Intapp, Inc. (INTA) 2026 Q3 法說會逐字稿

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

各位好，歡迎收看 Intapp 2026 會計年度第三季財報網路直播。(操作員指示) 請注意，今天的會議將被錄音。

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

現在，我很榮幸將電話會議交給資深副總裁、投資人關係主管 David Trone。請開始。

Thank you. Welcome to Intapp's fiscal third-quarter 2026 financial results. On the call with me today are John Hall, Chairman and CEO of Intapp; and David Morton, Chief Financial Officer.

謝謝。歡迎參加 Intapp 2026 會計年度第三季財務結果說明。今天與我一同出席的有 Intapp 董事長暨執行長 John Hall，以及財務長 David Morton。

During the course of this conference call, we may make forward-looking statements regarding trends, strategies and the anticipated performance of our business, including guidance provided for our fiscal fourth quarter and full-year 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 as forward-looking statements.

在本次電話會議期間，我們可能會就趨勢、策略以及本公司業務的預期表現（包括我們對 2026 會計年度第四季與 2026 全年度所提供的指引）發表前瞻性陳述。這些前瞻性陳述係基於管理階層目前的觀點與預期，包含截至今日所作的若干假設，並受多項風險與不確定性影響（包括我們向 SEC 提交之文件及其他公開文件中所述者）。這些因素難以預測，且可能導致實際結果與前瞻性陳述所明示或暗示者出現重大差異。

Intapp disclaims any obligation to update or revise any forward-looking statements except as required by law. Further on today's call, we will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP diluted net income per share, and free cash flow.

除法律要求外，Intapp 不承擔更新或修訂任何前瞻性陳述之義務。此外，在今天的電話會議中，我們也將討論若干我們認為有助於理解財務結果的非 GAAP 指標，包括非 GAAP 毛利率、非 GAAP 營業費用、非 GAAP 營業利益、非 GAAP 稀釋後每股淨利，以及自由現金流。

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

我們的 GAAP 財務結果，以及 GAAP 與非 GAAP 財務衡量指標之間的調節表，可在今日的財報新聞稿及其補充財務表中查閱；該等資料可於我們網站取得，並已在本次電話會議前以 Form 8-K 附件形式提交給 SEC；或可參閱我們網站上的補充財務簡報。

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

接下來，我把時間交給 John。

Thanks, David. Good afternoon, everyone. Thank you for joining us. Q3 was a strong quarter, one that reflects both the health of our core business and the momentum building behind where Intapp is headed. Today, I'll share our Q3 results, reflect on what we put in motion at Investor Day at Amplify in February, and walk through the client wins and early signals that speak to the opportunity ahead.

謝謝你，David。各位下午好。感謝各位參與。第三季表現強勁，反映出我們核心業務的健康狀況，以及 Intapp 未來發展方向所累積的動能。今天我將分享第三季的成果，回顧我們在 2 月 Amplify 投資人日所啟動的事項，並說明客戶贏單與一些早期訊號，這些都指向前方的機會。

First, the numbers. We achieved solid quarterly results in Q3, supported by the addition of new clients and the expansion of client accounts around the world. Our cloud ARR grew to $459 million, up 31% year-over-year. Cloud now represents 82% of our total ARR of $560 million. In the quarter, we earned SaaS revenue of nearly $108 million, up 27% year-over-year, and total revenue of $146 million, up 13% year-over-year.

首先是數字。我們在第三季取得穩健的季度成果，主要受惠於新增客戶，以及全球各地既有客戶帳戶的擴張。我們的雲端 ARR 成長至 4.59 億美元，年增 31%。雲端目前占我們總 ARR 5.60 億美元的 82%。本季我們的 SaaS 營收接近 1.08 億美元，年增 27%；總營收為 1.46 億美元，年增 13%。

February was a significant month for Intapp. We brought Amplify, our annual client and product showcase to New York and London, and we hosted our second Investor Day. Together, those events put a single thesis on the table. Intapp is entering its most consequential chapter with strength, and we have a tremendous roadmap ahead to unlock new value for our clients. If you weren't there, I'd encourage you to watch the recordings. I want to use the next few minutes to revisit that thesis.

2 月對 Intapp 而言是重要的月份。我們將年度客戶與產品展示活動 Amplify 帶到紐約與倫敦，並舉辦了第二次投資人日。這些活動共同提出了一個核心論點。Intapp 正以強勁態勢進入最具關鍵性的篇章，而我們也擁有一條極具潛力的產品藍圖，將為客戶釋放新的價值。如果你當時未能參與，我鼓勵你觀看錄影。接下來幾分鐘，我想重新回到這個論點。

Demand for the professional firms we serve is growing, and we expect that to continue. As the economy expands, companies need outside counsel for high-stakes litigation, bankers for acquisitions, and auditors for assurance. These firms provide functions that are fundamental to capitalism, expert advice, and accepted third-party accountability that clients can't replicate internally. Their core economic value has nothing to do with technology, but they're staying competitive does.

我們所服務的專業服務機構之需求正在成長，我們預期這一趨勢將持續。隨著經濟擴張，企業需要外部律師處理高風險訴訟、需要投資銀行協助併購，也需要會計師提供查核與確信服務。這些機構提供的是資本主義運作的基礎功能、專業建議，以及客戶無法在內部複製的、被接受的第三方問責機制。它們的核心經濟價值與科技無關，但要維持競爭力則與科技息息相關。

These firms must transform. And the opportunity to use AI to become more efficient, more capable, and more competitive is significant. And the firms that move decisively will be the ones that win. But they're also learning something after experimenting with first-generation horizontal tools. Generic AI wasn't built for how these highly regulated firms actually work or for the professional trust and compliance standards they're required to uphold.

這些機構必須轉型。而運用 AI 來提升效率、能力與競爭力的機會相當可觀。能果斷行動的機構，將會是勝出者。但在嘗試第一代橫向工具之後，他們也學到了一件事。通用型 AI 並非為這些高度受監管的機構實際運作方式而打造，也無法滿足其必須遵循的專業信任與合規標準。

For these firms, professional compliance is an existential issue. That's why we built Celeste, an AI-native, agentic platform designed from the ground up for professional firms. Celeste delivers expert agents directly into the workflows that drive firm performance, business origination, deal and asset management, business intake and compliance, and revenue management, built for firms not adapted from tools built for everyone else.

對這些機構而言，專業合規是攸關存亡的議題。因此我們打造了 Celeste——一個 AI 原生、具代理（agentic）能力的平台，從零開始專為專業服務機構設計。Celeste 將專家代理直接帶入推動機構績效的工作流程中，涵蓋業務開發、交易與資產管理、業務受理與合規，以及營收管理；它是為機構而建，而非由面向所有人的工具改造而來。

Celeste works as a standalone platform and as a context and compliance layer that makes other leading AI tools more effective inside a firm, giving them the firm-specific context and professional compliance protections they need to operate in a highly regulated environment. Leading AI companies joined us on the stage at Amplify as we launched Celeste. We are re-architecting our core business applications to run as expert agents powered by Celeste. We demonstrated expert agents for deal development, professional compliance, and revenue management, all grounded in intact data and systems all running on Celeste.

Celeste 可作為獨立平台運作，也可作為情境與合規層，讓其他領先的 AI 工具在機構內更有效，提供其在高度受監管環境中運作所需的機構特定情境與專業合規防護。在我們推出 Celeste 的 Amplify 現場，多家領先 AI 公司也登台與我們同台。我們正在重新架構核心業務應用，讓其以由 Celeste 驅動的專家代理方式運行。我們展示了用於交易開發、專業合規與營收管理的專家代理，全部建立在完整的資料與系統之上，並全都運行於 Celeste。

These innovations expand our addressable market meaningfully. As AI automates knowledge work inside firms, Intapp can move beyond competing for software budgets and capture a larger share of overall personnel budgets, pricing for the value that expert agents create, and for the volume of activity flowing through the platform, matters opened, deals managed, engagements resourced, compliance actions approved.

這些創新將大幅擴展我們的可服務市場。隨著 AI 在機構內自動化知識型工作，Intapp 得以不再僅爭取軟體預算，而是取得更大比例的整體人力成本預算；我們可依專家代理所創造的價值，以及平台上流動的活動量來定價——例如開立的案件數、管理的交易數、配置資源的專案數、核准的合規動作等。

Celeste enables consumption-based pricing alongside our existing enterprise and [seat] models, giving us more ways to grow with our clients as adoption deepens. We are entering the agent market from a position of significant structural advantage. With thousands of firms already running on Intapp, we manage their end-to-end business workflows, their most critical data, and their professional compliance programs.

Celeste 讓我們在既有的企業級與[席位]（seat）模式之外，也能提供按使用量計費（consumption-based pricing），使我們在客戶採用加深時有更多方式與其共同成長。我們以顯著的結構性優勢切入代理市場。目前已有數千家機構在 Intapp 上運行，我們管理其端到端的業務工作流程、最關鍵的資料，以及其專業合規計畫。

Now, with a trusted, professionally compliant agentic platform, no competitor can match that position. We grow as the firms do, and there is no one better positioned to lead this next chapter.

