Intapp, Inc.

Previous wording

During fiscal year 2025, we generated total revenues of $504.1 million with a gross margin of 74%. Our operating cash flow was $123.5 million and we completed the acquisition of TermSheet, LLC. Total cash and cash equivalents as of June 30, 2025 was $313.1 million. Our remaining performance obligations, which represent all future revenue under contract yet to be recognized, were $719.7 million as of June 30, 2025.

Current wording

During fiscal year 2026, we generated total revenues of $577.8 million with a gross margin of 76%. Our operating cash flow was $146.8 million and we repurchased approximately 8.4 million shares of our common stock for $275.2 million, including broker fees. Total cash and cash equivalents as of June 30, 2026 were $162.8 million. Our remaining performance obligations, which represent all future revenue under contract yet to be recognized, were $833.0 million as of June 30, 2026. Additionally, during fiscal year 2026, we continued to invest in our research and development and sales and marketing efforts, reflecting our focus on delivering AI capabilities, including the introduction of Intapp Celeste, our agentic AI coworker.

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 the sale of subscriptions, typically with one-year or multi-year contract terms. We sell our subscriptions through a direct sales model, which targets clients based on end market, geography, firm size, and business need. We recognize revenues from cloud subscriptions 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

We expect the vast majority of our new ARR (as defined below) growth in the future to be from the sale of SaaS subscriptions.

Current wording

We expect the vast majority of our new ARR (as defined below) growth in the future to be from the sale of cloud subscriptions.

Previous wording

We generate service revenues primarily from professional services. Our clients utilize these services to configure and implement one or more modules of the Intapp Intelligent Cloud, integrate those modules with the existing platform and with other core systems in their IT environment, upgrade their existing deployment, and provide training for their employees. Other professional services include strategic consulting and advisory work, which are generally provided on a standalone basis.

Current wording

We generate service revenues primarily from professional services. Our clients utilize these services to configure and implement one or more of our industry products and solutions, integrate those industry products and solutions with the existing platform and with other core systems in their IT environment, upgrade their existing deployment, and provide training for their employees. Other professional services include strategic consulting and advisory work, which are generally provided on a standalone basis.

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

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 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 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 rate at which professional firms accept AI-performed work as a substitute for human labor, regulatory and professional liability frameworks that govern AI use in legal, accounting, and advisory contexts, the competitive landscape for AI platforms in professional services, the quality and effectiveness of our sales personnel and marketing efforts, and our ability to convince key decision makers within the professional firms to embrace our vertical solutions over internally developed 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

Continued Investment in Innovation and Growth. We have made substantial investments in research and development and sales and marketing to achieve a leadership position in our market and grow our revenues and client base. We intend to continue to invest in research and development to build new capabilities and maintain the core technology underpinning our differentiated platform. In addition, we expect to invest in sales and marketing to broaden our reach with new clients in the U.S. and abroad and deepen our penetration with existing clients. With our revenue growth objectives, we expect to continue to make such investments for the foreseeable future. We intend to continue to gradually increase our general and administrative spending to support our growing operational needs.

Current wording

We have made substantial investments in research and development and sales and marketing to achieve a leadership position in our market and grow our revenues and client base. We intend to continue to invest in research and development to build new capabilities and maintain the core technology underpinning our differentiated platform. In addition, we expect to invest in sales and marketing to broaden our reach with new clients in the U.S. and abroad, and to deepen our penetration with existing clients. With our revenue growth objectives, we expect to continue to make such investments for the foreseeable future. We intend to continue to gradually increase our general and administrative spending to support our growing operational needs.

Previous wording

ARR was $485.4 million and $404.2 million as of June 30, 2025 and 2024, respectively, an increase of 20%.

Current wording

ARR was $590.5 million and $485.4 million as of June 30, 2026 and 2025, respectively, an increase of 22%.

Previous wording

Cloud ARR was $383.1 million and $296.7 million as of June 30, 2025 and 2024, respectively, an increase of 29%, and represented 79% and 73% of ARR for fiscal years 2025 and 2024, respectively.

