INTAIntapp, Inc.

Services-Prepackaged Software

Revenue: $578M; 15% YoY
Operating margin: -6.9%; 28% YoY
EBITDA: −$22M; 131% YoY
Market cap: $3.2B
Employees: 1,340; $431K revenue each
Net debt / EBITDA: —; −$148M net debt
AI in 10-K: 26.8; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 4 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
21% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
187% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
47% of assets
Over 40% of assets
Shareholder dissentYes
66% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$431K · 48th pct
Bottom quartile of its SIC industry
Quiet on AINo
26.8 per 10K words · 99th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$21M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$272M	$351M	$431M	$504M	$578M	15%
Operating income	−$99M	−$69M	−$32M	−$27M	−$40M	47%
Net income	−$100M	−$69M	−$32M	−$18M	−$41M	127%
Operating cash flow	$14M	$27M	$67M	$124M	$147M	19%
Capex	$554K	$2M	$2M	$2M	$2M	28%
Stock-based comp	$78M	$68M	$60M	$88M	$120M	36%
Buybacks	—	—	$0	$0	$275M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 23, 2024	GREAT HILL INVESTORS LLC	SC 13D/A	0.0%	Passive
May 15, 2024	GREAT HILL INVESTORS LLC	SC 13D/A	9.6%	Passive
May 10, 2024	GREAT HILL INVESTORS LLC	SC 13D/A	0.0%	Passive
Mar 19, 2024	GREAT HILL INVESTORS LLC	SC 13D/A	0.0%	Passive
Mar 7, 2024	GREAT HILL INVESTORS LLC	SC 13D/A	0.0%	Passive
Nov 20, 2023	Temasek Holdings (Private) Ltd	SC 13D/A	24.6%	Passive
Nov 17, 2023	GREAT HILL INVESTORS LLC	SC 13D/A	0.1%	Active
May 22, 2023	Temasek Holdings (Private) Ltd	SC 13D/A	29.2%	Passive
May 22, 2023	GREAT HILL INVESTORS LLC	SC 13D/A	0.1%	Active
Jul 12, 2021	GREAT HILL INVESTORS LLC	SC 13D	61.8%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $21M · 56
Net: −$21M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$19M	$2M	90	100
FY2025	$15M	$30M	184	111
FY2024	$8M	$4M	131	88
FY2023	$3M	$30M	150	78
FY2022	$892K	−$14M	52	65