think you can see from our NRR rates, which we're raising our range here and we're seeing strong performance, we are definitely selling strongly to existing clients in both cross-sell product opportunities and upselling the users. So it's a strong momentum and will continue to be so, we think.

是的。阿文德，這是史蒂夫。我會接受的。我們不會完全按照這種方式進行跟踪，但我們會這樣做——我們當然會關注著陸後的進展。正如我認為我們過去所說的那樣，我們的客戶群平均滲透率實際上相當低。有些客戶當然擁有整個平台並且完全滲透。其他人才剛開始。正如約翰所說，如果實施需要 6 到 9 個月，那麼您可能會意識到，它可能是明年，所以我們準備好回來銷售和實施下一組功能。有時這種情況發生得更快，有時則不然。所以我們沒有你問題的確切答案。但我認為你可以從我們的NRR 率中看到，我們在這裡提高了我們的範圍，並且我們看到了強勁的表現，我們肯定在交叉銷售產品機會和向上銷售用戶方面都向現有客戶大力銷售。我們認為，這是一個強勁的勢頭，並將繼續如此。

Terrific. And just to clarify, in terms of your revenue build, I think what I heard on today's call is, I mean, clearly, clients who had started 6 months or 9 months ago, those are continuing. But as far as new project starts, new logos and pipeline, those are just as strong as they've been in the last 12 months. I just want to confirm that.

了不起。只是為了澄清一下，就您的收入建設而言，我認為我在今天的電話會議中聽到的是，我的意思是，顯然，6 個月或 9 個月前開始的客戶正在繼續。但就新專案啟動、新標誌和管道而言，這些都與過去 12 個月一樣強大。我只是想確認一下。

No, I think we've added 50 or so plus net new customers every quarter for several quarters now. So it's been steady that way.

不，我認為我們已經連續幾季每季新增 50 多個淨新客戶。所以一直這麼穩定。

Thank you. And I'm not showing any further questions in the queue. I'd like to turn the call back over to John for any closing remarks.

謝謝。我不會在隊列中顯示任何其他問題。我想將電話轉回給約翰，讓他發表結束語。

Okay. Thanks, everyone, for joining us today. We'll look forward to talking with you all again at our third quarter release in May. Thanks again. Have a good day.

好的。謝謝大家今天加入我們。我們期待在五月的第三季發布中再次與大家交談。再次感謝。祝你有美好的一天。

And this concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。大家，祝你有美好的一天。