Intapp Inc (INTA) 2026 Q1 法說會逐字稿

Hello, and welcome, everyone, to the Intapp fiscal first-quarter 2026 earnings webcast. (Operator Instructions) Please be advised that this conference is being recorded.

大家好，歡迎大家收看 Intapp 2026 財年第一季收益網直播。（操作員說明）請注意，本次會議正在錄音。

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

現在我很高興將電話轉交給投資人關係資深副總裁大衛特隆。現在輪到你發言了。

Thank you. Welcome to Intapp's fiscal first-quarter 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 第一財季財務業績報告。今天和我一起通話的是 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 second quarter and full year 2026. 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.

在本次電話會議期間，我們可能會就我們業務的趨勢、策略和預期業績發表前瞻性聲明，包括對我們 2026 財年第二季和全年業績的指引。這些前瞻性陳述是基於管理層目前的觀點和預期，包含截至今日所作的某些假設，並受到各種風險和不確定性的影響，包括我們在提交給美國證券交易委員會的文件和其他公開文件中描述的風險和不確定性，這些風險和不確定性難以預測，並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。

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

Intapp 聲明，除法律要求外，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.

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我們財務表現的非GAAP指標，包括非GAAP毛利率、非GAAP營業費用、非GAAP營業收入、非GAAP稀釋後每股淨收入和自由現金流。

Our GAAP financial results, along with a reconciliation 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 財務指標的調節表可在我們今天的收益報告及其補充財務報表中找到，這些資料可在我們的網站上找到，也可作為本次電話會議之前提交給美國證券交易委員會的 8-K 表格的附件找到，或者可在我們網站上找到補充財務演示文稿。

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

接下來，我將把談話交給約翰。

Thank you, David. Good afternoon, everyone. Thank you for joining us today as we share the results of our fiscal first quarter.

謝謝你，大衛。大家下午好。感謝各位今天蒞臨，與我們一同分享我們第一財季的業績。

Now starting our fifth year as a public company, I'm pleased to share that once again, we've achieved strong quarterly results, supported by cloud ARR growth, new products, new partnerships, new logos and expanded client accounts around the world. We added new applied AI capabilities to our platform, furthered our strategic partnership with Microsoft and migrated more clients to the cloud.

如今，我們已進入上市第五年，我很高興地宣布，在雲端業務年度經常性收入成長、新產品、新合作夥伴關係、新客戶以及全球客戶帳戶擴大的支持下，我們再次取得了強勁的季度業績。我們為平台增加了新的應用人工智慧功能，深化了與微軟的策略合作夥伴關係，並將更多客戶遷移到了雲端。

I'll share details on these and other select growth drivers throughout this call.

我將在本次電話會議中詳細介紹這些以及其他一些重要的成長驅動因素。

In Q1, our cloud ARR grew to $401 million, up 30% year over year. Cloud now represents 80% of our total ARR of $504 million. In the quarter, we earned SaaS revenue of $98 million, up 27% year over year and total revenue of $139 million, up 17% year over year. Now I'd like to share some highlights from our fiscal first quarter. We continue to execute on our vertical AI roadmap, specifically through applied AI innovation and growing client adoption.

第一季度，我們的雲端業務年度經常性收入成長至 4.01 億美元，年增 30%。雲端業務目前占我們 5.04 億美元年度經常性收入總額的 80%。本季度，我們的 SaaS 營收為 9,800 萬美元，年增 27%；總營收為 1.39 億美元，年增 17%。現在我想和大家分享我們第一財季的一些亮點。我們將繼續推進垂直領域人工智慧路線圖，特別是透過應用人工智慧創新並不斷提高客戶採用率。

For a bit of context, our industry-specific AI solutions do automate rote manual tasks. But more importantly, they deliver actionable insights drawn from a firm's proprietary data, knowledge and relationships, which are unified and enriched with our own industry graph data model and trusted third-party sources.

簡單介紹一下背景，我們針對特定產業的 AI 解決方案確實可以自動執行重複性的手動任務。但更重要的是，它們提供了從公司專有數據、知識和關係中提取的可操作見解，這些見解與我們自己的行業圖譜數據模型和值得信賴的第三方來源進行了統一和豐富。

Critically, our solutions do all this while helping firms maintain compliance with the industry's most complex regulations. These advanced, tailored compliant capabilities are what set Intapp apart and why firm leadership continues to invest in our technology, which brings me to my first example. In Q1, we announced a significant new release of Intapp Time, which delivers faster, easier, more accurate timekeeping powered by major new AI features.

至關重要的是，我們的解決方案在幫助企業遵守業界最複雜的法規的同時，也能做到這一切。這些先進的、量身定制的合規能力使 Intapp 脫穎而出，也是公司領導層繼續投資我們技術的原因，這引出了我的第一個例子。第一季度，我們發布了 Intapp Time 的重大新版本，它利用全新的人工智慧功能，提供更快、更輕鬆、更準確的計時服務。

Built on our secure cloud foundation, the new Intapp Time offers GenAI capabilities that monitor users' workdays to find and capture billable activities, to validate entries against client guidelines, to suggest corrections when needed, and to answer questions about entries and unreleased time via an AI chat experience. The response has been very enthusiastic, reflecting that we're tapping into real need with our thoughtfully designed vertical AI. More than 100 clients and prospects attended our introductory webinar, and we booked over 200 meetings in the 6 weeks following its launch.

全新的 Intapp Time 基於我們安全的雲端基礎架構，提供 GenAI 功能，可監控使用者的工作日，尋找和擷取可計費活動，根據客戶指南驗證條目，在需要時建議更正，並透過 AI 聊天體驗回答有關條目和未發佈時間的問題。市場反應非常熱烈，反映出我們精心設計的垂直人工智慧正在滿足真正的需求。超過 100 位客戶和潛在客戶參加了我們的介紹性網路研討會，並在研討會推出後的 6 週內安排了 200 多場會議。

Brian Donato, CIO at Vorys, who participated in our early adopter program said, the Intapp Time release is very intuitive and won't require us to retrain our lawyers. Our users really like the quick add functionality, the ability to use AI to create narratives and the ability to group activities in the activity stream.

Vorys 的資訊長 Brian Donato 參與了我們的早期採用者計劃，他表示，Intapp Time 版本非常直觀，不需要我們重新培訓我們的律師。我們的用戶非常喜歡快速添加功能、使用 AI 創建敘事的功能以及在活動流程中對活動進行分組的功能。

Additionally, this quarter, Starwood Capital Group, a leading real estate investment firm with over $120 billion in capital deployed globally and a leader in technology adoption, added Intapp's agentic AI capability to its DealCloud deployment. The agentic capability will give Starwood's investment professionals a 360-degree view of the firm's investments and portfolio, all enabled and orchestrated in a modern AI chat interface.

此外，本季度，全球領先的房地產投資公司 Starwood Capital Group（在全球部署了超過 1,200 億美元的資本，並且是技術採用領域的領導者）在其 DealCloud 部署中加入了 Intapp 的智能體 AI 功能。這項智慧代理功能將使喜達屋的投資專業人士能夠 360 度全方位了解公司的投資和投資組合，所有這些都將在現代化的 AI 聊天介面中實現和協調。

And third, Alpaca Real Estate is showcasing its use of DealCloud as a differentiator to its clients and prospects. At a recent client retreat, the firm shared how its modern tech stack gives them a competitive advantage among real assets investors and highlighted DealCloud as an integral part of their evolution toward AI, powering their workflows, analytics and data.

第三，Alpaca Real Estate 正在向其客戶和潛在客戶展示其使用 DealCloud 的優勢。在最近的一次客戶務虛會上，該公司分享了其現代化的技術堆疊如何使他們在實體資產投資者中獲得競爭優勢，並重點介紹了 DealCloud 是他們向人工智慧發展過程中不可或缺的一部分，為其工作流程、分析和數據提供支援。

Now let's turn to our expansive partner network. We continue to grow our high-impact partner ecosystem, anchored by Microsoft and a strategic set of 145 curated data technology and services partners. It's one of the most powerful vertical ecosystems in our industry. And its real differentiator is how deeply our partners are integrated into our commercial operations. They're strategic amplifiers of our business, enabling us to pursue larger opportunities, execute faster and scale more efficiently without a proportional increase in internal costs.

現在讓我們來看看我們龐大的合作夥伴網路。我們持續發展高影響力合作夥伴生態系統，以微軟為核心，並擁有 145 個精心挑選的資料技術和服務合作夥伴組成的策略網路。它是我們行業中最強大的垂直生態系統之一。而它真正的差異在於我們的合作夥伴與我們的商業營運的整合程度有多深。它們是我們業務的策略放大器，使我們能夠追求更大的機遇，更快地執行，更有效率地擴大規模，而無需成比例地增加內部成本。

To name just one example, in Q1, Lexsoft joined our network to help drive growth in our legal vertical in Latin America and other Spanish-speaking markets. And as in previous quarters, Microsoft continues to be a major growth driver for us. Of our 10 largest Q1 wins, more than half were jointly executed with Microsoft. In several of those, Microsoft fronted Azure investment dollars to help accelerate the deals.

僅舉一例，在第一季度，Lexsoft 加入了我們的網絡，以幫助推動我們在拉丁美洲和其他西班牙語市場的法律垂直領域的成長。與前幾季一樣，微軟仍然是我們主要的成長動力。在我們第一季取得的十大成功案例中，超過一半是與微軟共同完成的。在其中幾筆交易中，微軟預先提供了 Azure 投資資金，以協助加速交易達成​​。

I'll share more specifics as we turn now our attention to notable wins from the quarter. Our growth was again powered by adding new clients, expanding within existing clients and migrating clients to the cloud. We also continued to make traction in new markets, spanning across our verticals, products and global locations.

