Intapp, Inc.
For the period ended Mar 31, 2026. Filed May 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
INTA$43.73-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-03.
0001565687-26-000014
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001565687-26-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 129 previous paragraphs and 129 current paragraphs.
82 unchanged; 34 reworded; 11 added; 12 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Interest and Other (Expense) Income, Net
Current report
Income Tax Expense
Current report
Professional services revenues increased by $0.9 million, or 7%, in the three months ended March 31, 2026 compared to the same period in the prior year, due to a continuation demand for implementation, upgrade and migration services consistent with our revenue growth.
Current report
Cost of professional services revenues increased by $0.8 million, or 6%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This was primarily driven by increases in personnel-related costs of $0.5 million and contractor costs of $0.3 million.
Current report
Research and development expenses increased by $10.1 million, or 29%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This was primarily driven by increases in stock-based compensation expense of $3.5 million primarily due to an increase in stock awards granted, restructuring costs of $2.6 million mainly due to the Netherlands Restructuring Plan, personnel-related costs of $1.9 million due to annual salary increases and increased headcount, and deferred consideration accruals of $1.8 million related to prior acquisitions.
Current report
Research and development expenses increased by $24.5 million, or 25%, for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. This was primarily driven by increases in stock-based compensation expense of $8.7 million primarily due to an increase in stock awards granted, personnel-related costs of $6.5 million due to annual salary increases and increased headcount, restructuring costs of $2.9 million primarily due to the Netherlands Restructuring Plan, and deferred consideration accruals of $3.5 million related to prior acquisitions.
Current report
General and administrative expenses increased by $2.3 million, or 9%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This was driven by increases in stock-based compensation expense of $2.1 million primarily due to an increase in stock awards granted.
Current report
Interest and Other (Expense) Income, Net
Current report
Interest and other (expense) income, net decreased by $3.8 million, or 57%, for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. This was primarily driven by a $2.5 million change from foreign currency transactions and remeasurement and a $0.9 million decrease in interest income as a result of reduction in cash held in money market funds.
Current report
Income Tax Expense
Current report
As a result of restructuring plans, we expect to make future cash payments of approximately $0.9 million. For further information refer to Note 15. “Restructuring” to our unaudited condensed consolidated financial statements.
Removed paragraphs (12)
Previous report
Interest and Other Income (Expense), Net
Previous report
Income Tax (Expense) Benefit
Previous report
License revenues decreased by $1.9 million, or 3%, for the six months ended December 31, 2025 compared to the same period in the prior year, due to clients migrating to our SaaS solutions, partially offset by compliance uplift contracts.
Previous report
Cost of professional services revenues increased by $1.8 million, or 6%, for the six months ended December 31, 2025 compared to the six months ended December 31, 2024, primarily due to increases in contractor costs of $1.5 million.
Previous report
Research and development expenses increased by $6.0 million, or 18%, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024. This was driven by increases in personnel-related costs of $2.0 million due to annual salary increases and increased headcount, stock-based compensation expense of $1.8 million primarily due to an increase in stock awards granted, deferred consideration accruals of $1.1 million related to prior acquisitions and contractor costs of $0.4 million.
Previous report
Research and development expenses increased by $14.5 million, or 22%, for the six months ended December 31, 2025 compared to the six months ended December 31, 2024. This was driven by increases in stock-based compensation expense of $5.2 million primarily due to an increase in stock awards granted, personnel-related costs of $4.9 million due to annual salary increases and increased headcount, deferred consideration accruals of $2.8 million related to prior acquisitions and allocated overhead costs of $0.9 million as a result of increased headcount.
Previous report
General and administrative expenses increased by $6.2 million, or 13%, for the six months ended December 31, 2025 compared to the six months ended December 31, 2024. This was driven by increases in stock-based compensation expense of $3.1 million primarily due to an increase in stock awards granted, personnel-related costs of $2.7 million primarily due to annual salary increases and increased headcount and a change in fair value adjustments of contingent consideration related to a prior acquisition of $1.5 million, partially offset by a decrease of $0.6 million in acquisition related transaction costs due to costs in the six months ended December 31, 2024 related to a legal settlement incurred in connection with an acquisition and travel costs of $0.5 million.
