美國
證券交易委員會
華盛頓特區20549
表格
(標記一)
根據1934年證券交易法第13或15(d)節的季度報告 |
截至季度結束日期的財務報告
或者
根據1934年證券交易法第13或15(d)節的轉型報告書 |
從至過渡期
委託文件編號:001-39866
(依據其憲章指定的註冊名稱)
(國家或其他管轄區的 公司成立或組織) |
(IRS僱主 |
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,(主要行政辦公地址) |
(郵政編碼) |
公司電話,包括區號:(
在法案第12(b)條的規定下注冊的證券:
每一類的名稱 |
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交易標誌 |
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在其上註冊的交易所的名稱 |
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請在以下複選框中打勾,指示註冊人:(1)在前12個月(或註冊人被要求提交這些報告的更短期間內)已經提交了1934年證券交易法第13或15(d)條規定需要提交的所有報告;以及(2)在過去的90天內一直受到了此類文件提交要求的限制。
請在以下複選框中打勾,指示註冊人是否已經電子提交了根據Regulation S-T規則405條(本章節的§232.405條)需要提交的所有互動數據文件在過去的12個月內(或註冊人被要求提交這些文件的更短期間內)。
請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。
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加速文件提交人 |
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非加速文件提交人 |
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較小的報告公司 |
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新興成長公司 |
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如果是新興成長型企業,請勾選複選標記,表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐
請勾選「是」,如果報告人是外殼公司(定義見證券交易法規則12b-2)。是 ☐ 沒有
截至2024年10月29日,註冊人員d
表格 內容。
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項目1.基本報表
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關於前瞻性聲明的警示說明
本季度10-Q表格報告,特別是在第二部分第1A項下標題爲「風險因素」的部分,以及第一部分第2項下標題爲「管理層對財務狀況和經營成果的討論與分析」的部分,包含根據1933年證券法第27A條及其修訂版(以下簡稱爲證券法)和1934年證券交易法第21E條及其修訂版(以下簡稱爲交易法)的意義上的前瞻性聲明。本季度10-Q表格報告中除了歷史事實的聲明以外,所有陳述都屬於前瞻性聲明,包括關於我們未來的經營結果和財務狀況、我們的業務策略和計劃、潛在收購、市場增長和趨勢,以及我們未來運營的目標的陳述。您可以通過使用諸如「預期」、「相信」、「持續」、「可能」、「估計」、「期待」、「打算」、「可能」、「需要」、「目標」、「持續」、「計劃」、「預測」、「項目」、「潛在」、「應該」、「將」或「會」,或者這些詞的否定形式或其他可比較詞彙來識別這些前瞻性聲明。本季度10-Q表格報告中包含的任何前瞻性聲明均基於我們的歷史表現以及在目前可用信息的背景下我們當前的計劃、估計和期望。包含這些前瞻性信息不應被視爲我們或任何其他人對我們未來計劃、估計或期望的實現的陳述。這些前瞻性聲明受制於各種與我們的運營、財務結果、財務狀況、業務、前景、增長策略和流動性相關的風險、不確定性和假設。因此,有或將有重要因素可能導致我們的實際結果與這些聲明中指示的結果發生重大差異。我們相信這些因素包括但不限於:
這些聲明是基於截至本報告日期我們可獲取的信息,雖然我們認爲這些信息爲這些聲明提供了合理的基礎,但這些信息可能是有限或不完整的,我們的聲明不應被解讀爲我們對所有潛在可用的相關信息進行了全面的調查或審查。這些聲明本質上是不確定的,投資者應謹慎對待這些聲明,避免過度依賴。
您應該閱讀本季度報告中第II部分第1A項所述的「風險因素」部分,以及我們截至2024年6月30日財年的年度報告中第I部分第1A項,以了解可能導致我們的實際結果與前瞻性聲明中所表達或暗示的結果存在重大差異的重要因素。此外,我們在一個不斷變化的環境中運營。新的風險因素和不確定性可能會不時出現,管理層無法預測所有風險因素和不確定性。因此,基於這些因素,我們無法確保本季度報告中的前瞻性聲明將被證明是準確的。除非法律另有規定,否則我們不打算公開更新或修訂此處包含的任何前瞻性聲明,無論是由於任何新信息、未來事件、情況變化還是其他原因。
您應該完全閱讀這份10-Q季度報告,並理解我們的實際未來業績可能與我們的預期有顯著不同。我們對所有前瞻性陳述進行這些警示說明的資格限制。
ii
第一部分——財政信息
項目 1. 財務報表財務報表
INTAPP, INC.
合併資產負債表合併資產負債表
(以千爲單位,除每股數據外)
(unaudited)
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2024年9月30日 |
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2024年6月30日 |
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資產 |
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流動資產: |
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現金及現金等價物 |
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$ |
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$ |
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受限制現金 |
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應收賬款,扣除$的賬齡準備 |
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未開票應收款,淨額 |
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其他應收款淨額 |
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預付費用 |
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遞延佣金,當前 |
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總流動資產 |
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物業及設備(淨額) |
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經營租賃使用權資產 |
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商譽 |
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無形資產,淨值 |
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遞延佣金,非流動性 |
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其他資產 |
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總資產 |
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$ |
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$ |
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負債和股東權益 |
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流動負債: |
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應付賬款 |
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$ |
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$ |
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應計補償 |
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應付費用 |
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遞延收入,淨額 |
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其他流動負債 |
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總流動負債 |
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遞延稅項負債 |
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非流動遞延收入 |
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經營租賃負債,非流動 |
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其他負債 |
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總負債 |
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股東權益: |
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優先股,$ |
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普通股,$ |
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額外實收資本 |
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累計其他綜合損失 |
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累計虧損 |
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( |
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股東權益總額 |
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總負債和股東權益 |
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$ |
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$ |
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請參閱審計未完的簡明合併基本報表附註。
1
INTAPP, INC.
綜合財務報表經營成果
(以千爲單位,除每股數據外)
(未經審計)
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截至9月30日的三個月 |
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2024 |
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2023 |
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營業收入 |
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SaaS-雲計算 |
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$ |
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$ |
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許可 |
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專業服務 |
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營業收入總額 |
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營業成本 |
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SaaS-雲計算 |
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許可 |
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專業服務 |
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收入成本總計 |
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毛利潤 |
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營業費用: |
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研究和開發 |
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銷售和市場營銷 |
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一般管理費用 |
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總營業費用 |
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運營損失 |
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利息和其他收入(費用),淨額 |
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( |
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稅前淨虧損 |
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( |
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所得稅費用 |
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淨損失 |
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$ |
( |
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$ |
( |
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每股淨虧損,基本和攤薄 |
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$ |
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$ |
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計算基本和稀釋每股淨損失使用的加權平均股份 |
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請參閱審計未完的簡明合併基本報表附註。
2
INTAPP, INC.
濃縮合並狀態綜合損失的報表
(以千爲單位)
(未經審計)
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截至9月30日的三個月 |
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2024 |
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2023 |
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淨損失 |
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$ |
( |
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$ |
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其他全面收益(損失): |
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外幣翻譯調整 |
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其他全面收益(損失): |
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綜合損失 |
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$ |
( |
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$ |
( |
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請參閱審計未完的簡明合併基本報表附註。
3
INTAPP, INC.
濃縮合並股東權益表
(以千爲單位)
(未經審計)
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截至2024年9月30日的三個月 |
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普通股 |
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額外 |
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累計 |
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累計 |
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總股東權益 |
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股份 |
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金額 |
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資本 |
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Loss |
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赤字 |
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股權 |
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截至2024年6月30日的餘額 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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行使期權時發行普通股 |
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— |
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— |
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績效股票單位和限制性股票單位的歸屬 |
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— |
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— |
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— |
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基於股票的補償 |
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— |
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— |
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— |
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— |
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外幣翻譯調整 |
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— |
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— |
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— |
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— |
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淨損失 |
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— |
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— |
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— |
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— |
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( |
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( |
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截至2024年9月30日的餘額 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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截至2023年9月30日的三個月 |
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普通股 |
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額外 |
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累計 |
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累計 |
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總股東權益 |
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股份 |
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金額 |
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資本 |
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Loss |
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赤字 |
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股權 |
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截至2023年6月30日的餘額 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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行使期權時發行普通股 |
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— |
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— |
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— |
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業績股票單位和限制股票單位的歸屬 |
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— |
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— |
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— |
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— |
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基於股票的補償 |
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— |
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— |
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— |
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— |
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在後續公開發行中發行普通股,扣除發行成本$ |
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— |
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— |
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外幣翻譯調整 |
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— |
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— |
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— |
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( |
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— |
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淨損失 |
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— |
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— |
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— |
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— |
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( |
) |
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( |
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截至2023年9月30日的餘額 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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請參閱審計未完的簡明合併基本報表附註。
4
INTAPP, INC.