Current wording

Cloud ARR was $495.7 million and $383.1 million as of June 30, 2026 and 2025, respectively, an increase of 29%, and represented 84% and 79% of ARR for fiscal years 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 June 30, 2025 was 120%.

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 June 30, 2026 was 123%.

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 June 30, 2025 and 2024, we had 795 and 698 clients, respectively, with contracts greater than $100,000 of ARR, of which 109 and 73 clients, respectively, had contracts greater than $1.0 million 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 June 30, 2026 and 2025, we had more than 1,400 and 1,275 enterprise clients, respectively, with contracts greater than $50,000 of ARR, representing a 10% increase. As of June 30, 2026 and 2025, we had 897 and 795 enterprise clients, respectively, with contracts greater than $100,000 of ARR, representing a 13% increase. As of June 30, 2026 and 2025, we had 142 and 109 enterprise clients, respectively, with contracts greater than $1.0 million of ARR, representing a 30% increase. No single client represented more than 10% of total revenues for fiscal years 2026, 2025, and 2024, respectively.

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

License revenues include subscription fees from providing clients with the right to functional intellectual property where clients can benefit from the subscription licenses on their own and support services related to the licenses, which entitles clients to receive technical support and software updates, on a when and if available basis. We recognize license revenues related to subscription fees at a point in time when control of our term software application is transferred to the client, which generally occurs at the time of delivery or upon commencement of the renewal term. License fees are generally payable in advance on an annual basis over the term of the license arrangement, which is typically non-cancelable. We recognize license revenues related to support ratably over the term of the support contract which corresponds to the underlying license agreement. We expect to continue to generate a relatively consistent stream of license revenues from our existing license clients. However, over time as we focus on new sales of our SaaS solutions and encourage existing license clients to migrate to SaaS solutions, we expect revenues from license to decrease as a percentage of total revenues.

Current wording

License revenues include subscription fees from providing clients with the right to functional intellectual property where clients can benefit from the subscription licenses on their own and support services related to the licenses, which entitles clients to receive technical support and software updates, on a when and if available basis. We recognize license revenues related to subscription fees at a point in time when control of our term software application is transferred to the client, which generally occurs at the time of delivery or upon commencement of the renewal term. License fees are generally payable in advance on an annual basis over the term of the license arrangement, which is typically non-cancelable. We recognize license revenues related to support ratably over the term of the support contract which corresponds to the underlying license agreement. We expect to continue to generate a relatively consistent stream of license revenues from our existing license clients. From time to time, there may be cumulative catch ups in revenue as a result of compliance uplift contracts. However, over time as we focus on new sales of our SaaS solutions and encourage existing license clients to migrate to SaaS solutions, we expect revenues from license to decrease as a percentage of total revenues.

Previous wording

Our cost of SaaS revenues comprises the direct costs to deliver and support our SaaS solutions and premium support services related to SaaS, including personnel costs, allocated overhead costs, third-party hosting fees related to cloud infrastructure, amortization of capitalized internal-use software costs, amortization of acquired intangible assets, and depreciation of fixed assets.

Current wording

Our cost of SaaS revenues comprises the direct costs to deliver and support our SaaS solutions and premium support services related to SaaS, including personnel costs, allocated overhead costs, third-party hosting fees related to cloud infrastructure, amortization of capitalized internal-use software costs, amortization of acquired intangible assets, and depreciation of fixed assets. We expect the cost of SaaS revenues to increase in absolute dollars as we continue to increase usage of third-party hosting and AI product costs to support our growing client base.

Previous wording

Our sales and marketing expenses consist primarily of costs incurred for personnel costs for our sales and marketing employees as well as sales commissions and benefits, costs of marketing events and online advertising, allocated overhead costs, and travel and entertainment expenses. We capitalize client acquisition costs (principally commissions paid to sales personnel) and subsequently amortize these costs over the expected period of benefits. In the medium term, we expect to see an increase in sales and marketing expenses as we continue to expand our direct sales force to take advantage of opportunities for growth and increase in in-person meetings, conferences, and attendance at trade shows.

