Intapp Inc (INTA) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Intapp fiscal second-quarter 2025 webcast. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎收聽 Intapp 2025 財政年度第二季網路廣播。（操作員指示）請注意，今天的會議正在錄音。（操作員指令）

I would now like to hand the conference over to your speaker today, David Trone, Senior Vice President, Investor Relations.

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。

Thank you. Welcome to Intapp's fiscal second-quarter 2025 financial results. On the call with me today are John Hall, Chairman and CEO of Intapp; and David Morton, Chief Financial Officer.

謝謝。歡迎閱讀 Intapp 2025 財年第二季財務表現。今天與我一起通話的有 Intapp 董事長兼執行長約翰‧霍爾 (John Hall)；以及財務長大衛莫頓（David Morton）。

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 2025.

在本次電話會議期間，我們可能會就趨勢、策略和預期業務表現做出前瞻性陳述，包括對 2025 財年第三季和全年的指引。

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.

這些前瞻性陳述是基於管理階層目前的觀點和預期，包含截至今天所做的某些假設，並受各種風險和不確定性的影響，包括我們在美國證券交易委員會 (SEC) 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，可能會導致實際結果與此類前瞻性陳述表達或暗示的結果有重大差異。Intapp 不承擔更新或修改任何前瞻性聲明的義務，除非法律要求。

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.

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財務業績的非 GAAP 指標，包括非 GAAP 毛利率、非 GAAP 營業費用、非 GAAP 營業收入、非 GAAP 稀釋每股淨收益和自由現金流。

As a reminder, all of our financial figures we will discuss today are non-GAAP except for revenue and revenue growth, cash and cash equivalents, and total and current remaining performance obligations.

提醒一下，除了收入和收入成長、現金和現金等價物以及總計和當前剩餘履約義務外，我們今天討論的所有財務數據均為非 GAAP。

Our GAAP financial results, along with reconciliations of GAAP to non-GAAP financial measures can be found in today's earnings release and its supplemental financial tables, which is available on our website and as an exhibit to the Form 8-K furnished with the SEC prior to this call, or a supplemental financial presentation, which is available on our website.

我們的 GAAP 財務表現以及 GAAP 與非 GAAP 財務指標的對帳表可在今天的收益報告和其補充財務表中找到，這些報告可在我們的網站上找到，也可作為本次電話會議之前提交給美國證券交易委員會 (SEC) 的 8-K 表格的附件或補充財務報告（可在我們的網站上找到）。

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

說完這些，我會把談話交給約翰。

Thank you, David. Good afternoon, everyone. Thank you for joining us today as we share the results of our fiscal second quarter. I'm happy to share that, once again, we've achieved strong quarterly results. supported by cloud ARR, new AI capabilities, new partnerships, new logos, expanded client accounts, and cloud migrations around the world.

謝謝你，大衛。大家下午好。感謝您今天加入我們，分享我們第二財季的表現。我很高興地告訴大家，我們再次取得了強勁的季度業績。由雲端 ARR、新的 AI 功能、新的合作夥伴關係、新的標誌、擴展的客戶帳戶和全球雲端遷移支援。

I'll share details on these growth drivers on this call.

我將在本次電話會議上分享這些成長動力的詳細資訊。

In Q2, our cloud ARR grew to $331 million, up 29% year over year. Cloud now represents 76% of our total ARR of $437 million. In the quarter, we earned SaaS revenue of $80 million, up 27% year over year, and total revenue of $121 million, up 17% year over year.

第二季度，我們的雲端 ARR 成長至 3.31 億美元，年增 29%。雲端運算現在占我們 4.37 億美元總 ARR 的 76%。本季度，我們的SaaS營收為8,000萬美元，年增27%，總營收為1.21億美元，年增17%。

Now I'd like to share some highlights from our fiscal second quarter. I'll start with our continued success in executing on our vertical AI road map, specifically our ongoing applied AI innovation and its practical applications in professionals' daily workflows.

現在我想分享我們第二財季的一些亮點。我首先會介紹我們在垂直 AI 路線圖執行方面的持續成功，特別是我們正在進行的 AI 應用創新及其在專業人員日常工作流程中的實際應用。

This quarter, we introduced a new AI-powered search feature within Intapp Assist for DealCloud, applying even more generative AI to the daily work of professionals.

本季度，我們在 Intapp Assist for DealCloud 中引入了新的人工智慧搜尋功能，將更多的生成式人工智慧應用到專業人士的日常工作中。

Using natural language query, professionals are now more easily able to bring together multiple types of DealCloud information to answer more sophisticated questions. This ability to discover and analyze client and deal intelligence across complex data sets is helping professionals apply broader, firm-wide intelligence to their work.

使用自然語言查詢，專業人士現在可以更輕鬆地匯集多種類型的 DealCloud 資訊來回答更複雜的問題。這種在複雜資料集中發現和分析客戶和交易情報的能力正在幫助專業人士將更廣泛的、全公司的情報應用到他們的工作中。

We also deepened DealCloud's integration with Microsoft Outlook, helping professionals perform work even more seamlessly with DealCloud directly from their Outlook inboxes without needing to continually switch back and forth.

我們也深化了 DealCloud 與 Microsoft Outlook 的集成，幫助專業人士直接從 Outlook 收件匣使用 DealCloud 更無縫地開展工作，而無需不斷地來回切換。

We also created a new integration which allows users to leverage DealCloud's relationship intelligence functionality within Google Calendar and Gmail, eliminating the need for manual data entry and app switching for that segment of our market.

我們還創建了一個新的整合功能，讓使用者在 Google 日曆和 Gmail 中利用 DealCloud 的關係智慧功能，因此無需針對我們該部分市場進行手動資料輸入和應用程式切換。

Finally, we expanded Intapp Walls for Copilot to include comprehensive risk assessment data. In addition to giving firms control over the data that Copilot is authorized to access at surface for each professional, the solution now also identifies and alerts compliance teams to previously unknown potential oversharing and security risks among the thousands of documents stored across the firm in OneDrive.

最後，我們擴展了 Intapp Walls for Copilot，以包含全面的風險評估數據。除了讓公司控制 Copilot 有權存取的每個專業人員的資料之外，該解決方案現在還可以識別並警告合規團隊，注意公司在 OneDrive 中儲存的數千個文件中以前未知的潛在過度共享和安全風險。

It's another way that we're enabling the secure adoption of AI for our clients and continually strengthening our partnership with Microsoft.

這是我們為客戶提供安全採用人工智慧並不斷加強與微軟合作的另一種方式。

Speaking of partnerships, our alliances and partner ecosystem continues to be an important cornerstone of our company's strategy and our Intapp Intelligent Cloud. Since launching our updated and expanded partner program at the beginning of last fiscal year, we've seen strong growth in a number of our partnerships, which is now 20% higher than a year ago with 137 data, technology, and services partners.

說到合作關係，我們的聯盟和合作夥伴生態系統仍然是我們公司策略和 Intapp 智慧雲端的重要基石。自從上財年初推出更新和擴展的合作夥伴計畫以來，我們的許多合作夥伴都實現了強勁成長，目前已擁有 137 個數據、技術和服務合作夥伴，比一年前成長了 20%。

We formed several notable new integration partnerships last quarter, including Prongs, a commercial real estate data management platform, and Passthrough, a SaaS-based investor onboarding platform. Both of these new partners integrate with Intapp DealCloud to add additional capabilities for fund managers and investors in real estate and private capital.

上個季度，我們建立了幾個值得注意的新整合合作夥伴關係，包括商業房地產數據管理平台 Prongs 和基於 SaaS 的投資者入職平台 Passthrough。這兩個新合作夥伴都與 Intapp DealCloud 整合，為房地產和私募資本領域的基金經理和投資者增加了額外的功能。

Meanwhile, our Microsoft partnership continues to be a growth lever and differentiator for our business. In Q2, we helped several of our clients purchase Intapp solutions through the Azure marketplace.

同時，我們與微軟的合作關係繼續成為我們業務的成長槓桿和差異化因素。在第二季度，我們幫助一些客戶透過 Azure 市場購買了 Intapp 解決方案。

For example, one of the world's largest investment banks significantly expanded their adoption of Intapp DealCloud as part of their contract renewal this quarter. The availability of Intapp solutions on the Azure marketplace allowed the client to use some of their pre-committed Microsoft spend to acquire our technology. This deal is a great example of the way our Microsoft partnership adds value for our clients.

