David Morton: Yes. Thanks, Saket. We’re still looking at how we’re monetizing a lot of our new product offerings as John had narrated on. I think it was probably one of our biggest releases ever in the history of Intapp. And so there’s a lot of opportunity there for us as we think about not only in FQ4, but also as we enter FY25 and really galvanize the opportunity ahead of us as well as the market and client need. And so there’s a lot of puts and takes to that. But I think where you’re seeing has come off is more of a succession and really embarking or taking kind of what we’ve learned and see in that market and continue to build ahead into this next 90 days. And so, again, we’re going to continue to be very prudent, but then also drive towards the plan as we put forward here today.
Operator: The next question comes from Alex Sklar with Raymond James.
Alex Sklar: John, first one for you. Just on the TDI acquisition, bolstering the collaboration product suite. You had a nice large customer win with collaboration this quarter. Can you just tell us what this acquisition does in terms of maybe driving more penetration of your collaboration product broadly? Is that kind of the thought here? And then Dave, any color on the financial contribution in the fourth quarter or kind of annual revenue from Delphai or TDI going forward? Thanks.
John Hall: Thanks, Alex. So we’re very excited about the team from TDI joining us. They have particular expertise in collaboration solutions for several of our end markets, including legal. They have been working with us in a partnership for a very long time, and their technology was actually developed to work with ours. So this is a great example of using M&A selectively to really strategically expand quickly some of the capabilities that our platform can bring to market in specific segments. So that’s absolutely the goal that matches our Microsoft partnership as well. This is very much about helping our clients to get the most leverage out of their Microsoft 365 investment, which has just taken over the market, and to bring the features and capabilities that you need as a professional services firm or a law firm or investment bank or a private capital firm to really start to manage your knowledge and your content successfully in Microsoft 365 in a compliant and organized way.
And so, it’s a very close acquisition that should really help us as we continue to grow that that component of our strategy.
Alex Sklar: And then, I guess one for you, Dave. Just it’s been over, I think it’s just been just over a year now since you kind of updated that NRR range to 113 to 117. And as you look kind of over the next 12 months or whatever timeframe you want to think about, based on what’s on the pipeline and other is that still the right range to think about for NRR? Are there any other puts and takes to be aware of? Thanks.
David Morton: Sorry. I didn’t unmute the button. But, you know, as we think about those puts and takes, the 113 to 117, that’s very much operationalized within the company. I think the math that we’re quite candidly more focused on is the cloud NRR and continue to drive that motion because that’s the real behavior set. And so, you know, as we all move a lot of our on-prem to cloud, that gives us an additional opportunity there as well as facilitate broader portfolio conversations with our existing clients. And so, I still think there’s an opportunity across all of our product suites that we offer to all of our clients, and nobody’s really fully saturated. And so we just view that kind of more of a, as a guiding post here for us as we transition more and more to the cloud.
Operator: And the next question is from Terry Tillman with Truist Securities.
Dominique Manansala : Hi, this is Dominique Manansala on for Terry. Thanks for taking the question. So considering firms previously so considering first previously voiced concerns with using Gen AI, especially those within highly regulated industries, I’m just wondering if you’ve heard any feedback on Walter Copilot common these fears and could you double click on how customers have been using this product thus far and how it’s affected that tone or that hesitation?
John Hall: Thanks, Dominique. Yes, we’re very excited about this because two reasons. One, the issue of generative AI has everyone interested and excited. People really do believe in these end markets that the generative AI era is going to transform the way that the professionals execute their work. People aren’t really debating whether that’s going to happen. The big discussion is how and in what areas, and to your point, what kind of governance and information security and compliance capabilities are the new systems going to need to have in order to enable people to successfully use this. And so you’re hearing a lot of themes from us that are very specific and steeped in our history of compliance and information governance, specifically for these professional firms.
So the issue of provenance, you heard me talk about in the Delphai acquisition story, and then Walls is a well established product line for us. We really defined this category for these end markets where they’re looking for semantically based information governance that’s very distinct from the traditional information security type of solutions that you might see in the horizontal mark. These professional firms really need a system that understands what a information barrier is; the kinds of semantic taxonomy that you need to really enforce those kinds of walls. And we have a great portfolio of reference customers that have been working with us in this area for a long time. So it was very natural for them to see us as people that could bring a solution for the generative AI here and how we can help them roll out, Microsoft Copilot and other generative AI solutions successfully.
So we’ve had very positive conversations across the board, and we have had firms start to say, you know, we don’t think that we can roll out Copilot without having a solution like this given the regulatory obligations that we live within. It’s not a shortcoming of the excellent Copilot technology. It’s just that if you look at the way the firms do their information governance, they have to put something like this in place to be able to take advantage of Copilot’s capabilities. So we’re excited about where this can go.
Operator: The next question comes from Matt Vanvliet at BTIG.
Matt Vanvliet: Obviously, the applied AI strategy was just launched recently, but curious on how you’re planning to fully monetize sort of a lot of these product releases. You’re anticipating having sort of standalone SKUs that are premium modules to what you’re offering now or is this really about enhancing the value of the product out there being able to sell more product to existing customers? And sort of wrapped within that, should we thing about this being able to push that cloud NRR number higher throughout this year as existing customers take on more and more of the applied AI?
John Hall: Thanks, Matt. So as far as monetization goes, it’s a mix. So we have some of the capabilities that we announced we are including because we want to help firms take advantage of applied AI and use it inside our system. We think it’s a differentiator. We think we want to be the company that is the vertical AI leader for them, and we also have a strategic interest, particularly with things like Intapp Data, in getting more data into their environment that we can run the AI on and then bring in third-party additional data to help augment the information that the firms are using AI to analyze and work with. So there’s a component that’s included. But in addition, we absolutely are creating stand alone SKUs for several of these components, and it’s early, we just announced this in February, and we’ve been working with customers early on.
We’ve got a ton of interest, and we announced some of the wins, not all of them, but we announced some of the wins on the call to help see, help everybody see, look, this is real. At the same time, we’re going to be prudent about how fast this goes. We need to sort of understand exactly what the rollout experience is like. We want to make sure that we continue our tradition of doing a great job with that, to get the right clients with the right references working across the market. So it’s a product rollout like any other that takes the normal kind of time to get folks up and running. But I think generally speaking, it’s a great portfolio of new launches for us that should support us as we grow.