Current wording

Our sales and marketing expenses consist primarily of costs incurred for personnel costs for our sales and marketing employees as well as sales commissions and benefits, costs of marketing events and online advertising, allocated overhead costs, and travel and entertainment expenses. We capitalize client acquisition costs (principally commissions paid to sales personnel) and subsequently amortize these costs over the expected period of benefits. In the medium term, we expect to see an increase in sales and marketing expenses as we continue to expand our direct sales force to take advantage of opportunities for growth and increase in in-person meetings, conferences, and attendance at trade shows, as we accelerate delivery of AI-powered solutions, including Intapp Celeste. Over the longer term, we expect sales and marketing expenses to decrease as a percentage of revenue.

Previous wording

Our general and administrative expenses consist primarily of personnel costs as well as professional services and facilities costs related to our executive, finance, human resources, information technology and legal functions. As a public company, we expect to continue to incur significant accounting and legal costs related to compliance with rules and regulations enacted by the SEC, including the costs of maintaining compliance with the Sarbanes-Oxley Act, as well as insurance, investor relations and other costs associated with being a public company.

Current wording

Our general and administrative expenses consist primarily of personnel costs as well as professional services and facilities costs related to our executive, finance, human resources, information technology and legal functions. As a public company, we expect to continue to incur significant accounting and legal costs related to compliance with rules and regulations enacted by the SEC, including the costs of maintaining compliance with the Sarbanes-Oxley Act, as well as insurance, investor relations and other costs associated with being a public company. In the medium term, we expect general and administrative expenses may decrease as a percentage of revenues as we continue to invest in various process efficiency initiatives.

Previous wording

Interest and other income (expense), net consists primarily of interest income from our cash and cash equivalents, gains and losses from foreign currency transactions and remeasurement, and non-cash interest expense related to the amortization of deferred financing costs.

Current wording

Interest and other income, net consists primarily of interest income from our cash and cash equivalents, gains and losses from foreign currency transactions and remeasurement, 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

The following tables set forth our results of operations for the periods presented, expressed in total U.S. dollar terms and as a percentage of our total revenues (percentages may not add up due to rounding):

Current wording

The following tables set forth our results of operations for the periods presented, expressed in total U.S. dollar terms and as a percentage of our total revenues:

Previous wording

SaaS revenues increased by $72.7 million, or 28%, in fiscal year 2025 compared to fiscal year 2024, 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 license solutions to our cloud solutions also contributed to the growth.

Current wording

SaaS revenues increased by $90.9 million, or 27%, in fiscal year 2026 compared to fiscal year 2025, 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 license solutions to our cloud solutions also contributed to the growth.

Previous wording

Professional services revenues decreased by $1.7 million, or 3%, for fiscal year 2025 compared to fiscal year 2024 due to changes in mix of resource delivery to our third-party implementation partners.

Current wording

Professional services revenues remained relatively flat in fiscal year 2026 compared to fiscal year 2025, due to changes in mix of resource delivery to our third-party implementation partners.

Previous wording

Cost of SaaS revenues increased by $13.2 million, or 25%, for fiscal year 2025 compared to fiscal year 2024. This was primarily driven by increases in cloud infrastructure costs of $2.8 million, personnel-related costs of $2.4 million, other allocated overhead costs of $2.3 million, amortization of acquired intangible assets of $1.8 million, royalty expense of $1.5 million relating to third-party products and $1.4 million in stock-based compensation expense due to an increase in stock awards granted.

Current wording

Cost of SaaS revenues increased by $7.7 million, or 11%, for fiscal year 2026 compared to fiscal year 2025. This was primarily driven by increases in cloud hosting costs of $3.0 million, royalty expense of $2.2 million, amortization of acquired intangible assets costs of $0.7 million, and stock-based compensation expense of $0.6 million due to an increase in stock awards granted.

