This meeting is being recorded. All right. Thank you all for being here. Before we get going, I just want to call your attention to the slide that my colleagues in the legal department spent an inordinate amount of time on here. We will be using forward-looking statements today. For those of you that haven't had the opportunity to meet yet, my name is Jason. I lead the Investor Relations function here at ServiceTitan. I want to personally thank you all for coming to our first ever Pantheon as a public company. I know that there are many competing priorities this week, many other investor days, investor sessions, and that your time is incredibly valuable. Whether you're joining us on the webcast or whether you've made the journey here to literal Disneyland in Anaheim, thank you for spending time with us. You've heard us say before that we are building a generational company that we hope will become the operating system for the trades. Our time today is appropriately named an investor session rather than an investor day because our theme, as you can see, is ServiceTitan 101. We are early in our life as a public company, and rather than focusing on financial metrics or model disclosure, we are focused on education and digging deep into the various drivers of our business. Our goal is to educate you so that you walk away today with greater clarity on the fundamentals of the business and a deeper appreciation for the people who are leading our mission. It's also important to note, as many of you just saw coming from the keynote, that you are not the reason we're here in Anaheim. This is not only our flagship customer event, but it's the flagship learning and networking event for the trades. We would ask that you please respect the integrity of this event and let our customers work. To kick us off today, I want to step back and examine the core drivers of the ServiceTitan investment thesis. When we came public late last, we introduced these five pillars of our business that we asked you to understand and to underwrite. We're the leader in a large and durable vertical- end market. Our moat grows deeper every day. We have multiple opportunities to grow, and we've built our operating model to be able to deliver this growth efficiently. I hope that you learn more about each of these factors as you spend time in the keynotes and sessions throughout the day. Each of these four main investment priorities have laid out for FY 2026. You've heard us talk about these four over the course of the year. You've heard us update you on our progress each quarter, and today we'll dive deeper into each. This brings me to our agenda for the day. For those of you on the webcast that didn't tune in for Ara's opening keynote that preceded our session here, I highly recommend that you watch the recorded session. For Pantheon, by introducing Atlas, we believe we'll be the AI champion of the trades. We'll learn more about other key product introductions during our keynotes over the course of the day, as well as here during our time together. For our sidebar conversation outside of regularly scheduled Pantheon content, these will be our four main areas of focus, and we'll hear from four incredible leaders of ServiceTitan. It's first my honor to introduce you to our longtime CRO, Ross Biestman. Although the last time I turned the microphone here over to Ross at our pre-IPO investor day, he had 15 minutes of prepared content, which he turned into an hour-long masterclass on go-to-market execution. I'm not totally sure what we're going to get from you, Ross, but welcome up to stage. Hi. Everybody got me on the mic? I'm a fourth-grade flag football coach. I'm known to be able to carry a room. Welcome everybody to Pantheon. Any hands for returners to Pantheon? Who was here last year? I know I saw some of you at the 1980s party dressed up like Marty McFly. I'm excited to see those of you that are able to attend our event tonight, where I believe it's a Greatest Showman or circus theme, and that'll be a lot of fun. I'm going to be concise in my comments today. I know that Jason and Dave have asked that we reserve questions for another time. I will tell you that I have a very important reason for this event, which is to pay for the event. We have over 100 prospective customers and obviously thousands of customers, and this is a great opportunity for us to not only win new business, but also to continue to expand with our customers. The focus of the conversation today is going to be really about why we are winning in the enterprise. When I joined eight years ago, when we were doing roughly around, I think it was $30 million in ARR, but that was really car at that time. I don't know what we were actually doing in GAAP revenue. The board at the time asked me where I was going to be able to spend my investment dollars, and because I was familiar with enterprise B2B, I said that I had an opportunity in enterprise B2B. We established an enterprise go-to-market motion at that time. Really proud that we've been able to accomplish that, and we're going to talk about some of the trends that we're seeing not only in the enterprise space that is standalone, but also private- equity backed and why we are uniquely positioned to win. When we look at ServiceTitan and we look at the core strength of the business, both on the residential side as well as the commercial side, is where we really have our strength. When you think about what the requirements are for contractors in the up market, and the up market is at least defined by us, businesses that have at minimum 40 technicians under management or have up to thousands of technicians under management, and it really spans that motion is most mirrored there. The extensibility of the platform, acknowledging that they have unique and special needs as it relates to the reliability and uptime of the software, as well as the extensibility into the partner ecosystem, is really where they see tremendous value in ServiceTitan. The second, I think, comes from where the specificity and our vertical-specific native workflows are really where ServiceTitan shines. In my experience, maybe six or seven years ago, when we were competing in the up market and our customers were looking at the horizontal mega players and companies that you know well, and Microsoft and Salesforce and SAP and others. In many cases, those big businesses decided at that time that ServiceTitan wasn't ready for them, but didn't recognize the value that ServiceTitan could bring specifically to the operations level, but maybe less so from an enterprise scalability perspective. They made decisions to go with those horizontal players because they had the reputation, they were publicly- traded companies, and no one got fired from making those decisions in the past. Interestingly, almost 100% of those early that made decisions to standardize on those horizontal players ended up coming back to us within one year. We have won all of those customers back because what they recognized is that ultimately, while those are really extensible, powerful enterprise platforms, they did not have the unique workflows that were configurable to actual trades businesses across a variety of end market segments, whether you're residential, whether you're commercial, whether you're plumbing, HVAC, roofing, et cetera. That's really one of the trends that I've seen be very pervasive over the course of the past several years. The other trend that we talked about last year that I continue to see even today is the professionalization of the industry. I'll give you an example of this. Number one, the CIOs of yesteryear that grew up in these businesses that happened to be technology experts, they are being replaced by traditional large enterprise-grade B2B CIOs. We've got folks that are CIOs of our platform companies that have come from the travel and hospitality industry with great businesses like Marriott and Hilton. We've got folks that are coming from other franchise businesses. Recently, one of our large customers just brought on the CIO of Dunkin' Donuts. With that comes the experience of real IT infrastructure and identifying opportunities to form and standardize with a company like ServiceTitan as they continue to invest heavily in their infrastructure and scalability. When