綜合財務報表現金流量表
(以千爲單位)
(未經審計)
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截至9月30日的三個月 |
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2024 |
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2023 |
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經營活動產生的現金流量: |
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淨損失 |
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$ |
( |
) |
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$ |
( |
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調整淨虧損與經營活動提供的淨現金的 reconciliate: |
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折舊和攤銷 |
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營業租賃使用權資產的攤銷 |
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應收賬款準備金 |
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基於股票的補償 |
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或有對價公允價值變動 |
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( |
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遞延所得稅 |
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( |
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( |
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其他 |
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經營資產和負債的變動: |
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應收賬款 |
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未開票應收賬款,當前 |
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( |
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預付費用和其他資產 |
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( |
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( |
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遞延佣金 |
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應付賬款和應計負債 |
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( |
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( |
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遞延收入,淨額 |
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( |
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經營租賃負債 |
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( |
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( |
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其他負債 |
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|
( |
) |
|
經營活動提供的淨現金 |
|
|
|
|
|
|
||
投資活動產生的現金流: |
|
|
|
|
|
|
||
購買房產和設備 |
|
|
( |
) |
|
|
( |
) |
資本化的內部使用軟件成本 |
|
|
( |
) |
|
|
( |
) |
業務組合,扣除現金獲取的淨額 |
|
|
( |
) |
|
|
||
投資活動中使用的淨現金 |
|
|
( |
) |
|
|
( |
) |
融資活動產生的現金流: |
|
|
|
|
|
|
||
遞延發行成本的付款 |
|
|
|
|
|
( |
) |
|
股票期權行使的收入 |
|
|
|
|
|
|
||
與收購相關的遞延或有對價和保留款項的支付 |
|
|
( |
) |
|
|
|
|
融資活動提供的淨現金 |
|
|
|
|
|
|
||
外幣匯率變化對現金及現金等價物的影響 |
|
|
|
|
|
|
||
現金、現金等價物和限制性現金的淨增加 |
|
|
|
|
|
|
||
現金、現金及現金等價物以及受限現金 - 期初 |
|
|
|
|
|
|
||
現金、現金等價物及受限現金 - 期末 |
|
$ |
|
|
$ |
|
||
現金、現金等價物及受限現金與簡明合併資產負債表的對賬: |
|
|
|
|
|
|
||
現金及現金等價物 |
|
$ |
|
|
$ |
|
||
受限制現金 |
|
|
|
|
|
|
||
現金、現金等價物和限制性現金的總額 |
|
$ |
|
|
$ |
|
||
現金流信息補充披露: |
|
|
|
|
|
|
||
支付的利息 |
|
$ |
|
|
$ |
|
||
支付的所得稅現金,扣除稅款退款 |
|
$ |
|
|
$ |
|
||
非現金投資和融資活動: |
|
|
|
|
|
|
||
應付賬款和應計負債中購買的物業和設備 |
|
$ |
|
|
$ |
|
||
應付賬款和應計負債中資本化的內部使用軟件成本 |
|
$ |
|
|
$ |
|
||
應付賬款和應計負債中的遞延發行成本 |
|
$ |
|
|
$ |
|
||
應付賬款、應計及其他負債中的遞延對價和收購保持款 |
|
$ |
|
|
$ |
|
請參閱審計未完的簡明合併基本報表附註。
5
Intapp, Inc.
簡化合並的附註 基本報表
註釋1. 業務描述
Intapp, Inc.("Intapp"或"公司")是全球領先的人工智能解決方案提供商,爲諮詢、資本市場和法律公司提供服務。該公司爲全球頂尖的會計、諮詢、投資銀行、法律、私募資本和實體資產公司提供所需的科技,幫助他們更具競爭力,及時向專業人士提供洞察,並滿足快速變化的客戶、投資者和監管要求。通過應用人工智能的強大能力,其專爲各行業設計的軟件即服務("SaaS-雲計算")解決方案加速了公司內部信息的流動,激活專業知識,賦能團隊,強化客戶關係,管理風險,並幫助公司在高度複雜的生態系統中更快地適應。該公司的客戶主要位於美國("U.S.")和英國("U.K.")。在這些未經審計的簡明合併基本報表中,對"公司"、"我們"、"我們的"等的引用指的是Intapp及其合併子公司的合併運營。
附註2. 重要會計政策摘要
編制基礎和合並原則
附帶的未經審計的簡明合併基本報表已按照美國通用會計原則("GAAP")和美國證券交易委員會("SEC")對臨時報告的要求編制。根據該規則和法規,通常包含在按照GAAP編制的基本報表中的某些信息和披露已被簡化或省略。因此,這些未經審計的簡明合併基本報表應與公司於2024年8月26日向SEC提交的截至2024年6月30日的年度報告的審計合併基本報表及附註一起閱讀。未經審計的簡明合併基本報表包括公司的帳戶及其合併子公司,在消除所有內部交易和餘額後。
臨時未經審計的簡明合併基本報表的編制基礎與年度合併基本報表一致,管理層認爲,這反映了所有必要的調整,包括僅正常和經常性調整,以公正地呈現公司的財務狀況、運營和現金流。歷史結果不一定是未來結果的指示,截止2024年9月30日的三個月的運營結果也不一定能表明全年或任何其他期間的預期結果。
在我們的未經審計的簡明合併基本報表及其附註中,某些先前期間的金額已被重新分類,以符合當前年份的呈現。自2024年7月1日起,公司調整了與訂閱許可證相關的支持服務的分類,以包含在未經審計的簡明合併經營報表中的「許可證」項下。在2024年7月1日之前,與訂閱許可證相關的支持服務包含在「軟件及支持」的項目中。收入成本的呈現已被調整,以反映與收入呈現相關的變化。與收入和收入成本的呈現相關的重新分類未影響總收入、營業收入或淨利潤。公司的收入確認政策未發生變化,除非此處所述的分類變化。