Previous wording

Gross profit increased by $66.1 million, or 22%, for fiscal year 2025 compared to fiscal year 2024. Of this increase, $59.5 million was attributable to growth in SaaS revenues and a lower increase in SaaS costs as a percentage of related revenues and $3.9 million was attributable to a decrease in professional services costs as a percentage of related revenues.

Current wording

Gross profit increased by $64.9 million, or 17% for fiscal year 2026 compared to fiscal year 2025. Of this increase, $83.2 million was attributable to growth in SaaS revenues and a lower increase in SaaS costs as a percentage of related revenues. The increase was partially offset by a $16.2 million increase in license revenues and related costs and $2.1 million increase in professional services costs with lower related revenues, as we continue to provide implementation, upgrade and migration services to our growing client base, consistent with our strategy to de-emphasize professional services revenues.

Previous wording

Research and development expenses increased by $24.1 million, or 21%, for fiscal year 2025 compared to fiscal year 2024. This was primarily driven by increases in personnel-related costs of $11.4 million due to annual salary increases and increased headcount, stock-based compensation expense of $9.5 million primarily due to an increase in stock awards granted, and allocated overhead costs of $2.7 million due to increased headcount.

Current wording

Research and development expenses increased by $29.6 million, or 21%, for fiscal year 2026 compared to fiscal year 2025. This was primarily driven by an increase in stock-based compensation expense of $12.0 million due to an increase in stock awards granted, personnel-related costs of $5.6 million due to annual salary and headcount increases, restructuring costs of $5.3 million, deferred consideration accruals of $3.3 million related to prior acquisitions, and allocated overhead costs of $1.5 million driven by increases in facilities and IT expenses.

Previous wording

General and administrative expense increased by $11.5 million, or 13%, for fiscal year 2025 compared to fiscal year 2024. This was primarily driven by increases in stock-based compensation expense of $8.9 million primarily due to an increase in stock awards granted, personnel-related costs of $7.0 million primarily due to annual salary increases and increased headcount, and changes in fair value of contingent consideration related to prior acquisitions of $2.3 million, partially offset by a decrease in costs allocated out to other functions of $6.7 million due to increased headcount in other departments.

Current wording

General and administrative expense increased by $12.5 million, or 13%, for fiscal year 2026 compared to fiscal year 2025. This was primarily driven by increases in stock-based compensation expense of $9.2 million due to an increase in stock awards granted, personnel-related costs of $3.4 million primarily due to annual salary and headcount increases, and impairment charges of $2.6 million, consisting of $1.4 million related to cloud computing implementation costs associated with a digital transformation initiative and $1.2 million related to certain intangible assets in connection with a strategic rebranding initiative, partially offset by a decrease in professional services and discretionary costs of $3.4 million.

Previous wording

Interest and other income, net, increased by $8.9 million, or 391%, for fiscal year 2025 compared to fiscal year 2024. This was primarily driven by an increase of $5.7 million in interest income as our cash held in money market funds increased and a gain of $3.6 million from foreign currency transactions and remeasurement.

Current wording

Interest and other income, net, decreased by $8.4 million, or 74%, for fiscal year 2026 compared to fiscal year 2025. This was primarily driven by a $5.2 million change from foreign currency transactions and remeasurement, a $2.4 million decrease in interest income as our cash held in money market funds decreased, and a $0.8 million loss due to foreign currency impact from dissolution of a subsidiary.

Previous wording

Income tax expense was $2.1 million for fiscal year 2025 and 2024, respectively. The change in our income tax expense was primarily due to an increase in current taxes in foreign jurisdictions offset by a decrease in current taxes in U.S state jurisdictions. The income tax expense for fiscal years 2025 and 2024 is primarily attributable to current taxes for U.S. state and foreign jurisdictions, respectively.

Current wording

Income tax expense was $4.1 million and $2.1 million for fiscal year 2026 and 2025, respectively. The change in our income tax expense was primarily due to an increase in current taxes in foreign and U.S. state jurisdictions. The income tax expense for fiscal years 2026 and 2025 is primarily attributable to current taxes for U.S. state and foreign jurisdictions, respectively.

