Intapp Reports $161.3 Million in Revenue; Shares Fall 9.2% After Outlook
Key Facts
Intapp reported results for the first quarter of fiscal 2027, ended Sept. 30, 2026, with revenue of $161.3 million, up 16% year over year and above analysts’ estimate of $159.18 million. Adjusted diluted earnings per share were $0.44, compared with an estimate of $0.40, while the company posted a GAAP loss of $0.02 per share. The loss on the same basis was $0.18 per share in the year-earlier period. Quarterly results topped expectations, but the company’s second-quarter guidance fell short of analysts’ estimates. Shares fell 9.2% in extended trading on Oct. 27 after the outlook was announced.
Subscription revenue was $125.5 million, up 29% year over year, while cloud annual recurring revenue rose to $515.3 million as of Sept. 30, up 28% from a year earlier. Total annual recurring revenue reached $607.1 million, a 20% year-over-year increase. Cloud annual recurring revenue accounted for 85% of the total as of Sept. 30, 2026, compared with 80% on the same date a year earlier. Cloud net revenue retention for the 12 months ended Sept. 30 was 123%. These metrics show continued subscription growth and a rising share of recurring cloud revenue in the company’s annual revenue base.
Operating income and net income metrics improved year over year, though results varied by accounting measure. Non-GAAP operating income was about $35.4 million, compared with $20.9 million in the first quarter of fiscal 2026. Non-GAAP net income was about $34.4 million, versus $20.7 million a year earlier. The GAAP operating loss narrowed to $1.1 million from $14.5 million in the year-earlier period. The company generated $28.4 million in cash from operating activities during the three months ended Sept. 30, up from $13.8 million in the corresponding period of 2025. Cash and cash equivalents totaled $147.7 million at the end of September, compared with $162.8 million on June 30.
Chief Executive John Hall said the response from leading companies worldwide had been remarkable, adding that "managing partners and firm leaders tell us this is exactly what they need." Intapp said its Intapp Celeste product is now generally available, linking the launch to firms’ continued move to the cloud as part of its AI strategy for professional firms. Hall said the company was "confident in the path we are on" as the product became available and firms moved to the cloud. During the first quarter, the company repurchased 0.6 million shares of its common stock for a total of $25.0 million. These developments place management’s comments on the product and cloud alongside the company’s operating metrics and cash allocation during the quarter.
In the fourth quarter of fiscal 2026, revenue was $152.5 million, up 13% year over year, and SaaS revenue reached $115.0 million, growing 27%. Before reporting first-quarter results, the company had forecast revenue of $159.3 million to $160.3 million and adjusted earnings per share of $0.39 to $0.41. Actual revenue and adjusted earnings per share were within the ranges the company had previously provided. Fourth-quarter results offer a recent comparison for the growth trajectory: total first-quarter revenue rose to $161.3 million, and subscription growth accelerated to 29% year over year. The comparison between SaaS revenue in the previous quarter and subscription revenue in the current quarter uses the metrics as reported in the company’s data.
For the second quarter of fiscal 2027, Intapp expects total revenue of $158.8 million to $159.8 million and adjusted diluted earnings per share of $0.37 to $0.39. The midpoint of the revenue range is $159.3 million, below analysts’ estimate of $160.9 million, while the midpoint for earnings per share, at $0.38, is below the $0.40 estimate. The company also expects subscription revenue of $129.1 million to $130.1 million in the second quarter. For fiscal 2027, it set a revenue range of $658.2 million to $662.2 million, adjusted earnings per share of $1.64 to $1.68, and non-GAAP operating income of $136.8 million to $140.8 million. The shares fell in extended trading after the company issued second-quarter guidance below analysts’ estimates.