Intapp Announces First Quarter Fiscal Year 2025 Financial Results
Intapp (NASDAQ: INTA) reported strong Q1 FY2025 results with SaaS revenue reaching $76.9M, up 30% year-over-year. Total revenue grew 17% to $118.8M, while Cloud ARR increased 27% to $309.1M. The company's cloud net revenue retention rate was 119%. Non-GAAP operating income improved to $15.1M from $6.4M year-over-year, and non-GAAP net income reached $16.8M. Cash position strengthened to $253.8M, with operating cash flow of $24.4M. The company serves over 2,600 clients, with 707 having contracts exceeding $100K ARR.
Intapp (NASDAQ: INTA) ha riportato risultati solidi per il primo trimestre dell'anno fiscale 2025, con entrate SaaS che hanno raggiunto $76,9M, con un aumento del 30% rispetto all'anno precedente. Le entrate totali sono cresciute del 17% a $118,8M, mentre il Cloud ARR è aumentato del 27% a $309,1M. Il tasso di retention delle entrate nette del cloud dell'azienda era del 119%. Il reddito operativo non-GAAP è migliorato a $15,1M rispetto ai $6,4M dell'anno precedente, e il reddito netto non-GAAP ha raggiunto $16,8M. La posizione di cassa si è rafforzata fino a $253,8M, con un flusso di cassa operativo di $24,4M. L'azienda serve oltre 2.600 clienti, di cui 707 hanno contratti superiori a $100K ARR.
Intapp (NASDAQ: INTA) reportó resultados sólidos para el primer trimestre del año fiscal 2025, con ingresos SaaS alcanzando $76,9M, un aumento del 30% en comparación con el año anterior. Los ingresos totales crecieron un 17% a $118,8M, mientras que el Cloud ARR aumentó un 27% a $309,1M. La tasa de retención de ingresos netos en la nube de la compañía fue del 119%. Los ingresos operativos no-GAAP mejoraron a $15,1M desde $6,4M en el año anterior, y los ingresos netos no-GAAP alcanzaron $16,8M. La posición de efectivo se fortaleció a $253,8M, con un flujo de efectivo operativo de $24,4M. La compañía atiende a más de 2,600 clientes, de los cuales 707 tienen contratos que superan los $100K ARR.
Intapp (NASDAQ: INTA)는 2025 회계연도 1분기 실적을 발표했으며, SaaS 수익이 $76.9M에 도달했으며, 이는 전년 대비 30% 증가한 수치입니다. 총 수익은 17% 증가하여 $118.8M에 도달했고, Cloud ARR은 27% 증가하여 $309.1M에 이르렀습니다. 이 회사의 클라우드 순수익 유지율은 119%였습니다. 비-GAAP 운영 수익은 전년 대비 $6.4M에서 $15.1M으로 개선되었고, 비-GAAP 순이익은 $16.8M에 달했습니다. 현금 보유액은 $253.8M으로 강화되었으며, 운영 현금 흐름은 $24.4M에 달했습니다. 이 회사는 2,600명 이상의 고객에게 서비스를 제공하고 있으며, 그 중 707명의 고객이 $100K ARR를 초과하는 계약을 체결했습니다.
Intapp (NASDAQ: INTA) a annoncé des résultats solides pour le premier trimestre de l'exercice 2025, avec des revenus SaaS atteignant $76,9M, soit une augmentation de 30% par rapport à l'année précédente. Le revenu total a augmenté de 17% pour atteindre $118,8M, tandis que le Cloud ARR a progressé de 27% à $309,1M. Le taux de rétention des revenus nets de l'entreprise dans le cloud était de 119%. Le revenu d'exploitation non-GAAP a été amélioré à $15,1M, contre $6,4M l'année précédente, et le revenu net non-GAAP a atteint $16,8M. La position de trésorerie s'est renforcée à $253,8M, avec un flux de trésorerie opérationnel de $24,4M. L'entreprise sert plus de 2 600 clients, dont 707 ont des contrats dépassant $100K ARR.