如今，憑藉一個值得信賴且符合專業合規要求的代理平台，沒有任何競爭對手能匹敵我們的地位。我們隨著機構成長而成長，而在引領下一個篇章方面，沒有誰比我們更具優勢。

At Amplify, three of the most consequential companies in AI spoke publicly about why they're building with Intapp. Our strategic alliance with Microsoft continues to deepen. On stage, Microsoft was direct about what enterprise AI actually requires for professional firms. Quote - AI is becoming part of the enterprise backbone. In order to make this really work at the enterprise level, especially for sensitive firms, we really need to think about walls to make sure that the data only shows up for the right people at the right time.

在 Amplify 上，AI 領域中三家最具影響力的公司公開談到他們為何選擇與 Intapp 合作打造。我們與 Microsoft 的策略聯盟持續深化。在台上，Microsoft 直接說明了專業服務機構要落實企業級 AI 真正需要什麼。引述——AI 正成為企業骨幹的一部分。為了讓這在企業層級真正運作，特別是對於敏感性高的機構，我們必須真正思考設置隔離牆，以確保資料只會在正確的時間呈現給正確的人。

Winston Weinberg, CEO of Harvey, discussed their collaboration with Intapp as a way to help clients succeed. Quote - Intapp has been working on this for so long, and you have built such an incredible structure and trust with all the clients, making sure that we can integrate with all of your systems and making it the best for the end user.

Harvey 執行長 Winston Weinberg 討論了他們與 Intapp 的合作，作為協助客戶成功的一種方式。引述——Intapp 在這方面投入已久，而你們也與所有客戶建立了令人難以置信的架構與信任，確保我們能與你們所有系統整合，並讓終端使用者獲得最佳體驗。

Eleanor Dorfman, Head of Industries at Anthropic. Articulated why our two platforms are built to work together. Quote - We're very ecosystem-driven. We build primitives that we then work with our partners like Intapp to deliver so customers experience customized value inside of these products. This is exactly the way we want to deliver AI into regulated enterprise environments. This is what it looks like when the market validates your position. And the signals we're seeing from clients and prospects back that up. Let me share a few highlights.

Anthropic 產業負責人 Eleanor Dorfman。闡述了為何我們兩個平台是為了彼此協作而打造。引述——我們非常以生態系為導向。我們打造基礎元件，接著與像 Intapp 這樣的合作夥伴一起交付，讓客戶能在這些產品中體驗到客製化價值。這正是我們希望將 AI 導入受監管企業環境的方式。這就是市場驗證你定位時的樣貌。而我們從客戶與潛在客戶看到的訊號也支持這一點。我來分享幾個重點。

Amplify drew over 40% more client attendees than last year, with an 80% increase in digital impressions and more than 110% increase in client and partner engagement across social and digital channels. The appetite for Celeste is clear. Celeste's content is generating 3 times the average engagement across our channels, and the Celeste overview is averaging over nine minutes per individual visit, the highest in our portfolio.

Amplify 的客戶出席人數較去年增加逾 40%，數位曝光增加 80%，並且在社群與數位通路上的客戶與合作夥伴互動提升超過 110%。市場對 Celeste 的需求顯而易見。Celeste 的內容在我們各通路的互動率是平均值的 3 倍，而 Celeste 概覽頁面每次個別造訪的平均停留時間超過 9 分鐘，為我們產品組合中最高。

Our April webinar series featuring Celeste, one for each industry vertical, set company records for both registrants and attendees. And sales development meetings in April exceeded monthly goals by over 65%, a new high-water mark. That momentum runs alongside a business that continues to execute and now with Celeste.

我們 4 月以 Celeste 為主題的網路研討會系列（每個產業垂直各一場）在報名人數與出席人數兩方面都創下公司紀錄。此外，4 月的銷售開發會議數量超過月度目標逾 65%，創下新高水位。這股動能與我們持續落地執行的業務並行，如今也包含 Celeste。

Q3 growth came from all three of our core motions; new clients, expansion within existing accounts and cloud migrations. While we continued building traction across newer verticals, products and geographies.

第三季的成長來自我們三大核心動能：新客戶、既有客戶帳戶內擴張，以及雲端遷移。同時，我們也持續在較新的垂直產業、產品與地理區域建立動能。

In our legal vertical, we saw a continuing trend of firms seeking to modernize and expand their technology while continuing to require the trust and professional compliance expertise we provide. We mentioned last quarter that Ropes & Gray, an Am Law 100 firm, chose our compliance solutions to modernize intake and conflicts. This quarter, they decided to add to those solutions, choosing DealCloud to help accelerate their business development activity and Celeste to drive their agentic agenda.

在法律垂直領域，我們看到律所持續尋求現代化並擴充其技術，同時仍需要我們所提供的信任與專業合規專長。我們在上季提到，Am Law 100 律所 Ropes & Gray 選擇了我們的合規解決方案，以現代化案件受理與利益衝突管理。本季他們決定在此基礎上加碼，選擇 DealCloud 以加速其業務開發活動，並採用 Celeste 推動其代理式（agentic）議程。

TLT, a current client utilizing conflicts, chose to further modernize their solutions and migrate to the cloud with Intapp time. They also purchased Intapp terms with Assistant Walls as they worked to simplify their tech stack via a single provider. Kobre & Kim chose Intapp Time to increase overall efficiency and provide enhanced features to improve compliance. And an AM100 firm chose Intapp Time for its trusted AI capabilities after a well-funded AI startup competitor fell short of what their firm actually required. This is a pattern in the market.

現有使用利益衝突管理的客戶 TLT，選擇進一步現代化其解決方案，並透過 Intapp Time 遷移至雲端。在透過單一供應商簡化其技術堆疊的過程中，他們也購買了 Intapp Terms 與 Assistant Walls。Kobre & Kim 選擇 Intapp Time 以提升整體效率，並提供強化功能以改善合規。另有一家 AM100 律所因看重其可信賴的 AI 能力而選擇 Intapp Time，此前一家具備充足資金的 AI 新創競品未能滿足該律所實際需求。這是市場上的一種模式。

In the accounting industry, technology purchases continue to be driven by both the need for AI capabilities and the continuing competition resulting from PE investments and mergers. Among the firms that turned to Intapp for AI-driven modernization this quarter, Mauldin & Jenkins, an accounting today top 100 firm, needed a central place to track, monitor and review engagements. They chose Intapp employee compliance to deliver reliable confirmation with regulatory requirements.

在會計產業，技術採購持續同時受到 AI 能力需求，以及私募股權（PE）投資與併購所帶來的競爭加劇所驅動。本季轉向 Intapp 以進行 AI 驅動現代化的事務所中，Accounting Today 百大事務所 Mauldin & Jenkins 需要一個集中式位置來追蹤、監控並審查各項委任案（engagements）。他們選擇 Intapp 員工合規（Employee Compliance），以提供符合監管要求的可靠確認。

UK-based Sumer Group looked to Intapp to solve inefficiencies from multiple systems brought together from acquisitions. Using Intapp collaboration, they will be able to streamline operations and improve collaboration across the firm. The European offices of two major accounting firms chose Intapp as well. One purchased Intapp Collaboration to increase internal productivity and satisfaction. The other purchased both Intapp Collaboration and Walls to ensure greater control over data with geographic sensitivities.

英國的 Sumer Group 希望 Intapp 協助解決因併購整合而帶來的多系統所造成的低效率。透過 Intapp Collaboration，他們將能精簡營運並提升全所協作。兩家大型會計師事務所的歐洲辦公室也選擇了 Intapp。其中一家購買 Intapp Collaboration 以提升內部生產力與滿意度。另一家同時購買 Intapp Collaboration 與 Walls，以確保對具地理敏感性資料有更高的控管。

In our financial services verticals, firms continue to choose our purpose-built solutions for their industry specificity. A global private investment firm replaced a competing platform with Intapp DealCloud, choosing industry debt over a generic solution in order to drive adoption and value firm-wide. We also added new clients and real assets. A leading residential builder chose Intapp Properties to consolidate their workflows into one centralized repository. And essential properties, and internally managed REIT chose Intapp properties to meet their growing demand for modern technology solutions.

在金融服務垂直領域，企業持續選擇我們為其產業特性量身打造的解決方案。一家全球私募投資公司以 Intapp DealCloud 取代競品平台，選擇具產業深度的方案而非通用解決方案，以推動全公司採用並創造價值。我們也在不動產與實體資產領域新增客戶。一家領先的住宅建商選擇 Intapp Properties，將其工作流程整合至單一集中式儲存庫。而 Essential Properties（內部管理的 REIT）選擇 Intapp Properties，以滿足其對現代化技術解決方案日益成長的需求。

Q3 was a strong quarter, and it came at a defining moment. We launched Celeste in limited availability, our clients are engaged, and the early signals are strong. Our ecosystem is aligned, and our core business continues to execute across new logos, expansions, and migrations. What comes next is what we've been building toward. Professional firms are transforming. The firm AI market is growing, and as Celeste moves toward broader availability, no one is better positioned to lead it than Intapp. To our clients, partners, investors, Board and the global Intapp team, thank you. This is the result of your trust and dedication.

