• Intapp Announces Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: Nasdaq GlobeNewswire / 13 Aug 2024 16:05:01   America/New_York

    • Fourth quarter SaaS and support revenue of $85.0 million, up 25% year-over-year
    • Fourth quarter total revenue of $114.4 million, up 21% year-over-year
    • Cloud annual recurring revenue (ARR) of $296.7 million, up 33% year-over-year

    PALO ALTO, Calif., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Intapp, Inc. (NASDAQ: INTA), a leading global provider of AI-powered solutions for professionals at advisory, capital markets, and legal firms, announced financial results for its fourth quarter and fiscal year ended June 30, 2024. Intapp also provided its outlook for the first quarter and fiscal year 2025.

    “It has been a strong and exciting year for Intapp as we lead our clients to adopt and apply AI to the work of their professionals,” said John Hall, CEO of Intapp. “Our fiscal year 2024 results reflect the launch of our innovative new AI solutions, expanding our client base across the globe, forging new partnerships, and growing our clients in the cloud.”

    Fourth Quarter of Fiscal Year 2024 Financial Highlights

    • SaaS and support revenue was $85.0 million, a 25% year-over-year increase compared to the fourth quarter of fiscal year 2023.
    • Total revenue was $114.4 million, a 21% year-over-year increase compared to the fourth quarter of fiscal year 2023.
    • Cloud ARR was $296.7 million as of June 30, 2024, a 33% year-over-year increase compared to Cloud ARR as of June 30, 2023. Cloud ARR represented 73% of total ARR as of June 30, 2024, compared to 67% as of June 30, 2023.
    • Total ARR was $404.2 million as of June 30, 2024, a 22% year-over-year increase compared to total ARR as of June 30, 2023.
    • GAAP operating income was $0.3 million, compared to a GAAP operating loss of $(12.4) million in the fourth quarter of fiscal year 2023.
    • Non-GAAP operating income was $13.5 million, compared to a non-GAAP operating income of $3.0 million in the fourth quarter of fiscal year 2023.
    • GAAP net loss was $(0.6) million, compared to a GAAP net loss of $(11.5) million in the fourth quarter of fiscal year 2023.
    • Non-GAAP net income was $11.9 million, compared to a non-GAAP net income of $3.2 million in the fourth quarter of fiscal year 2023.
    • GAAP net loss per share was $(0.01), compared to a GAAP net loss per share of $(0.17) in the fourth quarter of fiscal year 2023.
    • Non-GAAP diluted net income per share was $0.15, compared to a non-GAAP diluted net income per share of $0.04 in the fourth quarter of fiscal year 2023.

    Fiscal Year 2024 Financial Highlights

    • SaaS and support revenue was $316.0 million, a 25% year-over-year increase compared to fiscal year 2023.
    • Total revenue was $430.5 million, a 23% year-over-year increase compared to fiscal year 2023.
    • GAAP operating loss was $(32.2) million, compared to a GAAP operating loss of $(69.3) million in fiscal year 2023.
    • Non-GAAP operating income was $38.7 million, compared to a non-GAAP operating income of $10.5 million in fiscal year 2023.
    • GAAP net loss was $(32.0) million, compared to a GAAP net loss of $(69.4) million in fiscal year 2023.
    • Non-GAAP net income was $36.4 million compared to a non-GAAP net income of $8.3 million in fiscal year 2023.
    • GAAP net loss per share was $(0.45), compared to a GAAP net loss per share of $(1.08) in fiscal year 2023.
    • Non-GAAP diluted net income per share was $0.45, compared to a non-GAAP net income per share of $0.11 in fiscal year 2023.

    Balance Sheet and Cash Flow Highlights

    • Cash and cash equivalents were $208.4 million as of June 30, 2024, compared to $130.4 million as of June 30, 2023.
    • For the fiscal year ended June 30, 2024, cash provided by operating activities was $67.2 million, compared to cash provided by operating activities of $27.5 million for the fiscal year ended June 30, 2023.

    Business Highlights

    • As of June 30, 2024, we served more than 2,550 clients, 698 of which each with contracts greater than $100,000 of ARR. In addition, at fiscal year ended June 30, 2024, we had 73 clients with more than $1.0 million of ARR, up from 53 such clients at the prior fiscal year end.
    • We upsold and cross-sold our existing clients such that our trailing twelve months’ net revenue retention rate as of June 30, 2024 was 116%, which is within our expected range of 113% to 117%.
    • We continued to add new clients and expand existing accounts including law firms EMW Law and Jackson Walker; and private equity firms Argonaut, Enventure, and Old Mutual Alternative Investments.
    • Intapp DealCloud won the 2024 CRM Excellence Award from CUSTOMER magazine and TMC; and the 2024 Drawdown Award for Investor Relations Technology.
    • We acquired Transform Data International to enhance Microsoft 365-based modern work capabilities and implementation services for Intapp Collaboration solutions.
    • We continued to develop our partner ecosystem and announced a new partnership with Bite Investments to enhance investor management capabilities in Intapp DealCloud.

