Intapp, Inc. (INTA) Earnings Call Transcript & Summary

Okay. Good morning, everyone. Welcome to Intapp's Investor Day 2026. I'm David Trone, Head of Investor Relations at Intapp. And I'd like to say on my behalf and the leadership team, we really appreciate you to hear our story for those of you on the webcast and certainly for everyone here, who braved the difficult conditions to get here in person. I'm going to give a quick overview with the lineup and then go through some legal disclosures, and we'll get started. Our first speaker will be John Hall, our Chairman and CEO. He'll be followed by Thad Jampol, a Co-Founder and our Chief Product Officer. Next will be Ben Harrison, President of Industries and Founder DealCloud, which as most of you know, we acquired in 2018. Don Coleman, also a Co-Founder, Chief Operating Officer, and we'll finish up with David Morton, our Chief Financial Officer. We'd like you to please hold questions to the end when we will hold a Q&A session up until our -- we endeavor to have a board stop at 2:00 p.m., given the other activities today, including our notable annual client event, Amplify. So now I'm going to give a legal disclosure, we'll get started. During the course of this meeting, we may make forward-looking statements regarding trends, strategies and the anticipated performance of our business, including long-term targets. These forward-looking statements are based on management's current views and expectations, entail certain assumptions made as of today's date and are subject to various risks and uncertainties, including those described in our SEC filings and other publicly available documents, that are difficult to predict and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Intapp disclaims any obligation to update or revise any forward-looking statements, except as required by law. Further on today's call, we will discuss certain non-GAAP metrics, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating profit, non-GAAP operating margin, free cash flow and free cash flow margin. Reconciliation of GAAP to these non-GAAP measures can be found in today's presentation materials, which will be available on our website. And with that, I'll turn it over to John.

Thank you all for joining us. Intapp helps the leading capital markets, legal and advisory firms grow, manage risk and run profitably. We're coming off a quarter of record results with strong growth, strong retention and a blue-chip roster of global clients. But these are unusual times. AI is disrupting the software industry and the markets that we serve. Within the software industry, AI coding tools have reduced the time to build software. People are moving from clicking through software to working with agents to do the job for them. seat-based pricing, a foundation of SaaS companies for 20 years is under pressure. Software companies need to rethink their offerings and business models around agents. Not every company will make this shift. And it's not just the software industry. AI can now research draft contracts and build financial models. Will that reduce demand for the professional services firms that we serve and the size of our market. So investors are asking, is Intapp, one of the companies that will successfully make this shift. How is a genic AI going to impact our business? I'd like to begin by answering these questions clearly. Intapp is positioned to win in the agentic AI cycle. Here's why. First, our markets are expanding. Demand for the elite professional firms we serve is growing and we're confident this trend will continue. These top of the industry firms provide essential core functions to capitalism. As the economy grows, companies will continue to need outside counsel for high-stakes litigation, bankers for acquisitions and auditors for assurance. Companies will continue to hire high reputation outside advisers for their transactions because they need the expert advice. But in addition, they need an accepted third-party who can be held accountable for their advice and role in these transactions. That deep point has nothing to do with technology. The fundamental economic reasons that these high-end firms are in business are not going away. In fact, demand grows as the economy grows, but these firms must transform. These firms absolutely do knowledge work, and this industry has a tremendous opportunity to leverage all the new AI technologies to become much more efficient, capable and competitive as firms. Most of them already see that potential, and they are looking for AI solutions that help them capture that opportunity. At the same time, having experimented with so many of these first-generation tools, the firms are increasingly aware of and acknowledging that the solutions that they need have a unique business and industry compliance requirement for AI that the horizontal players don't meet. Later in this presentation, we'll walk you through these in detail. Our news today is that we are launching Celeste, our agentic AI platform built for professional firms. Our road map to this launch has been 2 years in the making. Celeste is a true AI native platform built from the ground up. Celeste provides expert agents into our business workflows that drive firm growth, returns and profitability. How firms originate new business manage deals and assets, run business intake and compliance and manage revenue. This is the biggest launch in our company's history. Thad Jampol is going to give you a special preview in this presentation. Celeste is a stand-alone platform, but it also enhances other AI tools such as copilot, Claude and Harvey. It provides the expert agents, firm-specific context and professional compliance protections that those platforms need to actually work in a professional firm. Our launch partners for Celeste are Microsoft, anthropic and Harvey. You will have seen our release on Monday with Harvey and yesterday with Anthropic. And today, you will see all 3 of these partners on stage with us at Amplify. To position our portfolio for the next wave of a genetic demand, we are rearchitecting all our core business applications to run as expert agents powered by Celeste. At Amplify, we will show examples of expert agents for deal development, professional compliance and revenue management. all powered by data and Intapp systems and running on Celeste. Thad Jampol will also walk through these points in more detail for you later in this presentation. These innovations reinforce the strategic and AI value of our existing portfolio and expand our TAM with new agentic use cases. As AI automates the work in a professional firm, we can move beyond software budgets and capture a larger share of their overall personnel budget. With Celeste, we're going to talk in an entirely different way about our market opportunity. We are actively entering the agent market, and it is a different TAM and size. In the way that we are rolling this out, the growth from Celeste and agents will be accretive to the growth of the core business. Don Coleman and Dave Morton will walk through these points in more detail. And with Celeste, we now have the ability to apply consumption-based pricing. People are concerned about seats. Now we absolutely use seats to land and expand inside accounts and humans still work in these firms despite rumors to the contrary, but it can be a very effective technique for account entry. Our model, though, is to land and expand that way and then convert these to enterprise agreements. A little later, Don Coleman will talk about this with you. But Celeste puts us in a position to charge for the value created by expert agents in place of human labor and to charge for the business activity, all that demand that the firms need to execute flowing through the Intapp platform. Matters opened deals managed, engagements resourced and compliant actions approved. As firms do more with Celeste, we grow with them. With 2,750 firms already on Intapp, we have major distribution and technical advantages as we bring these agentic innovations to market. We already run our firm's end-to-end business workflows. We organize their most critical data, and we help manage their professional compliance programs. There is no one better positioned. This is a summary of our strategy and why we're confident we'll win. We're going to go through all of this in more detail now, beginning with our market and why it requires vertical solutions, okay? As a reminder, we serve a large market. Professional and financial services firms as an industry represent roughly $4 trillion in annual revenue. including law firms, private capital firms, investment banks, accounting consulting and real assets. Within this market, we focus on the largest firms and 2 forces are reshaping the way these firms drive technology investment. The first that we've been talking about is AI. Every firm has an imperative to transform how they operate with AI. Initially, the focus was on productivity and cost. Increasingly, we see the focus broadening to include AI-driven growth. The second is consolidation. Capital and market share are concentrating at the top. The largest law firms have roughly doubled in size since we've been working with them through organic growth, mergers and international expansion. The 10 largest PE firms now capture 45% of all capital raised. And private equity has entered the accounting vertical, driving over 400 M&A transactions in the past 3 years. Ben Harrison will walk through these market trends in more detail. As the largest firms get bigger, more complex and more global, they need technology and AI to achieve economies of scale to manage risk across jurisdictions and to drive continued growth. Our keynote speaker this afternoon at Amplify will be Jim Pico, CEO of Grant Thornton Advisors, our client, who will address these trends. And as I shared at the last Investor Day, firms in our market have special needs for technology. This derives from the fact that they are structurally different. Unlike the