Intapp Inc (INTA) 2025 Q3 法說會逐字稿

Hello everyone and welcome to the Intapp fiscal third-quarter 2025 webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎收聽 Intapp 2025 財年第三季網路廣播。（操作員指示）請注意，今天的會議正在錄音。

Now, it's my pleasure to turn the call over to the Senior Vice President of Investor Relations, David Trone. The floor is yours.

現在，我很高興將電話轉給投資者關係高級副總裁 David Trone。現在輪到你了。

Thank you. Welcome to Intapp's fiscal third-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 財年第三季財務表現。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 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 fourth 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，包括為 2025 財年第四季和全年提供的指導。

These forward-looking statements are based on management's current views and expectations. 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。截至今日所做的某些假設受到各種風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件和其他公開文件中所描述的難以預測的結果，並且可能導致實際結果與此類前瞻性陳述所表達或暗示的結果存在重大差異。除非法律要求，否則 Intapp 不承擔更新或修改任何前瞻性聲明的義務。

Further on today's call, we will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP diluted net income per share, and free cash flow. As a reminder, all of our financial figures we will discuss today are non-GAAP except for revenue and revenue growth, cash and cash equivalents, and total remaining performance obligations.

在今天的電話會議上，我們還將討論一些我們認為有助於理解財務績效的非公認會計準則指標，包括非公認會計準則毛利率、非公認會計準則營業費用、非公認會計準則營業收入、非公認會計準則每股攤薄淨收入和自由現金流。提醒一下，我們今天討論的所有財務數據都是非 GAAP，除了收入和收入成長、現金和現金等價物以及剩餘履約義務總額。

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 財務指標的對帳可在今天的收益報告及其補充財務表中找到，這些報告可在我們的網站上獲取，也可作為本次電話會議前向美國證券交易委員會 (SEC) 提供的 8-K 表格的附件獲取，或作為補充財務報告，可在我們的網站上獲取。

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 third quarter. I'm happy to say that once again, we've achieved strong quarterly results driven by the launch of new solutions and AI capabilities, an exciting new acquisition, new partnerships, and an expanding client base around the world.

謝謝你，大衛。大家下午好。感謝您今天加入我們，分享我們第三季的財務表現。我很高興地說，我們再次取得了強勁的季度業績，這得益於新解決方案和人工智慧功能的推出、令人興奮的新收購、新的合作夥伴關係以及全球客戶群的不斷擴大。

In Q3, our cloud ARR grew to $352 million, up 28% year over year. Cloud now represents 77% of our total ARR of $455 million. In the quarter, we earned SaaS revenue of $85 million up 28% year over year. And total revenue of $129 million, up 17% year over year.

第三季度，我們的雲端 ARR 成長至 3.52 億美元，年增 28%。雲端運算目前占我們 4.55 億美元 ARR 總額的 77%。本季度，我們的 SaaS 營收為 8,500 萬美元，年增 28%。總收入達1.29億美元，年增17%。

Now, I'd like to share some key innovations and growth drivers from our fiscal third quarter. In February, we hosted our premier product event, Intapp Amplify in New York, which was attended by leaders from more than 400 of our client firms. We previewed our latest advancements in alignment with our growth AI strategy, and we demonstrated our ongoing commitment to tailored innovation.

現在，我想分享我們第三財季的一些關鍵創新和成長動力。2 月，我們在紐約舉辦了我們的首要產品活動 Intapp Amplify，來自 400 多家客戶公司的領導人出席了這項活動。我們預覽了與成長 AI 策略一致的最新進展，並展示了我們對客製化創新的持續承諾。

First, we announced the general availability of Intapp DealCloud Activator, a research-backed, AI-enabled growth platform that gives professionals the tools, insights, and coaching they need to build, scale, and apply the most successful business development behaviors.

首先，我們宣布全面推出 Intapp DealCloud Activator，這是一個以研究為依托、由人工智慧驅動的成長平台，為專業人士提供建構、擴展和應用最成功的業務發展行為所需的工具、見解和指導。

We've previewed our transformed Intapp time product scheduled for release this summer. The new Intapp time uses generative AI and a modernized user experience to make timekeeping faster and easier for professionals. Complete and accurate time entries help firms grow and better realize revenue, while making clients happier by reducing errors and non-compliant billing.

我們已經預覽了計劃於今年夏天發布的改造後的 Intapp 時間產品。新的 Intapp 時間使用生成式人工智慧和現代化的用戶體驗，使專業人士能夠更快、更輕鬆地計時。完整且準確的時間記錄有助於公司發展並更好地實現收入，同時透過減少錯誤和不合規的計費讓客戶更滿意。

We introduced Intapp walls for AI, which offers protection against the oversharing of confidential data by AI tools, letting firms constantly deploy AI no matter the provider.

我們為 AI 引入了 Intapp 牆，它可以防止 AI 工具過度共享機密數據，讓公司無論由哪個提供者提供都可以不斷部署 AI。

We also added three new features to Intapp Assist for DealCloud. First is an origination capability that uses applied AI to deliver search results based on users' investment criteria and preferences, helping to uncover more opportunities faster than ever before.

我們也為 DealCloud 的 Intapp Assist 增加了三個新功能。首先是發起能力，它使用應用人工智慧根據用戶的投資標準和偏好提供搜尋結果，幫助比以往更快發現更多機會。

Next is a smart tagging capability that further automates data capture and enhances organization, ensuring that firm intelligence, like client activity, deal status, and prospective opportunities is easy to find, understand, and use. And we delivered a prompt studio feature that helps investors, advisors tailor their AI to generate highly personalized insights specific to their role, giving them even better performing AI for their unique investment and client strategies in pursuit of growth.

接下來是智慧標記功能，它進一步自動化資料擷取並增強組織，確保公司情報（如客戶活動、交易狀態和潛在機會）易於找到、理解和使用。我們提供了一個提示工作室功能，幫助投資者和顧問客製化他們的人工智慧，以產生針對他們角色的高度個人化的見解，為他們追求成長的獨特投資和客戶策略提供性能更佳的人工智慧。

Zach Polley, an associate at Alterna Equity Partners, told us, in-tap assist enables us to include more information on intermediaries and target companies. With smart tagging and AI suggestions, information is inputted faster than ever with 100% accuracy, allowing us to include more and get more done in a shorter timeframe. Following the success and client response to Intapp Amplify in New York, we're looking forward to bringing the event to London this May as well.

Alterna Equity Partners 的合夥人 Zach Polley 告訴我們，in-tap assist 使我們能夠包含更多有關中介機構和目標公司的資訊。借助智慧標記和人工智慧建議，資訊輸入速度比以往任何時候都快，準確率高達 100%，使我們能夠在更短的時間內包含更多內容並完成更多工作。繼 Intapp Amplify 在紐約取得成功並獲得客戶好評之後，我們期待今年 5 月將活動帶到倫敦。

We're also pleased to be continuing our success in real assets. A key win from this quarter is with the large US-based real assets firm. They recently replaced a legacy horizontal CRM with DealCloud to access better investor relationship data and accelerate fundraising as they establish new investment lines. We're continuing to grow and enhance our real assets offering through the strategic acquisition of TermSheet, a software provider for real estate teams.

