Intapp Inc (INTA) 2026 Q2 法說會逐字稿

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

大家好，歡迎收看 Intapp 2026 財年第二季收益網直播。（操作人員指示）請注意，今天的會議正在錄音。

Now it is my pleasure to turn the call over to Senior Vice President of 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 second-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 第二財季財務業績報告。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 third-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. Intapp disclaims any obligation to update or revise any forward-looking statements, except as required by law.

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 財年第三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 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 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. 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.

在今天的電話會議上，我們將進一步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。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盈利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 表格的附件或補充財務演示文稿找到，這些資料也可在我們的網站上找到。

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 second quarter. I'm happy to share that once again, we've achieved strong quarterly results, supported by the addition of new clients and the expansion of client accounts around the world.

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二財季的業績。我很高興地宣布，在新增客戶和全球客戶帳戶擴張的支持下，我們再次取得了強勁的季度業績。

Our results also reflect our ability to serve enterprise clients, a growing partner ecosystem and demand for our AI capabilities in the highly regulated industries we serve. I'll share details on these select growth drivers on this call.

我們的業績也反映了我們服務企業客戶的能力、不斷增長的合作夥伴生態系統以及我們所服務的高度監管行業對我們人工智慧能力的需求。我將在本次電話會議上分享這些精選成長驅動因素的詳情。

In Q2, our Cloud ARR grew to $434 million, up 31% year over year. Cloud now represents 81% of our total ARR of $535 million. In the quarter, we earned SaaS revenue of $102 million, up 28% year over year and total revenue of $140 million, up 16% year over year.

第二季度，我們的雲端業務年度經常性收入成長至 4.34 億美元，年增 31%。雲端業務目前占我們 5.35 億美元年度經常性收入總額的 81%。本季度，我們的 SaaS 營收為 1.02 億美元，年增 28%；總營收為 1.4 億美元，年增 16%。

Now I'd like to share some highlights from our fiscal second quarter. We continue to execute our vertical AI road map, which is designed to increase adoption of AI in the highly regulated industries we serve. As a reminder, our industry-specific AI solutions automate road tasks, but more importantly, they deliver actionable insights that are drawn from a firm's proprietary information and are enriched with our industry graph data model and trusted third-party sources. These advanced tailored compliance capabilities are what set Intapp apart and why firms continue to invest in our technology.

現在我想和大家分享我們第二財季的一些亮點。我們將繼續執行我們的垂直行業人工智慧路線圖，旨在提高我們所服務的受嚴格監管行業對人工智慧的採用率。再次提醒，我們針對特定行業的 AI 解決方案可以自動執行道路任務，但更重要的是，它們可以提供可操作的見解，這些見解源自於公司的專有信息，並由我們的行業圖數據模型和可信的第三方來源進行豐富。這些先進的客製化合規功能使 Intapp 脫穎而出，這也是企業持續投資我們技術的原因。

This leads me to my first example. You may recall that last quarter, we announced a significant new release of Intapp Time, which delivers faster, easier, and more accurate timekeeping powered by major new AI features. It's proven to be a catalyst for cloud migrations with large firms like Buchanan Ingersoll & Rooney and multiple Am Law 100 clients moving their time instances to the cloud.

這就引出了我的第一個例子。您可能還記得，上個季度我們發布了 Intapp Time 的重大新版本，它利用全新的人工智慧功能，提供更快、更便利、更準確的計時服務。事實證明，它能夠促進雲端遷移，像 Buchanan Ingersoll & Rooney 這樣的大型公司以及多家 Am Law 100 強客戶都將他們的時間實例遷移到了雲端。

The new Time release is also drawing large firms to buy the solution for the first time, sometimes in addition to their other Intapp solutions. Examples include Seyfarth Shaw and Burr & Forman. Additionally, we added more than 70 new AI capabilities and enhancements to our DealCloud platform.

新版 Time 也吸引了許多大型企業首次購買此解決方案，有時同時購買其他 Intapp 解決方案。例如 Seyfarth Shaw 和 Burr & Forman。此外，我們也為 DealCloud 平台增加了 70 多項新的 AI 功能和增強功能。

Among their many benefits, these new advancements save users time, surface personalized actionable data insights and support InfoSec by monitoring data access in real time. They come together in DealCloud to boost productivity, support regulatory compliance, unlock firm intelligence, and create a competitive edge.

這些新技術帶來的許多好處包括：節省使用者時間、提供個人化的可操作資料見解，並透過即時監控資料存取來支援資訊安全。它們匯聚在 DealCloud 中，旨在提高生產力、支援監管合規、釋放公司情報並創造競爭優勢。

Now let's turn to our partner network. We continue to grow our expansive partner ecosystem anchored by Microsoft and a strategic set of more than 145 curated data technology and services partners. This powerful network continues to drive growth for us and greatly influence many of our recent logo wins.

現在讓我們來看看我們的合作夥伴網路。我們持續發展以微軟為核心的龐大合作夥伴生態系統，並擁有超過 145 家精心挑選的資料技術和服務合作夥伴組成的策略網路。這個強大的網路持續推動著我們的發展，並對我們近期贏得的許多標誌設計訂單產生了巨大影響。

In Q2, partners were directly involved in 7 of our 10 largest deals, reflecting how deeply embedded our partners are in our go-to-market motions. Microsoft, in particular, continues to be a major growth driver. More than half of our largest wins this quarter were jointly executed with Microsoft. And in several Microsoft even contributed Azure investment dollars to help us accelerate the deals.

第二季度，合作夥伴直接參與了我們 10 筆最大交易中的 7 筆，這反映出我們的合作夥伴在我們市場推廣活動中的參與程度之深。尤其是微軟，仍然是主要的成長驅動力。本季我們取得的最大成功案例中，超過一半都是與微軟共同完成的。在某些交易中，微軟甚至投入了 Azure 投資資金，以協助我們加速交易進程。

Our growth was also powered by adding new clients, expanding within existing clients, and migrating clients to the cloud. And we continue to gain traction in newer markets across our verticals, products and global locations.

我們的成長也得益於新增客戶、拓展現有客戶業務、將客戶遷移到雲端。我們在各個垂直領域、產品和全球各地的新興市場持續獲得發展動力。

In our legals vertical, we once again saw some distinct trends across our wins. First, we had some of the largest law firms in the US turn to Intapp for AI-powered, enterprise-grade compliance solutions. These clients include several Am Law 100 firms.

在我們的法律領域，我們再次發現，我們的勝訴案例呈現出一些明顯的趨勢。首先，美國一些最大的律師事務所開始向 Intapp 尋求人工智慧驅動的企業級合規解決方案。這些客戶包括多家美國律師協會百強律所。

For example, Ropes & Gray chose our compliance solutions to modernize their intake and conflict check-in processes in the cloud. This transaction was completed on the Azure marketplace with Microsoft providing investment dollars to accelerate the deal.

例如，Ropes & Gray 選擇我們的合規解決方案，以在雲端實現其客戶接納和利益衝突登記流程的現代化。這筆交易在 Azure 市場上完成，微軟提供了投資資金以加速交易進程。

An Am Law 30 firm added our compliance solutions and chose to migrate time to the cloud after attending an event and seeing them in action. And an Am Law 75 firm chose our compliance products to automate managing access to sensitive matters across applications.

在一家美國律師協會排名前 30 的律所在參加一次活動並親眼見證了我們的合規解決方案之後，選擇了將時間遷移到雲端。美國律師協會排名前 75 名的律師事務所選擇使用我們的合規產品來自動管理跨應用程式對敏感事項的存取權。

Second, law firms continue to choose DealCloud to strengthen their business development operations and innovate with AI. This quarter, Ford and Harrison and an Am Law 100 firm, among others, moved off their legacy horizontal or bespoke systems to support more strategic new business acquisition with DealCloud.