例如，全球最大的投資銀行之一在本季續約時大幅擴大了對 Intapp DealCloud 的採用。Intapp 解決方案在 Azure 市場上的可用性使得客戶能夠使用部分預先承諾的 Microsoft 支出來購買我們的技術。這筆交易是我們與微軟合作為客戶增加價值的一個很好的例子。

I'll turn now to Q2 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. In accounting and consulting, new firms are adopting solutions across our product offerings.

現在我將談談第二季的勝利，包括新客戶和擴張，以及雲端遷移。首先，我很高興地告訴大家，我們透過增加新客戶而持續發展。在會計和諮詢領域，新公司正在採用我們產品的解決方案。

For example, Alvarez & Marsal, a global consulting firm selected Intapp DealCloud to help its expanding corporate finance practice group manage origination, sales pipeline, and deal workflows.

例如，全球顧問公司 Alvarez & Marsal 選擇 Intapp DealCloud 來協助其不斷擴大的企業財務業務團隊管理發起、銷售管道和交易工作流程。

Next, Milsted Langdon, a UK-based accounting firm, chose Intapp Collaboration to automate workspace governance and gain greater structure and control around collaboration. Next, Armanino, a top 20 accounting firm in the US chose Intact Conflicts as its centralized solution to more quickly and accurately identify and resolve conflicts of interest.

接下來，英國會計師事務所 Milsted Langdon 選擇了 Intapp Collaboration 來實現工作區管理的自動化，並獲得更好的協作結構和控制。接下來，美國排名前20的會計師事務所Armanino選擇了Intact Conflicts作為其集中化解決方案，以便更快、更準確地識別和解決利益衝突。

We're seeing a similar trend in the legal industry with new law firm clients also choosing Intapp solutions across our solution set. I'll share a few highlights. Skadden shows Intapp Compliance solutions to support and enhance its robust new business intake processes.

我們在法律行業看到了類似的趨勢，新的律師事務所客戶也在我們的解決方案中選擇了 Intapp 解決方案。我將分享一些亮點。Skadden 展示 Intapp 合規解決方案，以支援和增強其強大的新業務接收流程。

By leveraging this advanced technology, Skadden aims to maintain its leading position in delivering a seamless and efficient experience to clients during the intake process while also establishing more efficient workflows and to enhance partner productivity and risk management.

透過利用這項先進技術，世達律師事務所旨在保持其領先地位，在接收過程中為客戶提供無縫高效的體驗，同時建立更有效率的工作流程並提高合作夥伴的生產力和風險管理。

Next, Colin Biggers & Paisley chose cloud-based Intapp Time to modernize its timekeeping practices and enable more efficient work processes for its professionals. Next, Sackers selected Intapp DealCloud for its powerful enterprise relationship management capabilities.

接下來，Colin Biggers & Paisley 選擇了基於雲端的 Intapp Time 來實現其計時實踐的現代化，並為其專業人員提供更有效率的工作流程。接下來，Sackers 選擇了 Intapp DealCloud，因為它具有強大的企業關係管理功能。

Additionally, new financial services firms continue to move away from their legacy horizontal CRM solutions and onto Intapp DealCloud to centralize information, improve utilization, and reduce manual processes. Wins this quarter include the investment banking arm of one of the largest banks in America, asset management firm, Cartesia, and a growing European private equity firm. We see this trend as a significant growth area for Intapp.

此外，新的金融服務公司繼續放棄傳統的橫向 CRM 解決方案，轉而採用 Intapp DealCloud，以集中資訊、提高利用率並減少手動流程。本季的成功案例包括美國最大的銀行之一的投資銀行部門、資產管理公司 Cartesia 以及一家成長中的歐洲私募股權公司。我們認為這一趨勢是 Intapp 的一個重要的成長領域。

This quarter, cross-selling and upselling success in our existing accounts continued to drive strong cloud net revenue retention. I'll share some notable examples. Law firms continue to add DealCloud to their Intapp solution stack, including three clients in the AM Law 100.

本季度，我們現有帳戶的交叉銷售和追加銷售的成功繼續推動強勁的雲端淨收入保留。我將分享一些值得注意的例子。律師事務所繼續將 DealCloud 添加到其 Intapp 解決方案堆疊中，其中包括 AM Law 100 中的三位客戶。

Troutman Pepper Locke chose DealCloud as a single consolidated system for its ERM, CRM, event management, and business development needs. Next, a Global 50 law firm moved off its legacy CRM and onto DealCloud with Intapp Assist for improved CRM access functionality and AI capabilities.

Troutman Pepper Locke 選擇 DealCloud 作為滿足其 ERM、CRM、事件管理和業務開發需求的單一整合系統。接下來，一家全球 50 大律師事務所從其傳統 CRM 轉移到 DealCloud，並使用 Intapp Assist 來改善 CRM 存取功能和 AI 功能。

Next, Blank Rome, long-time users of Intapp Time and Compliance solutions added DealCloud and Billstream as part of a strategic initiative to modernize its marketing, business development, and pre-billing technology. The firm is also migrating its existing Intapp portfolio to the cloud to enhance data integration and maximize the synergies across the Intapp platform.

接下來，Intapp Time and Compliance 解決方案的長期用戶 Blank Rome 增加了 DealCloud 和 Billstream，作為其行銷、業務開發和預計費技術現代化策略計畫的一部分。該公司還將現有的 Intapp 產品組合遷移到雲端，以增強資料整合並最大限度地發揮 Intapp 平台的協同效應。

Large accounting and consulting firms also continued to add solutions. I'll share a few. Apreo added Intapp Conflicts to streamline operations, reduce manual reporting, and improve tracking of gifts and entertainment compliance.

大型會計和諮詢公司也持續增加解決方案。我將分享一些。Apreo 增加了 Intapp Conflicts，以簡化操作、減少手動報告並改善禮品和娛樂合規性的追蹤。

Next, one of the big three consulting firms replaced its legacy compliance software with Intapp Employee Compliance to increase automation and scalability. Next, a large global consulting firm added Intapp Walls and Intapp Collaboration to facilitate the compliant use of Microsoft Teams and transform the firm's Microsoft 365 platform into a compliance engagement-centric collaboration solution.

接下來，三大顧問公司之一用 Intapp Employee Compliance 取代了原有的合規軟體，以提高自動化和可擴展性。接下來，一家大型全球顧問公司新增了 Intapp Walls 和 Intapp Collaboration，以促進 Microsoft Teams 的合規使用，並將該公司的 Microsoft 365 平台轉變為以合規參與為中心的協作解決方案。

Additionally, a big four client firm expanded Intapp DealCloud further, now adding professionals in its Ireland firm to enable more efficient deal-making and global collaboration. And we're seeing success with legal clients choosing to migrate their Intapp solutions to the cloud this quarter.

此外，四大客戶公司之一的 Intapp DealCloud 進一步擴展，目前在其愛爾蘭公司增加了專業人員，以實現更有效率的交易和全球協作。我們看到，本季法律客戶選擇將其 Intapp 解決方案遷移到雲端並取得了成功。

I'll share two more notable examples. And AmLaw 50 firm is migrating Intapp Time to the cloud as well as adding Intapp DealCloud to centralize lawyer and key client plans. And finally, Benesch is migrating both Intapp Time and Intapp Billstream to the cloud to further streamline processes.

我將分享另外兩個值得注意的例子。AmLaw 50 公司正在將 Intapp Time 遷移到雲端，同時新增 Intapp DealCloud 以集中管理律師和關鍵客戶計畫。最後，Benesch 將 Intapp Time 和 Intapp Billstream 遷移到雲端，以進一步簡化流程。

In conclusion, we're proud of our strong second-quarter performance, and we continue to be optimistic about the growth opportunities. As our Q2 performance has shown, we are growing by adding new capabilities and increasing our global enterprise go-to-market reach.

總之，我們對第二季的強勁業績感到自豪，我們繼續對成長機會保持樂觀。正如我們第二季的業績所顯示，我們正在透過增加新功能和擴大全球企業市場覆蓋範圍來實現成長。

We see continued opportunity both to add new clients across a broad TAM and to deliver greater value by expanding within 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.

