inta-8k_20220209.htm
false 0001565687 0001565687 2022-02-09 2022-02-09

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 9, 2022

 

Intapp, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-40550

46-1467620

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

3101 Park Blvd

Palo Alto, CA 94306

 

94306

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (650) 852-0400

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

INTA

 

The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

 


 

 

Item 2.02 Results of Operations and Financial Condition.

 

On February 9, 2022, Intapp, Inc. issued a press release announcing its financial results for its second quarter ended December 31, 2021. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

The information in this Current Report on Form 8-K and the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit

Number

 

Description

99.1

 

Press Release issued by Intapp, Inc. dated February 9, 2022

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

1


 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

Intapp, Inc.

 

 

 

 

Date: February 9, 2022

 

By:

/s/ Steven Todd

 

 

 

Name: Steven Todd

 

 

 

Title: General Counsel

 

2

inta-ex991_6.htm

Exhibit 99.1

 

Intapp Announces Second Quarter Fiscal Year 2022 Financial Results

 

 

Second quarter SaaS and support revenue of $47.0 million, up 36% year-over-year

 

Second quarter total revenue of $64.7 million, up 30% year-over-year

 

Cloud annual recurring revenue (ARR) of $135.3 million, up 52% year-over-year

PALO ALTO, Calif., Feb. 9, 2022 – Intapp, Inc. (NASDAQ: INTA), a leading provider of industry-specific, cloud-based software solutions that enable connected professional and financial services firms, announced its financial results for the second quarter of fiscal year 2022 ended December 31, 2021. Intapp also provided its outlook for the third quarter of fiscal year 2022, while raising its guidance for the full fiscal year of 2022.

“We are pleased to report another quarter of strong results, our third consecutive since our IPO in June of 2021,” said CEO John Hall. “We experienced continued strong momentum in new customer additions as well as upsell and cross-sell, driven by demand for our purpose-built Industry Cloud platform, which addresses the unique needs of the global professional and financial services industry that facilitates the world's economy.”

Second Quarter of Fiscal Year 2022 Financial Highlights

 

SaaS and support revenue was $47.0 million, representing a 36% year-over-year increase compared to the second quarter of fiscal year 2021.

 

Total revenue was $64.7 million, representing a 30% year-over-year increase compared to the second quarter of fiscal year 2021.

 

Cloud ARR was $135.3 million as of December 31, 2021 compared to $88.9 million as of December 31, 2020, which represents a 52% year-over-year increase. Cloud ARR represented 56% of total ARR as of December 31, 2021, compared to 47% as of December 31, 2020.

 

Total ARR was $240.0 million as of December 31, 2021 compared to $189.4 million as of December 31, 2020, which represents a 27% year-over-year increase.

 

GAAP operating loss was $24.3 million, compared to a GAAP operating loss of $4.9 million in the second quarter of fiscal year 2021, primarily reflecting an increase in non-cash stock compensation expense.

 

Non-GAAP operating loss was $0.2 million, compared to a non-GAAP operating profit of $2.0 million in the second quarter of fiscal year 2021.

 

GAAP net loss attributable to common stockholders was $24.2 million, compared to a GAAP net loss attributable to common stockholders of $14.2 million in the second quarter of fiscal year 2021, primarily reflecting an increase in non-cash stock compensation expense.

 

Non-GAAP net loss attributable to common stockholders was $0.1 million, compared to a non-GAAP net loss attributable to common stockholders of $3.4 million in the second quarter of fiscal year 2021.

1

 


 

GAAP net loss per share attributable to common stockholders was $0.40, compared to a GAAP net loss per share attributable to common stockholders of $0.51 in the second quarter of fiscal year 2021. Net loss per share attributable to common stockholders for the three months ended December 31, 2021 includes, on a weighted-average basis, 19.0 million shares of common stock issued upon the conversion of convertible preferred stock and 12.1 million shares of common stock issued upon the completion of our initial public offering.

 

Non-GAAP net loss per share attributable to common stockholders was ($0.00), compared to a non-GAAP net loss per share attributable to common stockholders of $0.12 in the second quarter of fiscal year 2021.

Balance Sheet and Cash Flow Highlights

 

Cash and cash equivalents were $56.0 million as of December 31, 2021, compared to $37.6 million as of June 30, 2021. The increase primarily reflects net cash provided by operating and financing activities.

