Intapp Inc (INTA) 2025 Q4 法說會逐字稿

Hello everyone, and welcome to the Intapp fourth quarter fiscal 2025 earnings webcast. (Operator Instructions) Please be advised that today's conference is being recorded. Now it's my pleasure to turn the call over to the Senior Vice President of Investor Relations, David Trone. The floor is yours.

大家好，歡迎收聽 Intapp 2025 財年第四季收益網路廣播。（操作員指示）請注意，今天的會議正在錄音。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 fourth quarter and year-end 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 財年第四季和年終財務表現。今天與我一起參加電話會議的有 Intapp 董事長兼執行長 John Hall 和財務長 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 first quarter and full year 2026.

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 2026 財年第一季和全年提供的指引。

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.

這些前瞻性陳述是基於管理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的風險和不確定性。

Intapp disclaims any obligation to update or revise any forward-looking statements, except as required by law. 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.

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。此外，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。

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

提醒一下，我們今天討論的所有財務數據都是非 GAAP 財務指標或其他指標，收入和收入增長、現金和現金等價物以及剩餘履約義務總額除外。

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找到，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 表格的附件或補充財務報告（可在我們的網站上找到）。

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

說完這些，我會把話題轉給約翰。

Thank you, David. Good afternoon, everyone. Thank you for joining us today as we share the results of our fiscal fourth quarter and full year fiscal 2025. I'm happy to say that once again, we've achieved strong quarterly results as well as a strong year across the business.

謝謝你，大衛。大家下午好。感謝您今天加入我們，與我們分享 2025 財年第四季和全年的業績。我很高興地說，我們再次取得了強勁的季度業績以及強勁的全年業務表現。

In Q4, our Cloud ARR grew 29% year-over-year to $383 million. Cloud now represents 79% of our total ARR of $485 million. In the quarter, we earned SaaS revenue of $90 million, up 27% year-over-year, and total revenue of $135 million, up 18% year-over-year. Additionally, we now have 109 clients with ARR of more than $1 million, a year-over-year increase of 49%.

第四季度，我們的雲端 ARR 年增 29%，達到 3.83 億美元。雲端運算目前占我們 4.85 億美元 ARR 總額的 79%。本季度，我們的SaaS營收為9,000萬美元，年增27%，總營收為1.35億美元，年增18%。此外，我們現在有 109 位客戶的 ARR 超過 100 萬美元，較去年同期成長 49%。

We released additional AI capabilities designed for the specialized needs of our highly regulated target markets, and we're seeing real enthusiasm for these. We expanded our product portfolio and R&D capability through strategic acquisitions.

我們發布了專為嚴格監管的目標市場的特殊需求而設計的額外人工智慧功能，我們看到了人們對這些功能的真正熱情。我們透過策略性收購擴大了產品組合和研發能力。

We added notable new logos, consistently grew existing accounts via cross-sell and upsell, expanded our international footprint, and migrated more clients to the cloud. We also continue to grow our partner ecosystem with significant wins related to our partnerships, most notably Microsoft.

我們添加了引人注目的新標識，透過交叉銷售和追加銷售不斷增加現有客戶，擴大了我們的國際影響力，並將更多客戶遷移到雲端。我們也將繼續擴大我們的合作夥伴生態系統，並在與微軟的合作中取得重大勝利。

Going into fiscal year 2026, we feel optimism and confidence that our applied AI strategy, vertical SaaS platform, enterprise go-to-market strategy and unique competitive position for these highly regulated firms provides a strong foundation for sustained growth and execution in this large addressable market.

進入 2026 財年，我們感到樂觀和有信心，我們的應用 AI 策略、垂直 SaaS 平台、企業上市策略以及針對這些受到嚴格監管的公司的獨特競爭地位，為這個龐大的潛在市場的持續增長和執行奠定了堅實的基礎。

Now I'd like to share some details on our growth drivers from the quarter and the year. We continued progress on our applied AI strategy and road map this year. We launched several new AI solutions and showcased our innovation at our largest client event, Intapp Amplify in February.

現在我想分享一些有關本季和今年的成長動力的細節。今年，我們在應用人工智慧策略和路線圖方面繼續取得進展。我們在二月最大的客戶活動 Intapp Amplify 上推出了幾種新的 AI 解決方案並展示了我們的創新。

Our AI strategy reduces cost through automation and helps the professionals to grow revenue by providing back to them unique insights from the firm's proprietary data, relationships and knowledge, all while staying compliant with the industry's complex regulations.

我們的人工智慧策略透過自動化降低成本，並透過向專業人士提供來自公司專有數據、關係和知識的獨特見解來幫助專業人士增加收入，同時遵守行業複雜的法規。

Our AI is helping our firms to originate and win more business and to onboard new clients and engagement faster while maintaining the unique compliance obligations that this highly regulated industry requires. In their increasingly competitive markets, this is what firm leadership is looking to invest in, using AI to arm their professionals with more of their firm's differentiating proprietary knowledge and expertise, which live in Intapp systems.

我們的人工智慧正在幫助我們的公司開拓和贏得更多業務，更快地吸引新客戶和參與，同時保持這個高度監管的行業所要求的獨特合規義務。在競爭日益激烈的市場中，公司領導層正在尋求投資，利用人工智慧為他們的專業人員提供更多公司差異化的專有知識和專業知識，這些知識和專業知識存在於 Intapp 系統中。

As a quick recap from last quarter, 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.

簡單回顧上個季度，我們宣布全面推出 Intapp DealCloud Activator，這是一個由研究支援的人工智慧成長平台，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 added new Intapp Assist for DealCloud capabilities, including origination, recommendations, smart tagging, prompt studio and AI-powered search. We announced the general availability of Intapp Assist for Terms, a new GenAI feature that makes it easier for legal professionals to comply with client terms.

我們為 DealCloud 新增了新的 Intapp Assist 功能，包括發起、推薦、智慧標記、提示工作室和 AI 驅動的搜尋。我們宣布全面推出 Intapp Assist for Terms，這是一項新的 GenAI 功能，可讓法律專業人士更輕鬆地遵守客戶條款。

We introduced Intapp Walls for AI, which offers protection against the over sharing of confidential data by AI tools. And in Q4, we launched the next generation of Intapp Intake, featuring AI-powered persona-driven summaries and Intapp data integration.

我們為 AI 推出了 Intapp Walls，它可以防止 AI 工具過度分享機密資料。在第四季度，我們推出了下一代 Intapp Intake，具有人工智慧驅動的角色驅動摘要和 Intapp 資料整合。

Our AI-driven wins for this year and the quarter speak to our clients' enthusiasm. To name just a few wins here. An international commercial law firm shows Intapp Assist and our compliance solutions to help them comply with new AML regulations in Australia.

我們今年和本季在人工智慧驅動下的勝利體現了客戶的熱情。這裡僅列舉幾個勝利。一家國際商業律師事務所展示了 Intapp Assist 和我們的合規解決方案，以幫助他們遵守澳洲新的反洗錢法規。

Eversheds Sutherland and Am Law 200 firm purchased in Intapp Assist to help manage the complexity and volume of outside council guidelines. And Pantheon Ventures, a global private equity firm replaced its legacy system with DealCloud and Intapp Assist to improve deal flow, capture more opportunities and bring AI into their workflows.

Eversheds Sutherland 和 Am Law 200 公司購買了 Intapp Assist，以幫助管理外部理事會指導方針的複雜性和數量。全球私募股權公司 Pantheon Ventures 以 DealCloud 和 Intapp Assist 取代了其原始系統，以改善交易流程、抓住更多機會並將人工智慧引入其工作流程。

You'll hear more about our AI wins throughout my remarks. We're also pleased to have furthered our growth through our expansive partner network and strategic combinations. I'll speak first about our partnerships. We continue to build our partner strategy around strategic depth as well as breadth.

在我的演講中，您將聽到更多關於我們的人工智慧勝利的消息。我們也很高興透過廣泛的合作夥伴網絡和策略組合進一步實現了成長。我先談談我們的合作關係。我們將繼續圍繞策略深度和廣度來建立我們的合作夥伴策略。

We've curated a high-impact ecosystem, anchored by Microsoft and a focused set of vertical data technology and services partners. This ecosystem consistently helps us scale our largest deals, accelerate time to value and expand platform adoption.

我們精心打造了一個具有高影響力的生態系統，以微軟和一組專注的垂直數據技術和服務合作夥伴為基礎。這個生態系統始終幫助我們擴大最大的交易規模、加快價值實現時間並擴大平台採用率。

Some notable new and expanded partnerships announced this quarter include an expanded partnership with Snowflake, which lets our clients build and apply analytics across firm-wide data in the Snowflake AI Data Cloud. And a new partnership with MSCI, which provides access to private capital real asset and deal data within Intapp Cloud.