因此,自2024年7月1日起,SaaS營業收入包括客戶訪問我們SaaS概念的訂閱費用、與SaaS相關的高級壓力位服務,以及在訂閱期間內對所訂閱服務的更新(如有)。公司在每份合同的開始日期,即公司服務可供客戶使用的日期,按比例確認SaaS營業收入。許可營業收入包括向客戶提供功能性知識產權的訂閱費用,客戶可以獨立享受訂閱許可證的利益,以及與這些許可證相關的支持服務,使客戶有權在可用時獲取技術支持和軟件更新。公司在軟件應用程序的控制權轉移給客戶的時點確認與訂閱費用相關的許可營業收入,這通常發生在交付時或續訂期開始時。公司按比例確認與支持相關的許可營業收入,這對應於基礎許可證協議的支持合同的期限。
6
估計的使用
重要的會計政策
公司的重大會計政策在第2項中沒有發生重大變化, 重大會計政策摘要,包含在公司2024財政年度截至6月30日的10-K年度報告第二部分第8項的合併基礎報表中。
信用風險集中和重要客戶
可能使公司面臨信用風險集中情況的金融工具包括現金及現金等價物和應收賬款。公司將現金及現金等價物存放在多家信用評級高的金融機構。公司在金融機構持有的現金及現金等價物的信用風險,取決於資產負債表上記錄的金額是否超過由聯邦存款保險公司投保的金額。公司未經歷過此類損失。
尚未採納的會計公告
在2023年11月,FASB 發佈了ASU No. 2023-07, 部門報告(ASC 280):可報告部門披露的改進該公告擴展了可報告部門的年度和臨時披露要求,主要通過增強對重要部門費用的披露。該指導方針將追溯適用,並將於2025年6月30日結束的財年的公司生效,適用於自2025年7月1日起開始的臨時期間。公司目前正在評估採納對其合併基本報表的影響。
在2023年12月,FASB 發佈了ASU No. 2023-09, 所得稅(ASC 740):所得稅披露的改進該公告要求提供額外的所得稅披露,以更好地評估一個實體的運營、相關的稅務風險、稅務規劃和運營機會如何影響其稅率和未來現金流的前景。該指導方針將在公司自2025年7月1日開始的財年生效,並應以前瞻性或追溯性方式適用。公司預計採納將僅導致額外的披露。
註釋3. 收入
收入的細分
按地區劃分的收入如下(單位:千):
|
|
截至9月30日的三個月 |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
美國 |
|
$ |
|
|
$ |
|
||
英國 |
|
|
|
|
|
|
||
世界其他地區 |
|
|
|
|
|
|
||
總計 |
|
$ |
|
|
$ |
|
7
遞延佣金
遞延佣金爲$
合同餘額
公司的合同資產和負債如下(以千爲單位):
|
|
2024年9月30日 |
|
|
2024年6月30日 |
|
||
未開票應收賬款(1) |
|
$ |
|
|
$ |
|
||
遞延收入,淨額 |
|
|
|
|
|
|
存在
剩餘履行義務
剩餘履行義務代表尚未確認的不可取消合同收入,包括遞延收入和將在未來期間開票並確認的收入。SaaS-雲計算訂閱通常在一到三年內滿足,許可證通常在某個時間點滿足,支持服務通常在一年內滿足,而專業服務通常在一年內滿足。專業服務合同不包括在履行義務的金額中。
註釋4. 業務組合
關於收購Transform Data International b.V.及其子公司("TDI")的事項,
注5. 商譽和無形資產
商譽
商譽的賬面金額變動如下(單位:千):
|
|
賬面價值 |
|
|
截至2024年6月30日的餘額 |
|
$ |
|
|
外幣折算調整 |
|
|
|
|
截至2024年9月30日的餘額 |
|
$ |
|
8
無形資產
通過業務合併獲得的無形資產包括以下內容(單位:千元):
|
|
2024年9月30日 |
|
|||||||||||
|
|
使用壽命 |
|
賬面總額 |
|
|
累計 |
|
|
淨賬面價值 |
|
|||
客戶關係 |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
不競爭協議 |
|
|
|
|
|
|
( |
) |
|
|
|
|||
商標和商號 |
|
不定期 |
|
|
|
|
|
— |
|
|
|
|
||
商標和商號 |
|
|
|
|
|
|
( |
) |
|
|
|
|||
核心科技 |
|
|
|
|
|
|
( |
) |
|
|
|
|||
訂單積壓 |
|
|
|
|
|
|
( |
) |
|
|
|
|||
無形資產,淨值 |
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
|
2024年6月30日 |
|
|||||||||||
|
|
使用壽命 |
|
賬面總額 |
|
|
累計 |
|
|
淨賬面價值 |
|
|||
客戶關係 |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
不競爭協議 |
|
|
|
|
|
|
( |
) |
|
|
|
|||
商標和商號 |
|
不定期 |
|
|
|
|
|
— |
|
|
|
|
||
商標和商號 |
|
|
|
|
|
|
( |
) |
|
|
|
|||
核心科技 |
|
|
|
|
|
|
( |
) |
|
|
|
|||
訂單積壓 |
|
|
|
|
|
|
( |
) |
|
|
|
|||
無形資產,淨值 |
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
與收購的無形資產相關的攤銷費用如下(單位:千元):
|
|
截至9月30日的三個月 |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
SaaS-雲計算成本 |
|
$ |
|
|
$ |
|
||
銷售和市場營銷 |
|
|
|
|
|
|
||
一般管理費用 |
|
|
|
|
|
|
||
總攤銷費用 |
|
$ |
|
|
$ |
|
截至 截至2024年9月30日,預計未來收購的無形資產的攤銷費用如下(單位:千元):
截至6月30日的財年, |
|
金額 |
|
|
2025年(剩餘9個月) |
|
$ |
|
|
2026 |
|
|
|
|
2027 |
|
|
|
|
2028 |
|
|
|
|
2029 |
|
|
|
|
2030年及以後 |
|
|
|
|
剩餘的總攤銷 |
|
$ |
|
註釋6. 公允價值計量
關於公允價值測量的權威指導建立了一個三層次的公允價值層次結構,具體如下:
一級— 輸入是在活躍市場上未調整的、相同資產或負債在測量日期的報價。
二級— 輸入是在非活躍市場上的報價,或直接或間接可觀察到的輸入,覆蓋資產或負債的幾乎整個期限。
第三級— 價格或估值技術需要的輸入既對公允價值測量具有重要性,又不可觀察(即,幾乎沒有市場活動支持)。
9
貨幣市場所有基金類型被分類爲等級1,因爲資產是使用活躍市場中的報價價格進行評估的。與業務合併相關的或有對價負債被分類爲等級3負債,因爲公司在估值中使用不可觀察的輸入,特別是與被收購企業在特定時間段內產生的預計總合同價值相關。
下表列出了截至指定日期按公允價值不斷計量的公司的金融資產,按公允價值層次分類(以千爲單位):
|
|
2024年9月30日 |
|
|||||||||||||
|
|
一級 |
|
|
二級 |
|
|
第三級 |
|
|
總計 |
|
||||
金融資產: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
現金等價物: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
貨幣市場基金 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
金融資產總額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
2024年6月30日 |
|
|||||||||||||
|
|
一級 |
|
|
二級 |
|
|
第三級 |
|
|
總計 |
|
||||
金融資產: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
現金等價物: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
貨幣市場基金 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
金融資產總額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
下表列出了公司截至所示日期按公允價值分級計量的財務負債(單位:千)。
|
|
2024年9月30日 |
|
|||||||||||||
|
|
一級 |
|
|
二級 |
|
|
第三級 |
|
|
總計 |
|
||||
財務負債: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
對或有對價的負債,流動部分 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
對或有對價的負債,非流動部分 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
金融負債總額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
2024年6月30日 |
|
|||||||||||||
|
|
一級 |
|
|
二級 |
|
|
第三級 |
|
|
總計 |
|
||||
財務負債: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
或有對價負債,流動部分 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
或有對價負債,非流動部分 |
|
|
|
|
|
|
|
|
|
|
|
|||||
金融負債總額 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
與收購TDI相關,公司有義務支付最高爲$
在2023年5月收購Paragon Data Labs, Inc.時,公司記錄了一項有條件對價負債,金額爲$
