DEF 14A: Intapp, Inc. Announces 2024 Annual Meeting of Stockholders

Intapp, Inc. will hold its 2024 Annual Meeting of Stockholders virtually on November 13, 2024, to vote on director elections, ratification of the auditor, executive compensation, and the frequency of say-on-pay votes.

Summary

• Intapp, Inc. is holding its 2024 Annual Meeting of Stockholders on November 13, 2024, at 10:00 a.m. Pacific Time, in a virtual format.
• Stockholders will vote on four proposals: electing three Class I directors, ratifying the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2025, conducting an advisory vote on executive compensation, and conducting an advisory vote on the frequency of future say-on-pay votes.
• The board of directors recommends voting for the election of the director nominees, for the ratification of Deloitte & Touche LLP, for the advisory vote on executive compensation, and every 1 year for the advisory vote on the frequency of future say-on-pay votes.
• The record date for determining stockholders eligible to vote at the Annual Meeting was September 18, 2024.
• The company's SaaS and support revenue was $316.0 million, a 25% year-over-year increase compared to fiscal year 2023.
• Total revenue was $430.5 million, a 23% year-over-year increase compared to fiscal year 2023.
• Total annual recurring revenue (ARR) was $404.2 million as of June 30, 2024, a 22% year-over-year increase compared to total ARR as of June 30, 2023.
• GAAP operating loss was $(32.2) million, compared to a GAAP operating loss of $(69.3) million in fiscal year 2023.
• Non-GAAP operating income was $38.7 million compared to a non-GAAP operating income of $10.5 million in fiscal year 2023.
• GAAP net loss per share was $(0.45), compared to a GAAP net loss per share of $(1.08) in fiscal year 2023.
• Non-GAAP diluted net income per share was $0.45, compared to a non-GAAP net income per share of $0.11 in fiscal year 2023.

Sentiment

Score: 7

Explanation: The document presents a generally positive outlook with strong revenue growth and improved profitability metrics, although GAAP results still show a loss. The forward-looking statements are tempered by the inclusion of risk factors.

Positives

• SaaS and support revenue increased 25% year-over-year to $316.0 million.
• Total revenue increased 23% year-over-year to $430.5 million.
• Total annual recurring revenue (ARR) increased 22% year-over-year to $404.2 million as of June 30, 2024.
• GAAP operating loss improved from $(69.3) million to $(32.2) million.
• Non-GAAP operating income increased from $10.5 million to $38.7 million.
• GAAP net loss per share improved from $(1.08) to $(0.45).
• Non-GAAP diluted net income per share increased from $0.11 to $0.45.
• The company upsold and cross-sold to existing clients, resulting in a trailing twelve months net revenue retention rate of 116%.

Negatives

• The company still reported a GAAP operating loss of $(32.2) million for the fiscal year 2024.
• The company still reported a GAAP net loss per share of $(0.45) for the fiscal year 2024.

Risks

• The document mentions forward-looking statements are subject to risks and uncertainties detailed in the Form 10-K, including Item 1A-Risk Factors.

Future Outlook

The document contains forward-looking statements relating to estimates, projections, goals, commitments, and expected results, which are subject to risks and uncertainties.

Industry Context

The company competes in the SaaS industry, and the peer group used for compensation benchmarking includes companies like Alkami Technology, Alteryx, and Guidewire Software.

Comparison to Industry Standards

• The peer group for compensation benchmarking includes companies like Alkami Technology, Alteryx, AppFolio, Asana, AvePoint, Blackbaud, BlackLine, Clearwater Analytics, Duck Creek Technologies, Guidewire Software, Jamf, Manhattan Associates, Model N, Momentive Global, nCino, Procore Technologies, Progress Software, Q2, Sumo Logic, Workiva and Yext.
• These companies operate in the SaaS industry and are comparable to Intapp with respect to revenue (range of generally between $200 million to $850 million) and market capitalization (range of generally between $500 million to $5 billion).

Management Changes

Related Party Transactions

• Ralph Baxter, as principal of Ralph Baxter, Inc., is party to a consulting agreement pursuant to which Ralph Baxter, Inc. is engaged to advise the Company on a variety of strategic, product and client service issues, including its client advisory board program.
• On July 2, 2021, we entered into a stockholders agreement with Anderson and Great Hill. The Stockholders Agreement provides that so long as each of Anderson and Great Hill beneficially owns at least 10.0% of outstanding common stock, each shall have the right to nominate one director to our board of directors.
• On July 2, 2021, we entered into a registration rights agreement with John Hall, our Chief Executive Officer, Anderson and Great Hill (collectively, the Existing Holders).

Stakeholder Impact

• Shareholders are provided with information to make informed decisions regarding the election of directors and other important matters.
• Executive compensation is designed to align with the long-term interests of shareholders.
• The company's performance impacts employees through compensation and benefits.

Next Steps

• Stockholders are encouraged to vote on the proposals outlined in the proxy statement.
• The company will hold its Annual Meeting on November 13, 2024.

Key Dates

Keywords

Annual Meeting, Proxy Statement, Executive Compensation, Board of Directors, Deloitte & Touche LLP, ARR, SaaS, Financial Performance, Director Election, Corporate Governance