本季度宣布的一些值得注意的新合作夥伴關係和擴展合作夥伴關係包括與 Snowflake 的擴展合作夥伴關係，這使我們的客戶能夠在 Snowflake AI 數據雲中建立和應用跨公司範圍的數據分析。並與 MSCI 建立了新的合作夥伴關係，可在 Intapp Cloud 內存取私人資本真實資產和交易資料。

In Q4, partners were directly involved in 17 of our 20 largest deals. Microsoft, in particular, continues to be a major growth driver. Almost half of our largest Q4 wins were jointly executed with Microsoft. And in several of those, Microsoft even fronted Azure investment dollars to help accelerate the deals.

第四季度，合作夥伴直接參與了我們 20 筆最大交易中的 17 筆。尤其是微軟，它繼續成為主要的成長動力。我們第四季的最大勝利幾乎有一半是與微軟共同實現的。在其中幾筆交易中，微軟甚至提供了 Azure 投資資金來幫助加速交易。

As an example, one of the world's largest multinational investment banks added on Intapp Assist after seeing it at Amplify. The firm's deal makers will leverage Intapp's AI to bring a more robust and data-driven approach to their complex network of deal sourcing relationships.

例如，全球最大的跨國投資銀行之一在 Amplify 上看到 Intapp Assist 後就添加了它。該公司的交易商將利用 Intapp 的人工智慧為其複雜的交易採購關係網絡帶來更強大、更數據驅動的方法。

Working closely with Microsoft, we were able to close the deal quickly and complete the purchase via the Azure Marketplace using their existing MAC agreement.

透過與微軟密切合作，我們能夠快速完成交易並使用其現有的 MAC 協議透過 Azure 市場完成購買。

Next, I'll speak about M&A. To briefly recap from Q3, we acquired TermSheet, a software provider for real estate teams. Bringing together DealCloud and TermSheet expands our capabilities and our ability to serve new personas within real assets.

接下來我來講一下併購。簡要回顧第三季度，我們收購了房地產團隊軟體供應商 TermSheet。DealCloud 和 TermSheet 的結合擴展了我們的能力以及我們為實體資產領域的新角色提供服務的能力。

The TermSheet team is bringing great energy and insights, and we're already winning together with new clients like Kronos Real Estate Group, a real estate investor focused on Spain and Portugal. True Homes, one of the largest private homebuilders in the US, and a private real estate investment firm with a primary focus on hotels and resorts.

TermSheet 團隊帶來了巨大的活力和洞察力，我們已經與新客戶一起取得了成功，例如專注於西班牙和葡萄牙的房地產投資者 Kronos Real Estate Group。True Homes 是美國最大的私人住宅建築商之一，也是一家主要專注於酒店和度假村的私人房地產投資公司。

Speaking of growth, I'll now turn to some notable wins from Q4. Our growth was powered by adding new clients, expanding within existing clients, and migrating clients to the cloud. We also made traction in new markets, spanning across our verticals, products and global locations.

說到成長，我現在要談談第四季的一些顯著勝利。我們的成長得益於增加新客戶、擴大現有客戶以及將客戶遷移到雲端。我們還在新的市場中取得了進展，涵蓋了我們的垂直行業、產品和全球業務。

Our success this quarter was bolstered by a number of large enterprise deals. As you may recall, in fiscal '24, we successfully piloted our strategic accounts program. In fiscal '25, we solidified this model by creating an enterprise sales group that focuses on large accounts, which represent 70% of our SAM.

本季我們的成功得益於多項大型企業交易。您可能還記得，在 24 財年，我們成功試行了策略客戶計畫。在 25 財年，我們透過創建專注於大客戶的企業銷售團隊鞏固了這一模式，大客戶占我們 SAM 的 70%。

We saw tremendous success in this approach, with 49% growth in the number of our million dollar accounts year-over-year. I've already mentioned some today, but I'd like to share a few more examples of how our enterprise go-to-market strategy is working here in financial services.

我們看到了這種方法的巨大成功，百萬美元帳戶的數量同比增長了 49%。我今天已經提到了一些，但我想分享更多例子來說明我們的企業市場進入策略在金融服務領域是如何發揮作用的。

The M&A team at a multinational professional services firm chose DealCloud as part of its strategy to improve data management, access and analysis. A leading global alternative investment manager, added additional capacity within DealCloud for new employees coming into the company following an acquisition and a pre-eminent multi-strategy asset manager chose DealCloud within Intapp Assist to replace a well-known legacy horizontal software provider.

跨國專業服務公司的併購團隊選擇 DealCloud 作為改善資料管理、存取和分析策略的一部分。一家領先的全球另類投資管理公司在收購後為新員工在 DealCloud 中增加了額外的容量，而一家卓越的多策略資產管理公司則選擇 Intapp Assist 中的 DealCloud 來取代一家知名的傳統橫向軟體供應商。

Intapp Assist was a differentiator that supported the replacement purchase because it enabled the firm's investment professionals to improve their comprehensive coverage of management teams and their pursuit of new investment opportunities.

Intapp Assist 是支援替換購買的差異化因素，因為它使公司的投資專業人員能夠提高對管理團隊的全面覆蓋以及對新投資機會的追求。

I'd also like to mention some new deals, reflecting our continued success in investment banking. Capstone Partners added DealCloud within Intapp Assist to support pipeline generation and streamline operations using AI and industry-specific workflows.

我還想提及一些新交易，這反映了我們在投資銀行業務方面的持續成功。Capstone Partners 在 Intapp Assist 中添加了 DealCloud，以支援管道生成並使用 AI 和行業特定的工作流程簡化操作。

A large US-based investment bank chose DealCloud for its M&A business as a single source of truth for deal data from origination to execution to long-term relationship management. And the specialty investment bank, focusing on M&A and capital advisory services for the middle market chose to replace its legacy horizontal solution with DealCloud and Intapp Assist to facilitate firm growth and ensure a better AI-driven user experience across the firm.

一家大型美國投資銀行選擇 DealCloud 作為其併購業務從發起到執行再到長期關係管理的交易資料的唯一真實來源。這家專注於為中端市場提供併購和資本諮詢服務的專業投資銀行選擇用 DealCloud 和 Intapp Assist 取代其傳統的橫向解決方案，以促進公司發展並確保整個公司擁有更好的人工智慧驅動的用戶體驗。

In Q4 also, accounting firms continue to modernize their compliance practices using Intapp solutions to handle the increased complexity created by PE investments and mergers. These included Anderson tax, one of the largest independent tax firms in the world.

同樣在第四季度，會計師事務所繼續使用 Intapp 解決方案來實現其合規實踐的現代化，以應對 PE 投資和合併所帶來的日益複雜的問題。其中包括世界上最大的獨立稅務公司之一安德森稅務公司。

Baker Tilly, a leading advisory tax and assurance firm, one of the largest accounting and advisory firms in the US and a top 10 global accounting firm. Additionally, law firms are continuing to replace legacy and horizontal CRM by adding Intapp DealCloud to their existing Intapp product portfolios.

Baker Tilly，一家領先的稅務諮詢和審計公司，美國最大的會計和諮詢公司之一，全球十大會計師事務所之一。此外，律師事務所正在繼續透過將 Intapp DealCloud 添加到其現有的 Intapp 產品組合中來取代傳統和橫向 CRM。

I'll share a few examples from Q4. And a Quebec-based firm chose DealCloud and Intapp and Intapp Assist to support business development and relationship management in French. Fish & Richardson chose DealCloud to up-level its business development activities and tracking, especially relationship management. And Marshall, Gerstein chose DealCloud as its integrated system to enhance marketing and business development efforts, information sharing and activity tracking.

我將分享第四季度的一些例子。一家位於魁北克的公司選擇了 DealCloud、Intapp 和 Intapp Assist 來支援法語業務發展和關係管理。Fish & Richardson 選擇 DealCloud 來提升其業務開發活動和跟踪，尤其是關係管理。而Marshall, Gerstein選擇DealCloud作為其整合系統，以加強行銷和業務發展、資訊共享和活動追蹤。

Finally, our legal clients, including Goodwin and Steptoe continue to find value migrating their on-prem Intapp Time to the cloud. Once implemented, they'll have access to all our new AI features and our continuous innovation.

最後，我們的法律客戶（包括 Goodwin 和 Steptoe）繼續發現將其內部部署的 Intapp Time 遷移到雲端的價值。一旦實施，他們將可以使用我們所有的新 AI 功能和持續創新。

In conclusion, we're proud of our strong fourth quarter and fiscal '25 performance, and we continue to be optimistic about our growth opportunities. As our performance has shown, we're growing by adding new capabilities and increasing our global enterprise go-to-market reach.

總而言之，我們對第四季度和 25 財年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。正如我們的業績所顯示的，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。

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

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、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。

We have a great growth opportunity to drive AI, cloud adoption and modernization across 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 hard work and dedication. Thank you all very much.