接下來，我們將重點放在本季的顯著勝利，稍後我會分享更多細節。我們的成長再次得益於新增客戶、拓展現有客戶業務、將客戶遷移到雲端。我們在新市場也持續取得進展，業務範圍涵蓋我們的各個垂直領域、產品和全球各地。

This quarter, we saw three notable trends driving wins in our legal vertical. First, the largest law firms continue to consolidate. In other words, the big firms keep getting bigger. They're taking a bigger share of the growing legal market, and they're going to continue to need an enterprise-class technology partner that can scale with them.

本季度，我們看到了三個顯著的趨勢推動了我們在法律領域的成功。首先，規模最大的律師事務所仍在持續合併。換句話說，大公司規模越來越大。他們正在不斷擴大法律市場的份額，他們將繼續需要一個能夠與他們共同擴展的企業級技術合作夥伴。

To cite an example, one of the 95 Am Law 100 firms we count as a client increased their contract for Intapp Conflicts, Intake, Terms, Time, Walls and Collaboration this quarter to accommodate its growing size.

舉例來說，我們客戶中排名前 95 的 Am Law 100 律師事務所之一，本季增加了其 Intapp Conflicts、Intake、Terms、Time、Walls 和 Collaboration 的合約金額，以適應其不斷增長的規模。

Second, our clients are adding additional Intapp solutions, including AI when they migrate to the cloud. For example, another Am Law 100 client started moving its Intake and Conflict solutions to the cloud while also augmenting its portfolio of Intapp solutions by upgrading to the newly released Intapp Time with GenAI on the Azure marketplace.

其次，當我們的客戶在遷移到雲端時，會增加額外的 Intapp 解決方案，包括人工智慧。例如，另一家 Am Law 100 強客戶開始將其客戶資訊取得和衝突解決方案遷移到雲端，同時透過升級到 Azure 市場上新發布的 Intapp Time with GenAI 來增強其 Intapp 解決方案組合。

And an Am Law 200 firm chose to move all of its Intapp solutions to the cloud, starting with Compliance. They purchased Intapp Assist to add GenAI capabilities to its Time, Terms and DealCloud solutions. The firm completed the purchase via the Azure marketplace using their existing MACC agreement.

一家美國律師協會排名前 200 名的律師事務所選擇將所有 Intapp 解決方案遷移到雲端，首先從合規解決方案開始。他們收購了 Intapp Assist，以在其 Time、Terms 和 DealCloud 解決方案中添加 GenAI 功能。該公司透過 Azure 應用程式市場，利用其現有的 MACC 協議完成了此次購買。

And third, current cloud clients are also growing their Intapp footprint. For example, Bryan Cave Leighton Paisner bought Billstream and added Intapp Assist to its Time contract, expanding their existing product portfolio of Intapp Compliance and Collaboration solutions.

第三，現有雲端客戶也不斷擴大在 Intapp 上的業務規模。例如，Bryan Cave Leighton Paisner 收購了 Billstream，並將 Intapp Assist 加入其 Time 合約中，從而擴展了其現有的 Intapp 合規和協作解決方案產品組合。

One of our Intapp Time GenAI early adopters also added Intapp Terms with Assist to enable comprehensive compliant time recording. These solutions add to the UK law firm's existing portfolio of Intapp Compliance solutions.

我們的一位 Intapp Time GenAI 早期採用者還添加了 Intapp Terms with Assist，以實現全面合規的時間記錄。這些解決方案豐富了這家英國律師事務所現有的 Intapp 合規解決方案組合。

In our accounting and consulting vertical, we saw continued modernization of compliance and timekeeping practices with many adding new products to their existing Intapp investments.

在我們的會計和諮詢垂直領域，我們看到合規和考勤實踐不斷現代化，許多企業在其現有的 Intapp 投資基礎上增加了新產品。

I'll share a couple of examples. One of the largest providers of tax, accounting and advisory services purchased Intapp Employee Compliance to complement its existing instances of intake and conflicts. And SEA Limited, a leading consulting firm in forensics analysis and investigations, added the new Intapp Time to its portfolio that includes Billstream, Conflicts and Intake.

我舉幾個例子。一家大型稅務、會計和諮詢服務提供者收購了 Intapp Employee Compliance，以補充其現有的客戶資訊收集和利益衝突處理系統。SEA Limited 是一家領先的法證分析和調查顧問公司，該公司在其產品組合中新增了 Intapp Time，該產品組合還包括 Billstream、Conflicts 和 Intake。

In our financial services verticals, firms continue to choose our purpose-built solutions for their industry-specific capabilities.

在我們的金融服務垂直領域，各公司繼續選擇我們為其行業特定功能量身定制的解決方案。

Here are some examples. A leading bulge bracket investment bank chose to replace a homegrown system with DealCloud for AI-enabled client coverage and deal execution that are attuned to the complexities of a multinational bank with complex clients. A mid-market PE firm moved from its legacy horizontal CRM to DealCloud with Intapp Assist as part of its AI-first approach to deal origination, deal sourcing and business development. Compass Capital chose DealCloud for AI-driven marketing, deal origination and relationship management capabilities.

以下是一些例子。一家領先的大型投資銀行選擇以 DealCloud 取代其自主開發的系統，該系統利用人工智慧技術來覆蓋客戶並執行交易，以適應擁有複雜客戶的跨國銀行的複雜性。一家中型私募股權公司從其傳統的橫向客戶關係管理系統 (CRM) 轉向 DealCloud，並藉助 Intapp Assist 實現其以人工智慧為先的交易發起、交易來源和業務發展策略。Compass Capital 選擇 DealCloud 是因為其具備人工智慧驅動的行銷、交易撮合和關係管理功能。

The firm is replacing disparate legacy systems with a unified solution designed for PE workflows. And a global investor and manager focused on real assets, selected DealCloud for its ability to improve investment process efficiency and manage complex transactions. In conclusion, we're proud of our strong performance in our first quarter, and we're optimistic about our continued growth opportunities.

該公司正在用專為私募股權工作流程設計的統一解決方案取代分散的舊系統。一家專注於實體資產的全球投資者和管理公司選擇 DealCloud，因為它能夠提高投資流程效率並管理複雜的交易。總之，我們對第一季的強勁表現感到自豪，並對未來的持續成長機會充滿信心。

As our Q1 performance has shown, we continue to grow by adding new capabilities to our platform and increasing our global and enterprise go-to-market reach. We see continued opportunity both to add new clients across a broad TAM and to deliver greater value by expanding within our existing client base.

正如我們第一季的業績所表明的那樣，我們透過為我們的平台增加新功能並擴大我們的全球和企業市場覆蓋範圍，不斷實現成長。我們看到，既有機會在廣大的潛在市場中增加新客戶，也有機會透過拓展現有客戶群來創造更大的價值。

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.

我們透過訂閱收入模式、產業專用雲端平台以及應用人工智慧和合規能力，服務於一個穩定的終端市場。我們擁有巨大的成長機會，可以在我們所服務的所有行業中推動人工智慧、雲端運算的採用和現代化。一如既往，我要感謝我們的客戶、合作夥伴、投資者、董事會以及Intapp全球團隊的合作與奉獻。

Thank you all very much. Okay. David, over to you.

非常感謝大家。好的。大衛，該你了。

Thank you, John, and thanks to everyone for joining us today. I'm pleased to report a solid start to fiscal 2026 with our first quarter performance. These results underscore the opportunity ahead as we prudently invest and execute against key market tailwinds, digitalization, cloud forward adoption and compliance-driven demand. Our Q1 execution reflects these dynamics and reinforces our confidence in driving sustained profitable growth this fiscal year and beyond.

謝謝你，約翰，也謝謝今天所有到場的各位。我很高興地報告，我們2026財年第一季的業績表現良好，為公司開了個好頭。這些結果凸顯了未來的機遇，我們將審慎投資並抓住關鍵的市場利好因素，包括數位化、雲端運算的普及以及合規性驅動的需求。我們第一季的業績體現了這些動態，並增強了我們對在本財年及以後實現持續獲利成長的信心。

Cloud annual recurring revenue surpassed $400 million in Q1, a 30% year-over-year increase as we expanded enterprise wallet share across our vertical markets. We excelled on both upsell and cross-sell activity this quarter while continuing to transition client spend to the cloud. We're also seeing strong progress in executing our vertical applied AI strategy with absolute growth in AI SKU ACV dollars and attach rates, while maintaining discipline in our operating model, proving that efficiency and leverage are tenable.

第一季雲端業務年度經常性收入超過 4 億美元，年增 30%，這得益於我們在各個垂直市場中擴大了企業錢包份額。本季我們在追加銷售和交叉銷售方面都表現出色，同時繼續將客戶支出轉移到雲端。我們在執行垂直應用人工智慧策略方面也取得了強勁進展，人工智慧 SKU ACV 美元和附加率均實現了絕對成長，同時保持了營運模式的嚴謹性，證明了效率和槓桿作用是可行的。

Let's begin with our fiscal Q1 results. SaaS revenue was $97.5 million, up 27% year over year, driven by new client acquisitions, contract expansions and ongoing migrations from on-premise products to the cloud. Cloud positive mix progression continued with SaaS now contributing 70% of total revenue, up more than 5 points year over year.

