ServiceTitan Files 10-Q for Q3 2024

TL;DR

ServiceTitan's Q3 2024 10-Q is in. Financials and stock comp details out.

AI Summary

ServiceTitan, Inc. filed its 10-Q for the period ending October 31, 2024. The filing details financial performance and operational updates. Key financial data and disclosures related to stock-based compensation, revenue, and costs are presented. The company is based in Glendale, CA, and operates in the prepackaged software industry.

Why It Matters

This filing provides investors with a quarterly update on ServiceTitan's financial health and operational progress, crucial for understanding the company's trajectory in the competitive software market.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, including revenue, costs, and stock-based compensation, which are typical areas of financial risk.

Key Numbers

• 2024-10-31 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2025-01-14 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• ServiceTitan, Inc. (company) — Filer of the 10-Q
• 2024-10-31 (date) — End of the reporting period
• Glendale, CA (location) — Company's business address
• 7372 (number) — Standard Industrial Classification code for prepackaged software

FAQ

Key Financial Figures

• $0.001 — tered Class A Common Stock, par value $0.001 per share TTAN The Nasdaq Stock Mar

Filing Documents

• ttan-20241031.htm (10-Q) — 4495KB
• ttan-ex31_1.htm (EX-31.1) — 16KB
• ttan-ex31_2.htm (EX-31.2) — 16KB
• ttan-ex32_1.htm (EX-32.1) — 9KB
• ttan-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-25-005456.txt ( ) — 13883KB
• ttan-20241031.xsd (EX-101.SCH) — 1543KB
• ttan-20241031_htm.xml (XML) — 2414KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Non-Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders' Deficit 3 Condensed Consolidated Statements of Cash Flows 5 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 46 PART II. OTHER INFORMATION 47 Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 83 Item 3. Defaults Upon Senior Securities 84 Item 4. Mine Safety Disclosures 84 Item 5. Other Information 84 Item 6. Exhibits 85

Signatures

Signatures 86 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q for the three months ended October 31, 2024 (this "Quarterly Report") contains "forward-looking statements" within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements established by Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact contained in this Quarterly Report, and generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential" "predict," "project," "should," "target," or "will," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements about: our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, our ability to determine reserves and our ability to achieve and maintain future profitability; the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; the demand for our platform or for similar solutions in general; our ability to attract and retain customers; our ability to develop new products and bring them to market in a timely manner and make enhancements to our platform; our ability to compete with existing an

—FIN ANCIAL INFORMATION

PART I—FIN ANCIAL INFORMATION Ite m 1. Financial Statements. ServiceTitan, Inc. Condensed Consol idated Balance Sheets (in thousands, except share and per share data) (unaudited) As of October 31, January 31, 2024 2024 Assets Current assets: Cash and cash equivalents $ 133,811 $ 146,710 Restricted cash 692 1,403 Accounts receivable, net of allowance of $ 5,929 and $ 3,762 as of October 31, 2024 and January 31, 2024, respectively 41,218 28,046 Deferred contract costs, current 10,721 9,451 Contract assets 43,964 39,329 Prepaid expenses 18,813 22,652 Other current assets 3,370 1,640 Total current assets 252,589 249,231 Restricted cash, noncurrent 583 750 Deferred contract costs, noncurrent 9,277 8,399 Property and equipment, net 60,124 97,170 Operating lease right-of-use assets 25,572 43,270 Internal-use software, net 35,842 29,300 Intangible assets, net 226,394 251,347 Goodwill 845,836 830,872 Other assets 11,927 7,327 Total assets $ 1,468,144 $ 1,517,666 Liabilities, Non-Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders' Deficit Current liabilities: Accounts payable and other accrued expenses $ 45,306 $ 45,293 Accrued personnel related expenses 64,737 55,321 Deferred revenue, current 16,022 11,160 Operating lease liabilities, current 11,710 11,005 Short-term debt 1,073 1,800 Other current liabilities 1,133 688 Total current liabilities 139,981 125,267 Operating lease liabilities, noncurrent 50,201 58,576 Long-term debt, net 174,169 174,578 Other noncurrent liabilities 9,531 7,684 Total liabilities 373,882 366,105 Commitments and contingencies (Note 9) Non-Convertible Preferred Stock Non-convertible preferred stock, par value $ 0.001 , 250,000 authorized, issued and outstanding as of October 31, 2024 and January 31, 2024. L

View Full Filing

View this 10-Q filing on SEC EDGAR