Intapp

Subscription revenue hit 125.5 million dollars this quarter, up 29 percent from a year ago, and the cloud business now runs at 515.3 million dollars a year, up 28 percent. Cloud now makes up 85 percent of all recurring revenue, up from 80 percent last year, as firms trade old installed software for always-on subscriptions.

Existing cloud customers spent 23 percent more than they did a year earlier, a sign that firms keep adding Intapp tools once they're in. More than 1,400 firms now pay at least 50,000 dollars a year, including 908 paying over 100,000. Big law and accounting names like Bryan Cave Leighton Paisner and Forvis Mazars signed new deals or expanded existing ones this quarter.

Intapp's paper loss shrank to just 1.3 million dollars this quarter from 14.4 million a year ago, but stock handed to employees is the main thing keeping it in the red. The company expects about 138 million dollars of that stock expense this year. That slowly shrinks each shareholder's slice, even after the company spent 25 million dollars buying back shares.

Total revenue grew 16 percent to 161.3 million dollars, but the company's forecast for next quarter is 158.8 to 159.8 million, a small step down. The older installed software business keeps shrinking as clients move to the cloud, so the full year forecast of about 660 million dollars keeps overall growth modest.