we also see these trends in professionalization as it relates to their boards and their investors, these private equity backers that are obviously all throughout the conference today, they have a different set of requirements now than they did five years ago. They want to look at the extensibility of their asset and their ability to grow those businesses both organically, and they've got specific underwriting that they take in starting these funds, and then the flywheel associated to be able to add on additional businesses across different geographies and then potentially across different trades. One of the things that we've been the beneficiary of is that we have been winners in legacy and historical industries in residential. In residential, HVAC, and plumbing, there are businesses that are backed by Alpine Investors called Apex, and they've created an incredible outcome in that particular vertical and segment niche. They are then recognizing that there are opportunities to go into essential services and start funds around roofing, around exteriors, and even taking them into new markets that we're already in across different borders. Not only is the playbook recognizable, but there's a successful track record of us supporting the scalability and both the organic and inorganic growth of these industries, and that creates an incredible opportunity for us. There's also a, let's call it a transfer of players that I'm seeing in the space. This set of operators, maybe they weren't the number one or number two in these respective businesses, they had enough pattern recognition seeing the playbook created in HVAC and plumbing, and they're then being tapped to go do this in commercial refrigeration. Their first call is we need to be able to standardize on ServiceTitan to provide the level of enterprise scalability, marketing, the reporting that the investors care about, but also the leaders and the frontline employees truly love. This really does accelerate our entire model. One of the things that perhaps some of you attended last year, I'm not sure, is that for the second year in a row, we hosted our annual Private Equity Symposium in New York City. That's where we invited hundreds of the PE players that were in the space, as well as some of the operators. The philosophy really does resonate with them, not only on the product level, but what I want to express to you, one of the big benefits that our customers, especially those that are trying to grow their businesses inorganically, really see in ServiceTitan, is the proven track record not only of the technology, but also the services delivery and services specialty as it relates to M&A. There are businesses that are potentially two, potentially five new add-ons or tuck-ins per month as part of their growth strategy. Businesses themselves, some of them have created centers of excellence as it relates to not only integrated M&A, but also integration. Those centers of excellence actually are deeply embedded with ServiceTitan. These are topical experts on how to deploy ServiceTitan across potentially hundreds of different locations. With our M&A team, which sits in our Customer Success organization, the relationship goes a little bit like this. I am HVAC PE-backed large business. I call my M&A expert from ServiceTitan. I have an LOI out. I haven't even closed on this transaction yet. I'm telling the organization they are this big. This is how much they do in top line. This is how much they do in EBITDA. This is a mix of residential versus commercial. This is the data source that we're going to be bringing them off of from a legacy software platform. We want you to create a project plan to help with our center of excellence to get them live once we sign this contract in a matter of just weeks and integrate it into the general ledger software, which most often is Sage Intacct or NetSuite. This also creates an incredible opportunity to be a flywheel to my team's job. If we can keep our customers very happy, very successful, see them growing in their core businesses, we are the first call typically to be able to standardize on that net new acquisition. It creates this opportunity for us to acquire the market. It also works both ways. One of the things that I want to talk to you about today while we're focused on the enterprise is that our SMB, or what we call our Corporate Sales organization, our go-to-market motion is the wheelhouse of ServiceTitan. I know everyone wants to dig deep into these large, really incredible brands like Roto-Rooter that we announced on our earnings call a couple of weeks ago. The reality is that while we're very successful in the enterprise space, one of the reasons that we are successful in the enterprise space that is also consolidating is that we are very successful in the high-velocity go-to-market motion that we call corporate sales. We will do hundreds of net new logo transactions every single month across all of the different end customer segments, as well as vertical segments that we focus on. These businesses will be the hunting ground for those that are out there looking to grow their businesses inorganically. When the idea of that ServiceTitan is bringing on hundreds of new logos and contractors, and you look at the total addressable market for these acquirers that are out there that are underwriting their entire story on the ability to go grab tuck-in, in almost not every case, but it's very likely that the businesses that they're trying to acquire happen to be on ServiceTitan, which also plays into their ability to get more value faster because the integration process is that seamless. The other thing that I want to impress upon this team today is that we've made intentional decisions over the course of the past 24 months to be very specific on our go-to-market orientation and dedication. The three big buckets that you see on the left-hand side in residential, commercial, and green, my go-to-market resources are focused exclusively on one of those. We don't transcend across the organization. We have found that dedication wins in this space. Dedication wins in this space not only in terms of end customer segmentation that you see on the left-hand side, but it also works the same way as it relates to specialization in our go-to-market motion for corporate or small and medium-sized businesses that are velocity and those that are enterprise. We separate our enterprise teams in a way in which we are focused on new logo acquisition, as well as helping to grow and ultimately increase earn rate with our largest 100 customers. That's the orientation that is ServiceTitan. It is mirrored also in our post-sales specialization. Post-sales specialization, as it relates to the onboarding team that is activating $800 million commercial overhead door- and- dock businesses, is different and specialized in comparison to those that are doing it for a very large billion-dollar franchise organization that specializes in residential in-home services trades. Another important component to the flywheel is the way in which we think about the partner ecosystem. If you walk through the expo hall, you will see, I'm guessing, hundreds of different vendors out there that are part of this cottage industry that is surrounded with ServiceTitan. We're very grateful for the partnerships that we've been able to land, not only on the technology side, which I'm sure you'll hear more about today from some of our leaders. Where I want to impress upon you is the importance of this as it relates to our go-to-market motion for both winning new logos in the market, as well as earning more share of wall with our exhibits. When I think about my direct resources, I have staff that are responsible for hitting phones every single day, out in the field doing events, and going and visiting with prospects, attending trade shows. The partnerships with the associations, the best practices organizations, as well as value-added resellers and other technology providers also create this incredible compounding impact on our ability to get more pipeline of a different flavor. We have this term that we use within the organization called warm outbound. People have heard of cold calling. We have warm calling. Warm calling, as you can imagine, is a little bit nicer than cold