{
  "@context": "https://frontierpicks.com/schemas/dossier.v1.json",
  "ticker": "INTA",
  "name": "Intapp, Inc.",
  "url": "https://frontierpicks.com/dossiers/INTA/",
  "json_url": "https://frontierpicks.com/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, now with a number: Q4 FY26 (2026-08-04) put AI bookings above 20% of net new, and the 2026-08-13 10-K disclosed $833.0M RPO. But the 2026-08-21 close of $41.35 is 25% above the $33.00 seven-analyst average target with RSI 74.5, and no company-dated event lands before the ~November Q1 FY27 print.",
  "invalidation_trigger": "A weekly close below $36.96 — the level around which the 2026-08-05 post-print gap session settled — ends the continuation leg above the earnings gap; 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.",
    "AI bookings share of net new bookings was disclosed for the first time at the Q4 FY26 call (2026-08-04); there is no prior-period series to compare it against."
  ],
  "body_markdown": "## Current Thesis\n\nThe leg being bought is unchanged in kind but changed in price: **agent attach onto a compliance-locked professional-firm install base**. Intapp sells risk, compliance and deal software to law firms, private-capital funds, accounting and consulting firms — buyers who cannot put client files into a generic model. Celeste, the agentic \"AI coworker\", went generally available 2026-07-15. Q4 FY26 (2026-08-04) printed cloud ARR $495.7M, +29% YoY, total ARR $590.5M, +22%, and trailing-twelve-month cloud net revenue retention of 123%.\n\nTwo things are new since the 2026-08-08 note. First, the FY2026 Form 10-K landed 2026-08-13, disclosing remaining performance obligations of $833.0M at 2026-06-30 and a 76% FY26 gross margin — contracted backlog that sits against an FY27 revenue guide of $656.5–660.5M. Second, management quantified the AI line for the first time: AI bookings doubled sequentially in Q4 FY26 and are now more than 20% of net new bookings.\n\nSecond thing is the price. The 2026-08-21 close of $41.35 is 9.6% above the $37.73 level cited in the prior note, sits 13.3% under the 52-week high of $47.67, and follows a three-month advance of 102.7% with RSI(14) at 74.5. MarketBeat's compilation of seven analysts shows an average twelve-month target of $33.00, a high of $47 and a low of $25 (read 2026-08-22). The shares trade above every published target except Truist's $45. Nothing company-dated resolves before the Q1 FY27 print, estimated early November.\n\n## Bull Case\n\n- **AI now has a number attached.** Q4 FY26 (2026-08-04): AI bookings doubled quarter over quarter and exceeded 20% of net new bookings. Before this print the Celeste story was product headlines — 2026-07-09 Wotton Kearney selecting DealCloud with Celeste, 2026-07-14 Moody's data integration, 2026-07-15 general availability — with no disclosed monetisation.\n- **Contracted backlog disclosed.** RPO $833.0M at 2026-06-30 (FY2026 10-K, filed 2026-08-13) against FY27 revenue guidance of $656.5–660.5M. FY26 gross margin 76% on $577.8M of revenue.\n- **Cloud ARR $495.7M, +29% YoY, 84% of total ARR** at 2026-06-30. Reported total revenue growth of 13% in Q4 understates a SaaS line that grew 27% to $115.0M in the quarter and $422.8M for FY26.\n- **Land-and-expand is measured.** Clients above $1.0M ARR rose to 142 at 2026-06-30 from 109 a year earlier; 897 clients sit above $100K ARR. Cloud NRR of 123% is the mechanism through which an agent SKU monetises without new logos.\n- **Cash generation and retirement.** FY26 free cash flow $144.7M, operating cash flow $146.8M, 8.4M shares repurchased for $275.2M.\n- **Sell-side drift is upward across ratings.** 2026-08-05: Truist Buy to $45 (from $35), Piper Sandler Neutral to $34, Barclays Underweight to $29. 2026-08-06: Citi Neutral to $36 from $29. 2026-08-15: Wall Street Zen upgrade, hold to buy.\n\n## Bear Case\n\n- **The revenue guide never cleared consensus.** FY27 $656.5–660.5M against $657.2M (2026-08-04). Q1 FY27 $159.3–160.3M against a $157.4M estimate. The beat and the raise were on margin and EPS — FY27 non-GAAP diluted EPS $1.58–$1.62 versus roughly $1.54.\n- **Price has outrun the published targets.** At the 2026-08-21 close of $41.35 the shares are above the $33.00 seven-analyst average, above Citi's $36, Piper's $34 and Barclays' $29, and short only of Truist's $45. Rerating from here requires new estimates, not new multiples on existing ones.\n- **GAAP has not inflected.** FY26 GAAP operating loss $(40.1)M and net loss $(41.3)M against non-GAAP operating income $108.6M; FY26 GAAP EPS $(0.52). The spread is predominantly stock compensation and amortisation.\n- **Balance-sheet room is thinner.** Cash and equivalents $162.8M at 2026-06-30 versus $313.1M a year earlier, after the $275.2M of FY26 repurchases.\n- **The category is being funded privately at scale.** The Information reported 2026-08-07 that Harvey is in talks to raise at a $15.5B valuation — validation of the end market and simultaneously a competitor with no on-prem base to defend.\n- **Insider supply into the recovery.** A Form 144 dated 2026-08-05 covered a planned sale of 146,674 shares, approximate aggregate market value $4,807,973.72. a reference point for how far the tape has travelled since June.