我們擁有巨大的成長機會來推動我們所服務的各個行業的人工智慧、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、董事會和全球 Intapp 團隊的辛勤工作和奉獻精神。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. I'm pleased to report a strong fourth quarter performance. We concluded fiscal 2025 or several notable achievements that highlight our strong progress, winning in the cloud expanding operational efficiency and deepening our presence with enterprise clients across our vertical end markets.

謝謝你，約翰，也謝謝大家今天加入我們。我很高興地報告第四季業績強勁。我們完成了 2025 財年的幾項顯著成就，突顯了我們取得的強勁進步，在雲端取得了勝利，提高了營運效率，並深化了我們在垂直終端市場與企業客戶的合作關係。

We scaled our $1 million-plus annual recurring revenue or ARR client base into triple digits with both the number of clients and corresponding ARR more than doubling compared to FY23. We grew our cloud business through land, expand and migration motions, with nearly 80% of total ARR now in the cloud.

我們將每年 100 萬美元以上的經常性收入或 ARR 客戶群擴大到三位數，與 23 財年相比，客戶數量和相應的 ARR 都增加了一倍以上。我們透過登陸、擴展和遷移動作發展了雲端業務，目前總 ARR 的近 80% 都在雲端。

We surpassed the $0.5 billion mark in annual revenue, and we generated well over $100 million of free cash flow. These results underscore the opportunity ahead of us as we continue executing against key market tailwinds, digitalization, cloud forward adoption and compliance-driven demand.

我們的年收入超過了 5 億美元，並且產生了超過 1 億美元的自由現金流。這些結果強調了我們面臨的機遇，因為我們將繼續順應關鍵的市場順風、數位化、雲端運算採用和合規驅動的需求。

We enter fiscal 2026 with strong traction and a sustained focus on delivering durable, profitable growth. Let's begin with the fiscal Q4 results. SaaS revenue was $90.2 million, up 27% year-over-year, driven by new client acquisitions, contract expansions and the migration of on-premise products to the cloud.

我們以強勁的勢頭邁入 2026 財年，並持續專注於實現持久的獲利成長。讓我們從第四季的財務表現開始。SaaS 營收為 9,020 萬美元，年增 27%，主要得益於新客戶的獲得、合約的擴展以及內部產品向雲端的遷移。

We exited Q4 with 93% of our clients having at least one cloud module and over 80% of our clients fully deployed in the cloud. License revenue totaled $31.8 million, up 5% year-over-year, primarily driven by on-prem expansions within our compliance solutions. This was partially offset by the continued migration of clients through our cloud-based SaaS offerings.

截至第四季度，我們 93% 的客戶至少擁有一個雲端模組，超過 80% 的客戶已完全部署在雲端。授權收入總計 3,180 萬美元，年增 5%，主要得益於我們的合規解決方案的內部擴展。這在一定程度上被客戶透過我們基於雲端的 SaaS 產品持續遷移所抵消。

Professional services revenue was $13 million, down 2% year-over-year. Our evolving partner ecosystem strategy is helping us more efficiently support long-term cloud growth with increased emphasis on co-sell production and elevated client satisfaction.

專業服務收入為 1,300 萬美元，年減 2%。我們不斷發展的合作夥伴生態系統策略正在幫助我們更有效地支援長期雲端成長，更加重視聯合銷售生產和提高客戶滿意度。

Total revenue was $135 million, up 18% year-over-year, driven primarily by sales of our cloud solutions. Client adoption of Intapp vertical SaaS AI offerings accelerated in Q4, building on momentum from our Amplify product event.

總收入為 1.35 億美元，年增 18%，主要得益於我們的雲端解決方案的銷售。由於 Amplify 產品活動的推動，客戶對 Intapp 垂直 SaaS AI 產品的採用在第四季度加速。

Assist for DealCloud now accounts for approximately 35% of new DealCloud wins up from 8% last year. Looking ahead to fiscal 2026 and beyond, we anticipate continued broad-based adoption across all of our AI offerings, supported by a growing client base, a healthy pipeline and a compelling value proposition.

目前，對 DealCloud 的協助佔 DealCloud 新訂單的約 35%，高於去年的 8%。展望 2026 財年及以後，我們預計，在不斷增長的客戶群、健康的管道和引人注目的價值主張的支持下，我們所有的人工智慧產品將繼續得到廣泛採用。

We remain focused on delivering vertical-specific AI solutions that drive sustainable growth for Intapp and long-term value for our clients. Our partner ecosystem closed FY25 with 145 active partners playing a critical role in our largest wins, accelerating time to value and driving broader platform adoption.

我們始終專注於提供垂直特定的 AI 解決方案，推動 Intapp 的可持續成長並為我們的客戶創造長期價值。我們的合作夥伴生態系統在 25 財年結束時擁有 145 個活躍合作夥伴，他們在我們最大的勝利中發揮了關鍵作用，加快了價值實現時間並推動了更廣泛的平台採用。

Our co-sell motion continues to deliver solid results with partner-engaged enterprise deals outperforming our win rates over the past two years. Q4 highlighted the strength of this collaboration with partner influence bookings growing more than 50% year-over-year.

我們的聯合銷售計劃繼續帶來穩健的成果，過去兩年來合作夥伴參與的企業交易的勝率超過了我們的成功率。第四季凸顯了此次合作的力度，合作夥伴影響力預訂量年增超過 50%。

As we continue to focus on margins and operational efficiency, our Q4 non-GAAP gross margin was 78%, up from 76.1% a year ago, reflecting progress toward breakeven gross margins and professional services and a reduced top line contribution from that business.

由於我們繼續關注利潤率和營運效率，我們第四季度的非 GAAP 毛利率為 78%，高於去年同期的 76.1%，這反映了我們在實現盈虧平衡毛利率和專業服務方面取得的進展，以及該業務的營收貢獻減少。

Non-GAAP operating expenses were $84 million compared to $73.6 million in the prior year period, reflecting ongoing investments in our product-led growth strategy and go-to-market motion as we enter fiscal 2026.

非公認會計準則營運費用為 8,400 萬美元，而去年同期為 7,360 萬美元，這反映了我們在進入 2026 財年時對產品主導的成長策略和上市行動的持續投資。

Non-GAAP operating income was $21.3 million, up from $13.5 million in Q4 of last year. Non-GAAP diluted EPS was $0.27 compared to $0.15 in the prior year period. Free cash flow was $37.5 million for the quarter or 28% of total revenue, defined as cash flow from operations less capital expenditures.

非公認會計準則營業收入為 2,130 萬美元，高於去年第四季的 1,350 萬美元。非公認會計準則稀釋每股收益為 0.27 美元，去年同期為 0.15 美元。本季自由現金流為 3,750 萬美元，佔總收入的 28%，自由現金流定義為經營活動現金流減去資本支出。

We ended the quarter with $313.1 million in cash and cash equivalents, reflect our upfront cash payment of $51 million made at the April closing of our TermSheet acquisition.

本季末，我們的現金和現金等價物為 3.131 億美元，反映了我們在 4 月完成 TermSheet 收購時支付的 5,100 萬美元預付現金。

Now turning to our key metrics. Our cloud ARR increased 29% year-over-year, while total ARR grew 20% over the same period. Total remaining performance obligations, RPO, were $719.7 million, up 27% year-over-year. We ended the fiscal year with over 2,700 total clients. Our go-to-market strategy this year has emphasized landing and expanding within enterprise named accounts. And that focus gained traction as the year progressed.

現在轉向我們的關鍵指標。我們的雲端 ARR 年成長 29%，而總 ARR 同期成長 20%。剩餘履約義務總額（RPO）為 7.197 億美元，年增 27%。截至本財政年度，我們共有超過 2,700 名客戶。我們今年的行銷策略強調在企業指定帳戶內的登陸和擴展。隨著時間的推移，這種關注度不斷提升。

We grew our $1 million plus ARR client base to 109, up from 73 in the prior year, nearly 50% year-over-year growth. We also expanded our $100,000 plus ARR client base to 795, up from 698 a year ago. Our cloud net revenue retention rate was 120%, exiting FY25, demonstrating strong retention and steady expansion among existing cloud clients.

我們的 100 萬美元以上 ARR 客戶群從上一年的 73 個增加到 109 個，較去年同期成長近 50%。我們也將 10 萬美元以上的 ARR 客戶群從一年前的 698 名擴大到 795 名。截至 25 財年，我們的雲端淨收入保留率為 120%，顯示現有雲端客戶的保留率較高且擴張穩定。

Now turning to our full year fiscal 2025 results. SaaS revenue was $331.9 million, up 28% year-over-year, driven by new client acquisitions, contract expansions and ongoing cloud migrations. License revenue totaled $120 million, up 2% year-over-year.

