Slide 1: Investor Presentation Spring 2025 | Q4'FY25
Investor Presentation Spring 2025 | Q4’FY25
Slide 2: Forward-Looking Statements & Other Disclaimers
Forward-Looking Statements & Other Disclaimers This presentation contains forward-looking statements within the meaning of within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-
Slide 3: ServiceTitan Q4'FY25 Highlights
ServiceTitan Q4’FY25 Highlights $209M 29% $17B 26% Q4’FY25 Total Revenue Q4’FY25 YoY Revenue Q4’FY25 YoY GTV Q4’FY25 GTV Growth Growth 30% >110% 77% 3% Q4’FY25 YoY Platform Q4’FY25 Net Dollar Q4’FY25 Non-GAAP Q4’FY25 Non-GAAP Revenue Growth Retention Rate Platform Gross Margin Operating Margin Pleas
Slide 4: ServiceTitan FY25 Highlights
ServiceTitan FY25 Highlights $772M 26% $68B 23% FY25 Total Revenue FY25 YoY GTV FY25 YoY Revenue Growth FY25 GTV Growth >110% >95% 3% 27% FY25 Incremental Net Dollar Retention Rate FY25 Gross Dollar FY25 Non-GAAP Operating Non-GAAP Operating Each Quarter of FY25 Retention Rate Margin Margins Please
Slide 5: The Operating System that Powers the Trades
The Operating System that Powers the Trades 5
Slide 6: We are maniacally focused on the success of our customers
We are maniacally focused on the success of our customers 6
Slide 7: Investment Highlights
Investment Highlights 1 Massive, Durable Market 2 Platform Leadership 3 Expanding Moat 4 Multiple Growth Vectors 5 Efficient Operating Model 7
Slide 8: Massive, Durable Market
SS Massive, Durable Market
Slide 9: The Trades Keep Society Running
Chimney Massive, Durable Market 1 The Trades Keep Society Running Roofing HVAC Plumbing Air Ducts / HVAC Windows Roofing Windows Elevators Renovation Painting Landscaping Flooring Janitorial Electrical Pool Lawncare Landscaping 9
Slide 10: We Address ~$650Bn of the Trades Industry Spend
Massive, Durable Market 1 We Address ~$650Bn of the Trades Industry Spend Approximate Revenue Generated by Trades Businesses (GTV): ~$1.5 Tn All Addressable Trades and Markets 2 Not Addressed Today Heavy Commercial & Construction 3 Down-Market 4 Additional Trades 5 ~$650Bn Trades and Markets We Serv
Slide 11: We Have a Substantial Revenue Opportunity in our Current SAM and TAM
Massive, Durable Market 1 We Have a Substantial Revenue Opportunity in our Current SAM and TAM Our Revenue Opportunity: TAM Approximate Revenue Generated by Trades Businesses (GTV) x $30Bn+ 6 Amount Spent on ServiceTitan Solutions as a % of GTV (Effective Earn Rate)7 Not Addressed Today Heavy Commer
Slide 12: Platform Leadership & Moat
Platform Leadership & Moat 12
Slide 13: Our Platform Helps Our Customers Widen the Top of the Funnel
Platform Leadership 2 Our Platform Helps Our Customers Widen the Top of the Funnel and Accelerate Progress Through the Funnel Residential Commercial Win More Lead Targeting Estimate Efficiently Business Marketing Optimization Lead Generation Create Proposals Book Job Operate Smart Dispatching Project
Slide 14: We Solve Key Workflows with Our Full-Service Platform
Platform Leadership 2 We Solve Key Workflows with Our Full-Service Platform Customer Field Enterprise Human Relationship Service Resource Capital FinTech Management Management Planning Management (CRM) (FSM) (ERP) (HCM) Platform Workflows We Address Lead Generation Book Job Dispatch Tech(s) Perform
Slide 15: Every Customer Starts with Our Core Product, Several High-ROI Add-Ons
Platform Leadership 2 Every Customer Starts with Our Core Product, and We Have Several High-ROI Add-On Products Platform Revenue Additional Subscription Products % of Transaction (Net Basis) Pro FinTech Marketing Pro Scheduling Pro Contact Center Pro Dispatch Pro Credit Card Processing Pricebook Pro
Slide 16: We Sit At the Center of the Trades Ecosystem
Expanding Moat 3 We Sit At the Center of the Trades Ecosystem Financing Partners End Customers Suppliers Technician Owner CSR Dispatcher Finance / Warehouse Admin Industry Manager Integrations Associations 16
Slide 17: We Empower Some of the Largest Players in the Industry
Expanding Moat 3 We Empower Some of the Largest Players in the Industry Trends in the Industry PE Consolidation of Trades Contractors • Benefits ServiceTitan as they standardize on our platform • Pulls us into new trades Large Getting Larger • Increasing # of locations, technicians • Benefits Servic