Previous report
Interest and Other Income (Expense), Net
Previous report
Interest and other income (expense), net decreased by $0.2 million, or 8%, for the six months ended December 31, 2025 compared to the six months ended December 31, 2024. This was primarily driven by a $0.8 million loss due to a foreign currency impact from the dissolution of a subsidiary, partially offset by a $0.4 million increase in interest income from our money market funds.
Previous report
Income Tax (Expense) Benefit
Previous report
On January 29, 2026, our Board of Directors authorized a new common stock repurchase program of up to $200.0 million. The repurchase program does not obligate us to repurchase any of the common stock or to acquire a specified number of shares and may be modified, suspended or discontinued at any time at our discretion. Repurchases under this program will be funded from our existing cash and cash equivalents or future cash flow. For further information refer to Note 15. “Subsequent Events” in our condensed consolidated financial statements.
Previous report
As a result of the restructuring plan initiated in January 2026, we have accelerated payments of approximately $3.0 million related to the acquisition of TDI that will be paid in fiscal year 2026. These payments consist of deferred consideration and cash payments that were subject to certain performance measures and in some cases, certain service conditions.
Reworded paragraphs (34)
Previous wording
During the three months ended December 31, 2025, we generated total revenues of $140.2 million with a gross margin of 75%. Our operating cash flow was $22.9 million and we repurchased approximately 2.3 million of our common stock for $100.0 million. Total cash and cash equivalents as of December 31, 2025 were $191.2 million. Our remaining performance obligations, which represent all future revenue under contract yet to be recognized, were $777.1 million as of December 31, 2025.
Current wording
During the three months ended March 31, 2026, we generated total revenues of $146.0 million with a gross margin of 76%. Our operating cash flow was $63.9 million and we repurchased approximately 3.9 million of our common stock for $100.1 million, including broker fees. Total cash and cash equivalents as of March 31, 2026 were $146.8 million. Our remaining performance obligations, which represent all future revenue under contract yet to be recognized, were $791.4 million as of March 31, 2026.
Previous wording
We generate revenues primarily from software subscriptions, typically with one-year or multi-year contract terms. We sell our software through a direct sales model, which targets clients based on end market, geography, firm size, and business need. We recognize revenues from SaaS and support revenue ratably over the contract term. We recognize license revenues related to subscription fees upfront and license revenues related to support ratably over the term of the support contract. We generally price our subscriptions based on the number of users adopting our solution and the modules deployed.
Current wording
We generate revenues primarily from software subscriptions, typically with one-year or multi-year contract terms. We sell our software through a direct sales model, which targets clients based on end market, geography, firm size, and business need. We recognize revenues from SaaS revenue ratably over the contract term. We recognize license revenues related to subscription fees upfront and license revenues related to support ratably over the term of the support contract. We generally price our subscriptions based on the number of users adopting our solution and the modules deployed.
Previous wording
Market Adoption of our Cloud Platform. Our future growth depends on our ability to win new accounting, consulting, investment banking, legal, private capital and real assets clients and expand within our existing client base, primarily through the continued acceptance of our cloud business. Our cloud business has historically grown faster than our overall business and represents an increasing proportion of our annual recurring revenues. We must demonstrate to new and existing clients the benefits of selecting our cloud platform, and support those deployments once live with reliable and secure service. From a sales perspective, our ability to add new clients and expand within existing accounts depends upon a number of factors, including the quality and effectiveness of our sales personnel and marketing efforts, and our ability to convince key decision makers within accounting, consulting, investment banking, legal, private capital and real assets firms to embrace the Intapp Intelligent Cloud over point solutions, internally developed solutions, and horizontal solutions. If our clients do not continue to see the ability of our platform to generate return on investment relative to other software alternatives, net revenue retention could suffer and our operating results may be adversely affected.