現在來看看我們 2025 財年全年業績。SaaS 營收為 3.319 億美元，年增 28%，主要得益於新客戶的取得、合約的擴展以及持續的雲端遷移。授權收入總計1.2億美元，較去年同期成長2%。

Growth was driven by on-prem price increases on track expansions and multiyear renewals, partially offset by continued migration of on-prem contracts to the cloud. Professional services revenue was $52.1 million, down 3% year-over-year. As we increasingly rely on our services partners to lead implementation, this aligns with our focus on co-sell execution and improving client satisfaction.

成長的動力來自於軌道擴張和多年續約帶來的本地價格上漲，但本地合約持續向雲端遷移則部分抵消了這一增長。專業服務收入為 5,210 萬美元，年減 3%。隨著我們越來越依賴服務合作夥伴來領導實施，這與我們對共同銷售執行和提高客戶滿意度的關註一致。

Total revenue reached $504.1 million. up 17% year-over-year, primarily driven by growth in our cloud solutions. Non-GAAP gross margin was 77.3% compared to 74.2% in the prior year. Non-GAAP operating income was $75.6 million, nearly double the prior year's $38.7 million, reflecting revenue growth, improved mix and operating leverage across expense lines.

總收入達到 5.041 億美元，年增 17%，主要得益於我們的雲端解決方案的成長。非公認會計準則毛利率為 77.3%，去年同期為 74.2%。非公認會計準則營業收入為 7,560 萬美元，幾乎是去年 3,870 萬美元的兩倍，反映了收入成長、產品組合改善以及各項費用的營運槓桿。

Non-GAAP EPS was $0.94, up from $0.45 in the prior year. Free cash flow was $121.9 million or 24% of total revenue, reflecting meaningful progress on strengthening our operational efficiency.

非公認會計準則每股收益為 0.94 美元，高於前一年的 0.45 美元。自由現金流為 1.219 億美元，佔總收入的 24%，反映出我們在提高營運效率方面取得了重大進展。

Now turning to our outlook. For the first quarter of fiscal 2026, we expect SaaS revenue of between $95.7 million and $96.7 million. Total revenue in the range of $134.8 million and $135.8 million. Non-GAAP operating income is expected to be in the range of $16 million to $17 million.

現在轉向我們的展望。對於 2026 財年第一季度，我們預計 SaaS 營收將在 9,570 萬美元至 9,670 萬美元之間。總收入在 1.348 億美元至 1.358 億美元之間。非公認會計準則營業收入預計在 1,600 萬美元至 1,700 萬美元之間。

This Q1 outlook includes some front-end spend related to our go-to-market motion, specifically our FY26 sales kickoff as well as targeted marketing investments as we build on the momentum from a strong Q4. And non-GAAP EPS in the range of $0.18 to $0.20 using a diluted share count weighted for the quarter of approximately 85 million common shares outstanding.

第一季的展望包括一些與我們的市場進入計畫相關的前端支出，特別是我們的 26 財年銷售啟動以及有針對性的行銷投資，因為我們將延續第四季度強勁的成長動能。非 GAAP 每股盈餘在 0.18 美元至 0.20 美元之間，使用本季約 8,500 萬股流通普通股的稀釋股數加權。

For the full fiscal year of 2026, we expect SaaS revenue of between $411.4 million and $415.4 million. Our revenue in the range of $566.7 million and $570.7 million. This outlook assumes a professional services revenue mix consistent with fiscal 2025, where it accounted for approximately 10% of total revenue and reflects a more material participation in our cloud migration efforts.

對於 2026 財年全年，我們預計 SaaS 營收將在 4.114 億美元至 4.154 億美元之間。我們的營收在 5.667 億美元至 5.707 億美元之間。這項展望假設專業服務收入組合與 2025 財年一致，約佔總收入的 10%，並反映了我們在雲端遷移工作中更實質的參與。

Non-GAAP operating income in the range of $96 million and $100 million. And non-GAAP EPS in the range of $1.09 to $1.13 using a diluted share count weighted for the fiscal year of 2026 of approximately 87 million common shares outstanding.

非公認會計準則營業收入在 9,600 萬美元至 1 億美元之間。非 GAAP 每股盈餘在 1.09 美元至 1.13 美元之間，以 2026 財年的約 8,700 萬股普通股加權計算。

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) Kevin McVeigh, UBS.

（操作員指示）瑞銀的 Kevin McVeigh。

Great, thanks so much. And what a terrific, terrific result. I wanted to start on just kind of 120% NRR. Maybe help us -- it sounds like it's some retention and steady expansion. But maybe frame that a little bit more? And then what are you assuming in the 2026 guidance?

太好了，非常感謝。這是多麼了不起的結果。我只想從 120% NRR 開始。也許可以幫助我們——這聽起來像是一些保留和穩定的擴張。但也許可以再多加一點框架？那麼，您對 2026 年的指導有何假設呢？

Hey Kevin, it's Dave. Thanks for the question. Of course, 120% obviously is continued to be contributed by low churn that we've always commented on. That's one of the beauties of being a very sticky, vertical SaaS and know your end clients.

嘿，凱文，我是戴夫。謝謝你的提問。當然，120% 顯然繼續得益於我們一直評論的低流失率。這是作為高度黏性的垂直 SaaS 並了解最終客戶的優點之一。

Secondly, as we continue to go further upstream into the enterprise, those expands get even more material, both from an upsell as well as a cross-sell. And so we saw some strong execution that you can see in our top line results.

其次，隨著我們繼續向企業上游深入，這些擴張將獲得更多的材料，無論是透過追加銷售還是交叉銷售。因此，我們看到了一些強大的執行，您可以在我們的頂線結果中看到。

And then thirdly, we've taken a very conservative number going into FY26 as we continue on because we have a large opportunity in front of us, not only with net new logos, but then also with our continued expand motion with our continued product innovation that we've announced over the past couple of years at our key mark events of Intapp Amplify.

第三，我們在進入 26 財年時採取了一個非常保守的數字，因為我們面前有一個巨大的機會，不僅有新的淨標識，還有我們持續的擴張行動和持續的產品創新，我們在過去幾年的 Intapp Amplify 關鍵標誌活動中宣布了這一點。

Terrific. And then just a quick follow-up because obviously, the incremental margins look really, really strong in '26. How do we think about just with the mix in the enterprise, I would think maybe a little bit lesser margin. Maybe I'm not right on that, but just is it less professional services? Or just what's driving that leverage because it just really, really strong margins as well.

了不起。然後只是一個快速的跟進，因為顯然，26 年的增量利潤率看起來非常非常強勁。我們如何看待企業中的混合，我認為利潤率可能會低一點。也許我這麼說不對，但這真的就代表服務不夠專業嗎？或者只是推動了這種槓桿作用，因為它的利潤率確實非常高。

Yeah. We've continued to drive efficiency, both in our model and our product offering. And so again, how we've kind of brought items to market have been true value that we've sold into our client base. And so as we've seen that continued leverage across all of those lines, we've continued to yield that both at the top as well as below the line. And so enterprise, mid-market, those items are moderated. And obviously, we're selling the value of that and drop versus just a simple solution set with a simple ASP.

是的。我們不斷提高效率，無論是在我們的模型還是產品供應方面。所以，我們再次強調，我們將產品推向市場的方式是我們向客戶群銷售的真正價值。因此，正如我們所看到的，所有這些線路上的槓桿作用都在持續發揮作用，我們將繼續在線上和線下產生收益。因此，對於企業、中階市場來說，這些項目都是適度的。顯然，我們銷售的是這種價值，而不是只使用簡單的 ASP 的簡單解決方案。

Super helpful. Thanks again.

超有幫助。再次感謝。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Hey guys, thanks so much for taking the questions. I wanted to ask a question on RPO. So when I punching the RPO to the model, it looks like a pretty good growth quarter in the fourth quarter, up 27% year-over-year. But when I look at total contribution for RPO for this year compared to last year, a little bit less this year versus last year. So just trying to understand if there's anything within RPO we should be thinking about? Or we just kind of pull and teeth here on the numbers comparing fiscal '25 to '24? Thank you.

嘿夥計們，非常感謝你們回答這些問題。我想問一個關於 RPO 的問題。因此，當我將 RPO 納入模型時，第四季的成長看起來相當不錯，年增 27%。但當我將今年的 RPO 總貢獻與去年進行比較時，我發現今年的貢獻比去年少了一點。所以只是想了解我們是否應該考慮 RPO 中的任何事情？或者我們只是對 25 財年和 24 財年的數字進行一番比較？謝謝。

Yeah. I think you might be pulling some teeth as we finally have kind of crossed the chasm, if you will, on more material input from some of these enterprise clients. Our total value of duration hasn't really materially changed from last year to this year. Clearly, we'll continue to garner that contract value that will recognize, but there wasn't anything both from a seasonality or a contract duration that changed that?