我們也很高興能夠在實體資產領域繼續取得成功。本季的一個關鍵勝利是與美國大型實物資產公司合作。他們最近用 DealCloud 取代了傳統的橫向 CRM，以便在建立新的投資線時獲得更好的投資者關係數據並加速融資。我們透過策略性收購房地產團隊軟體供應商 TermSheet 來繼續發展和增強我們的實體資產服務。

Bringing together DealCloud and TermSheet adds additional capabilities and expands our ability to serve new personas within real assets. Combined, DealCloud and TermSheet will deliver a powerful operating system tailored for every aspect of the real assets investment lifecycle.

將 DealCloud 和 TermSheet 結合在一起可以增加額外的功能並擴展我們在實際資產中為新角色提供服務的能力。DealCloud 和 TermSheet 結合起來將提供一個針對實體資產投資生命週期各個環節量身定制的強大作業系統。

One of our clients told us that this strategic move differentiates Intapp from more narrow tail management solutions, validating that we've chosen a partner who will innovate to help us grow. We're pleased to welcome the TermSheet team to Intapp, further building our unparalleled team of industry experts.

我們的一位客戶告訴我們，這項策略舉措使 Intapp 與更窄尾管理解決方案區分開來，證明我們選擇了一位願意透過創新幫助我們成長的合作夥伴。我們很高興歡迎 TermSheet 團隊加入 Intapp，進一步打造我們無與倫比的業界專家團隊。

Our partner ecosystem also continues to be an important cornerstone of our company's strategy. We're continuing to achieve strong growth, signing eight new partners this quarter and bringing our partner ecosystem to more than 140. New partners span technology integration, services, data, and software companies, including Infobode, a research news and insights platform for the real estate industry; and Subscribe, a provider of complementary investor onboarding capabilities.

我們的合作夥伴生態系統也將繼續成為我們公司策略的重要基石。我們繼續實現強勁成長，本季簽約了 8 個新合作夥伴，使我們的合作夥伴生態系統超過 140 個。新的合作夥伴涵蓋技術整合、服務、數據和軟體公司，其中包括房地產行業研究新聞和洞察平台 Infobode；以及 Subscribe，一家提供補充投資者入職能力的公司。

Additionally, in March, we co-hosted our third annual CIO Leadership Summit with Microsoft for a group of select legal, accounting, and consulting CIOs. Held at Microsoft's Redmond campus, the summit focused on driving innovation and accelerating productivity through AI and cloud technologies. It also highlighted the power of our partnership, including the many key integrations that enable operational transformation and enhanced collaboration.

此外，3 月份，我們與微軟共同舉辦了第三屆年度 CIO 領導力高峰會，與會者包括一批精選的法律、會計和諮詢領域的 CIO。此次高峰會在微軟雷德蒙園區舉行，重點在於透過人工智慧和雲端技術推動創新和提高生產力。它也強調了我們合作關係的力量，包括實現營運轉型和加強協作的許多關鍵整合。

Okay, I'll turn now to Q3 wins, both new clients and expansions, as well as cloud migrations. First, I'm pleased to share that we're continuing to grow through the addition of new clients. Here are a few examples from the quarter.

好的，現在我將談談第三季的勝利，包括新客戶和擴展，以及雲端遷移。首先，我很高興地告訴大家，我們正透過增加新客戶而持續發展。以下是本季的一些例子。

New Forests, a global investment manager of nature-based real assets and natural capital strategies, chose DealCloud to streamline its reporting and communications and to better track investors and fundraising for a more tailored approach to relationship management. Next, Omnes Capital, a private equity firm dedicated to energy transition, replaced a legacy horizontal CRM with a DealCloud to increase adoption and better manage investor relations and communications.

New Forests 是一家專注於自然不動產和自然資本策略的全球投資管理公司，它選擇 DealCloud 來簡化其報告和溝通，並更好地追蹤投資者和融資情況，從而實現更有針對性的關係管理方法。接下來，致力於能源轉型的私募股權公司 Omnes Capital 以 DealCloud 取代了傳統的橫向 CRM，以提高採用率並更好地管理投資者關係和溝通。

Next, Australian law firm, Gatins, chose Intapp Intake and Intapp Conflicts to improve compliance with new anti-money laundering and counter-terrorism financing regulations. And next, a global law firm based in Europe, selected Intapp Conflicts, Intake, and Terms to support its strategic growth with improved data quality and streamlined processes for regulatory adherence.

接下來，澳洲律師事務所 Gatins 選擇了 Intapp Intake 和 Intapp Conflicts 來提高對新的反洗錢和反恐融資法規的遵守程度。接下來，一家位於歐洲的全球律師事務所選擇了 Intapp 衝突、接收和條款來支持其策略性成長，提高資料品質並簡化監管遵守流程。

This quarter, we also continued to see a keen focus on independence in accounting, with first choosing in-tap employee compliance to replace homegrown or legacy solutions and manual processes. These include Crow, a top 20 US based accounting firm; and Cowen & Company, a top 50 accounting firm. As well as this quarter, upselling and cross-selling success in our existing accounts continue to drive strong cloud net revenue retention. I'll share some notable examples.

本季度，我們也繼續看到對會計獨立性的強烈關注，首先選擇內建員工合規性來取代自主開發或遺留的解決方案和手動流程。其中包括美國排名前 20 名的會計師事務所 Crow；以及排名前 50 名的會計師事務所 Cowen & Company。和本季一樣，我們現有帳戶的追加銷售和交叉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。

First, existing client, D&B, Norway's largest financial services group and bank, increased its number of DealCloud seats after acquiring Carnegie Bank and standardizing on our platform. Next, a US-based global alternative investment firm added additional DealCloud seats to bring all Deal Teams onto the same platform and create one central point of information.

首先，現有客戶 D&B（挪威最大的金融服務集團和銀行）在收購卡內基銀行並在我們的平台上實現標準化後，增加了其 DealCloud 席位數量。接下來，一家總部位於美國的全球另類投資公司增加了額外的 DealCloud 席位，將所有交易團隊納入同一平台並創建一個資訊中心點。

Next, an AMLA 200 client focused on M&A transactions replaced its legacy horizontal CRM with DealCloud. This furthers their goal of creating a legal ecosystem in the cloud along with Intapp Time, Conflicts, Intake, Terms, and Walls.

接下來，一家專注於併購交易的 AMLA 200 客戶以 DealCloud 取代了其傳統的橫向 CRM。這進一步實現了他們在雲端創建法律生態系統的目標，包括 Intapp 時間、衝突、攝入量、條款和牆壁。

And next, Accordion, a private equity focused consulting firm that I mentioned in the past when they purchased DealCloud, added Intapp Conflicts to help them bring on new business without conflicts of interest among their clients and PE investors.

接下來，我之前提到的專注於私募股權的顧問公司 Accordion 在收購 DealCloud 時增加了 Intapp Conflicts 功能，以幫助他們在客戶和 PE 投資者之間不會產生利益衝突的情況下開展新業務。

Finally, we continue to help more legal clients, including Fennimore, Blazer-Wile, Jackson Lewis, and Smith Gambrell migrate Intapp Time to the cloud. Once implemented, they'll have access to a more modern web client, new AI features, and continuous innovation, including the new Intapp Time announced at Amplify.

