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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.
