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ServiceTitan Announces Fiscal Fourth Quarter and Full Year Fiscal 2025 Financial Results

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ServiceTitan Announces Fiscal Fourth Quarter and Full Year Fiscal 2025 Financial Results - GlobeNewswire

Quick Summary:

Consolidated Statements of Cash Flows(in thousands)(unaudited)   Three Months Ended January 31,  Fiscal   2025  2024  2025  2024 Cash flows provided by (used in) operating activities            Net loss $(100,943) $(51,412) $(239,094) $(195,145)Adjustments to reconcile net loss to net cash provided by (used in) operating    activities            Depreciation and amortization expense  20,385   22,992   80,221   80,989 Amortization of deferred contract costs  3,107   2,537   11,471   9,402 Noncash operating lease expense  1,394   1,728   6,340   7,612 Stock-based compensation expense  94,679   30,417   163,729   102,454 Loss on impairment and disposal of assets  772   4,819   39,358   5,423 Change in valuation of contingent consideration  —   (200)  (135)  (1,100)Deferred income taxes  (72)  179   1,182   1,826 Amortization of debt issuance costs  113   48   327   141 Gain on sale of intangibles  —   (1,224)  —   (1,224)Provision for credit losses  872   1,013   3,688   2,649 Changes in operating assets and liabilities, net of effect of business acquisition:            Accounts receivable  (4,123)  (1,443)  (17,686)  (7,789)Prepaid expenses and other current assets  (6,123)  (4,530)  (2,863)  (3,351)Deferred contract costs  (5,270)  (3,525)  (15,781)  (12,595)Contract assets  (1,962)  (2,563)  (6,597)  (11,840)Other assets  3,193   (1,203)  2,661   (1,889)Accounts payable and other accrued expenses  (4,546)  707   (8,980)  (2,768)Accrued personnel-related expenses  14,046   12,419   23,165   (962)Operating lease liabilities  (1,588)  (3,185)  (9,418)  (9,247)Other liabilities  712   (1,090)  2,133   (2,657)Deferred revenue  781   (622)  3,332   369 Net cash provided by (used in) operating activities  15,427   5,862   37,053   (39,702)Cash flows provided by (used in) investing activities            Capitalized internal-use software  (3,638)  (2,912)  (17,799)  (15,743)Purchase of property and equipment  (997)  (4,953)  (3,800)  (28,354)Cash received for sale of intangible assets  —   2,739   —   2,739 Deposits for property and equipment  —   (174)  —   (518)Repayment of loan to employee  —   —   —   1,529 Acquisition of business, net of cash acquired  —   —   (1,184)  — Net cash used in investing activities  (4,635)  (5,300)  (22,783)  (40,347)Cash flows provided by (used in) financing activities            Payment of contingent consideration  —   (225)  (300)  (835)Proceeds from exercise of stock options  2,348   1,659   6,655   9,703 Proceeds from issuance of Series H-1 redeemable convertible preferred stock  —   —   —   34,000 Payment of Series H-1 convertible preferred stock issuance costs  —   —   —   (409)Proceeds from issuance of common stock in initial public offering, net of underwriting costs  682,952   —   682,952   — Repayment of non-convertible preferred stock  (310,562)  —   (310,562)  — Payment of debt arrangements  (70,268)  (450)  (71,618)  (1,350)Costs associated with initial public offering  (7,502)  (334)  (8,451)  (334)Shares repurchased for tax withholding for the settlement of restricted stock units  —   (4,514)  (18,963)  (16,506)Net cash provided by financing activities  296,968   (3,864)  279,713   24,269 Net increase (decrease) in cash, cash equivalents, and restricted cash  307,760   (3,302)  293,983   (55,780)Cash, cash equivalents, and restricted cash            Beginning of period  135,086   152,165   148,863   204,643 End of period $442,846  $148,863  $442,846  $148,863   Statement Regarding Use of Non-GAAP Financial Measures In addition to our results prepared in accordance with GAAP, we believe non-GAAP gross profit and non-GAAP gross margin, in total and for platform, and professional services and other, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP income (loss) from operations, non-GAAP operating margin, and non-GAAP net income (loss) are useful in evaluating our operating performance.