第三季表現強勁，且發生在一個關鍵時刻。我們以有限可用（limited availability）方式推出 Celeste，客戶參與度高，且早期訊號強勁。我們的生態系已對齊，而核心業務也持續在新客戶（new logos）、擴張與遷移上落地執行。接下來的發展正是我們一路建構的方向。專業服務機構正在轉型。事務所 AI 市場正在成長，隨著 Celeste 邁向更廣泛可用，沒有任何公司比 Intapp 更具領導優勢。致我們的客戶、合作夥伴、投資人、董事會以及全球 Intapp 團隊，謝謝你們。這是你們信任與投入的成果。

David, over to you.

David，交給你。

Thank you, John, and thanks to everyone for joining us today. I'd also like to acknowledge those who participated in our Investor Day in February, both virtually and in person. Alongside our annual Amplify event, it marked an important step forward in articulating Intapp's firm AI strategy.

謝謝你，John，也感謝各位今天加入。我也想向 2 月參與我們投資人日（Investor Day）的各位致意，無論是線上或親臨現場。它與我們年度 Amplify 活動相輔相成，標誌著我們在闡述 Intapp 事務所 AI 策略方面向前邁出重要一步。

We highlighted three key areas, the introduction of Celeste, our agentic AI platform, purpose-built for professional firms, and the incremental TAM in unlocks. The strength of our enterprise go-to-market motion, and our framework and line of sight to $1 billion in total ARR. We remain confident in that trajectory, underpinned by our differentiated position, serving highly regulated professionals with professional trust, compliance-native, workflow-critical industry-specific AI solutions.

我們強調了三個關鍵面向：Celeste（我們的代理式 AI 平台）的推出——專為專業服務機構量身打造——以及其所解鎖的增量 TAM。我們企業級的市場進入（go-to-market）動能之強勁，以及我們通往總 ARR 10 億美元的框架與可視性。我們對這一成長軌跡仍具信心，其基礎來自我們的差異化定位：以專業信任為核心服務高度受監管的專業人士，提供以合規為原生（compliance-native）、對工作流程至關重要、且具產業特定性的 AI 解決方案。

Turning to the quarter. We delivered strong fiscal third-quarter results, reflecting continued momentum in our cloud business and growing market adoption of our AI offerings. Alongside strong quarterly performance, across our growth compliance, and profitability offerings, our Celeste AI offering is now translating into meaningful contribution.

回到本季。我們交出強勁的會計年度第三季成果，反映雲端業務的持續動能，以及市場對我們 AI 產品的採用度提升。在季度表現強勁的同時，涵蓋成長、合規與獲利能力等面向，我們的 Celeste AI 產品如今也開始轉化為具實質意義的貢獻。

Just a few months removed from our Celeste product announcement, over 15% of net new bookings in the quarter was driven by our Celeste AI solutions, including early monetization from firm AI pilots. We're seeing strong enterprise adoption across land, expand, and vertical motions, reinforcing AI as a durable driver of cloud growth. Following our Amplify event, we also saw a meaningful uptick in demand generation, not just for Celeste, but across our broader product suite, driven by increased customer engagement with our AI capabilities.

距離 Celeste 產品發布僅數月，本季超過 15% 的淨新增訂單（net new bookings）由 Celeste AI 解決方案帶動，其中包含事務所 AI 試點專案的早期變現。我們看到企業級採用在落地（land）、擴張（expand）與垂直領域動能上皆表現強勁，進一步強化 AI 作為雲端成長的長期驅動因素。在 Amplify 活動之後，我們也看到需求生成明顯上升，不僅是 Celeste，亦涵蓋更廣泛的產品組合，主要由客戶對我們 AI 能力的參與度提升所帶動。

Cloud ARR grew 31% year-over-year to $459.3 million, supported by expansion within our 100,000-plus ARR client base and 123% cloud net revenue retention rate. We continue to operate the business with discipline. Growth and operating margins expanded year-over-year. Q3 marked a record free cash flow quarter, and we continued executing on our share repurchase program. Together, these results reflect our focus on driving operating leverage while investing for long-term growth.

雲端 ARR 年增 31% 至 4.593 億美元，主要受惠於我們年 ARR 超過 10 萬美元的客戶群內部擴張，以及 123% 的雲端淨營收留存率。我們持續以紀律經營業務。成長與營業利益率皆較去年同期擴張。第三季創下自由現金流的季度紀錄，我們也持續執行庫藏股回購計畫。綜合而言，這些成果反映我們在投資長期成長的同時，專注於提升營運槓桿。

Our SaaS revenue was $107.9 million, up 27% year-over-year, and now represents nearly three-quarters of total revenue, driven by both new client wins and expansion within the installed base. License revenue was $24.8 million, down 22% year-over-year, consistent with expectations as clients prepare for migration to the cloud. Professional services revenue totaled $13.4 million, up 7% year-over-year, supported by increased partner-led implementations. Total revenue was $146 million, up 13% year-over-year.

我們的SaaS營收為1.079億美元，年增27%，目前約占總營收的四分之三，成長動能來自新客戶贏單以及既有客戶群的擴張。授權營收為2,480萬美元，年減22%，符合預期，因客戶正為遷移至雲端做準備。專業服務營收合計1,340萬美元，年增7%，受惠於合作夥伴主導的導入案增加。總營收為1.46億美元，年增13%。

Following the completion of our initial repurchase program, our Board authorized an additional $200 million in January. During Q3, we repurchased $100 million or approximately 3.9 million shares, bringing fiscal year-to-date repurchases to over 7 million shares. This reflects both our confidence in the long-term value of the business and our continued focus on managing dilution.

在完成我們第一期庫藏股回購計畫後，董事會於1月核准額外2億美元的回購額度。第三季期間，我們回購了1億美元、約390萬股，使本會計年度迄今的回購股數超過700萬股。這反映了我們對公司長期價值的信心，以及我們持續聚焦於管理稀釋的承諾。

Our partner ecosystem is becoming an increasingly important growth lever. Our co-sell motion with Microsoft continued to gain traction in Q3 with strong alignment and expanding Azure Marketplace participation and Mac utilization, driving improved deal velocity, larger transaction sizes, and reduced execution risk in the enterprise engagements.

我們的合作夥伴生態系正成為愈來愈重要的成長槓桿。第三季我們與微軟的共同銷售（co-sell）模式持續取得進展，透過更強的協同、擴大參與Azure Marketplace以及Mac使用率提升，帶動成交速度加快、交易規模更大，並降低企業客戶專案執行風險。

At the same time, our broader partner network is scaling alongside our AI roadmap. As highlighted at Amplify, we are building a targeted ecosystem around Celeste to expand both capability and reach. Non-GAAP gross margin was 78.8%, up from 77.9% a year ago, driven by cloud mix and efficiency gains.

同時，我們更廣泛的合作夥伴網路也正隨著我們的AI藍圖一同擴張。如同在Amplify所強調的，我們正圍繞Celeste打造一個聚焦的生態系，以擴大能力與觸及範圍。非GAAP毛利率為78.8%，高於一年前的77.9%，主要受雲端組合占比提升與效率改善所帶動。

Non-GAAP operating expenses were $89.3 million, compared to $80.3 million in the prior-year period, reflecting continued investment in go-to-market capacity, pipeline generation, and scaled client and partner events, including Amplify. Our non-GAAP operating income was $25.7 million, up from $20.3 million last year, and non-GAAP diluted EPS was $0.29. Free cash flow was $63.4 million, a record quarter, and we ended Q3 with $146.8 million in cash and cash equivalents.

非GAAP營業費用為8,930萬美元，較去年同期的8,030萬美元增加，反映我們持續投資於市場拓展（go-to-market）產能、商機管道（pipeline）生成，以及擴大客戶與合作夥伴活動（包括Amplify）的規模。非GAAP營業利益為2,570萬美元，高於去年的2,030萬美元；非GAAP稀釋後每股盈餘（EPS）為0.29美元。自由現金流為6,340萬美元，創單季新高；第三季末現金及約當現金為1.468億美元。

Some of our key metrics include: Cloud ARR grew 31% year-over-year to $459.3 million, and total ARR increased 23%. Remaining performance obligations were $791.4 million, up 27% year-over-year, providing strong forward visibility. Clients generating at least $100,000 in ARR reached 858, representing more than 100 net adds year-over-year. We exited the quarter with over 1,375 clients at the $50,000-plus ARR. This cohort represents approximately 95% of total ARR and will be a go-forward quarterly disclosure.

