PALO ALTO, CA – Intapp, Inc. (NASDAQ:INTA), a provider of prepackaged software services, announced the results of its Annual Meeting of Stockholders held on Wednesday, November 13, 2024. The company, which is incorporated in Delaware, reported a high stockholder turnout with over 91% of eligible shares represented at the meeting.
The stockholders voted on four key proposals during the meeting. The first proposal involved the election of Class I directors. Ralph Baxter (NYSE:BAX), Charles Moran, and George Neble were all reelected with Baxter receiving 56,709,305 votes for, Moran 52,845,822 votes for, and Neble 59,696,071 votes for. Each director will serve until the 2027 Annual Meeting of Stockholders, subject to earlier death, resignation, or removal.
The second proposal was the ratification of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025. This proposal was passed with a significant majority, receiving 70,077,059 votes for, 16,593 against, and 10,817 abstentions.
The third and fourth proposals pertained to executive compensation and the frequency of stockholder votes on such compensation, respectively. The advisory vote to approve named executive officer compensation, also known as the "Say-on-Pay" vote, was approved with 58,986,436 votes for, 9,199,531 against, and 13,896 abstentions. In the advisory vote on the frequency of future Say-on-Pay votes, the option of "1 Year" won the majority with 67,394,413 votes, leading the Board to decide on holding an annual Say-on-Pay vote.
In other recent news, Intapp has showcased a strong financial performance with a focus on cloud solutions and artificial intelligence. The company's first quarter results revealed a 27% year-over-year increase in cloud Annual Recurring Revenue (ARR) to $309 million, accounting for 74% of the total ARR of $417 million. The company's non-GAAP diluted EPS was reported at $0.21, and the free cash flow stood at $24.1 million. In addition, SaaS revenue increased by 30%, reaching $77 million, and total revenue grew by 17% to $119 million. On the downside, the firm noted a 35% year-over-year decrease in net new ARR during the first quarter, attributed to a slowdown in large deal activity.
Despite this, Oppenheimer maintained its Perform rating for Intapp, highlighting the company's sustained SaaS revenue growth and operating leverage. Looking ahead, Intapp projects Q2 SaaS revenue between $79.5 million and $80.5 million, and full fiscal year SaaS revenue between $327.6 million and $331.6 million.
InvestingPro Insights
To complement the information about Intapp's Annual Meeting of Stockholders, let's delve into some financial insights provided by InvestingPro.
Intapp's market capitalization stands at $4.36 billion, reflecting its significant presence in the prepackaged software services sector. The company has shown impressive growth, with revenue increasing by 20.07% over the last twelve months to $447.75 million. This growth aligns with the company's strong governance practices, as evidenced by the high stockholder participation in the recent annual meeting.
InvestingPro Tips highlight that Intapp holds more cash than debt on its balance sheet, which suggests a solid financial position. This financial stability could provide the company with flexibility for future investments or to weather potential economic uncertainties.
Another InvestingPro Tip indicates that 8 analysts have revised their earnings upwards for the upcoming period. This positive sentiment from analysts could be linked to the company's growth trajectory and the strategic decisions made during the stockholder meeting, such as the reelection of experienced directors and the approval of executive compensation plans.
It's worth noting that InvestingPro offers 11 additional tips for Intapp, providing a more comprehensive analysis for investors interested in deeper insights into the company's financial health and market position.
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