    First Quarter and Fiscal Year 2025 Outlook

     Fiscal 2025 Outlook
     First QuarterFiscal Year
     (in millions, except per share data)
    SaaS revenue$75.3 - $76.3$326.7 - $330.7
    SaaS and support revenue$89.5 - $90.5$380.5 - $384.5
    Total revenue$117.2 - $118.2$493.0 - $497.0
    Non-GAAP operating income$11.0 - $12.0$56.5 - $60.5
    Non-GAAP diluted net income per share$0.12 - $0.14$0.59 - $0.63
       

    The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

    The information presented in this press release includes non-GAAP financial measures such as “non-GAAP operating income,” “non-GAAP net income,” and “non-GAAP diluted net income per share.” Refer to “Non-GAAP Financial Measures and Other Metrics” for a discussion of these measures and the financial tables below for reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure. The Company has not included a quantitative reconciliation of its guidance for non-GAAP operating income and non-GAAP diluted net income per share to their most directly comparable GAAP financial measures because certain of these reconciling items, including stock-based compensation and amortization of intangible assets, could be highly variable and cannot be reasonably predicted without unreasonable effort. This is due to the inherent difficulty of forecasting the timing of certain events that have not yet occurred and are out of the Company’s control and the amounts of associated reconciling items. Please note that the unavailable reconciling items could significantly impact the Company’s GAAP operating results.

    Corporate Presentation

    A supplemental financial presentation and other information will be accessible through Intapp’s investor relations website at https://investors.intapp.com/.

    Webcast

    Intapp will host a conference call for analysts and investors on Tuesday, August 13, 2024, beginning at 2:00 p.m. PT (5:00 p.m. ET). The call will be webcast live via the “Investors” section of the Intapp company website at https://investors.intapp.com/. A replay of the call will be available through the Intapp website for 90 days.

    About Intapp

    Intapp software helps professionals unlock their teams’ knowledge, relationships, and operational insights to increase value for their firms. Using the power of Applied AI, we make firm and market intelligence easy to find, understand, and use. With Intapp’s portfolio of vertical SaaS solutions, professionals can apply their collective expertise to make smarter decisions, manage risk, and increase competitive advantage. The world’s top firms — across accounting, consulting, investment banking, legal, private capital, and real assets — trust Intapp’s industry-specific platform and solutions to modernize and drive new growth.

    Forward-Looking Statements

    This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the first quarter and fiscal year 2025, growth strategy, business plans and market position. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “expand,” “outlook” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including: our ability to continue our growth at or near historical rates; our future financial performance and ability to be profitable; the effect of global events on the U.S. and global economies, our business, our employees, our results of operations, our financial condition, demand for our products, sales and implementation cycles, and the health of our clients’ and partners’ businesses; our ability to prevent and respond to data breaches, unauthorized access to client data or other disruptions of our solutions; our ability to effectively manage U.S. and global market and economic conditions, including inflationary pressures, economic and market downturns and volatility in the financial services industry, particularly adverse to our targeted industries; the length and variability of our sales cycle; our ability to attract and retain clients; our ability to attract and retain talent; our ability to compete in highly competitive markets, including AI products; our ability to manage additional complexity, burdens, and volatility in connection with our international sales and operations; the successful assimilation or integration of the businesses, technologies, services, products, personnel or operations of acquired companies; our ability to incur indebtedness in the future and the effect of conditions in credit markets; the sufficiency of our cash and cash equivalents to meet our liquidity needs; and our ability to maintain, protect, and enhance our intellectual property rights. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and any subsequent public filings. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Non-GAAP Financial Measures and Other Metrics

    This press release contains the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP recurring gross profit, non-GAAP recurring gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income and non-GAAP diluted net income per share. These non-GAAP measures exclude the impact of stock-based compensation, amortization of intangible assets, lease modification and impairment, change in fair value of contingent consideration, transaction costs, restructuring and other costs and the income tax effect of non-GAAP adjustments. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

    Free cashflow is a non-GAAP financial measure, and a supplemental liquidity measure that management uses to evaluate our core operating business and our ability to meet our current and future financing and investing needs. It consists of net cash provided by operating activities less cash paid for purchases of property and equipment. See below for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

    Other metrics include total ARR, Cloud ARR and net revenue retention rate. Total ARR represents the annualized recurring value of all active SaaS and on-premise subscription license contracts at the end of a reporting period. Cloud ARR is the portion of the annualized recurring value of our active SaaS contracts at the end of a reporting period. Contracts with a term other than one year are annualized by taking the committed contract value for the current period divided by number of days in that period, then multiplying by 365.