Current wording
Market Adoption of our Cloud Platform. Our future growth depends on our ability to win new accounting, consulting, investment banking, law, private capital and real assets clients and expand within our existing client base, primarily through the continued acceptance of our cloud business. Our cloud business has historically grown faster than our overall business and represents an increasing proportion of our annual recurring revenues. We must demonstrate to new and existing clients the benefits of selecting our cloud platform, and support those deployments once live with reliable and secure service. From a sales perspective, our ability to add new clients and expand within existing accounts depends upon a number of factors, including the quality and effectiveness of our sales personnel and marketing efforts, and our ability to convince key decision makers within accounting, consulting, investment banking, legal, private capital and real assets firms to embrace the Intapp Intelligent Cloud over point solutions, internally developed solutions, and horizontal solutions. If our clients do not continue to see the ability of our platform to generate return on investment relative to other software alternatives, net revenue retention could suffer and our operating results may be adversely affected.
Previous wording
ARR was $535.0 million and $437.1 million as of December 31, 2025 and 2024, respectively, an increase of 22%.
Current wording
ARR was $559.9 million and $454.7 million as of March 31, 2026 and 2025, respectively, an increase of 23%.
Previous wording
Cloud ARR was $433.6 million and $331.1 million as of December 31, 2025 and 2024, respectively, an increase of 31%, and represented 81% and 76% of ARR as of December 31, 2025 and 2024, respectively.
Current wording
Cloud ARR was $459.3 million and $351.8 million as of March 31, 2026 and 2025, respectively, an increase of 31%, and represented 82% and 77% of ARR as of March 31, 2026 and 2025, respectively.
Previous wording
This metric accounts for changes in our cloud recurring revenue base from cross-sell (additional solution capabilities sold), upsell (additional seats sold), cloud migrations, price changes, and client attrition (including contraction of solution capabilities, contraction of seats and client churn). Our trailing twelve months Cloud NRR as of December 31, 2025 and 2024 was 124% and 119%, respectively.
Current wording
This metric accounts for changes in our cloud recurring revenue base from cross-sell (additional solution capabilities sold), upsell (additional seats sold), cloud migrations, price changes, and client attrition (including contraction of solution capabilities, contraction of seats and client churn). Our trailing twelve months Cloud NRR as of March 31, 2026 and 2025 was 123% and 119%, respectively.
Previous wording
Our client base includes some of the largest and most reputable accounting, consulting, investment banking, legal, private capital and real assets firms globally. These clients have the financial and operating resources needed to purchase, deploy, and successfully use the full capabilities of our software platform, and as such, we believe the number of our clients with contracts greater than $100,000 of ARR is an important metric for highlighting our progress on the path to full adoption of our platform by our accounting, consulting, investment banking, legal, private capital and real assets clients. As of December 31, 2025 and 2024, we had 834 and 728 clients, respectively, with contracts greater than $100,000 of ARR.
Current wording
Our client base includes some of the largest and most reputable accounting, consulting, investment banking, legal, private capital and real assets firms globally. These clients have the financial and operating resources needed to purchase, deploy, and successfully use the full capabilities of our software platform, and as such, we believe our ability to increase the number of enterprise clients on our platform is a key indicator of the growth of our business and our future business opportunities. We define an enterprise client at the end of any reporting period as an entity with at least one active subscription as of the measurement date with contracts greater than $50,000 of ARR. We believe the number of our enterprise clients with contracts greater than $50,000 of ARR and the number of our enterprise clients with contracts greater than $100,000 of ARR are important metrics for highlighting our progress on the path to full adoption of our platform by our accounting, consulting, investment banking, legal, private capital and real assets clients. As of March 31, 2026 and 2025, we had more than 1,375 and 1,250 enterprise clients, respectively, with contracts greater than $50,000 of ARR. As of March 31, 2026 and 2025, we had 858 and 748 enterprise clients, respectively, with contracts greater than $100,000 of ARR.