我們的一些關鍵指標包括：雲端ARR年增31%至4.593億美元，總ARR年增23%。剩餘履約義務（RPO）為7.914億美元，年增27%，提供強勁的前瞻能見度。ARR至少10萬美元的客戶數達858家，年增淨增加超過100家。本季末ARR達5萬美元以上的客戶超過1,375家。該客群約占總ARR的95%，未來將作為每季例行揭露項目。

Turning to our guidance, for the fourth quarter of fiscal 2026, we expect SaaS revenue to be between $113.1 million and $114.1 million. Total revenue between $149.1 million and $150.1 million. Non-GAAP operating income between $28.4 million and $29.4 million, and non-GAAP EPS between $0.36 and $0.38 based on approximately 79 million diluted shares. For the full fiscal year, we expect SaaS revenue between $421 million and $422 million. Total revenue between $574.3 million and $575.3 million. Non-GAAP operating income between $102.7 million and $103.7 million. Non-GAAP EPS between $1.22 million and $1.24 million based on approximately 82 million diluted shares.

接著談到我們的財測，針對2026會計年度第四季，我們預期SaaS營收介於1.131億至1.141億美元之間。總營收介於1.491億至1.501億美元之間。非GAAP營業利益介於2,840萬至2,940萬美元之間，非GAAP EPS介於0.36至0.38美元之間，係以約7,900萬股稀釋後股數為基礎。就全年而言，我們預期SaaS營收介於4.21億至4.22億美元之間。總營收介於5.743億至5.753億美元之間。非GAAP營業利益介於1.027億至1.037億美元之間。非GAAP EPS介於1.22美元至1.24美元之間，係以約8,200萬股稀釋後股數為基礎。

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

謝謝各位，接下來我把電話交回給接線員。

We will now start the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。(接線員指示)

Kevin McVeigh, UBS.

Kevin McVeigh，瑞銀（UBS）。

Great, thanks so much and congratulations on the continued execution. Hey, I wonder if you could give us just any initial feedback on Celeste and whether or not, that's what's driving some of the uptick in the average client size, because clearly you're seeing pretty good momentum there and just maybe help dimensionalize that a little bit.

很好，非常感謝，也恭喜持續穩健執行。我想請教一下，能否分享對Celeste的初步回饋，以及它是否正在推動平均客戶規模的上升？因為你們顯然看到相當不錯的動能，也請協助我們更具體地量化與理解一下。

Thanks, Kevin. The feedback on Celeste has been tremendous. We had a very exciting set of programs at Amplify where people got to see it for the first time. We released it in limited availability, so we've been managing the number of clients that we're engaging with. But the list of people who have looked at it, had us come and talk to them about what it can do is off the charts. So we're very excited about how well it's been received. And what's been really interesting to hear back from the prospects is, they've really struggled with some of the first-generation tools in exactly the areas that we designed Celeste to address.

謝謝你，Kevin。市場對Celeste的回饋非常熱烈。我們在Amplify上推出了一系列非常令人振奮的活動，讓大家首次看到它。我們以限量可用（limited availability）的方式釋出，因此一直在控管我們接觸的客戶數量。但看過它、並邀請我們去介紹它能做什麼的人數多到超乎想像。因此我們對它的市場接受度感到非常興奮。而且從潛在客戶回饋中很有意思的一點是，他們在第一代工具上確實在一些領域遇到很大困難，而那些正是我們設計Celeste要解決的問題。

So NCT is an important technology architecture for this generation, but it is revealing and creating a lot of new repositories of business information that are essentially ungoverned by the firm's professional compliance requirements. And what we've done with the Celeste architecture is exactly what addresses this core point. So there's a lot of excitement about the opportunity, and we've been working with several of the limited availability clients on some really exciting solutions already.

因此，NCT是這一代的重要技術架構，但它也揭露並產生了大量新的商業資訊儲存庫，而這些儲存庫基本上未受到公司專業合規要求的治理。而我們在Celeste架構上所做的，正是用來解決這個核心問題。所以市場對這個機會非常興奮，我們也已經與數家限量可用的客戶合作，著手一些非常令人振奮的解決方案。

And we were able to share with you all that Ropes & Gray bought the product in the quarter, and we have a group that is in the pipeline to do more, I think there's a really exciting opportunity for us to enter into this Agentic space here. Obviously, we announced the product two-thirds, two-quarters of the way through Q3. So it was a small part of the time that we had in-market in the quarter.

我們也能與各位分享，Ropes & Gray在本季購買了該產品；此外，我們在商機管道中也有一批客戶準備進一步推進。我認為，對我們而言，進入這個Agentic領域有非常令人振奮的機會。當然，我們是在第三季進行到三分之二、接近兩個月（兩個季度的說法）時才宣布這項產品。因此在本季中，它實際在市場上運作的時間占比不大。

That's helpful, really helpful, John. And just to follow-up there, if the clients have started to season some of the LLMs. Have they shifted preference in terms of any specific LLMs or they kind of stayed the course?

這很有幫助，真的很有幫助，John。再追問一下，如果客戶已經開始使用一段時間、逐步調校一些LLM。他們在特定LLM的偏好上是否有轉移，還是大致維持原先選擇？

Well, that's also interesting. We're seeing a wide range across the market. There are people who had committed to OpenAI and ChatGPT early. We're seeing folks who have adopted Claude. And like the entropic models, we're seeing a big footprint for Microsoft Copilot because this is such a Microsoft-oriented market and the overall relationship they have with Microsoft and the ability of Copilot to work with -- that whole environment is important to them. So it's a very interesting mix.

嗯，這也很有意思。我們看到市場上呈現非常多元的情況。有些人很早就投入OpenAI與ChatGPT。我們也看到一些客戶採用Claude。另外像Anthropic的模型也有不少採用；同時，由於這是一個高度以微軟為導向的市場，加上他們與微軟的整體關係，以及Copilot能與——整個環境協同運作的能力對他們很重要，因此我們也看到Microsoft Copilot有很大的使用版圖。所以這是一個非常有趣的組合。

We're even seeing some clients asking us about some of the other systems like XAI and Google. So I think that there is a rich competition going for those models out there. Celeste is importantly designed with a lot of feedback from our clients to be model agnostic. So we will allow clients to use whichever of the models fits best for their firm or even for each solution because some people prefer certain models for certain solution areas versus others and they want to have a mix inside their firm.

我們甚至看到有些客戶詢問其他系統，例如xAI和Google。因此我認為，這些模型之間的競爭相當激烈且多元。重要的是，Celeste在設計上納入了大量客戶回饋，並採取模型不可知（model agnostic）的設計。因此我們會讓客戶使用最適合其公司、甚至最適合各個解決方案的模型；因為有些人偏好某些模型用於特定解決方案領域，而非其他領域，他們也希望在公司內部採取混合使用。

And we provide the professional compliance capability and the agentic orchestration for all of those across multiple solution types and multiple models at the same time. So people really like that design.

而且我們同時在多種解決方案類型與多種模型之間，為所有這些提供專業的合規能力與代理式（agentic）協同編排。所以大家真的很喜歡這個設計。

Thank you so much.

非常感謝。

Alexei Gogolev, JPMorgan.

Alexei Gogolev，摩根大通。

Hi, this is Bella Camaj on for Alexei. So starting with the addressed EBIT guidance, it looks like the full-year guidance raise was smaller in magnitude than the 3Q. Is that mainly just a product of expense timing with 3Q spend being pushed into 4Q, or are you planning to step up an investment next quarter into the last or other initiatives.

嗨，我是代替 Alexei 的 Bella Camaj。先從調整後 EBIT 指引來看，全年指引上調的幅度似乎小於第三季。這主要只是費用時點的影響、也就是第三季的支出被推遲到第四季，還是你們計畫在下季、也就是最後一季，加大投資或投入其他計畫？

Thank you for the question. Yeah, if you step back over two years ago when we started framing the conversation in and around the leverage that will be driving towards the 300 basis points to 500 basis points. Clearly the first year, we drove over 600 basis points this past year. The implied guide will land you around the 300 basis points while letting us continue to invest ratably across our go-to-market efforts with everything that we've announced in the last Amplify event.

謝謝你的問題。是的，如果你回頭看兩年前我們開始把討論框架放在槓桿（leverage）上，目標是推進 300 到 500 個基點。很明顯第一年我們推動了超過 600 個基點，而在剛過去的這一年也是如此。目前隱含的指引會讓你落在大約 300 個基點，同時也讓我們能夠依節奏持續投資於我們的 go-to-market（市場推進）工作，涵蓋我們在最近一次 Amplify 活動中宣布的所有事項。

We're getting really good traction as well as in our product, our rate of pace of innovation has been nothing but spectacular insight. And so when you think about not having 100% leverage per se of all your incremental revenue, that's kind of how we've been scaling the company appropriately.

我們在產品上也獲得非常好的動能，我們的創新速度只能說是非常出色。因此，當你思考並非把所有增量營收都做到 100% 槓桿化時，這就是我們一直以來適當擴張公司的方式。

Also, you get into a little bit timing. And what I mean by that is in Q2, you provided an annual guide that's across $4 million versus now we're very centered in, of course, the last quarter of the fiscal year. That guide midpoint is across only $1 million. So that's -- you get into a little bit of rounding there too. Obviously, we're going to continue to drive our top-line growth and continue to scale appropriately the company as we've guided both in our long-term and near-term targets.