其次，律師​​事務所繼續選擇 DealCloud 來加強其業務發展運作並利用人工智慧進行創新。本季度，福特和哈里森律師事務所以及一家美國律師協會百強律所等公司放棄了傳統的橫向或客製化系統，轉而使用 DealCloud 來支持更具策略性的新業務收購。

And third, evolving anti-money laundering and know-your-client regulations are fueling the modernization of intake and conflicts processes globally. A few examples of firms who have chosen our AML solutions in response this quarter include an Netherlands-based firm, Holding Redlich in Australia and US-based Reed Smith.

第三，不斷發展的反洗錢和了解客戶法規正在推動全球範圍內的業務受理和利益衝突處理流程的現代化。本季選擇我們反洗錢解決方案的公司包括總部位於荷蘭的 Holding Redlich 公司、總部位於澳洲的 Holding Redlich 公司和總部位於美國的 Reed Smith 公司。

In the accounting industry, the influx of PE investments and mergers has continued to create disruption and increased competition across the industry. In response, firms, no matter their investment status, are modernizing their compliance practices and extending that modernization to collaboration and business development as well.

在會計行業，私募股權投資和併購的湧入持續造成行業動盪，並加劇了整個行業的競爭。為此，各公司，無論其投資狀況如何，都在對其合規實踐進行現代化改造，並將這種現代化擴展到協作和業務發展領域。

Among the firms that turned to Intapp for AI-driven modernization this quarter, one of the largest public accounting firms in the US, deepened its investment in Intapp employee compliance to modernize personal independence processes across its global employee base.

在本季選擇 Intapp 進行 AI 驅動現代化改造的公司中，美國最大的公共會計師事務所之一加大了對 Intapp 員工合規性的投資，以實現其全球員工個人獨立流程的現代化。

BKL and Graviton, both replaced their legacy systems with Intapp collaboration. They needed a scalable cloud-based solution that integrates seamlessly with their Microsoft tools, streamlines collaboration and sets them up for growth. And a top UK accounting firm chose DealCloud to establish a scalable foundation for relationship management and business development as it undergoes rapid growth through M&A.

BKL 和 Graviton 都用 Intapp 協作系統取代了原有系統。他們需要一種可擴展的基於雲端的解決方案，該方案能夠與他們的微軟工具無縫集成，簡化協作，並為他們的發展奠定基礎。英國一家頂尖會計事務所選擇 DealCloud 來建立可擴展的關係管理和業務發展基礎，以應對其透過併購實現的快速成長。

In the financial services vertical, firms are continuing to replace their legacy horizontal CRMs with DealCloud for AI-powered relationship and business intelligence, especially enterprise and mid-market investment banks. For example, one of the most prestigious boutique investment banks in the world chose DealCloud for its banker advisory business after a successful pilot with its private capital advisory team.

在金融服務領域，各公司正不斷以 DealCloud 取代其傳統的橫向 CRM，以實現 AI 驅動的關係和商業智能，尤其是企業和中型市場投資銀行。例如，全球最負盛名的精品投資銀行之一在與其私募資本諮詢團隊成功進行試點後，選擇 DealCloud 作為其銀行家諮詢業務的合作夥伴。

The firm sees DealCloud as a way to help modernize its business with purpose-built AI, allowing them to unlock key deal and relationship insights more easily. Meridian Capital chose DealCloud to improve visibility and management of deal origination, active mandates, buyer outreach and business development and forecasting.

該公司將 DealCloud 視為一種利用專門構建的 AI 實現業務現代化的方式，使他們能夠更輕鬆地獲得關鍵的交易和關係洞察。Meridian Capital 選擇 DealCloud 來提高交易發起、活躍委託、買家拓展、業務發展和預測的可見性和管理能力。

Finally, our investments in real assets, including the April 2025 acquisition of TermSheet, continue to attract new clients who are coming to Intapp for AI-driven solutions. I'll share a few examples.

最後，我們對實體資產的投資，包括 2025 年 4 月收購 TermSheet，繼續吸引前來 Intapp 尋求人工智慧驅動解決方案的新客戶。我舉幾個例子。

Neuberger Berman moved off its legacy horizontal CRM and on to DealCloud to improve reporting, streamline workflows, reduce key person risk, and eliminate duplicative and inaccurate data. A leading mixed-use and multifamily housing developer replaced its existing system with DealCloud to improve data quality, user experience, analytics, reporting and optimization. And Smith Douglas replaced multiple legacy systems with DealCloud, which spans all their divisions and will help them improve workflows and operations so they can deliver homes faster.

Neuberger Berman 放棄了傳統的橫向 CRM 系統，轉而使用 DealCloud 來改善報告、簡化工作流程、降低關鍵人員風險並消除重複和不準確的資料。一家領先的混合用途和多戶住宅開發商用 DealCloud 替換了其現有系統，以提高數據品質、用戶體驗、分析、報告和優化。Smith Douglas 以 DealCloud 取代了多個舊系統，該系統涵蓋了他們所有的部門，並將幫助他們改善工作流程和運營，從而更快地交付房屋。

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

總之，我們對第二季強勁的業績感到自豪，並且對未來的成長機會依然保持樂觀。正如我們第二季的業績所顯示的那樣，我們透過增加新功能和擴大全球企業市場覆蓋範圍來實現成長。我們看到，既有機會在廣闊的潛在市場範圍內增加新客戶，也有機會透過擴大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.

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。

As always, I'd like to thank our clients, our partners, our investors, our Board, and our global Intapp team for their teamwork and dedication. Thank you all very much.

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。非常感謝大家。

Okay, David, over to you.

好了，大衛，該你了。

Thank you, John, and thanks to everyone for joining us today. I'm pleased to share our fiscal second-quarter results, which reflect continued strength in our cloud business and disciplined execution across the organization.

謝謝你，約翰，也謝謝今天所有到場的各位。我很高興與大家分享我們第二財季的業績，這反映了我們雲端業務的持續強勁成長以及整個組織嚴謹的執行力。

Demand for our SaaS solutions remain strong, particularly among existing clients, driving solid growth and a higher mix of recurring revenue as we progress through our cloud transition. Our enterprise-focused go-to-market motion is working as intended. We're seeing strength both in net new logo acquisition and expansion within our installed base.

市場對我們 SaaS 解決方案的需求仍然強勁，尤其是在現有客戶中，這推動了穩健成長，並提高了經常性收入的比例，同時我們也在推動雲端轉型。我們以企業為中心的市場推廣策略正在按預期發揮作用。我們在新增客戶數量和現有客戶群的擴張方面都看到了強勁的成長勢頭。

As a vertical SaaS company, we have deep domain expertise and a clear understanding of the highly regulated markets we serve. Clients in these markets continue to value the application-specific capabilities we provide from compliance workflows to applied AI, which reinforces the durability of our ARR growth. This is evident in the continued expansion of our $100,000-plus ARR client base and our 124% cloud net revenue retention rate.

作為一家垂直領域的 SaaS 公司，我們擁有深厚的專業知識，並且對我們所服務的高度監管市場有著清晰的了解。這些市場的客戶繼續重視我們提供的特定應用功能，從合規工作流程到應用人工智慧，這增強了我們 ARR 成長的可持續性。這一點從我們年收入超過 10 萬美元的客戶群的持續成長以及我們 124% 的雲端淨收入留存率中可見一斑。

At the same time, we continue to operate the business with a focus on margin expansion, cash generation, and capital discipline. Gross margins improved year-over-year, operating income increased meaningfully and free cash flow remained strong. Combined with our share repurchase activity during the quarter, these results reflect our confidence in the long-term opportunity while maintaining a strong balance sheet.

同時，我們繼續以提高利潤率、創造現金流和加強資本紀律為重點開展業務。毛利率年增，營業收入顯著成長，自由現金流維持強勁。結合本季我們的股票回購活動，這些結果反映了我們對長期機會的信心，同時保持了強勁的資產負債表。

Before we get to the income statement, Cloud ARR hit $433.6 million this quarter, up 31% year over year, driven by enterprise clients deepening their relationship with Intapp stronger co-sell activity and growing adoption of our applied AI offerings.