讓我們先來看看第一財季的業績。SaaS 營收為 9,750 萬美元，年增 27%，這主要得益於新客戶的取得、合約的擴展以及從本地部署產品向雲端的持續遷移。雲端運算業務組合持續向好發展，SaaS 目前貢獻了總營收的 70%，年增超過 5 個百分點。

License revenue totaled $29.2 million, up 2% year over year. The on-premise portion of our business continued to migrate toward cloud offerings, while legal client growth remained steady and in line with firm expansion. Professional services revenue was $12.3 million, down 8% year over year. Our partner ecosystem continues to help us prioritize long-term cloud growth by focusing on co-sell execution, client satisfaction and efficient implementation practices.

授權收入總計 2,920 萬美元，較去年同期成長 2%。我們業務的本地部署部分繼續向雲端服務遷移，而法律客戶的成長保持穩定，與公司擴張保持一致。專業服務收入為 1,230 萬美元，年減 8%。我們的合作夥伴生態系統透過專注於聯合銷售執行、客戶滿意度和高效的實施實踐，繼續幫助我們優先考慮長期雲端成長。

Total revenue was $139 million, up 17% year over year, driven primarily by strong demand for our cloud solutions.

總營收為 1.39 億美元，年增 17%，主要得益於市場對我們雲端解決方案的強勁需求。

Turning to our capital allocation. As announced in August, our Board authorized $150 million share repurchase program. During the first quarter, we repurchased $50 million or approximately 1.1 million shares, reflecting our confidence in long-term value of the business while maintaining a strong balance sheet. Our partner ecosystem continues to deepen its role in the go-to-market execution and client delivery.

接下來談談我們的資本配置。正如8月份宣布的那樣，我們的董事會批准了1.5億美元的股票回購計畫。第一季度，我們回購了價值 5,000 萬美元（約 110 萬股）的股票，這反映了我們對公司長期價值的信心，同時保持了強勁的資產負債表。我們的合作夥伴生態系統在市場推廣和客戶交付方面的作用不斷加深。

Partners are facilitating complex deals, opening new geographic opportunities, accelerating value realization and promoting platform adoption and retention. Our FY26 sales kickoff included a dedicated in-person partner track for the first time, a reflection of the expanding network opportunity. Year over year, co-sell growth in Q1 was strong, and we feel well positioned for even greater partner-driven contribution in FY26 and beyond.

合作夥伴正在促成複雜的交易，開拓新的地域機遇，加速價值實現，並促進平台採用和用戶留存。我們 2026 財年的銷售啟動活動首次設立了專門的面對面合作夥伴專場，這反映了不斷擴大的網路機會。與去年同期相比，第一季的聯合銷售成長強勁，我們感覺已經做好充分準備，在 2026 財年及以後，合作夥伴將做出更大的貢獻。

As we continue to focus on margins and operational efficiency, Q1 non-GAAP gross margin was 77.7%, up from 76.3% a year ago, reflecting continued mix shift in cloud efficiency gains. Non-GAAP operating expenses were $87.1 million compared to $75.6 million in the prior year period, largely reflecting go-to-market spend related to sales kickoff and targeted marketing initiatives as we entered the fiscal year as well as ongoing investments in our product-led growth strategy.

隨著我們持續關注利潤率和營運效率，第一季非GAAP毛利率為77.7%，高於去年同期的76.3%，反映出雲端效率提升帶來的持續結構轉變。非GAAP營運費用為8,710萬美元，而去年同期為7,560萬美元，這主要反映了我們進入本財年時與銷售啟動和有針對性的行銷活動相關的市場推廣支出，以及對我們以產品為主導的成長策略的持續投資。

Non-GAAP operating income was $20.9 million, up from $15.1 million in Q1 of last year. Non-GAAP diluted EPS was $0.24 compared to $0.21 in the prior year period. Free cash flow was $13.2 million for the quarter, defined as cash flow from operations less capital expenditures. Our cash and cash equivalents balance at the end of the quarter was $273.4 million, reflecting our $50 million share repurchase.

非GAAP營業收入為2,090萬美元，高於去年第一季的1,510萬美元。非GAAP稀釋後每股收益為0.24美元，而去年同期為0.21美元。本季自由現金流為 1,320 萬美元，定義為經營活動產生的現金流減去資本支出。截至本季末，我們的現金及現金等價物餘額為 2.734 億美元，反映了我們 5,000 萬美元的股票回購。

Turning to our key metrics. Cloud ARR increased 30% year over year, while total ARR grew 21% over the same period. Total remaining performance obligations, or RPO, was $715.2 million, up 30% year over year. Our increasingly enterprise-focused go-to-market motion showed continued progress in Q1, yielding at quarter end, 813 clients with ARR of at least $100,000, up from 707 in the previous year.

接下來我們來看關鍵指標。雲端 ARR 年成長 30%，而同期總 ARR 成長 21%。剩餘履約義務總額（RPO）為 7.152 億美元，年增 30%。我們日益以企業為中心的市場拓展策略在第一季取得了持續進展，截至季末，我們擁有 813 位 ARR 至少達到 10 萬美元的客戶，高於前一年的 707 位。

Our $100,000-plus ARR clients now comprise approximately 30% of our total clients of 2,750. Our cloud net revenue retention rate was 121% in the first quarter, demonstrating continued strong retention and strong upsell and cross-sell expansion among existing cloud clients. Now turning to our outlook.

年經常性收入超過 10 萬美元的客戶目前約占我們 2,750 位客戶總數的 30%。第一季度，我們的雲端淨收入留存率達到 121%，這表明現有雲端客戶持續保持強勁的留存率，並實現了強勁的追加銷售和交叉銷售成長。現在談談我們的展望。

For the second quarter of fiscal 2026, we expect SaaS revenue of between $100 million and $101 million, total revenue in the range of $137.6 million and $138.6 million. Non-GAAP operating income is expected to be in the range of $21.4 million to $22.4 million and non-GAAP EPS in the range of $0.25 to $0.27 using a diluted share count weighted for the quarter of approximately 84 million common shares outstanding.

我們預計 2026 財年第二季 SaaS 營收將在 1 億美元至 1.01 億美元之間，總營收將在 1.376 億美元至 1.386 億美元之間。根據季度約 8,400 萬股流通普通股的稀釋股數加權計算，預計非 GAAP 營業收入將在 2,140 萬美元至 2,240 萬美元之間，非 GAAP 每股收益將在 0.25 美元至 0.27 美元之間。

For the full year fiscal 2026, we expect SaaS revenue between $412 million and $416 million, total revenue in the range of $569.3 million and $573.3 million, non-GAAP operating income in the range of $97.7 million and $101.7 million and non-GAAP EPS in the range of $1.15 to $1.19 using a diluted share count weighted for the fiscal year 2026 of approximately 85 million common shares outstanding.

對於 2026 財年全年，我們預計 SaaS 收入在 4.12 億美元至 4.16 億美元之間，總收入在 5.693 億美元至 5.733 億美元之間，非 GAAP 營業收入在 9770 萬美元至 1.017 億美元之間，非 GAAP 每股收益在 9770 萬美元至 1.017 億美元之間，非 GAAP 每股收益在 9770 萬美元至 1.017 億美元之間，非 GAAP 每股收益在 1.19.1920 201.920 2019.1997.1997年（1.1962 202.1960 209.1992 之間，非 GAAP 每股收益。 8,500 萬股流通普通股的加權稀釋股份數）。

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

謝謝。現在我將把電話轉回給接線生。

(Operator Instructions) Kevin McVeigh, UBS.

（操作說明）凱文·麥克維，瑞銀集團。

Congratulations really on terrific results. John or Dave, I don't know who this is best for, but the net revenue retention, 121%, just really, really amazing. That was up from last quarter. Can you help us maybe understand what drove that a little bit, and maybe we could start there?

恭喜你取得如此優異的成績！約翰還是戴夫，我不知道這對誰最有利，但淨收入留存率高達 121%，真是太驚人了。這比上一季有所增長。您能否幫我們稍微了解一下是什麼原因導致了這種情況，或許我們可以從那裡開始？

Kevin, it's Dave. Yes, the team has done -- continue to do extremely well. We continue to make continued inroads both not only on the upsell, which is additional seats, but also a true cross-sell motion. And I think going back in time, last year, we introduced our true enterprise model, and we've continued to densify that around a lot of key accounts, and we're continuing to see a lot of success with our cloud offerings with that profile.

凱文，我是戴夫。是的，這支隊伍一直表現得非常出色，而且會繼續保持下去。我們不僅在追加銷售（即增加座位）方面不斷取得進展，而且在真正的交叉銷售方面也取得了進展。我認為，回顧過去，去年我們推出了真正的企業模式，並且我們一直在許多重要客戶周圍不斷強化這種模式，而且我們看到，憑藉這種模式，我們的雲端產品也取得了巨大的成功。

And so you just continue to see that general nature of how we've been going to market and been articulating and quite frankly, given some really good examples even in today's conversation point. As well as our churn continues to remain low single-digits. So our product adoption and delivery has been very welcomed by our respective clients, and we'll continue to make progress there.

因此，你會看到我們進入市場、闡述市場以及坦白說，即使在今天的討論點中，我們也給出了一些非常好的例子，這體現了我們一貫的市場策略。同時，我們的客戶流失率也一直維持在個位數低點。因此，我們的產品採納和交付受到了各自客戶的熱烈歡迎，我們將繼續在這方面取得進展。

That's helpful. And then obviously, the results continue to be terrific. There's obviously a lot of debate as to how GenAI could potentially impact your clients. As you've kind of started on the journey, have you seen any changes in behavioral around that where they're consuming maybe more, maybe less or shifts in terms of how you're charging just based on any behavioral changes from your client perspective?