Previous wording

As of June 30, 2025, we had cash and cash equivalents of $313.1 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 June 30, 2026, we had cash and cash equivalents of $162.8 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

Operating losses could continue in the future as we continue to invest in the growth of our business. We believe our existing cash and cash equivalents as of June 30, 2025, along with our JPMorgan Credit Facility described below, will be sufficient to meet our working capital, capital expenditure, and stock repurchase needs for the next twelve months and beyond.

Current wording

Operating losses could continue in the future as we continue to invest in the growth of our business. We believe our existing cash and cash equivalents as of June 30, 2026, along with our UBS Revolving Credit Facility described below, will be sufficient to meet our working capital, capital expenditure, and stock repurchase needs for the next twelve months and beyond.

Previous wording

On October 5, 2021, we entered into a Credit Agreement, as amended on June 6, 2022 and further amended on November 17, 2022, with a group of lenders led by JPMorgan. The Credit Agreement provides for a five-year, senior secured revolving credit facility of $100.0 million with a sub-facility for letters of credit in the aggregate amount of up to $10.0 million. As of June 30, 2025, no amounts have been borrowed under the JPMorgan Credit Facility. For further information refer to Note 11. “Debt” in our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

Current wording

On October 5, 2021, we entered into a Credit Agreement, as amended on June 6, 2022 and further amended on November 17, 2022, with a group of lenders led by JPMorgan (the “JPMorgan Credit Agreement”). The JPMorgan Credit Agreement provided for a five-year, senior secured revolving credit facility of $100.0 million with a subfacility for letters of credit in the aggregate amount of up to $10.0 million (the “JPMorgan Credit Facility”). As of June 30, 2026, no amounts had been borrowed under the JPMorgan Credit Facility. For further information refer to Note 11. “Debt” in our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

Previous wording

During fiscal year 2024, net cash provided by operating activities was $67.2 million, as our net loss of $32.0 million was reduced by $99.3 million of adjustments. These adjustments consisted of $82.0 million of non-cash charges (principally comprising of stock-based compensation, depreciation and amortization and amortization of operating lease right-of-use assets) and a net cash inflow of $17.3 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 revenues of $28.3 million due to our revenue growth, an increase in accounts payable and accrued liabilities of $9.4 million due to timing of payments, and an increase in other liabilities of $1.4 million due to the timing of payments. These changes were partially offset by a $5.8 million increase in prepaid expenses and other assets, an increase in accounts receivable of $5.1 million due to growth in our revenues and the timing of billing and collections on our outstanding receivables, a decrease of $4.3 million in operating lease liabilities due to lease payments, an increase in deferred commissions of $4.1 million due to increased sales and an increase of $2.6 million in unbilled receivables due to the timing of invoicing to our clients.

Current wording

During fiscal year 2026, net cash provided by operating activities was $146.8 million, as our net loss of $41.3 million was reduced by $188.2 million of adjustments. These adjustments consisted of $148.0 million of non-cash charges (principally comprising of stock-based compensation, depreciation and amortization and amortization of operating lease right-of-use assets) and a net cash inflow of $40.1 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 revenues of $58.7 million due to our revenue growth and the timing of invoicing, a decrease in unbilled receivables of $8.8 million due to the timing of invoicing to our clients and an increase in other liabilities of $7.6 million due to the timing of payments. These changes were partially offset by an increase in accounts receivable of $13.5 million due to the timing of billing and collections on our outstanding receivables, an increase in deferred commissions of $9.7 million due to increased sales, a decrease in operating lease liabilities of $7.4 million due to lease payments, a decrease in accounts payable and accrued liabilities of $4.3 million due to the timing of payments and an increase in prepaid expenses and other assets of $0.1 million.

Previous wording

During fiscal year 2024, net cash used in investing activities was $19.8 million, consisting of $11.0 million cash consideration paid, net of cash acquired for the acquisitions of delphai GmbH and Transform Data International B.V. and its subsidiaries (“TDI”), capitalized internal-use software costs of $6.4 million and capital expenditures of $2.4 million on property and equipment largely of computer equipment and website development costs.