Consolidated Balance Sheets(in thousands, except share and per share data)(unaudited)   As of January 31,   2025  2024 Assets      Current assets:      Cash and cash equivalents $441,802  $146,710 Restricted cash  711   1,403 Accounts receivable, net of allowance of $4,698 and $3,762 as of January 31, 2025 and    January 31, 2024, respectively  44,469   28,046 Deferred contract costs, current  11,554   9,451 Contract assets  45,926   39,329 Prepaid expenses  24,791   22,652 Other current assets  3,513   1,640 Total current assets  572,766   249,231 Restricted cash, noncurrent  333   750 Deferred contract costs, noncurrent  10,608   8,399 Property and equipment, net  56,667   97,170 Operating lease right-of-use assets  24,025   43,270 Internal-use software, net  35,775   29,300 Intangible assets, net  214,952   251,347 Goodwill  845,836   830,872 Other assets  7,686   7,327 Total assets $1,768,648  $1,517,666 Liabilities, Non-Convertible Preferred Stock, Redeemable Convertible Preferred Stock and    Stockholders' Deficit      Current liabilities:      Accounts payable and other accrued expenses $40,182  $45,293 Accrued personnel related expenses  80,160   55,321 Deferred revenue, current  16,803   11,160 Operating lease liabilities, current  12,996   11,005 Short-term debt  1,073   1,800 Other current liabilities  1,902   688 Total current liabilities  153,116   125,267 Operating lease liabilities, noncurrent  47,327   58,576 Long-term debt, net  104,014   174,578 Other noncurrent liabilities  9,607   7,684 Total liabilities  314,064   366,105 Commitments and contingencies      Non-Convertible Preferred Stock      Non-convertible preferred stock, par value $0.001, 0 and 250,000 authorized, issued and outstanding    as of January 31, 2025 and 2024, respectively.  —   233,546 Redeemable Convertible Preferred Stock      Redeemable convertible preferred stock, par value $0.001, 0 and 42,465,855 shares authorized, issued    and outstanding as of January 31, 2025 and 2024, respectively.  —   1,395,878 Stockholders' Equity (Deficit)      Preferred stock, par value $0.001, 100,000,000 and 0 shares authorized as of January 31, 2025    and 2024, respectively.0 shares issued and outstanding as of January 31, 2025 and 2024  —   — Class A common stock, par value $0.001, 1,000,000,000 and 92,630,000 shares authorized as of    January 31, 2025 and 2024, respectively.76,644,240 shares and 34,185,388 shares    issued and outstanding as of January 31, 2025 and 2024, respectively  77   34 Class B common stock, par value $0.001, 100,000,000 and 0 shares authorized as of    January 31, 2025 and 2024, respectively.13,404,097 shares and 0 shares    issued and outstanding as of January 31, 2025 and 2024, respectively  13   — Class C common stock, par value $0.001, 100,000,000 and 0 shares authorized as of    January 31, 2025 and 2024, respectively.0 shares    issued and outstanding as of January 31, 2025 and 2024  —   — Additional paid-in capital  2,560,224   388,739 Accumulated deficit  (1,105,730)  (866,636)Total stockholders' equity (deficit)  1,454,584   (477,863)Total liabilities, non-convertible preferred stock, redeemable convertible preferred    stock and stockholders' equity (deficit) $1,768,648  $1,517,666    ServiceTitan, Inc.

Consolidated Statements of Operations(in thousands, except share and per share data)(unaudited)   Three Months Ended January 31,  Fiscal   2025  2024  2025  2024 Revenue:            Platform $200,074  $153,962  $739,486  $581,751 Professional services and other  9,207   7,802   32,392   32,590 Total revenue  209,281   161,764   771,878   614,341 Cost of revenue:            Platform  53,785   43,827   202,982   169,766 Professional services and other  17,320   17,725   67,969   67,945 Total cost of revenue  71,105   61,552   270,951   237,711 Gross profit  138,176   100,212   500,927   376,630 Operating expenses:            Sales and marketing  69,735   56,689   253,349   219,994 Research and development  76,057   54,420   263,054   203,534 General and administrative  92,250   37,194   214,476   135,966 Total operating expenses  238,042   148,303   730,879   559,494 Loss from operations  (99,866)  (48,091)  (229,952)  (182,864)Other expense, net            Interest expense  (3,193)  (4,233)  (15,517)  (16,436)Interest income  3,637   1,972   8,765   7,067 Other income (expense), net  (467)  133   (72)  1,224 Total other expense, net  (23)  (2,128)  (6,824)  (8,145)Loss before income taxes  (99,889)  (50,219)  (236,776)  (191,009)Provision for income taxes  1,054   1,193   2,318   4,136 Net loss  (100,943)  (51,412)  (239,094)  (195,145)Adjustments to net loss attributable to common stockholders  (79,023)  (12,483)  (120,631)  (45,873)Net loss attributable to common stockholders $(179,966) $(63,895) $(359,725) $(241,018)Net loss per share, basic and diluted $(2.80) $(1.88) $(8.53) $(7.24)Weighted-average shares used in computing net loss per share,    basic and diluted  64,361,825   33,932,005   42,148,552   33,267,131                           Disaggregated Revenue              Three Months Ended January 31,  Fiscal   2025  2024  2025  2024 Subscription $156,674  $119,398  $565,687  $441,484 Usage  43,400   34,564   173,799   140,267 Platform revenue  200,074   153,962   739,486   581,751 Professional services and other  9,207   7,802   32,392   32,590 Total revenue $209,281  $161,764  $771,878  $614,341    ServiceTitan, Inc.

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Author / Journalist: ServiceTitan

Category: Technology

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Published On: 2025-03-13 @ 20:05:00 (1 days ago)

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