我們看到了持續的機會，既可以在廣泛的 TAM 中增加新客戶，也可以透過擴大現有客戶群來提供更大的價值。我們透過訂閱收入模式服務於持久的終端市場。產業特定的雲端平台以及應用的AI和合規能力。我們擁有巨大的成長機會，可以推動我們所服務的所有行業的人工智慧、雲端運算採用和現代化。

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.

像往常一樣，我要感謝我們的客戶、合作夥伴、投資者、董事會以及全球 Intapp 團隊的團隊合作和奉獻精神。非常感謝大家。

Okay. David, over to you.

好的。大衛，交給你了。

Thanks, John, and thank you to everyone for joining us today. I'm pleased to report a strong second-quarter performance, driven by robust cloud adoption across Intapp's vertical-specific offerings and expanding enterprise client base and continued improvements in operational efficiency. As we enter the second half of fiscal 2025, we are well positioned to capitalize on multiple growth levers and drive sustained profitability at scale.

謝謝，約翰，也謝謝大家今天的參加。我很高興地報告第二季業績強勁，這得益於 Intapp 垂直特定產品對雲端的大力採用、不斷擴大的企業客戶群以及營運效率的持續提高。隨著我們進入 2025 財年下半年，我們已準備好利用多種成長槓桿，實現規模持續獲利。

Let's begin with the fiscal Q2 results. SaaS revenue was $80 million, up 27% year over year, driven by new client acquisitions, contract expansions, and the migration of on-premise products to the cloud. As of December 31, 92% of our clients had adopted at least one cloud module.

讓我們從第二季的財務表現開始。SaaS 收入為 8000 萬美元，年增 27%，這得益於新客戶的獲取、合約的擴展以及內部產品向雲端的遷移。截至12月31日，我們92％的客戶已經採用了至少一個雲端模組。

License revenue, which represents the combined on-prem revenue, was $28 million in fiscal Q2, approximately flat year over year. While price increases and contract expansions contributed positively, these were offset by client migrations to the cloud, reflecting the ongoing transition to our SaaS offerings.

授權收入（代表合併後的內部部署收入）在第二財季為 2,800 萬美元，與去年同期基本持平。雖然價格上漲和合約擴展做出了積極貢獻，但這些貢獻被客戶向雲端遷移所抵消，反映了我們正在向 SaaS 產品轉型。

Professional services revenue totaled $13.2 million, up 4% year over year. Our strategic decision to outsource more activities to partners has allowed us to place greater emphasis on enhancing client satisfaction and driving co-sell pipeline generation, supporting our long-term growth objectives.

專業服務收入總計1,320萬美元，較去年同期成長4%。我們將更多活動外包給合作夥伴的策略決策使我們能夠更加重視提高客戶滿意度和推動共同銷售管道的生成，從而支持我們的長期成長目標。

Total revenue was $121.2 million, up 17% year over year, driven primarily by sales of our cloud solutions. Revenue from our international operations accounted for almost one-third of our total revenue this quarter and continues to provide growth opportunities. International revenue grew 24% year over year in Q2.

總收入為 1.212 億美元，年增 17%，主要得益於我們的雲端解決方案的銷售。本季度，國際業務收入占我們總收入的近三分之一，並持續提供成長機會。第二季國際營收年增 24%。

As highlighted in recent quarters, we continue to invest in and expand our alliances and partner ecosystem around Intapp. Our network now includes 137 data, technology, and service partners, reflecting our significant growth.

正如最近幾季所強調的那樣，我們將繼續投資並擴大圍繞 Intapp 的聯盟和合作夥伴生態系統。我們的網路現在包括 137 個數據、技術和服務合作夥伴，這反映了我們的顯著成長。

Notably, our co-sell partners, which grew 30% year over year in Q2, are playing an increasingly pivotal role in client acquisition and retention through their implementation and expertise and value-added integrations. Our enhanced partner program bolsters capabilities of deal generation, technology, data, and implementation, and we remain optimistic about their ongoing impact on our growth strategy.

值得注意的是，我們的聯合銷售合作夥伴在第二季度同比增長了 30%，他們透過實施、專業知識和增值整合在客戶獲取和保留方面發揮著越來越重要的作用。我們增強的合作夥伴計畫增強了交易產生、技術、數據和實施的能力，我們對其對我們的成長策略的持續影響保持樂觀。

As we continue to emphasize our product-led growth strategy, our new vertical SaaS AI offerings include Intapp Assist, now featuring our term SKU and Intapp Walls for Copilot continue to make contributions in the quarter. While we are still in the early stages of product rollout, pipeline development, and client provisioning, we remain excited about the growth prospects ahead.

隨著我們繼續強調以產品為主導的成長策略，我們新的垂直 SaaS AI 產品包括 Intapp Assist（現採用我們的術語 SKU），而 Intapp Walls for Copilot 將繼續在本季度做出貢獻。雖然我們仍處於產品推出、通路開發和客戶配置的早期階段，但我們對未來的成長前景仍然感到興奮。

Q2 non-GAAP gross margin was 76.7%, up from 73.4% in the prior year period, reflecting progress toward breakeven professional services, gross margins, and optimizing the relative top-line contribution from that business. Non-GAAP operating expenses totaled $74.1 million compared to $68.6 million in the prior year period, reflecting our continued investment in our product-led growth.

第二季非公認會計準則毛利率為 76.7%，高於去年同期的 73.4%，反映出專業服務收支平衡、毛利率提高以及該業務相對營收貢獻優化方面取得進展。非公認會計準則營業費用總計 7,410 萬美元，而去年同期為 6,860 萬美元，這反映了我們對產品主導型成長的持續投資。

As we continue to focus on our operational efficiency, non-GAAP operating income was $18.9 million, as compared to $7.6 million in the prior year period. Non-GAAP diluted EPS was $0.21 in the second quarter of fiscal 2025, as compared to $0.11 in the prior year period.

由於我們繼續關注營運效率，非 GAAP 營運收入為 1,890 萬美元，而去年同期為 760 萬美元。2025 財年第二季非 GAAP 稀釋每股收益為 0.21 美元，去年同期為 0.11 美元。

Free cash flow, which is defined as our cash flow from operations less capital expenditures, was $25.2 million for the second quarter, or 21% of total revenue. We exited the quarter with $285.6 million of cash and cash equivalents.

自由現金流（即經營活動產生的現金流量減去資本支出）第二季為 2,520 萬美元，佔總收入的 21%。本季末，我們的現金和現金等價物為 2.856 億美元。

Turning to our key metrics. Cloud ARR was up 29% year over year, while total ARR was up 20% year over year. Total remaining performance obligations were $615.3 million, up 37% year over year. Our go-to-market sales strategy remains focused on landing new logos and we have ended the quarter with over 2,650 clients. Of these, 728 had an annual recurring revenue of at least $100,000, up from 649 in the previous year.

轉向我們的關鍵指標。雲端運算 ARR 年成長 29%，總 ARR 年成長 20%。剩餘履約義務總額為 6.153 億美元，年增 37%。我們的市場銷售策略仍然專注於獲得新標識，本季度結束時我們已擁有超過 2,650 個客戶。其中，728 家企業的年經常性收入至少為 10 萬美元，高於去年的 649 家。

Our 119% cloud net revenue retention rate in Q2 highlights our ability to retain and steadily grow business with existing cloud clients.

我們第二季 119% 的雲端淨收入保留率凸顯了我們保留現有雲端客戶並穩步發展業務的能力。

Now turning to our outlook. For the third quarter of fiscal '25, we expect SaaS revenue of between $84 million and $85 million. As these are newly provided revenue outlook metrics, we'll also be providing the implied year-over-year growth outlook of between 27% and 28%.

現在來談談我們的展望。對於 25 財年第三季度，我們預計 SaaS 營收將在 8,400 萬美元至 8,500 萬美元之間。由於這些是新提供的營收前景指標，我們也將提供 27% 至 28% 之間的隱含年成長前景。

Total revenue in the range of $128.3 million and $129.3 million; non-GAAP operating income in the range of $18.5 million and $19.5 million; and non-GAAP EPS results of $0.21 to $0.23 using a diluted share count weighted for the quarter of approximately 84 million common shares outstanding. For the full fiscal '25, we expect SaaS revenue of between $328.8 million and $332.8 million.

