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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________________________________
FORM 8-K
__________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 3, 2026
__________________________________________________________
Intapp, Inc.
(Exact name of Registrant as Specified in Its Charter)
__________________________________________________________
Delaware 001-40550 46-1467620
(State or Other Jurisdiction
of Incorporation)
(Commission File Number) (IRS Employer
Identification No.)
3101 Park Blvd
Palo Alto, California
94306
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (650) 852-0400
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
__________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.001 per share INTA The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On February 3, 2026, Intapp, Inc. issued a press release announcing its financial results for its second quarter ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.



Item 2.02 Results of Operations and Financial Condition.
The information in this Current Report on Form 8-K and the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
Exhibit
Number
Description
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



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: February 3, 2026
By: /s/ Steven Todd
Name: Steven Todd
Title: General Counsel

EX-99.1 2 inta-20251231xex991.htm EX-99.1 Document

Exhibit 99.1
Intapp Announces Second Quarter Fiscal Year 2026 Financial Results
•Second quarter SaaS revenue of $102.5 million, up 28% year-over-year
•Cloud annual recurring revenue (“ARR”) of $433.6 million, up 31% year-over-year
•Trailing twelve months’ cloud net revenue retention rate as of December 31, 2025 was 124%
PALO ALTO, Calif., February 3, 2026 – Intapp, Inc. (NASDAQ: INTA), a leading global provider of AI-powered solutions for professionals at advisory, capital markets, and legal firms, announced financial results for its fiscal second quarter ended December 31, 2025. Intapp also provided its outlook for the third quarter and the full fiscal year 2026.
“I am pleased to report our strong second quarter which was supported by the addition of new clients and the expansion of existing client accounts,” said John Hall, CEO of Intapp. “Our results reflect our proficiency in serving enterprise clients, our growing partner ecosystem, and demand for our new AI-driven solutions in the highly-regulated industries we serve.”
Second Quarter of Fiscal Year 2026 Financial Highlights
•SaaS revenue was $102.5 million, a 28% year-over-year increase compared to the second quarter of fiscal year 2025.
•Total revenue was $140.2 million, a 16% year-over-year increase compared to the second quarter of fiscal year 2025.
•Cloud ARR was $433.6 million as of December 31, 2025, a 31% year-over-year increase compared to Cloud ARR as of December 31, 2024. Cloud ARR represented 81% of total ARR as of December 31, 2025, compared to 76% as of December 31, 2024.
•Total ARR was $535.0 million as of December 31, 2025, a 22% year-over-year increase compared to total ARR as of December 31, 2024.
•GAAP operating loss was $(7.2) million, compared to a GAAP operating loss of $(10.2) million in the second quarter of fiscal year 2025.
•Non-GAAP operating income was $27.7 million, compared to a non-GAAP operating income of $18.9 million in the second quarter of fiscal year 2025.
•GAAP net loss was $(5.9) million, compared to a GAAP net loss of $(10.2) million in the second quarter of fiscal year 2025.
•Non-GAAP net income was $27.6 million, compared to a non-GAAP net income of $17.4 million in the second quarter of fiscal year 2025.
•GAAP net loss per share was $(0.07), compared to a GAAP net loss per share of $(0.13) in the second quarter of fiscal year 2025.
•Non-GAAP diluted net income per share was $0.33, compared to a non-GAAP diluted net income per share of $0.21 in the second quarter of fiscal year 2025.
•Cash and cash equivalents were $191.2 million as of December 31, 2025, compared to $313.1 million as of June 30, 2025.
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•For the six months ended December 31, 2025, net cash provided by operating activities was $36.7 million, compared to net cash provided by operating activities of $49.7 million for the six months ended December 31, 2024.
•For the six months ended December 31, 2025, we repurchased 3.4 million shares of our common stock for an aggregate amount of $150.1 million, including broker fees.
Business Highlights
•As of December 31, 2025, we served more than 2,750 clients, 834 of which each had contracts greater than $100,000 of ARR.
•We upsold and cross-sold our existing clients such that our trailing twelve months’ cloud net revenue retention rate as of December 31, 2025 was 124%.
•We continued to add new clients and expand existing accounts including accounting firm Ostberg Sinclair and law firm Buchanan Ingersoll & Rooney.
•Intapp DealCloud was named Deal Origination Solution of the Year: Credit at the 2025 Private Equity Wire U.S. Awards.