最後，我們繼續幫助更多法律客戶，包括 Fennimore、Blazer-Wile、Jackson Lewis 和 Smith Gambrell 將 Intapp Time 遷移到雲端。一旦實施，他們將能夠使用更現代的網路用戶端、新的 AI 功能和持續創新，包括在 Amplify 上宣布的新 Intapp Time。

In conclusion, we're proud of our strong third quarter performance, and we continue to be optimistic about our growth opportunities. As our Q3 performance has shown, we are growing by adding new capabilities and increasing our global enterprise go-to-market reach. We see continued opportunity to add new clients across a broad TAM and to deliver greater value. by expanding our existing client base.

總而言之，我們對第三季的強勁表現感到自豪，我們繼續對我們的成長機會保持樂觀。正如我們第三季的業績所顯示，我們正在透過增加新功能和擴大全球企業市場影響力來實現成長。我們看到了在廣泛的 TAM 中增加新客戶並提供更大價值的持續機會。透過擴大我們現有的客戶群。

We're serving a durable end market with our subscription revenue model, industry specific cloud platform, and applied AI and compliance capabilities. We have a great growth opportunity to drive AI, cloud adoption, and modernization across all the industries we serve. As always, I'd like to thank our clients, our partners, our investors, our board, and our global Intapp team for their teamwork and dedication. Thank you all very much.

我們透過訂閱收入模式、行業特定的雲端平台以及應用人工智慧和合規能力來服務持久的終端市場。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。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。

Thank you, John, and thanks to everyone for joining us today. A special thank you as well to those who turned into our Amplify keynote in February to hear about Intapp's latest product advancements and roadmap strategy across our vertical specific solutions. As a product-led growth company, our rate of pace of innovation over the past year has been exceptional.

謝謝你，約翰，也謝謝大家今天加入我們。也要特別感謝那些在二月參加我們 Amplify 主題演講的人們，他們了解了 Intapp 的最新產品進度和我們垂直特定解決方案的路線圖策略。作為一家以產品為主導的成長型公司，我們過去一年的創新步伐非常快。

With that, I am pleased to report a solid third quarter performance. The durability of our cloud business was evident in Q3 driven by progress with large accounts across verticals and geographies, as well as success in transitioning client spend to the cloud. We also continue to demonstrate improving efficiencies and leverage within the model. We are confident in our ability to deliver profitable growth, as we close out fiscal 2025 and enter fiscal 2026, well positioned to capitalize on the positive digitalization and cloud native trends in front of us.

我很高興地報告第三季的穩健業績。我們的雲端業務的持久性在第三季度得到了證實，這得益於跨垂直行業和地域的大型帳戶的進展，以及成功將客戶支出轉移到雲端。我們也將繼續展示模型中效率和槓桿的提升。我們有信心，在結束 2025 財年並邁入 2026 財年之際，我們有能力實現盈利增長，並有能力利用我們面前的積極數位化和雲端原生趨勢。

Let's begin with fiscal Q3 results. SaaS revenue was $84.9 million, up 28% year over year, driven by new client acquisitions, contract expansions, and the migration of on-premise products to the cloud. As of March 31, 93% of our clients have at least one cloud module, up one point sequentially.

讓我們從第三季的財務表現開始。SaaS 營收為 8,490 萬美元，年增 28%，主要得益於新客戶的取得、合約的擴展以及內部產品向雲端的遷移。截至 3 月 31 日，93% 的客戶至少擁有一個雲端模組，季減 1 個百分點。

License revenue was $31.7 million in fiscal Q3, up 2% year over year. Positive contributions continue to be on-prem price increases and contract expansions and renewals. And these were largely offset this quarter by our steady pace migrating clients to the cloud and onto our SaaS offerings.

第三財季授權收入為 3,170 萬美元，較去年同期成長 2%。積極的貢獻繼續來自內部價格上漲以及合約的擴展和續約。本季度，我們穩步將客戶遷移到雲端和我們的 SaaS 產品，這在很大程度上抵消了這些影響。

Professional services revenue totaled $12.5 million, down 6% year over year. The strategic decision to outsource more activities to the partners has allowed us to place greater emphasis on enhancing client satisfaction and driving cost of pipeline generation, supporting our long-term cloud growth objectives.

專業服務收入總計1,250萬美元，較去年同期下降6%。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管道生成成本，從而支持我們的長期雲端成長目標。

Total revenue was $129.1 million, up 17% year to year, driven primarily by sales of our cloud solutions. Revenue from our international operations accounted for over third of our total revenue this quarter and continues to provide growth opportunities. International revenue grew 20% year over year in Q3.

總收入為 1.291 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三分之一以上，並持續提供成長機會。第三季國際營收年增20%。

We kicked off our calendar 2025 with noteworthy execution on our acquisition and partnership growth strategies. First, as John mentioned earlier, the acquisition of term sheet marks an important next step in deepening our expertise and real assets, building on strong organic momentum including multiple new logo wins this quarter. This combination will broaden our capabilities to fully serve real estate teams across their investment life cycles and personas.

我們以收購和合作夥伴成長策略的顯著實施拉開了 2025 年的序幕。首先，正如約翰之前提到的，收購條款清單標誌著我們深化專業知識和實際資產的重要下一步，這將鞏固我們強勁的有機發展勢頭，包括本季贏得多個新標誌。此次合併將拓寬我們的能力，為房地產團隊提供涵蓋其投資生命週期和角色的全面服務。

With this acquisition, we continue to reinforce the core tenets of our ecosystem expansion track record, strengthening the breadth and depth of our vertical specific offerings and delivering long-term value to our end markets. On that note, our broader alliances and partner ecosystem saw progress this quarter with the newly signed [Infoboad], a real estate data partner, complimentary to our term sheet acquisition, our partner network grew to over 140 in Q3.

透過此次收購，我們將繼續強化生態系統擴展記錄的核心原則，增強垂直特定產品的廣度和深度，並為我們的終端市場提供長期價值。就這一點而言，我們更廣泛的聯盟和合作夥伴生態系統在本季度取得了進展，新簽約的房地產數據合作夥伴 [Infoboad] 對我們的條款清單收購進行了補充，我們的合作夥伴網絡在第三季度增長到 140 多個。

Our [COCEL] motion continues to build the client pipeline, drive wins, and strengthen retention as a long-term growth leader. We are optimistic about our investment in and the increasing impact of Intapp's enhanced partner program to strengthen our capabilities across deal generation, technology, data, and implementation. As partner certifications have increased 75% year over year, we're on a strong pace for our partner ecosystem and platform to become more of a material contribution to fiscal 2026 demand generation and greater assistance on revenue realization.

我們的 [COCEL] 動議將繼續建立客戶管道、推動勝利並加強作為長期成長領導者的保留。我們對我們的投資以及 Intapp 增強合作夥伴計劃日益增長的影響感到樂觀，這將增強我們在交易生成、技術、數據和實施方面的能力。由於合作夥伴認證年增 75%，我們的合作夥伴生態系統和平台正穩步發展，為 2026 財年的需求產生做出更實質的貢獻，並為收入實現提供更大的幫助。

As we continue to focus on our margin and operational efficiencies, Q3 non-GAAP gross margin was 77.9% up from 75.1% in the prior year period, reflecting continued progress toward breakeven professional services gross margins and reducing the relative top line contribution from that business.