typical corporate model, the firms we serve are led and primarily resourced by a broad group of highly experienced partners and partner track developing professionals. In this very unusual structure, partners act as cross-functional business owners, each responsible for a wide range of business management and professional activities in their areas of the firm's investing strategy or service line. This is not a traditional company. On top of this, the firm's work is project-based. They assemble teams to complete engagements, a deal, a legal matter, a consulting project and then they reassemble those teams in new configurations for the next project. And these firms don't sell products in the traditional sense. They win new business based on their knowledge, experience and relationships. In large firms, like the ones that we serve, partners and professionals are working across dozens of practice areas, investment strategies and disciplines. Over time, their collective expertise, client relationships, build and compound. This institutional knowledge is the firm's moat. But it's always been hard for the firm to capture and share this expertise. Much of this lives in people's heads. A partner in London may not know that a colleague in Dubai just worked on a similar deal last month. When a partner leaves, that knowledge walks out the door. And as firms grow through M&A, lateral hiring, international expansion this problem gets harder, not easier. One of the biggest opportunities for AI is to help these firms at the firm level to capture and institutionalize their firm's knowledge connected across the organization and put it to work. Finally, think about the nature of AI today. When every one of these firms has access to the same horizontal AI models, which traded on the same corpus of public information. firms need to differentiate themselves even more by putting their own proprietary knowledge to work. The firms that win will be those that capture their firm's knowledge, use it to power AI models and workflows and deploy their knowledge at scale. Okay. But horizontal AI has a problem. Our target industry is highly regulated in a unique way. It carries a unique class of compliance requirements. We refer to these as professional compliance. These firms have professional and regulatory obligations unlike any other industry. They must actively avoid conflicts of interest protect material nonpublic information, maintain independence and honor duties of loyalty and confidentiality that are both statutory and ethical. The requirements are strict, and highly specific to each industry. Adherence to these requirements is existential for these firms. Their clients and investors depend on them to get judgment calls right every day across every engagement and trust them with their most sensitive information to make those judgment calls. The firm is not only self-interested, they have made promises to their investors and their clients about how they will govern their activities and their knowledge and information that they must live up to. A compliance failure at a major law firm isn't a software bug. It's a malpractice claim, a confidentiality breach of MNPI at a large multi-strategy firm operating in all the public and private markets isn't an inconvenience, it's an SEC investigation. One mistake and the reputation these firms spent decades building is at risk. This is also why generic AI is hard to deploy in these firms. They cannot feed client data into systems that don't respect ethical walls, confidentiality obligations or regulatory requirements. Compliance concerns are the #1 blocker to AI adoption at these firms. And horizontal AI providers are not built with this specialized market in mind. This leads directly to our agentic AI strategy. Before I go into it, I'd like to address a simple point that I think people are confused about. The next-generation software development methodology and new tools, including Cursor, OpenAI Codex, Quadcode, GitHub CoPilot and a growing number of open source options are available for everyone to use, including us. And that's what we've been doing. I think we have tremendous advantages versus a startup in knowing exactly how to put these tools to use to build solutions that solve our customers' problems. We have unmatched expertise in understanding how these firms actually operate, and we already run giant portions of the firm today. Who better to use these tools to build a genetic generation solutions than us. And that's exactly what we've been doing in this strategy. All right. You have seen our AI journey taking shape. When we launched Intapp Assist 24 months ago, we brought generative AI into our core products, DealCloud, our compliance suite and time. Assist helps users effortlessly enter data summarize information and work more efficiently within the workflows they already use. We're seeing steady adoption and assist capabilities are driving upsells across our portfolio and improving both user experience and decision quality. We have also learned some lessons from Assist about the opportunities in driving individual productivity versus powering workflows at the firm level. Assist will continue, but it was just the beginning. Today, we are announcing Celeste. Our agentic AI platform purpose built for firm AI. Celeste is a true AI native platform that we are launching today. We have incorporated years of learning into every aspect of Celeste's design. Celeste is not another productivity tool. It's AI that sits at the heart of the firm's organization, orchestrating and automating the core workflows that define a firm's success with expert agents. Celeste is a stand-alone product. that also complements our existing applications, DealCloud, our compliance suite and time. Celeste provides full governance over the agents that it powers and Celeste MCP is the gateway to the firm's governed information. Thad Jampol will walk through Celeste and these differentiators for you. And as Celeste is an all-new product, we built it in-house with a fully AI native code base. It is model-agnostic. Celeste is not tied to any single AI model. We select the best model for each task and give clients a choice of providers. As the models improve, Celeste gets better automatically without rearchitecting. Being modeled agnostic was a major design requirement coming from our clients. We also designed it around a new user experience paradigm. Agents replace traditional workflows. Instead of navigating through screens and clicking through menus, users work alongside expert agents that understand their firm's processes. The expertise is in the agent, not the UI. And this less team is shipping on a start-up cadence, leveraging all the fast-moving AI coding tools. We're learning quickly from our clients and the product is getting better every day. Okay. To the agentic opportunity. Most AI attention in professional firms has focused on junior knowledge work, research, drafting financial modeling. Tools for this are making real progress. But the partners who lead these firms spend their time very differently. PE partners focus on fundraising LP relations and deal pursuits. Law firm partners spend at least 1/3 of their time on business development and the senior rainmakers much more. The senior professionals who drive firm economics are focused on relationships and origination, not document production. Surrounding them are business services teams that keep the firm running, marketing, business development. practice management, conflicts, compliance, finance, talent, IT. These teams are growing in importance as firms scale, yet their workflows and interactions with the partners remain largely manual. The AI that partners and their teams need to run the firm looks nothing like a drafting copilot. It looks like expert intelligence that helps them identify which relationships to pursue, understand the firm's full history with a prospect, clear new business faster and spot where a practice is leaking value. This work drives firm growth, returns and profitability, and it is largely unaddressed. Firm leaders need AI that works for them, not just their junior staff. And firm leaders are very interested in the opportunity that expert agents have to help with the growth returns and profitability of the firm itself. Let me drill into a simple illustration. You can take just one of the medium-sized business services departments, for example, the conflicts function. These functions expense budget grow extensively as the firm grows because the conflicts environment becomes much more complex. Firm leaders that we work with have estimated that 40% to 60% of the department labor cost could be automated with AI. This kind of ROI is a different scale than traditional software. The opportunity for Intapp to deploy expert agents in the workflows we already control represents a huge change to our value proposition and value case. Obviously, this class of return is what makes Celeste such an incredible update to our value case. Don Coleman will talk more about this later. If we take this and scale it up to our SAM. First, we have more than enough headroom in our traditional IT SAM to grow our company to $1 billion and beyond. As you have seen in our consistent results, we have been doing that. Now with our agentic strategy, we are going to focus initially on making a smooth introduction of expert agents directly into those same business workflows that we already control with our software. Very conservatively, focusing only on bringing our expert agents into the same workflows that we already manage. We are today immediately naming an additional $30 billion agentic opportunity with Celeste. We are just launching Celeste Now, so this is upside to our plan as we expand our expert agent uses over time. Entering the agentic market this way is a milestone in our company's history. Now to tell you more about this exciting strategy, please let me introduce our Chief Product Officer and Co-Founder, Thad Jampol. Thank you.

