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Exhibit 99.1
Intapp Announces Fourth Quarter and Full Fiscal Year 2023 Financial Results
PALO ALTO, Calif., September 6, 2023 – Intapp, Inc. (NASDAQ: INTA), a leading provider of cloud software for the global professional and financial services industry, announced its financial results for the fourth quarter and full fiscal year ended June 30, 2023. Intapp also provided its outlook for the first quarter and full fiscal year of 2024.
“We are pleased to report another strong year, with great results across the business and steady demand for our purpose-built cloud solutions,” said John Hall, CEO of Intapp. “This year we added new clients, grew existing relationships, released new applied AI applications, and demonstrated consistent growth. We enter fiscal year 2024 with optimism and momentum.”
Fourth Quarter of Fiscal Year 2023 Financial Highlights
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During fiscal year 2022, net cash provided by financing activities was $6.6 million, primarily comprised of $292.8 million in net proceeds from our IPO completed in July 2021, $10.2 million of proceeds from stock option exercises and $1.2 million of proceeds from employee stock purchase plan, partially offset by $278.0 million used for the repayment of borrowings, $10.4 million of payment for contingent consideration related to the acquisition of Repstor, $4.4 million of payments related to deferred offering costs in connection with our IPO, $3.9 million of payments related to tax withholding for vested equity awards and $0.8 million of payments related to deferred financing costs in connection with our JPMorgan Credit Facility.
Financing Activities During fiscal year 2023, net cash provided by financing activities was $64.1 million, primarily comprised of $70.1 million in net proceeds from our public offering completed in May 2023, $23.5 million of proceeds from stock option exercises and $2.7 million of proceeds from employee stock purchase plan, partially offset by $22.3 million of payments for the final contingent consideration and cash holdback related to the acquisition of Repstor and deferred purchase consideration related to the acquisition of Billstream, $9.1 million of payments related to employee payroll tax withholding on vested equity awards and $0.8 million of payments related to offering costs in connection with our follow-on public offering.
The increase can be attributed primarily to increases in cloud hosting costs of $2.5 million, royalty expense of $1.5 million relating to third-party products, amortization expense of $1.0 million relating to capitalized software development costs and personnel-related costs of $0.7 million (which reflects a benefit of $8.4 million in fiscal year 2023 resulting from an operational and organizational realignment which reclassified expenses from cost of SaaS and support to sales and marketing), partially offset by a decrease in amortization expense of $3.5 million relating to acquired intangible assets.
The net cash inflow from changes in operating assets and liabilities was primarily driven by an increase in accounts payable and accrued liabilities of $10.7 million due to an increase in accrued bonuses and timing of payments, and an increase in deferred revenues of $28.8 million consistent with our revenue growth.
Cost of Revenues Our cost of revenues consists primarily of expenses related to providing SaaS subscription, support and professional services to our clients, including personnel costs (salaries, bonuses, benefits and stock-based compensation) and related expenses for client support and services personnel, as well as cloud infrastructure costs, third-party expenses, amortization of capitalized internal-use software costs and acquired intangible assets, and allocated overhead costs.
The net cash inflow from...Read more
We believe non-GAAP recurring gross...Read more
Cost of SaaS and Support...Read more
Interest Expense and Other Expense,...Read more
Income Tax Benefit (Expense) Our...Read more
From a sales perspective, our...Read more
Future borrowings under the JPMorgan...Read more
We have made substantial investments...Read more
General and Administrative General and...Read more
This reflects a continuation in...Read more
As a result, we have...Read more
Marketing expenses increased by $2.5...Read more
The platform facilitates greater team...Read more
Interest Expense Interest expense decreased...Read more
The improvement in gross profit...Read more
However, if our clients do...Read more
Any such increase has been...Read more
Third-party professional fees increased by...Read more
Operating losses could continue in...Read more
Investing Activities Net cash used...Read more
General and Administrative General and...Read more
However, over time as we...Read more
Other Income (Expense), Net The...Read more
These non-GAAP financial measures, which...Read more
These changes were partially offset...Read more
During fiscal year 2021, net...Read more
The following table provides a...Read more
Operating Expenses * Not meaningful...Read more
Operating Expenses Research and Development...Read more
Key Business Metrics We review...Read more
Professional Services Professional services revenues...Read more
Professional Services Professional services revenues...Read more
We expect our research and...Read more
Our SaaS and support revenues...Read more
Our SaaS and support revenues...Read more
We expect the vast majority...Read more
With our revenue growth objectives,...Read more
The net cash inflow from...Read more
Our future capital requirements will...Read more
We measure our ability to...Read more
These changes were partially offset...Read more
Goodwill Goodwill represents the excess...Read more
Our future growth depends on...Read more
During fiscal year 2023, net...Read more
During fiscal year 2021, net...Read more
The change in other expense,...Read more
Income Tax Benefit (Expense) Income...Read more
Personnel-related costs increased by $19.8...Read more
If we are unable to...Read more
In May 2023, we received...Read more
We expect to continue to...Read more
Interest income increased due to...Read more
Stock-based compensation expense increased by...Read more
Subscription license revenues decreased $1.8...Read more
We experienced a minor year-over-year...Read more
These changes were partially offset...Read more
Our client base includes some...Read more
ARR does not have any...Read more
By better connecting their most...Read more
We believe our existing cash,...Read more
We must demonstrate to new...Read more
Gross Profit Gross profit increased...Read more
Subscription license fees are generally...Read more
This includes salaries, bonuses, benefits,...Read more
Continued Investment in Innovation and...Read more
To complement our organic investment...Read more
Financial Statements, Disclosures and Schedules
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Intapp, Inc. provided additional information to their SEC Filing as exhibits
Ticker: INTA
CIK: 1565687
Form Type: 10-K Annual Report
Accession Number: 0000950170-23-047051
Submitted to the SEC: Thu Sep 07 2023 4:52:49 PM EST
Accepted by the SEC: Thu Sep 07 2023
Period: Friday, June 30, 2023
Industry: Prepackaged Software