是的。我認為，當我們終於跨越鴻溝時，你可能會感到很吃力，如果你願意的話，可以從一些企業客戶那裡獲得更多實質的投入。從去年到今年，我們的總持續時間價值實際上並沒有實質變化。顯然，我們將繼續獲得可確認的合約價值，但無論是季節性還是合約期限，都沒有任何因素可以改變這一點嗎？

Got it. That is super helpful. And maybe the follow-up question for you, David. In the prepared remarks, thank you for giving the -- in the guidance, 10% of revenue coming from professional services for fiscal '26. But when I look at the license line item, is there anything we need to be aware of from a renewal seasonality that could create any sort of quarterly volatility or movement in that license line item specifically for '26?Thank you.

知道了。這非常有幫助。也許這是給你的後續問題，大衛。在準備好的發言中，感謝您給予指導，26 財年的 10% 收入來自專業服務。但是，當我查看許可證明細項目時，我們需要注意哪些續訂季節性因素，這些因素可能會導致許可證明細項目出現季度波動或變動，尤其是在 2026 年？謝謝你。

Yeah. We're going to do our best to continue to keep everyone as transparent as possible as we work through. It's not a matter of if, it's just when we're able to get our clients transitioning more aggressively to the cloud.

是的。我們將盡最大努力，在工作過程中盡可能保持每個人的透明度。這不是是否的問題，而是我們何時能夠讓客戶更積極地轉型為雲端。

And so there may be some puts and takes between Q2 and Q3. But clearly, for the year, we have our work kind of identified, but there may be some quarter puts on that. So we'll make sure that we're very transparent as we go through this.

因此，第二季和第三季之間可能會出現一些優缺點。但顯然，對於今年來說，我們已經確定了我們的工作，但可能會有一些季度安排。因此，我們將確保在處理此事時保持高度透明。

Thank you.

謝謝。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Hi, this is Bella on for Alexi. For our first question, can you explain the rationale behind your collaboration with Snowflake. Will customer overlaps did you identify? And how has your lease feedback been?

大家好，我是 Bella，為 Alexi 服務。對於我們的第一個問題，您能解釋一下與 Snowflake 合作的理由嗎？您是否發現客戶重疊？您的租賃回饋如何？

Sure, thanks, Bella. We're excited about the growth in the partner ecosystem generally. Obviously, we've talked a lot about the Microsoft relationship. Snowflake was an important partnership for us to strike as we move into the enterprise because they've made such a strong amount of progress there.

當然，謝謝，貝拉。我們對合作夥伴生態系統的整體成長感到興奮。顯然，我們已經談論了很多關於微軟的關係。在我們進軍企業領域時，Snowflake 是我們的一個重要合作夥伴，因為他們在這個領域取得了巨大的進步。

There's a lot of interest in the key information that we are helping to manage and collect and report on and analyze and then report back to all of the professionals who are working in the firms that stored an Intapp DealCloud, in our compliance platform, in our collaboration system.

人們對我們幫助管理、收集、報告和分析的關鍵資訊非常感興趣，然後將這些資訊報告給在儲存了 Intapp DealCloud、在我們的合規平台、在我們的協作系統中的公司工作的所有專業人員。

And the clients really want to make that a central component of their overall business analysis. And the integration with Snowflake was a request that we began to receive pretty strongly as we started to win some of these large enterprise accounts.

客戶確實希望將其作為整體業務分析的核心組成部分。當我們開始贏得一些大型企業客戶時，我們開始收到與 Snowflake 整合的強烈請求。

And we were very excited to be able to strike a formal agreement with Snowflake to ensure interoperability. And I think it is one more step for us in helping make sure that the enterprise firms see us increasingly as a key strategic pillar of their overall vertical solution.

我們非常高興能夠與 Snowflake 達成正式協議以確保互通性。我認為這是我們進一步幫助企業將我們視為其整體垂直解決方案的關鍵策略支柱的又一步。

Thank you. That's helpful. And as a follow-up, with the upcoming QC-1000 accounting change, what opportunities do you see arising from this regulatory shift? And how much of that is currently baked into fiscal 2026 guidance?

謝謝。這很有幫助。另外，隨著即將到來的 QC-1000 會計變革，您認為這種監管轉變會帶來哪些機會？其中有多少目前已納入 2026 財政年度指引？

There's a lot of opportunity for us, I think, in the -- several of the regulatory changes, including QC-1000. We talked a little bit about the Australia AML change that's happened as an example. And actually, the compliance issues for this market generally have always driven the demand for a vertical-specific solution

我認為，包括 QC-1000 在內的幾項監管變化為我們帶來了很多機會。我們以澳洲反洗錢法的變化為例進行了簡單的討論。實際上，這個市場的合規性問題總是推動著對垂直特定解決方案的需求

So the company's strategy throughout the technology generations from the on-prem era to the mobile era to cloud and now AI, a key part of our differentiation versus the traditional horizontal systems is our understanding of the -- not just the workflows, but the compliance requirements of those workflows for these firms.

因此，公司的策略貫穿了從本地時代到行動時代到雲端運算以及現在的人工智慧等各個技術階段，我們與傳統橫向系統的一個關鍵區別在於我們對工作流程的理解，以及對這些公司工作流程合規性要求的理解。

And they really are looking for a strategic technology partner that understands those and can design for those, so that they can put the best opportunity forward for their various regulators. And this is just one more change.

他們確實在尋找一個了解這些並能為其進行設計的策略技術合作夥伴，以便他們能夠為各個監管機構提供最好的機會。這只是另一個變化。

And as the accounting rules continue to evolve, the regulatory frameworks continue to evolve in each of the jurisdictions that we sell into, we're keeping up with that, and we're making sure that the firms can continue to trust us as the people who can now bring AI in a compliant way to the marketplace. It's a centerpiece of our differentiation and one of the reasons why you're seeing growth like this.

隨著會計規則的不斷發展，我們銷售產品的每個司法管轄區的監管框架也在不斷發展，我們正在跟上這些變化，並確保公司能夠繼續信任我們，相信我們現在能夠以合規的方式將人工智慧推向市場。這是我們差異化的核心，也是我們如此成長的原因之一。

Got it, that's really helpful. Thank you for taking our questions.

明白了，這真的很有幫助。感謝您回答我們的問題。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hey guys. Good afternoon and thanks for taking the question. John, really nice to see 17 of the 20 largest deals, including a partner. I think you said partner influence bookings up 50% year-over-year. When you take a step back, how would you assess where you're at on the maturity curve of the co-selling relationship with these partners? And do you characterize this as an inflection point that will continue to support this durable growth? Or is there still some enhancements you could do to even drive further performance there?

嘿，大家好。下午好，感謝您回答這個問題。約翰，很高興看到 20 筆最大交易中有 17 筆達成，其中包括一位合作夥伴。我想您說過合作夥伴影響力預訂量年增了 50%。退一步來說，您如何評估與這些合作夥伴的共同銷售關係的成熟度曲線？您是否認為這是一個將繼續支持這種持久成長的轉捩點？或者您是否還可以做一些改進來進一步提高性能？

Well, there's always more to do. We are consciously recruiting partners strategically to help us address different aspects and different segments of the market of the whole solution. That being said, yes, we've been talking with you all for a few years now about our investment in the partner ecosystem.

嗯，總是有更多的事情要做。我們有意識地、有策略地招募合作夥伴，幫助我們解決整個解決方案的不同面向和不同細分市場。話雖如此，是的，幾年來我們一直在與大家討論我們對合作夥伴生態系統的投資。

We wanted to consciously give you some statistics on this because this has been one of the questions, how is the partner ecosystem contributing to your growth? And we've really reached a very important stage. We're not just in each of the large deployments, but across the scale of our clients, we have partners working with us.

我們希望有意識地向您提供一些統計數據，因為這是一個疑問，合作夥伴生態系統如何促進您的發展？我們確實已經到達了一個非常重要的階段。我們不僅參與每個大型部署，而且在我們的客戶規模中，我們都有合作夥伴與我們合作。

You see it in the relative mix of services revenue in the model, working more and more with the ecosystem, and that's helping us on the sales side too, because all of those partners who have relationships with their clients are referring us in and have an incentive to sell with us and work on the deployments and taking care of customers after the deployment.

您可以從模型中看到服務收入的相對組合，越來越多地與生態系統合作，這也有助於我們的銷售，因為所有與客戶有關係的合作夥伴都會推薦我們，並有動力與我們一起銷售、開展部署並在部署後照顧客戶。

Microsoft, in particular, we wanted to emphasize because such a big contribution to our large deals this time came from the Microsoft relationship that we've been cultivating for many years, and this has been a question out there.

我們特別想強調微軟，因為這次對我們大宗交易的巨大貢獻來自於我們多年來培養的與微軟的關係，這一直是一個問題。

So more than half of our clients are working with us and Microsoft together at the large end of the market, and just a little under half of the deals this quarter came that way. And we're seeing very strong support from Microsoft because the AI that we're delivering in a compliant way to this regulated market is a great way to pull Microsoft's technology and Azure into the marketplace.