Thank you, John. All right. I'm going to pick up on a few of those themes and the strategy and what we're doing with Celeste, where we're going with our product strategy. So up until now, in our markets, a lot of AI and a lot of the AI adoption has been focused on this generative era, question-answering type of AI. But that is going to change. Firms are going to be moving from working with stand-alone models into agentic systems of work, and we think this is transformational for the operations and the competitiveness of the firms in which we serve. And here's why. If you think about the prior generations of workflow technologies, so business process management, BPM robotic process automation, RPA, some of the power automated integration class. They were powerful, but they were insufficient for the high complexity, high judgment workflows and business activities that are core to our markets and our firms. Think about sourcing and underwriting the best deals, collaborating across a global network to better serve your key clients assessing a multiparty cross-border conflict. You could not automate those at scale. That ceiling is now gone. Agents can reason they could adapt and they could execute end to end. We think that is going to have a very huge impact. But as John mentioned, our markets have very unique and heightened requirements, existential requirements that don't exist in other industries, MPI, ethical walls, independent market abuse regulations, your entire institutional history that none of those exist in any generic AI or generic agents. And that's the problem that we are solving with Celeste. As John said, this is absolutely the biggest thing that we've ever done. This is a stand-alone true AI native AI generation platform. This is what gives us the technology to harness agents. This is what is going to give us the ability to be able to deploy hundreds of agents across firm's business operations and to be able to capitalize on this incredible opportunity and to be able to fully execute on these workflows and business processes which we are already playing a role in. And here's why nobody else can do this. Most of the firms right now are directly interacting with the models themselves. Sometimes they are working with suppliers, the pejorative word wrapper sometimes is used around that, but very lightweight generative era question answering. We bring the expert agents. The industry crafted, industry-specific agents. We are adding new ones every week. We are going to have agents for every single function capability and business activity within the business operation and the firms in which we serve. And because we are already in there, we already know how they work. We are able to codify those best practices into what we call playbooks. And I'll explain those later, but it runs the same way every time and we will be building out-of-the-box libraries that we can do a lot of really exciting things, and I have a special point on that later. As you all know, LLMs and AI without context are kind of not that useful. Certainly for this industry. We know these firms. We bring that industry context. We can bring the firm context, your deals, your matters, engagements, your institutional history, the decisions that you've made, everything. And I'm going to talk about that as well. And lastly, and perhaps most importantly, everything that Celeste does adheres to the heightened compliance and confidentiality requirements, those existential requirements that are central to this organization. And lastly, and this is a big theme that we have for our show later today, we work better together with the models. They're bringing incredible general intelligence in the frontier models and together with our expert agents with our industry context with being able to embed in the workflows that the professionals use every day and with the professional compliance, it's an incredible combination. This is why we're excited. This is why Anthropic is excited. This is why Microsoft is excited, and I expect that the remainder of the major model companies will be partners at some point. All right. So this is Celeste and I'll just give you sort of a quick 2 or 3 here. I won't go too deep into it, but I want to make a few points. One is you'll notice 2 things if you look closely, One is, it looks like a modern kind of AI era user interface, and that's by design. It looks a little bit like Claude, looks a little bit by chatGPT. This is signifying our clients that this truly is a new stand-alone AI generation offering. But what is very different is this is not generic. You don't need to work with it a month to train it. It knows who you are from the first time that you log in, especially if you use an intact product. We have that decade, those years of transactional information. We know every deal that you have done. We know every matter that you've been on. We know every engagement that you have pitched. And that is manifested here right from the beginning. And so the expert agents will bring insights into these tiles, one of them is about your professional network. Celeste knows the intermediaries. It knows the bankers that bring me the best deals and it says, hey, these 6 are the best, 2 of them, you probably should reach out to a little bit more. That relationship is degrading. It knows your pipeline. You should pay attention to this deal because it is very similar to one of your best deals with the best returns. It has compliance information portfolio information. This is expert agents in action. And the little Blue Shield, it's kind of small up there. That says Intapp govern that means everything that goes through Celeste is benefiting from that professional compliance, that harness, that safety. This is responsible, trusted AI that these firms require. And then we're going to show a super cool use case. I think everyone here will certainly understand this one. This is a team of analysts at a large private equity fund, and they are drowning from the inbound deal flow from the teasers and the SIMs that are hitting their relatively small team. And what we're showing is how Celeste deploys an agent alongside those analysts to help them process those sims and teasers. And so instead of waking up and having this gigantic to-do list, these analysts wake up and every single SIM and tether has been opened, it has been processed. The comps have been validated. The metrics validated, the firm's preferred comps have been brought in. The institutional history, every historical investment, the ones that have been passed the ones that the firm has done deals, the way that they have underwrote that, the way they have structured their IC metals. All of that is incorporated into the point view that is waiting for that analyst at 7:30 a.m. And they can look at it, they could evaluate it. And in fact, it will even generate a preliminary LBO and valuation assessment. They can go over it before they submit it to their partner. But this, again, I think you see this is transformative from just a little utility. This is transformative from a pain with a blinking cursor that says type something in there. This is an agent. And then we're going to show to my point on how we work complementary with the general models. We are going to show how this can be surfaced within CoPilot. Okay. So this is the architecture. One of the -- I'll talk about this for a moment. The point here though Celeste is this stand-alone AI native product, it is also a platform and it is how we are going to rearchitect our applications, what you see along the growth compliance, profitability row, how we will rearchitect for the agentic era. And I'll talk a little bit about that. Let me dig into Celeste first. Okay. So I made a little bit of point earlier that we know the workloads and the business processes that drive these firms. This is what we live and breathe. The value chains that drive the financial performance that drive the competitiveness that the managing partners and chair people think about every day. And this is just a small list. We have an enormous one here. We play roles today. This is where we're going to start deploying agents. And then I talked about playbooks. This is super cool. So as we begin to deploy these, we understand not just what they are, but how they should be run. We have relationships with malpractice insurers, with the regulators, with the thousands of customers that we have with the industry luminaries and we are able to channel all of those best practices into a playbook library that is included with Celeste that every customer can benefit from. And this list is constantly evolving and improving and changing, and this is something that no customer doing do-it-yourself is going to be able to reproduce and firms love this. They get incredible value from it. There's 2 points here. I'd love for you to take away. So skills, these are the building blocks within playbooks. These are the part that actually does work. And one of the important things about skills is that it can be run deterministically, which is pretty critical for this industry. You think about dealing with financials and currency and billion transactions and bet the company litigation. You don't want the hallucinations. You don't want the probabilistic LLM giving you a different answer back every time. Sometimes that's okay. If you're doing a first draft of a pleading, fine. Generating at the play, okay. But not when you're doing heavy lifting in these big transactions and that's what the skills allow you do. So it's a really cool architecture that benefits from the probabilistic general intelligence of the LLMs, but gives you the assurance of certainty in the moments where you need in your most critical parts of your process. And then the connectors are the means by which we access all of the data, the tools, all of your systems of record, your applications, your third-party data feeds and we have a whole set of those connectors that come out of the box. Okay. So I mentioned this earlier, but an LLM without context, especially for this industry is not super useful. And the way that we solve this is through what we call Celeste context engine. So it's looking across all of your data. We have all the business logic, how the firm thinks about its different, and we have ontologies. And all that means is we're able to look at the different business models across each of those applications, and we'll be able to tell you what an account is or what a deal is or what an opportunity is or what a client is. And then this is how we are able to assess that a qualified opportunity at this firm means something different than a qualified opportunity at that firm. So it really is how you pull all of this together to create the language that the agents can understand and act on. So we like to say we know your firm to our clients. And so we know their firm through that context engine. There's another really important way that we know their firm and that is through the applications that they use every day from Intapp. There are years, if not decades, of transactional information, configured workflows, approvals, permissions, compliance, that is impossible to reproduce, it would take years. And if you really want an agent to go execute these value chains that I walk through, you're going to need the data and the capabilities that live within these applications. And that's what Celeste orchestrates across. So we really think we're bringing the best of all worlds to these clients. They don't have to rip out their core. They get the benefit of the systems of record all of their applications, what they're comfortable using and now they get the agentic innovation and the automation on top of that from a company that they trust, and they have worked with for a long time. And you could see examples of the data, and this is just a small set of just the incredible wealth, and it's not just any data. These are the primitives, these are the objects. This is the foundation of how they do their deals, how they run their matters, how they run their engagements, how they compete, how they drive revenue, profit and returns. Here you see an example of Celeste embedded within DealCloud and conflicts. So I think I mentioned this earlier, but Celeste, not only is that stand-alone application, but it is embedded in every one of those applications, and that does 2 big things. One is this is part of our agentic refactoring or rearchitecture. And over time, Celeste will take on more and more part of the operation and the maintenance of these applications, relieving a lot of the humans that have to do that today, helping them. It also means we're not asking users to jump into Celeste stand-alone application on day 1. This is probably how they will experience Celeste initially within the applications that they're already using every day. And as they want more power, this is a bread crumb to lead them to the full richer experience. This is an example of Celeste working through Claude. So I show an example a copilot earlier. We really are agnostic. We're agnostic with the models we use, and we're agnostic with the actual model UI. And so here is using our time and prebilling and financial data that lives within our systems, and we're able to generate these really cool react charts through a cloud that show realization within a firm, how they're going to get paid. And then the impact in productivity that these AI tools are having with the organization, which is one of the big questions that firm leadership has. So this gives a really cool way to address somebody that is very front of mind for leadership. And then lastly, the walls for AI point. This is something that Celeste is built on top of -- again, I talked about a core design pillar. There's another point that I want to make here. Not only does this secure and govern Celeste, but this is what underpins every AI product that firms are putting into their organizations. This is why Harvey wants to partner with us. This is why Anthropic wants to partner with us. And CIOs love it because now they can bring in additional tools for all the different use cases, and there is one governance and professional compliance layer underneath everything that allows them to deploy this in a responsible trust way. As John said, there's nothing that stops an AI deployment in its tracks more than a compliance issue in the GC throwing up the red flag. It is absolutely a no-go and it is the biggest encumbrance of firms successfully deploying AI in these regulated industries. And we're really, really excited to have [indiscernible] AI underneath that. So those are the points on Celeste. We talked about the expert agents across all of those different business activities and value chains, being able to codify best practices and playbooks to be have an ever-growing library of these, being able to activate our extensive partner network to build on top of it, be able to continue working with our thousands of customers to be able to engage the community of luminaries, regulators, malpractice insurers, knowing your firm to bring the context to the LLM and doing that through the context engine as well as benefiting from the very deep, extensive deployment of our applications, and then to have professional compliance underpinning and embedded in everything that we do. Thank you.

