John Hall: Yes, absolutely. So generally speaking, our year ends in June and some of the clients have figured that out. So we tend to have different patterns across the quarters. Some of their years, end now, some of them in the U.K. end in April. So there is some fluctuation from quarter to quarter. I think in this quarter we had strong results. We also saw a little bit of a mix evolution. The professional services firms like legal, accounting and consulting were strong. We were very interested to see the economic reports about the hiring there that kind of matched when we saw it come out. We also saw in investment banking a little bit of budget management from some of the large firms and we saw the economic reports and some of the news about that and that made sense to us after the quarter was over.
So I think we’ve benefited from some of our diversification across these firms. We’ve talked about that as a durable model and we’ve grown through lots of different parts of the economic cycle consistently because of this. But there was some of that in this quarter’s results that we worked through.
Saket Kalia: Got it. That makes sense. Dave, maybe for my follow up for you, really looking forward to February 22. I think there’s going to be a lot of fun stuff to talk about. And so, if this is too much of a teaser, you let me know. But based on, I guess given your background coming from so many different SaaS businesses in the past, who do you sort of aspire to? Who do you sort of benchmark Intapp’s business model to based on where you are in kind of the lifecycle where you are from a scale perspective? If that makes sense.
David Morton: It does. And there’s a lot of great compras [ph] that we aspire to be in the vertical SaaS and there’s a reason for that, right? Because they’re very purposeful-built and they’ve had many years of success. And so we follow in some of those footsteps as we look at kind of our evolution and kind of where we’re headed to. Clearly, we have a very unique base and that in the top couple hundred could be billions of worth of TAM with our respective clients. But we also have somewhat of a longer tail and uniqueness about us that we’ve got the opportunity to go and serve those respective markets as well. And so, it’s kind of going through that evolution as we apply resources and we serve these greater clients. So we’re pretty excited to talk more about that coming on the 22nd and kind of where we’re putting more of that wood behind that arrow.
But clearly, you’ve seen the resiliency within our model across both ends of that spectrum that we’ve articulated in some of these customer examples or client examples.
Saket Kalia: Got it. Very helpful. Looking forward to the 22nd.
Operator: Our next question comes from the line of Parker Lane of Stifel.
Parker Lane: John, you guys have been doing applied AI for a while but clearly you’re bringing a lot more AI solutions to the market. We’ll see those later this month. Curious if you could talk about, I guess, the acceptance or willingness of your different end markets to leverage AI and their workflows. Is the feedback there generally positive? Do you think there’s a big opportunity in the near-term? Or is it going to take some time for people to really trust what’s going on behind the scenes, get their hands on these tools before you see budgets starting to free up around AI?
John Hall: I think, there’s some early adopters who are really enthusiastic because they just feel how big a potential there is for AI to make its way into these knowledge-based professionals. So much of their work is about serving large sets of data regardless of their area of expertise. They’re looking across large areas of data to try to develop a point of view, either for a deal investment decision for advice to their clients. And then, from a daily workflow standpoint, so much of what they do is unstructured information processing to come back to clients and orchestrate deals and all these different types of advisory activities that they do, that there’s a lot of excitement about the broad potential, particularly now of the generative AI store.
So there’s some early folks who are in and then there’s some more pragmatic folks who are saying, “This is all great. I believe it but what are we going to do about the compliance questions? What are we going to do about the information access questions? Big organization globally with a lot of knowledge buried in our systems. If we point AI at that, how are we going to make sure that we comply with all the regulatory obligations and the client obligations that we have?” And so, this is an area that we’re very focused on because we’ve had such a strong position in the compliance aspect of these industries and their information for so many years. We think we can bring a unique value proposition that has all the potential of AI applied in industry-specific ways.
But one of the core issues in industry-specific applications around AI here is the compliance and trust set of concerns. So this is a theme you’re going to hear from us. This is where we’re going, is to bring a more compliant story to the whole AI opportunity. And we think that will lower the barriers and the concerns that anybody might have. And so in terms of timeline, we’re not making specific commitments today but I think we can do all the work to get the fastest AI deployment in these firms through that perspective.
