# EDGAR Filing Document

**Accession Number:** 0001565687
**File Stem:** 0000950170-23-001886
**Filing Date:** 2023-2
**Character Count:** 35614
**Document Hash:** 2650ac12994bdab915f99f4322b9832d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-001886.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0000950170-23-001886

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230206

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Intapp, Inc.
- **CENTRAL INDEX KEY:** 0001565687
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 461467620
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40550
- **FILM NUMBER:** 23590770

**BUSINESS ADDRESS:**
- **STREET 1:** 3101 PARK BOULEVARD
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94306
- **BUSINESS PHONE:** 650-852-0400

**MAIL ADDRESS:**
- **STREET 1:** 3101 PARK BOULEVARD
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94306

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LegalApp Holdings, Inc.
- **DATE OF NAME CHANGE:** 20121231

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 06, 2023<br>

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Intapp, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Delaware | 001-40550 | 46-1467620 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 3101 Park Blvd |  |  |
| Palo Alto**,** California |  | 94306 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (650) 852-0400<br>

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | INTA | The NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On February 6, 2023, Intapp, Inc. issued a press release announcing its financial results for its second quarter ended December 31, 2022. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Current Report on Form 8-K and the accompanying Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) <u>Exhibits</u>

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | [<u>Press Release issued by Intapp, Inc. dated February 6, 2023</u>](inta-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | Intapp, Inc. | Intapp, Inc. |
| Date: February 6, 2023 | By: | /s/ Steven Todd |
|  |  | Name: Steven Todd |
|  |  | Title: General Counsel |

---

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## Exhibit 99.1

**Exhibit 99.1**

**Intapp Announces Second Quarter Fiscal Year 2023 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Second quarter SaaS and support revenue of $61.6 million, up 31% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Second quarter total revenue of $84.7 million, up 31% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cloud annual recurring revenue (ARR) of $191.8 million, up 42% year-over-year

PALO ALTO, Calif., Feb. 6, 2023 – Intapp, Inc. (NASDAQ: INTA), a leading provider of cloud software for the professional and financial services industry, announced its financial results for the second quarter of fiscal year 2023 ended December 31, 2022. Intapp also provided its outlook for the third quarter and full fiscal year of 2023.

"We continued to see steady demand for our purpose-built solutions in the second quarter with the addition of new clients and the expansion of existing client relationships," said John Hall, CEO of Intapp. "Our strong results demonstrate the industry's commitment to investing in digital transformation and our ability to lead the way."

**Second Quarter of Fiscal Year 2023 Financial Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•SaaS and support revenue was $61.6 million, a 31% year-over-year increase compared to the second quarter of fiscal year 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenue was $84.7 million, a 31% year-over-year increase compared to the second quarter of fiscal year 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cloud ARR was $191.8 million as of December 31, 2022, a 42% increase year-over-year compared to Cloud ARR at the end of the second quarter in the prior year. Cloud ARR represented 64% of total ARR as of December 31, 2022, compared to 56% as of December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total ARR was $301.3 million as of December 31, 2022, a 26% increase year-over-year compared to total ARR at the end of the second quarter in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP operating loss was ($19.4) million, compared to a GAAP operating loss of ($24.3) million in the second quarter of fiscal year 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP operating profit was $2.8 million, compared to a non-GAAP operating loss of ($0.2) million in the second quarter of fiscal year 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP net loss was ($19.8) million, compared to a GAAP net loss of ($24.2) million in the second quarter of fiscal year 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP net income was $2.2 million, compared to a non-GAAP net loss of ($0.1) million in the second quarter of fiscal year 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•GAAP net loss per share was ($0.31), compared to a GAAP net loss per share of ($0.40) in the second quarter of fiscal year 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-GAAP fully diluted net income per share was $0.03, compared to a non-GAAP net loss per share of ($0.00) in the second quarter of fiscal year 2022.

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**Balance Sheet and Cash Flow Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash and cash equivalents were $51.6 million as of December 31, 2022, compared to $50.8 million as of June 30, 2022, primarily reflecting net cash provided by operating activities, offset by the last Repstor contingent consideration payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For the six months ended December 31, 2022, cash provided by operating activities was $13.3 million, compared to cash provided by operating activities of $6.5 million for the six months ended December 31, 2021.