總收入在 1.283 億美元至 1.293 億美元之間；非公認會計準則營業收入在 1,850 萬美元至 1,950 萬美元之間；以本季約 8,400 萬股流通普通股加權的稀釋股數計算，非 GAAP EPS 為 0.21 美元至 0.23 美元。就整個25財年而言，我們預計SaaS營收將在3.288億美元至3.328億美元之間。

And as these are newly provided revenue outlook metrics, we're also providing the implied year-over-year growth outlook of between 27% and 28%. Total revenue in the range of $498.5 million and $502.5 million.

由於這些是新提供的營收前景指標，我們也提供了 27% 至 28% 之間的隱含年成長前景。總收入在 4.985 億美元至 5.025 億美元之間。

We also expect non-GAAP operating income in the range of $70.2 million and $74.2 million and non-GAAP EPS in the range of $0.83 to $0.87 using a diluted share count weighted for the fiscal year '25 of approximately 84 million common shares outstanding.

我們也預期非 GAAP 營業收入將在 7,020 萬美元至 7,420 萬美元之間，非 GAAP 每股收益將在 0.83 美元至 0.87 美元之間，使用 25 財年的加權攤薄股數，流通在外的普通股約為 8,400 萬股。

Thank you. And I'll now turn the call back to the operator.

謝謝。我現在將把電話轉回給接線生。

(Operator Instructions) Alexei Gogolev, JPMorgan.

（操作員指示） 摩根大通 (JPMorgan) 的 Alexei Gogolev。

Congratulations for great results. John, I was wondering if there has been any change to your guidance philosophy. Do you feel that you now have more visibility and can guide more accurately? Because it seems like in the past, there were more significant beat.

恭喜您取得優異的成績。約翰，我想知道你的指導理念是否有任何改變。您是否覺得現在您的能見度更高，能夠進行更精確的指導？因為好像在過去，有過更顯著的打擊。

And in terms of the demand environment, I seem to recall that on the last earnings call, you suggested that demand is very strong and the pipeline is the strongest you've seen in history. Is that still the case? And if you could provide maybe some more color on top of you what you said during your prepared remarks?

就需求環境而言，我似乎記得在上次財報電話會議上，您表示需求非常強勁，而且管道是歷史上最強勁的。現在還是這樣嗎？您能否更詳細地介紹一下您在準備好的發言中說了什麼？

Sure. Thanks, Alexei. I'll take the beginning, and then Dave, you can address some of the guidance questions. The quarter was very strong. The pipeline is strong, and we actually brought in quite a few large deals.

當然。謝謝，阿列克謝。我先開始，然後戴夫，你可以回答一些指導性問題。本季表現非常強勁。管道很強大，我們實際上已經完成了不少大交易。

We did go through the organizational change that we talked about in the last quarter. And what we saw was a little bit of a back-end loading of deals. So we had a lot of deals in December this quarter.

我們確實經歷了上個季度談到的組織變革。我們看到的是一些交易的後端載入。因此我們本季 12 月達成了許多交易。

But overall, demand is very good. The AI is being taken up very well. We talked about some new capabilities with Intapp Assist that have been adopted rapidly by the client base. The DealCloud with Outlook, integration is very strong, and we announced Walls for Copilot capabilities to extend to OneDrive and some other areas, which were all very well received. So I'm optimistic about where we stand.

但總體而言，需求非常好。人工智慧正在被廣泛接受。我們討論了 Intapp Assist 的一些新功能，這些功能已被客戶群迅速採用。DealCloud 與 Outlook 的整合非常強大，我們宣布 Walls for Copilot 功能可以擴展到 OneDrive 和其他一些領域，這些都受到了熱烈歡迎。因此我對我們的現狀感到樂觀。

Dave, do you want to talk about the philosophy?

戴夫，你想談哲學嗎？

Yeah. Thanks, John. Yeah, I would just echo the same thing. And then with respect to the guide itself, we continue to provide a very prudent guide that we have a lot of visibility in. We came into the quarter with a lot of pipe to convert.

是的。謝謝，約翰。是的，我只是想重複同樣的事情。就指南本身而言，我們將繼續提供非常審慎的指南，並讓我們對其具有很高的可見性。我們進入該季度時有很多管道需要轉換。

Very impressed with the teams of being able to enable that and convert that. We also have to remember that specifically with SaaS at times, if it's so back-end loaded, the revenue yield on that is slim to none. And in many cases, you may be only getting a day or two of revenue in that instance or there could have been some deals that were signed that actually have a 1/1 of '25 start date.

我對能夠實現這一點並進行轉換的團隊印象深刻。我們還必須記住，特別是對於 SaaS 而言，如果後端負載過大，那麼其收入收益就微乎其微。而且在許多情況下，您可能只能獲得一兩天的收入，或者可能簽署了一些交易，這些交易的實際開始日期是 25 年的 1/1。

And you see that when you start triangulating the different metrics as a public SaaS company, you could step back and look at our RPOs, our current RPOs, our billings, our deferred revenue, on and on and on, and it all correlates to the same attribute of having a very strong quarter that the team executed very well against.

您會發現，當您作為公共 SaaS 公司開始對不同指標進行三角測量時，您可以退一步看看我們的 RPO、我們當前的 RPO、我們的賬單、我們的遞延收入等等，所有這些都與同一個屬性相關，即擁有一個非常強勁的季度，團隊表現非常出色。

Thank you, David. And a quick follow-up on your gross margins. It seems like another very strong quarter improving sequentially. It appears that service gross margins were improving as well. I was wondering if you have any midterm trajectory that you can share with us because you now have three quarters sequentially of profitable service gross margins. Where do you see them in the midterm?

謝謝你，大衛。並快速跟進您的毛利率。這似乎又是一個非常強勁的季度，並且環比有所改善。看來服務毛利率也在增加。我想知道您是否可以與我們分享任何中期發展規劃，因為現在您的服務毛利率已連續三個季度實現盈利。您認為他們在中期選舉中會取得怎樣的成績？

So we haven't updated our formal metrics on that stemming from to just get to breakeven. I will acknowledge the team has been overperforming on that and has yielded profitability to below the line. And so, again, our first and foremost has always been about serving our clients more from a customer satisfaction versus a top-line growth or even profitability center but it has -- how it's been lined up and the economics applied, we've gotten some leverage from that. So very, very pleased.

因此，我們還沒有更新我們的正式指標，只是為了實現收支平衡。我承認團隊在這方面表現優異，並且實現了低於預期的利潤。因此，我們再次強調，我們的首要任務始終是為客戶提供更多服務，提高客戶滿意度，而不是收入成長甚至獲利中心，但它是如何排列的以及經濟如何應用，我們從中獲得了一些槓桿作用。我非常非常高興。

Thank you very much.

非常感謝。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Yeah, guys. Thanks for taking the question. John, you've been working on the enterprise account go-to-market motion over the last couple of years, and that was a big emphasis on the last quarter's call. Just wondering if there's any update on how those additional resources are assisting there and whether or not there's been any incremental hiring or it's mostly been shifting folks around and getting them really centered in on those large deal opportunities.

是的，夥計們。感謝您回答這個問題。約翰，過去幾年，您一直致力於企業帳戶的上市動議，這是上個季度電話會議的重點。只是想知道這些額外資源如何在那裡提供幫助，是否有任何最新消息，以及是否有任何增量招聘，或者主要是調動人員並讓他們真正專注於那些大型交易機會。

Thanks, Parker. I'm very pleased with the way that the group went through that update to the organization. We wanted to emphasize more coverage in the large enterprise accounts because there's so much TAM there for us to continue to go pursue both landing new accounts and expanding within existing clients among those firms. And we did successfully make that change in Q1.

謝謝，帕克。我對於該小組向組織通報最新情況的方式感到非常滿意。我們希望強調對大型企業帳戶的更多覆蓋，因為那裡有太多的 TAM 可供我們繼續追求，既能獲得新帳戶，又能擴大這些公司的現有客戶群。我們確實在第一季成功實現了這一改變。

In Q2, there were some account transitions that were still going on, but by the middle of the quarter, everything was done, and we saw some very good results from the team there in December, people working together. We have continued to invest in the sales and marketing organization. We have a lot of growth ahead of us, and so we're going to be conscious about doing that.

在第二季度，一些帳戶轉換仍在進行中，但到了季度中期，一切都已完成，我們在 12 月看到了團隊在大家通力合作下取得的非常好的成果。我們持續對銷售和行銷組織進行投資。我們還有很長的路要走，所以我們會自覺地去做這件事。

But we're also seeing very good results from the folks that we have on the field, and I'm very grateful to the hard work that people put in and some of the really significant successes that we had there in December. So I'm very proud of the group.