Previous wording
With our scalable, modular cloud-based platform, we believe we are well positioned to continue our growth. Our most significant opportunity lies with the largest firms, where we see substantial expansion potential as firms continue to consolidate. We pursue growth in the number of clients, but our biggest drivers are the assets under management and revenue growth of our clients as well as growth in the total number of professionals they employ.
Current wording
With our scalable, modular cloud-based platform, we believe we are well positioned to continue our growth. Our most significant opportunity lies with the largest firms, where we see substantial expansion potential as firms continue to consolidate. We pursue growth in the number of enterprise clients greater than $50,000 and $100,000 of ARR, but our biggest drivers are the assets under management and revenue growth of our clients as well as growth in the total number of professionals they employ.
Previous wording
Our interest and other income (expense), net consists primarily of interest income from our cash and cash equivalents, gains and losses from foreign currency transactions, remeasurement, a foreign currency impact from dissolution of subsidiary and non-cash interest expense related to the amortization of deferred financing costs.
Current wording
Our interest and other (expense) income, net consists primarily of interest income from our cash and cash equivalents, gains and losses from foreign currency transactions, remeasurement, a foreign currency impact from dissolution of subsidiary and non-cash interest expense related to the amortization of deferred financing costs.
Previous wording
Our income tax (expense) benefit consists of an estimate of federal, state, and foreign income taxes based on enacted federal, state, and foreign tax rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws. We maintain a full valuation allowance on our federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized.
Current wording
Our income tax expense consists of an estimate of federal, state, and foreign income taxes based on enacted federal, state, and foreign tax rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws. We maintain a full valuation allowance on our federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized.
Previous wording
Comparison of the Three and Six Months Ended December 31, 2025 and 2024
Current wording
Comparison of the Three and Nine Months Ended March 31, 2026 and 2025
Previous wording
SaaS revenues increased by $22.5 million, or 28%, and $43.1 million, or 27%, respectively, in the three and six months ended December 31, 2025 compared to the same periods in the prior year, due to sales to new clients and expansion of existing clients from both cross-selling and upselling sales motions. The continuation of clients migrating from using our on-premise license solutions to our cloud solutions also contributed to the growth.
Current wording
SaaS revenues increased by $23.0 million, or 27%, and $66.1 million, or 27%, respectively, in the three and nine months ended March 31, 2026 compared to the same periods in the prior year, due to sales to new clients and expansion of existing clients from both cross-selling and upselling sales motions. The continuation of clients migrating from using our on-premise license solutions to our cloud solutions also contributed to the growth.
Previous wording
License revenues decreased by $2.6 million, or 9%, for the three months ended December 31, 2025 compared to the same period in the prior year, due to clients migrating to our SaaS solutions.
Current wording
License revenues decreased by $6.9 million, or 22%, and $8.8 million, or 10%, respectively, in the three and nine months ended March 31, 2026 compared to the same periods in the prior year, due to clients migrating to our SaaS solutions.
Previous wording
Professional services revenues decreased by $0.9 million, or 7%, and $2.0 million, or 8%, respectively, in the three and six months ended December 31, 2025 compared to the same periods in the prior year, due to changes in mix of resource delivery to our third-party implementation partners.
Current wording
Professional services revenues decreased by $1.1 million, or 3%, in the nine months ended March 31, 2026 compared to the same period in the prior year, due to changes in mix of resource delivery to our third-party implementation partners.
Previous wording
Cost of SaaS revenues increased by $2.0 million, or 12%, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024. This was driven by increases in cloud hosting costs of $0.6 million, royalty expenses of $0.5 million, amortization of acquired intangible assets costs of $0.5 million and personnel-related costs of $0.2 million primarily due to annual salary increases.