**Business Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of December 31, 2022, we served more than 2,200 clients, 561 of which each generated more than $100,000 of ARR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We upsold and cross-sold our existing clients such that our trailing twelve months' net revenue retention rate as of December 31, 2022 was above our projected range of 110% to 114%. Given that we have been above our original and raised ranges for six quarters in a row, we decided to increase the range a second time, now to 113% to 117%. We note the second quarter net revenue retention rate was within this new higher range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We continued to add new clients and expand existing accounts including venture growth firm B Capital, private equity firms Cuadrilla Capital and LivingBridge, and investment banks GP Bullhound and SEB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In November 2022, we hosted a 2-day "Intapp City Tour" event in New York, which was attended by industry experts, partners, and clients spanning private capital, investment banking, legal, accounting, and consulting firms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As our strategic partnership with Microsoft continues to develop and mature, we were officially recognized as a Microsoft Top Tier Partner, a designation achieved by less than 1% of partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•DealCloud won two industry awards in the second quarter of fiscal year 2023. It won best deal origination technology at the 2022 Private Equity Wire U.S. Awards and enterprise product of the year, financial services for 2022 by Best in Biz Awards.

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**Third Quarter and Full Fiscal Year 2023 Outlook**

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| | | |
|:---|:---|:---|
|  | **Fiscal 2023 Outlook** | **Fiscal 2023 Outlook** |
|  | **Third Quarter** | **Fiscal Year** |
| SaaS and support revenue (in millions) | $63.0 - $64.0 | $246.0 - $250.0 |
| Total revenue (in millions) | $87.0 - $88.0 | $340.5 - $344.5 |
| Non-GAAP operating profit (in millions) | $0.5 - $1.5 | $4.5 - $8.5 |
| Non-GAAP net income (loss) per share | ($0.01) - $0.01 | $0.02 - $0.06 |

---

The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the "Forward-Looking Statements" safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

The information presented in this press release includes non-GAAP financial measures such as "non-GAAP operating profit (loss)," "non-GAAP net income (loss)," and "non-GAAP net income (loss) per share." Refer to "Non-GAAP Financial Measures and Other Metrics" for a discussion of these measures and the financial tables below for reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure. The Company has not included a quantitative reconciliation of its guidance for non-GAAP operating profit and non-GAAP net income (loss) per share to their most directly comparable GAAP financial measures because certain of these reconciling items, including stock-based compensation and amortization of intangible assets, could be highly variable and cannot be reasonably predicted without unreasonable effort. This is due to the inherent difficulty of forecasting the timing of certain events that have not yet occurred and are out of the Company's control and the amounts of associated reconciling items. Please note that the unavailable reconciling items could significantly impact the Company's GAAP operating results.

**Corporate Presentation** 

A supplemental financial presentation and other information will be accessible through Intapp's investor relations website at https://investors.intapp.com/.

**Webcast** 

Intapp will host a conference call for analysts and investors on Monday, February 6, 2023, beginning at 2:00 p.m. PT (5:00 p.m. ET). The call will be webcast live via the "Investors" section of the Intapp company website at https://investors.intapp.com/. A replay of the call will be available through the Intapp website for 90 days.

**About Intapp** 

Intapp makes the connected firm possible. We provide cloud software solutions that address the unique operating challenges and regulatory requirements of the global professional and financial services industry. Our solutions help more than 2,200 of the world's premier private capital, investment banking, legal, accounting, and consulting firms connect their most important assets: people, processes, and data. As part of a connected firm, professionals gain easy access to the information they need to win more business, increase investment returns, streamline deal and engagement execution, and strengthen risk management and compliance.