另外也牽涉到一些時點因素。我的意思是，在第二季你們提供的年度指引區間跨度是 400 萬美元，而現在我們當然已經非常接近會計年度的最後一季。這次指引的中位數區間跨度只有 100 萬美元。所以這裡也會有一些四捨五入的影響。很顯然，我們會持續推動營收成長，並且如同我們在長期與短期目標中所指引的那樣，持續以適當的方式擴張公司規模。

Got it. That's helpful. And just a follow-up question. Looking at the impressive cloud NRR performance, could you quantify the mix between the drivers there, such as [CDADs], module attach, or AI-related expansion? And how should we think about NRR normalizing over the next few quarters?

了解。這很有幫助。再追問一個問題。看到雲端 NRR 表現亮眼，你們能否量化一下其中各項驅動因素的占比，例如 [CDADs]、模組附加（module attach）或 AI 相關擴張？以及未來幾季我們應該如何看待 NRR 的正常化？

Yeah. We gave some windows of near-term success of kind of what's added to that, both with some incremental disclosures at Investor Day. And I would say those trends continue, both through our cross-sell and upsell matter. Our NRR of the 123%, 124% cadence that we've been operating at has some durability. And we're continuing to see the cohort that we're selling to, this enterprise motion, which also ties into the $50k-plus ARR cohort ads that we saw over this past quarter. So, all in all, the team executed really strong, and they're driving both the actions both on incremental upsell as well as cross-sell across the board.

好的。我們在投資人日也提供了一些近期成功的觀察窗口，並做了些額外揭露，說明哪些因素帶來了提升。我會說這些趨勢仍在延續，包含我們的交叉銷售與加購（upsell）。我們一直維持在 123%、124% 這樣節奏的 NRR，具備一定的持續性。而且我們持續看到我們正在銷售的客群，也就是企業級（enterprise）推進動能，這也與本季我們看到的 5 萬美元以上 ARR 客群新增（cohort ads）相呼應。總體而言，團隊執行得非常強，推動了各項行動，包含增量加購以及全面性的交叉銷售。

Great. Very helpful. Thanks for taking our questions.

很好。非常有幫助。謝謝回答我們的問題。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Hi, Team. Thank you for taking my question. This is Luc Radice on for Terry. So I know you mentioned the revenue monetization for Celeste will come, but what are some key milestones and KPIs in terms of integrating Celeste are you looking for in the coming quarters and years?

嗨，團隊好。謝謝讓我提問。我是代替 Terry 的 Luc Radice。我知道你們提到 Celeste 的營收變現會在之後到來，但就未來幾季與幾年而言，你們在整合 Celeste 方面會關注哪些關鍵里程碑與 KPI？

Thanks for the question. We have a strong roadmap for the rollout of Celeste through this limited availability period and into general availability. There's a whole series of engagements with our clients that we're doing across our target markets. In addition to Celeste as a stand-alone platform, you can buy each of our products now with Celeste integrated into it, so DealCloud with Celeste, Compliance with Celeste, et cetera.

謝謝你的問題。我們針對 Celeste 的推出有一個很強的路線圖，會從目前的有限可用（limited availability）階段推進到正式全面可用（general availability）。我們也正在目標市場中與客戶進行一系列的合作與導入。除了把 Celeste 當作獨立平台之外，你現在也可以購買我們每一項產品並整合 Celeste，例如整合 Celeste 的 DealCloud、整合 Celeste 的 Compliance 等等。

There's a set of solutions that clients have already asked us to help them build out with agents, which gives us access to a whole new value proposition and TAM inside the firms. In addition to the traditional opportunity to sell our software into the IT budget, the firms are creating a second budget for AI solutions specifically, which we're now able to sell into. And we're looking increasingly at the conversations with firms about their personnel budget because part of the promise of the agentic strategy is, can you offset some of your hiring in the future with agents rather than additional headcount as your firm continues to scale?

客戶也已經要求我們協助他們用代理（agents）建置一套解決方案，這讓我們能在公司內部觸及全新的價值主張與 TAM（總可服務市場）。除了傳統上把我們的軟體賣進 IT 預算的機會之外，這些公司也正在為 AI 解決方案特別建立第二個預算池，而我們現在也能切入銷售。而且我們也越來越多地與公司討論他們的人員預算，因為代理式策略的一部分承諾是：當公司持續擴張時，是否能用代理在未來抵消一部分招募需求，而不是增加更多人力編制（headcount）？

So if you look across our solution areas, we're bringing agents into each of them, and the key milestones will be the extension of our products into agentic workflows in each of those key areas. And the value for that is enormous. So we've had some very positive experiences with a lot of the engagements that we've had since delivered availability launch. And you'll see more news from us as we grow and roll out more of the agentic solutions inside each of the areas that we serve.

所以如果你看我們各個解決方案領域，我們正在把代理導入每一個領域，而關鍵里程碑將是把我們的產品延伸到各個關鍵領域中的代理式工作流程（agentic workflows）。其價值非常巨大。自從有限可用上線以來，我們在許多合作案中都有非常正面的經驗。隨著我們成長並在各服務領域內推出更多代理式解決方案，你們也會看到我們發布更多消息。

Awesome. Thank you. And then I was hoping for a follow-up going into the Compliance Officer hiring that you mentioned within your client base. And if you could just double tap into that and potentially share any use cases from there?

太棒了。謝謝。另外我想追問你提到的、你們客戶群中合規長（Compliance Officer）的招募情況。如果可以的話，能否再深入說明一下，並分享一些相關的使用案例？

Yeah, the compliance officer, they go by several titles, but that role is an increasingly thought-out role across the firms in our market because of their unique professional compliance obligations. And Intapp has always had a very strong business, being the system that enables the firms to run strong professional compliance programs, avoiding conflicts of interest, meeting their duties of loyalty, meeting their duties of independence, managing material non-public information across deals and across clients and across investors in a way that the firms really trust us to have the deep understanding of what this existential risk is to their firm.

是的，合規長有好幾種不同的職稱，但在我們市場中的各家公司裡，這個角色正變得越來越被重視，因為他們有獨特的專業合規義務。而 Intapp 一直以來都有非常強的業務，作為一個系統，能讓這些公司運行健全的專業合規計畫：避免利益衝突、履行忠誠義務、履行獨立性義務，並以公司真正信任我們的方式，在交易、客戶與投資人之間管理重大非公開資訊（material non-public information），因為我們對這種對公司而言屬於生存性風險（existential risk）的議題有深刻理解。

And the compliance officers that are being hired are increasingly getting involved with the AI strategy of these firms because there's such a risk, as AI rolls out of these firms of creating ungoverned repositories of new information. So many of these systems encourage the users to drag documents and information into them so they can do really exciting analysis. But what's happening is larger and larger pools of ungoverned information are being formed inside these firms as they try these first-generation AI tools. And they've been in the market long enough now that the compliance officers, the risk officers and the AI leaders are getting together and saying, we need to start looking at how to manage the information governance risk, the professional compliance risk that goes along with all these tools.

而這些被聘用的合規長也越來越多地參與公司 AI 策略，因為當 AI 在公司內部推行時，存在很大的風險：可能會形成缺乏治理的新資訊儲存庫。許多系統會鼓勵使用者把文件與資訊拖進去，以便做非常令人興奮的分析。但正在發生的是，隨著公司嘗試第一代 AI 工具，內部正在形成越來越大、缺乏治理的資訊池。而這些工具在市場上存在的時間已經夠久，因此合規長、風險長與 AI 負責人開始聚在一起並表示：我們需要開始思考如何管理資訊治理風險，以及伴隨這些工具而來的專業合規風險。

And so the experience that they've had in these first couple years has really set them up well to meet us when we come to talk to them about the Celeste design, and they appreciate what we've built in from the ground up in this AI-native Agentic platform that is designed to help manage and govern the AI from the Intapp systems, but also from the other AI systems that they're adopting. And we're the trusted provider in this category, and there really isn't a great counterpart in the competitive arena where we face a lot of competition.

因此，他們在最初這一兩年的經驗，確實讓他們在我們來與他們討論 Celeste 設計時做好了充分準備；而且他們也很欣賞我們從零開始打造、內建於這個 AI 原生的代理式（Agentic）平台中的能力。這個平台旨在協助管理與治理來自 Intapp 系統的 AI，也同樣能管理與治理他們正在採用的其他 AI 系統。而我們是這個類別中值得信賴的供應商，在競爭領域裡其實沒有真正對等的對手，儘管我們面臨不少競爭。

So I think this is an area where we have a lot of ability to affect the risk profile of these firms in a way the compliance officers are going to be delighted with and which they need to do. So we're excited about this. And the growth in that role is something that we're really targeting in our go-to-market.