或有對價的公允價值最初在收購日期使用蒙特卡洛模擬進行估計,幷包括管理層相關於估計發生概率和折現率的關鍵假設。因管理層對關鍵假設和估計的修訂而導致的或有對價負債公允價值的後續變化,已在未經審計的簡明合併損益表中的一般和管理費用中記錄。
10
這些非以美元計量的負債由於匯率波動而產生的收益和損失已被計入未經審計的簡明合併損益表中的利息及其他收入(費用),淨值。
或有對價負債的變化如下(以千爲單位):
|
|
截至9月30日的三個月 |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
期初餘額 |
|
$ |
|
|
$ |
|
||
支付或有對價 |
|
|
( |
) |
|
|
|
|
或有對價的變更 |
|
|
( |
) |
|
|
( |
) |
外幣匯率變動的影響 |
|
|
|
|
|
|
||
期末餘額 |
|
$ |
|
|
$ |
|
其他金融工具包括應收賬款、應付賬款、應計費用、應計負債和其他流動負債,按其賬面價值列示,因爲由於預期收款或付款的時間較短,賬面價值近似公允價值。
注7. 內部使用軟件成本
資本化內部使用軟件
與僅僅爲了滿足公司內部需求而獲得、開發或修改的軟件相關的費用,如果在開發時沒有實質性的市場銷售計劃,或與我們託管的SaaS-雲計算產品的開發相關的成本,在應用開發階段被資本化。公司在
資本化的雲計算實施成本
在應用開發階段發生的符合條件的雲計算安排實施成本,依據內部使用軟件的現有指南進行資本化,這些成本作爲預付費用和其他資產的一部分,根據相關雲計算安排的期限進行列示。資本化的實施成本 在相關雲計算安排的模塊或組件準備好用於預期用途時,按直線法在相關雲計算安排的期限內進行攤銷,與相關雲計算安排的費用在未經審計的簡化合並運營報表中列示爲同一行項目。公司在雲計算實施中資本化了$
備註 8. 租賃
公司在美國、英國、荷蘭、烏克蘭、德國和新加坡租賃大部分辦公空間,均爲不可取消的經營租賃協議,租約的到期日期各不相同,直到11月。
11
租賃成本的組成如下(單位:千元):
|
|
截至9月30日的三個月 |
|
|||||
經營租賃: |
|
2024 |
|
|
2023 |
|
||
運營租賃成本 |
|
$ |
|
|
$ |
|
||
短期租賃成本 |
|
|
|
|
|
|
||
變量租賃成本 |
|
|
|
|
|
|
公司的經營租賃的加權平均剩餘租賃期限和用於測量經營租賃負債現值的加權平均貼現率如下:
租賃期限和貼現率: |
|
2024年9月30日 |
|
|
2023年9月30日 |
|
||
加權平均剩餘租賃期限(以年爲單位) |
|
|
|
|
|
|
||
加權平均折現率 |
|
|
% |
|
|
% |
下表呈現與公司運營租賃相關的補充現金流信息(單位:千美元):
|
|
截至9月30日的三個月 |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
計入運營租賃負債測量的現金支付 |
|
$ |
|
|
$ |
|
||
爲新運營租賃負債而獲得的使用權資產 |
|
|
( |
) |
|
|
|
的 $
截至 截至2024年9月30日,經營租賃負債的剩餘到期如下(以千爲單位):
財政年度結束於6月30日, |
|
金額 |
|
|
2025年(剩餘9個月) |
|
$ |
|
|
2026 |
|
|
|
|
2027 |
|
|
|
|
2028 |
|
|
|
|
2029 |
|
|
|
|
2030年及以後 |
|
|
|
|
總租賃付款 |
|
|
|
|
減:隱含利息 |
|
|
( |
) |
經營租賃負債的現值 |
|
$ |
|
注意9。承諾和或有事項
其他採購承諾
本公司的其他採購承諾主要包括第三方雲服務、支持費用和軟件訂閱,以支持業務的正常運營。在截至2024年9月30日的三個月內,未簽訂任何重大采購承諾。
在2021年12月,公司與微軟簽訂協議,承諾在雲服務上至少支出$
訴訟
公司不時作爲索賠、訴訟和程序的當事方,這些情況通常在業務的正常開展中產生。公司向客戶保證,它擁有其產品和服務中所有必要的知識產權權利和許可,並對這些產品和服務的知識產權索賠向客戶進行賠償,因此這些索賠、訴訟和程序在未來可能包括對知識產權權利的侵權指控。公司在相信損失發生的可能性很高時記錄負債,併合理估計損失金額或區間。鑑於法律程序的不可預測性,公司根據評估時可獲得的信息來進行估算。隨着更多信息的獲得,公司會重新評估潛在負債並可能修訂估算。公司目前不是任何訴訟的當事方,它認爲,如果不利判決確定,單獨或總體上將對其業務、運營結果或財務狀況產生重大不利影響。
12
備註 10. 債務
2021年10月5日,公司與擔保方、貸款方及摩根大通銀行(JPMorgan Chase Bank, N.A.)作爲行政代理達成了一份信用協議,該協議於2022年6月6日和2022年11月17日進行了修訂(以下簡稱「信用協議」)。該信用協議規定,
在執行信用協議的過程中,公司還於2021年10月5日與公司、附屬擔保人及摩根大通(作爲受保護方的行政代理人)簽署了一份質押和安防-半導體協議(「安防協議」)。根據安防協議,摩根大通信用額度下的借款以公司的每個附屬公司的所有股本和幾乎所有資產(不包括房地產權益)的一次優先質押作爲擔保。
信用協議規定,公司必須遵守根據信用協議確定的最大合併總淨槓桿比率契約。它還包含積極、消極和財務契約,包括對某些其他債務、貸款和投資、留置權、合併、資產出售和與關聯方的交易的限制,以及通常的違約事件。
註解 11. S股東權益和基於股票的補償
權益激勵計劃
在2021年6月,公司董事會通過了2021綜合激勵計劃(「2021計劃」),並獲得股東的批准。2021計劃規定授予限制性股票、限制性股票單位(「RSUs」)、績效股票、績效股票單位(「PSUs」)、遞延股票單位、股票期權和股票增值權。公司及其子公司和關聯公司的所有員工、非員工董事和選定的第三方服務提供者均有資格根據2021計劃獲得授予。符合條件的員工可以根據ESPP購買公司的普通股。
股票獎勵
公司已授予基於時間和基於績效的股票期權、RSUs和PSUs,統稱爲「股票獎勵」。公司採用公允價值法覈算基於股票的補償,這要求公司根據授予日的公允價值來衡量基於股票的補償,並在必要的服務或績效期內確認補償費用。僅包含服務條件的獎勵通常在四年內獲得。
股票期權
授予的股票期權通常在授予日期後的四年內按比例可行使,
13
截至2024年9月30日的三個月內,公司股權激勵計劃下的期權活動如下(以千爲單位,除每股數據外): 截至2024年9月30日的三個月內,期權活動如下(以千爲單位,除每股數據外):
|
|
數量 |
|
|
加權- |
|
|
加權- |
|
|
合計 |
|
||||
截至2024年6月30日的餘額 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
已行使 |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|||
被註銷 |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|||
截至2024年9月30日的餘額 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
截至2024年9月30日已歸屬並可行使 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
截至2024年9月30日已歸屬並預計將歸屬 |
|
|
|
|
$ |
|
|
|
|
|
$ |
|
截至2024年11月14日,註冊人的普通股總共有
PSUs 和 RSUs
在截至2024年9月30日的三個月內,公司向部分員工授予了基於滿足特定運營業績目標的PSU,這些目標包括年度經常性營業收入和盈利能力目標,以及繼續服務條件。公司還向部分員工授予了基於繼續服務的RSU。
在截至2024年9月30日的三個月內,PSU活動如下: 截至2024年9月30日的三個月內的活動(以千爲單位,除每股數據外):
|
|
股票數量 |
|
|
加權- |
|
||
截至2024年6月30日的餘額 |
|
|
|
|
$ |
|
||
授予 |
|
|
|
|
|
|
||
Vested |
|
|
( |
) |
|
|
|
|
被註銷 |
|
|
( |
) |
|
|
|
|
截至2024年9月30日的餘額 |
|
|
|
|
$ |
|
RSU活動期間 截至2024年9月30日的三個月如下(以千爲單位,除每股數據外):
|
|
股票數量 |
|
|
加權- |
|
||
截至2024年6月30日的餘額 |
|
|
|
|
$ |
|
||
授予 |
|
|
|
|
|
|
||
Vested |
|
|
( |
) |
|
|
|
|
被註銷 |
|
|
( |
) |
|
|
|
|
截至2024年9月30日的餘額 |
|
|
|
|
$ |
|
14
基於股票的薪酬費用
公司在未經審計的壓縮合並運營報表中記錄了股票薪酬費用,如下所示(以千爲單位):
|
|
截至9月30日的三個月 |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
營業成本 |
|
|
|
|
|
|
||
SaaS-雲計算成本 |
|
$ |
|
|
$ |
|
||
許可成本 |
|
|
|
|
|
|
||
專業服務費用 |
|
|
|
|
|
|
||
研究和開發 |
|
|
|
|
|
|
||
銷售和市場營銷 |
|
|
|
|
|
|
||
一般管理費用 |
|
|
|
|
|
|
||
總的股票獎勵補償 |
|
$ |
|
|
$ |
|
在截至2024年9月30日的三個月期間,公司修改了與某些PSU獎勵相關的業績條件,這導致一項不可能到可能的修改,未確認的基於股票的補償費用預計增加約$
截至2024年9月30日,與未歸屬的基於股票的獎勵相關的未確認補償成本約爲$
2021年員工股票購買計劃