calling in terms of the way it works. Because of this relationship that we have with the extensibility industry from manufacturers to suppliers to best practices organizations, co-branded packages as it relates to some of the products that we want to label, we have access to not only their field forces, but also to their end customers. This creates an incredible opportunity with much better unit economics because the conversion rate associated with all of those leads is that much higher. I want to talk a little bit more about private equity and some of the trends that we're seeing in private equity. The consolidation I see net-net is a very positive thing for ServiceTitan. We are typically on a first-name basis, a text away from any of the private equity mega players that are in the space. When there are new funds that are getting created literally every single month, we're hearing about a new one that's doing a roll-up in X or Y. We have relationships very quickly with these people. They're helping us to move into new trades. As I look at businesses that are in the residential roofing side, even on the commercial roofing side, on the exterior side, it is the relationships, like I mentioned to you previously as an example with that company that is owned by Alpine called Apex, that brought us into these industries. They're also providing us very valuable feedback on what it is that we must do with our products to be able to meet the brand promise of native workflows that are uniquely positioned to help these businesses not only win, but incredibly efficiently. Some of the trends that we're seeing within the private equity space are just some of the business impacts that we're seeing with this cohort of customers. When I meet with a private equity business or an operating company, the value proposition that my team and I are able to commit to them is that their investment in this space is going to be uniquely better overall when they partner with ServiceTitan. We actually have turned the conversation from what it was historically, this is what's going to happen to you, you contractor and your individual business in terms of ability to increase average price per ticket, increase conversion rates, increase call booking appointments that translate to revenue increase and ROI and profit increase. It becomes a conversation around enterprise value. When we talk about enterprise value, it's not only applicable to obviously the private- equity business, but in most every case, the leaders of these private equity-backed businesses at the operating level have sold their businesses to that sponsor and have bought back in. They want an opportunity to increase their enterprise value and ultimately what they stand to earn in the second bite of the apple. The results are very real. They grow much faster. They utilize way more of the product. Their NPS is surmountingly different. I think about the private-e quity space within ServiceTitan as its own unique customer segment across the aforementioned segments. We have specialized in this not only at the go-to-market level, but we've specialized at the product level. When you look at some of the products that we not only have in market today, as well as what we're going to be announcing and talking about today, these are the components that become really attractive to our private- equity customers. Because they adopt and they do have these centers of excellence and they do have an increased level of professionalization that is at the operating- company level, they tend to identify this product creates this value. It is easy to use at the actual functional level, and it is going to increase my potential EBITDA multiple when I get through my hold period. It becomes a very easy conversation. Jason, how did I do on time? I know I didn't have any commas, periods, or any punctuation in that. Excellent. Team, I appreciate you all being here today. I will tell you that after Ara's keynote this morning, some of the things that Vincent's going to talk to you about already have a long pipeline of trying to sign up right away. I'm going to get back to the, which is not on main stage, but in a bunch of different breakout rooms, trying to increase our earn rate and win the rest of the market. Thank you so much for being at Pantheon. Up next, please welcome Vincent Payan. Thanks, buddy. All right. Thank you. Thank you for having me. I'm Vincent, as VP of Product and GM for Adam Products. Quick background. I don't think I've talked with any of you before. I spent a decade at eBay, ran eBay's consumer business, left to co-found a company called HomeX, which is half a roll-up and half a technology company. Fast forward until today, HomeX, one of the largest roll-ups in the country. ServiceTitan bought the technology business around three years ago. I thought, that's great. I'm going to retire, take care of the kids. You know, I'll invite and say, hey, like, what about your run of products? I fell in love with the problem. I fell in love with the time that we're in in this industry and the reinvention opportunity and the difference I believe our product is going to make. Here I am. I think that Jason wanted to spare you the French accent for a little bit. Instead of me talking the entire way, I'm going to play a quick video that shows you where your products are, and then we'll talk about where they're going. The assembly line, the jet engine, the iPhone. Every so often, the industries and the processes we depend on are revolutionized by great leaps in technology. Today, ServiceTitan's new fully automated- AI workflow is revolutionizing the trades, empowering taking a giant leap of their own. We're giving contractors the tools to run fully automated jobs from start to finish. Every lead will be prioritized in a single inbox, so you can respond to the highest value opportunities in seconds. With CRM intelligence, each lead flows seamlessly from first touch to book job, while the system tracks, follows up, and manages the journey for you. Now, automated marketing campaigns identify opportunities and convert them to revenue. If a customer drops off, our SMS agent jumps in instantly to win the job before your competitor can. Set up your voice agent in seconds with our drag-and-drop workflow. When customers call, it books jobs instantly using your real-time capacity, even after hours. Adaptive dispatch finds gaps in your schedule and assigns the right tech to maximize your board. Field Pro helps techs prepare with pre-job briefs and auto-records every call on arrival. AI-guided troubleshooting that solves problems fast. They improved their day in review, where AI turns customer interactions into coaching and growth. The rehash feature flags missed opportunities in real time for more win-back chances. AI cameras detect risky behavior in real time. When the tech rolls out, timesheets are created automatically, including from their real-time GPS location. From first lead to final invoice, every step is automated by your fully automated- AI workflow. Scale without the overhead. Make the most of every opportunity. Grow your business with the most advanced technology in the. I have worked here for four months. When I started, I would create a proper invoice, mail it to the homeowner to get payment collected. To see a fully automated program with us utilizing ServiceTitan from the time that the job is booked to the time that the job is finished is amazing to see. Automation allows a lot of versatility and flexibility in decision-making. We're closing jobs faster with fewer hands. It all melds together from Contact Center Pro, Dispatch Pro, and Field Pro. We booked the call, transcribed the conversation, and then our technicians go out and run the service call. No administrative expenses were taken. ServiceTitan didn't replace our team. It gave them superpowers. Automation work. We're living it. We're scaling it. Anything is possible in this world at this moment. The future is here. Sweet. This is pretty awesome. That's why I'm here. When I started three years ago, that was my dream. I know when Ara and Vahe had done ServiceTitan a decade ago, that was their dream. Seeing it happen is magical. When you talk to customers and you see how it's changing their business, it gives us immense inspiration