所以我認為，這是一個我們能以合規長官會非常滿意、且他們也必須採取的方式，去影響這些公司的風險輪廓的領域。因此我們對此感到很興奮。而該角色的成長，也是我們在市場推進（go-to-market）策略中真正鎖定的重點。

Thank you. Very helpful and congrats on the quarter.

謝謝。非常有幫助，也恭喜本季表現。

Parker Lane, Stifel.

Parker Lane，Stifel。

Hey, guys. Thanks for taking the questions here. John, if you look at the different use cases and workflows for Celeste, be it compliance or intake or business origination. Are there any particular areas that the clients are looking to tackle first here with the launch of Celeste and the initial bookings momentum? Is that relatively representative of the existing apps that people have or anything that has hit the ground running that you call up.

嗨，各位。謝謝讓我們在這裡提問。John，如果你看 Celeste 的不同使用情境與工作流程，不論是合規、受理（intake）或業務開發（business origination）。在 Celeste 上線以及初期訂單動能之下，客戶是否有特別想先著手解決的領域？這是否大致反映了大家既有在用的應用程式，或是有沒有哪個一推出就迅速起跑、你會特別點名的？

Yeah. Thanks, Parker. We have focused initially on the areas that the firms are already working with us. Obviously, that's going to be the fastest go-to-market for a general-purpose compliant agentic platform is to work with them in the areas that we can demonstrate value very quickly and then grow from there. So the first areas would be intake business acceptance. All the compliance issues that are associated with how firms onboard new clients, key to their growth, business origination, sourcing and origination, and all the work that firms do, sourcing/fundraising or sourcing opportunities to deploy funds. It's also in the lateral area.

有。謝謝你，Parker。我們一開始聚焦在客戶已經與我們合作的領域。顯然，對於一個通用且符合合規要求的代理式平台而言，最快的市場推進方式，就是先在我們能很快證明價值的領域與他們合作，然後再從那裡擴展。所以第一批領域會是受理與業務接受（intake business acceptance）。也包括與事務所如何導入新客戶相關的所有合規議題——這對他們的成長至關重要——以及業務開發、尋源與開發（sourcing and origination），還有事務所在尋源／募資，或尋找部署資金機會方面所做的所有工作。另外也涵蓋橫向人才（lateral）相關領域。

So a lot of the firms grow by hiring lateral partners and bringing books of business or bringing particular areas of expertise with them. This is a very complex maneuver, but it's central to a big part of the market's growth strategy. There's also the private equity trend coming into accounting and consulting, the area of helping firms with mergers and getting through the compliance issues of bringing these larger and larger accounting firms together.

因此，許多事務所透過聘用橫向合夥人來成長，帶入客戶業務（books of business）或帶入特定專業領域。這是一個非常複雜的操作，但它是市場成長策略中很大一部分的核心。此外，私募股權進入會計與顧問領域的趨勢也在發生；也就是協助事務所進行併購，並處理把規模愈來愈大的會計師事務所整合在一起時所面臨的合規議題。

And then in the time area, we have incredible opportunities to deploy agents in the whole realm of business utilization, how are firms using the resources they have, how are they starting to use AI in place of people and how are they going to capture that and the activity as a way to figure out what their pricing and profitability management needs to be.

接著在工時（time）領域，我們有非常大的機會在整個業務利用率（business utilization）範疇部署代理：事務所如何使用既有資源、如何開始用 AI 取代人力，以及他們將如何捕捉這些使用與活動，作為判斷其定價與獲利能力管理需求的方式。

So all the business of the firm areas that Intapp has built such a strong position are perfect for us rolling out Celeste. And it's complementary to a lot of the areas in the practices where the firms have deployed other tools, but they really haven't had a great solution for the business side. And it's -- half to two-thirds of the population of the firm spends most of their time on these things. So it's a huge area for us, and we're very excited about how that's rolling out.

因此，在事務所營運（business of the firm）的各個領域，Intapp 已建立非常強勢的地位，這些都非常適合我們推出 Celeste。而且它也能與事務所在各個實務部門已部署的其他工具形成互補；但在「事務所營運面」上，他們一直缺乏很好的解決方案。而且——事務所人口中有一半到三分之二的人，把大部分時間都花在這些事情上。所以這對我們而言是非常大的領域，我們也對推進的情況感到非常興奮。

That's great feedback. And Dave, I think you mentioned that 50% of net new bookings were from Celeste. I'd love to hear how the initial conversations have gone around the monetization of that, the business model there. Obviously, you haven't priced on seats fully in the past, but this is even a different business model altogether. So can you just give us some initial impressions of how those conversations have gone?

這是很棒的回饋。另外 Dave，我想你提到淨新增訂單中有 50% 來自 Celeste。我很想聽聽關於其變現（monetization）方式、以及那邊的商業模式，初期對話進展如何。顯然，你們過去並沒有完全以席位（seats）定價，但這又是另一種完全不同的商業模式。所以你能否分享一些初步印象，這些對話進行得如何？

Yeah, I'll add some and then invite John too as well. So we're clear, it was one, five, 15% of the -- approximately 15%, I thought you might have said 50%, but everything rose last quarter, so it was really successful.

好，我先補充一些，然後也邀請 John 一起補充。先釐清一下，是 1-5-15% 的——大約 15%。我以為你可能說的是 50%，但上季各項數字都上升了，所以確實非常成功。

No, it's been after Amplify, just the demand and outreach directly from our key clients as well as net new. And so it's been kind of pulling everything through. Not only within just those specific SKUs or that platform, but along a lot of our other products that we offer as well, because they would like that whole suite. And so, it's been more of a portfolio conversation and they'll continue to engage with us as we look forward to future deployments. But everything we've seen thus far has been very positive.

不，在 Amplify 之後，需求以及來自我們關鍵客戶與淨新增客戶的直接接洽都很強。所以它有點像把所有東西都帶動起來。不僅是在那些特定 SKU 或那個平台之內，也帶動了我們提供的許多其他產品，因為他們希望要整套產品組合。因此，這更像是一場產品組合（portfolio）的對話；而且在我們展望未來部署時，他們也會持續與我們互動。但截至目前我們看到的一切都非常正面。

John, I don't know if you wanted to add any other notes on some of those as well.

John，我不確定你是否也想就其中一些再補充幾點。

So, I gave a few stats in the prepared remarks about the engagement that we have across the client base. It's incredible, the volume that we're dealing with, the people who are actually getting engaged with Celeste. I think it really is speaking to one of the limitations of the general horizontal models that people have been trying to work with, and they really appreciate the architecture and the compliance design that we're bringing in.

所以，我在事先準備的發言中提供了一些統計數據，說明我們在整個客戶基礎上的互動情況。這真的很驚人，我們正在處理的量體，以及實際參與 Celeste 的人數都非常可觀。我認為這確實反映出人們一直嘗試使用的一般性橫向模型（general horizontal models）的某些限制，而他們也非常欣賞我們帶來的架構與合規設計。

I also am super excited because we were only in the market for four or five weeks of the quarter there at the end. And these are generally enterprise engagements. So people need a little time to go through, work with the product and come to the conclusion they want to come on board. And for us to get to this progress in just four or five weeks, I'm thrilled. And moreover, the pipeline going forward is very strong.

我也非常興奮，因為在那個季度末，我們實際在市場上的時間只有四到五週。而這些通常都是企業級（enterprise）的合作案。所以人們需要一些時間去評估、使用產品，並得出他們想要上線採用的結論。而我們能在短短四到五週內取得這樣的進展，我非常振奮。此外，往前看的管線（pipeline）也非常強勁。

So I think we're really tapping into an area here. It's still early, obviously, but I think we're really tapping into an area of need. Firms are trying to figure out how to get the best value and leverage out of this AI strategy, but they need to do it in an industry-aware, compliance-aware way. And I think the opportunity here is huge.

所以我認為我們確實切入了一個領域。當然現在還早，但我認為我們確實切中了需求所在。事務所正在思考如何從這個 AI 策略中取得最佳價值與槓桿，但他們需要以具備產業脈絡、且具備合規意識的方式來做。而我認為這裡的機會非常巨大。

Steven Enders, Citi. Your line is open.

Steven Enders，Citi。您的線路已開通。

Hi, this is Paula for Steven Enders. Thank you so much for taking our questions. I think my first question is, you mentioned winning over very well-funded generic LLMs. So, as your customers become more cognizant of token costs, how does this benefit or impact Intapp and Celeste adoption?

嗨，我是代替 Steven Enders 的 Paula。非常感謝讓我們提問。我想我的第一個問題是，你提到你們贏過資金非常充裕的通用 LLM。因此，當你們的客戶愈來愈意識到 token 成本時，這會如何讓 Intapp 與 Celeste 的採用受益或受到影響？

Thanks for the question. I think your question is about how do firms react as they start to look at their scaling token costs. Good, yeah -- and like, yeah.