Current wording
Cost of SaaS revenues increased by $2.1 million, or 12%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This was primarily driven by increases in cloud hosting costs of $0.8 million, royalty expenses of $0.6 million, and amortization of acquired intangible assets costs of $0.5 million.
Previous wording
Cost of SaaS revenues increased by $4.5 million, or 14%, for the six months ended December 31, 2025 compared to the six months ended December 31, 2024. This was driven by increases in cloud hosting costs of $1.3 million, royalty expenses of $0.9 million, amortization of acquired intangible assets costs of $0.8 million, personnel-related costs of $0.7 million primarily due to annual salary increases and contractor costs of $0.4 million.
Current wording
Cost of SaaS revenues increased by $6.6 million, or 14%, for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. This was primarily driven by increases in cloud hosting costs of $2.1 million, royalty expenses of $1.5 million, amortization of acquired intangible assets costs of $1.3 million, personnel-related costs of $0.6 million primarily due to annual salary increases, and contractor costs of $0.5 million.
Previous wording
Cost of license revenues decreased by $0.3 million, or 17%, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024, primarily due to a decrease in personnel-related costs of $0.2 million.
Current wording
Cost of license revenues decreased by $0.1 million, or 4%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 due to a decrease in personnel-related costs of $0.1 million.
Previous wording
Cost of license revenues decreased by $0.5 million, or 14%, for the six months ended December 31, 2025 compared to the six months ended December 31, 2024, primarily due to decreases in personnel-related costs of $0.3 million.
Current wording
Cost of license revenues decreased by $0.5 million, or 11%, for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025, primarily due to decreases in personnel-related costs of $0.3 million.
Previous wording
Cost of professional services revenues increased by $0.9 million, or 6%, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024, primarily due to increases in contractor costs of $0.8 million.
Current wording
Cost of professional services revenues increased by $2.7 million, or 6%, for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. This was primarily driven by increases in contractor costs of $1.8 million and personnel-related costs of $0.8 million.
Previous wording
Gross profit increased by $33.4 million, or 19%, for the six months ended December 31, 2025 compared to the six months ended December 31, 2024. Of this increase, $38.6 million was attributable to growth in SaaS revenues, partially offset by a $3.9 million decrease related to professional services as costs increased as a percentage of related revenues and a $1.4 million decrease related to license as revenues decreased as clients migrated to SaaS solutions.
Current wording
Gross profit increased by $14.1 million, or 15%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Of this increase, $20.9 million was attributable to growth in SaaS revenues, partially offset by a $6.8 million decrease related to license revenues as clients migrated to SaaS solutions.
Previous wording
Gross profit increased by $16.4 million, or 18%, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024. Of this increase, $20.5 million was attributable to growth in SaaS revenues, partially offset by a $1.8 million decrease related to professional services as costs increased as a percentage of related revenues and a $2.3 million decrease related to license as revenues decreased as clients migrated to SaaS solutions.
Current wording
Gross profit increased by $47.5 million, or 17%, for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. Of this increase, $59.5 million was attributable to growth in SaaS revenues, partially offset by a $8.2 million decrease related to license revenues as clients migrated to SaaS solutions, and a $3.8 million decrease related to professional services revenues as costs increased as a percentage of related revenues.
Previous wording
Sales and marketing expenses increased by $16.9 million, or 22%, for the six months ended December 31, 2025 compared to the six months ended December 31, 2024. This was driven by increases in personnel-related costs of $6.2 million primarily due to annual salary increases and increased headcount, stock-based compensation expense of $4.2 million primarily due to an increase in stock awards granted, commissions expense of $2.6 million due to increased sales, a deferred consideration accrual related to a prior acquisition of $1.7 million and sales and marketing events and related travel expenses of $1.4 million.