Slide 18: Multiple Vectors for Growth
Multiple Vectors for Growth 18
Slide 19: We Have Consistently Added Capabilities and Products Hard to Replicate
Multiple Growth Vectors 4 We Have Consistently Added Capabilities and Products That Are Increasingly Hard to Replicate 2013 2017 2019 2020 2022 2024 Continuously adding CRM Incremental Trades-Specific Capabilities trades-specific FSM (e.g. equipment tracking for HVAC, recurring billing for Pool, etc)
Slide 20: The Magic is in the Integration
Multiple Growth Vectors 4 The Magic is in the Integration Marketing Pro Drive More Leads Sales Schedule Pricebook Convert More Pro Pro Leads into Contact Center Appointments Core Contact Dispatch Increase Win Center Pro Rate and Pro Fintech Average Ticket Fleet Pro Increase Efficiency 20
Slide 21: Our AI Capabilities Drive Significant ROI and Monetization
Multiple Growth Vectors 4 Our AI Capabilities Drive Significant ROI and Monetization 3 Pillars of Our AI Strategy Proprietary Scheduling Pro Leverages customer data and Data analytics to demonstrate real-time availability Automate End-to-End Tasks Platform Drive Insights Dispatch Pro Analyzes techni
Slide 22: Our Go to Market Engine is Tailored to Grow Efficiently
Multiple Growth Vectors 4 Our Go to Market Engine is Tailored to Grow Efficiently Acquire Activate Expand Inbound • High Velocity Increase number of techs Investment to promote success • Marketing-Driven on platform • Referrals Price increases • Community evangelism Wall-to-wall core deployment Dedi
Slide 23: Efficient Operating Model
Efficient Operating Model 23
Slide 24: Efficient and Scalable Operating Model
Efficient Operating Model 5 Efficient and Scalable Operating Model • Less customer support as customers have longer tenure on the platform ~77% Gross Margin • High margin profile of Pro & FinTech products Q4’FY25 Non-GAAP Platform Gross Margin • Improvements in efficiency through R&D investments Unit E
Slide 25: Strong Total Annual Revenue Growth
Efficient Operating Model 5 Strong Total Annual Revenue Growth In $MM YoY Growth % 25% 25% 24% 24% 29% Usage Subscription Services Note: Please refer to pages 32-34 for definitions and methodologies. 25
Slide 26: Consistent Subscription Revenue Growth
Efficient Operating Model 5 Consistent Subscription Revenue Growth In $MM YoY Growth % 27% 27% 27% 27% 31% Note: Please refer to pages 32-34 for definitions and methodologies. 26
Slide 27: Steady YoY GTV Growth With Seasonal Impact in Q2
Efficient Operating Model 5 Steady YoY GTV Growth With Seasonal Impact in Q2 Steady Usage Revenue as a % of GTV YoY Growth % 21% 23% 23% 20% 26% Usage Revenue as a Proportion of GTV Note: Please refer to pages 32-34 for definitions and methodologies. 27
Slide 28: Expanding Overall Gross Margins as Platform Revenue Grows
Efficient Operating Model 5 Expanding Overall Gross Margins as Platform Revenue Grows Faster than Services Revenue Non-GAAP Platform Gross Margin Total Non-GAAP Gross Margin 0% Non-GAAP Professional Services and Other Gross Margin Note: Please refer to pages 32-50 for definitions and a reconciliation
Slide 29: Consistent Non-GAAP Operating Margin Expansion
Efficient Operating Model 5 Consistent Non-GAAP Operating Margin Expansion Non-GAAP Operating Margin (%) Note: Please refer to pages 32-50 for definitions and a reconciliation of non-GAAP metrics to the nearest GAAP figure. 29
Slide 30: Long Term Non-GAAP Target Operating Model
Efficient Operating Model 5 Long Term Non-GAAP Target Operating Model FY2024 Q4’FY25 Long Term Non-GAAP Gross Margin (%) 68% 70% ~77%1 Non-GAAP Sales & Marketing 28% 24% 20-22%1 (% of Rev.) Non-GAAP Research & Development 27% 27% 20-22% (% of Rev.) Non-GAAP General & Administrative 15% 15% ~10% (% of
Slide 31: Appendix
Appendix 31
Slide 32: Definitions
Definitions Active Customers We define a customer as a parent organization, which may have multiple locations, brands or subsidiaries, that has been billed in the prior three months. Active Customers are customers with over $10,000 of Annualized Billings. Annualized Billings We define Annualized Bil