because we're actually just getting started. What you saw is interesting. What happened? Marketing Pro used dispatch information to realize that the board was not full enough and to create a marketing campaign automatically. That marketing campaign got a customer to call. A virtual agent answered the call and took into account who the customer was, real-time job value prediction, what the dispatch board looked like, and all of the information about the customer decided that they were going to book them today. The technician was dispatched automatically, choosing the best technician for the job, given what we knew from the call. The technician got there. As they were driving, they got coached by AI to tell them, "You're about to get to Jason's home. We've been there five times. Be careful. He has dogs. You know, he hates financing, but we should still try to convince him to change his system versus repair." When the technician got there, the recording started. AI coached them after they finished the job. As they were leaving in their trucks, the timesheets were automated. We effectively ran a job with zero human intervention. This is pretty cool. Here's the opportunity. Even the best of our customers right now have virtually 0% of full automation. What I'm starting to track is effectively the share of automated GTV, how much of their GTV happens with zero human intervention based on the technician. I think that's going to be the metric for the industry. Ara earlier today talked about Blockbuster versus Netflix. That's where we're going to see it happen. The customers who start automating their business are going to have a meaningfully different trajectory than the ones who don't. Today, the gold standard is around 20% margin. We look at the best companies at scale. It's so believed that the answer is going to be 30%, 40%. It's not going to be discretionary. The ones who do not do it will struggle. They will get acquired. They will lose their technicians, et cetera, et cetera, because the economics are wrong. They won't be able to acquire customers the same way. They won't be able to pay technicians the same way. That transformation is absolutely critical. Before, we were like, should I do AI agents? Should I not do AI agents? Maybe it's cool, but I need all of them. We all have to do this. How are we powering this? Historically, our products were powerful, but disconnected point solutions. Marketing was creating marketing campaigns, phones, booking, dispatch, et cetera. You go through it. We added AI in the past few years, and it was just like adding AI to legacy products. What we're doing now is turning it around and effectively forgetting the boundaries of our products and how they were historically and creating this connected ecosystem based on the capabilities that we had, but effectively links all of these components of the platform with AI to not only automate all functionality of the software, but automate full functions like a human would, right? A human dispatch or command center actually doesn't just answer a call. They look at the dispatch board and they know the marketing campaign, et cetera. That's what's very unique about us. When you think about virtual agents or voice agents, virtual CSR, however people call them, tons of companies are doing that right now. All the discussion, you look at people are talking about is, how do they sound? They sound so good, et cetera. What matters is not they all sound great. They're all going to sound great. The difference is going to be what can they do? How much can they automate? What's their coverage? What's their conversion rate? This is where our platform makes a fundamental difference because we're going to make them sound good, but more importantly, they have access to customer history. Do they have a membership, job value prediction, real-time dispatch, et cetera? When you look at our virtual agents versus the rest, the difference will be functional and directly attributable to business results. They will book, be great because they have more information. They will deliver better experience. They will be able to answer more questions that AI outside the system can do. That's what's really exciting for us and how we're really thinking about the future of our product and how they. We can do that for like three big reasons. Data, we're the system of record. Close loop, we know everything that happens from the moment when it's created to the moment like an invoice is paid, like a technician paid, et cetera, et cetera. We can tie all of that so we can learn much faster and we can personalize much better. Continuing with the same of action, we actually create campaigns, get credentials with Titan. Dispatch happens with Titans, like you name it through the funnel. These three things are the key to creating this next generation of product and AI automation that's going to be very different than what we see today as point AI solution automating one part of the business. That's the exciting part for us. That allows us to create true digital workers. It's funny, when I see our customers trying to adopt the virtual CSRs, the first thing they do is they give them a name, which is pretty adorable. Fundamentally, it's because they see AI as an extension of their team. They think of it as another worker that's going to be in their business. What gives us the ability to create these workers that they interact with like they would someone in their team is they can ask them to create a marketing campaign based on what they see on the dispatch board. They can take marketing actions based on fleet information. They can reason, they understand the full context of the business. That's very different than some of the things that they see outside. Look at what we're going to announce a bit later today during the keynote and how you're going to see the product evolve. That's where you're really going to see the evolution from a really powerful product to AI-powered product to flipping it around to an ecosystem of AI-first workers that leverage all the capabilities that existed, but in a way that transcends effectively previous product boundaries. Here's another example, which is one of my favorites to see how it connects and why it's different than just some of the classic point solutions. Capitally triggered marketing. Imagine a job ends early and the technician is in a given location. We know the fleet data. We know exactly where the truck is. We know the dispatch board and we know that two years from now, there's another customer who lives two doors down who has a maintenance appointment. What we can do is real-time tag the fact that, all right, we have a technician there. They have a two-hour window that we didn't expect. Let's actually text the customer who had an appointment in two days, tell them, "Hey, we're here. Do you want us to come?" Have them interact with an agentic booking experience, confirm it, have the technician actually go there, take care of the job. What we did here by tying all these pieces is we created capacity, like supply for a contractor because now they don't have to roll a truck back the way they were going to do. We created a better experience. We made their business more profitable. We did all that without any human actually having to be involved. The number varies, but when we look at the ratio of technicians to office staff, it's like some are close to one-to-one, some are two-to-one, three-to-one. This is still an immense overhead to do these things that today humans are doing. Our platform is going to enable that in hundreds, thousands of these automated flows with Atlas, which I'm going to talk about in the coming quarters and years. This is incredibly exciting for us. This is the Netflix moment of the trades. Contractors who do not do that, do not embrace that, will struggle. ServiceTitan is, I believe, the platform that's going to enable that in a very powerful way. To close, what we're going to announce today, the key things to remember, we're making our existing products stronger with AI automation, agentic marketing, scheduling, lots in Contact Center Pro with manager and CSR. AI Contact Center Pro is an AI-first product. We're going pretty fast there. Hardware is less fleet. We can get the fleet automation in the