Fiscal 2026 Outlook
Third Quarter
Fiscal Year
(in millions, except per share data)
SaaS revenue
$105.0 - $106.0
$415.0 - $419.0
Total revenue
$143.8 - $144.8
$570.3 - $574.3
Non-GAAP operating income
$23.1 - $24.1
$99.9 - $103.9
Non-GAAP diluted net income per share
$0.27 - $0.29
$1.20 - $1.24
The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
The information presented in this press release includes non-GAAP financial measures such as “non-GAAP operating income,” “non-GAAP net income,” and “non-GAAP diluted net income per share.” Refer to “Non-GAAP Financial Measures and Other Metrics” for a discussion of these measures and the financial tables below for reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.
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The guidance regarding non-GAAP operating income excludes known pre-tax charges related to estimated stock-based compensation of $28.7 million for the third quarter of fiscal year 2026 and $112.6 million for fiscal year 2026 and amortization of intangible assets of $2.9 million for the third quarter of fiscal year 2026 and $10.6 million for fiscal year 2026. The guidance regarding non-GAAP diluted net income per share excludes known pre-tax charges related to estimated stock-based compensation of $0.35 per share for the third quarter of fiscal year 2026 and $1.35 per share for fiscal year 2026 and amortization of intangible assets of $0.03 per share for the third quarter of fiscal year 2026 and $0.13 per share for fiscal year 2026. The Company has not included a quantitative reconciliation of its guidance for non-GAAP operating income and non-GAAP diluted net income per share to their most directly comparable GAAP financial measures, other than stock-based compensation and amortization of intangible assets, because certain of these reconciling items, including expenses associated with acquisition-related contingent and deferred liabilities, transaction costs, restructuring and other costs, foreign currency impact from dissolution of subsidiary, asset impairments and income tax effect of non-GAAP adjustments, could be highly variable and cannot be reasonably predicted without unreasonable effort. This is due to the inherent difficulty of forecasting the timing of certain events that have not yet occurred and are out of the Company’s control and the amounts of associated reconciling items. Please note that the unavailable reconciling items could significantly impact the Company’s GAAP operating results.
Corporate Presentation
A supplemental financial presentation and other information will be accessible through Intapp’s investor relations website at https://investors.intapp.com/.
Webcast
Intapp will host a conference call for analysts and investors on Tuesday, February 3, 2026, beginning at 2:00 p.m. PT (5:00 p.m. ET). The call will be webcast live via the “Investors” section of the Intapp company website at https://investors.intapp.com/. A replay of the call will be available through the Intapp website for 90 days.
About Intapp
Intapp software helps professionals unlock their teams’ knowledge, relationships, and operational insights to increase value for their firms. Using the power of Applied AI, we make firm and market intelligence easy to find, understand, and use. With Intapp’s portfolio of vertical SaaS solutions, professionals can apply their collective expertise to make smarter decisions, manage risk, and increase competitive advantage. The world’s top firms — across accounting, consulting, investment banking, legal, private capital, and real assets — trust Intapp’s industry-specific platform and solutions to modernize and drive new growth.
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Forward-Looking Statements
This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter and full fiscal year 2026, growth strategy, business plans and market position. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “expand,” “outlook” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including: our ability to continue our growth at or near historical rates; our future financial performance and ability to be profitable; the effect of global events on the U.S. and global economies, our business, our employees, our results of operations, our financial condition, demand for our products, sales and implementation cycles, and the health of our clients’ and partners’ businesses; our ability to prevent and respond to data breaches, unauthorized access to client data or other disruptions of our solutions; our ability to effectively manage U.S. and global market and economic conditions, including inflationary pressures, economic and market downturns and volatility in the financial services industry, particularly adverse to our targeted industries; the effect on our customers of the imposition of additional tariffs, duties, or taxes, changes to existing trade agreements, and other charges or barriers to trade and any resulting impact to global stock markets, foreign currency exchange rates, and existing inflationary pressures; the length and variability of our sales cycle; our ability to attract and retain clients; our ability to attract and retain talent; our ability to compete in highly competitive markets, including AI products; our ability to manage the implementation of AI into our products and services and to comply with U.S. and global laws and regulations regarding AI; our ability to manage additional complexity, burdens, and volatility in connection with our international sales and operations; the successful assimilation or integration of the businesses, technologies, services, products, personnel or operations of acquired companies; our ability to incur indebtedness in the future and the effect of conditions in credit markets; the sufficiency of our cash and cash equivalents to meet our liquidity needs; and our ability to maintain, protect, and enhance our intellectual property rights. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and any subsequent public filings. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.