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**Forward-Looking Statements** 

This press release contains express and implied "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter and full year of fiscal year 2023, growth strategy, business plans and market position. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," "expand," "outlook" or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including: our ability to continue our growth at or near historical rates; our future financial performance and ability to be profitable; the effect of global events, such as outbreaks, epidemics, or pandemics involving public health, including the COVID-19 pandemic and Russia's invasion of Ukraine, on the U.S. and global economies, our business, our employees, results of operations, financial condition, demand for our products, sales and implementation cycles, and the health of our clients' and partners' businesses; our ability to prevent and respond to data breaches, unauthorized access to client data or other disruptions of our solutions; our ability to effectively manage U.S. and global market and economic conditions, including inflationary pressures and economic and market downturns, particularly adverse to our targeted industries; the length and variability of our sales cycle; our ability to attract and retain customers; our ability to attract and retain talent; our ability to compete in highly competitive markets; our ability to manage additional complexity, burdens, and volatility in connection with our international sales and operations; our ability to incur indebtedness in the future and the effect of conditions in credit markets; the sufficiency of our cash and cash equivalents to meet our liquidity needs; and our ability to maintain, protect, and enhance our intellectual property rights. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" and elsewhere in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and any subsequent public filings. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

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**Non-GAAP Financial Measures and Other Metrics**

This press release contains the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating profit (loss), non-GAAP net income (loss) and non-GAAP net income (loss) per share. These non-GAAP measures exclude the impact of stock-based compensation, amortization of intangible assets, lease modification and impairment, change in fair value of contingent consideration, acquisition-related transaction costs and the income tax effect of non-GAAP adjustments. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Other metrics include total ARR, Cloud ARR and net revenue retention rate. Total ARR represents the annualized recurring value of all active SaaS and on-premises subscription contracts at the end of a reporting period. Cloud ARR is the portion of the annualized recurring value of our active SaaS contracts at the end of a reporting period. Contracts with a term other than one year are annualized by taking the committed contract value for the current period divided by number of days in that period, then multiplying by 365.

Net revenue retention rate is calculated by starting with the ARR from the cohort of all clients as of the twelve months prior to the applicable fiscal period, or prior period ARR. We then calculate the ARR from these same clients as of the current fiscal period, or current period ARR. We then divide the current period ARR by the prior period ARR to calculate the net revenue retention rate.

We believe these non-GAAP financial measures and metrics provide useful information to investors as they are used by management to manage the business, make planning decisions, evaluate our performance, and allocate resources and provide useful information regarding certain financial and business trends relating to our financial condition and results of operations. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Guidance for non-GAAP financial measures excludes stock-based compensation expense and amortization of intangible assets. Non-GAAP net income (loss) per share is calculated by dividing non-GAAP net income (loss) by the estimated fully diluted weighted average shares outstanding for the period.

**Investor Contact**

David Trone

Senior Vice President, Investor Relations

Intapp, Inc.

David.trone@intapp.com

**Media Contact**

Ali Robinson

Global Media Relations Director

Intapp, Inc.

Ali.robinson@intapp.com

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**INTAPP, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

(Unaudited, in thousands, except per share data and percentages)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SaaS and support | $61605 | $46970 | $118418 | $90459 |
| &nbsp;&nbsp;&nbsp;Subscription license | 10979 | 9323 | 23227 | 19907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recurring revenues | 72584 | 56293 | 141645 | 110366 |
| &nbsp;&nbsp;&nbsp;Professional services | 12108 | 8404 | 22585 | 16521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 84692 | 64697 | 164230 | 126887 |
| Cost of revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SaaS and support | 12456 | 12175 | 24854 | 23517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of recurring revenues | 12456 | 12175 | 24854 | 23517 |
| &nbsp;&nbsp;&nbsp;Professional services | 14329 | 11378 | 27265 | 22412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues | 26785 | 23553 | 52119 | 45929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 57907 | 41144 | 112111 | 80958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin | 68.4% | 63.6% | 68.3% | 63.8% |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 23392 | 17386 | 43071 | 34356 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 33538 | 26840 | 64850 | 52485 |
| &nbsp;&nbsp;&nbsp;General and administrative | 20753 | 21217 | 41163 | 42047 |
| &nbsp;&nbsp;&nbsp;Lease modification and impairment | (348) |  | 1601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 77335 | 65443 | 150685 | 128888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (19428) | (24299) | (38574) | (47930) |
| Loss on debt extinguishment |  |  |  | (2407) |
| Interest expense | (39) | (38) | (78) | (197) |
| Other income (expense), net | 179 | (419) | (505) | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss before income taxes | (19288) | (24756) | (39157) | (50074) |
| Income tax benefit (expense) | (466) | 531 | (651) | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(19754) | $(24225) | $(39808) | $(49355) |
| Net loss per share, basic and diluted | $(0.31) | $(0.40) | $(0.63) | $(0.82) |
| Weighted-average shares used to compute net loss per share, basic and diluted | 63287 | 60889 | 63076 | 60487 |