    Net revenue retention rate is calculated by starting with the ARR from the cohort of all clients as of the twelve months prior to the applicable fiscal period, or prior period ARR. We then calculate the ARR from these same clients as of the current fiscal period, or current period ARR. We then divide the current period ARR by the prior period ARR to calculate the net revenue retention rate.

    We believe these non-GAAP financial measures and metrics provide useful information to investors as they are used by management to manage the business, make planning decisions, evaluate our performance, and allocate resources and provide useful information regarding certain financial and business trends relating to our financial condition and results of operations. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

    Guidance for non-GAAP financial measures excludes stock-based compensation expense and amortization of intangible assets. Non-GAAP diluted net income per share is calculated by dividing non-GAAP net income by the estimated diluted weighted average shares outstanding for the period.

    Investor Contact

    David Trone
    Senior Vice President, Investor Relations
    Intapp, Inc.
    ir@intapp.com

    Media Contact

    Ali Robinson
    Global Media Relations Director
    Intapp, Inc.
    press@intapp.com


     
    INTAPP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited, in thousands, except per share data and percentages)
     
      Three Months Ended
    June 30,
      Year Ended
    June 30,
     
      2024  2023  2024  2023 
    Revenues            
    SaaS and support $84,973  $67,841  $315,960  $252,310 
    Subscription license  16,116   12,166   60,682   48,970 
    Professional services  13,287   14,612   53,881   49,593 
    Total revenues  114,376   94,619   430,523   350,873 
    Cost of revenues            
    SaaS and support  16,100   14,524   59,831   53,022 
    Professional services  14,638   16,329   63,830   58,440 
    Total cost of revenues  30,738   30,853   123,661   111,462 
    Gross profit  83,638   63,766   306,862   239,411 
    Gross margin  73.1%  67.4%  71.3%  68.2%
    Operating expenses:            
    Research and development  29,838   25,499   113,634   93,851 
    Sales and marketing  33,232   32,393   138,176   132,189 
    General and administrative  20,266   18,316   87,243   81,031 
    Lease modification and impairment           1,601 
    Total operating expenses  83,336   76,208   339,053   308,672 
    Operating income (loss)  302   (12,442)  (32,191)  (69,261)
    Interest and other income (expense), net  413   177   2,285   (659)
    Net income (loss) before income taxes  715   (12,265)  (29,906)  (69,920)
    Income tax (expense) benefit  (1,312)  795   (2,115)  495 
    Net loss $(597) $(11,470) $(32,021) $(69,425)
    Net loss per share, basic and diluted $(0.01) $(0.17) $(0.45) $(1.08)
    Weighted-average shares used to compute net loss per share, basic and diluted  73,898   66,730   71,488   64,295 


     
    INTAPP, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited, in thousands)
     
      June 30, 2024  June 30, 2023 
    Assets      
    Current assets:      
    Cash and cash equivalents $208,370  $130,377 
    Restricted cash  200   808 
    Accounts receivable, net  95,103   92,973 
    Unbilled receivables, net  13,300   10,661 
    Other receivables, net  2,743   878 
    Prepaid expenses  9,031   7,335 
    Deferred commissions, current  13,907   11,807 
    Total current assets  342,654   254,839 
    Property and equipment, net  18,944   16,366 
    Operating lease right-of-use assets  21,382   17,180 
    Goodwill  285,969   278,890 
    Intangible assets, net  40,293   43,257 
    Deferred commissions, noncurrent  18,495   16,529 
    Other assets  5,262   1,846 
    Total assets $732,999  $628,907 
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $13,348  $6,018 
    Accrued compensation  42,066   39,761 
    Accrued expenses  12,040   11,626 
    Deferred revenue, net  218,923   191,042 
    Other current liabilities  14,270   10,902 
    Total current liabilities  300,647   259,349 
    Deferred tax liabilities  1,336   1,422 
    Deferred revenue, noncurrent  3,563   1,355 
    Operating lease liabilities, noncurrent  19,605   16,195 
    Other liabilities  4,610   9,378 
    Total liabilities  329,761   287,699 
    Stockholders’ equity:      
    Common stock  75   69 
    Additional paid-in capital  891,681   797,639 
    Accumulated other comprehensive loss  (1,336)  (1,339)
    Accumulated deficit  (487,182)  (455,161)
    Total stockholders’ equity  403,238   341,208 
    Total liabilities and stockholders’ equity $732,999  $628,907 