Intapp (NASDAQ: INTA) meldete starke Ergebnisse für das erste Quartal des Geschäftsjahres 2025, mit SaaS-Umsätzen von $76,9M, was einem Anstieg von 30% im Vergleich zum Vorjahr entspricht. Der Gesamtumsatz wuchs um 17% auf $118,8M, während der Cloud ARR um 27% auf $309,1M zunahm. Die Netto-Umsatzbindungsrate des Unternehmens in der Cloud betrug 119%. Das Betriebsresultat nach Nicht-GAAP verbesserte sich von $6,4M auf $15,1M im Jahresvergleich, und der Netto-Gewinn nach Nicht-GAAP erreichte $16,8M. Die Liquidität stieg auf $253,8M, bei einem operativen Cashflow von $24,4M. Das Unternehmen betreut über 2.600 Kunden, von denen 707 Verträge mit einem ARR von über $100K haben.
- SaaS revenue growth of 30% YoY to $76.9M
- Cloud ARR increased 27% YoY to $309.1M
- Strong cloud net revenue retention rate of 119%
- Non-GAAP operating income more than doubled to $15.1M
- Cash position improved to $253.8M from $208.4M in June 2024
- Operating cash flow increased to $24.4M from $11.6M YoY
- GAAP operating loss of $7.3M
- GAAP net loss of $4.5M
Insights
Strong Q1 FY25 results showcase robust growth trajectory with
- Cloud ARR growth of
27% to$309.1M shows accelerating cloud adoption - Improved profitability with non-GAAP operating income of
$15.1M , up from$6.4M - Strong cash position of
$253.8M , up from$208.4M in June
The company's expansion in both client base and product offerings, particularly in AI solutions, positions it well for sustained growth. The updated FY25 guidance suggests continued momentum in both revenue and profitability.
Intapp's strategic focus on AI-powered solutions is paying off, evidenced by the launch of Intapp Assist for Terms and recognition for DealCloud. The high-value client base expansion, with 707 clients contributing over
- First quarter SaaS revenue of
$76.9 million , up30% year-over-year - Cloud annual recurring revenue (ARR) of
$309.1 million , up27% year-over-year - Trailing twelve months’ cloud net revenue retention rate as of September 30, 2024 was
119%
PALO ALTO, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Intapp, Inc. (NASDAQ: INTA), a leading global provider of AI-powered solutions for professionals at advisory, capital markets, and legal firms, announced financial results for its fiscal first quarter ended September 30, 2024. Intapp also provided its outlook for the second quarter and updated outlook for the full fiscal year 2025.
“We're pleased to start the fiscal year––our fourth as a public company––with the launch of a new vertical AI solution aimed directly at the needs of our target market,” said John Hall, CEO of Intapp. “We are excited by the interest in our new product releases and the ability to support our clients as they move towards digitization and look to innovate through the use of advanced technology.”
First Quarter of Fiscal Year 2025 Financial Highlights
- SaaS revenue was
$76.9 million , a30% year-over-year increase compared to the first quarter of fiscal year 2024. - Total revenue was
$118.8 million , a17% year-over-year increase compared to the first quarter of fiscal year 2024. - Cloud ARR was
$309.1 million as of September 30, 2024, a27% year-over-year increase compared to Cloud ARR as of September 30, 2023. Cloud ARR represented74% of total ARR as of September 30, 2024, compared to69% as of September 30, 2023. - Total ARR was
$417.2 million as of September 30, 2024, a19% year-over-year increase compared to total ARR as of September 30, 2023. - GAAP operating loss was
$(7.3) million , compared to a GAAP operating loss of$(14.0) million in the first quarter of fiscal year 2024. - Non-GAAP operating income was
$15.1 million , compared to a non-GAAP operating income of$6.4 million in the first quarter of fiscal year 2024. - GAAP net loss was
$(4.5) million , compared to a GAAP net loss of$(15.3) million in the first quarter of fiscal year 2024. - Non-GAAP net income was
$16.8 million , compared to a non-GAAP net income of$4.6 million in the first quarter of fiscal year 2024. - GAAP net loss per share was
$(0.06) , compared to a GAAP net loss per share of$(0.22) in the first quarter of fiscal year 2024. - Non-GAAP diluted net income per share was
$0.21 , compared to a non-GAAP diluted net income per share of$0.06 in the first quarter of fiscal year 2024.
