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- **Cloud Leadership**: 84% ARR on cloud, 95% clients migrated. Subscription revenue up 27% YoY.
- **AI Surge**: Celeste bookings doubled QoQ, AI now 20% of net new. Early adopters see token efficiency and compliance benefits.
- **Financial Excellence**: FY2026 FCF $144.7M (25% margin). FY2027 guidance: 14-15% revenue growth, 23% EPS growth.
- **Market Dominance**: 17/20 top accounting firms on Intapp. Legal clients migrating to cloud for Celeste. Financial services firms adopting DealCloud with Celeste.
- **Partnership Growth**: Microsoft co-sold 8/10 top deals. Partner ecosystem expanded to 1,000+ certifications.
- **Vision 2029**: $1B ARR with 25% FCF margin, targeting $50B agentic TAM.

**【CEO Summary Section】**
- **Strong Q4 Performance**: Cloud ARR grew 29% YoY to $495.7 million, with 84% of total ARR on cloud. NRR remained steady at 123%, driven by 30+ cloud migrations, the highest quarterly number ever.
- **Firm AI and Celeste Launch**: Celeste achieved general availability in Q4, with early adopters demonstrating 20%+ AI-driven bookings. Clients like HG and BakerHostetler highlighted Celeste’s ability to leverage firm-specific data for compliance and efficiency.
- **Industry Wins**: Added 20 new accounting/logistics logos, with 17 of top 20 accounting firms now on Intapp. Legal clients (e.g., Eversheds Sutherland) migrated to cloud, while financial services firms (e.g., MP Corporate Finance) adopted DealCloud with Celeste for deal tracking.
- **Ecosystem Growth**: Partner co-sell contributed to 35% YoY growth in co-sell bookings. Microsoft co-sold 8 of top 10 deals, with Azure Marketplace usage up 20% YoY. Services partner network expanded to over 1,000 certifications.

**【CFO Financial Commentary】**
- **Revenue Growth**: Total revenue $152.5 million (+13% YoY). Subscription revenue $115 million (+27% YoY), 75% of total. License revenue $23.9 million (-25% YoY) as clients migrated to cloud.
- **Profitability**: Non-GAAP operating income $34.3 million (+61% YoY). Free cash flow $45.9 million (+21% YoY), with FY2026 FCF margin 25% vs. target 20% by FY2029.
- **Guidance FY2027**: Subscription revenue $528.7-532.7 million (+27-29% YoY). Total revenue $656.5-660.5 million (+14-15% YoY). Non-GAAP EPS $1.58-1.62 (+23% YoY).
- **Share Buybacks**: Repurchased 8.4 million shares in FY2026, reducing diluted shares by 8% YoY.

**【Q&A Highlights】**
- **AI Adoption**: AI bookings doubled sequentially in Q4, reaching 20% of net new bookings. Early adopters saw token usage optimized via Celeste’s model-agnostic architecture, reducing costs while maintaining compliance.
- **Cloud Migration**: 95% of clients now on cloud. Migration pipeline driven by firms wanting Celeste access, with on-prem renewals shrinking to 1-year terms.
- **Competitive Strategy**: Differentiated from generic AI via 4-layer Firm AI system (coworker agents, institutional knowledge, compliance walls, continuous learning). Partnerships (e.g., Moody’s) extend Celeste’s data capabilities without client effort.
- **Financial Leverage**: SaaS mix (75% of revenue) and operating expense control (86.8 million non-GAAP OpEx) drove margin expansion. FY2027 targets reflect confidence in cloud + AI growth, with FY2029 vision of $1 billion ARR and 25% FCF margin.

**【Key Takeaways】**
- **Cloud Dominance**: 84% of ARR on cloud, with 95% clients migrated. Subscription revenue up 27% YoY, outpacing license decline (-25% YoY).
- **AI Acceleration**: Celeste bookings doubled QoQ, AI now 20% of net new. Early adopters see token efficiency and compliance benefits.
- **Financial Strength**: Free cash flow $144.7 million FY2026 (25% margin). FY2027 guidance: 14-15% revenue growth, 23% EPS growth.
- **Strategic Wins**: 17/20 top accounting firms on Intapp. Legal clients migrating to cloud for Celeste. Financial services firms adopting DealCloud with Celeste for deal tracking.
- **Partnership Power**: Microsoft co-sold 8/10 top deals. Partner ecosystem expanded to 1,000+ certifications, driving 9x YoY services growth.
- **Long-Term Vision**: $1 billion ARR by FY2029 with 25% FCF margin, fueled by $50 billion agentic TAM.


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