那很有幫助。很顯然，結果依然非常出色。顯然，關於 GenAI 可能對您的客戶產生何種影響，存在著許多爭論。既然您已經開始了這段旅程，您是否觀察到客戶的行為發生了任何變化，例如消費量增加或減少，或者您是否根據客戶行為的變化調整了收費方式？

I mean, the numbers don't suggest that at all. If anything, it seems they get better, but just anything to help us kind of answer that question that we've gotten from our clients.

我的意思是，數據完全沒有顯示這一點。如果有什麼變化的話，那就是情況似乎有所好轉，但我們只是想找到一些資訊來幫助我們回答客戶提出的這個問題。

Thanks, Kevin. This is John. So we're big believers in what this generation of AI is going to bring to this end market. There's an incredible opportunity for these firms who are very knowledge-oriented in the way that they create value, either as investors or as advisors. And so we're putting a huge program behind extending our traditional machine learning generation AI with this GenAI generation technology.

謝謝你，凱文。這是約翰。因此，我們非常相信這一代人工智慧將為終端市場帶來什麼。對於那些以知識為導向創造價值的公司而言，無論是作為投資者還是顧問，都存在著巨大的機會。因此，我們正在大力推動一項計劃，利用 GenAI 生成技術擴展我們傳統的機器學習生成 AI 技術。

And we have a lot of expertise in the business to continue to do that. And you've seen a series of announcements from us over the past 18, 24 months of a sequential expansion of the GenAI generation throughout the platform. And the most recent one we talked about on this call was the time release, which has been very well received. It's interesting to get the feedback from the clients.

我們在該領域擁有豐富的專業知識，能夠繼續做到這一點。在過去的 18 到 24 個月裡，我們已經陸續發布了一系列公告，宣布 GenAI 世代將在整個平台上逐步擴展。我們這次電話會議上討論的最新一項是緩釋技術，這項技術受到了非常正面的評價。獲得客戶的回饋很有意思。

A lot of them are trying a lot of the different tools. We had an advisory board with our COOs and one of the leaders told me that she had nine different AI start-up tools that they were trying. So that's kind of where we are in the adoption cycle. From our perspective, we think there's a tremendous opportunity to leverage the position that we have developed over many years as the scaled compliant systems to bring GenAI into the workflows, we call it vertical AI and really differentiate from a lot of the more general horizontal systems that are being offered out there from some of the larger companies, but also in an integrated workflow that differentiates from some of the smaller companies that are working on more of a point solution approach.

他們很多人都在嘗試各種不同的工具。我們有一個由營運長組成的顧問委員會，其中一位領導告訴我，他們正在嘗試九種不同的 AI 新創工具。所以，這就是我們目前在產品推廣週期中所處的階段。從我們的角度來看，我們認為這是一個巨大的機會，可以利用我們多年來在規模化合規系統領域建立的地位，將 GenAI 引入工作流程。我們稱之為垂直 AI，它與一些大型公司提供的更通用的水平系統截然不同，而且其整合工作流程也與一些致力於點解決方案方法的小型公司有所區別。

And that's been very positively received from our advisory boards and our early adopters. I gave some examples of how our adoption is working. And this is historically how we have grown the company. We've had many years working with these firms and the advisory board system that helped build the company as a bootstrap business.

我們的顧問委員會和早期使用者都對此給予了非常正面的評價。我舉例說明了我們收養制度的運作。而這正是我們公司歷史上發展壯大的方式。多年來，我們一直與這些公司以及顧問委員會體系合作，幫助公司從白手起家發展壯大。

And we're doing the same thing with this GenAI generation. So it's a very deliberate strategy to look for the key value propositions that will enable us to roll GenAI out and monetize it.

我們對這一代人工智慧世代也採取了同樣的做法。因此，我們採取了非常審慎的策略，尋找能夠幫助我們推出 GenAI 並實現其獲利的關鍵價值主張。

Your question about charging. We have said that we have in our contracts the ability to meter in different ways. We already have revenue that comes both from a per user basis and from a firm size basis. And we are working with some of the early adopters on some other models that we'll hear more about as the fiscal year rolls on.

您關於充電的問題。我們在合約中已經明確規定，我們可以採用不同的計量方式。我們已經有了來自用戶數量和公司規模兩方面的收入。我們正在與一些早期採用者合作開發其他一些模型，隨著本財年的推進，我們將聽到更多關於這些模型的消息。

But I think there's a real opportunity to continue to leverage the existing relationships we have. And the firms are pretty excited to pay for it given some of the ROI that we can show. So we're optimistic about how this goes.

但我認為我們完全有機會繼續利用我們現有的關係。鑑於我們能夠展示的一些投資回報率，這些公司非常樂意為此付費。所以我們對事情的進展持樂觀態度。

Alexei Gogolev, JPMorgan.

阿列克謝‧戈戈列夫，摩根大通。

Given the very strong ARR and NRR acceleration, how much of this acceleration is coming from industry-specific changes like the one, John, you mentioned in market consolidation in legal? And how much is coming from macro tailwinds or perhaps that internal enterprise sales build-out and productivity improvement?

鑑於 ARR 和 NRR 的強勁成長，這種成長有多少來自於特定產業的變化，例如約翰你提到的法律產業的市場整合？其中有多少來自宏觀經濟的利好因素，又有多少來自企業內部銷售拓展與生產力提升？

Thank you, Alexei. I think it is a combination of several of those trends. So there's definitely a set of trends in each of the industries that is helping us at the enterprise level. As I mentioned, the law firms have a consolidation trend going on. In the accounting industry, there is a trend where the private equity firms are coming in and investing in the midsized accounting firms and basically rolling them up.

謝謝你，阿列克謝。我認為這是幾個趨勢的綜合作用。因此，各個行業都存在一些趨勢，這些趨勢正在幫助我們在企業層面取得成功。正如我之前提到的，律師事務所正在經歷整合的趨勢。在會計行業，有一種趨勢是私募股權公司進入並投資中型會計事務所，然後基本上將它們收購或合併。

So they're becoming more enterprise class pretty quickly. And they have a strong technology need and in particular, a strong compliance need because now you have, for the first time, private equity owners of these professional firms and the compliance issues are very meaningful there. So that's helping us. There are a couple of regulatory things that are happening. I mentioned on an earlier call what's happening in places like Australia with some of the AML regulations.

所以它們正迅速向企業級產品轉型。他們對技術有著強烈的需求，尤其是對合規性有著強烈的需求，因為現在這些專業公司首次有了私募股權所有者，合規性問題在那裡非常重要。這對我們有幫助。有幾項監管方面的新措施正在進行中。我在之前的電話會議中提到過澳大利亞等地的一些反洗錢法規的情況。

And then the private equity industry is continuing its secular growth. So the firms are getting bigger. They're raising larger funds, and they're taking more share from the public market. So we're very well positioned in several of these macro trends. I think from a technology transformation perspective, we're continuing to follow the digital transformation trend that you all have studied in a lot of the other markets for a long time.

然後，私募股權行業繼續保持長期成長勢頭。所以這些公司規模越來越大。他們正在籌集更多資金，並從公開市場奪取更多份額。因此，我們在幾個宏觀趨勢中都佔據了非常有利的地位。我認為從技術轉型的角度來看，我們正在繼續遵循你們在許多其他市場長期研究過的數位轉型趨勢。

It was slower to come to this market. And we're benefiting from the fact that these firms are really committed now to getting to the cloud, particularly after COVID, and you hear us give examples of that accelerating. So we're excited about that for us. And then finally, this AI conversation that we just talked about is definitely causing people to take a new look at their IT portfolio and how are they going to position themselves to make sure they compete in this era when AI is going to play a meaningful role in the operation of the firms.

它進入這個市場的速度比較慢。我們正受益於這些公司現在真正致力於遷移到雲端，尤其是在新冠疫情之後，你們也會聽到我們舉例說明這種趨勢正在加速發展。所以，我們對此感到很興奮。最後，我們剛才討論的人工智慧話題無疑正在促使人們重新審視他們的 IT 組合，以及他們將如何定位自己，以確保在人工智慧將在公司營運中發揮重要作用的時代保持競爭力。

So there are several overall drivers, I think, that are supporting that NRR and ARR growth.

我認為，有幾個總體因素在支撐淨經常性收入 (NRR) 和年度經常性收入 (ARR) 的成長。

And Dave, considering the strong dynamic for ARR, do you feel like the guidance that you've given is somewhat conservative? It looks like you've raised full year outlook by less than the Q1 beat. Can you maybe elaborate on that?

Dave，考慮到 ARR 的強勁成長勢頭，你覺得你給出的指導意見是否有些保守？看來你們上調全年預期的幅度小於第一季業績超預期的幅度。能詳細解釋一下嗎？

Yes. We're always going to show a series of prudence here as we exit not only this year, but then going into next year. So that's one. Two, we're definitely cloud-focused, SaaS-focused. We do have some moving parts going on with both services and with license, but we feel that we provided a very prudent guide that just lets us keep our heads down and execute accordingly.

是的。我們不僅在今年結束之際，而且在邁入明年之際，都會始終保持謹慎的態度。這是其中之一。第二，我們絕對是專注於雲端運算和SaaS的。我們目前在服務和許可證方面都有一些變動，但我們覺得我們提供的指導方針非常謹慎，讓我們能夠腳踏實地，按部就班地執行。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

John, clearly showing a lot of progress here in the percentage of business from cloud from an ARR perspective. For those holdouts that you're seeing today with the amount of innovation you're delivering from an AI perspective, what are the common reasons that people are continuing to stick on-premise? And do you think AI is becoming that tipping point that can perhaps accelerate their decision-making to move to cloud more quickly?