Balance Sheet and Cash Flow Highlights
- Cash and cash equivalents were
$253.8 million as of September 30, 2024, compared to$208.4 million as of June 30, 2024. - For the three months ended September 30, 2024, net cash provided by operating activities was
$24.4 million , compared to net cash provided by operating activities of$11.6 million for the three months ended September 30, 2023.
Business Highlights
- As of September 30, 2024, we served more than 2,600 clients, 707 of which each with contracts greater than
$100,000 of ARR. - We upsold and cross-sold our existing clients such that our trailing twelve months’ cloud net revenue retention rate as of September 30, 2024 was
119% . - We continued to add new clients and expand existing accounts including Crete Professionals Alliance, an alliance of accounting and professional services firms, and private equity firms Alpaca Real Estate and NORD Holding.
- We announced the availability of Intapp Assist for Terms, which expands generative AI functionality to Intapp’s compliance solutions.
- Intapp DealCloud was named Deal Origination Solution of the Year at the 2024 Private Equity Wire U.S. Credit Awards.
Second Quarter and Full Fiscal Year 2025 Outlook
| Fiscal 2025 Outlook | ||
| Second Quarter | Fiscal Year | |
| (in millions, except per share data) | ||
| SaaS revenue | ||
| Total revenue | ||
| Non-GAAP operating income | ||
| Non-GAAP diluted net income per share | ||
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 income,” “non-GAAP net income,” and “non-GAAP diluted net income 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 guidance regarding non-GAAP operating income excludes known pre-tax charges related to estimated stock-based compensation of
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, November 4, 2024, 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 software helps professionals unlock their teams’ knowledge, relationships, and operational insights to increase value for their firms. Using the power of Applied AI, we make firm and market intelligence easy to find, understand, and use. With Intapp’s portfolio of vertical SaaS solutions, professionals can apply their collective expertise to make smarter decisions, manage risk, and increase competitive advantage. The world’s top firms — across accounting, consulting, investment banking, legal, private capital, and real assets — trust Intapp’s industry-specific platform and solutions to modernize and drive new growth.
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 second quarter and full fiscal year 2025, 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 on the U.S. and global economies, our business, our employees, our results of operations, our 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, economic and market downturns and volatility in the financial services industry, particularly adverse to our targeted industries; the length and variability of our sales cycle; our ability to attract and retain clients; our ability to attract and retain talent; our ability to compete in highly competitive markets, including AI products; our ability to manage additional complexity, burdens, and volatility in connection with our international sales and operations; the successful assimilation or integration of the businesses, technologies, services, products, personnel or operations of acquired companies; 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.
Presentation Changes Related to SaaS and License Revenue
Effective July 1, 2024, the Company adjusted the classification of support services related to subscription license to be included within “license” on the unaudited condensed consolidated statements of operations. Prior to July 1, 2024, support services related to subscription license were included in a line item entitled “SaaS and Support.” Accordingly, effective July 1, 2024, SaaS revenues include subscription fees from clients accessing our SaaS solutions, premium support services related to SaaS, and updates, if any, to the subscribed service during the subscription term. There was no change to the Company's revenue recognition policy, except for the change in classification noted herein.
The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues did not affect total revenues, operating income, or net income.
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 income, non-GAAP net income, and non-GAAP diluted net income per share. These non-GAAP measures exclude the impact of stock-based compensation, amortization of intangible assets, change in fair value of contingent consideration, transaction costs, restructuring and other 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.