但我們也看到我們在現場的人員取得了非常好的成績，我非常感謝大家的辛勤工作以及我們在 12 月取得的一些真正重大的成功。所以我為這個團體感到非常驕傲。

Thanks, John. David, I think it was last year at the Analyst Day, you talked about 300 to 500 basis points of margin expansion being the guiding principle here. It looks like you're set to run a little above that even at the midpoint of this guide. Can you just talk about some of the puts and takes there that have you delivering ahead of expectations this year and what we should expect going forward?

謝謝，約翰。大衛，我想是在去年的分析師日，您談到了將利潤率擴大 300 到 500 個基點作為指導原則。看起來，即使在本指南的中間部分，您也要稍微高於這個水平。您能否談談今年取得超出預期成績的一些因素以及我們對未來的期望？

Yeah. Thanks, Parker. We're able to really optimize our G&A function a lot sooner than had originally intended. And then obviously, with services coming on top of that with the breakeven to slight positive has yielded that opportunity set where we will continue to invest and just a reminder to everybody, we continue to be a product-led growth organization.

是的。謝謝，帕克。我們能夠比原計劃更快地優化我們的 G&A 功能。顯然，隨著服務業務的不斷發展，損益平衡略有好轉，我們將繼續投資，並提醒大家，我們將繼續成為一個以產品為主導的成長型組織。

And so we will continue to invest in our product and engineering as well as our go-to-market functions where we see opportunities. And since we see a lot of opportunities, we'll continue to drop X amount of dollars in those set of functions as we continue to scale towards that $1 billion and in that long-term model that we articulated back on February 22 when it was.

因此，我們將繼續在產品、工程以及市場進入功能方面進行投資，以發現機會。由於我們看到了很多機會，我們將繼續在這些功能上投入 X 美元，並繼續朝著 10 億美元的目標邁進，並實現我們在 2 月 22 日闡明的長期模式。

Thanks, David. Appreciate the color.

謝謝，大衛。感謝色彩。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Hey. This is Natalie Howe on for Koji. Thanks for taking the question. So it's good to hear that there's healthy traction in your partnerships, especially with Microsoft. I wanted to ask how you see those partnerships evolving from here? And how does your AI strategy come into play?

嘿。這是 Natalie Howe 為 Koji 主持的節目。感謝您回答這個問題。因此，我們很高興聽到你們的合作關係，特別是與微軟的合作關係，並且取得了良好的進展。我想問一下，您認為這些合作關係未來會如何發展？您的人工智慧策略是如何發揮作用的？

I know you mentioned that there were some AI products that are also in the marketplace there. So will it potentially accelerate momentum in that?

我知道您提到過那裡的市場上也有一些人工智慧產品。那麼它是否有可能加速這一進程呢？

Thanks, Natalie. Yes, the partners ecosystem, the alliances ecosystem that we have been investing to develop over the past few years is a core part of the strategy so much of our opportunity in the market can be positively influenced by great relationships with many of the expertise partners that we have in each of the verticals.

謝謝，娜塔莉。是的，我們在過去幾年中一直投資開發的合作夥伴生態系統、聯盟生態系統是該策略的核心部分，因此，我們在市場上的許多機會都可以透過與各個垂直領域的許多專業合作夥伴建立良好的關係而受到積極影響。

Microsoft, obviously, is the largest relationship that we have an extremely strategic to us. We've been doing a lot of work with them on AI in this market, in particular, how do we apply all of the technology that's increasingly available to specific business problems in these firms.

顯然，微軟是我們最大的合作夥伴，對我們來說具有極具戰略意義。我們一直與他們合作在這個市場上開發人工智慧，特別是如何將日益普及的技術應用於這些公司的特定業務問題。

And so the partner system is helping bring us opportunities. It's also helping us deploy our software with particular solutions as we roll them out, could be Intapp Assist for DealCloud or for terms or Walls for Copilot or additional Intapp Assist capabilities that we have coming up.

因此，合作夥伴制度正在幫助我們帶來機會。它還幫助我們在推出特定解決方案時部署我們的軟體，這些解決方案可能是 DealCloud 的 Intapp Assist，或 Copilot 的條款或 Walls，或我們即將推出的其他 Intapp Assist 功能。

And Microsoft is actually working directly with us in their engineering team because of the closeness of the relationship and the importance of this market to make sure that we can bring not only Copilot but all of our technology into those firms in very specific applied applications that create value for the clients.

由於關係密切以及這個市場的重要性，微軟實際上正在他們的工程團隊中直接與我們合作，以確保我們不僅可以將 Copilot 帶到這些公司，而且可以將我們的所有技術帶入非常具體的應用領域，為客戶創造價值。

And we've had a very positive reaction from the CIOs and the users and the executives in our client firms to the strength of our relationship, we will co-sell with them, co-demonstrate with them, and then deploy together, and it gives the clients a lot of confidence that we have an enterprise-grade solution that is really unavailable anywhere else in the marketplace. So we're very excited about that ecosystem strategy.

我們的資訊長、用戶和客戶公司高管對我們之間關係的緊密性做出了非常積極的反應，我們將與他們共同銷售、共同演示，然後共同部署，這給了客戶很大的信心，相信我們擁有市場上其他任何地方都無法提供的企業級解決方案。因此，我們對這個生態系統策略感到非常興奮。

Got it. Thank you. Appreciate that.

知道了。謝謝。非常感謝。

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

Yeah. Hey, John, Dave, and David. Thanks for taking my questions. First question is just on the strength in the cloud ARR, just extrapolating off of that. Is there probably an expectation that there's going to be some seasonality and some lumpiness and maybe 4Q is the strongest quarter?

是的。嘿，約翰、戴夫和大衛。感謝您回答我的問題。第一個問題只是關於雲 ARR 的強度，只是據此推論。是否可能預期會出現一些季節性和波動性，也許第四季是表現最強勁的季度？

And related to that first question, is there anything baked in on some of your larger on-prem customers maybe converting by the fourth quarter? And then, I have a follow-up.

與第一季度相關，您的一些較大的本地客戶是否可能在第四季度進行轉型？然後，我有一個後續問題。

Hey, Terry, it's Dave. Let me take the initial and then John can add some comments there. Yeah, we are seeing a seasonality form, specifically in and around December and June quarters with our respective clients. And so coming off of a year ago, we feel very successful of where we've been able to do. And even if you look at our first half of this fiscal year, we are actually ahead of our first half last fiscal year.

嘿，特里，我是戴夫。讓我先說一下首字母，然後約翰可以在那裡添加一些評論。是的，我們看到了季節性的表現形式，特別是在我們各自的客戶所在的 12 月和 6 月左右的季度。因此，回首一年前，我們對自己所做的事情感到非常成功。即使你看我們本財年的上半年，我們其實也領先去年財年的上半年。

And so even though we didn't get off to the best start for this fiscal year, we feel that we've overcome that and then some and we'll continue to see what portends for us in the back half of our fiscal 2025.

因此，儘管我們本財年的開局並不太好，但我們覺得我們已經克服了這些困難，並且將繼續觀察 2025 財年下半年的前景。

With respect to the on-prem to cloud transition, as I've indicated previously, we had a couple in flight this past quarter that we started the initiation. That work will time out in the next six to nine months, and then you'll see the full ratability up in the cloud ARR as well as in the SaaS revenue line.

關於從本地到雲端的轉變，正如我之前指出的那樣，我們在上個季度已經啟動了一些專案。這項工作將在未來六到九個月內完成，然後您將看到雲端 ARR 以及 SaaS 收入線中的完整可比性。

And so we'll continue to keep you updated as we continue to progress, but more and more of those deals and transitions are happening that will impact favorably to fiscal -- the back half of fiscal 2025.

因此，我們將繼續向您通報我們不斷取得的進展，但越來越多的交易和轉型正在發生，這將對財政產生有利影響——2025 財年下半年。

That's great. And then maybe the follow-up question -- thank you for that, Dave. John, you talked about a variety of deal cloud wins in legal and then obviously, some customers moving to cloud. I think you mentioned the time example, and I'm probably short-shifting in terms of all the other stuff you talked about.