約翰，很明顯，從 ARR 的角度來看，來自雲端業務的百分比取得了很大的進步。鑑於你們在人工智慧領域提供的創新成果，對於那些仍然堅持使用本地部署方案的用戶，常見的原因是什麼？你認為人工智慧是否會成為促使他們更快地向雲端遷移的轉捩點？

Thanks, Parker. I do think the trend is strong and accelerating because a lot of the traditional impediments that help back this industry have kind of been tackled. There were some regulatory requirements that people needed, but a lot of the capabilities of our partner, Microsoft now to meet the different hosting requirements in each of the jurisdictions have been solved. Lot most of the firms that we serve, certainly the enterprise class firms are operating in more than one regulatory jurisdiction. So that was an important part.

謝謝你，帕克。我認為這一趨勢強勁且正在加速發展，因為許多阻礙該行業發展的傳統障礙都已解決。雖然有一些監管要求需要滿足，但我們的合作夥伴微軟現在能夠滿足各個司法管轄區不同的託管要求，這方面的能力已經得到了很大程度的提升。我們服務的大多數公司，尤其是大型企業，都在多個監管轄區內運作。所以這是很重要的一環。

I think the Microsoft partnership overall has really helped us in that regard at the larger end of the market. I think now AI has absolutely captured the attention of the firms, but they really are experimenting in a lot of places and looking for an experienced partner that they can trust. And particularly for this market, where we're focused, the compliance questions about how do they make sure that they respect client confidentiality and the incredible importance to each of them, sometimes from a pure regulatory point of view around how do you manage MNPI inside these large firms and make sure that it doesn't get accidentally shared, over shared inside the firm.

我認為，整體而言，與微軟的合作確實在高端市場對我們大有裨益。我認為現在人工智慧已經完全引起了企業的關注，但他們確實在許多方面進行試驗，並尋找值得信賴的經驗豐富的合作夥伴。尤其對於我們關注的這個市場而言，合規性問題在於他們如何確保尊重客戶的機密性，這對他們每個人來說都至關重要，有時從純粹的監管角度來看，就是如何在這些大型公司內部管理重大公開信息，並確保這些信息不會在公司內部意外洩露或過度洩露。

And then how do you make sure that the firm's intellectual property of history of knowledge and experience, which is really what forms the basis of these firms' ability to compete and differentiate themselves. How do you make sure that, that is something that you can manage and use for the firm's proprietary advantage going forward? These are all key issues for these firms as they look at a lot of these solutions.

那麼，如何確保公司的智慧財產權，也就是歷史知識和經驗，才是這些公司競爭和脫穎而出的基礎呢？如何確保這是你可以管理和利用的，從而為公司未來的發展帶來專有優勢？這些都是這些公司在研究各種解決方案時需要考慮的關鍵問題。

And we've been very focused on continuing our strong position in compliance and information governance and confidentiality as the key partner to enable them to deploy AI in a trusted way to really get the value of it in a way that's consistent with the obligations that they have from regulations, but also from their professional obligations. And that's playing well. So I think that we have a great opportunity to continue to pull people to the cloud now.

我們一直非常注重保持我們在合規、資訊治理和保密方面的強大地位，作為關鍵合作夥伴，幫助他們以值得信賴的方式部署人工智慧，真正獲得其價值，同時又符合他們從法規和職業義務中應承擔的責任。這說明發揮得很好。所以我認為我們現在有很大的機會繼續引導人們遷移到雲端。

The final piece is just the IT budget and prioritization of all the projects that they're doing this year. It's become less and less of an argument against as much as a practical how do we plan for this. And so we're working with each of our clients with our account plans and our teams to make sure that we get in line and make sure we're at the front of the line with the AI story to help them make this move. And you're seeing some examples of that, that we shared with you.

最後一部分就是IT預算以及他們今年所有專案的優先順序。這與其說是反對的理由，不如說是我們應該如何為此做好計劃的實際問題。因此，我們正在與每位客戶合作，透過我們的帳戶計劃和團隊，確保我們步調一致，確保我們在人工智慧領域走在前列，幫助他們實現這一轉變。現在您看到的正是我們與您分享的一些例子。

Makes sense, John. And Dave, maybe one for you. As you lean more into partners, you alluded to this more moderated pace of professional services revenue growth. Would you expect that trend to continue here in fiscal '26? And given that, would the somewhat of a pressure that we saw in gross margins professional services also come with that? Or do you expect utilization rates to sort of normalize here?

約翰，你說得有道理。戴夫，也許這件也適合你。隨著你越來越依賴合作夥伴，你也暗示了專業服務收入成長速度將趨於放緩。您認為這種趨勢在 2026 財年會持續嗎？有鑑於此，我們在專業服務毛利率方面看到的某種壓力是否也會隨之而來？還是您預計這裡的使用率會趨於正常化？

So on the margin pressure, we expect that to moderate here through the back half of the year. So plenty of planning and activity there. With respect to revenue, we're always playing the trade-offs of building the ecosystem as well as what gets delivered without -- gets delivered internally without losing the aspect of the customer first.

因此，我們預計下半年利潤率壓力將有所緩解。所以那裡有很多計劃和活動。就收入而言，我們始終在權衡建立生態系統以及在不犧牲客戶利益的前提下，在內部交付哪些內容。

And so that's always going to be relatively tricky balance that we're trying to make game-day decisions on and then with respect to the margins that follow. And so I think from a longer-term perspective, you want to model around 10% of revenue to be in our services, but that could deviate a point or two here or there as you modulate through the respective quarters.

因此，這始終是一個相對棘手的平衡問題，我們需要在比賽日做出決定，並考慮後續的各種因素。因此，我認為從長遠來看，我們希望服務收入佔比達到 10% 左右，但隨著各季度的調整，這個比例可能會有幾個百分點的偏差。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Maybe the first one on AI and looking at your two target verticals, the financial services and professional services, of the two, which are more open to adopting AI tools today? And for the other one that maybe is less open, what do you think is the catalyst or trigger within this specific vertical to drive more AI adoption?

或許可以先從人工智慧著手，看看你們的兩個目標垂直領域──金融服務和專業服務，這兩個領域中，哪個比較容易接受人工智慧工具？至於另一個可能不太開放的領域，您認為在這個特定垂直領域中，推動人工智慧更廣泛應用的催化劑或觸發因素是什麼？

Thanks, Koji. The market generally is super excited about the AI opportunity, particularly because so much of what these folks do is in the style of research. And a lot of the first tools that have come out have helped people to look into the outside world and research what's available on the Internet and take a point of view on that. It's very familiar to a lot of the work that a lot of the folks inside these organizations do.

謝謝你，Koji。市場普遍對人工智慧的機會感到非常興奮，尤其因為這些人所做的許多工作都屬於研究範疇。許多最早出現的工具都幫助人們了解外在世界，研究網路上可用的資源，並形成自己的觀點。這與這些組織內部許多人所做的工作非常相似。

So there's a lot of enthusiasm for what it can do to help them. As they try to bring those experiences and integrate them into the overall management workflows of the firm, they're needing to integrate more and more with the proprietary data of the firm, with the governance practices of the firm, with the financial management, operational management requirements of the firm.

所以大家對它能帶給他們的幫助充滿熱情。當他們試圖將這些經驗融入公司的整體管理工作流程時，他們需要越來越多地與公司的專有資料、公司的治理實務、公司的財務管理和營運管理要求進行整合。

And I think this is what's pulling us in at the top of the leadership group to say, how can we help them orchestrate the role of AI across the various activities that people are trying inside the firm and do so in a compliant way and in a governed way and take advantage of a lot of the firm's proprietary knowledge in our industry graph data model and other sources inside the firm to help them really get the full value for the institution out of this style of adoption.

我認為，正是這一點促使我們領導層高層思考：如何幫助他們協調人工智慧在公司內部各種活動中的作用，並以合規和受監管的方式進行，同時利用公司在行業圖數據模型和其他內部資源中的大量專有知識，幫助他們真正從這種採用方式中獲得機構的全部價值。

I think there's different flavors of that in the law firm side, we make this distinction, which is kind of a classic distinction between the practice of law and the business of law. Historically, Intapp has been very much helping the firms as a whole orchestrate their business. And so that's sort of an angle inside that firm.

我認為在律師事務所這邊，情況有所不同，我們對此進行了區分，這可以說是法律實務和法律商業之間的一種經典區別。從歷史上看，Intapp 一直大力幫助企業整體協調其業務。所以，這算是這家公司內部的一個角度。

There's an analogous case though, on the financial services side, where firms are really focused on the process of sourcing and origination of business, which is completely analogous to what we're doing in professional services.

不過，在金融服務領域也有類似的情況，那裡的公司非常注重業務的開發和拓展，這與我們專業服務領域所做的完全類似。

So I think rather than contrast the two, I would say it's more about the vertical AI solutions, the category solutions and how are the firms going to think about AI overall as a program of improving productivity in a compliant way for all of the players inside the organization. That's our focus.