Current wording
Sales and marketing expenses increased by $10.3 million, or 24%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This was primarily driven by increases in personnel-related costs of $4.2 million due to annual salary increases and increased headcount, stock-based compensation expense of $2.8 million primarily due to an increase in stock awards granted, commissions expense of $1.2 million due to increased sales, marketing events and travel related expenses of $1.1 million, and a deferred consideration accrual related to a prior acquisition of $1.0 million.
Previous wording
Sales and marketing expenses increased by $5.9 million, or 14%, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024. This was driven by increases in personnel-related costs of $2.4 million primarily due to annual salary increases and increased headcount, stock-based compensation expense of $2.0 million primarily due to an increase in stock awards granted, commissions expense of $1.5 million due to increased sales and a deferred consideration accrual related to a prior acquisition of $0.6 million, partially offset by decreases in sales and marketing events and related travel expenses of $0.9 million.
Current wording
Sales and marketing expenses increased by $27.2 million, or 23%, for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. This was primarily driven by increases in personnel-related costs of $10.5 million primarily due to annual salary increases and increased headcount, stock-based compensation expense of $7.0 million primarily due to an increase in stock awards granted, commissions expense of $3.8 million due to increased sales, marketing events and travel related expenses of $2.5 million, and a deferred consideration accrual related to a prior acquisition of $2.7 million.
Previous wording
General and administrative expenses increased by $1.5 million, or 6%, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024. This was driven by increases in stock-based compensation expense of $1.4 million primarily due to an increase in stock awards granted and personnel-related costs of $0.6 million primarily due to annual salary increases and increased headcount, partially offset by a decrease of $0.5 million.in acquisition related transaction costs due to costs in the three months ended December 31, 2024 related to a legal settlement incurred in connection with an acquisition.
Current wording
General and administrative expenses increased by $8.5 million, or 11%, for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. This was driven by increases in stock-based compensation expense of $5.2 million due to an increase in stock awards granted, and personnel-related costs of $3.3 million primarily due to annual salary increases and increased headcount.
Previous wording
Interest and other income (expense), net, increased by $2.1 million, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024. This was primarily due to a $2.6 million change from foreign currency transactions and remeasurement, partially offset by a $0.5 million decrease in interest income as a result of reduction in cash held in money market funds.
Current wording
Interest and other (expense) income, net, decreased by $3.6 million or 105% , for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This was primarily driven by a $2.6 million change from foreign currency transactions and remeasurement and a $1.3 million decrease in interest income as a result of reduction in cash held in money market funds.
Previous wording
Our income tax (expense) benefit during the three and six months ended December 31, 2025 and 2024 was primarily attributable to income tax expense in foreign jurisdictions and a number of U.S. state jurisdictions.
Current wording
Our income tax expense during the three and nine months ended March 31, 2026 and 2025 was primarily attributable to income tax expense in foreign jurisdictions and a number of U.S. state jurisdictions.
Previous wording
As of December 31, 2025, we had cash and cash equivalents of $191.2 million. We finance our liquidity needs primarily through collections from clients, where we generally bill and collect from our clients annually in advance. Our billings are subject to seasonality with billings in the fourth quarter higher than in the other quarters.
Current wording
As of March 31, 2026, we had cash and cash equivalents of $146.8 million. We finance our liquidity needs primarily through collections from clients, where we generally bill and collect from our clients annually in advance. Our billings are subject to seasonality with billings in the fourth quarter higher than in the other quarters.
Previous wording
During the six months ended December 31, 2025, net cash provided by operating activities was $36.7 million, as our net loss of $20.3 million was reduced by $57.0 million of adjustments. These adjustments consisted of $73.4 million of non-cash charges (principally comprising of stock-based compensation, depreciation and amortization, amortization of operating lease right-of-use assets and asset impairments) and a net cash outflow of $16.4 million from net changes in operating assets and liabilities. The net cash outflow from changes in operating assets and liabilities was primarily driven by an increase in accounts receivable of $30.2 million due to the growth in our sales and the timing of billing and collections on our outstanding receivables, a $19.3 million decrease in accounts payable and accrued liabilities primarily due to payments made within the period, a $3.1 million decrease in operating lease liabilities due to lease payments, a $2.4 million increase in deferred commissions due to increased sales, offset by an increase in deferred revenue of $28.1 million due to the timing of invoicing our clients, a $4.5 million increase in other liabilities due to timing of payments, a decrease in unbilled receivables of $4.0 million due to the timing of invoicing to our clients, a $1.9 million decrease in prepaid expenses and other assets.