根據員工股票購買計劃(ESPP),符合條件的員工可以以相當於
截至2024年9月30日與 ESPP 相關的總未確認補償成本爲 $
註解 12. 所得稅
公司在中期期間根據其年度有效稅率的估計確定所得稅準備金,此稅率因期間內發生的臨時項目而調整。有效稅率與聯邦法定稅率之間的主要差異是公司爲其聯邦和州淨經營損失及抵免所建立的全面估值備抵。來自國際業務的所得稅在截至2024年和2023年9月30日的三個月中並不重要。
公司在美國聯邦管轄區、各州管轄區以及多個外國管轄區提交所得稅申報表。在正常的業務過程中,公司會受到稅務機關的檢查。目前,公司並未接受美國國稅局或其他類似稅務機關的審計。公司的稅務申報表仍可進行如下檢查:美國聯邦及州,所有稅務年度;以及主要外國管轄區,通常爲2019年至2024年。
第13條. 每股淨虧損
每股基本淨損失是通過將淨損失除以報告期內的加權平均流通普通股總數來計算的。稀釋每股淨損失是通過使用庫藏股票法考慮報告期內所有潛在稀釋證券的影響來計算的。
每股基本淨損失與稀釋每股淨損失相同,因爲公司在所有報告期間均報告淨損失。以下表格列出了報告期間基本和稀釋每股淨損失的計算(以千計,除每股數據外):
|
|
截至9月30日的三個月 |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
分子: |
|
|
|
|
|
|
||
淨損失 |
|
$ |
( |
) |
|
$ |
( |
) |
分母: |
|
|
|
|
|
|
||
計算基本和稀釋每股淨損失使用的加權平均股份 |
|
|
|
|
|
|
||
每股淨虧損,基本和攤薄 |
|
$ |
( |
) |
|
$ |
( |
) |
15
公司在計算稀釋每股淨虧損時排除了以下潛在的普通股股份,因爲它們的作用將是反稀釋的(單位:千):
|
|
截至2023年9月30日, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
尚未行使的購買普通股的期權 |
|
|
|
|
|
|
||
未兌現的績效股票單位(PSUs)和限制性股票單位(RSUs) |
|
|
|
|
|
|
||
可根據員工持股計劃發行的股份 |
|
|
|
|
|
|
||
與收購相關的可發行股份 |
|
|
|
|
|
|
||
總計 |
|
|
|
|
|
|
16
項目2. 管理層討論與分析 財務狀況和運營結果
關於前瞻性聲明的警示說明
以下對我們財務控件和運營結果的討論與分析應與本季度報告Form 10-Q中包含的未經審計的簡明合併基本報表和相關說明以及其他財務信息一同閱讀,以及我們年度報告Form 10-K中包含的經審計的合併基本報表及其相關說明,該報告於2024年6月30日截止的財年提交給證券交易委員會(「SEC」)的日期爲2024年8月26日。以下討論包含前瞻性陳述,反映我們的計劃、估計和信念。我們的實際結果可能會與前瞻性陳述中討論的結果有重大差異。可能導致或促成這些差異的因素包括本季度報告Form 10-Q中以及我們年度報告Form 10-K中其他地方討論的因素,尤其是在標題爲「前瞻性陳述的警示說明」和「風險因素」的部分。我們的歷史結果並不一定能夠指示未來任何時期可能預期的結果。除非另有說明,任何以「財年」一詞開頭的年份都指的是截止於該年份6月30日的財年。
概述
我們是全球領先的人工智能解決方案提供商,專爲顧問、資本市場和法律公司中的專業人士服務。我們的軟件幫助專業人士解鎖團隊的知識、關係和運營洞察,以提高公司價值。利用應用人工智能的力量,我們使公司和市場情報變得容易找到、理解和使用。藉助Intapp的垂直SaaS概念組合,專業人士可以運用他們的集體專業知識做出更明智的決策、管理風險並增強競爭優勢。全球頂尖公司——涵蓋會計、諮詢、投資銀行、法律、私募資本和真實資產——信任Intapp的行業板塊特定平台和解決方案,以實現現代化並推動新增長。
截至2024年9月30日的三個月亮點
截至2024年9月30日的三個月內,我們產生了11880萬的營業收入,毛利率爲73%。我們的經營現金流爲2440萬。截至2024年9月30日,現金及現金等價物總額爲25380萬。我們的剩餘履約義務,即未來尚未確認的合同下的所有收入,截至2024年9月30日爲54940萬。
我們如何產生營業收入
我們的收入主要來自軟件訂閱,通常是一年或多年的合同條款。我們通過直接銷售模式銷售軟件,目標客戶基於最終市場、地理位置、公司規模和業務需求。我們在合同期限內平均確認來自SaaS-雲計算訂閱的收入,同時我們在企業內部訂閱的許可組件上提前確認收入,而支持組件的收入在支持期限內平均確認。我們的訂閱價格通常基於採用我們解決方案的用戶數和部署的模塊。
我們預計未來大部分的新增年度經常性收入(定義見下文)增長將來自SaaS-雲計算訂閱的銷售。
我們的服務收入主要來自於專業服務。我們的客戶利用這些服務來配置和實施Intapp智能雲平台的一個或多個模塊,將這些模塊與現有平台及其IT環境中的其他核心系統集成,升級他們現有的部署,併爲他們的員工提供培訓。其他專業服務包括戰略諮詢和顧問工作,這些服務通常是單獨提供的。
影響我們表現的關鍵因素
我們的雲平台的市場接受度。 我們的未來增長取決於我們贏得新的專業和金融服務客戶以及在現有客戶基礎內擴展的能力,主要通過繼續接受我們的雲業務。我們的雲業務歷史上增長速度快於我們的整體業務,並且佔我們年度經常性收入(ARR)的比例不斷增加。我們必須向新客戶和現有客戶展示選擇我們的雲平台的好處,並在部署上線後提供可靠和安全的服務。從銷售的角度來看,我們增加新客戶和在現有帳戶內擴展的能力取決於多個因素,包括我們銷售人員和市場營銷工作的質量和有效性,以及我們說服專業和金融服務公司內關鍵決策者選擇Intapp智能雲平台而非其他點解決方案、內部開發解決方案和橫向解決方案的能力。如果我們的客戶未能繼續看到我們的平台相較於其他軟件替代方案能帶來投資回報的能力,淨營業收入留存率可能會受到影響,我們的運營結果可能會受到不利影響。
持續投資於創新和增長。 我們在研發、銷售和市場營銷方面進行了大量投資,以在市場上取得領導地位,並增加我們的營業收入和客戶基礎。我們打算繼續投資於研發,以構建新能力並維護支撐我們差異化平台的核心科技。此外,我們預計會投資於銷售和市場營銷,以擴大我們在美國和國外的新客戶,以及加深與現有客戶的滲透。隨着我們營業收入增長目標的設定,我們預計在可預見的未來將繼續進行這些投資。我們打算繼續逐步增加我們的管理和行政支出,以支持我們不斷增長的運營需求。
17
我們在成功識別和整合專業和金融服務行業內的互補業務方面有着良好的記錄。爲了補充我們在創新方面的有機投資並加速我們的增長,我們將繼續評估能夠幫助我們擴展平台、拓寬和深化市場領導地位以及增加新客戶的收購機會。
關鍵業務指標
我們審核多個運營和財務指標,包括以下關鍵指標,以幫助我們評估我們的業務,衡量我們的績效和銷售及市場營銷工作的有效性,識別影響我們業務的趨勢,制定業務計劃和預算,並做出戰略決策。
年度經常收入(「ARR」)
ARR代表在報告期末所有活躍的SaaS-雲計算和本地許可合同的年化經常性價值。對於合同期限不爲一年的情況,通過將當前期間的合同承諾價值除以該期間的天數,然後乘以365來年化計算。作爲一個指標,ARR減輕了由於某些因素(包括合同期限和SaaS-雲計算合同及許可的銷售組合)造成的營業收入波動。ARR沒有任何標準化的含義,可能與其他公司提供的類似標題的度量不可比較。ARR應獨立於營業收入和遞延收入進行觀看,並且不旨在與我們基本報表的任何一部分結合或替代。ARR不是預測,在計算ARR時使用的報告期末的活躍合同可能會或可能不會被我們的客戶延續或續簽。
截至2024年9月30日和2023年9月30日,ARR分別爲41720萬元和35010萬元,增長了19%。
雲端年經常性收入
雲計算ARR是我們ARR的一個部分,代表我們活躍的SaaS-雲計算合同的年度經常性價值。我們相信雲計算ARR提供了有關我們向現有客戶銷售新SaaS-雲計算訂閱和獲取新SaaS-雲計算客戶的能力的重要信息。
截至2024年和2023年9月30日,雲年經常性收入分別爲30910萬美元和24250萬美元,增長了27%,並佔截至2024年和2023年9月30日年經常性收入的74%和69%。
淨營業收入留存("NRR")
我們通過一個稱爲NRR的指標來衡量我們從現有客戶那裏增長和保留ARR的能力。我們從適用財政期間前12個月的所有客戶的ARR開始計算,即前期ARR。然後,我們計算這些相同客戶在當前財政期間的ARR,即當前期ARR。最後,我們將當前期ARR除以前期ARR,以計算NRR。
該指標考慮了我們經常性營業收入基數的變化,包括交叉銷售(銷售額外的解決方案能力)、追加銷售(銷售額外的席位)、價格變動和客戶流失(包括解決方案能力的縮減、席位的縮減和客戶流失)。我們向現有客戶追加銷售了額外的席位,並交叉銷售了新的解決方案,使得截至2024年9月30日的過去十二個月淨回報率(NRR)達到了114%,這在我們預期的113%到117%的區間內。
雲淨留存率
雲計算的淨收入保留率(Cloud NRR)是我們淨收入保留率(NRR)的一部分,代表我們的SaaS-雲計算合同的淨收入保留情況。我們通過從適用財務週期前十二個月的所有客戶的雲計算年經常性收入(Cloud ARR)開始計算雲計算的淨收入保留率。然後,我們計算這些相同客戶在當前財務週期的雲計算年經常性收入。接着,我們將當前週期的雲計算年經常性收入除以前一週期的雲計算年經常性收入,以計算雲計算的淨收入保留率。截至2024年9月30日,我們最近十二個月的雲計算淨收入保留率爲119%。
Number of Clients
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 September 30, 2024, we had over 2,600 clients. No single client represented more than 10% of total revenues for either of the three months ended September 30, 2024 and 2023.