謝謝你的問題。我想你的問題是，當事務所開始關注其 token 成本隨規模擴張而上升時，他們會如何反應。好的，是的——像是，對，沒錯。

Yeah, so I think one of the things to realize is that firms have been experimenting in a lot of different ways with these tools. And one of the things that they've discovered is that generic MCP creates a lot of traffic because they have to try things over and over, or the system, the agent, the pool, just to try things over and over to try to find the right answer, and it takes a few iterations or several iterations each time.

是的，所以我認為需要意識到的一點是，各家公司一直在用許多不同方式試驗這些工具。而他們發現的一件事是，通用的 MCP 會產生大量流量，因為他們必須一再嘗試，無論是系統、代理（agent）、資源池（pool），都得反覆嘗試以找出正確答案，而每次都需要幾次迭代，甚至多次迭代。

One of the design principles in Celeste with our semantic layer, our context engine, is to really understand the deterministic information inside the firm that so many of these solutions on the enterprise side and on the firm side are designed to go get and serve up as part of a general business workflow and many of these different functions inside of the firm.

而在 Celeste 中，搭配我們的語意層與情境引擎，其中一項設計原則就是要真正理解企業內部的確定性資訊；許多企業端與公司端的解決方案，都是為了在一般業務流程中，去取得並提供這些資訊，以支援公司內部許多不同職能。

And so what they're discovering is, the Celeste's architecture is actually much better. At getting truer facts, more reliable facts out of the business systems as part of the workflows in a more effective and efficient way than a lot of the things that they were trying to develop or put together in a DIY model. And this is one of the deeper arguments for why I think there's a huge opportunity for these vertical companies with deep expertise to build solutions for this LLM and agentic generation in a way that really understands how the correct architecture should be put together.

因此他們正在發現，Celeste 的架構其實好得多。它能以更有效率、更具效能的方式，在工作流程中從業務系統取得更真實、更可靠的事實資訊，相較於他們以 DIY 模式嘗試自行開發或拼湊的許多做法。而這也是我認為具備深厚專業的垂直領域公司，有巨大機會為 LLM 與代理式生成（agentic generation）打造解決方案的更深層論點之一，因為這些公司真正理解正確的架構應該如何組合。

And particularly for highly regulated industries like this one, it's not just a token cost issue, although that is certainly something that they need to manage. It's an information risk issue, which has serious implications for the firm's reputation and standing and compliance generally with their clients and with their regulators and with the courts. So I think there's a real argument here for a vertical-specific program and architecture like Celeste. I think it plays to our favor.

特別是對於像這樣高度受監管的產業，這不只是代幣成本（token cost）問題，雖然那當然也是他們需要管理的事項。這更是資訊風險問題，會對公司的聲譽、地位，以及其對客戶、監管機構與法院的整體合規性帶來嚴重影響。因此我認為，像 Celeste 這樣針對特定垂直領域的方案與架構，確實有很強的論點。我認為這對我們有利。

Perfect. That's very helpful. Thank you so much.

太好了。這非常有幫助。非常感謝。

My next question is just trying to understand the contribution of AI to net new. So you said Celeste is at about 15% of new ARR. And if I'm not wrong, I think Assist last quarter was about 10% of net new. So it's the math, right? But at this point, AI contributes to about over 25%, or how to think about the overall contribution from AI?

我的下一個問題是想了解 AI 對淨新增（net new）的貢獻。你提到 Celeste 約占新增 ARR 的 15%。如果我沒記錯，上季 Assist 約占淨新增的 10%。所以這是數學加總，對吧？但在這個時間點，AI 的貢獻大約超過 25% 嗎？或者應該如何看待 AI 的整體貢獻？

So, growing -- Yeah, go ahead, Dave.

所以，成長——對，Dave 你先。

No, go ahead, John. Sorry.

不，你先說，John。抱歉。

It's growing rapidly. We did incorporate the Assist technology into a new generation when we released Celeste. So, this quarter, you had a period when we were selling assist because we had not announced Celeste yet. And then in the last month of the quarter, we were selling and marketing and delivering Celeste, but only in limited availability. So what you're seeing is an evolution of the mix there?

它正在快速成長。我們在推出 Celeste 時，確實把 Assist 技術整合進新一代產品中。所以在本季，你會看到一段期間我們仍在銷售 Assist，因為當時還沒宣布 Celeste。而在本季最後一個月，我們開始銷售、行銷並交付 Celeste，但僅限於有限可用（limited availability）。所以你看到的是產品組合在那裡的演進。

Got it. Okay, perfect. That's very helpful. Thank you.

了解。好，太好了。這非常有幫助。謝謝。

Alex Sklar, Raymond James.

Alex Sklar，Raymond James。

Hey guys, thank you. This is Jonathan McCary on for Alex. I'll start with John. What is the winning against a well-funded startup and a bid for time? So I'm actually just curious on the back of that, how often are you seeing those sorts of competitors and bake-offs, and then in which areas of the platform is that most common? And then how important are the partnerships with the likes of Anthropic and Microsoft when you're going into a competitive conversation like that with a prospect?

嗨，各位，謝謝。我是 Jonathan McCary，代替 Alex 發問。我先問 John。所謂「贏過資金雄厚的新創」以及「時間上的競標（bid for time）」是什麼意思？所以我其實想延伸問一下，你們多常看到這類競爭對手與評比／選型（bake-offs），而且在平台的哪些領域最常見？另外，當你們與潛在客戶進行這種競爭性對話時，與 Anthropic、Microsoft 這類夥伴的合作有多重要？

Yes, thank you for the question. So, in several areas, there have been venture-backed companies that have started in spaces that we've had a long history in. We've actually been very excited about the fact that we have such a rich enterprise position with strong data and strong compliance and strong trust in these firms that we're able to offer a very compelling case for why we have an enterprise-class system versus something that some of the smaller companies have put together.

是的，謝謝你的問題。所以，在幾個領域裡，確實有風投支持的公司在我們長期深耕的市場空間中起步。我們其實很振奮，因為我們在企業端擁有非常扎實的既有地位，具備強大的資料、強健的合規能力與在這些公司中的高度信任，因此我們能提出非常有說服力的理由，說明我們提供的是企業級系統，而不是一些小公司拼湊出來的東西。

There's no question that competition has grown over the years inside the space, but one of the things I'm very impressed by what the team has done is that we've actually seen firms who have tried some of these newer tools for a little while and then turn them off and come back. So a lot of the opportunity here, I think, is to build on the enterprise-grade capabilities that we have developed over so many years and bring the Celeste technology in to meet the client's needs.

毫無疑問，這個領域的競爭多年來一直在增加，但我對團隊所做的一件事印象非常深刻：我們確實看到一些公司先試用這些較新的工具一段時間，之後又把它們關掉並回到我們這裡。因此我認為，這裡很大一部分機會在於，建立在我們多年來打造的企業級能力之上，並把 Celeste 技術帶進來以滿足客戶需求。

I think the partnerships, certainly with Anthropic more recently, but in this area, Microsoft has a huge influence. And so our ability to build on the Microsoft relationship overall, I think really helps us, particularly with the enterprise class firms for whom this is a core business function where they want to trust a scaled vendor.

我認為這些合作夥伴關係——當然包括近期的 Anthropic——但在這個領域，Microsoft 的影響力非常大。因此，我們整體上能夠建立在與 Microsoft 的合作關係之上，我認為確實對我們很有幫助，特別是對那些把這視為核心業務職能、並希望信任可規模化供應商的企業級客戶。

And We have to keep up with the competition in certain areas, but we also have set the pace in many areas of the product that is keeping everybody else on their toes, too. So it's a vibrant market, but I'm very impressed with how well the team has developed our offering here. And I gave a lot of examples in the script about our time wins specifically on this point so that you all have some insight into how that's actually going out there.

我們必須在某些領域跟上競爭，但同時在產品的許多領域，我們也一直在設定節奏，讓其他所有人也都得繃緊神經。所以這是一個充滿活力的市場，但我對團隊在這裡把我們的產品方案打造得如此出色，印象非常深刻。而我在講稿中也針對這一點，特別舉了很多我們「時間上的勝出（time wins）」的例子，讓各位能更了解外部實際的進展情況。

Yeah, very helpful. Thanks, John. Then I'll pivot the one for Dave. So we heard about this in the Analyst Day a bit, but on the increased focus on the 2,800 named accounts, I'm curious what you think is left to do there from a hiring perspective. And then now in the AI world with Celeste out there in the market, what go-to-market adjustments do you think are needed now to kind of succeed and enable those clients, the largest accounts with your AI offering? Thanks, guys.

是的，非常有幫助。謝謝你，John。接著我把問題轉給 Dave。我們在分析師日（Analyst Day）有聽到一些，但關於更聚焦於 2,800 個指定客戶（named accounts），我想了解從招募（hiring）的角度，你認為那邊還有哪些工作要做？另外，在 AI 的世界裡，Celeste 已經在市場上了，你認為現在需要做哪些 go-to-market 的調整，才能成功推進並賦能那些客戶——也就是你們最大的客戶——使用你們的 AI 產品？謝謝各位。

Yeah, no, good question. We're going to continue to drive scale and efficiency with our sales and marketing motions, specifically on densifying those key enterprise accounts. We still have a lot to go. But we like the progress we've done thus far. And we're already busy at work thinking about FY27 and what that portends and the massive amount of opportunities in front of us that we're really excited about. So more to come on that, but we like how everything is being set up thus far.

