Summary
Intapp's fiscal third quarter showed steady top-line growth and better profitability on a GAAP basis. Total revenue was $129.1 million, up 16.7% from the prior-year quarter. Gross profit was $96.4 million, up 20.4%, and gross margin was 74.7%, up 2.3 percentage points. The company still posted a GAAP operating loss of $5.7 million, but that loss narrowed from the prior-year quarter. Operating margin was -4.4%, up 2.3 percentage points. GAAP net loss was $2.95 million, also a narrower loss than the prior-year quarter. Diluted EPS was -$0.04, an improvement from the prior-year quarter. Operating cash flow was $35.5 million, up 115.1%. Capital expenditures were $0.4 million, up 1.3%. Deferred revenue was $222.5 million, up 12.7%. Remaining performance obligations were $621.5 million, up 32.8%.
The cloud business drove the quarter. Cloud ARR was $351.8 million as of March 31, 2025, up 28% year over year. Total ARR was $454.7 million, up 19%. Cloud ARR represented 77% of total ARR, compared with 72% a year earlier. Trailing twelve months cloud net revenue retention was 119%, and total net revenue retention was 113%. Intapp served more than 2,650 clients, including 748 with contracts greater than $100,000 of ARR. Non-GAAP operating income was $20.3 million, compared with $11.2 million in the prior-year quarter. Non-GAAP net income was $21.7 million, and non-GAAP diluted net income per share was $0.26. Those non-GAAP figures exclude stock-based compensation, amortization of intangible assets, and other items.
Management gave guidance for the fourth quarter and the full fiscal year 2025. For the fourth quarter, total revenue is expected to be $131.5 million to $132.5 million. For the full fiscal year, total revenue is expected to be $500.6 million to $501.6 million. Fourth-quarter non-GAAP operating income is guided to $20.0 million to $21.0 million, and full-year non-GAAP operating income is guided to $74.3 million to $75.3 million. Fourth-quarter non-GAAP diluted net income per share is guided to $0.22 to $0.24, and the full-year figure is guided to $0.88 to $0.90. The guidance excludes estimated stock-based compensation of $21.9 million for the fourth quarter and $90.1 million for the full year, plus amortization of intangible assets of $2.5 million for the fourth quarter and $11.2 million for the full year.
The nine-month results showed similar trends. For the nine months ended March 31, 2025, total revenue was $369.1 million, up 16.7%. Gross profit was $272.0 million, up 21.9%. Operating loss was $23.1 million, a narrower loss than the prior-year period. Net loss was $17.7 million, also a narrower loss. Diluted EPS was -$0.23, an improvement from the prior-year period. Operating cash flow was $85.2 million, up 112.2%. Capital expenditures were $0.8 million, down 54.0%. Gross margin was 73.7%, up 3.1 percentage points. Operating margin was -6.3%, up 4.0 percentage points.
Risks and strategic moves round out the picture. Intapp announced the acquisition of real assets software company TermSheet. In April 2025, the company paid $51.1 million in cash at closing and is obligated to make up to $15.0 million in cash payments over the next two fiscal years. Integration of acquired businesses is a named risk, along with the ability to continue growth at historical rates, future profitability, global economic conditions, data breaches, sales cycle variability, client and talent retention, competition including AI products, international operations, indebtedness, liquidity, and intellectual property protection. The company had no borrowings under its $100.0 million revolving credit facility as of March 31, 2025. No single client represented more than 10% of total revenues for the three and nine months ended March 31, 2025 and 2024.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q3 FY2025 | Q2 FY2025 | QoQ | Q3 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $129.1M | $121.2M | +6.5% | $110.6M | +16.7% |
| Gross profit | $96.4M | $88.7M | +8.6% | $80.1M | +20.4% |
| Gross margin | 74.7% | 73.2% | +1.5 pp | 72.4% | +2.3 pp |
| Research & development | $34.1M | $33.3M | +2.3% | $27.3M | +24.8% |
| Sales & marketing | $42.3M | $40.8M | +3.6% | $35.3M | +19.9% |
| General & administrative | $25.8M | $24.8M | +3.8% | $24.9M | +3.3% |
| Total operating expenses | $102.1M | $98.9M | +3.2% | $87.5M | +16.7% |
| Operating income (loss) | -$5.7M | -$10.2M | +44.0% | -$7.4M | +23.4% |
| Operating margin | -4.4% | -8.4% | +4.0 pp | -6.7% | +2.3 pp |
| Net income (loss) | -$3.0M | -$10.2M | +71.1% | -$6.9M | +57.2% |
| Net margin | -2.3% | -8.4% | +6.1 pp | -6.2% | +3.9 pp |
| Diluted EPS | -$0.04 | -$0.13 | +$0.09 | -$0.09 | +$0.05 |
Risks
Future growth depends on winning new professional and financial services clients and expanding existing clients through continued acceptance of the cloud platform. If clients do not see return on investment relative to alternatives, net revenue retention could suffer. NRR was 113% and Cloud NRR was 119% for the trailing twelve months as of March 31, 2025.
MD&A notes the need to convince key decision makers to embrace the Intapp Intelligent Cloud platform over point solutions, internally developed solutions, and horizontal solutions. Failure to do so could hurt growth.
MD&A states operating losses could continue in the future as the company invests in growth. GAAP operating loss was $5.70 million for FY2025 Q3, narrowed from $7.45 million in FY2024 Q3, and $23.14 million year to date, narrowed from $32.49 million year to date prior year.
MD&A says the company may need additional equity or debt financing to meet future capital requirements, and if unable to raise capital on acceptable terms, business, financial condition and results of operations could be adversely affected. Cash and cash equivalents were $323.2 million as of March 31, 2025.
MD&A says it will continue to evaluate acquisitions and completed the TermSheet acquisition after March 31, 2025, paying $51.1 million in cash at closing in April 2025 and obligated to make up to $15.0 million in cash payments over the next two fiscal years. Integration and acquisition risks could affect results.
Ability to add new clients and expand existing accounts depends on the quality and effectiveness of sales personnel and marketing efforts. Sales and marketing expenses increased 20% for FY2025 Q3 and 15% year to date, driven by personnel, stock-based compensation, and commissions.
Stock-based compensation expense increased to $22.7 million, or 18% of revenue, for FY2025 Q3 from $14.0 million, or 13% of revenue, in FY2024 Q3, and to $68.1 million year to date from $49.3 million year to date prior year, primarily due to an increase in stock awards granted. This may pressure margins and dilute shareholders.
Cost of SaaS revenues increased 27% for FY2025 Q3 and 25% year to date, driven by cloud hosting, allocated overhead, personnel, amortization, and royalty expenses. Rising cloud infrastructure costs could pressure gross margins.
MD&A expects license revenues to decrease as a percentage of total revenues as it focuses on new SaaS sales and encourages license clients to migrate to SaaS. License revenues were flat for FY2025 Q3 and year to date, and professional services revenues decreased 6% for FY2025 Q3 and 4% year to date due to delivery mix shift to third-party implementation partners.
MD&A states billings are subject to seasonality with billings in the fourth quarter higher than in other quarters, which may cause quarterly fluctuations.
SaaS KPIs
All quarters →Cloud ARR
Total ARR
Cloud ARR as % of total ARR
Total clients
Non-GAAP gross margin
Non-GAAP operating income
Remaining Performance Obligations
SaaS revenue
Free cash flow
Summary, forecast, risks and KPIs are extracted from Intapp, Inc.'s SEC filings for Q3 FY2025 (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.