Current wording
During the nine months ended March 31, 2026, net cash provided by operating activities was $100.6 million, as our net loss of $35.8 million was reduced by $136.4 million of adjustments. These adjustments consisted of $111.1 million of non-cash charges (principally comprising of stock-based compensation, depreciation and amortization, amortization of operating lease right-of-use assets and asset impairments) and a net cash inflow of $25.2 million from net changes in operating assets and liabilities. The net cash inflow from changes in operating assets and liabilities was primarily driven by cash inflow from an increase in deferred revenue of $22.8 million due to the timing of invoicing our clients, a decrease in accounts receivable of $8.8 million due to timing of billing and collections on our outstanding receivables, a decrease in unbilled receivables of $7.4 million due to the timing of invoicing to our clients and $7.3 million increase in other liabilities due to timing of payments, partially offset by cash outflow primarily related to a $12.6 million decrease in accounts payable and accrued liabilities primarily due to timing of payments, $4.9 million decrease in operating lease liabilities due to lease payments and $3.8 million increase in deferred commissions due to increased sales.
Previous wording
During the six months ended December 31, 2024, net cash provided by operating activities was $49.7 million, as our net loss of $14.7 million was reduced by $64.4 million of adjustments. These adjustments consisted of $56.6 million of non-cash charges (principally comprising of stock-based compensation, depreciation and amortization and amortization of operating lease right-of-use assets) and net cash inflow of $7.8 million from net changes in operating assets and liabilities. The net cash inflow from changes in operating assets and liabilities was primarily driven by an increase in deferred revenue of $15.5 million due to revenue recognition, a decrease in accounts receivable of $6.5 million due to the timing of billing and collections on our outstanding receivables and a $2.1 million increase in other liabilities due to timing of payments, offset by a $7.9 million decrease in accounts payable and accrued liabilities primarily due to payments made within the period, an increase of $5.0 million in prepaid expenses and other assets primarily due to payments made within the period, a decrease in operating lease liabilities of $2.7 million due to lease payments, an increase in unbilled receivables of $0.5 million due to the timing of invoicing to our clients and an increase in deferred commissions of $0.2 million.
Current wording
During the nine months ended March 31, 2025, net cash provided by operating activities was $85.2 million, as our net loss of $17.7 million was reduced by $102.9 million of adjustments. These adjustments consisted of $85.3 million of non-cash charges (principally comprising of stock-based compensation, depreciation and amortization and amortization of operating lease right-of-use assets) and net cash inflow of $17.5 million from net changes in operating assets and liabilities. The net cash inflow from changes in operating assets and liabilities was primarily driven by a decrease in accounts receivable of $31.4 million due to the timing of billing and collections on our outstanding receivables, a $1.3 million increase in other liabilities due to timing of payments and a $0.7 million decrease in deferred commissions, offset by a $6.7 million increase in prepaid expenses and other assets primarily due to payments made within the period, an increase in unbilled receivables of $4.3 million due to the timing of invoicing to our clients, a $3.7 million decrease in operating lease liabilities due to lease payments and a $1.2 million decrease in accounts payable and accrued liabilities primarily due to payments made within the period.
Previous wording
During the six months ended December 31, 2025, net cash used in investing activities was $8.6 million, due to capitalized internal-use software costs of $4.4 million, a strategic investment purchase of $3.0 million and capital expenditures of $1.2 million on property and equipment largely of computer equipment.