All right. Good afternoon. You heard from John a little bit about how different the businesses are that we serve from the traditional corporation. And from that, about how much we actually know about what these firms do to run. I'm going to talk to you a little bit today about the markets that we serve, the dynamics that underlie those markets and how we transform that into our go market strategy. So if you take a look at the 6 core industries that we work in, very complex, very hard to understand. We spent 25 years studying this market. We started out in the early days, actually working inside of these firms and building the products with them. After that, as we scaled up and have more resource. We've hired a tremendous number of people from this market. Yes, Manolis & Associates, but the core hiring, we brought in MDs, People have done the fundraising and led the deal process. We bring C-suite executives from these professional services firms that have sat in that office and actually run those businesses. We brought in the heads of compliance in the control function that work inside of these businesses. So we brought this knowledge in-house, and we are experts in this market. It's very hard to understand. We feel like it's a moat. We don't think anybody else is studying these markets the way that we are and translating that into a go-to-market strategy. Today, we talked a lot about our enterprise focus. We've been reporting on it each quarter. One of the biggest drivers of our knowledge and our intimacy in these markets are the Tier 1 and the global enterprise clients that we've already landed in. They've opened their doors to us, and they are teaching us about the dynamics that are driving their firms forward. So we're excited about this space that we picked. And while it's complex and hard to understand, we actually think we picked very good markets to work in. These are high-growth markets. They are durable, secular bull market trends in each one of them. They go through cycles and there are moments of course. But we want to talk to you about the relative growth rates in each market because we think it's better than the general economy. We think it brings tailwinds for Intapp. And in addition to that, we want to talk about the underlying fundamentals that are driving those growth rates and that's what I really want to focus on here because it's those fundamentals that are driving the innovation procedure in these firms that are driving the digital transformation initiatives of the firms. We learn those, we understand those, and that's what we translate for our go-to-market field so that they can go and approach the management teams, the Boards, the directors, and the heads of each of the functions inside of these industries. So bear with me. We're going to go through each of them real quick. All right. In the legal market, this business on average, if you look at the AMLO 100 grows about 7% to 8% a year. If you look at the top firms in this market, some of our biggest clients, they grow at 15% to 20%. There are a number of things that are driving this. A couple of core items are higher billable rates, and realized improvements. They're also doing practice area optimization and industry mix. They like litigation, they like M&A, they like private equity work. This is the high-value things with greater margins. In addition to that, they're looking to grow and cross-sell the clients, and they're doing global expansion. Their businesses are getting very big. There's more and more regulation and around each of those markets, and they're getting harder to run. Each of these things are perfect dynamics for our platform. We're going to talk about how we position it around that. In the accounting market, we have a really once in a generation thing happening right now. The private equity firms realized how consistent and recurring the assurance, tax and advisory revenue was inside of these firms, and they started investing in this market. What started as small partnerships with very conservative IT spends and very small balances on the balance sheet. These businesses are now backed by private equity. They are consolidated and they are rolling up. So we're extremely excited about that. We were already in this market. But as this dynamic has played out, the demand for our products is growing substantially right now. So inside of the accounting firms, there's a couple of core things also happening, the tech adoption and the digital transformation trends of all of their clients out in the world here is driving the need for that service. They're shifting their mix more towards advisory services, and they're also building practices focused on regulatory and complexity. So we're watching all of that. The consulting business is very similar. If you look at the entirety of this market, it grows about the rate of the general economy, 3% to 6%. If you get out of the big 4 and you get out of the top 3 strategy consulting firms because confident on these big revenue numbers. Number 7 through 100 in the consulting market tends to grow a lot faster at the 10% to 15% rate. Private equity is rolling these businesses up as well. They are also focused on the high-value practices, digital transformation, tech transformation, strategic advisory and M&A. We're focused on building the private equity practice and also the work in organizational changes that's undergoing with this shift to AI. So we like these markets and the roll-up dynamic is really a once-in-a-lifetime thing that we're excited about. In the investment banking market, this is forecast to grow somewhere between 7% and 11% over the next decade. There's been a huge resurgence in M&A over the past year. The total value got to about $4.5 trillion. And as that grew and rose, that's a historic number, largest of all time. There was about a 9% rise in investment banking fees in the same period. The capital markets are open. There's a bunch of big tech IPOs expected. In addition to that, there's a lot of follow-ons and debt issuance going on. This is expected to continue with these big tech companies and the strategic corporate funding needs that you've seen announced from a lot of the big tech companies that are spending on this. In addition to the expansion of private equity, private credit, and the alternative capital models is a secular lift for investment banking that provides more deal flow. It provides bespoke financing and repeated mandates because they have that 5- to 10-year halt, right? And they've got to get in and out of the assets. So we like the dynamics in this market as well. In private equity, I think we've all read the stats and heard this, but they've experienced 2 decades of secular bull market trends, double-digit growth, 15% to 20%. AUM $13 million to $14 trillion today, that's expected to grow at a 12% CAGR for the next 5 years, up $17 trillion to $18 trillion. So that's a good growth rate. But even within the private capital markets, there are some submarkets, secondaries, the continuation vehicle market, some of these complex alternative vehicle strategies as well that are growing even faster than that. Secondaries market is a little opaque, but some of the stats are showing that it was about a $50 billion market in 2024. And in 2025, they're saying it could be as big as $100 billion market. So we really like some of these trends that we're orienting our business around those. In the real assets market, you guys saw we did the term sheet acquisition. We had a position in this market. We acquired a company last year. We think the growth rate is, give or take, 7% to 8% over the next decade. There's a structural shift and capital investment into some of these new real estate assets. Of course, the data centers, which we've all read about, the industrial and tech powered sectors. There's still some good urbanization and demographic trends for your core residential and commercial, real estate investment growth. And there was a dip in COVID on the commercial side, but if you actually look at the capital deployment into real estate and real assets. It's supported by increased institutional allocation right now. And there are some growing structures like these private REITs that are getting popular. There's also a tremendous amount of cross-border cattle flow into the real asset sector. So this isn't meant to be a dissertation or an economic presentation on the growth of our markets. What we're trying to show you here is that we understand the underlying points in each of the markets that are causing them to grow and that are causing the management teams who run businesses in these markets to think about how they're going to run their firms. So what we just shared with you actually forms the tip of the spear for our business. This is where our marketing team and our product marketing team takes that information, we're distilling that down into our go-to-market strategy. right? We're not talking just about revenue acceleration cost reductions. We're actually talking about the core things in these markets we're appealing to the management teams. We're appealing to the Boards of Directors. We are doing a value-oriented approach to our platform in and around the dynamics of each of those markets. They are hard to understand. We do not think any horizontal player is approaching them in the same way that we are approaching them. So we call these sales place. And of course, every technology company has sales place in terms of how they push and position their products. But what we think is interesting here is actually what's inside of our sales plan. That's what's different. So we have a lot of them that we run, and they change some years, this is the core growth driver in the market. Other years, we update them every year, right? It's about finding the greatest spot to get the throughput for our products and where we can get the best yields. But I'm going to share with you a couple of them that we've been running over the past 18 to 24 months and then let's look at some client outcomes. This is how we do it. This is how sausage is made. This is how we are equipping the field team that Don is going to tell you about to talk smartly on a consistent and repeatable basis. All right. Let's pick one from the private capital market sector. We're going to start with secondaries. This super hot, very fast growth. The investment banking desks that are servicing this part of the market are some of the fastest-growing desk on the street and obviously, the fundraising efforts in and among the GPs themselves have been massive in terms of creating some liquidity in this market. This is a publicly traded boutique investment bank, very large, a couple of thousand people. They were on a horizontal solution for a decade. We had been in there working and working. They were unhappy, but it was functioning. We show up with a sales play focused on the private capital advisory team that's doing the secondaries transaction. This is the land for our company in that small to bar on the left-hand side of the screen, small desk, a couple of hundred people very hard to understand what they're doing, GD-led transactions, LP-led transactions, the fundraising. We go in there and we nail it. When we started, this had $40 million in revenue. Today, 2 years later, it's almost $110 million in revenue, and this year, it's expected to go to $200 million. It was that outcome with the client of the land that want us the right to work with the entirety of the whole business. We landed with that desk. Product glows global to the whole firm. You can see the 6x growth after the initial land. This is what we're talking about. This is the level of fluency and intimacy that we have with the customer inside their business that are leading to the client outcomes, not to mention that the product can do it, too. All right. Let's pick another one. We talked about this influx of private equity dollars into the accounting market. These firms are getting big and they are getting big fast. They are doing acquisitions rapidly and they are getting harder and harder to run. This is a top 10 accounting firm. We landed here a while ago. Prior to the last Investor Day that you saw, we had DealCloud in a for their corporate finance and M&A team. It's actually a small group at the time. They take this PE investment, right, a great leader. And we start selling the employee compliance and [indiscernible] capabilities because they're transitioning the firm from that old partnership to a new corporate model, right, as I got acquired by this private equity firm. They go on an absolute acquisition tear, and they have to run the global independence process across tons of member firms that they've acquired. It was the experience with their first 2 products with us that won us the mandate to run the global independence process across the entire international business. tremendous growth here. We're very excited about this. We think we are the enabler to allow them to do that acquisition pace. We talked about the accounting market growth rates. This firm is growing at a 16% CAGR year-over-year for the last 3 years, we think underpinned by our software. Let's pick another one. This is another top 20 accounting firm. They were an existing conflicts and intake client and risk client of ours. They took PE investment is 2024. In 2025, they merged with a firm of equal size. You can see the cross-sell in the first bar, the conflicts and intake upsell. Two firms come together, the acquirer where we have intake conflict in that product goes across the entirety of the whole firm. The firm that was acquired has our employee compliance solution. They take that employee compliance solution backwards to the acquirer. That's the second upsell here that you see. So firms getting big, doing mergers, going global, you see the impact here. I want to talk just for a second about the ROI that the client achieved with our products because I think this is pretty incredible. So prior to putting our new business intake, clearance system in independent system in, they were doing their conflicts checks and their independent checks manually. They were doing 20 of them a year. They were doing them in a spreadsheet, and they were only doing them on the big clients where they thought they might have an issue. Today, at the run rate that our system is running on a monthly basis, John talked about how the firm gets bigger and the independents becomes a growing a growing problem. Today, they are doing run rates about 30,000 conflict checks a year from 200 manually, to using an AI-oriented system to do it globally across every single client, every single engagement and transaction that they're working on. It's not manual. That's AI-enabled. We have a very -- it's not -- I don't have a slide on it. We have a very similar firm that we do this with that already had the system in that was doing it globally. We put our AI system in and did the same thing. We got a 30% uplift in terms of efficiency and speed with that product as it went from the existing system add in and as we replace that existing system. So you can see we're getting the breadth and the scale, but we're also getting the speed and the efficiency. Okay. Many of you have seen quarter-to-quarter as we talk about moving some of those legacy on-prem clients from the early days in the legal industry to the cloud, we report this every quarter as while we're making great progress here. But why do that, right? So the sales play here and the reason that we are working with these law firms to do this is to get them to the cloud so that they can take advantage of all the AI and our products. Don't use the on-prem things because they're not as good. Cloud-based version with AI in our products. So this is one of the big sales plays that we do. This is one of the ways that we're driving that remaining on-premise revenue to the cloud. And of course, with the agentic release today, that proposition is even more compelling than it's been just with our first versions of Assist, some of the early machine learning AI. So let's look at a couple of examples here. This is large AmLaw 100 firm, New York-based. They were an early time client of ours on-premise. We got the upsell and the profitability capability that we call bill stream. So they're doing time and billing inside of their firm. They choose to make an upgrade to the time cloud module. This is AI time capture better experience, cloud-based experience, so you can see we're walking it up. We're making slow progress at this firm. As soon as you get to the cloud, as soon as you get to the AI experience, they want our cloud-based product. So it's not just about bringing the firm to the cloud. It's about once you get there and you're getting that AI-oriented experience. It's so much better than it was previously that we think it's accelerating to complete the suite of the rest of our software platform. So you can see huge growth here as we went from just being a time client to running the entire risk system globally. We are now a DealCloud process here and early conversations about agentic AI capabilities across the full cloud suite. All right. One more. So this is another long term. It's a great long-term client of ours. They started early with our entire risk suite. It was on-prem, very happy, excellent client. We've got the cross-sell of DealCloud, and collaboration. And then as they got the experience with those 2 products in the cloud, they looked at us and they said, we want to take all of our on-premise stuff here. But the reason for bringing their on-premise stuff to the cloud was so that they can deploy AI across the entirety of the connected data. So you can see the value proposition here. This is another one very similar. So long-term law firm client on the cloud with the compliance suite, we do terms and time in the cloud, we get the DealCloud cross-sell. They did a huge acquisition, merged 2 big firms. And reason for that -- for the DealCloud win was so that they could have true client intelligence across those 2 firms that they combined and get the cross-sell in those large clients. And they are in the middle of taking all of those early products that were on-premise to the cloud as well, so that they can send the agent to I through all of it. All right. Last one. John talked about the success we've had with Assist. The CRM paradigm of DealCloud, the original put my data in, update a Roladex, have my analyst key information in on the pipeline, that's really gone in the thing of the past. We have auto data ingestion. We have AI all over the UI-UX, and now we're going to deploy agents through that software to automate most of that procedure. So a huge sales play that we have is taking the thousands of clients that we have on that original uses paradigm and getting them into AI uses paradigm. It's much better and much easier. Let's talk about one exciting one here. So this is real estate private equity firm. They started on DealCloud with us. deal management, some of the portfolio management data in there as well. It was a system of record for every transaction that they were doing. We did do ingestion to automate the way that they were bringing in CIMs and teasers deal data, you can see a little bit of lift here. And they have been an early development partner with us on Celeste. So you can see we nearly 2x the relationship just in the early agentic AI days. The thing I really want to point out to you here is the difference in the bars between the deal cloud days in today, the agentic AI piece. This is 2 agents. It's a development partner in 2 agents. They are running hundreds of processes for their firm in their DealCloud instance, and we just deployed 2 agents right there to get that lift. So we think there's tremendous more room to run in these accounts. And when you see that TAM expansion from John, we think we have already a lot of early indications about how we can get there. All right. Don?