所以我認為，與其比較這兩者，不如說更重要的是垂直領域的 AI 解決方案、類別解決方案，以及企業將如何看待 AI 整體，將其視為一個以合規的方式提高組織內所有參與者生產力的項目。這是我們的重點。

Got it. No, that's super helpful. And a follow-up here for David. I focus a lot -- we focus a lot on ARR and specifically cloud ARR and great to see the acceleration there. But I can't help look at my model and notice billings and just looking at kind of mid-high teens growth in total billings, but also a lot of volatility in that quarterly billings, the calculated billings metrics.

知道了。不，這太有幫助了。這裡還有個後續問題想問大衛。我們非常關注年度經常性收入 (ARR)，特別是雲端 ARR，很高興看到這方面的成長加速。但我忍不住查看我的模型，注意到帳單金額，總帳單金額的成長幅度在10%到20%之間，但季度帳單金額（計算出的帳單金額指標）的波動性也很大。

Maybe help us understand some of the puts and takes there? And is there the potential for billings to start to smooth out here in the coming quarters?

或許可以幫我們理解那裡的一些買賣交易？未來幾季，帳單狀況是否有可能趨於平穩？

Good question. So yes, we do see it smoothing out in 6 to 9 months, really getting through things such as services, which has a lot of fixed fee, getting through some of these license, which you get half upfront at times with ASC 606. And so as those things transition, so too will the noise. You also have to -- just with respect to Q1 of '26, if you look at the DRs, right, going from the deferred revenue of almost an all-time high or actually an all-time high in Q4 of '25 coming down to Q1 of '26, $259 million down to $239 million.

問得好。所以，是的，我們確實看到這種情況會在 6 到 9 個月內趨於平穩，真正解決諸如服務等問題（其中有很多固定費用），以及解決一些許可證問題（有時根據 ASC 606，您可以預付一半費用）。隨著這些事物的變化，噪音也會隨之改變。你還得——就 2026 年第一季而言，如果你看一下遞延收入報告，對吧，從 2025 年第四季幾乎創歷史新高（或實際上是創歷史新高）的遞延收入，到 2026 年第一季度，從 2.59 億美元下降到 2.39 億美元。

But then if you look at that year over year, the $239 million up over the $205 million, I mean, you are seeing pure growth within that number. And so we think it's on the right trajectory.

但是，如果你看一下同比數據，2.39 億美元比 2.05 億美元有所增長，我的意思是，你會看到這個數字純粹是增長。所以我們認為它正朝著正確的方向發展。

Terry Tillman, Truist.

Terry Tillman，Truist。

This is Dominique Manansala on for Terry. So considering fiscal Q2 and Q4 tend to be the stronger ARR quarters with the client fiscal cycles and the renewal base, as your mix shifts more into enterprise with the new enterprise sales group, do you expect that seasonality to intensify or maybe flatten a bit as your deal sizes grow?

這是多米尼克·馬南薩拉替特里上場。考慮到第二季度和第四季度通常是 ARR 業績較好的季度，這與客戶的財政週期和續約基礎有關，隨著新的企業銷售團隊的成立，您的業務組合更多地轉向企業客戶，您預計隨著交易規模的增長，這種季節性波動會加劇還是會略有趨於平緩？

Apologies. I was trying to get my phone off mute. No, we view the same seasonal patterns with both of our -- whether it be mid-market or enterprise. It just lands naturally with our end clients year-end. And so where you see some of the incremental could be budget flush either through the respective calendar year-end and/or through -- halfway through the year when the budgets are allocated.

抱歉。我當時正試著把手機從靜音模式調出來。不，無論是中端市場還是企業市場，我們都觀察到相同的季節性模式。它自然而然地就成為了我們終端客戶年末的必備工具。因此，您看到的一些增量可能是預算盈餘，要么在相應的日曆年末，要么在年中預算分配時實現。

And so that's kind of what we're selling into at more and more of these enterprise accounts. And so we don't see that deviating. We also don't see it intensifying because we have been part and part selling to a lot of these larger enterprise accounts, but now we're just doing it more formally. And so yes, we'll continue to maintain that asymptote.

所以，這就是我們越來越常向企業客戶銷售的產品類型。因此，我們沒有看到這種情況發生改變。我們也沒有看到這種情況加劇，因為我們一直以來都是以部分銷售的方式向許多大型企業客戶銷售產品，但現在我們只是更正式地進行銷售了。所以，是的，我們將繼續保持這條漸近線。

Got it. And then just as a follow-up, now that Intapp has surpassed $500 million in revenues entering this next phase of evolution looking towards the $1 billion revenue narrative, what are the one or two most important execution levers that kind of move the company towards that next major scale milestone? I guess I'm thinking maybe deeper product attach, product leverage or maybe continued vertical expansion.

知道了。那麼，作為後續問題，既然 Intapp 的收入已經超過 5 億美元，進入了下一個發展階段，朝著 10 億美元的收入目標邁進，那麼推動公司邁向下一個重大規模里程碑的最重要一兩個執行槓桿是什麼呢？我想，或許可以考慮更深入的產品附加價值、產品槓桿作用，或是繼續垂直擴張。

Yes. So we have a couple of ways to win here. On one hand, we have enough clients today. We talked about this a little bit at our Investor Day that if we just sold through a percentage of what we have on offer today, we could get the company to $1 billion and much more. And alternatively, it's a large underserved TAM, and we're landing new clients each quarter and each year. And if we just did that with the deal sizes that we're showing, we could get to $1 billion that way.

是的。所以我們有兩種取勝之道。一方面，我們現在有足夠的客戶。我們在投資者日上稍微談到這一點，如果我們今天出售一部分股份，就能使公司市值達到 10 億美元甚至更多。或者說，這是一個尚未充分服務的龐大市場，我們每季和每年都在獲得新客戶。如果我們按照目前展示的交易規模進行操作，就能達到 10 億美元。

So there's actually a very large opportunity for us. This market is very interesting because it's 3% of the global economy and has traditionally been overlooked by the horizontal players. So the vertical strategy across the technology generations has been a key angle for us. And a lot of the capabilities that we've developed like the compliance point transcend each of the technology generations.

所以，這對我們來說其實是一個很大的機會。這個市場非常有趣，因為它佔全球經濟的 3%，而且歷來被橫向市場參與者所忽視。因此，跨技術世代的垂直策略一直是我們的關鍵角度。我們開發的許多功能，例如合規性，都超越了每一代技術。

And now we're doing it with vertical AI. So I think there's a great opportunity for us to grow to that number. I think some of the execution levers include the continued success of our clients and the cross-sell and the upsell, continued landing of new clients based on our strong reputation and continued innovation. It's a huge opportunity. It's historically for us been very client-driven. We're a bootstrap company.

現在我們正在利用垂直人工智慧來實現這一點。所以我認為我們有很大的機會發展到那個規模。我認為一些執行槓桿包括客戶的持續成功、交叉銷售和向上銷售、基於我們強大的聲譽和持續創新而不斷獲得新客戶。這是一個絕佳的機會。從歷史上看，我們一直都非常注重客戶需求。我們是一家白手起家的公司。

We have an advisory board systems. People help us understand what it is that if we build for them, they will pay for. And that relationship goes back 15 to 20 years in some firms. They really do trust us to be the people to bring them to the AI generation. So executing on that, continuing that core capability of innovation directly to this market, I think, will really help us. And then I think just continued talent.

我們設有顧問委員會制度。人們幫助我們理解，如果我們為他們建造什麼，他們會付錢。在某些公司，這種合作關係可以追溯到 15 到 20 年前。他們真的信任我們，相信我們能夠帶領他們邁向人工智慧時代。因此，我認為，將這種核心創新能力直接應用於這個市場，並加以執行，將對我們大有裨益。然後我覺得就是天賦的持續發揮。

As we grow, we've had a great opportunity to bring more and more great talent into the business, people who have seen larger and larger scale, people from the firms themselves who really bring the expertise. It's a unique group that we've assembled that really understands how to bring this next generation of technology to this specialized end market. So those are some of the key points.

隨著我們的發展，我們有很好的機會將越來越多的優秀人才引入公司，這些人見識過越來越大的規模，他們來自公司內部，真正帶來了專業知識。我們組建了一支獨特的團隊，他們真正了解如何將下一代技術引入這個專業的終端市場。以上就是一些關鍵點。

Alex Sklar, Raymond James.

Alex Sklar，Raymond James。

John, on the international opportunity and some of the commentary around expanding global reach, you've got the partner in Microsoft globally. What's the opportunity you see internationally broadly versus what's been a string of really strong quarters in the US?

約翰，關於國際機會以及一些關於擴大全球影響力的評論，你們在全球範圍內都有像微軟這樣的合作夥伴。您認為從國際市場整體來看，有哪些機會？相比之下，美國市場最近幾季表現強勁。

And maybe for Dave, how much investment do you think is needed either from a product standpoint or go-to-market side given some of the partners you already have in place for that opportunity?

對 Dave 來說，考慮到你已經為這個機會找到了一些合作夥伴，你認為從產品角度或市場推廣角度需要多少投資？

Thanks, Alex. About 30% to one-third of our business has been international historically. That has been a growing footprint around the world. We have a strong business in the UK, obviously, Australia, New Zealand, where we started, Canada, where we started. But increasingly, good footprint in Continental Europe.

謝謝你，亞歷克斯。從歷史上看，我們約有 30% 到三分之一的業務是國際業務。這在全球範圍內的影響力日益增強。我們在英國、澳洲、紐西蘭（我們的發源地）、加拿大（我們的發源地）都擁有強大的業務。但它在歐洲大陸的影響力日益增強。

The Nordics have done a lot recently. We opened a Singapore office last year. The team there, I just visited them this past quarter, a fantastic group of people that have brought on some incredible clients and a huge opportunity there. I mentioned in our partner ecosystem, we've added more and more partners that help us reach into parts of the world that we haven't set ourselves up yet.