Non-GAAP Financial Measures and Other Metrics
This press release contains the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP diluted net income per share. These non-GAAP measures exclude the impact of stock-based compensation, amortization of intangible assets, expenses associated with acquisition-related contingent and deferred liabilities, transaction costs, restructuring and other costs, foreign currency impact from dissolution of subsidiary, asset impairments and the income tax effect of non-GAAP adjustments. Stock-based compensation includes the net effects of capitalization and amortization of stock-based compensation related to capitalized internal-use software costs. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.
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Free cash flow is a non-GAAP financial measure, and a supplemental liquidity measure that management uses to evaluate our core operating business and our ability to meet our current and future financing and investing needs. It consists of net cash provided by operating activities less cash paid for purchases of property and equipment. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.
Other metrics include total ARR, Cloud ARR and Cloud net revenue retention rate. Total ARR represents the annualized recurring value of all active SaaS and on-premise license contracts at the end of a reporting period. Cloud ARR is the portion of the annualized recurring value of our active SaaS contracts at the end of a reporting period. Contracts with a term other than one year are annualized by taking the committed contract value for the current period divided by number of days in that period, then multiplying by 365. Cloud net revenue retention rate is the portion of our net revenue retention rate, which represents the net revenue retention of our SaaS contracts. We calculate Cloud net revenue retention by starting with the Cloud ARR from the cohort of all clients as of the twelve months prior to the applicable fiscal period, or prior period Cloud ARR. We then calculate the Cloud ARR from these same clients as of the current fiscal period, or current period Cloud ARR. We then divide the current period Cloud ARR by the prior period Cloud ARR to calculate the Cloud net revenue retention.
We believe these non-GAAP financial measures and metrics provide useful information to investors as they are used by management to manage the business, make planning decisions, evaluate our performance, and allocate resources and provide useful information regarding certain financial and business trends relating to our financial condition and results of operations. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
Guidance for non-GAAP financial measures excludes stock-based compensation expense, amortization of intangible assets, expenses associated with acquisition-related contingent and deferred liabilities, transaction costs, restructuring and other costs, foreign currency impact from dissolution of subsidiary, asset impairments and the income tax effect of non-GAAP adjustments. Non-GAAP diluted net income per share is calculated by dividing non-GAAP net income by the estimated diluted weighted average shares outstanding for the period.
Investor Contact
David Trone
Senior Vice President, Investor Relations
Intapp, Inc.
ir@intapp.com
Media Contact
Ali Robinson
Global Media Relations Director
Intapp, Inc.
press@intapp.com
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INTAPP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share data and percentages)
Three Months Ended December 31, Six Months Ended December 31,
2025 2024 2025 2024
Revenues:
SaaS $ 102,458 $ 79,976 $ 199,982 $ 156,852
License 25,449 28,017 54,636 56,509
Professional services 12,301 13,216 24,617 26,653
Total revenues 140,208 121,209 279,235 240,014
Cost of revenues:
SaaS 18,242 16,292 36,102 31,610
License 1,348 1,630 2,916 3,382
Professional services 15,480 14,549 31,248 29,413
Total cost of revenues 35,070 32,471 70,266 64,405
Gross profit 105,138 88,738 208,969 175,609
Gross margin 75.0% 73.2% 74.8% 73.2%
Operating expenses:
Research and development 39,283 33,325 80,217 65,752
Sales and marketing 46,691 40,791 95,477 78,551
General and administrative 26,341 24,808 54,907 48,746
Total operating expenses 112,315 98,924 230,601 193,049
Operating loss (7,177) (10,186) (21,632) (17,440)
Interest and other income (expense), net 1,915 (202) 2,974 3,220
Net loss before income taxes (5,262) (10,388) (18,658) (14,220)
Income tax (expense) benefit (672) 171 (1,629) (517)
Net loss $ (5,934) $ (10,217) $ (20,287) $ (14,737)