Ben shared the ways that we win, the sales place, how we go to market in the field. I want to offer a little bit about some of the transition that our go-to-market team has experienced over the gets different heritage, where we've either started at the top or the bottom, and we simply split that to the middle market versus the enterprise. You will have heard from Dave over the last several years, our rotation and focus to enterprise. We call this a go-to-market transformation. We've been embarked on this for the last 2 years. Overwhelmingly, the logos that are shared, that Ben talked about, those are the leading brands across this industry. Those are the top names. Those collectively fit within our enterprise motion. And so as we have done this, as we've done this rotation in some of these categories from what might be an SMB to the enterprise, there's been a tremendous learning. And also, we've earned that right has been shared rights to serve that enterprise piece. 3/4 of the SAM, this is the existing SAM and the traditional IT space lives within the enterprise. That's the $15 billion number. And collectively, that represents 2,800 accounts. When the executives in this team, I think on our team, I think we were thinking principally about those 2,800 accounts. That is because so much of the consolidation, so much of the market forces that are driving so much of the technology spend exists at the top portion of that. We will get in larger, we sell for more, and we have tremendous runway to sell from there. I want to share with you a little bit just how that feels across cohorts of clients. In every single case, there has been a dramatic inflection of what we're able to land with, what we're able to win with and how that accelerates. You can see here the impact of Intapp Assist at the very top. When you aggregate those individual stories that Ben shared, you can start to see how over the last 2 years that introduction and that inflection has lifted what we have been doing at the top layers of our client accounts as we are a more strategic partner as we have earned the right to sell into us, we have mastered those industries, and we're able to speak very deeply to those sub processes that Thad spoke about and their specific contours and workflows. This is new for us to share. But within those 200 accounts, today, our client logos are split roughly 2/3, 1/3 between professional and financial services. Of that client logo space, we have approximately 1/3 today as clients. When we talk about the path to $1 billion, it's a very simple story. We move that bar to the right, right? There's a tremendous amount of market headway. We are the trusted brand. We're having very successful sales pursuits having earned that enterprise right across these landing those new logos is a very simple path to do it. Additionally, Ben shared with you the experience we're having at just about every one of these enterprise clients, which is they grow with us. We find additional use cases we expand. We've earned the right to get in and to serve and then from there, you expand. So this very simple view, I think, is a very core piece of how we view our traditional revenue opportunity across these firms. We've been focused this year on increasing the overall density, particularly in enterprise that has just been a recurring theme that you've heard in our calls. We've found great success with it. I think we're just going to keep going more. We're going to continue to increase the density of coverage across the accounts landing those firms that we don't have and growing across more. We also have some additional and significant geographic expansion. As you serve in that enterprise you're expected to cover our client firms and the major capital centers where they operate. A big part of the company's success is not just the knowledge of their firm so that we can speak intelligently in the sales process. But ultimately, it's delivering an outcome that impacts their business in some way. We have invested in our capabilities locally, but I think one of the most important parts of Intapp strategy has been to cultivate the ecosystem that services these firms already. So we see ourselves as central or clients see ourselves as central to the ecosystems in which they operate. This is a simple view that shows the majority of the technology partner of the universe of partners in the various firms. It's split 3 ways. At the top are the data partners. These are the people with proprietary content who are infusing that content for professionals to make their business decisions, whether it is conflicts to make sure you're not dealing with a person on a list that shouldn't be, et cetera, whether it's investment advice from any of the PitchBook or Preqin or others, much of these data is consumed directly within the Intapp system. Secondarily, the technology partners to work in this. These are complex enterprise ecosystems. And we have spent years building glue connections and integrations across all so that our products work with all of those. And finally, the services provider. So many of these firms have existing relationships with folks who they know and trust, and those people have large and established now in Intapp practices. You will hear, if you stay for the afternoon session, all of these people and as well tomorrow at our partner forum, talk about how they are going to join with us in working on this agent transformation. So not only are these people in our today ecosystem, but these are allies that we are enlisting in the transformation that John listed in the beginning. I'd like to give you a couple of examples. We do this obviously because we win at a much higher rate in our deal sizes are bigger. I'd like to share with you 3 specific examples that I think tell the story. So while we're in this room in the room adjacent are 20 CIOs of the leading professional services firms in the world. These are the biggest of the big, and they are with us jointly in a preshow to amplify with an Executive Vice President at Microsoft talking about industry strategy and exactly the concepts that Thad and John laid out. We are charting that course together and Intapp strategy to co-sell, co-market codevelop with Microsoft is absolutely directly on display. You can kind of buy and see it as you go through. But the relationship there is tremendous. 50% of our largest transactions year-to-date, more than 50% of our largest transactions year-to-date have been jointly with Microsoft. We are at 1 of the 4 largest accounting -- 1 of the big 4 accounting firms on a process to prepare that firm's content for the agentic world for the AI world in a Microsoft SharePoint, Intapp collaboration project that's beginning right now. That is the type of co-development effort that we're exploring and rolling across the market with them. We talked about Harvey. It's the opposite end of the spectrum. So great big 50-year-old Microsoft, I think these guys are a few year old. But Harvey's AI era start-up has got tremendous progress in the market. There's a lot of news, a lot of excitement. Intapp is in the business of law to the extent in the legal market. We work on the operational side in the categories that John listed. This is someone who works on the practice of law so practicing law. This solution cannot be deployed at scale in our firms without the confidentiality management in ethical controls, governed AI that John and Thad spoke about. When you saw that secured by Intapp, governed by Intapp on the right-hand side, that's exactly the challenge that exists here. You will hear the CEO of Harvey on stage this afternoon with John, explaining this value proposition and explaining directly how this governed nature of AI is necessary for the successful deployment of these technologies. It will be just Harvey. This is something that anyone that seeks to have an all-knowing brain applied to the firm content and information must be able to adopt what are the rules? What do you get to know? What do you get to know? And how can I validate when someone comes and asks that we've never crossed those walls? So it's a very marquee announcement we're excited to make this week. And on the -- on another end of the spectrum, Anthrapic. You will hear this afternoon, Eleanor Dorfman, who is the Head of Industries for Anthropic about their strategies with Intapp to bring Claude and some of those products to market together. We're very excited about this, and it's just part of that model agnostic strategy that we've got, where our customers are, we will meet them, and we'll bring these capabilities to their market. Okay. We -- one of the big questions that exist generally about the SaaS world is what's going to happen with the seats. Well, how is that going to unfold? And I'd like to share with you, Intapp, of course, sell seats. And much of Ben's story was the seat-based story. We came in, we had a small desk, a small win. We had some success, and we expanded that. As that goes, oftentimes, we convert our firms to some type of enterprise license. And there's lots of definitions for what that can be. That could be assets under management. It could be a function of the number of professionals total in the firm. It could be something tied to their revenue, but we count something other than seats. One of the important things to appreciate about the company is that today, less than 50% of our ARR is seat-based. So less than 50% of the ARR comes from a mechanism that is seat-based. We're very happy with the seats. It's a great way to get in, right? But we're also very excited about the fact that we can grow and expand and really have an enterprise-level partnership with these firms. Celeste does adds another arrow to the quiver. It's not yet in our model, but we will release this in a conventional AI basis, which will have a platform fee and then a consumption model. What this means is we'll be able to get paid for the security each time we element security or as conflict checks are run or as any of those agents run their factories and provide. So that's an additional piece, and I'm excited that we've got multiple different ways to monetize the relationships we've got. Okay. Thanks. Dave?