在查看損益表之前，本季雲端 ARR 達到 4.336 億美元，年增 31%，這主要得益於企業客戶與 Intapp 關係的加深、更強勁的聯合銷售活動以及我們應用 AI 產品日益普及。

Turning to our fiscal second-quarter results. SaaS revenue came in at $102.5 million, up 28% year over year, now representing 73% of total revenue, reflecting strong demand and a continued shift to our cloud offerings. License revenue was $25.4 million, down 9% year over year, consistent with our stated strategy and ongoing cloud migration efforts.

接下來來看看我們第二財季的業績。SaaS 營收達到 1.025 億美元，年增 28%，佔總營收的 73%，反映出強勁的需求以及向雲端產品的持續轉型。授權收入為 2,540 萬美元，年減 9%，這與我們既定的策略和正在進行的雲端遷移工作相符。

Professional services revenue totaled $12.3 million, down 7% year over year. Our partner ecosystem continues to support cloud growth through co-sell execution, client satisfaction and efficient implementations. Total revenue was $140.2 million, up 16% year over year, driven by strong growth in our cloud solutions.

專業服務收入總計 1,230 萬美元，年減 7%。我們的合作夥伴生態系統透過聯合銷售執行、客戶滿意度和高效實施，持續支持雲端業務成長。總營收為 1.402 億美元，年增 16%，這主要得益於雲端解決方案的強勁成長。

Turning to our capital allocation. As announced in August 2025, our Board authorized $150 million share repurchase program. During the second quarter, we repurchased $100 million or approximately 2.3 million shares. Combined with our first quarter activity, this authorization was fully utilized, resulting in approximately 3.4 million shares repurchased.

接下來談談我們的資本配置。正如我們在 2025 年 8 月宣布的那樣，我們的董事會批准了 1.5 億美元的股票回購計畫。第二季度，我們回購了價值 1 億美元（約 230 萬股）的股票。結合我們第一季的活動，這項授權得到了充分利用，最終回購了約 340 萬股股票。

In January 2026, our Board authorized an additional $200 million share repurchase program, further reflecting our confidence in the long-term value of the business. Our partner ecosystem remains a key driver of long-term cloud growth.

2026 年 1 月，我們的董事會批准了一項額外的 2 億美元股票回購計劃，進一步體現了我們對公司長期價值的信心。我們的合作夥伴生態系統仍然是推動雲端運算長期成長的關鍵因素。

In Q2, we co-sold with partners on many new logo wins and participation in the Microsoft Azure marketplace increased meaningfully year over year. We see this as a durable, repeatable motion, especially for supporting larger enterprise deployments. Service partner certifications rose 35% year over year, reinforcing Intapp's position as a growth engine within the ecosystem.

第二季度，我們與合作夥伴共同贏得了許多新客戶，在 Microsoft Azure 市場的參與度也比去年同期顯著提高。我們認為這是一個持久、可重複的動作，尤其適用於支援大型企業部署。服務合作夥伴認證數量較去年同期成長 35%，鞏固了 Intapp 作為生態系統成長引擎的地位。

Turning to margins and profitability. Q2 non-GAAP gross margin was 78.1%, up from 76.7% a year ago, driven by favorable mix and cloud efficiency gains. Non-GAAP operating expenses were $81.8 million compared to $74.1 million in the prior-year period, largely reflecting ongoing investments in our product-led growth organization and go-to-market spend.

接下來談談利潤率和獲利能力。第二季非GAAP毛利率為78.1%，高於去年同期的76.7%，主要得益於有利的產品組合和雲端效率的提升。非GAAP營運費用為8,180萬美元，而去年同期為7,410萬美元，這主要反映了我們對產品主導型成長組織和市場推廣支出的持續投資。

Non-GAAP operating income was $27.7 million, up from $18.9 million last year, and non-GAAP diluted EPS was $0.33. Free cash flow was $22.2 million for the quarter, and we ended Q2 with $191.2 million in cash and cash equivalents, reflecting $100 million share repurchase.

非GAAP營業收入為2,770萬美元，高於去年的1,890萬美元；非GAAP攤薄後每股收益為0.33美元。本季自由現金流為2,220萬美元，截至第二季末，我們持有現金及現金等價物1.912億美元，其中包括1億美元的股票回購。

Turning to our key metrics. Cloud ARR increased 31% year over year while total ARR grew 22%. Remaining performance obligations were $777.1 million, up 26% year over year, providing strong revenue visibility. Our enterprise-focused motion continued to show progress with 834 clients now generating at least $100,000 in ARR, up from 728 a year ago, representing 30% of our total client base.

接下來我們來看關鍵指標。雲端業務年度經常性營收年增 31%，而總年度經常性營收年增 22%。剩餘履約義務為 7.771 億美元，年增 26%，提供了強勁的收入可見度。我們以企業為中心的策略持續取得進展，目前已有 834 位客戶創造了至少 10 萬美元的年度經常性收入 (ARR)，高於一年前的 728 位，占我們客戶總數的 30%。

Now turning to our outlook. For the third quarter of fiscal 2026, we expect SaaS revenue between $105 million and $106 million, total revenue between $143.8 million and $144.8 million, non-GAAP operating income between $23.1 million and $24.1 million. This Q3 outlook includes incremental spend for targeted marketing campaigns associated with our upcoming product showcase at Intapp Amplify as well as targeted investments to increase the rate and pace of delivery on our AI suite of offerings. Non-GAAP EPS between $0.27 and $0.29 based on approximately 83 million diluted shares.

現在談談我們的展望。我們預計 2026 財年第三季 SaaS 營收在 1.05 億美元至 1.06 億美元之間，總營收在 1.438 億美元至 1.448 億美元之間，非 GAAP 營業收入在 2,310 萬美元至 2,410 萬美元之間。第三季展望包括為配合即將在 Intapp Amplify 上推出的產品而進行的定向行銷活動增加的支出，以及為提高我們人工智慧套件產品交付速度和節奏而進行的定向投資。根據約 8,300 萬股稀釋股份計算，非 GAAP 每股盈餘在 0.27 美元至 0.29 美元之間。

For the full fiscal year, we expect SaaS revenue between $415 million and $419 million, total revenue between $570.3 million and $574.3 million, non-GAAP operating income between $99.9 million and $103.9 million, non-GAAP EPS between $1.20 and $1.24 based on approximately 83 million diluted shares.

對於整個財年，我們預計 SaaS 收入在 4.15 億美元至 4.19 億美元之間，總收入在 5.703 億美元至 5.743 億美元之間，非 GAAP 營業收入在 9990 萬美元至 1.039 億美元之間，基於約 8300 萬每股收益在 200 萬美元至 1.4 .200 萬每股收益之間。

And finally, I'd like to remind everyone of our upcoming Investor Day in New York City, followed by our annual Intapp Amplify event, where we'll share our latest AI-powered innovations. You can find details on our Investor Relations website.

最後，我想提醒大家，我們即將在紐約市舉辦投資者日活動，隨後還將舉辦一年一度的 Intapp Amplify 活動，屆時我們將分享我們最新的 AI 驅動創新成果。您可以在我們的投資者關係網站上找到詳細資訊。

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)

（操作說明）

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

In terms of how you're positioning Intapp for just the kind of news flow out of Anthropic today?

就您目前對 Intapp 的定位而言，它如何適應 Anthropic 發布的這類新聞流？

Kevin, it's John. I think -- I just caught the tail end of that. Your voice was -- but I think you were asking about the Anthropic news today.

凱文，我是約翰。我想——我只看到了結尾部分。你的聲音是——但我認為你今天問的是人類學的新聞。

Yes, that's it. I apologize if I'm breaking up on you.