 

For the six months ended December 31, 2021, cash provided by operating activities was $6.5 million, compared to cash used in operating activities of $3.9 million for the six months ended December 31, 2020.

 

As of December 31, 2021, we had no debt outstanding, reflecting the July 2021 repayment of prior debt using the proceeds from our initial public offering.

Business Highlights

 

We served more than 2,000 clients, 467 of which generated more than $100,000 of ARR.

 

Our trailing twelve months’ net revenue retention rate was above our expected range of 108% to 112% for the second quarter in a row.

 

We held our annual user conference, Connect21, which had over 1,700 registered attendees from the professional and financial services industry engaged in two days of strategic discussions around leveraging technology to drive returns and outcomes for investors and clients.

 

 

To further enhance the integration of the Repstor and Intapp platforms, we launched our first integrated offering, the Intapp Collaboration & Content suite in December 2021.

 

 

On February 3, 2022, our Board elected Beverly R. Allen, General Counsel and Chief Compliance and Privacy Officer at Inovalon, a leading provider of cloud-based platforms empowering data-driven healthcare, as a new director.

 

 

 

2

 


 

Third Quarter and Full Fiscal Year 2022 Outlook

 

 

Fiscal 2022 Outlook

 

Third Quarter

Fiscal Year

SaaS and support revenue (in millions)

$47.0 - $48.0

$185.0 - $189.0

Total revenue (in millions)

$65.0 - $66.0

$258.0 - $262.0

Non-GAAP operating loss (in millions)

$5.0 - $6.0

$11.0 - $15.0

Non-GAAP net loss per share

$0.09 - $0.11

$0.24 - $0.28

 

The information presented above includes non-GAAP financial measures such as “non-GAAP operating profit (loss),” “non-GAAP net loss,” and “non-GAAP net loss per share.”  Refer to “Non-GAAP Financial Measures and Other Metrics” for a discussion of these measures and the financial tables below for reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

 

Webcast

 

Intapp will host a conference call for analysts and investors on Wednesday, February 9, 2022, beginning at 2:00 p.m. PT (5:00 p.m. ET). The call will be webcast live via the “Investors” section of the Intapp company website at https://investors.intapp.com/. A replay of the call will be available through the Intapp website for 90 days.

 

About Intapp

 

Intapp makes the connected firm possible. We provide cloud software solutions that address the unique operating challenges and regulatory requirements of the global professional and financial services industry. Our solutions help more than 2,000 of the world’s premier private capital, investment banking, legal, accounting, and consulting firms connect their most important assets: people, processes, and data. As part of a connected firm, professionals gain easy access to the information they need to win more business, increase investment returns, streamline deal and engagement execution, and strengthen risk management and compliance.

3

 


Forward-Looking Statements

 

This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter and full year of fiscal year 2022, growth strategy, business plans and market position. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “expand,” “outlook” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including: our inability to continue our growth at or near historical rates; our future financial performance and ability to be profitable; the impact of the COVID-19 pandemic on U.S. and global economies, our business, our employees, results of operations, financial condition, demand for our products, sales and implementation cycles, and the health of our clients' and partners' businesses; our ability to prevent and respond to data breaches, unauthorized access to client data or other disruptions of our solutions; our ability to effectively manage U.S. and global market and economic conditions, particularly adverse to our targeted industries; a decline in our client renewals and expansions; the length and variability of our sales cycle; our ability to attract and retain customers; our ability to compete in highly competitive markets; our ability to develop, introduce and market new and enhanced versions of our solutions; our ability to develop or sell our solutions into new markets or further penetrate existing markets; the ability of our products to function within the heavily regulated professional and financial services industry; the development of the market for SaaS solutions for professional and financial services; our ability to manage additional complexity, burdens, and volatility in connection with our international sales and operations; our ability to incur indebtedness in the future; the sufficiency of our cash and cash equivalents to meet our liquidity needs; and our ability to maintain, protect, and enhance our intellectual property rights. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are and/or are included under the caption “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended June 30, 2021 filed with the Securities and Exchange Commission, our Quarterly Reports on Form 10-Q, and any subsequent public filings. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