是的，這是個好問題。我們會持續透過銷售與行銷的運作模式來推動規模化與效率提升，特別是針對那些關鍵企業客戶的深耕（densifying）。我們還有很多路要走。但我們喜歡目前為止所取得的進展。而我們也已經在積極思考 FY27 以及那代表什麼，還有擺在我們面前、令我們非常興奮的大量機會。所以後續還會有更多分享，但我們很喜歡目前為止整體的布局方式。

Saket Kalia, Barclays.

Saket Kalia，Barclays。

Okay, great. Hey guys, thanks for taking my questions here. John, maybe for you, I just want to zoom out. There's a lot of great product stuff that I want to dig into, but maybe just at the highest level, I know that you spend a lot of time with customers. What do you hear from them around their hiring plans going forward? And because we've got such a diverse business, maybe you can just compare and contrast how those are different, if at all, between sort of professional services and financial services.

好，很好。嗨，各位，謝謝讓我在這裡提問。John，可能先問你，我想先拉高一點視角。有很多很棒的產品內容我想深入，但也許先從最高層級來看，我知道你花很多時間與客戶交流。你從他們那裡聽到關於未來招募計畫（hiring plans）的看法是什麼？而因為我們的業務非常多元，也許你可以比較一下，專業服務與金融服務之間是否有差異；如果有的話，差異在哪裡？

Yeah, thank you, Saket. We've been on quite a tour here leading up to Amplify with our advisory boards. And then after Amplify, I've met a lot of the firms along with many of these actors on the team who've been out with the team. It is a really interesting conversation because I asked this too. And almost everyone has said, yes, there's an opportunity for AI to bring efficiency into our business. We're not really looking at profound staffing changes for this next 12 months. Maybe the summer classes will be a little more controlled, but we don't feel like we're ready to say that all the work is something going to be done with AI.

是的，謝謝你，Saket。在 Amplify 之前，我們和顧問委員會一路跑了不少行程。而在 Amplify 之後，我也和團隊裡許多一起外出拜訪的同仁，見了很多家企業。這是一段非常有意思的對話，因為我也問了同樣的問題。幾乎每個人都說，是的，AI 有機會為我們的業務帶來效率。但在接下來 12 個月，我們並不是真的在看會有很大幅度的人力配置變動。也許暑期招募的班次會更受控一些，但我們不覺得已經準備好說所有工作都會由 AI 來完成。

That being said, what they are saying, and I think this is very interesting positioning, is rather than reduce the size of the team, they're looking to deploy more AI and more agents so that they can continue to scale their businesses, all of whom are growing and grow with the economy or faster, without hiring as many people going forward, which is a much more culturally sensitive way of building these partnership firms and scaling them.

話雖如此，他們所說的——我覺得這個定位非常有意思——是他們不是要縮小團隊規模，而是希望部署更多 AI 與更多代理（agents），讓他們能在不需要在未來增聘那麼多人的情況下，持續擴張業務；這些公司都在成長，並且希望跟著經濟一起成長或成長得更快。這是一種在文化上更敏感、更能被接受的方式，來打造並擴張這些合夥制的事務所。

And so that's been our messaging with Celeste is to help firms scale from here, and it's very positively received. Now, there are pockets where people are saying, oh, these are areas inside the firm that we think are a place where we can reduce expenses and automate the activity. And where that's the case, we're able to build an ROI case for agents that can be very compelling. But I think the firms are selective about where in the firm they're proposing to do that.

因此，我們與 Celeste 的訊息主軸就是協助企業從現在開始擴張，而這也獲得非常正面的回饋。當然，也有一些區塊有人會說，喔，這些是我們認為可以在公司內部降低費用、並將活動自動化的領域。在這種情況下，我們就能為代理（agents）建立一個非常有說服力的 ROI 論證。但我認為，這些公司對於要在公司內哪些地方提出這樣的作法，是相當有選擇性的。

I think your question about professional services versus financial services, I think the firms that are still partnerships are a little more sensitive in this regard. I think the firms that have converted to corporations years ago or more recently who are looking to drive, particularly with PE-backed investment drive efficiency for the bottom line, are saying there's a little bit more opportunity to deploy AI and agents to transform parts of the business.

我想你問到專業服務相對於金融服務的差異；我認為仍是合夥制的公司在這方面會更敏感一些。而那些多年前或較近期已轉為公司制的企業，特別是希望在私募股權（PE）支持的投資之下推動效率、改善獲利底線的公司，則會認為有更多機會部署 AI 與代理（agents），去改造業務的某些部分。

One of the things I'm really excited about is in these expert-driven businesses where so much of their value is the people who really represent the firm and have the knowledge for execution, it's in the business services areas that support all those folks that I think will be the first areas, where they make transformative moves with staffing. And we are uniquely positioned on the business services side to help the firms deploy agents. And this is exactly what Celeste is for and what it's designed to do. So I think the area where they're going to go first is exactly the area where we're set up to serve them.

有一件讓我非常興奮的事是：在這些以專家驅動的業務中，他們的價值很大一部分來自於那些真正代表公司、並具備執行所需知識的人才；我認為最先會在「支援這些人」的業務服務（business services）領域，出現人力配置上的變革性調整。而我們在業務服務端具備獨特優勢，能協助這些公司部署代理（agents）。這正是 Celeste 的用途，也是它的設計目的。所以我認為他們最先切入的領域，正好就是我們已經準備好可以服務他們的領域。

Got it. Got it. That makes a ton of sense and very helpful. Dave, maybe for you just on the back of that, it's great to hear about the early success with Celeste and limited availability. So realize that this is an unfair question because the sample size is still small. But I'm curious how you think about the uplift that you can get from an existing customer as they sort of add Celeste on, if that makes sense?

了解。了解。這非常合理，也很有幫助。Dave，順著這個話題，聽到 Celeste 在早期就有成功、而且目前採取有限供應，真的很不錯。我知道這個問題有點不公平，因為樣本數還很小。但我很好奇，你怎麼看既有客戶在加購、導入 Celeste 之後，能帶來的提升幅度（uplist），如果這樣問有道理的話？

It does. A good question. We're just really scratching the surface here. And one of the thesis is that it unlocks a whole new [SAM] and TAM that we rolled out at Investor Day. As you recall, our TAM that we're off and servicing is $20 billion of the core IT. SAM that we offer, but then there's the whole $30 billion of non-IT spend, which is really the workforce that we think that we can tap into.

有道理。這是個好問題。我們現在其實才剛剛觸及表面。其中一個論點是，它會解鎖一個全新的 [SAM] 與 TAM，我們在投資人日已經對外說明。如你所記得，我們目前所服務的 TAM，是核心 IT 的 200 億美元。這是我們提供的 SAM；但除此之外，還有整體 300 億美元的非 IT 支出，主要就是人力成本／勞動力，我們認為我們可以切入這一塊。

And so, when you look at our performance with just a couple weeks out, yeah, I think there's a large appetite there. And just seeing the pull-through and the demand and the (inaudible) thus far has been really encouraging. And so, we look forward to, continue to provide updates on this trajectory. But I do think, we're continuing to participate across different vectors, which then also get us into platform, consumption, receipt, and so on and so on, along with our traditional enterprise motions that we've been doing.

因此，當你看我們在推出後短短幾週的表現，是的，我認為市場胃納非常大。而且到目前為止，看到帶動效應（pull-through）、需求，以及（聽不清楚）都非常令人鼓舞。所以，我們也期待能持續就這個發展軌跡提供更新。但我確實認為，我們會持續從不同向量參與其中，這也會讓我們進入平台、用量（consumption）、收款（receipt）等等面向，同時也延續我們一直在做的傳統企業端推進方式。

So, anyway, more to come on that, Saket, but it's a fair question.

總之，Saket，後續還會有更多進展可以分享，但這確實是個合理的問題。

Very helpful. Thanks, guys.

非常有幫助。謝謝各位。

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.

問答環節已無其他提問。接下來我想把電話交回給 John Hall 作最後的結語。

Okay. Thanks, everyone. We appreciate your attention and questions. We have a great Q3 behind us, and we're excited about our continued momentum to finish out fiscal '26. Thanks again for your time today, and we'll look forward to talking to you again next quarter.

好的。謝謝各位。感謝大家的關注與提問。我們第三季（Q3）表現亮眼，我們也對持續的動能感到振奮，將全力完成 2026 財年的剩餘進度。再次感謝各位今天撥冗參與，我們期待下個季度再與各位交流。

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

謝謝，至此我們今天的議程結束。感謝各位參與，您現在可以掛線。