     
    INTAPP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited, in thousands)
     
      Three Months Ended
    June 30,
      Year Ended
    June 30,
     
      2024  2023  2024  2023 
    Cash Flows from Operating Activities:            
    Net loss $(597) $(11,470) $(32,021) $(69,425)
    Adjustments to reconcile net loss to net cash provided by operating activities:            
    Depreciation and amortization  4,698   3,913   16,704   15,319 
    Amortization of operating lease right-of-use assets  1,259   1,129   4,781   4,639 
    Accounts receivable allowances  916   (480)  3,711   922 
    Stock-based compensation  10,604   12,974   59,895   67,769 
    Lease modification and impairment           1,601 
    Change in fair value of contingent consideration  (1,565)  (889)  (3,290)  (1,762)
    Deferred income taxes  302   (460)  (22)  (912)
    Other  124   39   239   154 
    Changes in operating assets and liabilities:            
    Accounts receivable  (15,239)  (24,032)  (5,138)  (26,402)
    Unbilled receivables, current  3,165   1,981   (2,639)  (3,898)
    Prepaid expenses and other assets  (1,605)  1,047   (5,740)  1,261 
    Deferred commissions  (2,302)  (1,278)  (4,066)  (3,394)
    Accounts payable and accrued liabilities  3,172   7,785   9,438   2,313 
    Deferred revenue, net  23,328   24,308   28,261   46,565 
    Operating lease liabilities  (783)  (1,328)  (4,266)  (5,922)
    Other liabilities  1,602   (2,586)  1,384   (1,341)
      Net cash provided by operating activities  27,079   10,653   67,231   27,487 
    Cash Flows from Investing Activities:            
    Purchases of property and equipment  (729)  (158)  (2,457)  (2,212)
    Capitalized internal-use software costs  (1,181)  (1,648)  (6,398)  (5,524)
                 
    Business combinations, net of cash acquired  (10,973)  (6,604)  (10,973)  (6,604)
    Investment in note receivable           (500)
    Repayment of note receivable     500      500 
      Net cash used in investing activities  (12,883)  (7,910)  (19,828)  (14,340)
    Cash Flows from Financing Activities:            
    Proceeds from public offering, net of underwriting discounts     70,080      70,080 
    Payments for deferred offering costs     (733)  (781)  (790)
    Proceeds from stock option exercises  5,539   7,729   30,726   23,456 
    Proceeds from employee stock purchase plan  1,706   1,459   3,431   2,700 
    Payments related to tax withholding for vested equity awards     (4,108)     (9,056)
    Payments of deferred contingent consideration and holdback associated with acquisitions  (500)     (3,051)  (22,290)
      Net cash provided by financing activities  6,745   74,427   30,325   64,100 
    Effect of foreign currency exchange rate changes on cash and cash equivalents  3   49   (343)  (373)
      Net increase in cash, cash equivalents and restricted cash  20,944   77,219   77,385   76,874 
    Cash, cash equivalents and restricted cash - beginning of period  187,626   53,966   131,185   54,311 
    Cash, cash equivalents and restricted cash - end of period $208,570  $131,185  $208,570  $131,185 



    INTAPP, INC.

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited, in thousands, except per share data and percentages)

    The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below:

    Non-GAAP Gross Profit

      Three Months Ended
    June 30,
      Year Ended
    June 30,
     
      2024  2023  2024  2023 
    GAAP gross profit $83,638  $63,766  $306,862  $239,411 
    Adjusted to exclude the following:            
    Stock-based compensation  1,474   1,373   7,322   5,621 
    Amortization of intangible assets  1,614   1,009   4,778   4,340 
    Restructuring and other costs  342      342    
    Non-GAAP gross profit $87,068  $66,148  $319,304  $249,372 
    Non-GAAP gross margin  76.1%  69.9%  74.2%  71.1%