hands of all of our customers with a much simpler process than before. Sales Pro, agentic mining, opening rehash to tackle the ecosystem. We have good products. We're making new products. We're launching AI diagnosis and troubleshooting as part of our field products. Imagine, like Iron Man, Jarvis, when Tony Stark just asked him to build things, et cetera. Like that, imagine a technician having that in the app, being like, "Hey, I'm troubleshooting the system. Here is what it looks like. Here are the symptoms. What should I do?" We're launching our virtual CSR Contact Center Pro and now outside. They were available in Contact Center Pro as an early access, and they're now going to be available to every customer regardless of the platform they're using. New app workflows, I just talked about it, but multi-channel marketing campaign, interactive SMS, automated agentic SMS, automated opportunity to recontact through Sales Pro, all of these things that effectively get us to move from disconnected products to an ecosystem of products that work together to deliver better outcomes. Finally, making it easier for our customers to adopt our product. We've heard from them, like, h ey, we've got a Chinese menu. We're buying a bunch of products. It's complicated. We're starting two things. Field Pro, at the bottom, we're combining our sales coaching tool with the diagnosis and other capabilities to come into just one simple field product for technicians. The maximized program that Ara talked about this morning is effectively our answer to giving our customers the automation package. You will have access to all of our pro products. We will not only give you the products, but we will assist you in using them, in making sure you have an automation journey that works for your business and will support you along the way to make sure you get the most out of it. That's it. Hopefully, you can watch the keynote, the product keynote a bit later. There's going to be more about that. It's a pleasure to be here. Thank you so much. I think it's my buddy Alex's turn for commercial. You're a pro, Vincent. Speaker's there. Yeah, thanks. Hey, everybody. Thanks for being with us today. I'm Alex Kablanian. I'm the General Manager of the Commercial & Construction business here at ServiceTitan. I've been with the business almost six years now. I think I see many familiar faces for this, but I've been in the role for two years, and it's really a privilege of mine to be here. Before we get started today, I want to start by describing what commercial and construction is in the ServiceTitan lens. Let's start with commercial. The best way to think about commercial in the ServiceTitan lens is it's effectively anything that's not a single-family home. This includes retail spaces, office buildings, large apartment buildings, schools, hospitals, data centers, government buildings, you name it. We specifically focus on buildings and properties, which is an important distinction because there are folks out there who think about utilities, bridges, highways, and things of that nature. I did put a few Easter eggs in this sign. We got my Trojans bottom right. We got ServiceTitan's HQ in Armenia, just two minutes away from the summers I used to spend there, and Carousel, which anyone who comes to the office, that is our favorite post-onsite ServiceTitan Armenian barbecue choice. What's important about commercial service in particular is these buildings are just like homes. They need to be serviced. They need to be maintained. Ultimately, it ends up being the bread and butter for a lot of our commercial services contractors to have a contractual relationship with many of these properties or building owners and also do their break-fix work. Let's shift gears into construction. Construction means a lot of different things to a lot of different people. When we think about construction, we think about it in two categories. First, residential construction. This typically means work done installing brand new equipment and products into a house that's being built for the first time, whether it's a production home or a custom home. You can think about it as basically installing a brand new HVAC system, ductwork, and piping for a custom home that's being built for the first time. The second category, which is far larger, is commercial construction. This can be broken down into two further categories. The first one is similar to the residential analogy, a bottoms-up property build that happens from scratch, installing the rooftop units, the ductwork, the piping, you name it. The second flavor is throughout the property lifecycle, there is often large retrofit work or tenant improvement work that does take place that looks like multi-week, multi-month, multi-year projects many times. Both of those, for us, we consider commercial construction because they have that same level of complexity. The best way to think about both cases of construction is they're typically longer, multi-week, multi-month, multi-year projects. They're often very labor-intensive, crews going out all the time. Now, regardless if it's residential construction or either flavor of commercial construction, it's important to know that our focus at ServiceTitan is on powering the profitable growth for specialty or subcontractors. We're not in the business of selling to GCs, but instead, we're selling software to the folks that come and do a portion of the build-out as part of a larger project. For us, this is key because we started our roots as being business management software for contractors. This is the exact same thesis that we have for the construction and commercial industry. Now, I want to spend a minute talking about the very important difference between our bread-and-butter residential service contractors that we've served for 15+ years now and the work that commercial contractors and construction contractors do. The best way to think about it is that simply everything is more complex. The agreements are more complex. The equipment is more complex. The projects themselves are more complex. I actually took this photo this morning. I gave it a late breaking change for Jason. Hotel room. This is the view of the roof of this specific hotel. You can just see a couple of things. One, the pure number of units that are actually on the rooftop for just a portion of the building. Also, you can see it's a little bit dark, but the largeness of, in particular, a couple of those equipments in the back. There's two complexities there. There's 20, 30 units that need to be serviced. Plus, the actual units themselves are far more complex than a specific residential, you know, small five-ton unit. I said complex 15 times, but I really want that point to hit home. It is more complex. The reason that's important is that's the mission that has been in front of us and behind us over the last couple of years as we've really prioritized this space, which is how do you make complexity as seamless as possible for our customers in this space because they're dealing with these constraints. Their customers aren't changing, but we can make their lives a little bit easier. I'm going to talk more about how later today and also at my keynote. We've shared in the past our formula for what it means to become market standard at ServiceTitan for any segment or trade that we enter. We start as a non-participant and player. We eventually become a leader and ultimately one day market standard. We've said it before, and I'll say it again here. Over the years, we've invested dramatically to become a leader in the commercial and construction space today, but our work is not done. Thankfully, we have passed through multiple of these phases so far, and it has not been on accident. It's been very intentional. This is the path we've taken over the last few years in building for commercial services and construction. At a very high level, the way we've thought about it is by starting in our historic base, which is in service. We started building some of the basic commercial service foundations a few years ago to make sure that we were ultimately solving the use cases of the many residential and commercial service hybrid customers that we were starting to. Our next step was how do you actually build the foundations for a long-term