因此，超過一半的客戶正在與我們和微軟在高端市場合作，本季略少於一半的交易是透過這種方式達成的。我們看到微軟的大力支持，因為我們以合規的方式向這個受監管的市場提供的人工智慧是將微軟的技術和 Azure 推向市場的絕佳方式。

They see us as a key partner there. And there are already existing MAC agreements with Microsoft at the large firms across the market. So that reduces our time to sale and makes the budget question less of a question because people have already committed to spending X with Microsoft each year, and they can use that now to buy our solutions. So the partnership is really working, and we're very excited about how that's going.

他們將我們視為那裡的重要合作夥伴。而市場上的大型公司已經與微軟簽訂了 MAC 協議。這樣就縮短了我們的銷售時間，也使得預算問題不再是一個問題，因為人們已經承諾每年在微軟上花費 X，他們現在可以用這些錢來購買我們的解決方案。所以這種合作關係確實有效，我們對其進展感到非常興奮。

Got it. That's great feedback. And the other thing you called out here was just a lot of AI enhancements across the platform, across the different sub-verticals and verticals you operate in. If you had to look across the board, is there any one area that stands out above the rest in terms of AI adoption and utilization? Or is this truly broad-based demand you're seeing right now?

知道了。這是非常好的回饋。您在這裡提到的另一件事是整個平台、您所經營的不同子垂直領域和垂直領域的大量人工智慧增強功能。如果必須全面審視，那麼在人工智慧的採用和利用方面，是否有一個領域比其他領域更突出？或者您現在看到的是真正廣泛的需求？

Well, it's common experience how strong the AI story is generally in the industry. We're absolutely benefiting from that. I think one of the things that's happening is we're able to come in and show a vertical solution that is built into their workflows and a compliance solution and the relationship with their key technology platforms like Microsoft and Snowflake and some of the other things that we've been talking about.

嗯，人工智慧在業界普遍具有強大的影響力，這是普遍的經驗。我們絕對從中受益。我認為正在發生的事情之一是，我們能夠介入並展示內建在他們的工作流程中的垂直解決方案和合規性解決方案以及與他們的關鍵技術平台（如 Microsoft 和 Snowflake）的關係以及我們一直在談論的其他一些事情。

So people see a whole product there. And I think in the application space discussion, this front end of their problem, how can they apply AI to arm their professionals to better compete, pursue growth opportunities, identify, originate new business bring that on board and keep the revenue stream running.

所以人們在那裡可以看到完整的產品。我認為在應用領域的討論中，他們問題的前端是，他們如何應用人工智慧來武裝他們的專業人員，以更好地競爭、尋求成長機會、識別、開展新業務並保持收入流的運作。

This is an angle that is not what you hear from a lot of the AI start-ups. It's something we're in a unique position to deploy AI to solve for, given our history with DealCloud and with our intake and conflict solutions around business acceptance and it's actually the thing that the very most senior people in the firms are trying to figure out how do I use AI to drive growth for my firm.

這是許多人工智慧新創公司所不曾聽過的觀點。鑑於我們與 DealCloud 合作的歷史以及我們在業務接受方面的接收和衝突解決方案，我們在部署 AI 來解決這個問題方面處於獨特的地位，事實上，公司中最資深的人員正在試圖弄清楚如何使用 AI 來推動公司的發展。

So I think we're well positioned to tap into confluence of top priorities for just AI itself, but AI for growth and compliant AI for growth. That mix is just awesome, and people are really responding well.

因此，我認為我們已做好準備，充分利用人工智慧本身的首要任務，以及促進成長的人工智慧和促進成長的合規人工智慧。這種混合真是太棒了，人們的反應也很好。

Makes sense. Thanks for the feedback again, John.

有道理。再次感謝您的回饋，約翰。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Great, thank you. John, on the fourth quarter bookings improvement, can you just help break down how much of that you saw from any sort of macro improvement productivity just with more time and market with the strategic account team changes you put into place at the start of the year. And Dave, just a quick follow-up for you. Any quantification on what TermSheet added to ARR in the quarter?

太好了，謝謝。約翰，關於第四季度預訂量的改善，您能否幫助我們分析一下，在年初實施的戰略客戶團隊變革以及更多的時間和市場推動下，您在宏觀生產力方面的改善程度如何？戴夫，我只是想快速跟進一下你的情況。有沒有關於 TermSheet 本季為 ARR 增加多少的量化數據？

Thanks, Alex. So there's a healthy demand for our solutions and for AI in the marketplace. Macro-wise, we're seeing positive draw. On the productivity point, I do think that our continued evolution in a very measured and data-driven way towards originally the strategic accounts.

謝謝，亞歷克斯。因此，市場對我們的解決方案和人工智慧有著很大的需求。從宏觀角度來看，我們看到了正面的吸引力。在生產力方面，我確實認為，我們正在以一種非常有節制和數據驅動的方式持續發展到最初的策略帳戶。

Pilot in fiscal '24, then the increase to the enterprise go-to-market organization in '25 absolutely contributed to a bunch of these numbers, 70% of our SAM is in the top 2,000 accounts. And so our emphasis of evolving our go-to-market more and more towards the top 2,000 accounts in our enterprise group is a conscious effort.

24 財年的試點，以及 25 年企業上市組織的增加，絕對對這些數字做出了貢獻，我們 70% 的 SAM 位於前 2,000 個帳戶中。因此，我們有意識地將重點逐漸轉向面向企業集團中排名前 2,000 名客戶的行銷。

We're investing a little bit more here in Q1 to get that group now off and running with a bigger sales kickoff and armed with more training and support to continue to build on the very strong funnel that we're seeing. So I think it's both a mix strong demand, clearly, AI is a pull, and they gave some stats about how that's making its way through our pipeline strongly since the two launches that Intapp Amplify last February and this February. And then the enterprise shift as well. So all of those things are adding together. And then I've already mentioned the Microsoft relationship and how that's supporting us in the field.

我們將在第一季加大投資，讓團隊立即開始運作，實現更大的銷售成長，並提供更多的培訓和支持，以繼續鞏固我們所看到的非常強大的銷售管道。所以我認為這既是強勁需求的混合體，顯然，人工智慧也是一種拉動因素，他們提供了一些統計數據，說明自去年 2 月和今年 2 月 Intapp Amplify 兩次發布以來，人工智慧如何強勁地貫穿我們的管道。然後企業也發生轉變。所以所有這些事情都加在一起了。然後我已經提到了與微軟的關係以及它如何在該領域為我們提供支援。

Terry Tillman, Truist Securities.

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

Yeah, good afternoon, John, Dave, and David. Congrats on the quarter. I had two questions. The first one actually just kind of building on top of the question and your answer, John, as it relates to front-end loading some investments, sales kickoff, et cetera.

是的，下午好，約翰、戴夫和大衛。恭喜本季取得佳績。我有兩個問題。第一個問題實際上只是建立在問題和你的答案之上，約翰，因為它與前端加載一些投資、銷售啟動等有關。

You all made good progress with this enterprise sales team build out. Is it more on just marketing kind of branding and just investments in the event? Or are you actually adding more sellers now as you've gotten enough good signals with the enterprise sales motion?

你們在企業銷售團隊建立方面都取得了良好的進展。它是否更多地只是行銷類型的品牌和活動投資？或者您實際上正在增加更多賣家，因為您已經從企業銷售動向中獲得了足夠好的訊號？

The second part of this first question is these increased investments in the beginning of the year, do you all see potential payoff from those investments maybe later in the year on cloud ARR? And then I had a follow-up.

第一個問題的第二部分是，這些在年初增加的投資，你們是否都認為這些投資可能會在今年稍後在雲端 ARR 上帶來潛在回報？然後我進行了後續跟進。

Thanks, Terry. So from an organizational standpoint, yes, it's bringing the sales team together, but really taking the lessons from the '24 and '25 experience, and making sure that all of the team members are armed with the best learnings about how to be successful out there.

謝謝，特里。因此，從組織的角度來看，是的，它將銷售團隊聚集在一起，但真正吸取了 24 年和 25 年的經驗教訓，並確保所有團隊成員都掌握了關於如何在市場上取得成功的最佳經驗。

We've had some really incredible wins here. I want to make sure that everybody has the knowledge and the training to support that. In addition, yes, we are making some increases in that enterprise force. We think there's a real opportunity to continue to grow and scale there.

我們在這裡取得了一些真正令人難以置信的勝利。我想確保每個人都擁有支持這一點的知識和培訓。此外，是的，我們正在增加企業力量。我們認為那裡確實有機會繼續發展和擴大規模。

Got it. Thanks John. And yeah -- sorry about that.