由於我們繼續關注利潤率和營運效率，第三季非 GAAP 毛利率從去年同期的 75.1% 上升至 77.9%，這反映出我們繼續朝著盈虧平衡專業服務毛利率的方向前進，並減少了該業務的相對營業收入貢獻。

Non-GAAP operating expenses totaled $80.3 million compared to $71.9 million in the prior year period, reflecting our continued investment and our product-led growth. Non-GAAP operating income was $20.3 million as compared to $11.2 million in the prior year period.

非公認會計準則營運費用總計 8,030 萬美元，而去年同期為 7,190 萬美元，這反映了我們持續的投資和產品主導的成長。非公認會計準則營業收入為 2,030 萬美元，而去年同期為 1,120 萬美元。

Non-GAAP diluted EPS was $0.26 in the third quarter of fiscal 2025 as compared to $0.14 in the prior year period.

2025 財年第三季非 GAAP 稀釋每股收益為 0.26 美元，去年同期為 0.14 美元。

Free cash flow, which is defined as our cash flow from operations less capital expenditures was $35.1 million for the third quarter or 27% of total revenue. We exited the quarter with $323.2 million of cash and cash equivalents.

自由現金流（即我們的經營活動產生的現金流量減去資本支出）為 3,510 萬美元，第三季佔總收入的 27%。本季末我們持有 3.232 億美元的現金和現金等價物。

Turning to our key metrics, cloud ARR was up 28% year over year, while total ARR was up 19% year over year. Total remaining performance obligations were $621.5 million, up 33% year to year. We remain committed to executing our land and expand go-to-market model, which yielded a quarter-end 748 clients with annual recurring revenue of at least $100,000, up from 673 in the previous year, our $100,000 plus ARR clients now comprise 28% of our total clients of over 2,650.

談到我們的關鍵指標，雲端 ARR 年成長 28%，而總 ARR 年成長 19%。剩餘履約義務總額為 6.215 億美元，年增 33%。我們將繼續致力於執行我們的土地和擴大市場進入模式，該模式使我們在季度末擁有 748 名客戶，年經常性收入至少為 100,000 美元，高於去年的 673 名，我們的 100,000 美元以上的 ARR 客戶現在佔我們超過 2,650 名客戶總數的 28%。

Our 119% cloud net revenue retention rate in Q3 highlights the consistency with which we retain and steadily grow business with existing cloud clients.

我們第三季的雲端淨收入保留率為 119%，凸顯了我們與現有雲端客戶保持業務並穩定成長的一致性。

Now turning to our outlook, for the fourth quarter of fiscal 2025, we expect fast revenue of between $89 million and $90 million. As these are newly provided revenue outlook metrics, we are also providing the implied year-to-year growth outlook between 26% and 27%.

現在談談我們的展望，對於 2025 財年第四季度，我們預計快速收入將在 8,900 萬美元至 9,000 萬美元之間。由於這些是新提供的營收前景指標，我們也提供了 26% 至 27% 之間的隱含年成長前景。

Total revenue in the range of $131.5 million and 132.5 million. Non-GAAP operating income in the range of $20 million and $21 million. And non-GAAP EPS results of $0.22 to $0.24, using a diluted share count weighted for the quarter of approximately 85 million common shares outstanding.

總收入在 1.315 億美元至 1.325 億美元之間。非公認會計準則營業收入在 2,000 萬美元至 2,100 萬美元之間。非 GAAP 每股盈餘結果為 0.22 美元至 0.24 美元，以本季約 8,500 萬股流通普通股的稀釋股數加權。

For the full fiscal 2025, we expect SASS revenue of between $330.8 million and $331.8 million. As these are newly provided revenue outlook metrics, we also provide the implied year-over-year growth outlook of 28%.

就整個 2025 財年而言，我們預計 SASS 營收將在 3.308 億美元至 3.318 億美元之間。由於這些是新提供的營收前景指標，我們也提供了 28% 的隱含年成長前景。

Total revenue in the range of $500.6 million and $501.6 million. We also expect non-GAAP operating income in the range of $74.3 million and $75.3 million. And non-GAAP EPS in the range of 88 to 90 cents used in a diluted share count weighted for the fiscal year 2025 of approximately 84 million common shares outstanding.

總收入在 5.006 億美元至 5.016 億美元之間。我們也預期非公認會計準則營業收入將在 7,430 萬美元至 7,530 萬美元之間。以非公認會計準則每股盈餘 (Non-GAAP EPS) 計算，2025 財年稀釋股份數加權後每股盈餘在 88 至 90 美分之間，流通普通股約 8,400 萬股。

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

謝謝。我現在將電話轉回給接線生。

(Operator Instructions) Alexei Gogolev, JP Morgan.

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

Hello, everyone, John, first question for you. For a while you've highlighted that much of your business is acyclic. Can you talk about various indicators of that in your recent client conversations? And how much does deal activity drive growth of your business?

大家好，約翰，我第一個問題想問你。有一段時間，您強調說，您的大部分業務都是非週期性的。您能談談最近與客戶交談時出現的各種跡象嗎？交易活動對您的業務成長有多大推動作用？

Sure, thanks, Alexei. As you know, we bootstrapped the company all the way to IPO, serving this traditionally underserved and market specific platform. The law firms, the accounting firms, the consulting firms, the investment banks, the private capital firms have a pretty steady demand to move to the cloud and to adopt AI that fuels the company's consistent growth.

當然，謝謝，阿列克謝。如您所知，我們一路帶領公司走向 IPO，為這個傳統上服務不足且特定市場的平台提供服務。律師事務所、會計師事務所、顧問公司、投資銀行、私募股權公司對遷移到雲端和採用人工智慧有著相當穩定的需求，以推動公司的持續成長。

The indicators that we watch, obviously pipeline; we watch sales cycle; we watch the overall deployment time that helps folks to get to the next stage where they can expand further the platform for us; the macro discussion that's going on around tariffs and everything; obviously all the firms are talking about, we have not seen indications in their operational digitalization move that's affected them. It's been very consistent demand through this period.

我們關注的指標顯然是管道；我們觀察銷售週期；我們專注於整體部署時間，以幫助人們進入下一階段，從而進一步擴展我們的平台；圍繞關稅等問題的宏觀討論；顯然，所有公司都在談論這一點，我們還沒有看到他們的營運數位化舉措對他們產生影響的跡象。這段時期的需求一直非常穩定。

And we've had that experience through previous economic cycles. We grew right through the 2008 recession and right through COVID. So overall, I think that the fundamental driver here is the need for these firms to catch up with the rest of the industries to finally get to the cloud and they have an unusual opportunity to take advantage of AI given the type of work that they do.

