Intapp, Inc. (INTA) reported better-than-expected fourth-quarter and debut results as a public company, following its listing on June 30, 2021. At quarter-end, the company had more than 1,900 customers, with 420 customers generating more than $100,000 of annual recurring revenue (ARR) and 31 customers with more than $1 million of ARR.
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Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry. Shares have gained 32.9% since its listing. (See Intapp stock charts on TipRanks)
The company reported a fourth-quarter loss of $0.19 per share, higher than the Q4 FY20 loss of $0.03 per share but much lower than the Street’s estimated loss of $0.48 per share.
Additionally, total revenue grew 29% compared to the prior-year period to $61.26 million, surpassing analysts’ estimates of $56.4 million. Intapp’s quarterly Software-as-a-Service (SaaS) and support revenue grew 26% year-over-year, while Cloud ARR increased 48% to $109.7 million.
For Fiscal 2021, Intapp’s revenue climbed 15% to $214.6 million, and adjusted annual loss stood at $0.56 per share, narrower than the prior year’s loss of $1.11 per share.
Commenting on the quarterly results, Intapp CEO John Hall said, “In the fiscal fourth quarter of 2021, we delivered strong financial results driven by the continued adoption of our full cloud platform by some of the largest firms in those industries. We also recently completed a successful IPO, and are well-positioned to further expand our business as we enable our clients to harness the power of our cloud-based solutions that are purpose-built to meet their needs.”
Based on its solid fourth quarter and FY21 results, the company provided guidance for the first quarter and full Fiscal Year 2022.
For the first quarter, INTA forecasts total revenue and loss per share to fall in the range of $56.5 – $57.5 million and $0.06 – $0.08 per share, respectively. The consensus estimate for revenue is pegged at $55.48 million with an estimated loss of $0.07 per share.
For Fiscal 2022, Intapp projects total revenue to be in the range of $241 – $245 million compared to the consensus estimate of $238.07 million. Additionally, the FY22 loss is estimated between $0.29 and $0.33 per share versus the consensus estimate of $0.31 per share.
Impressed by Intapp’s robust financial performance, Oppenheimer analyst Brian Schwartz lifted the price target on the stock to $41 (10.2% upside potential) from $35 while maintaining a Buy rating.
Schwartz said, “The strong F4Q bookings momentum and higher estimates trend lend support to our bullish view on the Verticals opportunity in SaaS over the next 1-3 years, and INTA as we believe the company stands to capitalize on the rapid shift post-COVID-19 to cloud computing and digitizing workflows across its endmarkets.”
The analyst noted that Intapp’s robust set of purpose-built software solutions can be used across multiple categories. Moreover, he is encouraged by the huge potential for a long runway of operating margin improvements and believes that the company is well-positioned to capitalize on a large and underpenetrated market.
With 8 unanimous Buys, the stock commands a Strong Buy consensus rating. The average Intapp price target of $38.63 implies 3.8% upside potential to current levels.
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