4

 


Non-GAAP Financial Measures and Other Metrics

This press release contains the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating profit (loss), non-GAAP net loss and non-GAAP net loss per share. These non-GAAP measures exclude the impact of stock-based compensation, amortization of intangible assets, change in fair value of contingent consideration, acquisition-related transaction costs, and non-cash cumulative preferred dividends. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Other metrics include total ARR, Cloud ARR and net revenue retention rate. Total ARR represents the annualized recurring value of all active SaaS and on-premises subscription contracts at the end of a reporting period. Cloud ARR is the portion of the annualized recurring value of our active SaaS contracts at the end of a reporting period. Contracts with a term other than one year are annualized by taking the committed contract value for the current period divided by number of days in that period, then multiplying by 365.

Net revenue retention rate is calculated by starting with the ARR from the cohort of all clients as of the twelve months prior to the applicable fiscal period, or prior period ARR. We then calculate the ARR from these same clients as of the current fiscal period, or current period ARR. We then divide the current period ARR by the prior period ARR to calculate the net revenue retention rate.

We believe these non-GAAP financial measures and metrics provide useful information to investors as they are used by management to manage the business, make planning decisions, evaluate our performance, and allocate resources and provide useful information regarding certain financial and business trends relating to our financial condition and results of operations. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Guidance for non-GAAP financial measures excludes stock-based compensation expense and amortization of intangible assets. A reconciliation of non-GAAP guidance measures to the most directly comparable GAAP financial measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability of, the amounts of stock-based compensation expense and amortization of intangible assets that may be incurred in the future. Non-GAAP net loss per share is calculated by dividing non-GAAP net loss by the estimated weighted average shares outstanding for the period.

Investor Contact

David Trone

Senior Vice President, Investor Relations

Intapp, Inc.

David.trone@intapp.com

Media Contact

Ali Robinson

Global Media Relations Director

Intapp, Inc.

Ali.robinson@intapp.com

5

 


Intapp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SaaS and support

 

$

46,970

 

 

$

34,651

 

 

$

90,459

 

 

$

67,756

 

Subscription license

 

 

9,323

 

 

 

9,750

 

 

 

19,907

 

 

 

19,746

 

Total recurring revenues

 

 

56,293

 

 

 

44,401

 

 

 

110,366

 

 

 

87,502

 

Professional services

 

 

8,404

 

 

 

5,184

 

 

 

16,521

 

 

 

10,226

 

Total revenues

 

 

64,697

 

 

 

49,585

 

 

 

126,887

 

 

 

97,728

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SaaS and support

 

 

12,175

 

 

 

9,876

 

 

 

23,517

 

 

 

19,155

 

Total cost of recurring revenues

 

 

12,175

 

 

 

9,876

 

 

 

23,517

 

 

 

19,155

 

Professional services

 

 

11,378

 

 

 

7,551

 

 

 

22,412

 

 

 

15,255

 

Total cost of revenues

 

 

23,553

 

 

 

17,427

 

 

 

45,929

 

 

 

34,410

 

Gross profit

 

 

41,144

 

 

 

32,158

 

 

 

80,958

 

 

 

63,318

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

17,386

 

 

 

12,146

 

 

 

34,356

 

 

 

24,100

 

Sales and marketing

 

 

26,840

 

 

 

15,472

 

 

 

52,485

 

 

 

30,810

 

General and administrative

 

 

21,217

 

 

 

9,437

 

 

 

42,047

 

 

 

17,581

 

Total operating expenses

 

 

65,443

 

 

 

37,055

 

 

 

128,888

 

 

 

72,491

 

Operating loss

 

 

(24,299

)

 

 

(4,897

)

 

 

(47,930

)

 

 

(9,173

)

Loss on debt extinguishment

 

 

 

 

 

 

 

 

(2,407

)

 

 

 

Interest expense

 

 

(38

)

 

 

(6,395

)

 

 

(197

)

 

 

(12,674

)

Other income (expense), net

 

 

(419

)

 

 

1,107

 

 

 

460

 

 

 

1,375

 

Net loss before income taxes

 

 

(24,756

)

 

 

(10,185

)

 

 

(50,074

)

 

 

(20,472

)

Income tax benefit (expense)