Current wording

During fiscal year 2026, net cash used in investing activities was $13.5 million, consisting of $8.3 million capitalized internal-use software costs, $3.0 million purchase of strategic investments, and $2.1 million capital expenditures on property and equipment primarily comprised of computer equipment and leasehold improvements.

Previous wording

During fiscal year 2024, net cash provided by financing activities was $30.3 million, primarily comprised of $30.7 million of proceeds from stock option exercises and $3.4 million of proceeds from employee stock purchase plan, partially offset by $3.0 million of payments for the final contingent consideration and cash holdback related to prior acquisitions and $0.8 million of payments related to deferred offering costs in connection with our follow-on public offering.

Current wording

During fiscal year 2026, net cash used in financing activities was $282.7 million, primarily comprised of $275.2 million in payments for the repurchases of common stock, including broker fees, $20.3 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 $10.4 million of proceeds from stock option exercises and $4.0 million of proceeds from employee stock purchase plan.

Previous wording

In addition to the obligations described above, in connection with the acquisition of TermSheet, we are also obligated to make cash payments of up to $15.0 million over the next two fiscal years, subject to certain performance measures and in some cases, certain service conditions. For further information, refer to Note 4. “Business Combinations” in our consolidated financial statements included elsewhere in this Annual Report on Form 10-K. In connection with the acquisition of TDI, we are obligated to make cash payments of up to $1.2 million in fiscal year 2027, subject to certain performance measures and in some cases, certain service conditions. For further information, refer to Note 6. “Fair Value Measurements” in our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

Current wording

In connection with the acquisition of TermSheet, we are obligated to make cash payments of up to $15.0 million over the next two fiscal years, subject to certain performance measures and in some cases, certain service conditions. For further information, refer to Note 4. “Business Combinations” in our consolidated financial statements included elsewhere in this Annual Report on Form 10-K. For further information, refer to Note 6. “Fair Value Measurements” in our consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

Previous wording

On October 5, 2021, we entered into a Credit Agreement, as amended on June 6, 2022 and further amended on November 17, 2022, with a group of lenders led by JPMorgan. The Credit Agreement provides for a five-year, senior secured revolving credit facility of $100.0 million with a sub-facility for letters of credit in the aggregate amount of up to $10.0 million. We were in compliance with all of the covenants as of June 30, 2025.

Current wording

On October 5, 2021, we entered into the JPMorgan Credit Agreement, as amended on June 6, 2022 and further amended on November 17, 2022, with a group of lenders led by JPMorgan. The JPMorgan Credit Agreement provided for a five-year, senior secured revolving credit facility of $100.0 million with a subfacility for letters of credit in the aggregate amount of up to $10.0 million. We were in compliance with all of the covenants as of June 30, 2026. As of June 30, 2026, there were no outstanding borrowings under the JPMorgan Credit Facility.

Previous wording

The fair value of restricted stock units (“RSUs”) and performance-based stock units (“PSUs”) is based on the closing price of our common stock on the date of the grant. We recognize stock-based compensation expense for RSUs over the requisite service period, which is generally four years. We recognize stock-based compensation expense for PSUs in the period in which it becomes probable that the performance target will be achieved, using the graded vesting method. At each reporting period, we reassesses the probability of achievement of the performance conditions and any change in expense resulting from an adjustment to estimates is treated as a cumulative catch-up in the period of the adjustment.

Current wording

The fair value of restricted stock units (“RSUs”) and performance-based stock units (“PSUs”) is based on the closing price of our common stock on the date of the grant. We recognize stock-based compensation expense for RSUs over the requisite service period, which is generally four years. We recognize stock-based compensation expense for PSUs in the period in which it becomes probable that the performance target will be achieved, using the graded vesting method. At each reporting period, we reassess the probability of achievement of the performance conditions and any change in expense resulting from an adjustment to estimates is treated as a cumulative catch-up in the period of the adjustment.