那太棒了。然後也許是後續問題——謝謝你，戴夫。約翰，您談到了各種交易雲在法律上的勝利，然後顯然，一些客戶正在轉向雲端運算。我想您提到了時間的例子，而我可能在談到的所有其他內容方面都有些片面。

But what I'm curious about is sometimes in the past, I have investors say, is the legal part of the business, the slower growth more about part of their business, I'm curious if there's an inflection point or an improving growth trend line in the legal side of your business, whether it's because either shift to cloud, AI, DealCloud, et cetera? Just maybe you could share a little bit more on the vitality on growth on the legal side. Thank you.

但我有時很好奇的是，在過去，投資者說，業務的法律部分，成長放緩更多的是他們業務的一部分，我很好奇你們業務的法律方面是否存在一個拐點或一個改善的成長趨勢線，是否因為轉向雲端、人工智慧、DealCloud 等等？或許您可以多分享一些關於法律上的成長活力。謝謝。

Thank you for picking up on that, Terry. It was a very strong quarter across the board, but we wanted to highlight some really exciting trends in legal and accounting consulting for just this reason because there have been questions about this.

謝謝你注意到這一點，特里。這是一個全面強勁的季度，但正是因為存在一些疑問，我們才想強調法律和會計諮詢領域的一些真正令人興奮的趨勢。

The underlying industries that we are serving are doing very well. And they themselves are optimistic about what the next few years portends for activity that will drive their business, and they're looking to invest in technology to support their growth as firms.

我們所服務的底層產業表現非常好。他們自己對未來幾年推動其業務的活動持樂觀態度，並且他們希望投資技術來支持公司的發展。

And we're perfectly positioned to bring modern cloud AI to these firms in an industry-specific way, and we've established now a reputation over many years as the trusted partner of them and of important players like Microsoft to be able to bring the modern systems to them in an industry-specific solution.

我們完全有能力以行業特定的方式為這些公司帶來現代雲端 AI，並且多年來，我們已經建立了聲譽，成為他們以及微軟等重要參與者值得信賴的合作夥伴，能夠透過行業特定解決方案為他們帶來現代系統。

So I do think there are important things happening in many of these end markets because of the uptick in optimism more generally. And I think that plays through for us.

因此，我確實認為，由於普遍樂觀情緒的上升，許多終端市場正在發生重要的事情。我認為這對我們來說是有意義的。

Thank you.

謝謝。

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Hey. Great. Hey, guys. Thanks for taking my questions here. John, maybe for you, just maybe hitting on that point around conversions. This was one of the bigger declines that we've seen in on-premise ARR which is great, right, because it sounds like there's healthy conversion activity.

嘿。偉大的。嘿，大家好。感謝您在這裡回答我的問題。約翰，也許對你來說，可能只是觸及了轉換的那個要點。這是我們在內部部署 ARR 中看到的較大幅度下降之一，這很好，對吧，因為這聽起來像是健康的轉換活動。

There was healthy conversion activity here in Q2. Can you just maybe talk about any changes that Intapp is making to drive that? And how you think about the journey for that on-premise space going forward?

第二季的轉換活動非常活躍。您能談談 Intapp 為推動這一目標做出哪些改變嗎？您如何看待未來內部部署空間的發展？

Thanks, Saket. Yes. Obviously, this is a smaller and smaller part of our business as we continue to sell only cloud and grow the cloud business. But moving these important clients to the cloud is an important part of our operating plan.

謝謝，Saket。是的。顯然，隨著我們繼續只銷售雲端產品並發展雲端業務，這在我們的業務中所佔的比例越來越小。但將這些重要客戶遷移到雲端是我們營運計畫的重要組成部分。

We talked in February at Investor Day about our intention to put an official program in place this fiscal year, and we've done that. We have an executive leading this with a group that's focused on helping the law firms to make the migration.

我們二月在投資者日談到了我們打算在本財年實施一項正式計劃，而且我們已經這樣做了。我們有一位高階主管帶領一個團隊負責這項工作，專注於幫助律師事務所進行遷移。

They want to go. One of the things that we try to emphasize as well is how many of our clients have cloud already. So that number was in the 92% this quarter. But we're excited about how receptive they are. It's more of a practical program, how do they prioritize this project among their various IT projects to move.

他們想去。我們也試圖強調的一件事是，我們的多少客戶已經擁有雲端。因此本季這一數字是 92%。但我們對他們的接受程度感到非常興奮。這更像是一個實際計劃，他們如何在要遷移的各個 IT 專案中對這個專案進行優先排序。

And the more of the AI technology that we bring to the cloud and the more eager the firms are to get that AI working to support various activities inside their own firm, the more attractive it is on the business side for them to move in addition to just the IT project of consolidation.

我們將越多的人工智慧技術帶到雲端，企業越渴望讓人工智慧支援自己公司內部的各種活動，那麼從業務角度來看，除了 IT 整合專案之外，這對他們來說就越有吸引力。

So I think that's really helping us and the Microsoft partnership is part of that, too, because now people can use the MAC agreements with Microsoft to move many of our firms an increasing number of our firms have those. So it's all part of a general trend that we're optimistic is going to help us move these people and help them become even more successful with the more modern solution that we have in the cloud.

所以我認為這確實對我們有幫助，而與微軟的合作也是其中的一部分，因為現在人們可以使用與微軟達成的 MAC 協議來遷移我們的許多公司，越來越多的公司擁有這些協議。因此，這都是整體趨勢的一部分，我們樂觀地認為這將幫助我們推動這些人，並幫助他們利用我們在雲端擁有的更現代的解決方案取得更大的成功。

Got it. Got it. That makes sense. Dave, maybe for my follow-up for you on that same topic. Can you just talk a little bit about just the high-level economics of a conversion?

知道了。知道了。這很有道理。戴夫，也許我可以就同一主題跟進你的情況。能否稍微談談轉換的高級經濟學知識？

I mean, should we think about a conversion being one-for-one from on-premise to SaaS? Or is there additional value that you're able to deliver in those conversions?

我的意思是，我們是否應該考慮從內部部署到 SaaS 的一對一轉換？或者在這些轉換中您還能提供額外的價值嗎？

Yes, Saket, we've started commenting over the last days that there is additional value, either through contract compliance, either through upsell and then obviously through the opportunity of cross-sell. And what we've experienced thus far is a nominal 20% upside that we've been seeing at this point in time.

是的，Saket，我們在過去幾天開始評論說還有附加價值，無論是透過合約合規，還是透過追加銷售，當然還有透過交叉銷售的機會。到目前為止，我們所經歷的是名義上的 20% 的上漲，這是我們目前所看到的。

Very helpful. Thanks, guys.

非常有幫助。謝謝大家。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯 (Steve Enders)。

Okay. Great. Thanks for taking the questions here. I guess to start, I want to follow up on some of the prior commentary on the go-to-market changes and the impact that's having I guess, are we at this point like broadly through the changes in the account structure?

好的。偉大的。感謝您在這裡回答問題。首先，我想跟進一下之前關於市場進入變化及其影響的一些評論，我想，我們現在是否已經大致了解了帳戶結構的改變？

And I guess, secondarily, is there maybe any flow-through or still like any catch-up spend that could potentially come in here in the next couple of quarters as some of those changes still come into effect?

其次，我想，隨著一些變化仍然生效，是否會出現任何流通支出或類似補繳支出的情況，這些支出可能會在接下來的幾個季度內進入市場？

Thanks, Steve. No, we are through and it took us 1 quarter, 1.5 quarters, and the team did a great job of making that change, and we saw some really positive results from the accounts that folks were working with in December. We are going to continue to invest in sales and marketing generally, and Dave, you can talk about that, but for this particular transformation, we're done.

謝謝，史蒂夫。不，我們已經完成了，這花費了我們 1 個季度、1.5 個季度的時間，團隊在做出這項改變方面做得非常出色，而且我們從 12 月與大家合作的帳戶中看到了一些非常積極的結果。我們將繼續在銷售和行銷方面進行投資，戴夫，你可以談談這個，但對於這一特定的轉型，我們已經完成了。

Okay. Got it. That makes sense --

好的。知道了。這很有道理--

Yeah. Sorry, Steve, I was just going to add on. As normal course of business, we're going to continue to invest in our sales and marketing, obviously, through whether it be some nominal increase marketing or pipe gen to adding more feet on the ground and ensuring productivity as we start scaling and thinking about FY26.