 

 

531

 

 

 

(145

)

 

 

719

 

 

 

(265

)

Net loss

 

 

(24,225

)

 

 

(10,330

)

 

 

(49,355

)

 

 

(20,737

)

Less: cumulative dividends allocated to preferred stockholders

 

 

 

 

 

(3,889

)

 

 

 

 

 

(7,700

)

Net loss attributable to common stockholders

 

$

(24,225

)

 

$

(14,219

)

 

$

(49,355

)

 

$

(28,437

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.40

)

 

$

(0.51

)

 

$

(0.82

)

 

$

(1.05

)

Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted

 

 

60,889

 

 

 

28,063

 

 

 

60,487

 

 

 

27,024

 

 

6

 


 

Intapp, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except share and per share data)

 

 

 

December 31, 2021

 

 

June 30, 2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

56,024

 

 

$

37,636

 

Restricted cash

 

 

3,727

 

 

 

3,827

 

Accounts receivable, net of allowance for doubtful accounts of $1,049 and $764 as of December 31, 2021 and June 30, 2021, respectively

 

 

40,505

 

 

 

48,573

 

Unbilled receivables, net

 

 

6,901

 

 

 

6,840

 

Other receivables, net

 

 

1,168

 

 

 

858

 

Prepaid expenses

 

 

7,742

 

 

 

9,591

 

Deferred commissions, current

 

 

8,429

 

 

 

6,551

 

Total current assets

 

 

124,496

 

 

 

113,876

 

Property and equipment, net

 

 

11,248

 

 

 

10,674

 

Goodwill

 

 

262,043

 

 

 

262,270

 

Intangible assets, net

 

 

45,731

 

 

 

52,349

 

Deferred commissions, noncurrent

 

 

11,892

 

 

 

10,414

 

Other assets

 

 

1,561

 

 

 

10,244

 

Total assets

 

$

456,971

 

 

$

459,827

 

Liabilities, convertible preferred stock and stockholders’ equity (deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,305

 

 

$

2,198

 

Accrued compensation

 

 

25,917

 

 

 

29,218

 

Accrued expenses

 

 

6,544

 

 

 

9,953

 

Deferred revenue, net

 

 

117,544

 

 

 

107,893

 

Other current liabilities

 

 

31,674

 

 

 

22,621

 

Total current liabilities

 

 

182,984

 

 

 

171,883

 

Deferred tax liabilities

 

 

5,096

 

 

 

5,705

 

Long-term deferred revenue, net

 

 

2,279

 

 

 

1,908

 

Other liabilities

 

 

3,294

 

 

 

18,170

 

Debt, net

 

 

 

 

 

275,593

 

Total liabilities

 

 

193,653

 

 

 

473,259

 

Convertible preferred stock, $0.001 par value per share, zero and 19,870,040 shares authorized as of December 31, 2021 and June 30, 2021, respectively; zero and 19,034,437 shares issued and outstanding as of December 31, 2021 and June 30, 2021, respectively; liquidation preference of $0 and $203,340 as of December 31, 2021 and June 30, 2021, respectively

 

 

 

 

 

144,148

 

Stockholders’ equity (deficit)

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value per share, 50,000,000 and zero shares authorized as of December 31, 2021 and June 30, 2021, respectively; no shares issued or outstanding as of December 31, 2021 and June 30, 2021

 

 

 

 

 

 

Common stock, $0.001 par value per share, 700,000,000 and 65,000,000 shares authorized as of December 31, 2021 and June 30, 2021, respectively; 61,148,584 and 29,444,577 shares issued and outstanding as of December 31, 2021 and June 30, 2021, respectively

 

 

61

 

 

 

29

 

Additional paid-in capital

 

 

599,401

 

 

 

128,943

 

Accumulated other comprehensive loss

 

 

(731

)

 

 

(494

)

Accumulated deficit

 

 

(335,413

)

 

 

(286,058

)

Total stockholders’ equity (deficit)

 

 

263,318

 

 

 

(157,580

)

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

 

$

456,971

 

 

$

459,827

 

 

 

7

 


 

Intapp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(24,225

)

 

$

(10,330

)

 

$

(49,355

)

 

$

(20,737

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,104

 

 

 

3,301

 

 

 

