UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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:
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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
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Exhibit Number |
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Description |
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99.1 |
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104 |
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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.
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Intapp, Inc. |
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Date: February 9, 2022 |
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By: |
/s/ Steven Todd |
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Name: Steven Todd |
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Title: General Counsel |
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Exhibit 99.1
Intapp Announces Second Quarter Fiscal Year 2022 Financial Results
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Second quarter SaaS and support revenue of $47.0 million, up 36% year-over-year |
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Second quarter total revenue of $64.7 million, up 30% year-over-year |
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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
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SaaS and support revenue was $47.0 million, representing a 36% year-over-year increase compared to the second quarter of fiscal year 2021. |
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Total revenue was $64.7 million, representing a 30% year-over-year increase compared to the second quarter of fiscal year 2021. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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
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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. |
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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
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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. |
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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. |
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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
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We served more than 2,000 clients, 467 of which generated more than $100,000 of ARR. |
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Our trailing twelve months’ net revenue retention rate was above our expected range of 108% to 112% for the second quarter in a row. |
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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. |
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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. |
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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. |
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Third Quarter and Full Fiscal Year 2022 Outlook
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Fiscal 2022 Outlook |
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Third Quarter |
Fiscal Year |
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SaaS and support revenue (in millions) |
$47.0 - $48.0 |
$185.0 - $189.0 |
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Total revenue (in millions) |
$65.0 - $66.0 |
$258.0 - $262.0 |
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Non-GAAP operating loss (in millions) |
$5.0 - $6.0 |
$11.0 - $15.0 |
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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)
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Three Months Ended December 31, |
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Six Months Ended December 31, |
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2021 |
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2020 |
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2021 |
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2020 |
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Revenues |
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SaaS and support |
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$ |
46,970 |
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$ |
34,651 |
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$ |
90,459 |
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$ |
67,756 |
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Subscription license |
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9,323 |
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9,750 |
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19,907 |
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19,746 |
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Total recurring revenues |
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56,293 |
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44,401 |
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110,366 |
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87,502 |
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Professional services |
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8,404 |
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5,184 |
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16,521 |
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10,226 |
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Total revenues |
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64,697 |
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49,585 |
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126,887 |
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97,728 |
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Cost of revenues |
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SaaS and support |
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12,175 |
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9,876 |
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23,517 |
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19,155 |
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Total cost of recurring revenues |
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12,175 |
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9,876 |
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23,517 |
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19,155 |
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Professional services |
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11,378 |
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7,551 |
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22,412 |
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15,255 |
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Total cost of revenues |
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23,553 |
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17,427 |
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45,929 |
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34,410 |
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Gross profit |
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41,144 |
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32,158 |
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80,958 |
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63,318 |
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Operating expenses: |
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Research and development |
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17,386 |
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12,146 |
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34,356 |
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24,100 |
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Sales and marketing |
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26,840 |
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15,472 |
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52,485 |
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30,810 |
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General and administrative |
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21,217 |
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9,437 |
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42,047 |
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17,581 |
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Total operating expenses |
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65,443 |
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37,055 |
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128,888 |
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72,491 |
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Operating loss |
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(24,299 |
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(4,897 |
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(47,930 |
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(9,173 |
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Loss on debt extinguishment |
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— |
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— |
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(2,407 |
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— |
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Interest expense |
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(38 |
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(6,395 |
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(197 |
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(12,674 |
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Other income (expense), net |
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(419 |
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1,107 |
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460 |
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1,375 |
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Net loss before income taxes |
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(24,756 |
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(10,185 |
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(50,074 |
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(20,472 |
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Income tax benefit (expense) |
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531 |
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(145 |
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719 |
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(265 |
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Net loss |
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(24,225 |
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(10,330 |
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(49,355 |
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(20,737 |
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Less: cumulative dividends allocated to preferred stockholders |
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— |
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(3,889 |
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— |
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(7,700 |
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Net loss attributable to common stockholders |
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$ |
(24,225 |
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$ |
(14,219 |
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$ |
(49,355 |
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$ |
(28,437 |
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Net loss per share attributable to common stockholders, basic and diluted |
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$ |
(0.40 |
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$ |
(0.51 |
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$ |
(0.82 |
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$ |
(1.05 |
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Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted |
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60,889 |
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28,063 |
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60,487 |
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27,024 |
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6
Intapp, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except share and per share data)
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December 31, 2021 |
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June 30, 2021 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
56,024 |
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$ |
37,636 |
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Restricted cash |
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3,727 |
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3,827 |
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Accounts receivable, net of allowance for doubtful accounts of $1,049 and $764 as of December 31, 2021 and June 30, 2021, respectively |
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40,505 |
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48,573 |
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Unbilled receivables, net |
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6,901 |
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6,840 |
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Other receivables, net |
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1,168 |
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858 |
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Prepaid expenses |
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7,742 |
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9,591 |
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Deferred commissions, current |
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8,429 |
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6,551 |
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Total current assets |
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124,496 |
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113,876 |
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Property and equipment, net |
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11,248 |
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10,674 |
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Goodwill |
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262,043 |
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262,270 |
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Intangible assets, net |
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45,731 |
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52,349 |
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Deferred commissions, noncurrent |
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11,892 |
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10,414 |
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Other assets |
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1,561 |
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10,244 |
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Total assets |
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$ |
456,971 |
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$ |
459,827 |
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Liabilities, convertible preferred stock and stockholders’ equity (deficit) |
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Current liabilities: |
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Accounts payable |
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$ |
1,305 |
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$ |
2,198 |
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Accrued compensation |
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25,917 |
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29,218 |
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Accrued expenses |
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6,544 |
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9,953 |
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Deferred revenue, net |
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117,544 |
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|
107,893 |
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Other current liabilities |
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31,674 |
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|
22,621 |
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Total current liabilities |
|
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182,984 |
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171,883 |
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Deferred tax liabilities |
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5,096 |
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|
5,705 |
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Long-term deferred revenue, net |
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|
2,279 |
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|
|
1,908 |
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Other liabilities |
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3,294 |
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|
18,170 |
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Debt, net |
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— |
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|
275,593 |
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Total liabilities |
|
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193,653 |
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|
473,259 |
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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 |
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— |
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144,148 |
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Stockholders’ equity (deficit) |
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|
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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 |
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— |
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|
— |
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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 |
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|
61 |
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29 |
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Additional paid-in capital |
|
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599,401 |
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|
128,943 |
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Accumulated other comprehensive loss |
|
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(731 |
) |
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|
(494 |
) |
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Accumulated deficit |
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(335,413 |
) |
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|
(286,058 |
) |
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Total stockholders’ equity (deficit) |
|
|
263,318 |
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|
|
(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 |
|
|
|
27,024 |
|
10