我們在以往的經濟週期中也曾有過這樣的經驗。我們在 2008 年經濟衰退和新冠疫情期間都實現了成長。所以總的來說，我認為這裡的根本驅動力是這些公司需要趕上其他行業，最終進入雲端運算領域，並考慮到他們所做的工作類型，他們有一個利用人工智慧的獨特機會。

Great, thank you, John. And Dave, a quick question for you about international revenue. All the growth and constant currency, please.

太好了，謝謝你，約翰。戴夫，我想問您一個關於國際收入的簡單問題。請提供所有成長和恆定貨幣。

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

是的，主要是美元。所以它們幾乎是同一個。

Okay, thank you.

好的，謝謝。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hello, this is Matthew Kikkert for Parker. Thank you for taking my questions. So first, last quarter you talked about solid traction, selling the DealCloud into the legal vertical. Would you just talk a little bit about if you saw any continuation of that activity there this quarter and the pipeline around that specific motion?

大家好，我是 Parker 的 Matthew Kikkert。感謝您回答我的問題。首先，上個季度您談到了穩固的牽引力，將 DealCloud 銷售到法律垂直領域。您能否簡單談談本季該活動是否繼續進行以及圍繞該具體動議的進展？

Thanks, Matthew. Yes, we are excited about what's happening with bringing DealCloud to legal as we are with the other industries as well. This was a question that the investors had when we came public and we've been highlighting firms that have been taking up DealCloud in legal specifically to help answer that question.

謝謝，馬修。是的，我們對將 DealCloud 引入法律行業以及引入其他行業感到很興奮。這是我們上市時投資人提出的問題，我們一直在強調那些在法律上採用 DealCloud 的公司，以幫助回答這個問題。

There's a lot of enthusiasm in these firms, particularly the large multi-practice firms talking specifically about legal, who are looking to grow by winning new clients, but also through cross-selling their services into their existing client base. There's also an underlying trend in legal, where the firms grow through, what they call, lateral hiring. They bring in law firm partners from other firms and with them a group of clients.

這些公司充滿熱情，特別是那些專注於法律業務的大型綜合公司，它們不僅希望透過贏得新客戶實現成長，還希望透過向現有客戶群交叉銷售服務來實現成長。法律行業也存在一種潛在趨勢，即公司透過所謂的橫向招聘實現成長。他們從其他律師事務所引進合夥人並帶來一群客戶。

And a lot of the objective there is to bring that person's expertise into their existing client base or vice versa, bring the firm's variety of expertise into clients they bring with them. So that all drives an interest in a much more industry specific business development approach and DealCloud is purpose built for that style of business development.

許多目標是將該人的專業知識帶入其現有客戶群，反之亦然，將公司的各種專業知識帶入他們帶來的客戶。因此，所有這些都激發了人們對更針對行業的業務發展方法的興趣，而 DealCloud 正是為這種業務發展方式而構建的。

So there's a lot of demand, and in fact, replacing of legacy horizontal CRM systems that don't understand how these professionals actually go to market through their network.

因此，需求很大，事實上，更換傳統的橫向 CRM 系統並不了解這些專業人士如何透過他們的網路進入市場。

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

好的，明白了。其次，由於公司最近更傾向於人工智慧，我們應該如何考慮與這些功能相關的增量支出水平，因為它與未來兩到三年的行銷擴展目標有關？

Well, I think the overall point we would make is that we are doing applied AI. So we are not building data centers or running models that would drive a lot of CapEx or other expense if you can add some color here. But the opportunity for us is to take this next generation of AI technologies and apply them to specific applications based on our years of experience and expertise in this market where we can really help the firms achieve the value potential inherent in this generation of technology.

嗯，我認為我們總體的觀點是，我們正在進行應用人工智慧。因此，如果您可以在這裡添加一些顏色的話，我們不會建立資料中心或運行會產生大量資本支出或其他費用的模型。但我們的機會是利用下一代人工智慧技術，並根據我們在該市場多年的經驗和專業知識將其應用到特定的應用中，我們可以真正幫助企業實現這一代技術固有的價值潛力。

We've done that through several generations of technology. And so that's why you hear us talking about intelligence applied in the brand overall and applied AI, consistent part of our story.

我們透過幾代技術實現了這一點。這就是為什麼你會聽到我們談論品牌整體應用的智慧和應用人工智慧，這是我們故事中一致的部分。

And the firms really appreciate that, because the general purpose systems, as exciting as they are, need some real attention in order for these firms to adopt specific applications that fit with their workflows, their personas, and the compliance needs in particular that these special firms have in the way that they use AI.

這些公司非常欣賞這一點，因為通用系統雖然令人興奮，但需要真正的關注，以便這些公司採用適合其工作流程、角色以及這些特殊公司在使用人工智慧時所具有的合規性需求的特定應用程式。

Terrific, thank you.

太棒了，謝謝。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Hi, thank you. This is John Kloecker on for Alex this evening. So I wanted to touch on the Amplify product launch event. There's some really interesting new functionality there, particularly with the Intapp Assist use cases. Just hoping what can you tell us about the event in terms of demand gen? Is there any quantification in terms of pipeline build or customers re-engaged after that? I know you gave the 400 customers attending count, but is there any way you could give us any quantifiable sense for that?

你好，謝謝。今晚，約翰·克洛克 (John Kloecker) 將為亞歷克斯 (Alex) 主持節目。所以我想談談 Amplify 產品發布活動。其中有一些非常有趣的新功能，特別是 Intapp Assist 用例。只是希望您能從需求產生的角度告訴我們有關該活動的情況嗎？此後，在管道建設或客戶重新參與方面是否有任何量化？我知道您給了 400 名參加活動的顧客人數，但是您能給我們一些量化的數據嗎？

Thanks, John. We were very excited about the way that Intapp Amplify came together. This was our second year of doing an event in New York in February since COVID. And we had tremendous turnout, both in person and online. We launched a range of new capabilities across the platform. We talked about some of them in the prepared remarks there.

謝謝，約翰。我們對 Intapp Amplify 的誕生感到非常興奮。這是自新冠疫情以來我們第二年在紐約舉辦二月活動。我們的現場和線上參與人數都非常多。我們在整個平台上推出了一系列新功能。我們在準備好的發言中討論了其中的一些問題。

Your question about the Intapp Assist specifically, one of the things we highlighted with Intapp Assist was our new origination capability. So this is AI that helps firms who are seeking out, either new investors or new investment opportunities or new clients to use AI to pattern match opportunities that look a lot like the types of that they want to pursue and they've had success with in the past. And the reception has been fantastic.

您對 Intapp Assist 的具體問題，我們在 Intapp Assist 中強調的一點是我們的全新發起能力。因此，這種人工智慧可以幫助那些正在尋找新投資者、新投資機會或新客戶的公司使用人工智慧來匹配與他們想要追求的、並且在過去已經獲得成功的機會。且反應非常熱烈。

We've had a lot of enthusiasm from the folks that were there, but also across our client base, because we've gone out with the Intapp Amplify story and all of the content of it and been meeting with clients around the world. We're also going to do a second edition of Intapp Amplify this year in London in May. So that whole program continues.