Current wording
During the nine months ended March 31, 2026, net cash used in investing activities was $11.3 million, due to capitalized internal-use software costs of $6.5 million, a strategic investment purchase of $3.0 million and capital expenditures of $1.8 million on property and equipment.
Previous wording
During the six months ended December 31, 2024, net cash used in investing activities was $4.8 million, consisting of capitalized internal-use software costs of $3.5 million, $0.9 million working capital adjustment related to a prior acquisition and capital expenditures of $0.4 million on property and equipment, largely computer equipment.
Current wording
During the nine months ended March 31, 2025, net cash used in investing activities was $7.2 million, consisting of capitalized internal-use software costs of $5.5 million, $0.9 million working capital adjustment related to a prior acquisition and capital expenditures of $0.8 million on property and equipment largely of computer equipment.
Previous wording
During the six months ended December 31, 2025, net cash used in financing activities was $149.6 million, comprised of $150.1 million in payments for the repurchases of common stock, including broker fees, $8.6 million of payments related to employee payroll tax withholding on vested equity awards and$1.2 million in payments for contingent consideration and holdbacks related to prior acquisitions, partially offset by $8.1 million of proceeds from stock option exercises and $2.2 million of proceeds from the employee stock purchase plan.
Current wording
During the nine months ended March 31, 2026, net cash used in financing activities was $254.7 million, comprised of $250.1 million in payments for the repurchases of common stock, including broker fees, $14.4 million of payments related to employee payroll tax withholding on vested equity awards and $1.7 million in payments for contingent consideration and holdbacks related to prior acquisitions, partially offset by $9.4 million of proceeds from stock option exercises and $2.2 million of proceeds from the employee stock purchase plan.
Previous wording
During the six months ended December 31, 2024, net cash provided by financing activities was $32.1 million, primarily comprised of $32.6 million of proceeds from stock option exercises and $2.0 million of proceeds from the employee stock purchase plan, offset by $2.4 million in payments for contingent consideration and holdbacks related to a prior acquisition.
Current wording
During the nine months ended March 31, 2025, net cash provided by financing activities was $35.7 million, primarily comprised of $36.1 million of proceeds from stock option exercises and $2.0 million of proceeds from the employee stock purchase plan, offset by $2.4 million in payments for contingent consideration and holdbacks related to a prior acquisition.
Previous wording
On August 7, 2025, our Board of Directors authorized a common stock repurchase program of up to $150.0 million. During the six months ended December 31, 2025, we have repurchased $150.0 million, excluding broker fees, of our common stock and no funds remain available for repurchase under our existing repurchase authorization limit. The repurchased shares of common stock were retired. For further information refer to Note 14. “Stockholders’ Equity” to our unaudited condensed consolidated financial statements.
Current wording
On August 7, 2025, our Board of Directors authorized a common stock repurchase program of up to $150.0 million. During the nine months ended March 31, 2026, we have repurchased $150.0 million, excluding broker fees, of our common stock under this program and no funds remain available for repurchase under this repurchase authorization limit. The repurchased shares of common stock were retired.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
On January 29, 2026, our Board of Directors authorized a new common stock repurchase program of up to $200.0 million. During the nine months ended March 31, 2026, we have repurchased $100.0 million, excluding broker fees, of our common stock under this program and $100.0 million remains available for repurchase under this repurchase authorization limit. The repurchased shares of common stock were retired.
Current report — wording carried from elsewhere
For further information refer to Note 14. “Stockholders’ Equity” to our unaudited condensed consolidated financial statements.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
We believe our ability to increase the number of clients on our platform is a key indicator of the growth of our business and our future business opportunities. We define a client at the end of any reporting period as an entity with at least one active subscription as of the measurement date. As of December 31, 2025, we had over 2,750 clients. No single client represented more than 10% of total revenues for either of the three and six months ended December 31, 2025 and 2024.