知道了。謝謝約翰。是的——對此我很抱歉。

No, go ahead, Terry. What was your follow up?

不，繼續吧，特里。你的後續行動是什麼？

Okay. Yeah. The follow-up question is just related to -- I get a lot of questions over time around kind of the longer-standing part of the business and the legal industry, serving law firms. And just knowing the penetration you all had, you did talk about kind of whether you Assist -- the AI product around Assist.

好的。是的。後續問題與此相關——長期以來，我收到了許多有關該業務和法律行業長期服務律師事務所的問題。並且了解你們的滲透率，你們確實談論了你們是否有 Assist——圍繞 Assist 的 AI 產品。

But just in terms of DealCloud like penetration and attach rate, how is that progressing on the legal side? And just how do you see in terms of the vitality of kind of the law firm legal side of your business? Thank you.

但就 DealCloud 的滲透率和附加率而言，其法律上的進展如何？那麼，您如何看待律師事務所法律業務的活力呢？謝謝。

Yeah, this was a core strategy for the DealCloud combination years ago. We did a lot of work. We've talked to you all over the years about blueprints and specific workflow definitions and some terminology change data change and some data integration we needed to do.

是的，這是幾年前 DealCloud 組合的核心策略。我們做了很多工作。多年來，我們一直與大家討論藍圖和具體的工作流程定義以及一些術語變更、資料變更和我們需要進行的一些資料整合。

All of that is paying off. So we've got successful clients rolling out DealCloud as their business development system at small, medium and large law firms. We have Intapp Assist now as a key value proposition in that story, which is being taken up very positively. I gave some examples.

所有這些都得到了回報。因此，我們已讓成功的客戶在小型、中型和大型律師事務所中推廣 DealCloud 作為其業務開發系統。我們現在將 Intapp Assist 作為該故事中的關鍵價值主張，並且得到了非常積極的認可。我舉了一些例子。

We also -- as you recall, we did a lot of work on our relationship intelligence system, which is an AI component of the platform that helps the partners in the firm navigate with each other to more client opportunities out in the world in a way that is really enthusiastically being received.

我們也—正如您所記得的，我們在關係智慧系統上做了大量工作，它是平台的一個人工智慧組件，可以幫助公司中的合夥人以一種受到熱烈歡迎的方式相互導航，以獲得更多客戶機會。

So it took us a little while. That's something that we've talked about, but a lot of these results, very positive. So I'm excited about the core concept, vertical, compliant, growth, AI for these firms in a way that's really built for them.

所以我們花了一點時間。這是我們討論過的事情，但很多結果都非常正面。因此，我對這些公司真正為他們打造的核心概念、垂直、合規、成長和人工智慧感到非常興奮。

And we are announcing, I'm thrilled replacements consistently now of traditional horizontal CRM systems that were not built for the industry with our vertical-specific AI-powered solution. And I think that, that word of mouth continues to grow. So it's a great growth opportunity for us.

我們宣布，我很高興能夠使用我們垂直特定的 AI 驅動解決方案來不斷取代那些不適合該行業構建的傳統橫向 CRM 系統。我認為，這種口碑會持續成長。所以這對我們來說是一個很好的成長機會。

Thank you.

謝謝。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

Okay, great, thanks for taking the questions here. I just want to follow up on Alex's earlier question. But I guess what was the TermSheet contribution in the quarter to ARR? And I guess, on the backside of that, just as we think about kind of seasonality of ARR, does the shift to the account management structure, does that, I guess, maybe structurally change how we should think about linearity of ARR through the year? Or just kind of what are the factors that we should be taking into account there?

好的，太好了，感謝您在這裡回答問題。我只是想跟進 Alex 之前的問題。但我猜本季 TermSheet 對 ARR 的貢獻是多少？我想，從這個角度來看，就像我們考慮 ARR 的季節性一樣，轉向帳戶管理結構，我想這是否會從結構上改變我們對全年 ARR 線性的看法？或者我們應該考慮哪些因素？

Apologies. And I'm glad you reasked Alex's question. We got cut off there. Regards to TermSheet altogether, they're integrating phenomenally, both from a technology as well as hitting the deck running on landing some key new wins that I believe John articulated in his prepared remarks.

抱歉。我很高興你重新問了亞歷克斯的問題。我們在那裡被切斷了。就 TermSheet 而言，他們正在進行驚人的整合，無論是從技術上還是從取得一些關鍵的新勝利上，我相信 John 在他的準備好的發言中已經表達過了。

As far as the overall contribution from your net ARR question, I would say it was relatively immaterial. When you'd say immaterial, it was less than 5%. And so we love what they're doing. We love the end client. We love the market that they're serving. And we really like how that pipe is developing for continued contribution to overall Intapp year in this fiscal year. So hopefully that addresses that question.

就您關於淨 ARR 問題的整體貢獻而言，我認為它相對不重要。當你說不重要的時候，它還不到 5%。所以我們喜歡他們所做的事情。我們熱愛最終客戶。我們喜歡他們所服務的市場。我們真的很喜歡這個管道的發展，以便在本財年繼續為整個 Intapp 做出貢獻。希望這能解答這個問題。

Yeah. Sorry. And just to clarify, when you said it was 5% or under 5%, you're talking of the total ARR of the net new ARR in the quarter?

是的。對不起。需要澄清的是，當您說它是 5% 或低於 5% 時，您指的是本季度淨新 ARR 的總 ARR 嗎？

The incremental ARR from the cloud.

來自雲端的增量 ARR。

Okay, got you. I'm sure to --

好的，明白了。我肯定會--

How -- yeah, the delta between Q3 to Q4 is less than 5% of that delta.

是的，第三季與第四季之間的差異小於該差異的 5%。

Okay, perfect. That's helpful context there. And then I guess just on the Microsoft partnership and that relationship, it feels like the commentary this quarter, I think, feels different from I guess, the overall contribution or how it's impacting bookings.

好的，完美。這是很有幫助的背景資訊。然後我想，僅就微軟的合作夥伴關係和這種關係而言，我認為本季的評論與整體貢獻或對預訂量的影響有所不同。

I guess, how are you kind of viewing the kind of further contribution for that or kind of the core groundwork being laid for that to now just kind of be harvest the fruit there? Or is there -- or are there any kind of more hurdles or things that need to be worked through to kind of like fully unlock the Microsoft relationship?

我想，您如何看待對此的進一步貢獻或為此奠定的核心基礎，以便現在收穫成果？或者是否存在——或者是否存在任何其他障礙或需要解決的事情才能完全解除與微軟的關係？

There's always more opportunity with an organization that size, but I think we hit some big milestones here. There were some important deals at the large end of the market that now both the Intapp sellers and the Microsoft sellers saw accomplishment of quote unquote release in that fiscal year.

對於如此規模的組織來說，總是有更多的機會，但我認為我們在這裡取得了一些重要的里程碑。大型市場中有一些重要的交易，現在 Intapp 賣家和微軟賣家都看到了該財政年度的引文發布完成。

Interestingly, Microsoft fiscal year is the same as ours. So they haven't set to get things done on June 2. We saw some great results from the MAC agreements, which I think we're increasingly able to leverage in our sales motion earlier.

有趣的是，微軟的財政年度與我們的財政年度相同。所以他們還沒有設定在 6 月 2 日完成任務。我們從 MAC 協議中看到了一些很好的成果，我認為我們能夠在早期的銷售動議中越來越多地利用這些成果。

People are getting more used to that and seeing the power that can have to smooth making deals happen and take the budget question off the table and how do you navigate that in these enterprise sales motions. I also think we've got more and more success stories that are traveling among the sales team and among clients by referrals about how to get AI in successfully this way.

人們越來越習慣於此，並且看到了其能夠順利達成交易並解決預算問題的力量，以及如何在這些企業銷售動議中解決這個問題。我還認為，我們在銷售團隊和客戶中流傳著越來越多的成功案例，這些案例都是透過推薦來了解如何以這種方式成功獲得人工智慧的。

And I just think that the experience that we have working with their sales force, they made a change in addition to their financial services team they've put together under one executive of professional services sales organization, which includes legal, accounting, consulting. So we have an easier way to navigate the Microsoft go-to-market team now, and it's easier to get a line. So a lot of things are aligning on the relationship there that are very excited.

我認為，根據我們與他們的銷售團隊合作的經驗，除了金融服務團隊之外，他們還進行了變革，組建了一個由專業服務銷售組織高管領導的專業服務銷售組織，其中包括法律、會計、諮詢等。因此，我們現在可以更輕鬆地與微軟的市場推廣團隊溝通，並且更容易獲得線索。因此，雙方關係中很多事情都趨於一致，這令人非常興奮。

Okay. Perfect. Great to hear. Thanks for taking the questions.