\n\n## Setup & Price Structure\n\nMeasured, from the adjusted daily series: the 2026-08-21 close is $41.35; the 52-week high is $47.67, leaving the shares 13.3% below it; the three-month price change is 102.7%; RSI(14) is 74.5.\n\nThe visible structure since the print: $32.74 on 2026-08-04 (pre-print close, base of the earnings gap), a gap-and-go session on 2026-08-05 that third-party quote data puts near $36.96, $37.73 on 2026-08-07, and a reported prior close of $38.49 ahead of a 2026-08-20 session that traded as high as $40.45. Price has therefore extended for two full weeks *after* the last dated company disclosure (the 10-K, 2026-08-13) rather than on it.\n\n**The narrative is maturing.** The accelerating phase was 2026-07-15 (Celeste GA) through 2026-08-06 (four target revisions in two sessions). Since then the headline flow has thinned — the 10-K on 2026-08-13, a small-shop upgrade on 2026-08-15 — while price kept advancing. The narrative is well understood and still working; what is moderating is the supply of new information behind it.\n\n**Crowding and positioning observables, stated as observables:**\n- Retail-facing explainer coverage clustered on 2026-08-13 (multiple \"why INTA is up\" pieces) and again 2026-08-20, after the institutional-facing news had already been published.\n- RSI(14) of 74.5 on the 2026-08-21 close, with the shares up 102.7% over three months.\n- Price $41.35 against a seven-analyst average target of $33.00 (MarketBeat, read 2026-08-22).\n- Institutional ownership reported at 89.96% (MarketBeat, 2026-08-20); TimesSquare Capital Management disclosed a new position in a 13F filing reported 2026-08-18.\n- that figure appears to be an intraday snapshot rather than a full-session count, so it is weak evidence about participation and is recorded here as unresolved.\n- No earnings date inside the next 30 days.\n\n## Catalyst Calendar (next 30 days)\n\n- **2026-08-22 to 2026-09-21 — no confirmed company-dated event.** The FY2026 Form 10-K, the last scheduled disclosure, was filed 2026-08-13. This window is empty of anything Intapp itself controls.\n- **~2026-09-15 (est.) — Private Equity Europe Forum, London; Intapp listed as a sponsor.** An industry rather than an investor event; relevant only as visibility into DealCloud channel activity among European sponsors. No prepared investor remarks are scheduled.\n- **~2026-11-03 (est.) — Q1 FY2027 results** (Q1 FY26 was reported 2026-11-04). Outside the window, and the first genuine test of the $159.3–160.3M revenue and $0.39–$0.41 EPS guide, of whether AI bookings hold above 20% of net new, and of whether cloud ARR growth stays near 29%.\n\n## What Would Change Our Mind\n\nThe structure that has to hold is the shelf built on top of the 2026-08-04 earnings gap. Losing it would mean the market handed back the entire post-print continuation while the fundamental disclosures — RPO $833.0M, 29% cloud ARR growth, 20%+ AI bookings share — stayed exactly as filed, which is the signature of a positioning unwind rather than a downgrade of the business. Concretely: **a weekly close below $36.96**, the level around which the 2026-08-05 gap session settled, ends the continuation leg; the 2026-08-04 pre-print close of $32.74 is the deeper reference beneath it.\n\nThree non-price conditions would do the same work:\n1. The Q1 FY2027 report (~2026-11-03 est.) trimming the FY27 revenue range of $656.5–660.5M, or cloud ARR growth decelerating from 29% toward the low twenties.\n2. Management declining to update the AI-bookings share disclosed at the Q4 FY26 call, after having volunteered it once — a single quarter of a metric is not a trend, and its disappearance would be informative.\n3. The theme flipping to saturated: mainstream coverage arriving after a further advance, with no new target above Truist's $45 and no new estimate revisions.\n\nWhat would raise conviction instead: a sustained move through the 52-week high of $47.67 on volume that is verifiably above the ~1.07M-share average session, or a Q1 FY27 print in which the AI-bookings share advances from the 20%+ disclosed for Q4 FY26.\n\n## Correlation Notes\n\n- Trades with the high-multiple vertical-SaaS and AI-application complex; the June-30 fiscal year means it prints out of phase with calendar-quarter software peers, so it is often marked against read-throughs from names that reported weeks earlier.\n- DealCloud revenue tracks private-capital deal activity. Sponsor and closed-deal counts are the upstream variable; a slowdown in sponsor transactions is felt in that module before it appears in aggregate ARR.\n- Legal-AI private financing rounds move sentiment in both directions. The 2026-08-07 report of Harvey at a $15.5B valuation raised the category's implied worth and the competitive threat in the same headline.\n- Rate-sensitive on multiple, not on the balance sheet: with $162.8M of cash at 2026-06-30 and $144.7M of FY26 free cash flow, the funding risk is low, but the valuation is duration-heavy and moves with long-end yields.",
  "first_seen": "2026-07-28",
  "last_analyzed": "2026-08-23T08:09:47+00:00",
  "last_synthesized": "2026-08-22",
  "last_update_source": "theme_discovery",
  "license": "Content © FrontierPicks. Cite the canonical URL."
}