{
  "@context": "https://orbyd.app/schemas/dossier.v1.json",
  "ticker": "INTA",
  "name": "Intapp, Inc.",
  "url": "https://orbyd.app/dossiers/INTA/",
  "json_url": "https://orbyd.app/dossiers/INTA.json",
  "status": "DORMANT",
  "current_conviction": "LOW",
  "graded_conviction": null,
  "archetype": {
    "code": "a3",
    "n": 3
  },
  "current_thesis": "Agentic-AI attach on a compliance-locked professional-firm base: Celeste launched 2026-07-15, Q4 FY26 (2026-08-04) beat with cloud ARR $495.7M +29% and 123% NRR, three targets raised 2026-08-05. But the FY27 revenue guide $656.5–660.5M only matched the $657.2M consensus, $37.73 sits above the ~$33–34 average target with RSI 74.9, and no company-dated event lands before the ~November Q1 print.",
  "invalidation_trigger": "A daily close below $32.74 — the 2026-08-04 pre-print close and base of the earnings gap — ends the post-print re-rating leg; secondarily, a Q1 FY27 report (~2026-11-03 est.) that trims the FY27 revenue range of $656.5–660.5M or shows cloud ARR growth below the reported 29%.",
  "catalyst_date": null,
  "outcome": "OPEN",
  "outcome_date": null,
  "invalidation_fired": null,
  "themes": [
    "ai-enterprise-software"
  ],
  "tags": [],
  "sources": [],
  "notes": [
    "Fiscal year ends June 30. \"FY2027\" is the year ending 2027-06-30; Q1 FY27 covers the quarter ending 2026-09-30.",
    "GAAP remains loss-making: FY26 GAAP operating loss $(40.1)M vs non-GAAP operating income $108.6M. Headline EPS figures quoted by media are non-GAAP.",
    "Cloud ARR, total ARR and cloud NRR are company-defined operating metrics, not GAAP measures, and are not directly comparable across vendors.",
    "Officer share sales during 2026 have been executed under pre-established Rule 10b5-1 plans, which limits their signal value as discretionary selling."
  ],
  "body_markdown": "## Current Thesis\n\nThe leg being bought is **agent attach onto a compliance-locked install base**. Intapp sells risk, compliance and deal software to law firms, private-capital funds, accounting and consulting firms — buyers who cannot drop client files into a generic model. On 2026-07-15 the company launched Celeste, an \"AI coworker\" that sits on that data. On 2026-08-04 it printed Q4 FY26 with cloud ARR of $495.7M (+29% YoY), total ARR $590.5M (+22%), and trailing-twelve-month cloud net revenue retention of 123%. Non-GAAP EPS was $0.41 against a $0.36 estimate; FY27 non-GAAP EPS guidance of $1.58–$1.62 came in above the ~$1.54 consensus. Shares closed the 2026-08-04 regular session at $32.74 and the 2026-08-07 session at $37.73.\n\nThe friction: the FY27 **revenue** guide of $656.5–660.5M brackets the $657.2M consensus rather than clearing it. The upside came from margin, and the market has already paid for it — $37.73 sits above the average post-print street target (roughly $33–34 across compilations) and above two of the three targets published on 2026-08-05.\n\n## Bull Case\n\n- **Cloud ARR $495.7M, +29% YoY, now 84% of total ARR** (Q4 FY26, quarter ended 2026-06-30). The on-prem-to-cloud conversion that gated the multiple for four years is substantially done; the reported 13% total revenue growth understates a 27% SaaS line ($115.0M in Q4, $422.8M for FY26).\n- **Upsell is measured, not asserted.** Clients above $1.0M of ARR went to 142 at 2026-06-30 from 109 a year earlier; 897 clients sit above $100K ARR and more than 1,400 above $50K. Cloud NRR of 123% is the mechanism by which an agent SKU monetises without new logos.\n- **Product cadence is dense and dated.** 2026-07-09: Wotton Kearney selected DealCloud with Celeste. 2026-07-14: Moody's data integrated into Celeste. 2026-07-15: Celeste general launch. Management framed the opportunity at ~$50B in the Q4 FY26 deck (2026-08-04) — that is the company's own TAM figure, not an independent estimate.\n- **Cash generation is real.** FY26 free cash flow $144.7M on $577.8M revenue; non-GAAP operating income $108.6M. The company retired 8.4M shares for $275.2M during FY26.\n- **The sell side moved together on 2026-08-05**: Truist Buy, target to $45; Piper Sandler Neutral, target to $34; Barclays Underweight, target to $29. A bear raising a target alongside a bull is a widening of the estimate distribution, not just a bull-side push.\n\n## Bear Case\n\n- **The revenue guide is in line.** FY27 $656.5–660.5M against a $657.2M consensus (2026-08-04). Q1 FY27 is guided to $159.3–160.3M versus $157.4M estimate. A 14% implied top-line growth rate does not by itself support an AI-application multiple; the print beat on EPS and operating leverage.\n- **GAAP has not turned.** FY26 GAAP operating loss $(40.1)M and GAAP net loss $(41.3)M against non-GAAP operating income of $108.6M — a spread of roughly $149M, predominantly stock compensation and amortisation. GAAP EPS was $(0.52) for FY26.\n- **Cash fell to $162.8M from $313.1M** year over year, after $275.2M of buybacks. Balance-sheet room for an acquisition or a downturn is materially thinner than a year ago.\n- **The competitive bid for legal/professional AI is enormous and privately funded.** The Information reported on 2026-08-07 that Harvey is in talks to raise at a $15.5B valuation. That validates the category and simultaneously funds a rival that does not need to defend an installed on-prem base.\n- Officer sales during 2026 have run under pre-established 10b5-1 plans, which weakens the signal but does not remove the supply.\n\n## Setup & Price Structure\n\nBasis: last completed daily close **$37.73** (2026-08-07). 