Free cash flow is a non-GAAP financial measure, and a supplemental liquidity measure that management uses to evaluate our core operating business and our ability to meet our current and future financing and investing needs. It consists of net cash provided by operating activities less cash paid for purchases of property and equipment. 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 cloud net revenue retention rate. Total ARR represents the annualized recurring value of all active SaaS and on-premise subscription license 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. Cloud net revenue retention rate is the portion of our net revenue retention rate, which represents the net revenue retention of our SaaS contracts. We calculate Cloud net revenue retention by starting with the Cloud ARR from the cohort of all clients as of the twelve months prior to the applicable fiscal period, or prior period Cloud ARR. We then calculate the Cloud ARR from these same clients as of the current fiscal period, or current period Cloud ARR. We then divide the current period Cloud ARR by the prior period Cloud ARR to calculate the Cloud net revenue retention.
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 diluted net income per share is calculated by dividing non-GAAP net income by the estimated diluted weighted average shares outstanding for the period.
Investor Contact
David Trone
Senior Vice President, Investor Relations
Intapp, Inc.
ir@intapp.com
Media Contact
Ali Robinson
Global Media Relations Director
Intapp, Inc.
press@intapp.com
| INTAPP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data and percentages) | ||||||||
| Three Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Revenues | ||||||||
| SaaS | $ | 76,876 | $ | 58,913 | ||||
| License | 28,492 | 28,051 | ||||||
| Professional services | 13,437 | 14,611 | ||||||
| Total revenues | 118,805 | 101,575 | ||||||
| Cost of revenues | ||||||||
| SaaS | 15,318 | 12,711 | ||||||
| License | 1,752 | 1,702 | ||||||
| Professional services | 14,864 | 17,160 | ||||||
| Total cost of revenues | 31,934 | 31,573 | ||||||
| Gross profit | 86,871 | 70,002 | ||||||
| Gross margin | 73.1 | % | 68.9 | % | ||||
| Operating expenses: | ||||||||
| Research and development | 32,427 | 28,496 | ||||||
| Sales and marketing | 37,760 | 34,419 | ||||||
| General and administrative | 23,938 | 21,052 | ||||||
| Total operating expenses | 94,125 | 83,967 | ||||||
| Operating loss | (7,254 | ) | (13,965 | ) | ||||
| Interest and other income (expense), net | 3,422 | (943 | ) | |||||
| Net loss before income taxes | (3,832 | ) | (14,908 | ) | ||||
| Income tax expense | (688 | ) | (413 | ) | ||||
| Net loss | $ | (4,520 | ) | $ | (15,321 | ) | ||
| Net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.22 | ) | ||
| Weighted-average shares used to compute net loss per share, basic and diluted | 75,604 | 68,937 | ||||||
| INTAPP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands) | ||||||||
| September 30, 2024 | June 30, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 253,847 | $ | 208,370 | ||||
| Restricted cash | 200 | 200 | ||||||
| Accounts receivable, net | 62,053 | 95,103 | ||||||
| Unbilled receivables, net | 12,777 | 13,300 | ||||||
| Other receivables, net | 2,732 | 2,743 | ||||||
| Prepaid expenses | 11,294 | 9,031 | ||||||
| Deferred commissions, current | 13,678 | 13,907 | ||||||
| Total current assets | 356,581 | 342,654 | ||||||
| Property and equipment, net | 19,441 | 18,944 | ||||||
| Operating lease right-of-use assets | 20,030 | 21,382 | ||||||
| Goodwill | 286,472 | 285,969 | ||||||
| Intangible assets, net | 37,291 | 40,293 | ||||||