Net loss per share, basic and diluted $ (0.07) $ (0.13) $ (0.25) $ (0.19)
Weighted-average shares used to compute net loss per share, basic and diluted 81,048 78,118 81,465 76,861
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INTAPP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
December 31, 2025 June 30, 2025
Assets
Current assets:
Cash and cash equivalents $ 191,152  $ 313,109 
Restricted cash 200  200 
Accounts receivable, net 119,318  89,667 
Unbilled receivables, net 15,465  19,462 
Other receivables, net 3,991  5,866 
Prepaid expenses 11,426  11,971 
Deferred commissions, current 17,844  15,605 
Total current assets 359,396  455,880 
Property and equipment, net 24,715  23,157 
Operating lease right-of-use assets 17,713  18,139 
Goodwill 326,101  326,260 
Intangible assets, net 34,962  40,699 
Deferred commissions, noncurrent 20,873  20,761 
Other assets 11,419  9,265 
Total assets $ 795,179  $ 894,161 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 16,402  $ 16,497 
Accrued compensation 36,885  51,654 
Accrued expenses 7,169  12,647 
Deferred revenue, net 283,073  256,994 
Other current liabilities 15,193  12,066 
Total current liabilities 358,722  349,858 
Deferred tax liabilities 1,420  1,716 
Deferred revenue, noncurrent 4,011  2,002 
Operating lease liabilities, noncurrent 14,836  16,114 
Other liabilities 5,941  4,706 
Total liabilities 384,930  374,396 
Stockholders’ equity:
Common stock 81  82 
Additional paid-in capital 1,085,919  1,025,712 
Accumulated other comprehensive loss —  (630)
Accumulated deficit (675,751) (505,399)
Total stockholders’ equity 410,249  519,765 
Total liabilities and stockholders’ equity $ 795,179  $ 894,161 
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INTAPP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Three Months Ended December 31, Six Months Ended December 31,
2025 2024 2025 2024
Cash Flows from Operating Activities:
Net loss $ (5,934) $ (10,217) $ (20,287) $ (14,737)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 4,649  4,372  9,221  8,839 
Amortization of operating lease right-of-use assets 1,517  1,278  2,947  2,558 
Accounts receivable allowances 361  273  828  823 
Stock-based compensation 30,697  25,411  57,984  45,400 
Change in fair value of contingent consideration —  —  500  (1,004)
Deferred income taxes (138) (26) (297) (74)
Foreign currency impact from dissolution of subsidiary —  —  799  — 
Asset impairments —  —  1,351  — 
Other 38  38  76  76 
Changes in operating assets and liabilities:
Accounts receivable (58,714) (23,742) (30,150) 6,465 
Unbilled receivables, current 2,126  (1,009) 3,997  (486)
Prepaid expenses and other assets 1,167  (2,433) 1,868  (5,001)
Deferred commissions (2,860) (1,832) (2,351) (165)
Accounts payable and accrued liabilities 2,577  185  (19,292) (7,875)
Deferred revenue, net 47,863  32,784  28,088  15,509 
Operating lease liabilities (1,764) (1,344) (3,085) (2,675)
Other liabilities 1,296  1,501  4,479  2,032 
Net cash provided by operating activities 22,881  25,239  36,676  49,685 
Cash Flows from Investing Activities:
Purchases of property and equipment (664) (62) (1,222) (416)
Capitalized internal-use software costs (2,117) (1,915) (4,411) (3,449)
Business combinations, net of cash acquired —  —  (9) (897)
Purchase of strategic investments —  —  (2,990) — 
Net cash used in financing activities (2,781) (1,977) (8,632) (4,762)
Cash Flows from Financing Activities:
Payments for deferred offering costs —  —  —  — 
Proceeds from stock option exercises 5,332  9,666  8,134  32,584 
Proceeds from employee stock purchase plan 2,153  1,970  2,153  1,970 
Payments related to tax withholding for vested equity awards (8,558) —  (8,558) — 
Payments of contingent consideration and holdback associated with acquisitions (1,236) (1,023) (1,236) (2,410)
Repurchases of common stock (100,046) —  (150,068) — 
Net cash (used in) provided by financing activities (102,355) 10,613  (149,575) 32,144 
Effect of foreign currency exchange rate changes on cash and cash equivalents (30) (2,091) (426) 194 
Net (decrease) increase in cash, cash equivalents and restricted cash (82,285) 31,784  (121,957) 77,261 
Cash, cash equivalents and restricted cash - beginning of period 273,637  254,047  313,309  208,570 
Cash, cash equivalents and restricted cash - end of period $ 191,352  $ 285,831  $ 191,352  $ 285,831 
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INTAPP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited, in thousands, except per share data and percentages)
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below:
Non-GAAP Gross Profit
Three Months Ended December 31, Six Months Ended December 31,