Our client base includes some of the largest and most reputable professional and financial services 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 professional and financial services clients. As of September 30, 2024 and 2023, we had 707 and 626 clients, respectively, with contracts greater than $100,000 of ARR.
18
Components of Our Results of Operations
Certain prior period amounts reported thereto have been reclassified to conform to the current year presentation. Effective July 1, 2024, we adjusted the classification of support services related to subscription license to be included within “license” on the unaudited condensed consolidated statements of operations. Prior to July 1, 2024, support services related to subscription license was included in a line item entitled “SaaS and Support.” The presentation of cost of revenues has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenues and cost of revenues effective as of July 1, 2024 and did not affect total revenues, operating income, or net income. There was no change to the revenue recognition policy, except for the change in classification noted herein.
Revenues
We generate revenues from the sale of our SaaS solutions and premium support services related to SaaS, and subscriptions to our term software applications and support services related to licenses. We generate professional services revenues primarily by delivering professional services for the configuration, implementation and upgrade of our solutions.
SaaS
SaaS revenues include subscription fees from clients accessing our SaaS solutions, premium support services related to SaaS, and updates, if any, to the subscribed service during the subscription term. We recognize SaaS revenues ratably over the contract term beginning on the commencement date of each contract, which is the date when the service is provisioned and made available to our clients. The initial term of our SaaS contracts is generally one to three years in duration.
License
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.
Professional Services
Our professional services primarily consist of implementation, configuration and upgrade services provided to clients and others. These engagements are billed to clients either on a time and materials or milestone basis; revenues are recognized as invoiced or in proportion to the work performed, respectively. We expect the demand for our professional services to increase due to client growth and the need for implementation, upgrade, and migration services for new and existing clients. This demand will be affected by the mix of professional services that are provided by us versus provided by our third-party implementation partners, reflecting our strategy to de-emphasize professional services revenue.
Cost of Revenues
Our cost of revenues consists primarily of expenses related to providing SaaS solutions, premium support services related to SaaS, support services related to license and professional services to our clients, including personnel costs (salaries, bonuses, benefits and stock-based compensation) and related expenses for client support and services personnel, as well as cloud infrastructure costs, third-party expenses, amortization of capitalized internal-use software costs and acquired intangible assets, and allocated overhead costs. We expect our cost of revenues to increase in absolute dollars as we expand our SaaS client base over time as this will result in increased cloud infrastructure costs and increased costs for additional personnel to provide technical support services to our growing client base.
Cost of SaaS
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 for facilities and IT, third-party hosting fees related to cloud services, amortization of capitalized internal-use software costs and amortization of acquired intangible assets.
Cost of License
Our cost of license revenues comprises the direct costs to support our license, including personnel costs, and allocated overhead costs for facilities and IT.
19
Cost of Professional Services
Our cost of professional services revenues comprises the personnel-related costs for our professional services employees and contractors responsible for delivering implementation, upgrade and migration services to our clients. This includes personnel costs and allocated overhead costs for facilities and IT. We expect the cost of professional services revenues to increase in absolute dollars as we continue to hire personnel and engage contractors to provide implementation, upgrade and migration services to our growing client base.
Operating Expenses
Research and Development
Our research and development expenses consist primarily of personnel-related costs for engineering and product development employees, costs of third-party services, and allocations of various overhead, cloud hosting costs and facilities costs. We expect our research and development expenses to continue to increase in absolute dollars for the foreseeable future as we continue to dedicate substantial internal resources to develop, improve and expand the functionality of our solutions.
Sales and Marketing
Our sales and marketing expenses consist primarily of costs incurred for personnel-related costs for our sales and marketing employees as well as sales commissions and benefits, costs of marketing events and online advertising, allocations of various overhead and facilities 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 benefit. In the medium-term, we expect to see an increase in sales and marketing expense 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.
General and Administrative
Our general and administrative expenses consist primarily of personnel-related 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.
Interest and Other Income (Expense), Net
Interest and other income (expense), net consists primarily of interest income from our cash and cash equivalents, non-cash interest expense related to the amortization of deferred financing costs, and gains and losses from foreign currency transactions.
Income Tax Expense
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.
20
Results of Operations
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):
|
|
Three Months Ended September 30, |
||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||
|
|
(in thousands, except for percentages) |
||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
SaaS |
|
$ |
76,876 |
|
|
|
65 |
|
% |
|
$ |
58,913 |
|
|
|
58 |
|
% |
License |
|
|
28,492 |
|
|
|
24 |
|
|
|
|
28,051 |
|
|
|
28 |
|
|
Professional services |
|
|
13,437 |
|
|
|
11 |
|
|
|
|
14,611 |
|
|
|
14 |
|
|
Total revenues |
|
|
118,805 |
|
|
|
100 |
|
|
|
|
101,575 |
|
|
|
100 |
|
|
Cost of revenues (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
SaaS |
|
|
15,318 |
|
|
|
13 |
|
|
|
|
12,711 |
|
|
|
13 |
|
|
License |
|
|
1,752 |
|
|
|
1 |
|
|
|
|
1,702 |
|
|
|
1 |
|
|
Professional services |
|
|
14,864 |
|
|
|
13 |
|
|
|
|
17,160 |
|
|
|
17 |
|
|
Total cost of revenues |
|
|
31,934 |
|
|
|
27 |
|
|
|
|
31,573 |
|
|
|
31 |
|
|
Gross profit |
|
|
86,871 |
|
|
|
73 |
|
|
|
|
70,002 |
|
|
|
69 |
|
|
Operating expenses (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
32,427 |
|
|
|
27 |
|
|
|
|
28,496 |
|
|
|
28 |
|
|
Sales and marketing |
|
|
37,760 |
|
|
|
32 |
|
|
|
|
34,419 |
|
|
|
34 |
|
|
General and administrative |
|
|
23,938 |
|
|
|
20 |
|
|
|
|
21,052 |
|
|
|
21 |
|
|
Total operating expenses |
|
|
94,125 |
|
|
|
79 |
|
|
|
|
83,967 |
|
|
|
83 |
|
|
Operating loss |
|
|
(7,254 |
) |
|
|
(6 |
) |
|
|
|
(13,965 |
) |
|
|
(14 |
) |
|
Interest and other income (expense), net |
|
|
3,422 |
|
|
|
3 |
|
|
|
|
(943 |
) |
|
|
(1 |
) |
|
Net loss before income taxes |
|
|
(3,832 |
) |
|
|
(3 |
) |
|
|
|
(14,908 |
) |
|
|
(15 |
) |
|
Income tax expense |
|
|
(688 |
) |
|
|
(1 |
) |
|
|
|
(413 |
) |
|
|
— |
|
|
Net loss |
|
$ |
(4,520 |
) |
|
|
(4 |
) |
% |
|
$ |
(15,321 |
) |
|
|
(15 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Amounts include stock-based compensation expense as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended September 30, |
||||||||||||||||
|
|
2024 |
|
2023 |
||||||||||||||
Cost of SaaS |
|
$ |
664 |
|
|
|
1 |
|
% |
|
$ |
413 |
|
|
|
1 |
|
% |
Cost of license |
|
|
189 |
|
|
|
— |
|
|
|
|
128 |
|
|
|
— |
|
|
Cost of professional services |
|
|
1,379 |
|
|
|
1 |
|
|
|
|
1,333 |
|
|
|
1 |
|
|
Research and development |
|
|
4,624 |
|
|
|
4 |
|
|
|
|
4,646 |
|
|
|
5 |
|
|
Sales and marketing |
|
|
5,738 |
|
|
|
5 |
|
|
|
|
5,339 |
|
|
|
5 |
|
|
General and administrative |
|
|
7,395 |
|
|
|
6 |
|
|
|
|
6,898 |
|
|
|
6 |
|
|
Total stock-based compensation expense |
|
$ |
19,989 |
|
|
|
17 |
|
% |
|
$ |
18,757 |
|
|
|
18 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparison of the Three Months Ended September 30, 2024 and 2023
Revenues
|
Three Months Ended September 30, |
|
|
Change |
|
|
||||||||||
|
2024 |
|
|
2023 |
|
|
Amount |
|
|
% |
|
|
||||
|
(in thousands, except for percentages) |
|||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
SaaS |
$ |
76,876 |
|
|
$ |
58,913 |
|
|
$ |
17,963 |
|
|
|
30 |
% |
|
License |
|
28,492 |
|
|
|
28,051 |
|
|
|
441 |
|
|
|
2 |
% |
|
Professional services |
|
13,437 |
|
|
|
14,611 |
|
|
|
(1,174 |
) |
|
|
(8 |
)% |
|
Total revenues |
$ |
118,805 |
|
|
$ |
101,575 |
|
|
$ |
17,230 |
|
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
SaaS revenues increased by $18.0 million, or 30%, in the three months ended September 30, 2024 compared to the same period 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.