Thank you all for joining us today. A good predictor of future performance is also acknowledging some of the past. And just as I stood before you, approximately 2 years ago, we've done some quite remarkable things. And when you think about just whole model evolution of where we broke out SaaS, that's upwards of 70% of our total revenues now. We deemphasized services. We've been trying to move more and more from on-prem to license. And so we've done a very good job on that. Cloud ARR, as you all know, with our quarterly earnings, the trailing 12 months, at $100 million. That's up from approximately $65 million trailing 12 months when I stood before you 2 years ago. And so we've made meaningful progress at scale, specifically with our cloud deployments. When you think about enterprise, enterprise motion altogether, we'll show some episodic new disclosures here. But I'm happy to report that our greater than $1 million cohorts have actually doubled in size. We're talking 3 digits now. And they're very, very meaningful, and we'll get into that cohort here in a little bit. Migrations were up about 5% folks that have a lease or our clients have at least one module in the cloud. And with the Celeste announcement, we only see that accelerating. And then obviously, we've done a great job with M&A, pulling in some of the term sheet assets, and we have other within a long-term pipeline as well. And then when you think about profitability and what we've done there, we're up 10 percentage points. So we've worked a lot of effort, not only on OpEx, but our free cash flow margins as well. And we'll talk about what the future state holds. So some of this presentation is we're down a line in sand. This is a line in the sand rule of 40 when you look at our true growth matters, i.e., SaaS and where our non-GAAP operating performance has been. And we'll talk about GAAP as well. So power the platform. The reason I bring this up is that did a very good job walking us all through the different asymptotes and what his team has been very, very busy developing. And I look at this as so many opportunities to monetize. When you think about not only the new consumption models that Don has been articulating, the new development of some of the key technologies that will be bringing forward and just get really excited about what that portends going into the future. Furthermore, when we step back and say, okay, when I stood in front of you approximately 2 years ago, how has our SAM TAM evolved? And we're now articulating this as a true IT SAM TAM. So when you think about where we were, Investor Day, it was approximately $15 billion. And through our pricing, packaging, couple of our acquisitions, we believe we're closer to $20 billion today of IT SAM TAM. That's just pure go forward as we know it today. That doesn't include some of that agentic opportunity that we've been articulating earlier. And then more so within that $15 billion to $20 billion breakout, nominal amounts on pricing packaging product expansion and then we've been taking opportunity really with our real assets with the term sheet acquisition. And then getting into the total $20 billion IT SAM TAM plus the agentic opportunity, we believe we have line of sight to $30 billion -- or excuse me, $50 billion go forward, just at this rate of pace today. And so it's a little nomenclature there, but we're still holding on to that IT SAM TAM, but then you're also getting into this agentic AI opportunity, which John walked us through with the back office and how much is there to monetize. So stepping back, this is our core revenue stream. We're going to start broadening our definitions on a prospective basis come FY '27 because we do have a lot of new models in flight. But just for common definition subscription here is known as SaaS. But we're much broader than that. As you heard Don say less than 50% of our ARR is actually seat-based. We're also entering the form of value as well as consumption. And so for us, the nomenclature going forward is going to be true subscription. And then on top, you can kind of see the movement that we've been deemphasizing, both from a license and professional services. And so all things being considered, yes, we've had a 20% CAGR. Great. If you just pull that thread on just pure subscription, it's closer to 32%. And we've had 2 to 3 good quarters here where you've seen some slight acceleration because of our performance. Also talking about just our total ARR. And when you look at where we've gone from both on-prem and cloud, now you're seeing the complete mix of where -- when I was on [indiscernible] Intapp Investor Day, the inaugural one, we've increased well over 10 points on this as well. And so that will continue with that forward-looking trend. And again, 32% CAGR over the time, which is very, very health and strength in these markets. When you look at just us continuing to grow total net new year-over-year, this continues to increase at scale as well. And so up 1.5x, both from Investor Day to today on a trailing 12 months, which is very, very healthy. And now you're seeing the densification strategy in and around our enterprise where both our lands and expands are getting there, and I'll get into that in a minute. Key growth drivers. So we've talked about your nominal ones. We have a lot more new logos to go get. We believe we can get to $1 billion of ARR there. Clearly, with expands, we think we can get to well beyond $1 billion of ARR just on that motion. Don teased a little bit about some new geographies where we're throwing some investments, opportunities there. We're talking about new solutions, new subsets. Obviously, we've been monetizing those. And then later this afternoon, over to the right, you'll hear about our full platform at Celeste, which should be incremental to our $1 billion aspirations. This is just to provide kind of a reorientation of where we're at on total ARR of PS versus FS. I know in the previous, we narrated around 1/3 versus 2/3. It's almost 50-50. We've seen strong growth across both through our provisioning of not only on compliance and intakes but also time as well as DealCloud across both sets of clients that fit within these end verticals. And our revenue mix continues to be strong, both U.S. versus non. And that will continue to grow accordingly as we continue to densify and call upon those key enterprise accounts. So we've talked in the past qualitatively about, okay, where do you get a lot of your net new ACV or net new ARR Yes, we have a very strong land motion, but we've been doing a lot of expand. And you kind of see it in the numbers as well with the NRR. But this just gives you a context of how once we land, we're very, very sticky and those enterprise accounts can be very, very large, and we consume a lot of that white space. In fact, when we land, our lands are almost 50% greater than where we were at the time of IPO. We've also heard a narrative on timing, duration in and around some of those lands and what clients are truly setting up for. And if you think about it, these enterprise clients, on average, our top 10 ARR or 3 years. And if you look at the performance of our RPO since growth, long-term RPO, it's up 10 points. And our average contract duration of IPO versus today is up 20%. And so all of those just lead to you that we are the truly entrusted platform for the clients that we serve. And they're very excited about today's announcements as well. This, we know we've provided a logo count to total logos, and our universe of acquisition, net new logo with more than 2,750 this past quarter, which is a great success. With that said, not every net new logo is created equal. Some could be mid-market, the ones we're -- and we'll continue to service those and facilitate that acquisition. But the ones we're really targeting are the enterprise level. And so these are the logos 500 and above, we'll report as a cohort go forward. And so you can see the strength of kind of this cohort. It's over 95% of the total ARR. And by the way, it's up 50% of the total year-over-year on clients. And when you think about it on a trend basis, it is growing extensively, up 10% year-over-year, with quarter-to-date or year-to-date over 100 adds, net new adds. So it's very, very healthy of those accounts that we're adding. So strong growth in our large clients. Again, the $100,000 number isn't anything new, but this $1 million cohort is net new disclosure for you all, 120%, up 38% year-over-year, which is why sizable, not only because of our net new -- or net lands are getting bigger, but even our expands. And it's that consumption of white space. of cross-sell and upsell activity. So when you think about just that denomination of that cohort, we have over 10 clients, a 3 million plus ARR. So in 2 or 3 years from now, hopefully, I'm talking over $5 million, $10 million and continue to consume. But our white space is large, and we've been very entrusted by our clients. Progress in our $1 million ARR client base. If you think about it, at the time of IPO, our total ARR, only 25% was part of that $1 million cohort. Today, it's about 40%. 5 of our 6 verticals, we have somebody over $1 million, and it represents over $225 million of ARR today, it's up 4x since IPO. There's no reason that this number should de-sell at all. And just continuing on, taking the flip side of that, the white space that we have on our $50,000 cohort is approximately 10%. And so we have a lot of white space with those accounts. This is actually my favorite slide out of the mall because it doesn't speak necessarily to one cohort versus another. Each year has been very, very steadfast and growing accordingly. And it just shows that, hey, our gross revenue retention is strong. Our churn is very minimal, and it's all been a bent about to expand, up 20% growth in FY '25 which you've all seen the 124% of NRR, which translates into that. And just pulling the thread on that 124%, it really does come from the land and expand motion. Specifically, cross-sell. And we've started narrating a little bit more about that. What does that mean? Well, that means we landed originally with DealCloud over in financial services. We're doing really well with our compliance motion cross-selling or vis-a-vis, if we're landing a compliance with over in the other areas, we're doing very well with the cross-sell into deal cloud. And so we've seen a lot, a lot of strength there. And that is a new motion for us over this past 18 months. Pricing has been nominal. Yes, we'll take it, but it's not the end all, in cloud migrations, there's still a lot more to come there. And so that's been about 1 point or 2. And so as we continue to move through that cycle, we'll see even more tailwinds. Introduced this kind of analysis on the cohort 2 years ago. It showed about how much white space we have just on our top 200 clients. And there's still a lot to go. And again, this is the IT SAM. And so when we start talking about the agentic SAM of the $30 billion, these numbers would become even larger. Could articulate even our strongest clients we have a lot more to sell. And that's what gets me really exciting, and I know it does for Don and Ben as well. And so firm AI, just as a sub note, that's what we're pulling in Celeste and the collaboration previously BU that we're narrating around. But this alone is just another $2.5 billion opportunity. And so when we talk about getting to that $1 billion of ARR, it's line of sight. And we'll talk about what that line of sight line in the sand means but it's coming a lot sooner. And then this is an articulation that we have been successful even with deal cloud into legal. It's approximately 10% of our total deal Cloud ARR. And so we've made meaningfully inroads on that adoption of that cross-sell motion. So it's been a very successful playbook. I think Ben actually showed an example of that. And so we're very very thoughtful about how we can continue to expand that as well. You've all seen this many times in and around kind of where we're at on our cloud migration. We do have even more opportunities that folks want to aggressively move faster and faster into this agentic era because you need to be in the cloud. You need to be cloud native. And so none of that has changed. I'm excited to speak to the partners tomorrow. I know they're excited about what we've released and what that means for the whole ecosystem and how we serve them successfully. To that point, this is kind of the progress we've made, where we're at. This is illustrative of how much more to go of what their picture is of that 100 million on-prem. So we're furthest along on time, conflicts, we're right behind and walls. So all of these are well underway, and we'll start finally seeing those conversions take place, which then will add further to that cloud ARR and even that NRR number that I just showed you previously. And then here, on a go-forward basis, we will have clean KPIs of our Celeste agentic vectors. This past quarter, approximately 10% of our net new client spend was from Assist. Quite healthy because that was just version 1.0, 2.0 and hasn't included anything of what you'll see this afternoon. So we're quite excited about what that portends on that growth as in total. So M&A, we've had a great track record. We've seen it been highly successful with the capital that we have deployed since IPO, the SAM and TAM that it has offered and the combination that has delivered, both from either a technology tuck-in or top line revenue growth or a subset into a specific vertical, where we didn't necessarily have the expertise at that time. We don't see that slowing down anytime. And then as far as our operating leverage, this is something that we've been working very hard on as a management team. And again, gross margin improvement since where I've stood before you, back at our inaugural Investor Day, up 6 points, one, subscription revenue mix to economies of scale. We still have some more opportunities there. And then obviously, our services margin mix. And then on our operating margin, up 12 points. Again, we've seen the subscription mix of revenue, sales and marketing productivity and then G&A, economies of scale. Our success in the past definitely enables us to think about how we do things in the future and it doesn't give us any lack of confidence of what we're able to achieve. And then obviously, what that yielded from our free cash flow. Again, gross margin leverage, working capital management and operational efficiency, which if you think about it, generated over $200 million versus when I stood before you, it was only $60 million, which then begs the question, the capital allocation framework, which we technically haven't had a formal conversation on. So yes, we have done some Board-authorized share buybacks. But just to set the stage, first and foremost, we're going to continue to invest in the team. We have a wonderful set of releases set out today, which is of no consequence. It will be our largest one today or to date. So we're going to continue to do that. Two, we're going to be deliberate and disciplined M&A. We believe we have been able to achieve that thus far. And then three, dilution management. which you've seen us exercise the $150 million that the Board authorized for 3 quarters ago, and then we just have another share authorization for $200 million, which obviously has brought us to approximately 0% dilution for this year, and we'll continue to work on that. So what all that means, headlines to our top line $1 billion growth and kind of where we see that trajectory. Cloud growth, we're going to continue to have that as our primary revenue driver. We've got strong NRR. We've got a path just on net new logos, and we have a path just on net expand. Our $50,000 plus ARR clients. We've shown success factors there. We're going to continue to grow that trajectory, that logo trajectory. Subscription mix progression on-prem to cloud. Hopefully, we get past 80% here soon. AI ecosystem. We're going to continue to participate in that, but we're going to participate in it in different ways, as Don had narrated on, consumption, platform fees, data on and on and on. So we're very, very excited about that. Client satisfaction. Don touched on that a little bit earlier. Obviously, we want to keep churn to a minimum, sustain leverage commitment. I think we've had a good track record, and we're going to continue doing that. And then capital allocation discipline which stood before you in 2024, so it's kind of the articulation of where we're at then, only $365 million of ARR. Today, over $500 million. And our target where we're putting a line in the sand is to have $1 billion of ARR by FY '29, which is approximately a 20% CAGR. And it also takes off those revenue mix equation off the table between services and licenses. It's ARR, and this is [indiscernible]. Non-GAAP gross margin, 80%. Non-GAAP operating margins tightened at 28% to 30% and our free cash flow margins of $25 million. That's FY '29, right around the corner, line of sight. And last but not least, GAAP operating income profit FY '28. We acknowledge our stock-based comp has gone up past 2 quarters. We've hired some excellent talent, stage appropriate people, executives, AI, genic technologists, and we are leading the way. And unfortunately, we have a near-term bubble within that. With that said, we are committing to positive gap operating profit in FY '28. It will be managed as with everything else. And with that, I'll turn it back over to John Hall.