2025 2024 2025 2024
GAAP gross profit $ 105,138  $ 88,738  $ 208,969  $ 175,609 
Adjusted to exclude the following:
Stock-based compensation 2,647  2,702  5,035  4,934 
Amortization of intangible assets 1,710  1,509  3,421  3,080 
Restructuring and other costs —  53  74  62 
Non-GAAP gross profit $ 109,495  $ 93,002  $ 217,499  $ 183,685 
Non-GAAP gross margin 78.1  % 76.7  % 77.9  % 76.5  %
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Non-GAAP Operating Expenses
Three Months Ended December 31, Six Months Ended December 31,
2025 2024 2025 2024
GAAP research and development $ 39,283  $ 33,325  $ 80,217  $ 65,752 
Stock-based compensation (8,634) (6,800) (16,621) (11,424)
Expenses associated with acquisition-related contingent and deferred liabilities (1)
(605) —  (1,680) — 
Restructuring and other costs (75) (113) (440) (162)
Non-GAAP research and development $ 29,969  $ 26,412  $ 61,476  $ 54,166 
GAAP sales and marketing $ 46,691  $ 40,791  $ 95,477  $ 78,551 
Stock-based compensation (9,284) (7,232) (17,177) (12,970)
Amortization of intangible assets (1,102) (1,268) (2,202) (2,536)
Expenses associated with acquisition-related contingent and deferred liabilities (1)
(605) —  (1,680) — 
Restructuring and other costs —  —  (46) — 
Non-GAAP sales and marketing $ 35,700  $ 32,291  $ 74,372  $ 63,045 
GAAP general and administrative $ 26,341  $ 24,808  $ 54,907  $ 48,746 
Stock-based compensation (10,132) (8,677) (19,151) (16,072)
Amortization of intangible assets (57) (163) (114) (326)
Expenses associated with acquisition-related contingent and deferred liabilities (1)
(57) —  (562) 1,004 
Transaction costs (2)
(530) (561) (664)
Restructuring and other costs (10) (64) (133) (236)
Asset impairments (3)
—  —  (1,351) — 
Non-GAAP general and administrative $ 16,093  $ 15,374  $ 33,035  $ 32,452 
Non-GAAP Operating Income
Three Months Ended December 31, Six Months Ended December 31,
2025 2024 2025 2024
GAAP operating loss $ (7,177) $ (10,186) $ (21,632) $ (17,440)
Adjusted to exclude the following:
Stock-based compensation 30,697  25,411  57,984  45,400 
Amortization of intangible assets 2,869  2,940  5,737  5,942 
Expenses associated with acquisition-related contingent and deferred liabilities (1)
1,267  —  3,922  (1,004)
Transaction costs (2)
(8) 530  561  664 
Restructuring and other costs 85  230  693  460 
Asset impairments (3)
—  —  1,351  — 
Non-GAAP operating income $ 27,733  $ 18,925  $ 48,616  $ 34,022 
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Non-GAAP Net Income
Three Months Ended December 31, Six Months Ended December 31,
2025 2024 2025 2024
GAAP net loss $ (5,934) $ (10,217) $ (20,287) $ (14,737)
Adjusted to exclude the following:
Stock-based compensation 30,697  25,411  57,984  45,400 
Amortization of intangible assets 2,869  2,940  5,737  5,942 
Expenses associated with acquisition-related contingent and deferred liabilities (1)
1,267  —  3,922  (1,004)
Transaction costs (2)
(8) 530  561  664 
Restructuring and other costs 85  230  693  460 
Foreign currency impact from dissolution of subsidiary —  —  799  — 
Asset impairments (3)
—  —  1,351  — 
Income tax effect of non-GAAP adjustments (1,425) (1,489) (2,549) (2,513)
Non-GAAP net income $ 27,551  $ 17,405  $ 48,211  $ 34,212 
GAAP net loss per share, basic and diluted $ (0.07) $ (0.13) $ (0.25) $ (0.19)
Non-GAAP net income per share, diluted $ 0.33  $ 0.21  $ 0.57  $ 0.41 
Weighted-average shares used to compute GAAP net loss per share, basic and diluted 81,048 78,118 81,465 76,861
Weighted-average shares used to compute non-GAAP net income per share, diluted 83,254 83,910 83,848 82,724
Free Cash Flow
Three Months Ended December 31, Six Months Ended December 31,
2025 2024 2025 2024
Net cash provided by operating activities $ 22,881  $ 25,239  $ 36,676  $ 49,685 
Adjusted for the following cash outlay:
Purchases of property and equipment (664) (62) (1,222) (416)
Free cash flow $ 22,217  $ 25,177  $ 35,454  $ 49,269 
(1)Consists of incremental costs, which may include, fair value adjustments on contingent liabilities and compensation expenses related to compensation arrangements entered into concurrent with the closing of an acquisition that will become payable, if at all, only upon the achievement of certain performance milestones.
(2)Consists of costs related to a legal settlement incurred in connection with an acquisition, acquisition-related transaction costs and acquisition termination costs.
(3) Consists of impairment costs related to capitalized cloud computing implementation costs from our digital transformation initiative.
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