是的。抱歉，史蒂夫，我只是想補充。按照正常業務流程，我們將繼續在銷售和行銷方面進行投資，顯然，無論是透過一些名義上的增加行銷還是管道生成，以增加更多的實地人員並確保生產力，因為我們開始擴大規模並考慮 FY26。

Okay. Perfect. That's helpful context. And just a quick follow-up, just housekeeping. Any maybe like FX impact or any movements this quarter that may be impacted, either how we should think about the second half outlook or ARR or billings in the quarter?

好的。完美的。這是很有幫助的背景資訊。這只是一個簡單的後續行動，只是日常事務。可能存在任何外匯影響或本季任何可能受到影響的變動，我們應該如何看待下半年的前景或本季的 ARR 或帳單？

No, we had a very straightforward quarter if you will. The FX impact for Intapp is very immaterial. Most of our nominal contracts are done in US dollar. We do have some in various local currencies. But again, it's immaterial.

不，如果你願意的話，我們度過了一個非常順利的季度。這對 Intapp 的外匯影響非常小。我們的大部分名義合約都是以美元簽訂的。我們確實有一些各種當地貨幣。但同樣，這並不重要。

With respect to getting into a broader theme would just be thinking about December being a strong quarter. You're starting to see some evolving seasonality. And then as I intimated at the very beginning, to Alex's question, is we had a broad-based success across a lot of our KPIs that are more forward-looking, just outside of just pure SaaS revenue.

從更廣泛的主題來看，12 月將是強勁的季度。您開始看到一些季節性的變化。正如我在一開始對 Alex 的問題所暗示的那樣，除了純粹的 SaaS 收入之外，我們在許多更具前瞻性的 KPI 方面取得了廣泛的成功。

So when you start putting in context the deferred revenue, calculated billings, the current RPO. There was some strength there that would also indicate we had some deals that were signed, not only back half of this calendar year in this quarter but also a couple that were signed to go 1/1 of '25.

因此，當您開始將遞延收入、計算的帳單和當前的 RPO 納入背景中時。其中的一些優勢也表明我們已經簽署了一些協議，不僅是本季簽署的今年上半年的協議，而且還簽署了幾項將於 2025 年 1 月 1 日到期的協議。

Okay. Perfect. No, I appreciate the extra context there. So thanks for taking my questions and I'll turn it back in the queue.

好的。完美的。不，我很欣賞那裡的額外背景。感謝您回答我的問題，我會將其放回隊列中。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Great. Thank you. Dave or John, on the strong cloud NRR expansion this quarter, any change between the buckets of cross-sell, upsell pricing retention in second quarter or year to date? And then, John, specifically on cross-sell, you had that slide at the Investor Day showing how underpenetrated you were on DealCloud and some of those services and legal base really nice quarter this quarter on that. How big of an opportunity is that DealCloud cross-sell within that late-stage pipeline?

偉大的。謝謝。Dave 或 John，關於本季雲端 NRR 的強勁擴張，第二季或今年迄今交叉銷售、追加銷售定價保留方面有何變化？然後，約翰，特別是在交叉銷售方面，您在投資者日的幻燈片上展示了您在 DealCloud 上的滲透程度以及其中一些服務和法律基礎，本季度在這方面表現非常好。DealCloud 在後期通路中交叉銷售的機會有多大？

Well, Alex, I'll answer the first part. There was no material change from how we view the cross-sell, upsell opportunities that make up that overall cohort I'll tell you, we like the success across all. Churn continues to be very low for us in absolute GRR dollars if you will. So that motion, that enterprise motion continues to work very, very well for us. And then, John?

好吧，亞歷克斯，我來回答第一部分。我們對整個群體的交叉銷售和追加銷售機會的看法沒有實質變化。如果你願意的話，以絕對 GRR 美元計算，我們的客戶流失率仍然很低。所以這項動議、這項企業動議對我們來說繼續發揮非常非常好的作用。然後呢，約翰？

Yeah. Thanks, Alex. The message at Investor Day was absolutely the scale of cross-sell, upsell opportunity that we have across all of our markets. We have a land-and-expand model, as we've talked about. For legal, specifically, and DealCloud in legal or DealCloud in professional services more broadly, it's a huge opportunity.

是的。謝謝，亞歷克斯。投資者日傳達的訊息絕對是我們在所有市場中擁有的交叉銷售和追加銷售機會的規模。正如我們所討論的，我們有一個登陸和擴張模式。具體來說，對於法律領域，以及法律領域的 DealCloud 或更廣泛的專業服務領域的 DealCloud 來說，這是一個巨大的機會。

The firms there have built a lot of in-house software or they have tried to use the horizontal classic CRM systems for a business model that is entirely different than a Salesforce selling widgets from a price list, which is an excellent design if that's your business model.

那裡的公司已經開發了大量內部軟體，或者他們嘗試使用水平經典 CRM 系統來實現一種與 Salesforce 按價格表銷售小部件完全不同的商業模式，如果這是您的業務模式，那麼這是一種極好的設計。

But for these professionals who sell their expertise and advisory services and each relationship is unique in each deal that they do, each engagement that they do is custom negotiating with a custom engagement letter and what they're going to deliver is unique. There's a totally different model that you need at the data level, at the process level, at the user perspective.

但對於這些銷售專業知識和諮詢服務的專業人士來說，他們所做的每筆交易中的每種關係都是獨一無二的，他們所做的每一項約定都是透過客製化約定書進行的客製化談判，他們要交付的內容也是獨一無二的。在資料層面、流程層面和使用者視角，你需要一個完全不同的模型。

And now with AI, how do you apply AI to really supercharge the way that these professional firms work, and they're some of the largest businesses on the planet. It's 3% of the global economy in these firms. So we think it's a massive opportunity to bring a purpose-built, go-to-market system that supports growth for these firms, which is what they're facing now.

現在有了人工智慧，您如何應用人工智慧來真正增強這些專業公司的運作方式，它們是地球上最大的企業之一。這些公司佔全球經濟的3%。因此，我們認為這是一個巨大的機會，可以建立專門的行銷系統來支持這些公司的成長，而這正是他們現在面臨的。

Now with an AI set of capabilities that should enable these professionals to network among themselves and bring the expertise of their partners, the full weight of the firm's knowledge and expertise to each engagement, so each client gets the full benefit of the firm's collective knowledge, that is not what a classic horizontal CRM is designed to do. And it is exactly what DealCloud is designed to do.

現在，有了人工智慧的功能，這些專業人士可以相互建立聯繫，利用合作夥伴的專業知識，將公司的全部知識和專業技能運用到每一次合作中，這樣每個客戶都可以充分受益於公司的集體知識，而這並不是傳統的橫向 CRM 的設計目的。這也正是 DealCloud 的設計初衷。

So we're very excited. It took us a little while to get the early adopters and get the references and get the AI in and get everybody understanding what the transformation opportunity was, but it's really starting to pick up. And so we were very excited to go through the list of those names on the call.

所以我們非常興奮。我們花了一段時間才獲得早期採用者、獲得參考資料、引入人工智慧並讓每個人都了解轉型機會是什麼，但它確實開始流行起來。因此，我們非常高興在電話中瀏覽這些名字的清單。

Okay. Great color. And then just a follow-up to Steve's question before, but on the improved bookings exiting December, is the comment you were trying to make that you're seeing productivity back at levels before the changes in place? Or is there still some expectation that you can get productivity even higher from some of the changes around territories and more enterprise reps broadly as we think about third quarter and fourth quarter? Thanks.

好的。顏色很棒。然後只是對史蒂夫之前問題的跟進，但關於 12 月份訂單量的改善，您是否想表達的是，您看到生產力回到了變革之前的水平？或者，當我們考慮第三季和第四季時，是否仍然期望透過圍繞地域和更多企業代表的一些變化來提高生產力？謝謝。

I think one point is that we're through the transformation, so we had that conversation. Another is that we did very well after that was played through and it actually paid off. So we're excited about that. I think we're setting up here for strong performance in '25 and '26 because we have such opportunity that we just talked about in the large accounts.

我認為有一點是我們已經經歷了轉型，所以我們進行了那次對話。另一個是，在那場比賽結束後，我們表現得非常好，而且確實得到了回報。我們對此感到很興奮。我認為，我們為 25 年和 26 年的強勁表現做好了準備，因為我們擁有剛才在大型帳戶中談到的機會。

We wanted to make sure that we were covering those. So productivity is good. Can we do more? I think as we continue to grow into those large accounts, the size of deals that you can do are very significant. And so that by itself should help us with productivity number.