北歐國家最近做了很多事。我們去年在新加坡開設了辦事處。我上個季度剛拜訪過那裡的團隊，他們是一群非常棒的人，已經吸引了一些非常優秀的客戶，並帶來了巨大的發展機會。正如我之前提到的，在我們的合作夥伴生態系統中，我們增加了越來越多的合作夥伴，幫助我們拓展到我們尚未涉足的世界地區。

The one we talked about here was a group that's helping us expand into the Spanish-speaking countries. We're excited about that. We have another recent partner that's come on board to help us with the Portuguese-speaking countries. So I think there's a lot of opportunity for us to continue to move in that direction, and it's a huge part of the TAM that we've just begun to kind of enter.

我們在這裡談到的是一個幫助我們擴展到西班牙語國家的組織。我們對此感到興奮。我們最近又新增了一位合作夥伴，幫助我們拓展葡語國家市場。所以我認為我們有很多機會繼續朝著這個方向發展，而這正是我們剛開始涉足的TAM（總潛在市場）中的一個重要部分。

Yes. And then with respect to the incremental investment, Alex, it's been pretty nominal thus far. We don't need to get into things as localization or any arduous local statutories from where a lot of our clients serve. And so it's just a matter of, if anything, just the opportunity cost of us addressing so many respective opportunities within our SAM and TAM. So it's just a matter of pacing and planning.

是的。至於新增投資，Alex，到目前為止，投資金額非常少。我們無需深入探討在地化或我們許多客戶所在地區的任何繁瑣的當地法規。因此，問題僅僅在於，如果我們要考慮SAM和TAM中如此多的相關機會，那麼這些機會的成本是多少。所以這只是節奏和計劃的問題。

Okay. Great color. And maybe just following up in terms of direct sales hiring. You talked about some of the partner opportunity, but you talked about putting more wood on the fire this year after some of the structural changes last year. Can you just help frame like the magnitude of hiring plans this year versus maybe what you did last year? Where are those sales resources going? And then any color on kind of timing of the hiring plans this year?

好的。顏色很棒。或許還可以跟進一下直接銷售招聘方面的工作。您談到了一些合作機會，但您也談到在去年進行了一些結構性調整之後，今年要加大投入。您能否幫忙描述今年的招募計畫規模與去年相比如何？這些銷售資源都去哪了？那麼，關於今年的招募計畫時間安排，您有什麼具體資訊嗎？

Sure. We are focused on growing the enterprise group that we announced at the beginning of '25, the organization there. That's really showing some traction. I talked about our land of one of the bulge bracket investment banks this quarter, which we were super excited to be able to do as a direct result of that organizational evolution and putting more density of the team against some of these really vast institutions.

當然。我們專注於發展我們在 2025 年初宣布成立的企業集團及其組織。這確實顯示出了一些效果。本季我談到了我們公司成為一家大型投資銀行的領地，我們非常興奮能夠做到這一點，這直接得益於組織架構的演變，以及團隊密度的增加，從而與一些規模龐大的機構展開競爭。

We are adding some capacity, continuing to do that during fiscal '25, leading -- I'm sorry, during fiscal '26, leading into fiscal '27. So there's still an opportunity for us to continue to grow that footprint. We think that there is a large enterprise class set of firms. And as I mentioned earlier in the call, they themselves are scaling through M&A or through hiring or in a very leveraged way through growth of revenue or assets under management.

我們正在增加一些產能，在 2025 財年期間繼續這樣做，然後——抱歉，是在 2026 財年期間，一直到 2027 財年。因此，我們仍然有機會繼續擴大市場份額。我們認為存在大量企業級公司。正如我之前在電話會議中提到的，他們本身也在透過併購、招募或以槓桿方式透過收入或資產管理規模的成長來擴大規模。

And there's a real opportunity for us to be the strategic vertical-specific compliant AI generation technology partner for these growing enterprise class firms. So you're just going to hear more and more about what we're doing in that direction.

我們有機會成為這些不斷成長的企業級公司在垂直產業特定領域內合規的人工智慧生成技術合作夥伴。所以，你們將會聽到越來越多關於我們在這方面所做工作的消息。

Steve Enders, Citi.

史蒂夫恩德斯，花旗集團。

Okay, great. I want to ask on the Microsoft partnership, and I appreciate the call out for the large deal contribution. But I guess with Microsoft, maybe how are the deals that are coming through that partnership? How are they different? Like are they creating or anything newer opportunities that you weren't in before?

好的，太好了。我想問一下關於微軟合作的問題，感謝您特別提及這筆巨額交易。但我想，微軟透過與微軟的合作達成的交易情況如何？它們有何不同？他們是否創造了你以前沒有接觸過的新機會？

Are they bigger? Are they coming in faster? Just how do we kind of think about how Microsoft maybe changes some of those dynamics versus maybe what you would have seen historically?

它們更大嗎？它們進場速度更快嗎？我們該如何看待微軟可能會改變這些動態，以及它與歷史上的情況有何不同？

Thanks, Steven. The relationship with Microsoft is an exciting one for us because they've got such an incredible relationship already with these firms in our end market. They have a very strong relationship with IT and a lot of the firms have committed to Azure as, if not the, a core pillar of their cloud strategy.

謝謝你，史蒂文。對我們來說，與微軟的合作關係令人興奮，因為他們已經與我們終端市場中的這些公司建立了非常良好的關係。他們與 IT 部門有著非常緊密的聯繫，許多公司都將 Azure 作為其雲端策略的核心支柱，甚至是唯一支柱。

We have a relationship with Microsoft on multiple levels. There's a technology relationship, strong in AI and a lot of the collaboration capabilities that we brought to market over the past couple of years. We have a strong marketing relationship where we work with them and co-present and co-market to all of the clients in the marketplace that really helps us.

我們與微軟在多個層面都有合作關係。我們在技術方面有著緊密的聯繫，尤其是在人工智慧和過去幾年我們推向市場的許多協作能力方面。我們與他們建立了牢固的行銷關係，我們與他們合作，共同向市場上的所有客戶進行展示和共同行銷，這真的對我們很有幫助。

And then we have a co-selling relationship. There's a lot of components to that. One of them is that all of our offerings are available on the Azure marketplace. So the firms can buy all of Intapp's platform through the Azure marketplace. That has benefits for them under their Microsoft agreement.

然後我們建立了合作銷售關係。這其中包含很多面向。其中之一是，我們所有的產品和服務都可以在 Azure 市場上找到。因此，這些公司可以透過 Azure 市場購買 Intapp 的整個平台。根據他們與微軟的協議，這對他們有好處。

If they have a minimum Azure contract spend agreement, they can burn that down by buying Intapp's software through their MACC agreement. That helps us take the budget issue off the table in our sales because they're already committed to spending X amount with the firms every year. We also are working with Microsoft on many accounts where they will provide Azure credit upfront to incentivize the firms to move. That's really helped us in several situations.

如果他們與 Azure 簽訂了最低消費協議，他們可以透過 MACC 協議購買 Intapp 的軟體來消耗掉這筆費用。這有助於我們在銷售中消除預算問題，因為他們已經承諾每年向這些公司支出 X 金額。我們也在許多專案中與微軟合作，他們將預先提供 Azure 信用額度，以激勵企業遷移。這在很多情況下都對我們很有幫助。

And just co-selling with Microsoft has helped us with wins competitively because people feel like we're really tied at the hip in a lot of these key technology areas that the firms need to integrate. And so that's helped us. And then the field, the Microsoft field gets quota relief when Intapp sells its products. So we have a growing person-to-person relationship across the Intapp field and the Microsoft field when calling on these accounts.

與微軟合作銷售幫助我們在競爭中獲勝，因為人們覺得我們在公司需要整合的許多關鍵技術領域緊密相連。所以這對我們有幫助。然後，當 Intapp 出售其產品時，微軟領域就能獲得配額減免。因此，在拜訪這些客戶時，我們在 Intapp 領域和微軟領域之間建立了日益密切的個人關係。

To your question, sometimes we are getting leads from those sellers at Microsoft. We're very excited about that. Sometimes we find the opportunity with our direct force, but we can call the Microsoft seller and they will come in and endorse us and co-sell with us. So it works in both directions.

關於您的問題，有時我們會從微軟的銷售人員那裡獲得銷售線索。我們對此感到非常興奮。有時我們能透過自身的力量發現機會，但我們可以聯絡微軟的銷售人員，他們會來支持我們，並與我們共同銷售。所以它是雙向的。

But overall, it's become a very collaborative process, and we're very excited about the influence that that's having on the funnel in terms of size and speed and deal size and win rate is great.

但總的來說，這已經變成了一個非常協作的過程，我們對它對銷售漏斗在規模、速度、交易規模和成交率方面產生的影響感到非常興奮。

Okay. That's great to hear. And maybe to follow up, just in terms of, I guess, margin, I mean, good to see the operating margin beat this quarter, but I guess it doesn't look like it's -- not much is flowing through to the full year guide. Just can you help us think through like factors that are being included in there? Was there some timing dynamics or some things -- some investments may be being pushed out this year?

好的。聽到這個消息真是太好了。或許可以補充一點，就利潤率而言，我的意思是，很高興看到本季的營業利潤率超出預期，但我想這似乎並沒有對全年業績指引產生太大影響。您能否幫我們思考一下其中所包含的這些因素？是否存在一些時間安排上的變數或其他因素——例如，今年的一些投資可能會被推遲？

We're continuing to invest in respectfully, our product innovation and go-to-market. We had a really good strong F Q4. We articulated that we were going to be a little bit front-end loaded with some specific marketing events. We've had great success in this first quarter. And so we're going to continue to invest in our -- in the motions that we've been demonstrating to the investment community.