對，就是這樣。如果我突然跟你分手，我很抱歉。

Sure. No, that's a great question. So they've released some open source plug-ins for the corporate legal department. And it's a good segment of legal opportunity. They are doing things like contract review and NDA Triage, you can look up the plug-ins.

當然。不，這是一個很好的問題。所以他們發布了一些企業法務部門的開源插件。這是法律領域中不錯的機會。他們正在進行合約審查和保密協議分類等工作，你可以找到相關的插件。

Just to be clear, we have never been in the category of contract review. Our strategy has been differentiated over the long development of technology in these industries because we focus on the firms in professional and financial services. Sometimes you hear people distinguish between the practice of law and the business of law, but it applies across all the types of firms that we're selling to.

需要澄清的是，我們從未涉足合約審查領域。在這些行業的技術長期發展過程中，我們的策略一直與眾不同，因為我們專注於專業服務和金融服務領域的公司。有時你會聽到人們區分法律實務和法律業務，但這適用於我們所銷售的所有類型的律師事務所。

So we focus on the senior leadership of the firm, how to help them grow their business, how to help their people pursue fundraising for new funds or new clients or new engagements, the compliance of how the firms do business and operate internally with all of the sophisticated information governance around managing nonpublic information, better trading information or other information that needs to be kept confidential in a variety of ways in these complex institutions, profitability, how the firms actually execute that successfully or drive returns, talent management. So the business of these firms has been our emphasis.

因此，我們專注於公司的高級領導層，如何幫助他們發展業務，如何幫助他們的員工為新基金、新客戶或新項目籌集資金，公司在內部開展業務和運營時如何遵守所有復雜的信息治理規定，包括管理非公開信息、更好的交易信息或其他需要在這些複雜的機構中以各種方式保密的信息，盈利能力，公司如何成功地執行盈利目標或回報，以及人才管理。因此，這些公司的業務一直是我們的重點。

And there's huge opportunity for AI in all the contract review type things, the LLMs are great at it. We're using a lot of it, too. But I think from the value proposition of the company standpoint, we're chasing a giant underserved category that we spent a long time working with the firms to grow. And we've had some great response to our offerings here, and we've really been paying attention to how the firms have the best opportunity to deploy AI.

人工智慧在所有合約審查方面都有巨大的應用機會，法學碩士在這方面非常出色。我們也大量使用它。但我認為，從公司的價值主張來看，我們正在追逐一個巨大的、服務不足的領域，我們花了很長時間與相關公司合作，以促進該領域的成長。我們的產品和服務得到了很好的迴響，我們也一直在關注企業如何才能最好地部署人工智慧。

So we're not really in this space, although it is very complementary to what we do. And the firms actually have come to us and said, can you help us with the whole compliance infrastructure for the agents and everything to help them succeed as they deploy these different use cases to the individual users of the firm. So I actually think our history and our relationship with these firms gives us a tremendous position to be a big influence over how the firms deploy AI in our own products and how they deploy AI generally.

所以，我們其實並沒有涉足這個領域，儘管它與我們所做的工作非常互補。這些公司實際上已經找到我們，說：“你們能否幫助我們為代理商建立完整的合規基礎設施，以及幫助他們成功地向公司各個用戶部署這些不同用例的一切？”所以我認為，我們與這些公司的歷史和關係賦予了我們巨大的影響力，使我們能夠對這些公司如何在自己的產品中部署人工智慧以及他們如何普遍部署人工智慧產生重大影響。

Alexei Gogolev, JP Morgan.

阿列克謝‧戈戈列夫，摩根大通。

This is Bella on for Alexei. Just one question from us. So you announced a partnership with Decimal Point Analytics last month. And in light of that, I wanted to ask, how do you balance utilizing third-party partnerships to advance your data strategy while also safeguarding the proprietary data that gives you a competitive advantage in this ecosystem?

這是貝拉為阿列克謝主持節目。我們只有一個問題。你們上個月宣布與 Decimal Point Analytics 建立合作關係。有鑑於此，我想請教各位，如何在利用第三方合作關係推進資料策略的同時，保護那些能為你們在這個生態系統中帶來競爭優勢的專有資料？

Yeah. Thanks, Bella. We have a very significant investment in an ecosystem strategy that we talk about each quarter because we're bringing a whole product to each of the firms in each of the industries. And part of that is all the professionals have a very rich set of market information or present information that they're looking to bring into their environment to make better decisions about the clients or the deals that they take on and how they execute that work.

是的。謝謝你，貝拉。我們對生態系統策略進行了非常大的投資，我們每季都會討論這個策略，因為我們正在為每個產業中的每家公司帶來完整的產品。其中一部分原因是，所有專業人士都擁有非常豐富的市場資訊或現有訊息，他們希望將這些資訊帶入他們的環境中，以便更好地就客戶或他們所承擔的交易以及如何執行這些工作做出決策。

So we have a strong program. You mentioned one of our important partners, but we absolutely have a program of managing data for the firms, each of whom views their experience and their expertise in the particular area as their intellectual property that helps them compete. And this is actually one of the areas of information governance that we are first in the world in is to help the firms manage and safeguard their proprietary information so that they can reuse it to win new deals competitively, serve those clients successfully. And we have a wide range of data partners that we work with to enable the firms to do that.

所以我們有一個強大的項目。您提到了我們的一位重要合作夥伴，但我們確實有一個針對各公司的數據管理計劃，每家公司都將他們在特定領域的經驗和專業知識視為自己的知識產權，這有助於他們在競爭中脫穎而出。事實上，我們在資訊治理領域處於世界領先地位，我們致力於幫助企業管理和保護其專有訊息，以便他們能夠重複利用這些資訊來贏得新交易，並成功地服務於客戶。我們與眾多數據合作夥伴攜手合作，幫助企業實現此目標。

But we're also focused on helping the firms themselves protect their data. We have some proprietary data that we enable them to use as well. But our fundamental goal is helping each firm differentiate itself using their own expertise, that's how the industry works, and we're sort of at the center of that. And I think it's one of the reasons why our compliance program has been so successful in making its way through the market.

但我們也致力於協助企業自身保護資料。我們也擁有一些專有數據，並允許他們使用。但我們的根本目標是幫助每家公司利用自身的專業知識脫穎而出，這就是產業的運作方式，而我們正是其中的核心。我認為這是我們的合規計畫能夠成功打入市場的原因之一。

And the same is true in the AI era, by the way. The firms are going to use their proprietary knowledge and expertise and experience to differentiate themselves in how they go and win new business.

順便說一句，人工智慧時代也是如此。這些公司將利用其專有的知識、專業技能和經驗，在拓展新業務和贏得新業務方面脫穎而出。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

John, for the customers that have been receptive to your early AI offerings here from Intapp, particularly Intapp Assist, what has been the primary hook or motivation point that you've seen from them to get them across the goal line and using this? Is it a desire to do more with less? Is it just drive efficiencies in their business? What are the implications for headcount amongst the customers that are using this as well?

John，對於那些對 Intapp 早期推出的 AI 產品（特別是 Intapp Assist）持正面態度的客戶來說，你認為促使他們最終決定使用這些產品的主要因素或動機是什麼？這是不想用更少的資源做更多的事情嗎？只是為了提高他們業務的效率嗎？對於同樣使用這項服務的客戶而言，這對員工人數有何影響？

Thanks, Parker. Yes, the Intapp Assist take-up has been strong. We've been excited to see how many users at many levels of the firm are interacting with Assist in our AI offerings.

謝謝你，帕克。是的，Intapp Assist 的普及率一直很高。我們很高興看到公司各個層級的用戶都在使用我們人工智慧產品中的 Assist 功能。

Part of the book is absolutely efficiency. The firms don't want to add tons and tons of headcount if they can get some help from the AI. But a lot of it, too, and I think people may miss this, is that with the right AI and agentic setup, you can bring a universe of information to each person, whether they're an early-career business development person or a practitioner in the middle of their career or a later-stage partner, you can bring a universe of information to them that would have been cost prohibitive to try to assemble with a human universe of researchers for them.