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**INTAPP, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(Unaudited, in thousands, except per share data)

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **June 30, 2022** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $51563 | $50783 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 1007 | 3528 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts of $1,404 and $918 as of December 31, 2022 and June 30, 2022, respectively | 68193 | 66947 |
| &nbsp;&nbsp;&nbsp;Unbilled receivables, net | 9153 | 6763 |
| &nbsp;&nbsp;&nbsp;Other receivables, net | 935 | 3199 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 7489 | 5984 |
| &nbsp;&nbsp;&nbsp;Deferred commissions, current | 10897 | 10187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 149237 | 147391 |
| Property and equipment, net | 14834 | 12283 |
| Operating lease right-of-use assets | 16890 |  |
| Goodwill | 269865 | 269103 |
| Intangible assets, net | 42843 | 48430 |
| Deferred commissions, noncurrent | 15601 | 14755 |
| Other assets | 1853 | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $511123 | $494413 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $6090 | $4220 |
| &nbsp;&nbsp;&nbsp;Accrued compensation | 31342 | 40004 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 7915 | 8774 |
| &nbsp;&nbsp;&nbsp;Deferred revenue, net | 162953 | 142768 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 26712 | 27753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 235012 | 223519 |
| Deferred tax liabilities | 1795 | 2099 |
| Deferred revenue, noncurrent | 1300 | 2712 |
| Operating lease liabilities, noncurrent | 16567 |  |
| Other liabilities | 3593 | 10201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 258267 | 238531 |
| Stockholders' equity: |  |  |
| Preferred stock, $0.001 par value per share, 50,000 shares authorized; no shares issued or outstanding |  |  |
| Common stock, $0.001 par value per share, 700,000 shares authorized; 63,651 and 62,739 shares issued and outstanding as of December 31, 2022 and June 30, 2022, respectively | 64 | 63 |
| Additional paid-in capital | 680035 | 643227 |
| Accumulated other comprehensive loss | (1699) | (1672) |
| Accumulated deficit | (425544) | (385736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 252856 | 255882 |
| Total liabilities and stockholders' equity | $511123 | $494413 |

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**INTAPP, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(Unaudited, in thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Cash Flows from Operating Activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(19754) | $(24225) | $(39808) | $(49355) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3621 | 4104 | 7737 | 8156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 39 | 37 | 77 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use assets | 1131 |  | 2404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts | 518 | 303 | 676 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 20268 | 20440 | 36036 | 39468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease modification and impairment | (348) |  | 1601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  |  |  | 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration, including unrealized foreign exchange gain | (85) | 466 | (232) | (489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (146) | (365) | (304) | (609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 3 |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (16754) | (9615) | (1514) | 7153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables, current | (192) | 114 | (2390) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 2336 | 427 | 1029 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred commissions | (1162) | (1726) | (1556) | (3356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 7733 | 1803 | (8094) | (3678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, net | 11661 | 9448 | 18773 | 10022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (986) |  | (3123) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 2252 | 662 | 2035 | (5335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 10132 | 1876 | 13347 | 6525 |
| **Cash Flows from Investing Activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (30) | (84) | (1698) | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized internal-use software costs | (1431) | (1107) | (2697) | (1938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (1461) | (1191) | (4395) | (2054) |
| **Cash Flows from Financing Activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on borrowings |  |  |  | (278000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from initial public offering, net of underwriting discounts |  |  |  | 292758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for deferred offering costs |  | (969) |  | (4358) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from stock option exercises | 3451 | 1622 | 4480 | 3883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from employee stock purchase plan | 1241 |  | 1241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments related to tax withholding for vested equity awards | (3447) |  | (4948) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of contingent consideration and acquisition-related holdback | (1816) |  | (11115) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs |  | (769) |  | (769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (571) | (116) | (10342) | 13514 |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 617 | 518 | (351) | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents and restricted cash | 8717 | 1087 | (1741) | 18288 |
| Cash, cash equivalents and restricted cash - beginning of period | 43853 | 58664 | 54311 | 41463 |
| Cash, cash equivalents and restricted cash - end of period | $52570 | $59751 | $52570 | $59751 |
| Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $51563 | $56024 | $51563 | $56024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 1007 | 3727 | 1007 | 3727 |
| Total cash, cash equivalents and restricted cash | $52570 | $59751 | $52570 | $59751 |

