$120 million.
That was Intapp's stock-based compensation expense for the twelve months ended June 30, 2026, up 36.2% from the comparable year. Revenue rose 14.6% to $577.8 million, and operating cash flow climbed 18.9% to $146.8 million. The odd pairing is the filing's central fact: the business produced more cash, but the accounting loss got larger.
Operating income fell from a loss of $27.4 million to a loss of $40.1 million. Net loss widened from $18.2 million to $41.3 million, even as gross margin improved to 75.8%. Stock compensation is non-cash, so it can reduce reported profit without being a cash payment in the same period. It also helps explain why a growing software company can show a positive cash-flow margin and still remain unprofitable on paper.
Intapp attributes part of the operating deterioration to the larger stock-award expense, but it also lists costs that are easier to treat as operating exposure. The company said:
"This was primarily driven by an increase in stock-based compensation expense of $12.0 million due to an increase in stock awards granted, personnel-related costs of $5.6 million due to annual salary and headcount increases, restructuring costs of $5.3 million, deferred consideration accruals of $3.3 million related to prior acquisitions, and allocated overhead costs of $1.5 million driven by increases in facilities and IT expenses."
Intapp, 10-K filed 2026-08-14
That list contains recurring-looking personnel and stock-award costs alongside restructuring and acquisition-related accounting. The filing does not separate those into a clean recurring-versus-one-time bridge, so it does not provide a clean recurring-versus-one-time bridge for the earnings loss.
Operating cash flow rose even as year-end cash fell. Year-end cash dropped from $313.1 million to $162.8 million, while operating cash flow rose. Intapp says the cash generated by working capital came mainly from deferred revenue tied to growth and the timing of invoicing:
"The net cash inflow from changes in operating assets and liabilities was primarily driven by an increase in deferred revenues of $35.3 million due to our revenue growth and the timing of invoicing, an increase in accounts payable and accrued liabilities of $13.5 million due to an increase in accrued bonuses and timing of payments, an increase in other liabilities of $2.2 million due to the timing of payments and a decrease in accounts receivable of $1.2 million due to the timing of billing and collections on our outstanding receivables."
Intapp, 10-K filed 2026-08-14
Deferred revenue is cash collected before revenue is recognized, so it can support cash flow without making the income statement look better immediately. Accounts receivable rose 14.7%, almost exactly alongside revenue, while capex remained only 0.4% of sales. The comparison does not identify one cause for the cash balance decline.
There is a historical wrinkle. Intapp's operating margin improved from -36.6% in 2022 to -5.4% in 2025, then slipped to -6.9% in the latest full year. The latest figures therefore show both a 75.8% gross margin and a lower operating margin.
At the latest close, Intapp's shares were $41.03, up 3.8% on Aug. 13. The company also ended the year with 79.6 million diluted shares, up 1.2%, so the filing shows stock compensation alongside a higher share count. The unanswered question is how much of the wider operating loss Intapp considers recurring after the disclosed restructuring and deferred-consideration costs are removed.
What portion of Intapp's operating loss is recurring stock compensation and personnel cost, rather than restructuring and acquisition-related charges?