INTA

Intapp is a high-quality, vertically-focused SaaS franchise serving sticky professional-services clients (legal, accounting, investment banking, private capital). The fundamentals are the kind you want to own through deceleration: FY2025 revenue of $504M grew 17.1%, the fifth straight year of double-digit-plus growth (215→272→351→431→504M), at a 74% gross margin, with $719.7M of remaining performance obligations giving real forward visibility. Critically, the GAAP loss is misleading — operating cash flow of $124M (+83.7%) against just $1.67M of capex means the business generated roughly $122M of free cash flow. The -$18.2M net loss is the residue of stock comp and amortization, not cash burn, and it has improved every year (-$99.7M in FY2022 to -$18.2M now), with the company visibly approaching GAAP breakeven.

The balance sheet is a fortress: $313M cash (+50.3%), $520M equity, no meaningful drawn debt in the latest data (the $276M long-term debt figure is a stale FY2021 line), and liabilities/equity of just 0.72x. Management completed the TermSheet acquisition without straining liquidity. This is not an at-risk, cash-strapped name — it can self-fund its R&D ($138M, +21.2%) and sales investment indefinitely.