8,156

 

 

 

6,563

 

Amortization of deferred financing costs

 

 

37

 

 

 

291

 

 

 

37

 

 

 

585

 

Provision for doubtful accounts

 

 

303

 

 

 

117

 

 

 

594

 

 

 

68

 

Stock-based compensation

 

 

20,440

 

 

 

4,235

 

 

 

39,468

 

 

 

8,825

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

2,407

 

 

 

 

Change in fair value of contingent consideration, including unrealized foreign exchange gain

 

 

466

 

 

 

 

 

 

(489

)

 

 

 

Deferred income taxes

 

 

(365

)

 

 

(180

)

 

 

(609

)

 

 

(322

)

Other

 

 

3

 

 

 

 

 

 

39

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(9,615

)

 

 

(8,064

)

 

 

7,153

 

 

 

(8,074

)

Unbilled receivables, current

 

 

114

 

 

 

1,936

 

 

 

(61

)

 

 

2,371

 

Prepaid expenses and other assets

 

 

427

 

 

 

1,169

 

 

 

1,532

 

 

 

1,127

 

Deferred commissions

 

 

(1,726

)

 

 

(1,130

)

 

 

(3,356

)

 

 

(1,277

)

Accounts payable and accrued liabilities

 

 

1,803

 

 

 

1,827

 

 

 

(3,678

)

 

 

(2,075

)

Deferred revenue, net

 

 

9,448

 

 

 

12,382

 

 

 

10,022

 

 

 

10,344

 

Other liabilities

 

 

662

 

 

 

1,355

 

 

 

(5,335

)

 

 

(1,316

)

Net cash provided by (used in) operating activities

 

 

1,876

 

 

 

6,909

 

 

 

6,525

 

 

 

(3,918

)

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(84

)

 

 

(1,960

)

 

 

(116

)

 

 

(2,358

)

Capitalized internal-use software costs

 

 

(1,107

)

 

 

(626

)

 

 

(1,938

)

 

 

(972

)

Net cash used in investing activities

 

 

(1,191

)

 

 

(2,586

)

 

 

(2,054

)

 

 

(3,330

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments on borrowings

 

 

 

 

 

 

 

 

(278,000

)

 

 

(5,000

)

Proceeds from initial public offering, net of underwriting discounts

 

 

 

 

 

 

 

 

292,758

 

 

 

 

Payments for deferred offering costs

 

 

(969

)

 

 

(122

)

 

 

(4,358

)

 

 

(122

)

Proceeds from common stock issuance

 

 

 

 

 

 

 

 

 

 

 

29,020

 

Proceeds from stock option exercises

 

 

1,622

 

 

 

1,583

 

 

 

3,883

 

 

 

7,288

 

Payment of deferred financing costs

 

 

(769

)

 

 

 

 

 

(769

)

 

 

 

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

(1,892

)

Net cash provided by (used in) financing activities

 

 

(116

)

 

 

1,461

 

 

 

13,514

 

 

 

29,294

 

Effect of foreign exchange rates on cash and cash equivalents

 

 

518

 

 

 

69

 

 

 

303

 

 

 

99

 

Net increase in cash, cash equivalents and restricted cash

 

 

1,087

 

 

 

5,853

 

 

 

18,288

 

 

 

22,145

 

Cash, cash equivalents and restricted cash - beginning of period

 

 

58,664

 

 

 

59,451

 

 

 

41,463

 

 

 

43,159

 

Cash, cash equivalents and restricted cash - end of period

 

$

59,751

 

 

$

65,304

 

 

$

59,751

 

 

$

65,304

 

Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

56,024

 

 

$

63,590

 

 

$

56,024

 

 

$

63,590

 

Restricted cash

 

 

3,727

 

 

 

1,714

 

 

 

3,727

 

 

 

1,714

 

Total cash, cash equivalents and restricted cash

 

$

59,751

 

 

$

65,304

 

 

$

59,751

 

 

$

65,304

 

8

 


 

Intapp, Inc.