我們不僅在場，而且在整個客戶群中都感受到了極大的熱情，因為我們已經推廣了 Intapp Amplify 的故事及其所有內容，並與世界各地的客戶會面。我們也將於今年 5 月在倫敦舉辦第二屆 Intapp Amplify。所以整個計劃仍在繼續。

The pipeline has had a strong response. It wasn't simply what you asked about with Intapp Assist, but one of the things that we really saw incredible response was the next generation of their Intapp Time product, which is very well taken up in the marketplace. And now we're able to bring this next generation of AI and cloud capabilities into Intapp Time. And there was a line out the door at Amplify for folks to see demos and talk to us about taking that next step.

該管道引起了強烈反響。這不僅僅是您對 Intapp Assist 的詢問，而且我們真正看到的令人難以置信的反響之一是他們的下一代 Intapp Time 產品，該產品在市場上非常受歡迎。現在我們能夠將下一代 AI 和雲端功能引入 Intapp Time。Amplify 門口排起了長隊，人們等著觀看演示並與我們討論下一步的計劃。

And then we highlighted several of the law firms that have successfully moved from on-prem to the cloud and are very excited about the opportunity to take up this new AI driven Intapp Time. So several things came out of the Amplify and it's part of our overall program as Dave mentioned, increased product R&D that is bringing more and more applied AI applications out of clients.

然後，我們重點介紹了幾家已成功從本地遷移到雲端的律師事務所，他們對採用這種新的人工智慧驅動的 Intapp Time 的機會感到非常興奮。因此，Amplify 產生了幾個成果，它是我們整體計劃的一部分，正如 Dave 所提到的，增加了產品研發，為客戶帶來了越來越多的應用 AI 應用程式。

Great, thank you.

太好了，謝謝。

Terry Tillman, Truist Securities.

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

Great, thanks for taking the questions. This is Bobby Dion for Terry. Just a couple on TermSheet. Firstly, can you expand on how the acquisition enhances your vertical strategy in real assets? And what is early feedback from clients and prospects look like since the announcement? And then add one follow-up. Thank you.

太好了，感謝您回答這些問題。這是鮑比·迪翁為特里準備的。TermSheet 上只有幾個。首先，您能否詳細說明此收購如何增強您在實體資產方面的垂直策略？自公告發布以來，客戶和潛在客戶的早期回饋如何？然後加入一個後續內容。謝謝。

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

謝謝，鮑比。我們非常高興能與 TermSheet 團隊合作。首先，這是一群非常專業的人士，他們對實體資產、產業以及實體資產產業的軟體需求有著非常深入的了解。我們公司的主題始終是匯聚各行業的全球專家，了解他們的業務運作以及他們的獨特之處。

So the team there is fantastic. They have developed some technologies that are really incredible that expand DealCloud's capabilities to serve additional personas in the real assets industry.

那裡的團隊非常棒。他們開發了一些真正令人難以置信的技術，擴展了 DealCloud 的能力，為實體資產產業的更多用戶提供服務。

As you all may recall, we announced our expansion into real assets a little over a year ago at the New York event in February in 2024. We had been led into that industry because our multi-strategy asset manager clients wanted to use DealCloud across all of the asset classes that they invested, both for fundraising and raising new funds, as well as deploying capital and managing assets over their life.

大家可能還記得，我們​​在一年多前，也就是 2024 年 2 月的紐約活動上宣布了向實體資產領域的擴展。我們之所以進入這個行業，是因為我們的多策略資產管理客戶希望在他們投資的所有資產類別中使用 DealCloud，包括籌集資金和籌集新基金，以及在其一生中部署資本和管理資產。

And we had made some important developments in DealCloud, like mapping technologies and some of the geographic information system integrations in order to enable those asset managers to do that. And as we did that, we found that we were in a better and better position serve the broader community of real asset investors, the whole asset class, both investors, advisors, as well as operators.

我們在 DealCloud 上取得了一些重要的進展，例如地圖技術和一些地理資訊系統集成，以便資產管理者能夠做到這一點。當我們這樣做時，我們發現我們能夠更好地服務更廣泛的實體資產投資者群體、整個資產類別，包括投資者、顧問以及營運商。

The TermSheet team brings us technology to serve even more of those roles inside the real assets industry, which is very parallel. It's traditionally underserved. They have a unusual operating model that is not well suited to the traditional horizontal CRM's. And a lot of the technology that we're bringing from TermSheet is going to allow us to penetrate further and further into that market.

TermSheet 團隊為我們帶來了技術，讓我們能夠在實體資產行業中為更多這樣的角色提供服務，這是非常平行的。傳統上，它服務不足。他們的營運模式很不尋常，不太適合傳統的橫向 CRM。我們從 TermSheet 引入的許多技術將使我們能夠進一步滲透到該市場。

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

所以這對我們來說是一個非常令人興奮的機會，這是一個龐大的產業，意味著雲端和人工智慧技術，而歷史上傳統的橫向系統一直無法成功。

Great, I appreciate the color. Just secondly, I'm curious what are the key integration milestones for the Unified Solution with TermSheet? And when should we expect initial go-to-market activity or financial contribution? Thank you very much.

太好了，我很欣賞這個顏色。其次，我很好奇統一解決方案與 TermSheet 整合的關鍵里程碑是什麼？我們什麼時候應該期待首次上市活動或財務貢獻？非常感謝。

Thank you. Yes, we're already in the integration program. The teams are working together. We had a summit last week in New York. I was there for our Board meeting and we got to meet some of the team members. It's an exciting group that has a lot of energy to go win this market.

謝謝。是的，我們已經加入了整合計劃。各團隊正在共同努力。我們上週在紐約舉行了一次高峰會。我參加了董事會會議並見到了一些團隊成員。這是一個令人興奮的團體，擁有充沛的精力去贏得這個市場。

Some of the integration milestones have to do with bringing together the brands, bringing together the product for the clients and real assets. As I mentioned in the script, we have some really positive feedback from firms who had looked at term sheet and looked at DealCloud and said this was a great move for Intapp to make and it validated their choice for us as an overall platform for their business. And we're getting a lot of encouragement from the clients to bring the products together as fast as we can. So we're excited about where this is going.

一些整合里程碑與整合品牌、整合客戶產品和實際資產有關。正如我在腳本中提到的，我們從一些看過條款清單和 DealCloud 的公司那裡得到了非常積極的反饋，他們表示這對 Intapp 來說是一個很棒的舉措，並且證實了他們選擇我們作為其業務的整體平台是正確的。我們得到了客戶的大力鼓勵，希望我們能盡快將產品整合在一起。因此，我們對事情的進展感到非常興奮。

Thank you.

謝謝。

George Kurosawa, Citi.

花旗銀行的喬治‧黑澤明 (George Kurosawa)

Hi, I'm for Steven Enders. Thanks for taking the questions. I'm looking across the metrics for the quarter. I did notice calculated buildings came in a little below our estimate. There can be a lumpy metrics. Anything one time in nature or timing related that we should keep in mind when we're interpreting that metric?

大家好，我是 Steven Enders。感謝您回答這些問題。我正在查看本季的指標。我確實注意到計算出來的建築價值略低於我們的估計。可能會存在不均勻的指標。當我們解釋該指標時，我們應該記住自然界中任何與時間有關的事情嗎？

Yeah, we've always narrated, because of the noise, not only in billings and in some of the DR and so forth, just because of our fixed fee models with our partner ecosystem, we look more to our remaining performance obligation to give you kind of the forward leading indicators, which was very nice.