52-week high **$47.67**; the stock is **20.9%** below it. Three-month return **+51.9%**. RSI(14) **74.9**.\n\nRead the two numbers together: a stock that is deeply overbought on a fourteen-day window while still a fifth below its own high is mid-recovery, not mid-blowoff. The structure is a gap-and-go off the 2026-08-04 print — the $32.74 pre-release close is the base of that gap and the most gradeable structural level on the chart. Above, the $45 (Truist) / $47 street-high / $47.67 52-week-high band is a confluence where a full round trip and the most bullish published target coincide.\n\nCrowding observables, stated without a verdict:\n- Price ($37.73) is above the post-print consensus target band (~$33–34) and above both the Piper Sandler $34 and Barclays $29 marks set on 2026-08-05.\n- RSI(14) 74.9 with a +51.9% three-month advance.\n- Insider supply is being scheduled into the strength: Form 144 for 146,674 shares, approximate sale date 2026-08-05.\n- No company-controlled catalyst inside the next 30 days. The earnings event has passed; the next one is roughly three months out.\n- Coverage clustered on a single day (three revisions on 2026-08-05) rather than building over weeks.\n\n**Narrative life-cycle: ACCELERATING.** What dates it: the Celeste launch (2026-07-15), the Moody's integration (2026-07-14), the first named Celeste-attached win (2026-07-09), the beat-and-raise on EPS (2026-08-04), and three same-day target raises (2026-08-05). New attention and expanding participation are present. The qualifier: the acceleration is in the *product* narrative while the revenue guide is in line, so the leg depends on Celeste showing in ARR before the attention decays.\n\n## Catalyst Calendar (next 30 days)\n\n- **2026-08-14** — Q2 2026 13F deadline. Shows whether institutions were adding through the June quarter, i.e. before the print, or distributing into the recovery off the spring low.\n- **~2026-08-29 (est.)** — FY2026 Form 10-K. Fiscal year ended 2026-06-30; the annual filing carries RPO, customer concentration, segment detail and repurchase-authorisation capacity that the 2026-08-04 release did not.\n- **Beyond the window, ~2026-09-15/16 (est.)** — Intapp is listed as a sponsor of the Private Equity Europe Forum, London. An industry, not investor, event; relevant only as DealCloud channel activity.\n- **~2026-11-03 (est.)** — Q1 FY27 results. Q1 FY26 was reported 2026-11-04, so early November is the working assumption until Intapp confirms. This is the first test of the $159.3–160.3M / $0.39–0.41 guide and the first quarter in which Celeste could appear in cloud ARR.\n\nThe 30-day window is empty of company-controlled events. Anything that moves the shares before September is flow, sector beta, or a competitor headline.\n\n## What Would Change Our Mind\n\nThe structure that has to hold is the 2026-08-04 earnings gap. Filling it means the market decided the beat was a margin quarter attached to an in-line revenue guide, and the Celeste premium priced between 2026-07-09 and 2026-08-07 was temporary. Concretely: **a daily close below $32.74** — the pre-print close and the base of the gap — ends the post-print re-rating leg. A secondary break would be the Q1 FY27 report (~2026-11-03 est.) arriving with the FY27 revenue range trimmed from $656.5–660.5M, or cloud ARR growth decelerating from the reported 29%.\n\nThe fundamental datapoint that would flip the read the other way: cloud NRR printing above 123% at Q1 FY27, or the $1M-plus client count extending materially past 142, either of which would show the agent SKU expanding wallet rather than replacing existing spend.\n\nA third condition worth naming: if the theme rotates to SATURATED — mainstream coverage of \"AI for law firms\" without accompanying ARR disclosure from Intapp specifically — the multiple carries the whole burden, and the multiple is already above where the median analyst will defend it.\n\n## Correlation Notes\n\n- **Vertical application SaaS cohort.** The comparable behaviour set is Veeva, Tyler Technologies, Guidewire, Clearwater Analytics and nCino — regulated-industry software where the AI story is attach-rate, not seat growth. Multiple compression in that group tends to travel together regardless of individual prints.\n- **Private-capital deal volume.** DealCloud is the CRM and deal-execution layer for private equity, private credit and investment banking. Seat expansion tracks hiring and deal activity at those firms; a slowdown in sponsor M&A shows up in Intapp's net-new ARR with a lag rather than immediately in reported revenue.\n- **Legal-AI private funding as a sentiment channel.** The Harvey $15.5B report (The Information, 2026-08-07) moves the category's perceived value both ways — validating the TAM and signalling how much capital a competitor can deploy against Intapp's law-firm base.\n- **Data-provider ecosystem.** The 2026-07-14 Moody's collaboration ties part of the Celeste value proposition to third-party data licensing; changes in that relationship affect the product's differentiation directly.\n- **Rate/duration factor.** A GAAP-loss-making SMID software name with a non-GAAP-defined earnings base carries the standard long-duration sensitivity; it should be expected to trade with IGV and with the long end rather than independently on company news between earnings dates.",
  "first_seen": "2026-07-28",
  "last_analyzed": "2026-08-09T08:10:07+00:00",
  "last_synthesized": "2026-08-08",
  "last_update_source": "theme_discovery",
  "license": "Content © orbyd. Cite the canonical URL."
}