這本書的一部分內容完全是關於效率的。如果能從人工智慧中獲得一些幫助，這些公司就不想增加大量的員工。但很多方面，我認為人們可能會忽略這一點，那就是透過合適的 AI 和代理設置，你可以為每個人帶來海量信息，無論他們是職業生涯初期的業務拓展人員，還是處於職業生涯中期的從業者，亦或是後期合夥人，你都可以為他們帶來海量信息，而這些信息如果由人類研究人員為他們收集，成本將會非常高昂。

So really, the firms that are deploying Assist most successfully are getting much richer, better, clearer answers in a compliant way more comprehensively to all of their people, and they're using that for competitive advantage. So there is absolutely an efficiency angle to that.

因此，真正成功部署 Assist 的公司，能夠以合規的方式更全面地為所有員工提供更豐富、更好、更清晰的答案，並利用這一點獲得競爭優勢。所以這其中肯定存在效率方面的問題。

But part of it is a capability that's difficult to imagine doing in a totally human-powered world. And I think this is a huge focus of the firms because they're all focused on the fact that they don't do it, someone else will. And they need to have this capability to compete as the world becomes more competitive with AI powering everybody.

但其中一部分能力，在完全依賴人力的世界裡，是很難想像能夠實現的。我認為這是各公司非常關注的問題，因為他們都意識到，如果他們不做，別人就會做。隨著人工智慧賦能每個人，世界競爭日益激烈，他們需要具備這種能力才能參與競爭。

Got it. And I appreciate the answer earlier on Anthropic, being focused on the practice of law versus the business of law. Clearly, a lot of anxiety around -- not what that looks like today, but the future state of these models and where they can go over the long run.

知道了。我感謝之前關於 Anthropic 的回答，它關注的是法律實務而不是法律商業。顯然，人們非常焦慮——不是焦慮這些模型現在的樣子，而是焦慮這些模型的未來狀態以及它們從長遠來看會發展到什麼程度。

Are you starting to see instances of your customers or potential prospects testing these tools themselves, trying to develop things on their own with any level of success? Or are they primarily going to some of the incumbent vendors like yourself to figure out how to fully make this pivot to an AI-first world?

您是否開始看到您的客戶或潛在客戶自行測試這些工具，並嘗試自行開發，並且取得了一定程度的成功？還是他們主要去找像你們這樣的現有供應商，想辦法徹底轉型到人工智慧優先的世界？

Well, when we first started building the company in the market, it was a self-built technology universe. All the firms could not get technology that met the unique needs, including compliance of the industry. And so they were investing in big IT departments to develop everything themselves.

嗯，當我們最初開始在市場上建立公司時，那是一個完全自主建構的技術體系。並非所有公司都能獲得滿足其獨特需求（包括產業合規性）的技術。因此，他們投資建立龐大的IT部門，以便自行開發所有東西。

The whole history of the company has been working to provide them with a commercial enterprise-grade secure now AI-enabled set of capabilities to replace all those. And we've built a business doing that. It's been very successful.

公司一直以來都在致力於為他們提供一套商業企業級、安全可靠且具備人工智慧功能的解決方案，以取代所有這些現有方案。我們正是靠這種方式建立起了自己的事業。非常成功。

I think as these AI tools come out, they're absolutely encouraging people to try, and the forward-looking IT departments absolutely are experimenting with them. One of the things that we've been studying over the past two years is what are the reactions of the firms to this? Are they going to change their posture from what they've developed over the past few years, which is to work with specialist providers who really understand the issues and can provide a supported environment or are they going to go back to building it on their own?

我認為隨著這些人工智慧工具的出現，它們無疑會鼓勵人們去嘗試，而那些具有前瞻性的IT部門也確實在進行相關的試驗。過去兩年我們一直在研究的一個問題是，企業對此有何反應？他們會改變過去幾年形成的立場嗎？他們現在的立場是與真正了解問題並能提供支持性環境的專業機構合作，還是會回到自己獨立建設的模式？

I think they're going to experiment, but I don't think that, that's economically the right answer. I think the right answer is to have somebody who can really provide this to them and support this with them, bringing together the best practices that are being developed around the market, which is the whole point of the company.

我認為他們會進行試驗，但我認為這在經濟上並非正確的解決方案。我認為正確的做法是找到一個能夠真正為他們提供這種服務並支持他們的人，將市場上正在開發的最佳實踐匯集起來，這正是公司的全部意義所在。

And we've got a lot of clients who are saying to us, oh, that's what you're doing. Thank God, I don't have to do it myself. And so I think that kind of response, you're going to see more and more.

很多客戶都對我們說：“哦，原來你們在做這個。”感謝上帝，我不用自己做這件事。所以我認為，你會看到越來越多這樣的反應。

So we actually encourage the experimentation because it gives people more of a feel for what it's going to take to really get the valuable solutions out of this. And then we come in and say, here's what we can do for you, and it turns into a continuing growth partnership.

因此，我們實際上鼓勵進行試驗，因為這能讓人們更深刻地體會到，要真正從中獲得有價值的解決方案需要付出怎樣的努力。然後我們介入並說，我們可以為你做這些，從而發展成為持續成長的合作關係。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

It's George McGreehan on for Koji. I wanted to ask one as it relates to CRPO, and when you kind of look at that metric on a two-year stack, that metric actually accelerated, and that's kind of in line with the sequential step-up in NRR that we're seeing.

喬治·麥格里漢替補科吉上場。我想問一個與 CRPO 相關的問題，當你從兩年的數據來看這個指標時，你會發現這個指標實際上加速增長了，這與我們看到的 NRR 的逐步提升是一致的。

So I wanted to ask over the last few months, how have customer conversations sounded? And is there any change in tone and maybe particularly as it relates to adopting AI products generally versus a few months ago?

所以我想問一下，在過去的幾個月裡，與客戶的對話聽起來如何？與幾個月前相比，現在的語氣是否有所變化，尤其是在人工智慧產品的整體應用方面？

Yeah. Thanks, George. The conversations have continue to accelerate. We announced the first versions of this generation of AI just 22 months ago and then a second version in February of last year. We have our new event coming up here in about three weeks.

是的。謝謝你，喬治。相關討論仍在加速進行中。我們在 22 個月前發布了這一代人工智慧的第一版，然後在去年 2 月發布了第二版。我們將在大約三週後舉辦一項新活動。

But people have moved from curiosity to experimentation. And now there are a few places where we're really seeing people able to articulate here is the business value that I can achieve by deploying Assist and AI technologies in these areas, in these parts of my business process. Here's the efficiency I'm getting in people. Here's the increased visibility that those people are having in their decision-making. And here's how that's flowing through to create a better experience for the senior folks who are working with clients or working with investors.

但人們已經從好奇轉向了實驗。現在，在某些領域，我們確實看到人們能夠清楚地闡述，透過在我的業務流程的這些領域和部分部署 Assist 和 AI 技術，我可以實現怎樣的商業價值。以下是我從員工身上得到的效率。這就是這些人決策過程中所獲得的更高透明度。這就是它如何為與客戶或投資者打交道的資深員工創造更好體驗的方式。

And so I think you are seeing really positive reactions. Now you're also seeing continued experimentation all over the place. So I think in the big picture, it is still relatively early. But what we're excited about are these use cases that are coming out that are really starting to pull forward some of our sales and some monetization opportunities that we were very focused on from the very beginning.