| Deferred commissions, noncurrent | 17,057 | 18,495 | ||||||
| Other assets | 5,550 | 5,262 | ||||||
| Total assets | $ | 742,422 | $ | 732,999 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 16,013 | $ | 13,348 | ||||
| Accrued compensation | 33,958 | 42,066 | ||||||
| Accrued expenses | 8,600 | 12,040 | ||||||
| Deferred revenue, net | 203,114 | 218,923 | ||||||
| Other current liabilities | 11,575 | 14,270 | ||||||
| Total current liabilities | 273,260 | 300,647 | ||||||
| Deferred tax liabilities | 1,298 | 1,336 | ||||||
| Deferred revenue, noncurrent | 2,097 | 3,563 | ||||||
| Operating lease liabilities, noncurrent | 18,626 | 19,605 | ||||||
| Other liabilities | 5,021 | 4,610 | ||||||
| Total liabilities | 300,302 | 329,761 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock | 78 | 75 | ||||||
| Additional paid-in capital | 934,585 | 891,681 | ||||||
| Accumulated other comprehensive loss | (841 | ) | (1,336 | ) | ||||
| Accumulated deficit | (491,702 | ) | (487,182 | ) | ||||
| Total stockholders’ equity | 442,120 | 403,238 | ||||||
| Total liabilities and stockholders’ equity | $ | 742,422 | $ | 732,999 | ||||
| INTAPP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) | ||||||||
| Three Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net loss | $ | (4,520 | ) | $ | (15,321 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 4,467 | 4,009 | ||||||
| Amortization of operating lease right-of-use assets | 1,280 | 1,130 | ||||||
| Accounts receivable allowances | 550 | 425 | ||||||
| Stock-based compensation | 19,989 | 18,757 | ||||||
| Change in fair value of contingent consideration | (1,004 | ) | (1,431 | ) | ||||
| Deferred income taxes | (48 | ) | (113 | ) | ||||
| Other | 38 | 38 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 30,207 | 23,472 | ||||||
| Unbilled receivables, current | 523 | (3,886 | ) | |||||
| Prepaid expenses and other assets | (2,568 | ) | (1,342 | ) | ||||
| Deferred commissions | 1,667 | 121 | ||||||
| Accounts payable and accrued liabilities | (8,060 | ) | (11,277 | ) | ||||
| Deferred revenue, net | (17,275 | ) | 222 | |||||
| Operating lease liabilities | (1,331 | ) | (1,571 | ) | ||||
| Other liabilities | 531 | (1,621 | ) | |||||
| Net cash provided by operating activities | 24,446 | 11,612 | ||||||
| Cash Flows from Investing Activities: | ||||||||
| Purchases of property and equipment | (354 | ) | (1,141 | ) | ||||
| Capitalized internal-use software costs | (1,534 | ) | (1,861 | ) | ||||
| Business combinations, net of cash acquired | (897 | ) | — | |||||
| Net cash used in investing activities | (2,785 | ) | (3,002 | ) | ||||
| Cash Flows from Financing Activities: | ||||||||
| Payments for deferred offering costs | — | (633 | ) | |||||
| Proceeds from stock option exercises | 22,918 | 2,324 | ||||||
| Payments of deferred contingent consideration and holdback associated with acquisitions | (1,387 | ) | — | |||||
| Net cash provided by financing activities | 21,531 | 1,691 | ||||||
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 2,285 | 261 | ||||||
| Net increase in cash, cash equivalents and restricted cash | 45,477 | 10,562 | ||||||
| Cash, cash equivalents and restricted cash - beginning of period | 208,570 | 131,185 | ||||||
| Cash, cash equivalents and restricted cash - end of period | $ | 254,047 | $ | 141,747 | ||||
| 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 | ||||||||
| Three Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| GAAP gross profit | $ | 86,871 | $ | 70,002 | ||||
| Adjusted to exclude the following: | ||||||||
| Stock-based compensation | 2,232 | 1,874 | ||||||
| Amortization of intangible assets | 1,571 | 1,055 | ||||||