project ecosystem within ServiceTitan to start winning the multi-week, multi-month, multi-year projects that take place in the industry, especially for the folks who are doing a hybrid of service and construction work. From there, the fun starts. We get to start innovating and actually building best-in-class commercial service products on top of a stronger foundation. Fast forwarding to this year, best-in-class on top of the foundation. We've been able to accelerate this journey because the formative years really investing in making sure the platform itself is built to handle commercial service and construction. We can really accelerate a lot of the features we deliver to really drive outstanding value for their business. The best part is, and I love seeing this slide every time I see it, the formula is working so far. For our commercial and construction contractors, we are already driving significant value. We measure this in a handful of ways: revenue growth, project and general productivity growth, the cash conversion cycle, and ultimately, for me, the best metric is have we actually helped our customers grow their bottom line. There's a lot we can do to improve. There is no doubt about that. I ask myself this every single time I meet with a customer. What can we do better? There's always more we can do better. What's exciting for me is that the formula is working, and it gives us more opportunities to then forward invest in new, exciting opportunity areas that many of our prospects and customers are telling us feel like the next big frontier for them. Ultimately, the reason we've invested in all these areas is actually pretty simple. The thesis we have in commercial and construction in particular is we want to help our customers, the contractors of the world, own the full lifecycle of whatever property it is that they ultimately serve. That means helping them run the project work when the structure is being built out for the first time, whether it's a home or a business, converting that relationship into an ongoing service agreement, many of which are highly, highly retentive and can last for decades. From that service relationship, running the ongoing service that these folks expect. Especially in commercial, there are crazy SLAs for making sure that when things break, they're taken care of. Every time something breaks or when there's preventative maintenance that does happen at one of these properties, usually there's an opportunity for pull-through work, which happens all the time in the industry, and it really becomes one of the value drivers for our customers as they consider adopting ServiceTitan. That pull-through work, when it happens over and over and over again, ultimately may result in one day sitting down with a property owner and saying, "Look, I spent this amount of dollars servicing your property over the last three years. I'm recommending that you do a big retrofit, change out a bunch of units because they are costing you way more than it actually is going to cost you to do a replacement." Ultimately, that turns into big project work that you can now manage in ServiceTitan. That's our thesis, and that's how we think about commercial and construction. In my opinion, over the last 12- 18 months, there's two things that have held us back to really fully realizing this specific thesis. The first one is really rigid construction workflows, especially in the project management space, to make sure that when those projects do come up, we are helping our customers tackle them very effectively. The second one is once we have a good, solid project foundation coupled with our very solid service foundation, how do we actually help our customers juice their revenue and drive more high-margin opportunity to their business the way that they know how to do that, which is a B2B relationship, which to us means investing in a true B2B style CRM. I'm going to start talking on the construction management front. We think about construction management and projects in particular as something that needs to be solved end-to-end. It's no different than anything else that we've ever done in ServiceTitan. The personas are different on the project front than they are the service front. You have project managers, you've got controllers, you've got foremen in the field, you've got installers, you've got estimators, you've got salespeople, and the end customer most of the time is a GC. All those things are different than our traditional service base. What we've done is we've looked at the entire pipeline from acquisition all the way through to month-end close and project closeout and figured out what do we need to build along the way to make that journey as seamless as possible for every project for our customers. That includes a lot of the pipeline and opportunity tracking that we're going to be talking about in CRM land. It includes how do you actually schedule crews and track the backlog of your labor and your projects. It includes some of the basic bread and butter for anything project management related, Gantt charts, document management, change orders, RFIs, and when you're actually on the field, daily logs, understanding progress of a specific project in real time, which is incredibly important if you are to ultimately manage the margin and risk control of a specific project. Lastly, how is the project actually doing financially? At the end of the day, for a lot of our customers, these projects are in the millions of dollars, and a lot of time, the cash conversion cycle is a nightmare. They're putting out labor, parts, equipment early. Their net- payment terms are a nightmare with their GCs, and we try to do our best to help them give as much information about how it's progressing and the work completed such that when they actually submit a pay application to a GC, they're not worrying if they're going to get paid or not. When all these things work in concert, a few things happen. One, margins become a lot more predictable on projects in particular. Two, you have way more control over your cash conversion cycle in particular. Three, the entire team is working as one, which is very important because more often than not, there's a lot of arguments that come up when a project's not going well. Ultimately, the reason we wanted to invest in the project side of the business first and foremost and very deeply before we started talking about something like CRM is because we believe strongly it does not make sense to juice revenue if you're not helping your customers first execute the work that they've won incredibly well. That's why projects and project investment have come first before CRM. Now that we've been able to unveil a lot of our features so far, and you'll hear more about them at my keynote later today, we, in tandem, started spinning up a deep investment in a B2B CRM. Like I said earlier, it's very critical that this exists for this cohort of customers, first and foremost, because it's a different customer base that they're selling to. They're not selling to residential consumers. They're selling to sophisticated buyers. The sales cycle times are much longer, and ultimately, it's relationship-based. You're seeing, I would say, years, sometimes weeks, months, years of information about a customer before they finally let one of our contractors ultimately win one of their projects. The beauty about ServiceTitan and the reason we see this as a really, really unique ecosystem is that when you have a service and construction in one platform with a CRM in the middle, there's a lot of overlap that should be happening in these businesses. Your service work should be generating opportunities for your construction division. Your construction division should be generating opportunities for your service division. Today, it is very opaque in most of our customers in terms of what those opportunities are. The CRM is not just for net new work that you're trying to win. It's also the cross-pollination thesis that many of our customers have, especially those who are hybrid service and construction focused. We do have a video on the CRM front. I'm hoping the volume works. It is It is a vibey beat, and I'd love to show it to you. We are going to be playing it on stage at my keynote shortly, but I hope you enjoy what