所以我認為你會看到非常正面的反響。現在到處都能看到持續不斷的實驗。所以我覺得從大局來看，現在還為時過早。但讓我們感到興奮的是，這些正在湧現的用例真正開始推動我們的一些銷售和一些盈利機會，而這些機會正是我們從一開始就非常關注的。

I mean we've long felt that the way you bring a next generation of -- true next generation of technology out is you have to get to those early filler apps that really make a difference that people can point to and say, of all the infinite imaginings that we could do, that's the thing that I can put money behind and buy it and bring it in. And that's what we've been focused on doing. When we talk about applied AI, that's really the emphasis of that strategy.

我的意思是，我們一直認為，要推出真正的下一代技術，就必須先推出那些早期的、真正能帶來改變的應用，讓人們可以指著它們說，在我們所有無限的想像中，這就是我可以投資、購買並引進的東西。而這正是我們一直致力於做的事情。當我們談到應用人工智慧時，這才是該策略的真正重點。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Connor Passarella on for Terry. Just wanted to touch on Microsoft first off here. So you just -- you've highlighted them as a major go-to-market partner over the past several years, Azure marketplace execution and joint wins continuing in this quarter.

康納·帕薩雷拉替補特里上場。首先我想簡單談談微軟。所以，你們一直強調他們在過去幾年中是重要的市場推廣合作夥伴，Azure Marketplace 的執行和聯合成功在本季度仍在繼續。

Just kind of curious in more of a risk-off type environment like today, does that partnership help to, I guess, derisk the deal cycles or shorten time to close? Or is that more of an impact to more visible in terms of expansion and upsell once customers are live on the platform?

我只是有點好奇，在如今這種風險規避型的環境下，這種合作關係是否有助於降低交易週期的風險或縮短交易完成時間？或者，這種影響是否更多地體現在客戶上線後的擴展和追加銷售方面？

Yeah. Thanks, Connor. No, we're very appreciative of the ongoing strategic partnership with Microsoft. We have talked about some of the ways that we're working with them. Their sales team is aligned with ours on the firms in our target market. They actually get quota relief when we sell. So there's a lot of alignment in the field.

是的。謝謝你，康納。不，我們非常感謝與微軟持續的策略夥伴關係。我們已經討論過我們與他們合作的一些方式。他們的銷售團隊與我們團隊在目標市場中的公司方面保持一致。實際上，當我們銷售產品時，他們可以獲得配額減免。所以這個領域有很多共識。

But more recently, we've been doing more of these Azure marketplace agreements. I mentioned a few of them on the call. And interestingly, they tend more towards the enterprise firms. So it's very consistent with our enterprise strategy.

但最近，我們越來越多地簽署了這類 Azure 市場協議。我在電話裡提到了其中幾個。有趣的是，他們往往更傾向於企業型公司。所以這與我們企業策略非常一致。

We're doing larger deals. They are shortening the sales cycle when the folks already have a Microsoft minimum Azure spend commitment in place. And we've actually won some very large business that we talked about on the call today from some firms that are brand new to us that came to us through an introduction or a relationship with Microsoft and others that are our long-time partners who want to grow their relationship. So it's working in both growth dimensions for us.

我們正在進行更大規模的交易。他們正在縮短銷售週期，而這些客戶已經承諾在微軟 Azure 上達到最低消費。事實上，我們已經贏得了一些非常大的業務，我們在今天的電話會議上談到了這些業務，其中一些公司是全新的客戶，他們是透過微軟的介紹或關係找到我們的；另一些公司則是我們的長期合作夥伴，他們希望發展彼此的關係。所以，它在兩個成長維度上都對我們有效。

We've had folks who had those agreements with Microsoft and it helped us move them to the cloud. So a lot of the key parts of our overall growth strategy have worked really well with that program. And as we've learned about it and the sales team has done more of it and the clients have gotten used to it and are talking to each other, it's actually growing as part of our overall go-to-market. So it's really helped us a lot.

我們有一些客戶與微軟簽訂了此類協議，這幫助我們將他們遷移到雲端。因此，我們整體成長策略的許多關鍵部分都與該計劃配合得非常好。隨著我們對它的了解加深，銷售團隊也越來越多地採用這種方法，客戶也逐漸習慣了這種方法並開始互相交流，它實際上正在發展成為我們整體市場推廣策略的一部分。所以它真的幫了我們很多。

That's helpful. And just as a follow-up, looking at the macro environment, just particularly around the backdrop in financial services with the potential for M&A activity to pick up, is there typically a tailwind associated with the growing deal pipeline as firms maybe look to check the box on tech enablement prior to an elevated period?

那很有幫助。作為後續問題，從宏觀環境來看，尤其是在金融服務領域併購活動可能回升的背景下，隨著交易管道的不斷增長，企業是否會在交易活動高峰期到來之前尋求技術賦能，從而帶來一定的利好因素？

Yeah, I think so. The banks have been doing good business with us. We emphasized quite a bit of that on the call today, some particularly large ones, in fact. We also have a lot of compliance support for firms that want to increase their volume. There's this interesting trend happening in the accounting industry itself where private equity is coming in and changing the form of the business from partnerships to corporations and putting capital to work, and those firms are then going on an M&A program themselves.

是的，我也這麼認為。銀行一直和我們保持著良好的業務關係。我們今天在電話會議上重點強調了這一點，實際上，其中一些問題尤其重要。我們也為希望擴大業務量的公司提供大量的合規支援。會計行業本身正在發生一種有趣的趨勢，私募股權公司正在進入會計行業，將企業形式從合夥制轉變為公司製，並投入資本，而這些公司隨後又會開展併購計劃。

And all of those things are driving demand for upgrading and modernizing the technology infrastructure. So there's a lot of larger macro style trends or industry trends that we think we're really playing into with the strategy here.

所有這些因素都在推動對技術基礎設施進行升級和現代化的需求。所以，我們認為我們的策略真正契合了許多更大的宏觀風格趨勢或產業趨勢。

And as people do this, they want to have an AI-forward approach to do all that. So I think we've got a great position to benefit from those trends.

人們在做這些事情的時候，希望採用以人工智慧為主導的方法來完成所有這些工作。所以我認為我們處於非常有利的地位，可以從這些趨勢中獲益。

Steve Enders, Citi.

史蒂夫恩德斯，花旗集團。

I guess maybe just to start, I do want to ask a little bit about the guidance for the full year and some of the change there. I think particularly looking at the revenue side, it looks like the full beat wasn't really rolled through. And so just want to get a little bit of clarity on maybe if there was some revenue that kind of shifted around or if it's a reflection of customers converting more to the SaaS solution faster than expected. Yeah1, just getting any kind of clarity around some of those dynamics would be helpful to start.

我想先問一下關於全年的指導方針以及其中的一些變化。我覺得尤其從收入方面來看，似乎並沒有真正達成預期目標。所以，我只是想弄清楚，是否有一些收入發生了轉移，或者這是否反映出客戶向 SaaS 解決方案的轉換速度比預期更快。是的，首先要弄清楚這些動態關係，這會很有幫助。

Yeah. Thanks for the question, Steve. We continue to operate on our strategy that we articulated over two years ago at our Investor Day. That being we are cloud first. And so clearly, that's what drives a lot of our key activity.

是的。謝謝你的提問，史蒂夫。我們將繼續執行兩年前在投資者日上闡述的策略。也就是說，我們優先考慮雲端技術。很顯然，這就是我們許多關鍵活動的驅動力。

With respect to everything else flowing through, obviously, we'll have puts and takes, both with Services as well as License. That being said, we continue to be successful and continue to orient more and more migrations. And so we'll talk more about how that is not only being modeled, but our success vectors coming up here at Investor Day.

至於其他所有流動的事物，顯然，無論是服務和許可證，都會有投入和產出。即便如此，我們依然取得了成功，並繼續引導越來越多的移民計畫。因此，我們將在投資者日上進一步討論這不僅是如何建模的，而且是我們的成功途徑。

And then even within our own services, clearly, we've discussed just broader on the whole partner ecosystem, and it's always going to be a delicate balance there as we continue to make investments as well as that opportunity and more prone to items in and around our customer set and items that will clearly drive our Cloud offerings even more so.