我們將繼續以尊重的態度投資於產品創新和市場推廣。我們第四季財務業績非常強勁。我們明確表示，我們將在前期投入一些精力，進行一些特定的行銷活動。我們在第一季取得了巨大的成功。因此，我們將繼續投資於我們一直在向投資界展示的舉措。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

David, maybe for you, great to see the growth in cloud net new ARR. Can you just talk about how much the on-prem conversions are maybe contributing to that? And from the conversions that you have seen, what's the typical uplift that you've been getting on those?

David，或許對你來說，看到雲端業務新增年度經常性收入的成長是件好事。您能否談談本地部署轉換率對其中的貢獻有多大？從你所看到的轉換率來看，你通常能獲得多大的提升？

Yes. So we're seeing about a 20% to 30% uplift just through more seats and/or the opportunities to continue to cross-sell. So once we get that moved over and track compliance and all of that other dynamics settle in. And obviously, we're delivering true value for that as well because they are getting inherent different code set that offers a lot more product attributes. So that's one.

是的。因此，僅透過增加座位數和/或繼續交叉銷售的機會，我們就看到了大約 20% 到 30% 的成長。所以一旦我們把這些轉移過來，追蹤合規情況以及所有其他動態因素都穩定下來。顯然，我們也為此提供了真正的價值，因為他們獲得了不同的程式碼集，提供了更多的產品屬性。這是其中之一。

On the respectful cloud net ARR from this past quarter, it wasn't that material. I think we're going to start seeing more as we continue on through this year. John talked about our time AI that we've been narrating here for the last two quarters.

從上個季度來看，雲端業務淨 ARR 並沒有太大變化。我認為隨著今年時間的推移，我們會看到更多這樣的情況發生。約翰談到了我們過去兩個季度一直在介紹的時間人工智慧。

So we'll see a little bit of an acceleration there. It is a heavy -- well, I should say it's a subcomponent of some of our respective sales teams to continue to move in that direction. And so we're really enticing the whole market to move in that direction.

所以我們會看到增速略有加快。繼續朝著這個方向發展，對我們各自的銷售團隊來說是一個沉重的負擔——或者更確切地說，是我們各自銷售團隊的一個組成部分。因此，我們正在積極引導整個市場朝著這個方向發展。

Got it. Actually, that's a great segue into my follow-up for you, John. I mean you're clearly adding more value to your cloud products with new AI capabilities. Intapp Time, of course, was one that we've talked about. What else is on the roadmap? Or what else can you do to help drive that -- sort of that conversion in that on-prem base?

知道了。實際上，這正好引出了我要問你的後續問題，約翰。我的意思是，很明顯，你們透過新的人工智慧功能，為雲端產品增加了更多價值。當然，Intapp Time 是我們之前討論過的應用程式。路線圖上還有哪些內容？或者，你還能做些什麼來幫助推動這種轉變──也就是在本地部署環境中實現這種轉變？

The progress in the time component of our platform has been awesome. There's a lot of enthusiasm. This is one of the areas, as we've mentioned on the previous calls, most of our on-prem business is in legal because that's where the company started, and that's when we were still doing some on-prem offerings for them. So that's really the focus of this migration program and time is a key part of that.

我們平台的時間管理方面取得了令人矚目的進步。大家熱情高漲。正如我們在先前的電話會議中提到的，這是我們大部分本地部署業務的領域之一，因為公司就是從法律領域起步的，當時我們還在為他們提供一些本地部署產品。所以，這才是這項移民計畫的真正重點，而時間是其中的關鍵因素。

So we're really excited to see the progress in time. This year, we've also kicked off a parallel project for all of the compliance capabilities that exist still on-prem in some parts of the legal market. So we've learned a lot of great stuff about how to get folks there successfully and really what are the AI capabilities that will get them to make the move and what style of ROI and what style of licensing and how do you get the upsell, all those lessons we've kind of developed now and we're bringing that to the compliance group as well. It's an exciting time because there's so much opportunity in AI of various capabilities, generative AI, agentic AI.

所以我們非常期待看到最終的進展。今年，我們還啟動了一個平行項目，旨在解決法律市場某些領域中仍然存在的、部署在本地的所有合規功能。因此，我們學到了很多關於如何成功地讓人們做到這一點，以及真正能讓他們做出改變的人工智慧能力是什麼，投資回報率是什麼樣的，許可方式是什麼樣的，以及如何進行追加銷售等等方面的寶貴經驗。所有這些經驗教訓我們現在都總結出來了，我們也正在將其帶給合規團隊。這是一個令人興奮的時代，因為人工智慧領域蘊藏著巨大的機遇，涵蓋了各種功能，包括生成式人工智慧和智慧體人工智慧。

There's a lot of opportunity to bring real value to some of these core processes in our traditional compliance business, which is really a stronghold of the company and is so in demand for these firms. They need to make sure that the way that they operate stays compliant with the regulatory obligations and their professional obligations and their client obligations.

在我們傳統的合規業務中，有很多機會可以為一些核心流程帶來真正的價值，而合規業務正是公司的強項，也是這些公司非常需要的。他們需要確保自己的營運方式符合監管義務、職業義務和客戶義務。

And it's just something we're really well known for. So we've been deliberate about how we sequence this, but that's what's coming next.

而這正是我們非常擅長的。所以我們精心安排了順序，接下​​來就是這些內容了。

Brian Schwartz, Oppenheimer.

Brian Schwartz，奧本海默。

This is Camden Levy sitting in for Brian Schwartz. If you think about the cloud NRR of 121% and the customer expansion motion that you guys are seeing, have you seen the mix shift of the growth algorithm that's coming from product versus seat growth versus pricing change over the last couple of quarters?

這是卡姆登·利維代替布萊恩·施瓦茨解說。如果您考慮到雲端業務淨經常性收入 (NRR) 達到 121%，以及您所看到的客戶擴張趨勢，您是否注意到在過去幾個季度中，成長演算法的組合發生了變化，這種變化是由產品成長、席位成長還是價格變化造成的？

And from your perspective, in F 1Q, did any one or two products outperform plan maybe outside of core DealCloud or Intapp Assist that were big drivers of the SaaS beat?

從您的角度來看，在第一財季，除了核心產品 DealCloud 或 Intapp Assist 之外，是否有一兩款產品表現超出預期，成為 SaaS 業績超預期的主要驅動力？

Yes. Just circling back and I think even intimating on the first question we had, if you think about the NRR, probably the biggest change over the last three to four quarters with our enterprise motion has definitely been the cross-sell motion. We've always been doing very well on the upsell more seats.

是的。回到我們之前提出的第一個問題，如果你考慮淨收入率 (NRR)，過去三到四個季度以來，我們企業業務的最大變化肯定是交叉銷售業務。我們在追加銷售座位方面一直做得非常好。

But clearly, as we continue to densify our enterprise accounts and provide the full breadth of offerings, we've seen a little bit tick up on the cross-sell there. So I would say that's probably one to note on that.

但很明顯，隨著我們不斷擴大企業客戶群並提供全方位的產品和服務，我們看到交叉銷售略有成長。所以我覺得這一點值得注意。

And then maybe just from a product perspective in F 1Q, did anything dramatically outperform plan or were like larger drivers of the software beat?

那麼，從產品角度來看，在第一季度，是否有任何產品業績大幅超出預期，或者說，是否有任何產品是軟體業績超預期的主要驅動力？

We've had good uptake across the board. The GenAI features in the cloud have been pulling the platform. And as we brought the capabilities out, obviously, it's been a sequence over time. So we have more out there with DealCloud, which was the first one that we launched, but we are very excited about the uptake around Assist for Terms and this new Intapp Time Horizon release with GenAI. So there's a sequence there.

我們整體的銷售情況都很好。雲端的 GenAI 功能一直在推動平台發展。隨著我們逐步推出這些功能，很顯然，這是一個循序漸進的過程。所以，我們推出了更多產品，例如 DealCloud，這是我們推出的第一個產品，但我們對 Assist for Terms 的普及以及與 GenAI 合作推出的這款新的 Intapp Time Horizo​​n 版本感到非常興奮。所以這裡面是有順序的。

So you can see a pattern that's pretty consistent with that. As we get more people up and the references run, we get more and more folks excited about doing it. And you'll continue to see that roll through the platform as we bring out more capabilities.

所以你可以看出，這其中存在著一個相當一致的模式。隨著越來越多的人參與進來，參考資料也越來越多，越來越多的人對參與其中感到興奮。隨著我們推出更多功能，您將繼續在平台上看到這種趨勢。

That concludes the question-and-answer session. I would like to turn the call back over to John Hall for closing remarks.

問答環節到此結束。我謹將電話交還給約翰·霍爾，請他作總結發言。

Okay. Thank you. Thanks, everyone, for your questions and for the attention. We're excited about how we've done this quarter, and we're really looking forward to continuing this year. There's a lot of good progress happening, as you can see in the results.

好的。謝謝。謝謝大家的提問和關注。我們對本季的業績感到非常滿意，並期待今年繼續取得佳績。從結果中可以看出，目前取得了許多良好的進展。

So we appreciate your time, and we're looking forward to talking to you again next quarter.

感謝您抽出時間，我們期待下個季度再次與您交流。

Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線了。