好的。完美的。很高興聽到這個消息。感謝您回答這些問題。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay, great. Hey guys. Thanks for taking my questions here. John, maybe for you. I'd love to just double-click on TermSheet a little bit. I think the size that we just heard there and correct me here if my math is off, it sounds like it was probably less than $2 million in ARR, right? And I'm assuming that's the total ARR base that contributed in the quarter.

好的，太好了。嘿，大家好。感謝您在這裡回答我的問題。約翰，也許對你來說是這樣。我很想雙擊一下 TermSheet。我認為我們剛才聽到的規模（如果我的計算有誤請糾正我）聽起來好像 ARR 可能不到 200 萬美元，對嗎？我假設這是本季貢獻的總 ARR 基數。

And again, correct me if I'm wrong, I think the size of the purchase price there was about $50 million, maybe there's another $20 million of earn-outs possible. Can you just talk about how you kind of view that revenue opportunity long term with TermSheet specifically?

如果我錯了，請再次糾正我，我認為那裡的購買價格約為 5000 萬美元，也許還有另外 2000 萬美元的盈利空間。您能否具體談談您如何看待 TermSheet 的長期獲利機會？

TermSheet is a component of our overall real asset solution strategy. We had already been making progress with DealCloud into certain parts of the real assets universe, specifically the fundraising that all the real assets investors were doing, very strong solution there, the coverage program that they use to look for opportunities in the marketplace, a very strong solution there.

TermSheet 是我們整體實體資產解決方案策略的一個組成部分。我們已經與 DealCloud 合作，在實體資產領域的某些領域取得了進展，特別是所有實體資產投資者正在進行的融資，這是一個非常強大的解決方案，他們用來在市場中尋找機會的覆蓋計劃，這是一個非常強大的解決方案。

As you would expect, a lot of overlap with our existing private equity style, asset managers -- the multi-strategy asset managers that had both private equity and real assets investment strategies, and then increasingly, the real assets specialists.

正如您所預料的，它與我們現有的私募股權風格有很多重疊，資產管理者——既有私募股權投資策略又有實體資產投資策略的多策略資產管理者，以及越來越多的實體資產專家。

What TermSheet brought us was an extension of additional functionality that looks at the deals after the funds are deployed into the deals and helps with asset management over the life of the asset. There's some specific requirements that those firms needed that the TermSheet technology really helped us extend.

TermSheet 為我們帶來的是附加功能的擴展，它可以在資金部署到交易中後查看交易，並幫助在資產的整個生命週期內進行資產管理。這些公司有一些特定的要求，TermSheet 技術確實幫助我們擴展了這些要求。

And so actually, together, we have an even better whole product than we had prior to the combination. In addition to that, there was a very strong AI-first team in TermSheet that are bringing a lot of horsepower to our growing engineering group that's focused on all the AI solutions we can bring out.

因此實際上，我們合併後的整體產品比合併前更好。除此之外，TermSheet 中還有一支非常強大的 AI-first 團隊，他們為我們不斷成長的工程團隊帶來了強大的動力，該團隊專注於我們可以推出的所有 AI 解決方案。

And there's a great opportunity for us to leverage both the real asset expertise and even more of the AI expertise that we're bringing into the team. So it's a great story. And the real assets market and industry, we talked a little bit about at Investor Day last year when we first went into it, this is a very significant space that is totally analogous, very closely related through the multi-strategy asset managers that we serve to all the core businesses that we've pursued.

這對我們來說是一個絕佳的機會，可以利用我們為團隊帶來的真實資產專業知識以及更多的人工智慧專業知識。這是一個很棒的故事。至於實體資產市場和行業，我們在去年投資者日首次進入時討論過一點，這是一個非常重要的領域，完全類似，透過我們服務的多策略資產管理公司，與我們追求的所有核心業務密切相關。

And it's similarly underserved. This is a vertical space that has not successfully taken up the horizontal systems for all the same reasons that our private equity and private credit investment banking community has taken. So this just seems like the perfect SAM expansion and step for us for continued growth here. I think it would be a big part of our business over time.

同樣，它的服務也不足。這是一個垂直領域，由於與我們的私募股權和私人信貸投資銀行界相同的原因，它未能成功佔據水平系統。因此，這似乎是完美的 SAM 擴展，也是我們持續成長的一步。我認為隨著時間的推移它將成為我們業務的重要組成部分。

Got it. Got it. That sounds exciting. Maybe for my follow-up for you. How do you sort of think about the shape of net new ARR next year? Are there any comments you want to make just on overall ARR growth as we sort of think about that versus revenue growth?

知道了。知道了。聽起來很令人興奮。也許是為了跟進你。您如何看待明年淨新 ARR 的形態？當我們考慮整體 ARR 成長與營收成長時，您是否想對整體 ARR 成長發表任何評論？

From a shaping perspective, I think we started orienting folks around some implied seasonality. Definitely June and December quarters are going to be a little bit stronger just because of the natural follow-through of where some of our clients year-end reside and a renewal base already being driven naturally in those two.

從塑造的角度來看，我認為我們開始引導人們注意一些隱含的季節性。毫無疑問，六月和十二月季度的業績會稍微強勁一些，這僅僅是因為我們的一些客戶在年末自然地跟進，而且這兩個季度的續約基礎已經自然而然地得到了推動。

And so Q2 and Q4 are going to be naturally higher. Now, with that said, we're looking at every quarter to be successfully contributing to our growth and our aspirations as we look forward to our $1 billion revenue narrative.

因此第二季和第四季自然會更高。現在，話雖如此，我們希望每個季度都能成功地為我們的成長和願望做出貢獻，我們期待著實現 10 億美元的收入目標。

It was a very big year for us when you think about just our overall construct, finally breaking through the $500 million, finally generating well over $100 million of free cash flow. And so when you put all that into consideration and now you're starting to see some natural seasonality trends that flow, this is the next stage and evolution of the company as we exit '25 on to a successful '26.

從我們的整體結構來看，這對我們來說是非常重要的一年，我們最終突破了 5 億美元，最終產生了超過 1 億美元的自由現金流。因此，當你把所有這些都考慮進去，現在你開始看到一些自然的季節性趨勢時，這就是公司的下一個階段和發展，因為我們將從 25 年邁向成功的 26 年。

Understood. Thank you.

明白了。謝謝。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

Yes, good evening. Thanks for taking the question. I was hoping to just get your updated thoughts on capital allocation priorities from here? And then with the share repurchase program announced today, just how you're thinking about the pace and timing of buybacks throughout the rest of this fiscal year? Thanks.

是的，晚上好。感謝您回答這個問題。我希望從這裡了解您對資本配置優先事項的最新想法？那麼，今天宣布股票回購計畫後，您如何考慮本財年剩餘時間內回購的速度和時間？謝謝。

Patrick, nice to formally meet you. Welcome to the Intapp team account coverage. Yeah, thanks for asking on the share authorization. Clearly, we didn't necessarily want to co-mingle our strong results coming off of Q4 and the importance of our '26 guide.

派崔克，很高興正式認識你。歡迎來到 Intapp 團隊帳號報道。是的，感謝您詢問共享授權。顯然，我們不一定想將第四季的強勁業績與 26 年指南的重要性混為一談。

But the Board has authorized this $150 million in share repurchases. The way we think about things here is we're going to continue to invest in ourselves. There's a lot to be done within our product road map with AI and the opportunities that we see for our end clients.

但董事會已批准回購1.5億美元的股票。我們思考問題的方式是，我們將繼續投資自己。我們的產品路線圖上有很多工作要做，包括利用人工智慧以及我們為最終客戶看到的機會。

Secondly, some of the previous questions have evolved around TermSheet, a recent acquisition. So we clearly have a profile there of key items that may be sitting within our own I'll call it, persona of an acquisition target in that funneling.

其次，之前的一些問題是圍繞著最近收購的 TermSheet 展開的。因此，我們清楚地了解了可能存在於我們自己內部的關鍵項目的概況，我稱之為該管道中的收購目標角色。

And then thirdly, we now have this authorization to take every opportunity to put capital at work when we deem fit. And so it's pretty straightforward as that.

第三，我們現在有授權在我們認為合適的時候抓住一切機會投入資本。所以事情就是這麼簡單。

All right. Great, and thank you for the kind words. Looking forward to working with you.

好的。太好了，謝謝你的好意。期待與您合作。

Thank you. And that concludes our question-and-answer 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. Thank you, everyone. We have a very strong fiscal '25 behind us, and I am very excited about fiscal '26 and the opportunities in front of us. The team is off and running, and we're very excited to forward to talking to you again in 90 days to talk about Q1. Thanks for your time today.

好的。謝謝大家。我們剛剛度過了非常強勁的 25 財年，我對 26 財年和我們面臨的機會感到非常興奮。團隊已經開始運作，我們非常高興期待 90 天後再次與您交談，討論第一季的問題。感謝您今天抽出時間。

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

謝謝。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。