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**INTAPP, INC.**

**RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES**

(Unaudited, in thousands, except per share data and percentages)

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below:

**Non-GAAP Gross Profit** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| GAAP gross profit | $57907 | $41144 | $112111 | $80958 |
| Adjusted to exclude the following (as related to cost of revenues): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 1691 | 1190 | 2724 | 1938 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 917 | 1963 | 2413 | 3927 |
| Non-GAAP gross profit | $60515 | $44297 | $117248 | $86823 |
| Non-GAAP gross margin | 71.5% | 68.5% | 71.4% | 68.4% |

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**Non-GAAP Operating Expenses**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;Research and development | $23392 | $17386 | $43071 | $34356 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | (4646) | (4285) | (6780) | (8635) |
| &nbsp;&nbsp;&nbsp;Non-GAAP research and development | $18746 | $13101 | $36291 | $25721 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | $33538 | $26840 | $64850 | $52485 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | (6352) | (6888) | (12105) | (13357) |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | (1467) | (1240) | (2931) | (2479) |
| &nbsp;&nbsp;&nbsp;Non-GAAP sales and marketing | $25719 | $18712 | $49814 | $36649 |
| &nbsp;&nbsp;&nbsp;General and administrative | $20753 | $21217 | $41163 | $42047 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | (7579) | (8077) | (14427) | (15538) |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | (122) | (107) | (243) | (213) |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 232 | (390) | 232 | (727) |
| &nbsp;&nbsp;&nbsp;Acquisition-related transaction costs | (42) |  | (201) | (81) |
| &nbsp;&nbsp;&nbsp;Non-GAAP general and administrative | $13242 | $12643 | $26524 | $25488 |

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**Non-GAAP Operating Profit (Loss)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| GAAP operating loss | $(19428) | $(24299) | $(38574) | $(47930) |
| Adjusted to exclude the following (including the portion related to total cost of revenues): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 20268 | 20440 | 36036 | 39468 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 2506 | 3310 | 5587 | 6619 |
| &nbsp;&nbsp;&nbsp;Lease modification and impairment | (348) |  | 1601 |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (232) | 390 | (232) | 727 |
| &nbsp;&nbsp;&nbsp;Acquisition-related transaction costs | 42 |  | 201 | 81 |
| Non-GAAP operating profit (loss) | $2808 | $(159) | $4619 | $(1035) |

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**Non-GAAP Net Income (Loss)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| GAAP net loss | $(19754) | $(24225) | $(39808) | $(49355) |
| Adjusted to exclude the following (including the portion related to cost of revenues): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 20268 | 20440 | 36036 | 39468 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 2506 | 3310 | 5587 | 6619 |
| &nbsp;&nbsp;&nbsp;Lease modification and impairment | (348) |  | 1601 |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | (232) | 390 | (232) | 727 |
| &nbsp;&nbsp;&nbsp;Acquisition-related transaction costs | 42 |  | 201 | 81 |
| &nbsp;&nbsp;&nbsp;Income tax effect of non-GAAP adjustments (1) | (244) |  | (481) |  |
| Non-GAAP net income (loss) | $2238 | $(85) | $2904 | $(2460) |
| GAAP net loss per share, basic and diluted | $(0.31) | $(0.40) | $(0.63) | $(0.82) |
| Non-GAAP net income (loss) per share, diluted | $0.03 | $(0.00) | $0.04 | $(0.04) |
| Weighted-average shares used to compute GAAP net loss per share, basic and diluted | 63287 | 60889 | 63076 | 60487 |
| Weighted-average shares used to compute non-GAAP net income (loss) per share, diluted | 72067 | 60889 | 70080 | 60487 |

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(1) The income tax effect of non-GAAP adjustments for the three and six months ended December 31, 2021 were immaterial.

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