即使在我們自己的服務中，顯然，我們也討論過更廣泛的整個合作夥伴生態系統，隨著我們不斷進行投資，抓住機遇，這始終是一個微妙的平衡，而且更容易受到我們客戶群內外因素的影響，這些因素顯然會進一步推動我們的雲端產品發展。

So I don't view it as evergreen change to kind of the mix of revenue. We've always been cloud-first and the orientation of that, of which I do believe the full guide was passed through and then so.

所以我不認為這是收入組合的永久變動。我們一直堅持雲端優先的理念，我相信完整的指南已經傳達完畢，然後就是這樣。

Okay. Got you. That's helpful there. And then maybe shifting gears just in terms of the buyback program. I guess good to see that re-upped here.

好的。抓到你了。那很有幫助。然後或許可以調整一下回購計畫的策略。很高興看到這裡重新更新了。

Just how are you kind of viewing kind of the forward cadence for those plans and putting that into place? And then I guess, anything to read into, I guess, broader capital allocation and kind of the ramifications of investing in the business and other areas versus utilizing the buyback?

您是如何看待這些計劃的推進節奏以及如何落實這些計劃的？那麼，我想，這是否也與更廣泛的資本配置以及投資於企業和其他領域與利用股票回購相比會產生哪些影響有關？

Yeah. We've never had a formal articulation of our capital allocation strategy. That will come forward more in earnest again at Investor Day. But just for the near term, we have been putting capital to work. We've been focused more so on antidilution measures and offsetting that.

是的。我們從未正式闡述我們的資本配置策略。在投資者日上，這個問題將會再次得到​​更充分的闡述。但就短期而言，我們一直在讓資金發揮作用。我們一直以來都更加關注反稀釋措施和抵消這種稀釋的影響。

I think we've done a good job at that. And so clearly, we've got a lot of confidence not only in our ability, but in the strength of our balance sheet that the Board authorized an additional $200 million, and we'll put that to work to offset forward dilution as well.

我認為我們在這方面做得很好。因此，我們顯然對自身的能力以及資產負債表的實力都充滿信心，董事會批准了額外的 2 億美元，我們將利用這筆資金來抵消未來的股權稀釋。

Alex Sklar, Raymond James.

Alex Sklar，Raymond James。

John, I want to start -- follow up on your answer to George's question earlier, just in terms of what you're seeing on broader IT budgets and AI budgets, maybe within your named accounts going to 2026. Any sense if these accounts are dedicating distinct spend to AI this year just as you're bringing more solutions to market?

約翰，我想先就你之前對喬治問題的回答做個補充，談談你對更廣泛的 IT 預算和 AI 預算的看法，也許可以談談你指定的帳戶到 2026 年的情況。鑑於貴公司正在向市場推出更多解決方案，您是否了解這些帳戶今年是否會專門撥出專款用於人工智慧領域？

And then Dave called out doing more in terms of increasing spend around delivering AI offerings. Can you just talk about how that fits into your strategy there?

然後戴夫指出，應該增加對人工智慧產品和服務的投入。您能談談這如何融入您的策略嗎？

Yeah. Thanks, Alex. It varies across firms. A lot of firms do absolutely have specific AI budgets or innovation budgets that they're looking to make sure that their firms figure out how to take advantage of the change here. That's benefiting us. We've had several deals that are being funded out of AI budgets.

是的。謝謝你，亞歷克斯。不同公司的情況各不相同。許多公司確實都有專門的人工智慧預算或創新預算，他們希望確保公司能找到利用這項變化的方法。這對我們有利。我們已經達成了幾項由人工智慧預算資助的交易。

There's also -- there are also firms that are looking at their IT budgets generally and saying, how do they bring AI in to more traditional ways of budgeting and procuring and it becomes part of the procurement process. So we've won things in that category as well.

還有一些公司正在審視他們的 IT 預算，並思考如何將人工智慧融入更傳統的預算和採購方式中，使其成為採購流程的一部分。所以我們也在這個類別中贏得獎項。

Internally, this is a huge focus for us, and it has been for several years. We've tried to be both responsible and forward-leaning in investing in R&D for this generation of technology. We've brought the company through and benefited from each of the previous technology generations from on-prem to cloud to mobile and now AI.

在公司內部，這是我們非常重視的一點，而且已經持續好幾年了。我們一直努力做到對這一代技術研發投入既負責又具有前瞻性。我們帶領公司走過了從本地部署到雲端再到行動端，以及現在的 AI 的每一代技術發展歷程，並從中受益。

Coming up here at our event in February with Investor Day and our marketing event is called Intapp Amplify, this is the single largest release that we've ever done. This is the most consequential release that the company is setting up to bring to everybody, and it's been in the works for two years since this whole AI generation started to break.

2 月我們將舉辦投資者日和市場推廣活動，名為 Intapp Amplify，這是我們迄今為止最大的產品發布。這是該公司即將推出的、對所有人而言影響最為深遠的版本，自人工智慧時代開始爆發以來，該公司已經為此籌備了兩年之久。

And we spent a lot of time working directly with our clients and all the folks who helped us build the company across the marketplace to really appreciate what is it that the potential of AI can do to drive success for these firms financially and in their business in compliance area with all the professionals, how do they become much more capable of using AI, applying it in the most successful possible way to compete. And I think there's really interesting learnings from this first couple of years of experimentation, and we've integrated that all into our strategy here.

我們花了大量時間直接與客戶以及所有幫助我們在市場上建立公司的人合作，真正了解人工智慧的潛力如何能夠推動這些公司在財務和業務合規領域取得成功，以及所有專業人士如何更有效地使用人工智慧，並以最成功的方式應用人工智慧來參與競爭。我認為，從這頭兩年的試驗中我們獲得了許多非常有趣的經驗，我們已經將這些經驗融入我們的策略中。

And so I'm really could not be more excited about the February event because the early responses that we're getting from the folks on our ambassador program and our Advisory Board program could not be more positive about where we're headed here because I think these firms do have a disproportionate opportunity in how they can benefit from AI deployments.

因此，我對二月份的活動感到無比興奮，因為我們從大使計畫和顧問委員會計畫的成員那裡得到的早期反饋都非常積極，他們認為這些公司在人工智慧部署方面確實擁有不成比例的巨大優勢。

I also think for the enterprise class firms, it's doubly complex because they have such significant work that they do for all of the world's capital markets transactions, M&A, litigations. I mean these are serious projects that these firms execute. And we've grown up working with them and increasingly are the folks that they're turning to for AI.

我認為對於企業級公司來說，情況就更加複雜了，因為它們要處理全球所有資本市場交易、併購和訴訟等重大事務。我的意思是，這些都是這些公司執行的重要專案。我們與他們一起成長，並且越來越成為他們在人工智慧領域尋求幫助的對象。

So I'm really excited about what's coming here. And I think the R&D investment has been fantastic and something that we're really excited to keep doing.

所以我對即將發生的一切感到非常興奮。我認為研發投入非常棒，我們也非常樂意繼續這麼做。

All right. Great. Yeah, the product velocity has definitely picked up. So look forward to more there.

好的。偉大的。是的，產品銷售量確實提升了。敬請期待更多精彩內容。

Dave, just maybe a quick follow-up for you. Can you just expand on some of the drivers? NRR stepped up pretty notably this quarter? What were kind of the big one, two, three things behind that?

戴夫，或許我有個後續問題想跟你問一下。您能詳細闡述其中的一些驅動因素嗎？本季淨收入成長顯著嗎？這件事背後最重要的三件事是什麼？

Yeah, for sure. First and foremost, our enterprise motion is working. Secondarily, we also oriented around some successful talk tracks about our partner ecosystem. And so if you think about how not only our lands are getting bigger, but also our expands because of those two motions. And so in theory, it was both upsell and cross-sell that we're seeing good uptake, but we still have a lot more room to go.