Slide 33: Definitions (Cont'd)
Definitions (Cont’d) Non-GAAP Gross Profit Non-GAAP gross profit represents GAAP gross profit, excluding stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, restructuring charges, loss on operating lease assets and acquisition-related item
Slide 34: Definitions (Cont'd)
Definitions (Cont’d) Non-GAAP Operating Margin Non-GAAP operating margin represents GAAP operating margin, excluding stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, restructuring charges, acquisition-related costs, loss on operating le
Slide 35: Disaggregated Revenue
Disaggregated Revenue Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 (In Thousands) Subscription $ 72,052 $ 78,915 $ 87,517 $ 93,671 $ 98,951 $ 108,824 $ 114,311 $ 119,398 $ 126,034 $ 137,697 $ 145,282 $ 156,674 Usage 24,065
Slide 36: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 (In Thousands) GAAP Platform Gross Profit $ 64,789 $ 75,465 $ 80,257 $ 82,091 $ 87,090 $ 105,141 $ 109,619 $ 110,135 $ 115,468 $ 135,761 $ 138,986
Slide 37: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 GAAP Platform Gross Margin 67% 69% 69% 68% 68% 71% 72% 72% 71% 73% 73% 73% Stock-based compensation expense and related employer payroll taxes 1%
Slide 38: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 (In Thousands) GAAP Professional Services and Other Gross Profit $ (8,017) $ (8,932) $ (10,423) $ (9,206) $ (10,160) $ (8,421) $ (6,851) $ (9,923)
Slide 39: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 GAAP Professional Services and Other Gross Profit Margin -166% -188% -156% -116% -127% -101% -81% -127% -134% -112% -112% -88% Stock-based compens
Slide 40: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 (In Thousands) GAAP Gross Profit $ 56,772 $ 66,533 $ 69,834 $ 72,885 $ 76,930 $ 96,720 $ 102,768 $ 100,212 $ 105,980 $ 126,826 $ 129,945 $ 138,176
Slide 41: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 GAAP Gross Margin 56% 59% 56% 56% 56% 62% 64% 62% 62% 66% 65% 66% Stock-based compensation expense and related employer payroll taxes 1% 2% 2% 2%
Slide 42: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 (In Thousands) GAAP Sales and Marketing Expenses $ 50,353 $ 43,568 $ 50,877 $ 51,977 $ 50,410 $ 52,798 $ 60,097 $ 56,689 $ 57,601 $ 58,218 $ 67,79
Slide 43: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 GAAP Sales and Marketing Expenses (% of Revenue) 50% 38% 41% 40% 37% 34% 38% 35% 34% 30% 34% 33% Stock-based compensation expense and related empl
Slide 44: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 (In Thousands) GAAP Research and Development Expenses $35,526 $37,610 $41,348 $44,386 $45,701 $54,319 $49,094 $54,420 $58,613 $62,449 $65,935 $76,
Slide 45: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 GAAP Research and Development Expenses (% of Revenue) 35% 33% 33% 34% 33% 35% 31% 34% 34% 32% 33% 36% Stock-based compensation expense and related
Slide 46: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 (In Thousands) GAAP General and Administrative Expenses $ 32,683 $ 30,920 $ 30,619 $ 38,013 $ 30,157 $ 38,892 $ 29,723 $ 37,194 $ 43,194 $ 38,769
Slide 47: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 GAAP General and Administrative Expenses (% of Revenue) 32% 27% 25% 29% 22% 25% 19% 23% 25% 20% 20% 44% Stock-based compensation expense and relat
Slide 48: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 (In Thousands) GAAP Income (Loss) From Operations $ (61,790) $ (45,565) $ (53,010) $ (61,491) $ (49,338) $ (49,289) $ (36,146) $ (48,091) $ (53,42
Slide 49: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q1 FY'23 Q2 FY'23 Q3 FY'23 Q4 FY'23 Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 LTM GAAP Operating Margin -61% -40% -43% -47% -36% -32% -23% -30% -31% -17% -22% -48% -30% Stock-based compensation expense and related employer p
Slide 50: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Period Q3 FY'24 Q4 FY'24 Q3 FY'25 Q4 FY'25 (In Thousands) GAAP Net Loss $ (39,672) $ (51,412) $ (46,460) $ (100,943) Stock-based compensation expense and related employer payroll taxes 20,330 31,194 25,784 79,699 Stock-based compensation expense - Co-founder RS