Thank you, Dave. Okay. Very solid foundation, consistent execution. You all saw what we said in '24, you see what we've delivered here. On top of this baseline solid performance as a company to this unique market I want to summarize some of the unique advantages we have for this eugenic opportunity that's in front of us today. First, we're not starting from scratch. We have an extensive client base who already trust us to manage their most critical workflows, including, for example, 96% of the Am Law 100, hundreds of the world's leading private capital firms. I can go on. Many of these clients have been asking us to build this very product for them in our advisory boards over the past 2 years. Our distribution channel is tailor-made for the Celeste opportunity. And we have, as you saw, scaled enterprise go-to-market today that is already embedded in these firms and working with them every day on their key business process opportunities, we have a decade-long head start in establishing our position in this marketplace. Second, we already manage the critical data and the workflows for these firms today. We manage their systems of record for fundraising and fund deployment for client engagement and deals for conflicts and compliance for time and billing. We power dozens, sometimes hundreds of different workflows for these firms, which they have carefully designed with us. So we aren't asking firms to adopt a new platform or migrate their data. We're adding expert agents to help operate the systems they already use. If you go to Amplify, you will see this in motion. And they're working with people on this that they already trust and workflows that they already depend on. This is a platform and technical advantage that is unmatched in our industry. Third, we are unique in our professional compliance position in the market. We are recognized as the industry leader, firm general counsels and risk and compliance officers ask for Intapp by name. When we had the joint announcement with Harvey at their event in London on Monday, Ben Harrison was there representing us and talking to the CEO, and this went up, there was a pause from the audience. We have long-standing connections to the professional indemnity insurers. And the ecosystem of AI players looks to us to help manage professional compliance requirements in their own deployments, there is an example. Fourth, that ecosystem is not limited to those few companies that we're talking about. We have cultivated one of the largest ecosystems in this market serving these firms. We have a wide range of partners today who can amplify our value proposition and reach and help us bring this generation of agentic AI solutions to every client in our market. And they're motivated to do so because they want to get to the genetic AI game too. Fifth, we have a very successful track record of M&A. And we can continue to use this to fill out our platform as the market continues to evolve. Our most recent acquisition of term sheet was a fantastic move to bring some excellent AI technology and teams and talent to augment our offering. You will see some of the speakers there at Amplify today. And finally, I would just like to point out the uniqueness of our team. This isn't a business that you can just build overnight. We've spent 25 years earning the trust of these firms. And our team is a major reason why. Our people come from the industries that we serve. In addition to the Silicon Valley Group, we have former bankers, lawyers, compliance professionals. Our team works with clients on all of the advisory boards that set our road map and our ambassador programs. Those relationships have always directly shaped our road map and what we build and buy. We don't guess what these firms need. They tell us, this is also a founder-led business. From the beginning, we've combined the Silicon Valley technology expertise with deep industry knowledge in New York and London. And that combination of engineering excellence and industry fluency is rare and very hard to replicate. And as you know, from our bootstrapped history, our focus on client success runs deep. Our 124% cloud net revenue retention rate. It's just an example, but I think it really captures the value clients see in our platform and our ability to expand these long-term relationships over time because they trust us. The agentic AI opportunity is something we could not be more excited about as a team to bring to this market successfully. To sum up, firms are expanding, but they need that is compliant and built for how they work. Celeste is our AI native genic platform, purpose built for professional firms. We partner with Microsoft, Anthropic and Harvey, Celeste makes their tools better, and we're rearchitecting our applications as expert agents running on Celeste, these innovations reinforce the value of our portfolio, expand our TAM and enable us to apply consumption-based pricing. We have the distribution, the data, the workflows, the compliance, the ecosystem and the team to win. Intapp is positioned to win the agentic AI cycle in this highly regulated. Thank you. We're happy to take some questions.