是的，當然。首先，我們的企業行動正在發揮作用。其次，我們也圍繞著一些關於我們合作夥伴生態系統的成功話題展開了討論。因此，如果你想想，不僅我們的土地正在變大，我們的擴張也是因為這兩種運動造成的。因此，從理論上講，我們看到追加銷售和交叉銷售都取得了良好的反響，但我們還有很大的提升空間。

Brian Schwartz, Oppenheimer.

Brian Schwartz，奧本海默。

John, I wanted to ask you a question about different pricing models. Clearly, the forecasts are out there that we expected slow labor growth here on the heels of AI through the second half of the decade. I think you talked about in your comments how you're working with your customers and experimenting on different types of AI use cases and solutions.

約翰，我想問你一個關於不同定價模式的問題。顯然，已有預測表明，隨著人工智慧的發展，未來十年後半段勞動力成長將會放緩。我想你在評論中提到你是如何與客戶合作，並嘗試不同類型的人工智慧用例和解決方案的。

What about internally at Intapp in terms of the pricing model, are you experimenting at all in introducing a more consumption or value-based pricing model? Just wondering if there's any testing of that going on and that potentially could be a new growth vector for the business in the future.

那麼在 Intapp 內部，就定價模式而言，你們是否正在嘗試引入更注重消費或價值的定價模式？我只是想知道目前是否有這方面的測試正在進行，這是否有可能成為公司未來新的成長點。

Yeah. Thanks very much, Brian. We do have today multiple pricing models in the business, just for clarity. We do have part of the business and some of the relationships, a historical per user model. It has worked very well. And we are not fully penetrated in almost any of our firms.

是的。非常感謝，布萊恩。為了避免誤解，我在此說明，我們目前在業務中採用多種定價模式。我們擁有部分業務和一些客戶關係，採用的是按用戶歷史付費模式。效果非常好。而且，我們在幾乎所有公司中都沒有完全滲透。

We have a lot of growth that we achieve each quarter in that NRR number from getting more people onto the platform using the technology, including the AI capabilities of the platform. So that's absolutely a continued growth driver for us.

每個季度，我們的淨收入成長都很大，這得益於更多人利用該技術（包括平台的人工智慧功能）加入平台。所以這絕對是我們持續成長的動力。

But we also have today and for a long time, a firm-based pricing model for enterprise agreements that originally started in our compliance business, but we offer it in other areas and have relationships in many other areas where the firm pays based on its size or other metrics that are not per user. So we just wanted to folks understand that. And then from there -- so I think we've got a good relationship with firms where the contracts allow us to price to value. And historically, we've been able to do that.

但我們現在以及很長一段時間以來，都有一種基於公司的企業協議定價模式，這種模式最初源於我們的合規業務，但我們也在其他領域提供這種模式，並在許多其他領域建立了合作關係，在這些領域，公司根據其規模或其他指標（而不是按用戶付費）來支付費用。所以我們只是想讓大家明白這一點。然後從那裡開始——所以我認為我們與公司建立了良好的關係，合約允許我們按價值定價。從歷史上看，我們一直都能做到這一點。

From there, we are very interested in what the opportunity is for consumption-based or other metric-based pricing that aligns well with the way that the clients are thinking about the value they're receiving. I think fundamentally, the software companies have always been able to price value. The mechanisms have changed over the years. But if you can get yourself in a position that they really see what it is that you're doing for them and they benefit and they want to grow from that, they're happy to pay for it.

因此，我們非常感興趣的是，基於消費量或其他指標的定價方式，能否與顧客對所獲價值的思考方式相契合。我認為從根本上講，軟體公司一直都能夠為價值定價。這些機制隨著時間的推移而改變了。但是，如果你能讓他們真正看到你為他們做了什麼，並且他們從中受益，並且他們希望從中成長，他們就很樂意為此付費。

And we benefited bootstrapping our company in this particular end market because these firms in comparison to many industries, they're very financially well off. and that's really helped us. They always pay their bills. They're very honorable folks, which I appreciate. And if we can come up with a value agreement that they're happy with, they're happy to pay it.

我們之所以能在這個特定的終端市場白手起家，是因為我們受益於這些公司與其他許多行業的公司相比，財務狀況都非常良好。這確實對我們幫助很大。他們總是按時支付帳單。他們都是很有榮譽感的人，我很欣賞這一點。如果我們能達成他們滿意的價格協議，他們也樂意支付。

And so we've grown the company for many years working with them. And I'm very interested in this question that you're raising because I think there is an interesting angle as we grow and take more of the AI services into our own product. How do we monetize that and manage the financials and the economics of that. So we're very open to that, and we're experimenting a little bit.

因此，多年來我們與他們合作，公司也隨之發展壯大。我非常對您提出的這個問題感興趣，因為我認為隨著我們不斷發展壯大，並將更多的人工智慧服務融入我們自己的產品中，這個問題會呈現出一個有趣的視角。我們如何將其貨幣化，以及如何管理相關的財務和經濟效益？所以我們對此持開放態度，並且正在進行一些嘗試。

Yeah, I agree. Thanks, John, for that explanation. That was really helpful. One follow-up for David. Just thinking about kind of tracking the progress of the AI SKUs.

是的，我同意。謝謝約翰的解釋。那真的很有幫助。給大衛的一個後續問題。我只是在考慮如何追蹤人工智慧產品線的進展。

In relation to the AR growth, how do you think about the monetization of AI, how that will play out for Intapp in the second half of the fiscal year? Is there anything that investors that we should look to be able to better gauge how the AI product SKUs are doing for the business?

關於 AR 的成長，您如何看待 AI 的貨幣化，以及這將在本財年下半年對 Intapp 產生怎樣的影響？投資人應該關注哪些方面，才能更好地評估人工智慧產品 SKU 對業務的貢獻？

Yeah, for sure. These are things that we've been working through, obviously, not only at our annual updates, both from direct ARR or attach rates and something that we'll have meaningful updates on coming forward in our upcoming Investor Day. So I don't want to steal all of our thunder with that. But obviously, the success has been far and wide for us.

是的，當然。顯然，這些都是我們一直在努力解決的問題，不僅在我們的年度更新中，包括直接 ARR 或附加率，而且我們將在即將舉行的投資者日上發布一些有意義的更新。所以我不想搶了我們所有人的風頭。但很顯然，我們的成功已經惠及了許多人。

I'm very pleased with both the application from our go-to-market teams as well as our own internal development and the uptake. And so more to come on that.

我對我們的市場推廣團隊的應用以及我們內部的研發和市場接受度都非常滿意。關於這一點，後續還會有更多內容。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Mine's already been answered.

我的問題已經有人解答了。

There are no further questions for the question-and-answer session. I'd now like to turn the call back over to John Hall for final comments.

問答環節沒有其他問題了。現在我想把電話轉回給約翰·霍爾，請他做最後的總結發言。

Okay. Well, we appreciate everybody's time today and the questions. We are very excited to have you all at our Investor Day event in a few weeks in February in New York City. There's a lot of opportunities to share all the things that we've been working on. And then later that day is our Intapp Amplify program where we're going to be making some pretty important announcements.

好的。非常感謝大家今天抽出時間並提出問題。我們非常高興能在幾週後的二月份在紐約市舉辦的投資者日活動上與大家見面。我們有很多機會可以分享我們一直在做的所有工作。當天晚些時候，我們將舉辦 Intapp Amplify 活動，屆時我們將發布一些非常重要的公告。

So we're excited to have you, and we look forward to chatting with you there. And then we'll talk to you again next quarter. So thanks, everyone. We appreciate it.

所以我們很高興你能來，期待在那裡和你聊天。下個季度我們再跟你談談。謝謝大家。我們非常感謝。

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。