Reconciliation of GAAP to non-GAAP Financial Measures

(Unaudited, in thousands, except per share data)

 

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below:

 

Non-GAAP gross profit

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Gross profit

 

$

41,144

 

 

$

32,158

 

 

$

80,958

 

 

$

63,318

 

Adjusted to exclude the following (as related to cost of revenues):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

1,190

 

 

 

317

 

 

 

1,938

 

 

 

563

 

Amortization of intangible assets

 

 

1,963

 

 

 

1,681

 

 

 

3,927

 

 

 

3,433

 

Non-GAAP gross profit

 

$

44,297

 

 

$

34,156

 

 

$

86,823

 

 

$

67,314

 

 

Non-GAAP operating expenses

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Research and development

 

$

17,386

 

 

$

12,146

 

 

$

34,356

 

 

$

24,100

 

Stock-based compensation

 

 

(4,285

)

 

 

(1,052

)

 

 

(8,635

)

 

 

(2,078

)

Non-GAAP research and development

 

$

13,101

 

 

$

11,094

 

 

$

25,721

 

 

$

22,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

$

26,840

 

 

$

15,472

 

 

$

52,485

 

 

$

30,810

 

Stock-based compensation

 

 

(6,888

)

 

 

(1,246

)

 

 

(13,357

)

 

 

(2,831

)

Amortization of intangible assets

 

 

(1,240

)

 

 

(992

)

 

 

(2,479

)

 

 

(1,984

)

Non-GAAP sales and marketing

 

$

18,712

 

 

$

13,234

 

 

$

36,649

 

 

$

25,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

$

21,217

 

 

$

9,437

 

 

$

42,047

 

 

$

17,581

 

Stock-based compensation

 

 

(8,077

)

 

 

(1,620

)

 

 

(15,538

)

 

 

(3,859

)

Amortization of intangible assets

 

 

(107

)

 

 

 

 

 

(213

)

 

 

 

Change in fair value of contingent consideration

 

 

(390

)

 

 

 

 

 

(727

)

 

 

 

Acquisition-related transaction costs

 

 

 

 

 

 

 

 

(81

)

 

 

 

Non-GAAP general and administrative

 

$

12,643

 

 

$

7,817

 

 

$

25,488

 

 

$

13,722

 

 

Non-GAAP operating profit (loss)

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating loss

 

$

(24,299

)

 

$

(4,897

)

 

$

(47,930

)

 

$

(9,173

)

Adjusted to exclude the following (including the portion related to total cost of revenues):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

20,440

 

 

 

4,235

 

 

 

39,468

 

 

 

9,331

 

Amortization of intangible assets

 

 

3,310

 

 

 

2,673

 

 

 

6,619

 

 

 

5,417

 

Change in fair value of contingent consideration

 

 

390

 

 

 

 

 

 

727

 

 

 

 

Acquisition-related transaction costs

 

 

 

 

 

 

 

 

81

 

 

 

 

Non-GAAP operating profit (loss)

 

$

(159

)

 

$

2,011

 

 

$

(1,035

)

 

$

5,575

 

9

 


 

 

Non-GAAP net loss

 

 

 

Three Months Ended December 31,

 

 

Six Months Ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss attributable to common stockholders

 

$

(24,225

)

 

$

(14,219

)

 

$

(49,355

)

 

$

(28,437

)

Adjusted to exclude the following (including the portion related to cost of revenues):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

20,440

 

 

 

4,235

 

 

 

39,468

 

 

 

9,331

 

Amortization of intangible assets

 

 

3,310

 

 

 

2,673

 

 

 

6,619

 

 

 

5,417

 

Change in fair value of contingent consideration

 

 

390

 

 

 

 

 

 

727

 

 

 

 

Acquisition-related transaction costs

 

 

 

 

 

 

 

 

81

 

 

 

 

Non-cash cumulative preferred dividends

 

 

 

 

 

3,889

 

 

 

 

 

 

7,700

 

Non-GAAP net loss attributable to common stockholders

 

$

(85

)

 

$

(3,422

)

 

$

(2,460

)

 

$

(5,989

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share attributable to common stockholders

 

$

(0.40

)

 

$

(0.51

)

 

$

(0.82

)

 

$

(1.05

)

Non-GAAP net loss per share attributable to common stockholders

 

$

(0.00

)

 

$

(0.12

)

 

$

(0.04

)

 

$

(0.22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted

 

 

60,889

 

 

 

28,063

 

 

 

60,487