我們想確保我們涵蓋了這些內容。因此生產效率很好。我們還能做得更多嗎？我認為，隨著我們繼續發展這些大帳戶，您可以完成的交易規模將非常可觀。這本身就有助於我們提高生產力。

I will say I'm very proud of the team's performance. They really did a ton of work here to bring in a very large pipeline and land a bunch of deals this quarter that we were excited to see. At the same time, there's a very good outlook here. So we've got a lot of optimism about where we're headed.

我想說我為球隊的表現感到非常自豪。他們確實做了大量的工作，引入了非常龐大的管道並在本季度達成了一系列交易，我們很高興看到這一點。同時，這裡的前景非常好。因此，我們對我們的未來發展方向充滿樂觀。

Okay. Great. Thank you, both.

好的。偉大的。謝謝你們兩位。

Brian Schwartz, Oppenheimer & Company.

奧本海默公司的布萊恩‧施瓦茲 (Brian Schwartz)。

Yeah. Hi. Thanks for taking my question. John, just following up on the last question, are you seeing the linearity revert back to more historical trends here in fiscal 3Q versus what you saw in 2Q from the sales reorganization?

是的。你好。感謝您回答我的問題。約翰，我只是想跟進最後一個問題，與您在第二季度的銷售重組中看到的情況相比，您是否看到第三財季的線性趨勢恢復到了更多的歷史趨勢？

In terms of linearity per quarter, Dave, do you want to talk about the quarters and how are we describing them?

就每個季度的線性而言，戴夫，您想談談各個季度的情況以及我們如何描述它們嗎？

Yeah. So if it's -- Brian, if it's within the quarter, yeah, I mean we're off to a good start. And so we're very confident in the prudent guide that we've given. With respect to last quarter, there was just a lot about deal activity.

是的。所以如果是 - 布萊恩，如果是在本季度內，是的，我的意思是我們有一個好的開始。因此，我們對我們給予的審慎指南非常有信心。就上個季度而言，交易活動很多。

And yes, we had a good start, but I'll tell you a lot of that came at the end of the year with everything else going on and everybody's daily life and whatnot.

是的，我們有一個好的開始，但我會告訴你，很多事情都是在年底發生的，當時還在進行著，還有大家的日常生活等等。

So, yeah, I'm glad that the team executed and converted that pipe. Do we see that plan at this level? No, we shouldn't be as back-end loaded in our March quarter versus where we were at last December.

所以，是的，我很高興團隊執行並改造了那根管道。我們是否在這個層面上看到了這個計劃？不，與去年 12 月相比，我們 3 月季度的後端負載不應該那麼大。

Good. And then in terms of deal sizes, because it sounds like you're closing a lot of deals out there. Are you seeing average deal sizes increase, too?

好的。然後就交易規模而言，因為這聽起來你已經完成了很多交易。您是否看到平均交易規模也增加了？

As we land some of the large accounts, that will drag up your average calculation. Now we said over the quarters that the larger accounts are harder to predict which quarter they're going to land in. So there's some inherent lumpiness. And as we shift business more and more towards the large TAM opportunity in the large end of the market or at least proportionally.

當我們獲得一些大帳戶時，這將會拖累您的平均計算。現在我們說，按季度來看，規模較大的帳戶更難預測它們會在哪個季度落地。因此存在一些固有的不平衡性。而且，我們越來越多地將業務轉向大型市場中的大型 TAM 機會，或至少按比例轉向。

So you're going to see some variability from quarter to quarter in large deals landing. But yes, on average, if you step back and look over a year or so or more, you should see numbers pick up because that's where we're investing to put more people and deals, and that's where the TAM is really significant.

因此，您會看到各個季度的大額交易達成情況存在一些差異。但是的，平均而言，如果你回顧一年左右或更長時間，你應該會看到數字正在回升，因為這就是我們投資更多人力和交易的地方，這就是 TAM 真正重要的地方。

Last question for me. John, maybe just very high level here on just what you're seeing from -- hearing from customers in terms of the macro outlook. Is it your sense that people are more optimistic? And does the macro feel better to you today than it did last time we spoke three months ago? Thanks, again, for taking my questions.

我的最後一個問題。約翰，也許您只是從客戶那裡聽到了關於宏觀前景的一些非常高層次的看法。您是否覺得人們更加樂觀了？與三個月前我們談話時相比，您覺得今天的宏觀情況好些了嗎？再次感謝您回答我的問題。

Thanks, Brian. Well, I think the underlying trend for us is still digitalization for this underserved industry. These firms historically have not been successful with the classic horizontal systems and yet they have the same need for enterprise software and cloud solutions and AI as all the other businesses in the world, and they see it out there and they want it for themselves versus building in-house, but they needed somebody built for them.

謝謝，布萊恩。嗯，我認為對我們來說，這個服務不足的行業的潛在趨勢仍然是數位化。這些公司在歷史上並沒有成功地採用傳統的水平系統，但他們與世界上所有其他企業一樣，對企業軟體、雲端解決方案和人工智慧有著同樣的需求，他們看到了這些，他們希望自己擁有它們，而不是內部構建，但他們需要有人為他們構建。

So I think the general growth trend for us is that we're selling into a digitalizing market that actually is a little behind some of the other markets. But the people there are extremely highly compensated, highly valuable workers who are doing very important deal advisory legal work for the large corporate clients around the world, and they benefit significantly when their work is better supported, better automated through technology.

因此，我認為我們的整體成長趨勢是，我們正在向數位化市場銷售產品，而這個市場實際上稍微落後於其他市場。但那裡的員工薪水極高，是極具價值的員工，他們為世界各地的大型企業客戶從事非常重要的交易諮詢法律工作，當他們的工作透過科技得到更好的支持、實現更好的自動化時，他們會受益匪淺。

That being said, there are some secular trends in each of the end markets that have supported us, private capital, in particular, being just a growth industry as more of the world's investment dollar shift to alternatives. That's really helping that whole market for us as a business.

話雖如此，每個終端市場都有一些長期趨勢支持著我們，尤其是私人資本，隨著世界上越來越多的投資資金轉向替代領域，它正成為一個成長型產業。這對我們整個市場確實有幫助。

And then, the advisory services that we sell to have some very strong growth trends. There's a lot of consolidation. Actually, it's one of the fundamental drivers for us is the accounting industry, but also the legal industry in order to serve the more significant corporate clients, they want to have a larger global footprint.

然後，我們銷售的諮詢服務呈現出非常強勁的成長趨勢。有很多合併。實際上，對我們來說，一個根本的驅動力是會計行業，但法律行業也一樣，為了服務更重要的企業客戶，他們希望擁有更大的全球影響力。

So there's a natural incentive for these firms to form larger and larger enterprise class -- become larger and larger enterprise class solution providers in and of themselves. And that drives natural demand for software to enable those firms and those partners to collaborate around the world.

因此，這些公司自然有動力形成越來越大的企業級——成為越來越大的企業級解決方案提供者。這自然推動了對軟體的需求，使這些公司和合作夥伴能夠在世界各地進行合作。

So there's a lot of reasons structurally. And then I think this more recent thing with optimism is also true. I mean we've heard it from our own clients, and they're translating that from their clients flowing through to their business. So I think we're in a good spot here.

因此，從結構上來說，有很多原因。然後我認為最近這種樂觀的事情也是正確的。我的意思是我們從自己的客戶那裡聽說了這一點，並且他們正在將這一觀點從他們的客戶轉化到他們的業務中。所以我認為我們現在處於一個很好的位置。

Thank you.

謝謝。

Thank you. I would now like to turn the call back over to John Hall for any closing remarks.

謝謝。現在我想將電話轉回給約翰霍爾 (John Hall) 來做最後發言。

Okay. Well, thanks, everyone. We appreciate your attention and your questions. We have a great Q2 behind us, and we're excited about our continued momentum in fiscal '25. Thanks, again, for your time today, and we look forward to talking to you next quarter.

好的。好吧，謝謝大家。我們感謝您的關注與提問。我們剛剛度過了一個出色的第二季度，我們對 25 財年的持續發展勢頭感到興奮。再次感謝您今天的時間，我們期待下個季度與您交談。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。