Summary
Intapp closed fiscal 2024 with fourth-quarter revenue of $114.4 million, up 20.9% from the prior-year quarter. Gross profit rose 31.2% to $83.6 million, and gross margin reached 73.1%, up from 67.4%. The quarter produced GAAP operating income of $0.3 million, a swing from an operating loss of $12.4 million a year earlier, and operating margin of 0.3% against negative 13.1%. GAAP net loss narrowed to $0.6 million from $11.5 million. Operating cash flow for the quarter was $27.1 million, up 154.2%, while capital expenditures were $0.7 million, up 361.4%.
Full-year revenue was $430.5 million, up 22.7%. Gross profit rose 28.2% to $306.9 million, with gross margin of 71.3%, up from 68.2%. The operating loss narrowed 53.5% to $32.2 million, and operating margin improved to negative 7.5% from negative 19.7%. The net loss narrowed 53.9% to $32.0 million, and diluted net loss per share was $0.45, compared with $1.08 the prior year. Operating cash flow for the fiscal year was $67.2 million, up 144.6%, and capital expenditures were $2.5 million, up 11.1%.
Operating metrics stayed strong. Cloud ARR was $296.7 million as of June 30, 2024, up 33%, and accounted for 73% of total ARR, up from 67%. Total ARR was $404.2 million, up 22%. Trailing twelve months net revenue retention was 116%, inside the expected range of 113% to 117%. Intapp served more than 2,550 clients, including 698 with contracts greater than $100,000 of ARR and 73 with more than $1.0 million of ARR, up from 53 a year earlier. Deferred revenue was $222.5 million, up 15.6%, and remaining performance obligations were $566.5 million, up 40.0%.
Profitability on a non-GAAP basis also improved. Fourth-quarter non-GAAP operating income was $13.5 million, up from $3.0 million. Non-GAAP net income was $11.9 million compared with $3.2 million, and non-GAAP diluted net income per share was $0.15 compared with $0.04. For the full year, non-GAAP operating income was $38.7 million, non-GAAP net income was $36.4 million and non-GAAP diluted net income per share was $0.45. Free cash flow for fiscal 2024 was $64.8 million, compared with $25.3 million for fiscal 2023. Free cash flow is net cash provided by operating activities less purchases of property and equipment, and it is a different measure from operating cash flow.
Guidance covers the first quarter and the full fiscal year 2025. First-quarter non-GAAP operating income is guided to $11.0 million to $12.0 million, and non-GAAP diluted net income per share to $0.12 to $0.14. For the full fiscal year, non-GAAP operating income is guided to $56.5 million to $60.5 million, and non-GAAP diluted net income per share to $0.59 to $0.63. The company does not provide a quantitative reconciliation of these outlook measures to GAAP because items such as stock-based compensation and amortization of intangible assets are difficult to forecast.
Risks include the length and variability of sales cycles, competition that includes AI products, economic and market downturns that fall hardest on financial services, data breaches, the integration of acquisitions, and the ability to keep growing at historical rates. Professional services remained loss making after allocated overhead costs. The company completed the acquisitions of delphai and TDI during fiscal 2024, and no amounts were borrowed under its revolving credit facility as of June 30, 2024.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2024 | Q3 FY2024 | QoQ | Q4 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $114.4M | $110.6M | +3.4% | $94.6M | +20.9% |
| Gross profit | $83.6M | $80.1M | +4.5% | $63.8M | +31.2% |
| Gross margin | 73.1% | 72.4% | +0.8 pp | 67.4% | +5.7 pp |
| Research & development | $29.8M | $27.3M | +9.2% | $25.5M | +17.0% |
| Sales & marketing | $33.2M | $35.3M | -5.7% | $32.4M | +2.6% |
| General & administrative | $20.3M | $24.9M | -18.7% | $18.3M | +10.6% |
| Total operating expenses | $83.3M | $87.5M | -4.8% | $76.2M | +9.4% |
| Operating income (loss) | $302.0K | -$7.4M | +104.1% | -$12.4M | +102.4% |
| Operating margin | 0.3% | -6.7% | +7.0 pp | -13.2% | +13.4 pp |
| Net income (loss) | -$597.0K | -$6.9M | +91.3% | -$11.5M | +94.8% |
| Net margin | -0.5% | -6.2% | +5.7 pp | -12.1% | +11.6 pp |
| Diluted EPS | -$0.01 | -$0.09 | +$0.08 | -$1.08 | +$1.07 |
Risks
Intapp is expanding its SaaS solutions to incorporate AI and generative AI, but competitors may develop and embed AI more quickly, and the market for AI in professional and financial services may develop slower than expected. The filing also notes legal, privacy, and reputational risks from generative AI.
All revenues are generated from clients in professional and financial services, so downturns, consolidation, or regulatory changes in those verticals could reduce demand. The filing cites stress in financial services, including the March 2023 closure of Silicon Valley Bank, and notes the professional services vertical depends on financial services clients.
Growth depends on clients renewing and expanding subscriptions; NRR was 116% and Cloud NRR was 121% as of June 30, 2024, but renewal and expansion rates may decline due to satisfaction, pricing, competition, or macro conditions. Revenue is recognized ratably over one to three years, so a downturn may not be reflected immediately.
Sales cycles are lengthy and variable, often requiring pre-purchase evaluation and due diligence by many employees; macroeconomic factors or financial services volatility could disrupt sales activity and delay revenue.
Intapp acquired delphai and TDI in fiscal 2024 and expects to continue targeted acquisitions; integration may divert management, fail to retain key personnel or clients, and result in impairment charges.
Rapid growth and global expansion to over 2,550 clients in more than 55 countries place significant demands on management and operational and financial resources; failure to manage growth could harm results.
The market is highly competitive, with competitors including large software companies such as SAP and Salesforce and new AI entrants; if Intapp does not compete effectively, market share and pricing could be negatively impacted.
Evolving privacy and AI regulations, including GDPR fines of up to 4% of worldwide revenues or EUR 20 million, and uncertainty around data transfers and AI legal frameworks, increase compliance costs and liability.
SaaS KPIs
All quarters →Cloud ARR
Total ARR
Cloud ARR as % of total ARR
Total clients
Remaining Performance Obligations
Summary, forecast, risks and KPIs are extracted from Intapp, Inc.'s SEC filings for Q4 FY2024 (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.