是的，我們一直在敘述，由於噪音，不僅是在賬單和一些 DR 等方面，只是因為我們與合作夥伴生態系統的固定費用模式，我們更多地關注剩餘的履約義務，為您提供前瞻性的領先指標，這非常好。

but coming off the the billings itself, you also have to remember we're coming off high in FQ2, so there's going to be not only seasonality coming off of that, as well as some timing. So there's nothing else to narrate on that specifically.

但從帳單本身來看，你還必須記住，我們在第二季的銷售額處於高位，因此不僅會有季節性的影響，還會有一些時間因素的影響。因此，關於這一點沒有其他可具體敘述的。

Okay, that's helpful. And then I guess a little related. I know I'm a quarter early here, but I did want to ask about, you know, if there's any kind of color you can give us early view into FY26, and we're trying to triangulate our models between RPO growth, ARR growth, billings growth. And then I guess on the margin side, whether you're thinking about FY26 is more of a margin harvesting year or more of an investment year? Thank you.

好的，這很有幫助。然後我猜有點相關。我知道我在這裡早了一個季度，但我確實想問一下，您能否為我們提供對 FY26 的早期展望，我們正在嘗試在 RPO 增長、ARR 增長、賬單增長之間對我們的模型進行三角測量。然後我想在利潤方面，您是否認為 26 財年更多的是利潤收穫年還是投資年？謝謝。

Well, we'll always continue to invest so and will continue to drive leverage in our model as well. But it'd be far too early and probably not prudent for us to articulate anything as we get into '26 at this point in time.

嗯，我們會一直繼續投資，並將繼續在我們的模型中發揮槓桿作用。但現在就發表任何言論還為時過早，而且可能並不明智，因為我們已經進入 26 年了。

With that said, we continue to work very hard on building up our demand gen. We continue to drive pipe across all of our leading platform of offerings. We like how that continues to develop, not only for this interquarter, but then also for the back half of the year.

話雖如此，我們仍將繼續努力建立我們的需求生成。我們將繼續推動管道遍及我們所有領先的產品平台。我們喜歡這種持續的發展，不僅在本季度，而且在今年下半年也是如此。

And so as you've seen our continued investment, not only in the go-to-market, but also in our product and engineering, you've seen with the advancement of our new product offerings with Amplify that John narrated on, and you continue to also hear us talk about our partner ecosystem, which continues to drive COCEL motions on that as well. So we like where things are being positioned, we think it's a good setup, but as far as quantifying anything heading into '26 and be far too early for us to do that at that.

因此，如您所見，我們不僅在市場推廣方面持續投資，而且在產品和工程方面也持續投資，正如 John 所述，您已經看到了我們透過 Amplify 改進新產品的進展，而且您還會繼續聽到我們談論我們的合作夥伴生態系統，這也將繼續推動 COCEL 在這方面的動議。因此，我們喜歡目前的定位，我們認為這是一個很好的設置，但就量化 26 年的任何事情而言，現在這樣做還為時過早。

Fair enough. Appreciate the color and thanks for taking the questions.

很公平。欣賞顏色並感謝您回答問題。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Yeah, hi. Thanks for taking my questions this afternoon. John, wanted to see if you could just give us an update in terms of the arc of improvements you're seeing from the sales reorganization that you did at the beginning of the year to target large accounts. I'm just wondering if you're starting to see some of the fruits from those changes you made at the beginning of the year or if that's still on the come for the business? And then I have a follow-up for David.

是的，你好。感謝您今天下午回答我的問題。約翰，我想看看您是否可以向我們介紹一下您在年初針對大客戶進行的銷售重組所取得的進展。我只是想知道，您是否已經開始看到年初所做的那些改變所帶來的一些成果，或者這些改變是否仍在為業務帶來影響？然後我要跟進大衛的情況。

Thanks, Brian. Yes, we did make an adjustment to the sales organization at the beginning of the fiscal year to move more resources to the larger end of our market, which we call enterprise accounts versus our mid-market accounts. 70% of our TAM is in firms of that class. And there's a tremendous opportunity for us both to win new clients and to expand within our existing clients. And the team has done an excellent job of getting out and covering even deeper the accounts at that end of the market.

謝謝，布萊恩。是的，我們確實在財政年度開始時對銷售組織進行了調整，將更多資源轉移到我們市場的較大端，我們稱之為企業帳戶，而不是中型市場帳戶。我們的 TAM 中有 70% 屬於該類型的公司。這對我們來說是一個巨大的機會，既可以贏得新客戶，又可以擴大現有客戶群。該團隊在深入挖掘和覆蓋該市場終端客戶方面做得非常出色。

We've also had some very good success with a lot of the technology investment that we've made over the past couple years to do things around scalability and interoperability and security and compliance for firms of that class. Obviously, larger deals, high six-figure, seven-figure deals are slower from a fill cycle process, but they also pay off when they land.

我們在過去幾年中對此類公司進行的大量技術投資也取得了非常好的成功，這些投資圍繞著可擴展性、互通性、安全性和合規性開展。顯然，較大的交易、六位數、七位數的高額交易在填充週期過程中會比較慢，但一旦達成，也會獲得回報。

So we're seeing a very strong pipeline there, and I'm excited about the move that we made. It was well executed, and a lot of the team has developed pipeline there that's really in great shape. So it's an exciting time for us in that.

因此，我們看到那裡有非常強大的管道，我對我們的舉措感到非常興奮。它執行得很好，很多團隊已經在那裡開發了非常完善的管道。所以這對我們來說是一個令人興奮的時刻。

Thanks, John. And then the follow-up questions just on the model I have for David. One on the near term, just on the revenue guide in 4Q, what are you expecting from TermSheet? And then as we think about calibrating our model, can you give us any directional advice on how you think stock-based compensation should trend? It's just kind of varied as a percentage of revenue over the last two years. Just wondering anything that you could help us directionally with the model for fiscal '26. Thanks for taking my questions this afternoon.

謝謝，約翰。然後是有關我為大衛提供的模型的後續問題。就近期而言，僅就第四季度的營收指南而言，您對 TermSheet 有何期望？然後，當我們考慮校準我們的模型時，您能否就股票薪酬趨勢給我們一些方向性建議？只是過去兩年的收入百分比有所不同。我只是想知道您能否為我們提供 26 財年模型的指導。感謝您今天下午回答我的問題。

Yeah, no, for sure. Term sheet for FQ4 is going to be very immaterial contribution. We can talk more about the contribution specifically for FY26, our next earnings call. Then as far as SBC, that will continue to trend down as a percentage of revenue. And so you should continue to see that stair step down as it did this quarter.

是的，不，肯定的。FQ4 的條款清單將不會帶來什麼實質的貢獻。我們可以在下次收益電話會議上進一步討論針對 FY26 的具體貢獻。就 SBC 而言，其收入百分比將繼續呈下降趨勢。因此，您應該會繼續看到這種下降趨勢，就像本季一樣。

Thank you.