    Non-GAAP Recurring Gross Profit

      Three Months Ended
    June 30,
      Year Ended
    June 30,
     
      2024  2023  2024  2023 
    SaaS and support $84,973  $67,841  $315,960  $252,310 
    Subscription license  16,116   12,166   60,682   48,970 
    Total recurring revenues  101,089   80,007   376,642   301,280 
    Cost of revenues - SaaS and support  16,100   14,524   59,831   53,022 
    Total cost of recurring revenues  16,100   14,524   59,831   53,022 
    GAAP recurring gross profit  84,989   65,483   316,811   248,258 
    Adjusted to exclude the following:            
    Stock-based compensation  545   388   2,292   1,705 
    Amortization of intangible assets  1,614   1,009   4,778   4,340 
    Non-GAAP recurring gross profit $87,148  $66,880  $323,881  $254,303 
    GAAP recurring gross margin  84.1%  81.8%  84.1%  82.4%
    Non-GAAP recurring gross margin  86.2%  83.6%  86.0%  84.4%


    Non-GAAP Operating Expenses

      Three Months Ended
    June 30,
      Year Ended
    June 30,
     
      2024  2023  2024  2023 
    GAAP research and development $29,838  $25,499  $113,634  $93,851 
    Stock-based compensation  (3,231)  (3,835)  (14,854)  (15,186)
    Restructuring and other costs  (80)     (132)   
    Non-GAAP research and development $26,527  $21,664  $98,648  $78,665 
                 
                 
    GAAP sales and marketing $33,232  $32,393  $138,176  $132,189 
    Stock-based compensation  (2,878)  (2,292)  (17,312)  (20,426)
    Amortization of intangible assets  (1,318)  (1,523)  (5,599)  (5,921)
    Restructuring and other costs  (31)     (31)   
    Non-GAAP sales and marketing $29,005  $28,578  $115,234  $105,842 
                 
                 
    GAAP general and administrative $20,266  $18,316  $87,243  $81,031 
    Stock-based compensation  (3,021)  (5,474)  (20,407)  (26,536)
    Amortization of intangible assets  (163)  (149)  (652)  (512)
    Change in fair value of contingent consideration  1,565   889   3,290   1,762 
    Transaction costs (1)  (536)  (663)  (2,685)  (1,366)
    Restructuring and other costs  (93)     (93)   
    Non-GAAP general and administrative $18,018  $12,919  $66,696  $54,379 


    Non-GAAP Operating Income

      Three Months Ended
    June 30,
      Year Ended
    June 30,
     
      2024  2023  2024  2023 
    GAAP operating income (loss) $302  $(12,442) $(32,191) $(69,261)
    Adjusted to exclude the following:            
    Stock-based compensation  10,604   12,974   59,895   67,769 
    Amortization of intangible assets  3,095   2,681   11,029   10,773 
    Lease modification and impairment           1,601 
    Change in fair value of contingent consideration  (1,565)  (889)  (3,290)  (1,762)
    Transaction costs (1)  536   663   2,685   1,366 
    Restructuring and other costs  546      598    
    Non-GAAP operating income $13,518  $2,987  $38,726  $10,486 


    Non-GAAP Net Income

      Three Months Ended
    June 30,
      Year Ended
    June 30,
     
      2024  2023  2024  2023 
    GAAP net loss $(597) $(11,470) $(32,021) $(69,425)
    Adjusted to exclude the following:            
    Stock-based compensation  10,604   12,974   59,895   67,769 
    Amortization of intangible assets  3,095   2,681   11,029   10,773 
    Lease modification and impairment           1,601 
    Change in fair value of contingent consideration  (1,565)  (889)  (3,290)  (1,762)
    Transaction costs (1)  536   663   2,685   1,366 
    Restructuring and other costs  546      598    
    Income tax effect of non-GAAP adjustments  (766)  (775)  (2,502)  (2,017)
    Non-GAAP net income $11,853  $3,184  $36,394  $8,305 
                 
    GAAP net loss per share, basic and diluted $(0.01) $(0.17) $(0.45) $(1.08)
    Non-GAAP net income per share, diluted $0.15  $0.04  $0.45  $0.11 
                 
    Weighted-average shares used to compute GAAP net loss per share, basic and diluted  73,898   66,730   71,488   64,295 
    Weighted-average shares used to compute non-GAAP net income per share, diluted  79,967   78,843   80,312   73,800 

    Free Cash Flow

      Year Ended June 30, 
      2024  2023 
    Net cash provided by operating activities $67,231  $27,487 
    Adjusted for the following cash outlay:      
    Purchases of property and equipment  (2,457)  (2,212)
    Free cash flow (2) $64,774  $25,275 


    (1)Consists of acquisition-related transaction costs and costs related to certain non-capitalized offering-related expenses.
    (2)Beginning with the second quarter ended December 31, 2023, we have excluded capitalized internal-use software costs and cash paid for interest from the calculation of our free cash flow, which we believe better aligns with industry standard. Our free cash flow for prior period presented were recast to conform to the updated methodology and are reflected herein for comparison purposes.

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