we have here. It's a vibey beat, right? Look, I said this before, but it's really important when you think about a commercial business. Most of them are doing both service and project work. The reason CRM was such an exciting investment for us, the reason we bought Convex to turn into a CRM- style embedded product is because when your break-fix construction and preventative maintenance portions of your business are all working in tandem, you are really unlocking opportunities that are right in front of you. It's the same as our business. You know, Vincent was talking about Pro products. It is very, very easy to sell work to customers who already have a relationship with you. More often than not, a lot of these opportunities are left untouched by many of our customers. They see a unit on some rooftop, and nobody says anything to the salesperson to do anything with it. Our real focus is how do we change that to make sure that there are no missed opportunities left, especially for the customers that you already have a relationship with. That gets super powered when you have an integrated Convex experience, which really helps you prospect net new leads to win new business with a customer you've never even met before. You put those two things together, and that's ultimately the revenue generation story with commercial and construction contractors that I feel very, very passionately about. Look, ultimately, we did not build or choose to build a lot of this stuff in a silo. It's not how our and Vahe have operated. It's not how we operate each of our markets. We built all these things for our customers. We spend a lot of time in the field, a lot of time with commercial services folks, a lot of time at job sites in the construction industry to really understand what are the opportunities, what are the pain points. Then we orient our roadmap around solving those high-value opportunities. It's the exact same thing we do in residential and Pro. The only difference is we're doing it with a different segment of the market. It's been a fun segment to learn, that's for sure. It's our best recipe for success. What's exciting and the reason it makes it worthwhile is that the market is quite large. The upfront investment to build the product, listen to our customers, ends up paying off many, many fold, many times over as we think about building a very recurring, durable growth business because now it's much easier to speak to just about any contractor, and we don't have to ask questions to disqualify them about their percentage of construction, their percentage of commercial, industrial, you name it. We can very confidently say we want to understand your business so that we can tailor a pitch for you specifically, not to disqualify you from the funnel. I will say it's been a really fun journey the last two years, but in the words of Ara, the more exciting stuff is yet to come. There's a path to market standard that's very clear in my eyes, and it means continuing to invest in the areas that I highlighted. It is right in front of us for the taking. It's a very, very, very, very exciting market for us, and I spent a lot of time thinking about this myself. Last selfish plug, I am going to be giving a keynote at 1:30 P.M. today. We're going to be talking about a lot of the newest releases on the construction side. My name is Chris Petros. I'm the COO here at ServiceTitan, although that has not always been my role here. I started out doing software partnerships, ended up leading the sales organization for a period of time, served as our VP of Revenue Operations, and then ended up running our marketing organization as CMO for a few years before landing as COO. Enough about me. I know we're here to talk about exteriors, but I think it's important to set some really critical context before we jump into details. [Foreign Language] So.Konuk dediğimiz şey ise şudur. What every business does. I want to accelerate customer acquisition. I want to increase margins, and I want to create a great customer experience so that I can maximize lifetime value. At the same time, it drives evangelism, great reviews, raving reviews, and I get more folks coming through the door. I would say 80% of that is common across residential trades. If you think customers, what do I do? Spend a ton of money on digital advertising. I want to maximize the revenue that I'm generating as a result of that. What do I need? Visibility into channel performance so that I can reallocate capital to either reduce my cost per lead and save some cash or keep spending money to keep calls coming in. The second is those marketing dollars are making the phone ring. I've got a call center, a very important stage in the funnel. I want to monitor my performance. I want to make sure those leads are getting booked into appointments. The right person is showing up to the job, so on and so forth. When we show up for the appointment, I want to win business and I want to drive a high average ticket. I want to offer multiple options. I want to make sure it's professional. At the same time, lastly, we want flexible payment options. Whether that's check capture, credit cards, financing, you name it. You'll see this kind of flow into the back office as well, right? I've got payroll, I've got accounting, all these sorts of things. Having said that, looking more broadly, and this isn't just specific to residential, we have larger customers that need our enterprise capabilities, right? That's a common feature set. You want row reporting, you want to be able to standardize, you want API extensibility, you may want important security features, so on and so forth. For us, our goal is to maximize ROI at each of these stages. Think about it like a compounding interest in some sense. You get slight optimization in each one, you get a great result at the end of the day. It's important that, again, 80% common, 20% is trade specific. That 20% is super important. It's very important, and it's a reason why we don't get super excited and try to ever enter every residential market very quickly and all at the same time. That 20% will affect every single role that you'll see within some of these trades, and I'll get into that in a second. As we look at the four clusters of residential trades, this is kind of how we think about the world. Think about it as parts of the home. You got the stuff in the walls and mechanical systems, you got the outside of the home and exteriors, you've got interiors, and then you've got property care. The 20% we're talking about as an example is in property care. You have a very high frequency of jobs for the same customer. There's usually a chemical aspect. When you're advertising, maybe you're advertising services you may provide to a customer. Phone rings, again, you're setting context. You understand you got shrubs, what type of pool, what type of pest, all those sorts of things. When you're out in the field, again, it's very different. What you'll usually see is a single- sales contractor has a very hard time because of that 20% in all of these trades. It's not too different than us. Within the trades, you'll see that happen very frequently, and there's a very specific reason. Let's take mechanical systems as an example. One, you have either a physical dependency or an attachment with these different systems. The second is the systems are actually common in terms of how you service them. If you look at plumbing and HVAC, you got water heaters and heat exchangers, right? You got pumps, both those need electricity. If you're out there to fix some system in the house, typically there's some opportunity across all three of those. As a contractor, I've got the opportunity to maximize my value with that customer very specifically. As a result of them getting that meaningful leverage, they can maximize lifetime value. We got our start in mechanical systems, and we actually started in residential plumbing, and there was a customer pool as a result of that. Customers were asking us, well, we also service HVAC, we also do electrical, add memberships, add some of these additional features. We work to accommodate that need. I would consider us the industry standard in residential mechanical systems. We're just getting started in exteriors. We'll get into that in a minute. Interiors, we