謝謝。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah, hey guys. Thanks so much for taking the questions. A couple from me here. I wanted to ask a question on staff's revenue. And so when I look at the performance in the quarter, it looks like it came in slightly below the high end of the guide.

是的，嘿，大家好。非常感謝您回答這些問題。這裡有一對我認識的夫婦。我想問一個關於員工收入的問題。因此，當我查看本季的表現時，它似乎略低於指南的高端。

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

當我回顧過去三個季度，也就是您給出指南的三個季度時，您有一次超過了最高值，有兩次低於最高值。所以，我只是想知道我們應該如何看待 SaaS 收入的表現、SaaS 收入的可見性，以及我們應該如何看待未來這個計畫的上行潛力？

Yeah, I think a lot of that, Koji, just gets into when the deals have been exercised, not only signed, but then provided for. And so that gets into the timing of the quarter. And so anytime you come in with that level, I mean, obviously the visibility, it comes into a month, one month to execution and revenue yield.

是的，Koji，我認為很多事情都涉及到交易何時執行，不僅是簽署，而且還要提供。這就是本季的時間安排。所以，無論何時你達到這個水平，我的意思是，顯然可見性，它會在一個月內實現，一個月後就會產生執行和收入收益。

And so yeah, we that that range is very narrow. And obviously, there's pros and cons, pros and -- puts and takes as to how we can overachieve that on any given point in time. So that's kind of the prudence we put into it. You know, obviously we're trying to execute even more to get even more upside off of that. But you know, it's always going to be within that envelope. Hopefully that answers your question on that. Yeah.

是的，我們認為這個範圍非常狹窄。顯然，在任何特定時間點上，我們如何超額完成這一目標，都有其優點和缺點、優點和缺點。這就是我們採取的謹慎態度。你知道，顯然我們正在嘗試執行更多操作以獲得更大的收益。但你知道，它總是在信封裡。希望這能回答你的問題。是的。

No, that's super helpful and maybe a follow up here. I wanted to ask about how your customer conversations are going broadly in the uncertain macro environment, maybe split between professional services and financial services. Take it from that view, even if you could, you could get more granular if you like. If you want to talk specifically about law firms versus consulting versus investment banking versus private equity, I mean, any sort of deeper granularity in the demand environment would be greatly appreciated. Thank you.

不，這非常有幫助，也許可以在這裡跟進。我想問一下，在不確定的宏觀環境下，你們的客戶對話進展如何，可能分為專業服務和金融服務。從這個角度來看，即使你可以，如果你願意，你也可以變得更細緻。如果您想具體談談律師事務所、顧問公司、投資銀行和私募股權，我的意思是，如果您能對需求環境有更深入的了解，我們將不勝感激。謝謝。

Sure, Koji. Thank you for the question. The private capital investment community pays our bill out of their management fee rather than out of any particular deal transaction fee. So we have a very stable and growing demand from those firms as they're trying to modernize their operation, compete with each other, adopt AI, pursue origination opportunities in the marketplace and very steady pipeline build from those firms, both new clients and expansion.

當然，Koji。謝謝你的提問。私人資本投資界用他們的管理費而不是任何特定交易的費用來支付我們的帳單。因此，這些公司對我們有著非常穩定且不斷增長的需求，因為他們正試圖實現營運現代化、相互競爭、採用人工智慧、在市場上尋求起源機會，並透過這些公司建立非常穩定的管道，包括新客戶和擴張客戶。

I mentioned a few examples on the call, specifically to emphasize that firms standardize on DealCloud when they put it in, they start with one group and expand over time. And that's so that they can continue to raise funds and deploy funds. consistently and get the insights across all of that activity for the benefit of the management team and their overall firm strategy and fund strategy.

我在電話中提到了幾個例子，特別強調公司在引入 DealCloud 時會進行標準化，他們從一個團隊開始，然後隨著時間的推移不斷擴展。這樣他們就可以繼續籌集資金並部署資金。並持續洞察所有活動，以造福管理團隊及其整體公司策略和基金策略。

On the advisor side, looking at accounting, consulting, the financial advisors like investment banks, and then the legal firms, they have had a very steady pull to digitalize their operation because they have not succeeded with the traditional horizontal systems. So I gave several examples and tried to do it each quarter of us replacing very well known horizontal CRM systems because we have the purpose built platform that's getting more and more traction and credibility across even the very largest firms in the enterprise class.

從顧問方面來看，會計、諮詢、投資銀行等金融顧問以及律師事務所，他們一直非常積極地進行業務數位化，因為傳統的橫向系統並未成功。因此，我給了幾個例子，並嘗試在每個季度都這樣做，以取代非常知名的水平 CRM 系統，因為我們擁有專門構建的平台，即使在企業級最大的公司中，它也越來越受到關注和信任。

So I think it's an exciting vertical industry cloud category creation situation that we're in where we're really following the example of pioneers like Viva for each of their industry, those firms industries to bring the next generation cloud and AI platform to these folks. We have said over the years that if there's any of our end markets that's more sensitive to the cycle, it might be the investment bankers themselves, but we've had some very good and large wins.

因此，我認為我們正處於一個令人興奮的垂直行業雲類別創建情況，我們實際上正在效仿 Viva 等先驅者的榜樣，為各個行業、各個公司行業帶來下一代雲和人工智慧平台。多年來，我們一直說，如果我們的終端市場對週期更敏感，那可能就是投資銀行家本身，但我們已經取得了一些非常好的、巨大的勝利。

I gave an example with D&B in Norway where they actually did an acquisition and standardized on cloud -- across the whole firm as part of that. And that's really the awesome situation where people have really said, is the platform for our future.

我舉了挪威 D&B 的一個例子，他們實際上進行了收購，並在雲端運算上進行了標準化——作為其中的一部分，涵蓋了整個公司。這確實是一個令人驚嘆的情況，人們確實說這是我們未來的平台。

And so I think that's where we are at an important time in the overall industries move to be more cloud-based in their technology and more AI enabled, and also compliant. A really important part of our overall story is the fact that our platform is built to be compliant with the unique requirements, both ethical, professional, and statutory regulatory for this industry. And it really sets our overall platform apart.

所以我認為我們正處於一個重要的時刻，整個產業正在轉向技術雲端化、人工智慧化，並且合規化。我們整個故事中一個非常重要的部分是，我們的平台的建立符合該行業獨特的道德、專業和法定監管要求。它確實使我們的整個平台與眾不同。

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

因此，這些年來，我們一直透過直接客戶資金來發展公司，因為我們真正了解這個龐大而服務不足的產業運作的特性。這就是我們業務發展的動力。

Thank you.

謝謝。

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

謝謝。我們的問答環節到此結束。我將把答案交還給約翰·霍爾 (John Hall) 進行最後的評論。

Okay, well thanks everyone. We appreciate your attention and your questions. We have a great Q3 behind us and we're very excited about our continued momentum in fiscal '25. Thanks again for your time today and we look forward to talking to you next quarter.

好的，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三季度，我們對 25 財年的持續發展勢頭感到非常興奮。再次感謝您今天的時間，我們期待下個季度與您交談。

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

謝謝大家，今天的節目到此結束。感謝您的參與，您現在可以斷開連接了。