Summary
Intapp reported first quarter fiscal 2022 total revenue of $62.2 million, up 29.2% from the prior-year quarter. Gross profit was $39.8 million, up 27.8%, but gross margin was 64.0%, down 0.7 percentage points from a year earlier. The cloud business continued to expand. Cloud ARR reached $125.3 million, up 56% year over year, and total ARR was $228.6 million, up 27%. Cloud ARR represented 55% of total ARR, compared with 45% at the end of the prior-year quarter. Intapp served more than 1,950 clients, and 446 clients generated more than $100,000 of ARR, up from 371 a year earlier. The trailing twelve months net revenue retention rate was above the company's expected range of 108% to 112%.
Profitability remained the main weak spot. Operating loss was $23.6 million, and the loss widened from the prior-year quarter. Operating margin was -38.0%, down 29.1 percentage points from a year earlier. Net loss was $25.1 million, and the loss widened from the prior-year quarter. Diluted EPS was -$0.42. The GAAP results included a large increase in non-cash stock compensation expense. On a non-GAAP basis, operating loss was $0.9 million, compared with non-GAAP operating profit of $3.6 million in the prior-year quarter. Non-GAAP net loss was $2.4 million, compared with $2.6 million in the prior-year quarter. Non-GAAP net loss per share was $0.04, compared with $0.10 in the prior-year quarter. Non-GAAP gross profit was $42.5 million, compared with $33.2 million in the prior-year quarter. Those adjusted figures exclude stock-based compensation, amortization of intangible assets, changes in contingent consideration, and acquisition-related costs.
Cash generation improved. Operating cash flow was $4.6 million, up from the prior-year quarter. Capital expenditures were $0.03 million, down from the prior-year quarter. Remaining performance obligations were $236.5 million. The company completed its initial public offering in July 2021 and used the proceeds to repay its debt in full. It also entered a new five-year, $100.0 million senior secured revolving credit facility in October 2021, with no amounts borrowed. Intapp continued to invest in product development, including new Relationship Intelligence capabilities and expanded DealCloud functionality for real estate investment management.
Guidance covers the second quarter of fiscal 2022 and the full fiscal year 2022. For the second quarter, Intapp guided non-GAAP operating loss to $4.0 million to $5.0 million and non-GAAP net loss per share to $0.07 to $0.09. For the full fiscal year 2022, the company guided non-GAAP operating loss to $13.0 million to $17.0 million and non-GAAP net loss per share to $0.29 to $0.33. Management also issued SaaS and support revenue guidance for both periods.
Risks include the company's history of losses, the possibility that operating losses continue, and the ongoing COVID-19 pandemic. Intapp also faces competition, data breaches, client renewal and expansion risk, a variable sales cycle, and challenges from international operations. Professional services remain loss making after allocated overhead. The company has earn-out payments related to the Repstor acquisition of up to $27.6 million that could come due in the third quarter of fiscal 2022 and first quarter of fiscal 2023. Management expects to keep investing in research and development and sales and marketing to support growth. The company's forward-looking statements also cite risks such as inability to continue growth at historical rates, adverse market conditions, and the development of the market for SaaS solutions for professional and financial services.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2022 | Q4 FY2021 | QoQ | Q1 FY2021 | YoY |
|---|---|---|---|---|---|
| Revenue | $62.2M | — | — | — | — |
| Gross profit | $39.8M | — | — | — | — |
| Gross margin | 64.0% | — | — | — | — |
| Research & development | $17.0M | — | — | — | — |
| Sales & marketing | $25.6M | — | — | — | — |
| General & administrative | $20.8M | — | — | — | — |
| Total operating expenses | $63.4M | — | — | — | — |
| Operating income (loss) | -$23.6M | — | — | — | — |
| Operating margin | -38.0% | — | — | — | — |
| Net income (loss) | -$25.1M | — | — | — | — |
| Net margin | -40.4% | — | — | — | — |
Risks
Future growth depends on market adoption of the cloud platform and the ability to win new professional and financial services clients and expand existing accounts; Cloud ARR was $125.3 million as of September 30, 2021, up 56% and 55% of ARR, so failure to sustain cloud adoption could slow growth.
Operating loss widened to $23.6 million in Q1 FY2022 from $4.3 million in Q1 FY2021, and net loss widened to $25.1 million from $10.4 million; MD&A expects operating losses could continue as the company invests in growth.
COVID-19 effects on demand for the platform remain uncertain; MD&A states there is no guarantee with respect to the timing or magnitude of demand recovery in the economy or in the industry sectors served, which may adversely impact operating results.
Net revenue retention averaged over 110% in each twelve-month period ended September 30, 2021 and September 30, 2020; if clients do not continue to see return on investment relative to other software alternatives, net revenue retention could suffer and operating results may be adversely affected.
Professional services are currently loss making after allocated overhead, with negative gross profit of $2.9 million in Q1 FY2022 versus negative $2.7 million in Q1 FY2021, and represented 13% of total revenues versus 10%.
General and administrative expense increased 156% to $20.8 million in Q1 FY2022, driven by public company costs including higher third-party professional fees, insurance, and stock-based compensation; these costs may continue.
The Repstor acquisition includes contingent consideration of up to $27.6 million payable if performance measures are achieved, with earn-out payments expected in Q3 FY2022 and Q1 FY2023; failure to achieve measures or integration issues could affect results.
The new $100.0 million senior secured revolving credit facility entered October 5, 2021 includes a total net leverage covenant not exceeding 3.50 to 1.00; no amounts have been borrowed, but future borrowings and covenant compliance could constrain liquidity.
MD&A states future capital requirements depend on revenue growth and investment, and the company may need additional equity or debt financing; inability to raise capital on acceptable terms could adversely affect business, financial condition, and results of operations.
Billings are subject to seasonality, with billings in the second and fourth quarters substantially higher than in the first and third quarters, which may cause periodic fluctuations in operating results.
As an emerging growth company, Intapp relies on reduced reporting and accounting transition exemptions, including no auditor attestation of internal controls, which may make financial statements less comparable to other public companies.
SaaS KPIs
All quarters →Cloud ARR
Total ARR
Cloud ARR as % of total ARR
Total clients
Clients > $100K ARR
Summary, forecast, risks and KPIs are extracted from Intapp, Inc.'s SEC filings for Q1 FY2022 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 1, 2026.