| Restructuring and other costs | 10 | — | ||||||
| Non-GAAP gross profit | $ | 90,684 | $ | 72,931 | ||||
| Non-GAAP gross margin | 76.3 | % | 71.8 | % | ||||
| Non-GAAP Operating Expenses | ||||||||
| Three Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| GAAP research and development | $ | 32,427 | $ | 28,496 | ||||
| Stock-based compensation | (4,624 | ) | (4,646 | ) | ||||
| Restructuring and other costs | (48 | ) | — | |||||
| Non-GAAP research and development | $ | 27,755 | $ | 23,850 | ||||
| GAAP sales and marketing | $ | 37,760 | $ | 34,419 | ||||
| Stock-based compensation | (5,738 | ) | (5,339 | ) | ||||
| Amortization of intangible assets | (1,268 | ) | (1,487 | ) | ||||
| Non-GAAP sales and marketing | $ | 30,754 | $ | 27,593 | ||||
| GAAP general and administrative | $ | 23,938 | $ | 21,052 | ||||
| Stock-based compensation | (7,395 | ) | (6,898 | ) | ||||
| Amortization of intangible assets | (163 | ) | (163 | ) | ||||
| Change in fair value of contingent consideration | 1,004 | 1,431 | ||||||
| Transaction costs (1) | (134 | ) | (328 | ) | ||||
| Restructuring and other costs | (172 | ) | — | |||||
| Non-GAAP general and administrative | $ | 17,078 | $ | 15,094 | ||||
| Non-GAAP Operating Income | ||||||||
| Three Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| GAAP operating loss | $ | (7,254 | ) | $ | (13,965 | ) | ||
| Adjusted to exclude the following: | ||||||||
| Stock-based compensation | 19,989 | 18,757 | ||||||
| Amortization of intangible assets | 3,002 | 2,705 | ||||||
| Change in fair value of contingent consideration | (1,004 | ) | (1,431 | ) | ||||
| Transaction costs (1) | 134 | 328 | ||||||
| Restructuring and other costs | 230 | — | ||||||
| Non-GAAP operating income | $ | 15,097 | $ | 6,394 | ||||
| Non-GAAP Net Income | ||||||||
| Three Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| GAAP net loss | $ | (4,520 | ) | $ | (15,321 | ) | ||
| Adjusted to exclude the following: | ||||||||
| Stock-based compensation | 19,989 | 18,757 | ||||||
| Amortization of intangible assets | 3,002 | 2,705 | ||||||
| Change in fair value of contingent consideration | (1,004 | ) | (1,431 | ) | ||||
| Transaction costs (1) | 134 | 328 | ||||||
| Restructuring and other costs | 230 | — | ||||||
| Income tax effect of non-GAAP adjustments | (1,024 | ) | (415 | ) | ||||
| Non-GAAP net income | $ | 16,807 | $ | 4,623 | ||||
| GAAP net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.22 | ) | ||
| Non-GAAP net income per share, diluted | $ | 0.21 | $ | 0.06 | ||||
| Weighted-average shares used to compute GAAP net loss per share, basic and diluted | 75,604 | 68,937 | ||||||
| Weighted-average shares used to compute non-GAAP net income per share, diluted | 81,538 | 79,567 | ||||||
| Free Cash Flow | ||||||||
| Three Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Net cash provided by operating activities | $ | 24,446 | $ | 11,612 | ||||
| Adjusted for the following cash outlay: | ||||||||
| Purchases of property and equipment | (354 | ) | (1,141 | ) | ||||
| Free cash flow (2) | $ | 24,092 | $ | 10,471 | ||||
| (1) Consists of acquisition-related transaction costs and costs related to certain non-capitalized offering-related expenses. | ||||||||
| (2) Beginning with the second quarter ended December 31, 2023, we have excluded capitalized internal-use software costs and cash paid for interest from the calculation of our free cash flow, which we believe better aligns with industry standard. Our free cash flow for prior period presented were recast to conform to the updated methodology and are reflected herein for comparison purposes. | ||||||||
FAQ
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