Intapp Inc at UBS Global Technology and AI Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kevin McVeigh - UBS Equities - Analyst : This, I think, John, this is our third or fourth annual, when you went public in '21. And I always start with the same question because the business has transformed so much. But what I wanted to do is he closed over at almost $66 today. It's been a really, really terrific IPO through a lot of work. You went public at $26, I think, in 2021. Take us a little bit about the base in Intapp. And I always start because there's -- the models you've executed so well and there's a lot to talk about with Microsoft, KPMG, but maybe just for the audience, talk to the kind of founding of the company a little bit because you've really been there since inception and your vision, and it's obviously been just a terrific, terrific reception in the public markets and really, it's the product and opportunity you folks are executing. So maybe start there.

Question: Kevin McVeigh - UBS Equities - Analyst : And just -- I'm sorry, if anyone has any questions in the audience, just pass it through, we've got the iPad up here, and we'll try to keep it interactive as possible. But sorry, I didn't mean to cut you off.

Question: Kevin McVeigh - UBS Equities - Analyst : Great. And I think one of the things that as we were going through and it was a really helpful process through the IPO, I think that you folks -- and it really, I think, differentiated you was the focus on the data and the data capture that -- and maybe -- and I think it's important because there's a lot of application players, but your go-to-market has been so unique, particularly on the data aggregation. And it's just a critical part of how these

Question: Kevin McVeigh - UBS Equities - Analyst : Let's switch gears a little bit, talking about the remixing of the revenue because, again, at the time of the IPO, it's probably more on-prem than cloud. You've done a nice job remixing that. Maybe talk to that a little bit, and I think you folks strategically were very nimble in terms of not necessarily up charging the shift to the cloud initially. But maybe talk about that shift and where clients are today, I mean it feels like, and these are my words, I think, potentially more acceleration, as some of the generative AI capabilities are housed in the cloud as opposed to on-prem. And I know it's always been more of a client decision, but maybe talk about that evolution a little bit because, again, from a mechanical perspective, it's almost in the market starting to recognize it, but the cloud business has been growing a lot faster than the reported numbers suggest because of the remixing of the on-prem. And obviously, as that gets smaller and actually just helps, but maybe talk to that dynamic a little bit.

Question: Kevin McVeigh - UBS Equities - Analyst : And maybe just since you mentioned, Dave, who is gracious enough to join us, we'll shift to him for a minute. Dave, maybe talk a little bit because with that transition, obviously, in the margin scale, as well as the free cash flow really start to crystallize. So maybe talk to the kind of margin trajectory of the business as well as free cash flow as the businesses scale over time? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 03, 2024 / 9:55PM, INTA.OQ - Intapp Inc at UBS Global Technology and AI Conference

Question: Kevin McVeigh - UBS Equities - Analyst : One thing, I think, and you had a really well-attended Investor Day, you didn't have much in terms of Gen AI. I don't think at least in kind of the forward projections from a leverage perspective on the expense side. So I'm not asking to comment on potential upside, but maybe where is there some opportunity on the Gen AI to leverage some of that cost? And then just with that, maybe another big area of success has been the net revenue retention. You've been able to kind of boost the range and you've settled nicely into that kind of new range. What allowed you to do that? Because I think those are really two important parts of the story as well.

Question: Kevin McVeigh - UBS Equities - Analyst : (inaudible)

Question: Kevin McVeigh - UBS Equities - Analyst : And remind us just because you mentioned it, like how do you think about the mix of kind of new logo as opposed to cross-sell? And again, the $1 billion that was the other thing that just from IPO was pretty impressive based on where the revenue is even back then, a little on where it is today, but maybe talk about the new logos as opposed to cross-sell a little bit.

Question: Kevin McVeigh - UBS Equities - Analyst : What's amazing is -- and you're not here talk about valuation. But if you look at just the valuation on the cloud business, how that's scaled hasn't shifted all that much, pretty remarkable given what you've done. Any questions in the audience? Or let me check that. Otherwise, I'm going to keep going. But at this point, I try to -- any questions from the audience? We'll keep going. One thing that I wanted to spend a little bit of time on was you really executed well. And just to frame it a little bit, what always drew me to the story was -- and you do a lot of wonderful things, but the core of what you do in a lot of ways is make very highly compensated people, more efficient, right, with kind of the platform we bring, which I think really resonates, number one. But John, number two, the environment hasn't been terrific. I mean there's been no M&A cycle. The ECM has been really dampened and you powered through that. So maybe talk to that because, again, the operating environment has been okay. It hasn't been great. It feels like that could be something that as we look out, it could create a little bit of a tailwind, and you really haven't had that, number one. And then where I want to spend a lot of time is on the alliances, right? And how you decided to choose Microsoft and KPMG initially and how that scales over time? And then kind of the network effect that, that brings to bear because I think those are -- it becomes its own ecosystem, if you would, that just kind of scales over time. There's a lot there, but I just wanted to kind of --

Question: Kevin McVeigh - UBS Equities - Analyst : The alliance. Microsoft, KPMG.

Question: Kevin McVeigh - UBS Equities - Analyst : And I think what's interesting, we talked about this a little bit, but I don't know if there's a way to frame it. It becomes its own distribution channel too in terms of revenue, right? So between Microsoft, KPMG, and just even to your point, like it's a massive addressable market. But it's like our business, right, it's a very small business, right? So if a CFO leaves, they know the product of Intapp, they go somewhere else, you kind of win that business by default. So as you think about the revenue that's against maybe Microsoft or KPMG on a win perspective, is there any way to frame how that's evolved over? Like what percentage of wins or maybe new business is tied to those partnerships?

Question: Kevin McVeigh - UBS Equities - Analyst : Let's say, they want the interoperability as they're going through the process. Anything we didn't ask or just maybe I'll open it up to the audience as we close it out here, but you folks have really -- it's been a really special story that we think is a lot of room in front of it. But anything that you want to highlight? I mean, it's just been a really, really nice outcome for sure. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 03, 2024 / 9:55PM, INTA.OQ - Intapp Inc at UBS Global Technology and AI Conference