License revenues increased by $0.4 million, or 2%, in the three months ended September 30, 2024 compared to the same period in the prior year.
Professional services revenues decreased by $1.2 million, or 8%, in the three months ended September 30, 2024 compared to the same period in the prior year. The decrease in professional services revenue was primarily due to change in mix of resource delivery to our third-party implementation partners.
Cost of Revenues and Gross Profit
|
|
Three Months Ended September 30, |
|
|
Change |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
Amount |
|
|
% |
|
||||
|
|
(in thousands, except for percentages) |
|
|||||||||||||
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
SaaS |
|
$ |
15,318 |
|
|
$ |
12,711 |
|
|
$ |
2,607 |
|
|
|
21 |
% |
License |
|
|
1,752 |
|
|
|
1,702 |
|
|
|
50 |
|
|
|
3 |
% |
Professional services |
|
|
14,864 |
|
|
|
17,160 |
|
|
|
(2,296 |
) |
|
|
(13 |
)% |
Total cost of revenues |
|
|
31,934 |
|
|
|
31,573 |
|
|
|
361 |
|
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
SaaS |
|
|
61,558 |
|
|
|
46,202 |
|
|
|
15,356 |
|
|
|
33 |
% |
License |
|
|
26,740 |
|
|
|
26,349 |
|
|
|
391 |
|
|
|
1 |
% |
Professional services |
|
|
(1,427 |
) |
|
|
(2,549 |
) |
|
|
1,122 |
|
|
|
(44 |
)% |
Gross profit |
|
$ |
86,871 |
|
|
$ |
70,002 |
|
|
$ |
16,869 |
|
|
|
24 |
% |
Cost of SaaS
Cost of SaaS revenues increased by $2.6 million, or 21%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase can be attributed to increases in amortization of acquired intangible assets of $0.6 million, allocated overhead costs of $0.5 million, royalty expenses of $0.5 million, cloud hosting costs of $0.4 million and personnel-related costs of $0.4 million as a result of increased headcount.
Cost of License
Cost of license revenues remained relatively flat for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.
Cost of Professional Services
Cost of professional services revenues decreased by $2.3 million, or 13%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to decreases in personnel-related costs of $1.6 million as a result of decreased headcount, allocated overhead costs of $0.3 million and $0.2 million in travel related expenses.
Gross Profit
Gross profit increased by $16.9 million, or 24%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Of this increase, $15.4 million was attributable to growth in SaaS revenues and a decrease in SaaS costs as a percentage of related revenues and $1.1 million was attributable to a decrease in professional services costs as a percentage of related revenues.
22
Operating Expenses
|
Three Months Ended September 30, |
|
|
Change |
|
||||||||||
|
2024 |
|
|
2023 |
|
|
Amount |
|
|
% |
|
||||
|
(in thousands, except for percentages) |
|
|||||||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
$ |
32,427 |
|
|
$ |
28,496 |
|
|
$ |
3,931 |
|
|
|
14 |
% |
Sales and marketing |
|
37,760 |
|
|
|
34,419 |
|
|
|
3,341 |
|
|
|
10 |
% |
General and administrative |
|
23,938 |
|
|
|
21,052 |
|
|
|
2,886 |
|
|
|
14 |
% |
Total operating expenses |
$ |
94,125 |
|
|
$ |
83,967 |
|
|
$ |
10,158 |
|
|
|
12 |
% |
Research and Development
Research and development expenses increased by $3.9 million, or 14%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Personnel-related costs increased by $2.5 million due to annual salary increases and increased headcount. Contractor costs increased by $0.6 million as we increased contractor resources to support on-going development of our cloud offerings. Allocated overhead costs increased by $0.6 million due to increased headcount.
Sales and Marketing
Sales and marketing expenses increased by $3.3 million, or 10%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Personnel-related costs increased by $2.5 million primarily due to annual salary increases and increased headcount. Sales commissions increased by $0.7 million primarily driven by increased sales. Stock-based compensation expense increased by $0.4 million, primarily due to an increase in stock awards granted.
General and Administrative
General and administrative expenses increased by $2.9 million, or 14%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. This was primarily driven by an increase of $2.2 million in personnel-related costs primarily due to annual salary increases and increased headcount. Stock-based compensation expense increased by $0.5 million, primarily due to an increase in stock awards granted.
Interest and Other Income (Expense), Net
|
Three Months Ended September 30, |
|
|
Change |
|
||||||||||
|
2024 |
|
|
2023 |
|
|
Amount |
|
|
% |
|
||||
|
(in thousands, except for percentages) |
|
|||||||||||||
Interest and other income (expense), net |
$ |
3,422 |
|
|
$ |
(943 |
) |
|
$ |
4,365 |
|
|
|
(463 |
)% |
The change in interest and other income (expense), net, was primarily due to gains from foreign currency transactions and an increase in interest income as we increased our cash held in money market funds.
Income Tax Expense
|
Three Months Ended September 30, |
|
|
Change |
|
||||||||||
|
2024 |
|
|
2023 |
|
|
Amount |
|
|
% |
|
||||
|
(in thousands, except for percentages) |
|
|||||||||||||
Income tax expense |
$ |
(688 |
) |
|
$ |
(413 |
) |
|
$ |
(275 |
) |
|
|
67 |
% |
Income tax expense was $0.7 million for the three months ended September 30, 2024, compared to an income tax expense of $0.4 million for the three months ended September 30, 2023. Our income tax expense during the three months ended September 30, 2024 and 2023 was primarily attributable to income tax expense in a number of U.S. state jurisdictions and foreign jurisdictions.
23
Liquidity and Capital Resources
Sources and Uses of Liquidity
As of September 30, 2024, we had cash and cash equivalents of $253.8 million. We finance our liquidity needs primarily through collections from clients and the issuance of equity securities. 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.
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 September 30, 2024, along with our JPMorgan Credit Facility described below, will be sufficient to meet our working capital and capital expenditure needs for the next twelve months and beyond.
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 September 30, 2024, no amounts have been borrowed under the JPMorgan Credit Facility. See Note 10, Debt, to our unaudited condensed consolidated financial statements for additional information.
Our primary uses of cash include personnel-related expenses, third-party cloud infrastructure expenses, research and development, sales and marketing expenses, overhead costs and acquisitions we may make from time to time. Our future capital requirements will depend on many factors, including, but not limited to, our ability to grow our revenues and the timing and extent of investment across our organization necessary to support growth in our business. In addition, we may in the future enter into arrangements to acquire or invest in complementary businesses or technologies. We may need to seek additional equity or debt financing in order to meet these future capital requirements. If we are unable to raise additional capital when desired, or on terms that are acceptable to us, our business, financial condition and results of operations could be adversely affected.
Cash Flows
The following table summarizes our cash flows from operating, investing, and financing activities for the periods presented (in thousands):
|
|
Three Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Net cash provided by operating activities |
|
$ |
24,446 |
|
|
$ |
11,612 |
|
Net cash used in investing activities |
|
|
(2,785 |
) |
|
|
(3,002 |
) |
Net cash provided by financing activities |
|
|
21,531 |
|
|
|
1,691 |
|
Effect of foreign currency exchange rate changes on cash and cash equivalents |
|
|
2,285 |
|
|
|
261 |
|
Net increase in cash, cash equivalents and restricted cash |
|
$ |
45,477 |
|
|
$ |
10,562 |
|
Operating Activities
During the three months ended September 30, 2024, net cash provided by operating activities was $24.4 million, as our operating loss of $4.5 million was reduced by $29.0 million of adjustments. These adjustments consisted of $25.3 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 $3.7 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 $30.2 million due to the timing of billing and collections on our outstanding receivables and a decrease in unbilled receivables of $0.5 million, offset by a decrease in deferred revenue of $17.3 million due to the timing of invoicing to our clients, a decrease in accounts payable and accrued liabilities of $8.1 million primarily due to timing of payments and a decrease in operating lease liabilities of $1.3 million due to lease payments.