don't play in meaningfully in any capacity. On the property care side, we do serve some of those needs with our acquired entities, in Aspire and Field Routes. Now let's talk a little bit about this customer pool, because I think it's a very important component to cover. We have many customers that are successful in mechanical trades, right, and residential. Very specifically, our private- equity customers see a ton of success. If you are an enterprise company that's seeing all this benefit, what do you want to do? You want to expand into these other clusters to get that benefit as well. In this case specifically, we had a customer reach out and say, "Hey, we recognize this 80% overlap. Spend money on marketing, want to convert our phones, we want to get out and we want to sell with multiple options and payment flexibility." We actually had a customer reach out and say, "Hey, we're going to move into exteriors." We did what anybody would expect: some diligence. Is the market size right? How far of a gap is the product market fit? Relatably, you know, what's the competitive set, so on and so forth. We also looked at existing demand. We were turning away quite a bit of business in exteriors because we don't want to set them up to fail. It's very important that we focus on creating ROI for our customers, and that's what sets us apart as a market standard. We ended up executing a partnership here, and what that led to is a ton of discovery in terms of that 20%, exactly what it meant for us to be successful. The first thing I'll cover is estimating. If you think about mechanical trades, the way estimating works is you're typically swapping components, right? You've got a part that needs to be changed out, so on and so forth. In exteriors, when you're replacing the outside of a home, it's very different. You've got a very large geometric surface that informs how you estimate. You've got different planes, hips, ridges, vents, all these sorts of things. You really have to focus on taking some degree of user input in addition to that geometric surface to inform what that looks like. We've built a bit of an engine. We call it spec-based estimating internally, that basically takes a geometric measurement, it takes inputs from a user and spits out three estimates that you can produce and show to the homeowner. In terms of measurement providers, there's a few that are industry standard, and we'll see a few of those later. We are partnering with them to integrate and bring those measurements in an automated fashion. Right? Show up at the house, you've got measurements, they hit the calculation, boom, you've got three estimates you can show to the customer very quickly. In that, you want real-time pricing. There's a few key distributors in the space, and again, there's all these materials. Think about all these volumes and quantities and different types of parts you need from the outside of the home. Those prices fluctuate very frequently. You want to be able to price accurately so that you don't lose money on the job. At the same time, you don't want to outbid yourself to the competition. You want to stay competitive. When you get to proposals and contracts, again, very subtle nuance. All those materials may have different warranty requirements. If you're working on the roof, the gutter, the siding, the windows, you may specifically have contract requirements, maybe different safety requirements, so on and so forth. That's another component. Lastly, this is for our insurance customers. Verisk is specifically focused on kind of being the administrator between homeowner, insurance company, and contractor to make sure that we're landing at a fair price, right? That's one side in terms of sales. Let's talk about production. You want to order all those materials. You have several vendors you need to order them from. Doing that in a way that's automated and distributes those POs to the right vendors to make sure the materials get to the right place at the right time is super critical. Task management. Projects are multi-day, more complex, not too dissimilar from commercial, actually. What you'll find here is you have multiple stakeholders doing more work over, you know, some longer period of time. Having visibility into those tasks and creating work queues so that your employees know where they need to be and what is accomplished is critical. Lastly, because there's all these stakeholders, you need to be able to communicate seamlessly and in a threaded fashion in platform so you have a single pane of glass when it comes to communications. All that being said, I would argue that this 20% is the path to industry standard and really focusing on ROI for these customers. Most importantly, we want to make sure that we're embedding in this ecosystem to create value for these customers, but also entrench ourselves and create a moat that helps us expand over time. Some of these are going to look very familiar. They're common to all of our residential contractors. You'll see financing partners, accounting integrations, different product APIs. On the left-hand side, you'll see more specific components that are very relevant in the roofing space. Yesterday we did announce the partnership that we struck with Verisk, which is going to be critical in the insurance space specifically. You heard me talk a bit about the product side. I think implementation is important to mention as well. We work wall to wall with these customers very closely, and we are able to take learnings from each of these trades and deploy them because of that 80%. You got to import data, you got to set up telecom, you got to set up accounting, so on and so forth. We get leverage out of that that helps us accelerate our entry into new markets very effectively, and it'll help us get more efficient and effective over time. Last, if I look at our path to mark et standard, wrapping up over the course of the next 24 months, what I would say, one, we want to make sure that we are successful both in retail and the insurance side of the exterior space. The other is we're tackling some of these tangential trades that also touch the outside of the home. Specifically, that'll be gutters, siding, windows, so on and so forth. Ultimately, we want to focus again on driving ROI for those customers and winning the market over. With that, I'll turn it over to Jason. I'm wrapped for the day. Thank you guys very much. Thank you to all of our speakers. I want to wrap with a couple of things here. Here is your conclusion slide, really summarizing the largest and most impactful announcements that we're making on the product front this week at Pantheon, underlining all of the innovation across Enterprise Pro, commercial, and us. You heard our introduce Atlas this morning in his keynote. Vahe this afternoon will go much, much deeper into the practical applications of how our customers will use Atlas. I still see a few folks taking photos, so I'll linger on this slide for one second. As we progress throughout our day here, we're going to move from this room onto the expo hall floor so that we can connect, in particular, Field Pro and many of our newer Pro product innovations. We'll talk to Pro Account Managers to run through the application of what customers are learning on the expo hall today. Then we've got reserved seating once again up front for Vincent's keynote, which will run through Pro products and residential innovation. I'm going to come back to that one. After Vincent's keynote, we will then have the opportunity to go and see Alex and everything that we have to introduce in commercial earlier this afternoon. I would really encourage everybody, I know some of you can't stick around all day. Today at Pantheon, we'll conclude with the keynote from Vahe. I don't think you'll want to miss that one. I believe it's in the main expo hall. Final note that we'll wrap on: again, please respect the fact that our customers are here to work and to learn, and to understand how best to. On that note, thank you all. Thank you to those who joined us on the webcast. Hope you've learned quite a bit about the business and look forward to talking over the course of the day. Thank you. One final reminder, there's a bunch of sweat. Please don't forget to pick up your ServiceTitan side.