So we will do about 15, 20 minutes of questions, but -- and we've all seen this. This is being webcast. So please wait for the mic to get to you, okay? But the people on the webcast don't hear your question. Agnes and Dylan will be bringing the mics around for everyone who needs it. Again, please hold your question until you get the mic. Kevin McVay over here. Dylan?

Dave, do you want to join me?

Kevin, if you want to hold off until our execs get up here, that would be great.

Folks want to come up. Okay. At your service. .

It's Kevin McVay from UBS. Really, really terrific presentation. John, I guess one thing to start with what's the funding source for the increased budget from the clients? Is it coming from internal efficiencies that AI is generating? And then you put tune with Harveys and Anthropics. Are you bundling that together just as kind of the industry continues to evolve, what's the source of the funding? And then ultimately, how are you -- is that part of the the consumption? Or how does that manifest itself in the model?

So there are 3 sources, I would say. There is absolutely a pre-existing traditional IT budget. And the CIOs have become very AI oriented. It's hard to talk to them without talking about AI anymore, as you would expect. And there's a fair bit in the AI budgets that we traditionally have called on and can still win, and we are winning. There's a new set of budgets, which are AI-specific. So a lot of the firms have created -- they might call it an AI budget, they might call it an innovation budget. Sometimes it's under the CIO. Sometimes they have a new leader, like a head of innovation, who is responsible for evaluating that or a Head of AI that's responsible for evaluating that. So we can pursue that category of spending as well. And firms definitely have increased created a budget for that above the traditional IT budget. So you're seeing already an increase in percentage of revenue going to AI plus IT. But I think with this agentic opportunity, there is a totally different source of funding, which is you look at the planned head count increases for these various functions and look at how much they were planning to spend on roles X, Y and Z. And you can make a business case to say, we will help you avoid certain types of hiring and replace that with an agent spend. And so you saw that example where some of the firms that we worked with have helped us estimate this. And they're saying 40% to 60% in that example, that particular process is labor spend that they think they can avoid with appropriately deployed compliant agents. And so I think that is actually a very big opportunity because suddenly, you're outside of a percentage of revenue AR IT spend into what is your business expense planning for the firm, your cost structure for the firm across all of the different practice areas, service lines, investing teams and all the different business services. Very grateful. We did not have Dustin Sedgwick, our new CMO, who joined us recently, but Dustin is in the room, and his team has done incredible work putting together a very appropriate next-generation brand experience that really feels like AI native messaging and storytelling next to the incredible work that the product team has done really bring out the benefits of it. You're going to see a lot of the outcome here. But Dustin anybody wants to talk to us. We're very appreciative of the work that he and his team have done.

All right. Alex?

Alex Sklar with Raymond James. First one, I don't know John or Thad who wants to take this, but with Celeste, can you just talk a little bit more about the Intapp moat, specifically around the data that's underlying those playbooks and you talked about coming preconfigured on a persona basis? Do you already have that underlying context data is that something clients still need to opt into? And then I've got a quick follow-up.

Sure. It comes out of the box with the connectors and will be automatically configured as part of the deployment to any Intapp application that they have. They have the option to extend that to other systems. We have a connector for Snowflake. We have connectors for some of the partners and so that would just be optionality as part of the deployment. The context layer does come with that. That is also a small configuration to make sure that we're using the right terminology that, that firm uses the right semantic understanding and some of the ontological mapping, just sort of the data mappings underneath the hood. So it comes with templates out of the box, but there is a lightweight deployment process associated with it.

Got it. And then just a quick follow-up. So you've had Intapp Assist kind of launched a couple of years ago, walls for AI as well. When you look at the kind of adoption curve over the last 2 years, how does that kind of inform your thought process on what the adoption curve of Celeste would look like?

I think one of the things that we observed with the assist capability, was, on the one hand, there were firms, as we were talking about earlier, who are looking for AI specifically, but a lot of the end users experienced assist as a much easier way to interact with the various products, for example, DealCloud. So there's a lot of end-user enthusiasm for this. I think the opportunity going forward with Celeste is talking about expert agents at the firm level for the processes as a whole, which might interact with many different people along the path. So there's a lot of benefit to the individual user because Celeste will be available as you saw, to the individual users. But there's also a really interesting story to move up to the more senior business owners of the overall processes for the firm and be able to make a business case around enterprise agents and also make an operational case, how will your firm's performance evolve as you bring this out, and Ben you were sharing some examples of what people are seeing with some of that. So we want to claim too much, but I'm actually very optimistic about what the uptake should be because the value case is so significant to these firms. And the interest level in enterprise agents purpose built for the market seems very strong from all the feedback that we've gotten.

Bala Kamajan on behalf of Alexei at JPMorgan. So you've highlighted a significant $50 billion-plus agentic AI opportunity. Could you break down a bit more by the subverticals that you serve or where would you foresee the greatest adoption given any trends you've noticed with past product rollouts and AI adoption?

Sure. So one of the things we wanted to emphasize with this agentic SAM, that we're sharing with you all is we wanted to be relatively conservative with it is the first time that we're naming this additional SAM. So we're focused on the business processes that we already own and operate. So the business acceptance workflow, the sourcing and origination workflows in deal Cloud in the financial services markets and private capital markets, the conflicts, clearance independence governance. So that is a sum of agents we think we can immediately deploy in just the systems that we already have so that we can go directly into the same buyers with a genetic story now. There actually is significant opportunity above this that we haven't declared there, where we can -- as we develop these playbooks and bring up more and more agents, we can propose to bring value across a much wider rate of the firm's activities. So that's how we put it together.

When you talk about rearchitecting the products to make them more AI native, what does that mean for the scaffolding of the existing applications? Do you need to change the guts of the way those apps work to make them work better with Celeste over time? Do your customers have to feel that at some point?

So the very explicit design principle is no, to not rip it out to not inflict that burden. And I think that's a huge advantage that we have with the scaffolding they have, the application, the select pain embeds in there, and it gives you all the benefits that Assist provides in addition to the ability to now execute agents. And as those agents develop, they will start to help users and administrators be able to take on more and more of sort of the repetitive activity, so they could spend more time doing the judgment and sort of the higher value work there. So we really are trying to bring the best of all worlds, new agentic era, AI, stand-alone, but being able to embed it directly within the applications that they use every day and not have them go through the disruption of having to go rip and replace it.

I would also add, I really like this strategy for a trust reason. This design, when you see the product the users and the firm leadership can see what it's doing in application environments and workflows that they are familiar with and they trust. And I think this is a big issue in people flipping from the traditional paradigm to this text-based paradigm is you're not quite sure what these systems are doing. And I think this is a beautiful transition experience that we have the opportunity to bring out where people know their systems, they know their workflows. They worked hard on laying all that out. They know exactly what the ins and outs are and then they deploy Celeste agents and they can see this less agent taking over and doing work that a person used to do. And I mean, eventually, they won't need the UI at some point. But in this transition period, I think this is a huge step. It's just a really savvy design strategy that will help people start to deploy agents that they trust because they can see how it works inside the environment. So I just love the transition part of this approach.

Matthew Kikkert with Stifel. Thanks for hosting us all today. Where do you see NRR maybe trending from current levels going forward? And how much might AI monetization play into that going from now to -- through those '29 targets?

So a couple of things. Our NRR is already extremely healthy, given visibility on just kind of our new logo land and then the expand opportunity we have. Suffice it to say, I do believe it will stay within those realms of the 120%. Is there a thesis that it could go north of that? Absolutely. That isn't something that we're specifically guiding to other than we believe we'll get to the $1 billion of ARR by '29, which doesn't include the full accelerant of the Celeste platform. That's incremental. .

Okay. And then secondly, is there a metric that you're tracking or that we should be tracking to judge the success of the AI [indiscernible]?

We'll be transparent on the Celeste uptake, recognizing it's very limited today. There's some pilots going on. They've had a couple of key success stories, but it's GA is right around corner.

Ryan [indiscernible] at Barclays. Just a question around the on-premise customer base, the $100 million or so of ARR. I think we've talked about like a 20% or so uplift on conversion when you go from on-premise to the cloud. Just curious, what could Celeste potentially to that as more of those customers are converting? And then how does that sort of factor into the $1 billion by 2029 -- or fiscal '29 ARR target?

So again, Celeste is that full platform is outside of the line of ARR, right? And so when you think about the on-prem going to cloud conversion, those are still on track. We're still seeing that 20% to 30% uptake. I believe the pressure for that adoption will just accelerate. So we've always talked about, hey, where is the carat in the stick, right? The carat is, hey, please move the stick being EOL. I think this is yet another carat that's going to help facilitate that transition, especially walls as a key one. And so we've already bifurcated clearly with our new time product, Walls is another one intake, and you'll hear more later. So it should only accelerate that plan. The new capabilities announced all wire cloud solutions, and there are going to be a lot of salivating clients when they see what is available if you make that transition.

[indiscernible] jumping back in here. Dave, maybe just elaborating a little bit more about what's underpinning the 20% growth outlook. You're at 22% ARR growth today. So staying at kind of 20% for the next 3 years is pretty impressive. What does that embed from kind of a go-to-market productivity standpoint? Is it a lot of it just incremental hiring? Or is there anything built in, in terms of productivity gains? And then is that an entirely organic outlook? Or does it include any potential tuck-in type M&A?

No, that's primarily organic, just like as we've talked in the past. For sure. We have opportunity on our productivity as we continue to densify some of those enterprise accounts that I've explained or articulated at least earlier today, the lands keep getting bigger, the expands keep getting bigger. The rate of pace of our product innovation has been nothing less than phenomenal even outside of just the Celeste announcement today. And so even in your prior release, I don't know how many additional attributes it had within DealCloud, but it's been quite expansive. And so and again, that's coming off of the past 2 to 3 quarters of strong success that we've been able to kind of articulate where this is moving.

One more? No? Okay. Thanks, everyone. Really appreciate it. We'll be around in the room if you have any further questions for the next few minutes. And then [email protected], e-mail me anytime if you have any needs until a quiet period we hit on March 15. Thanks again for coming. Thanks for braving the elements for you guys here in the room, and thanks to everyone on the webcast for listening.

Thank you all.

Thank you.