During the three months ended September 30, 2023, net cash provided by operating activities was $11.6 million, as our operating loss of $15.3 million was reduced by $26.9 million of adjustments. These adjustments consisted of $22.8 million of non-cash charges (principally comprising stock-based compensation expense and depreciation and amortization), and net cash inflow of $4.1 million from net changes in operating assets and liabilities. The net cash inflow from changes in operating assets and liabilities was primarily driven by a decrease in accounts receivable of $23.5 million due to the timing of billing and collections on our outstanding receivables, offset by a decrease in accounts payable and accrued liabilities of $11.3 million primarily due to payments for annual bonuses, an increase in unbilled receivables of $3.9 million due to the timing of invoicing to our clients, a decrease in other liabilities of $1.6 million due to the timing of payments, a decrease in operating lease liabilities of $1.6 million due to lease payments, and an increase of $1.3 million in prepaid expenses and other assets due to the timing of payments.
Investing Activities
Net cash used in investing activities consists of purchases of property and equipment, leasehold improvements, and capitalized internal-use software costs.
24
During the three months ended September 30, 2024, net cash used in investing activities was $2.8 million, consisting of capitalized internal-use software costs of $1.5 million, $0.9 million working capital adjustment related to a prior acquisition and capital expenditures of $0.4 million on property and equipment largely of computer equipment.
During the three months ended September 30, 2023, net cash used in investing activities was $3.0 million, consisting of capitalized internal-use software costs of $1.9 million and capital expenditures of $1.1 million on property and equipment largely of computer software and development costs.
Financing Activities
During the three months ended September 30, 2024, net cash provided by financing activities was $21.5 million, primarily comprised of $22.9 million of proceeds from stock option exercises offset by a $1.4 million payment for contingent consideration related to a prior acquisition.
During the three months ended September 30, 2023, net cash provided by financing activities was $1.7 million, primarily comprised of $2.3 million of proceeds from stock option exercises, offset by $0.6 million of payments related to deferred offering costs in connection with our follow-on public offering.
Material Cash Commitments
There have been no significant changes in our material cash requirements from those disclosed in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the SEC on August 26, 2024.
Indebtedness
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 September 30, 2024.
As of September 30, 2024, no amounts have been borrowed under the JPMorgan Credit Facility.
Critical Accounting Policies and Estimates
The process of preparing our unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates and judgments are based on historical experience, future expectations and other factors and assumptions we believe to be reasonable under the circumstances. The most significant estimates and judgments are reviewed on an ongoing basis and are revised when necessary. Actual amounts may differ from these estimates and judgments.
There have been no material changes to our critical accounting policies or estimates from those disclosed in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the SEC on August 26, 2024.
Recent Accounting Pronouncements
See Note 2 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for more information regarding recent accounting pronouncements and our assessment of their impact.
25
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks in the ordinary course of our business, including foreign currency exchange, credit, inflation, and interest rate risks.
Foreign Currency Exchange Risk
Our reporting currency is the U.S. dollar and the functional currency for all of our foreign subsidiaries is the U.S. dollar, except Rekoop Ltd., which uses the British pound.
The majority of our revenue and expenses are denominated in U.S. dollars. However, we have foreign currency risks as we have contracts with clients and payroll obligations and a limited number of supply contracts with vendors which have payments denominated in foreign currencies.
The volatility of exchange rates depends on many factors that we cannot forecast with reliable accuracy. We have experienced and will continue to experience fluctuations in foreign exchange gains and losses related to changes in foreign currency exchange rates. We have not engaged in the hedging of foreign currency transactions to date, although we may choose to do so in the future. Our exposure to foreign currency exchange risk relates primarily to our accounts receivable, cash balances, other employee compensation related obligations and lease liabilities denominated in currencies other than the U.S. dollar. If a hypothetical 10% change in foreign currency exchange rates were to occur in the future, the resulting gain or loss would be immaterial on our operating results over the next twelve months.
Credit Risk
We routinely assess the creditworthiness of our clients. We have not experienced any material losses related to non-payment of receivables from individual or groups of clients due to loss of creditworthiness during the three months ended September 30, 2024 and 2023. Clients representing in excess of 10% of our accounts receivable balance at September 30, 2024 and June 30, 2024 were zero and one, respectively. Due to these factors, management believes that we do not have additional credit risk beyond the amounts already provided for collection losses in our accounts receivable.
Inflation Risk
We do not believe that inflation has had a material effect on our business, results of operations, or financial condition. Nonetheless, if our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs, particularly if inflationary pressures occur during an economic downturn. Further, our clients may not buy new products or may refrain from expanding current product usage as a result of the impact of increasing costs on their spend. These matters could harm our business, results of operations, or financial condition.
Interest Rate Risk
Our exposure to market risk for changes in interest rates relates primarily to our cash held in cash deposits and cash equivalents invested in money market funds and our senior secured revolving credit facility of up to $100.0 million.
As of September 30, 2024, we had cash and cash equivalents of $253.8 million held with multiple high credit quality financial institutions, including investments in money market funds. Our investments are subject to market risk due to changes in interest rates, which may affect our interest income. A hypothetical 100 basis points increase or decrease in interest rates would not have a material impact on our operating results or the fair value of our cash and cash equivalents over the next twelve months.
As of September 30, 2024, we had no outstanding loan balance under our senior secured revolving credit facility. Future borrowings under this facility will accrue interest at a variable rate based on, at our election, either (a) an adjusted secured overnight financing rate (SOFR, as described in the Credit Agreement) plus a percentage spread (ranging from 1.75% to 2.50%) or (b) an alternate base rate (as described in the Credit Agreement) plus a percentage spread (ranging from 0.75% to 1.50%), in each case based on the Company’s total net leverage ratio. As a result, we will be exposed to increased interest rate risk if we draw down on the facility. For further information refer to Note 10, Debt, in the Notes to Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for further information on the Credit Agreement and the Security Agreement.
26
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, under the supervision and with the participation of our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), has evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been detected. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
27
PART II—OTHER INFORMATION
Item 1. Legal Proceedings
The information contained in Note 9. “Commitments and Contingencies—Litigation” in our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q is incorporated herein by reference. From time to time, we may be subject to legal proceedings and claims in the ordinary course of business. We cannot predict the results of any such disputes, and regardless of the potential outcomes, the existence thereof may have an adverse material impact on us due to diversion of management time and attention as well as the financial costs related to resolving such disputes.
Item 1A. Risk Factors
There have been no material changes to the risk factors disclosed under Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, the current effects of which are discussed in more detail in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q. If any of these risks or uncertainties actually occur, our business, financial condition, prospects, results of operations and cash flow could be materially and adversely affected. In that case, the market price of our common stock could decline. These risks are not the only risks we face. Additional risks or uncertainties not currently known to us, or that we currently deem immaterial, may also have a material adverse effect on our business, financial condition, prospects, results of operations or cash flows, as well as the market price of our securities. We cannot assure you that any of the events discussed in the risk factors will not occur.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
28
Item 6. Exhibits
The information required by this Item is set forth on the exhibit index that precedes the signature page of this Quarterly Report on Form 10-Q.
|
|
|
|
Incorporated by Reference |
|
|
||||||
Exhibit Number |
|
Description |
|
Form |
|
File Number |
|
Date |
|
Number |
|
Filed Herewith |
|
|
|
|
|
|
|
|
|
|
|
|
|
31.1 |
|
|
|
|
|
|
|
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.2 |
|
|
|
|
|
|
|
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.1* |
|
|
|
|
|
|
|
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.2* |
|
|
|
|
|
|
|
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.INS |
|
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
|
|
|
|
|
|
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH |
|
Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents |
|
|
|
|
|
|
|
|
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
|
|
|
|
|
|
|
|
|
X |
* The certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and are not deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall they be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, irrespective of any general incorporation language contained in such filing.
29
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
Intapp, Inc. |
|
|
|
|
|
Date: November 7, 2024 |
|
By: |
/s/ John Hall |
|
|
|
John Hall |
|
|
|
Chief Executive Officer (Principal Executive Officer) |
|
|
|
|
Date: November 7, 2024 |
|
By: |
/s/ David Morton |
|
|
|
David Morton |
|
|
|
Chief Financial Officer (Principal Financial Officer) |
30