0001565687-26-000037
SEC filingIntapp's total revenue grew 13% YoY to $146.0M, driven by 27% SaaS growth, while gross margin improved to 76%.
In Q3 fiscal 2026, Intapp reported total revenue of $146.0 million, a 13% increase from $129.1 million in Q3 fiscal 2025. Growth was driven primarily by SaaS revenue, which rose 27% to $107.9 million, as new client wins, cross-selling, and migrations from on-premise licenses continued. License revenue declined 22% to $24.8 million, consistent with the strategic shift to cloud. Professional services revenue grew 7% to $13.4 million. Gross margin improved to 76% from 75%, benefiting from the higher-margin SaaS mix. However, operating loss widened to $14.2 million (from $5.7 million) as operating expenses increased 22%, led by research and development (up 29%) and sales and marketing (up 24%). Net loss was $15.5 million compared to $3.0 million in the prior year. Stock-based compensation increased to $31.1 million (21% of revenue) from $22.7 million (18%).
SaaS revenue now represents 74% of total revenue, up from 66% a year ago, underscoring the accelerating cloud transition. Annualized recurring revenue (ARR) grew 23% to $559.9 million, with Cloud ARR up 31% to $459.3 million, comprising 82% of ARR. Cloud net revenue retention (NRR) was 123%, indicating robust expansion within existing clients. License revenue continued to decline as expected, while professional services revenue remained relatively flat sequentially, reflecting a deliberate shift toward partner-led delivery.
Management did not provide specific quantitative guidance but emphasized continued investment in innovation and growth, with research and development and sales and marketing expected to remain elevated. The company highlighted its confidence in the growing adoption of the Intapp Intelligent Cloud and its ability to win new clients and expand within existing accounts. Share repurchase activity was significant, with $150 million repurchased in the first nine months under two separate programs, signaling capital allocation focus.
As of March 31, 2026, Intapp held $146.8 million in cash and cash equivalents, a decrease from $313.1 million at June 30, 2025, primarily driven by $250.1 million in stock repurchases. The company has no outstanding debt under its $100.0 million revolving credit facility (JPMorgan Credit Facility), which remains undrawn. Total stockholders' equity was $320.2 million, down from $519.8 million at June 30, 2025, largely due to the repurchase activity and an accumulated deficit of $792.2 million. The company's total assets stood at $709.1 million, with goodwill of $326.1 million and intangible assets of $32.2 million.
Intapp has a significant purchase commitment with Microsoft Corp. for cloud services, with $60.4 million remaining as of March 31, 2026, under a minimum spend agreement of $110.0 million that concludes at the end of December 2028 (with an option to extend to December 2029). No other material purchase commitments were entered into during the nine months ended March 31, 2026. The company also has operating lease liabilities with a present value of $20.6 million, with remaining maturities through fiscal 2030. Deferred revenue, net, totaled $281.8 million, and remaining performance obligations (RPO) were $791.4 million, with approximately 56% expected to be recognized over the next 12 months.
Intapp's capital allocation was heavily focused on share repurchases during the period. The company repurchased 7.3 million shares for $250.0 million (excluding broker fees) under two programs: a $150.0 million authorization (fully exhausted) and a new $200.0 million authorization announced on February 3, 2026. As of March 31, 2026, $100.0 million remained available under the new program. No dividends were declared or paid. Capital expenditures were $1.8 million (0.4% of sales), and capitalized internal-use software costs were $6.5 million. The company made no debt issuances or repayments, maintaining a debt-free balance sheet.
Intapp operates as a single operating and reportable segment. The CODM reviews financial information on a consolidated basis. Revenue by geography is disclosed: for the nine months ended March 31, 2026, U.S. revenue was $289.8 million (68.1% of total), U.K. revenue was $67.8 million (15.9%), and rest of world was $67.7 million (15.9%). No other country accounted for 10% or more of total revenues.
For the nine months ended March 31, 2026, Intapp generated $22.1 million in operating cash flow, a significant improvement from $14.2 million in the prior-year period, reflecting a 55.6% year-over-year increase. Net income was not explicitly provided in the cash flow statement excerpt, but the strong CFO growth suggests improving operational efficiency. Capital expenditures (capex) were $3.6 million, resulting in free cash flow of $18.5 million. The company did not repurchase shares or pay dividends during the period. Financing cash flow was negative $164.6 million, primarily driven by debt repayments or other financing activities. Working capital changes, such as a decrease in accounts receivable and an increase in deferred revenue, contributed positively to operating cash flow. No one-time tax payments or other anomalies were noted in the provided data.