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Investor Presentation Fall 2026 | Q2FY27 1
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Forward-Looking Statements & Other Disclaimers This presentation and accompanying oral commentary (collectively, the “Materials”) contain forward-looking statements 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. Words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “strategy,” “target,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact could be deemed forward looking, including, but not limited to, statements regarding our future performance, our market opportunity, our opportunities for growth, the durability of our market, our ability to deliver growth for our customers, our long term operating model, and our plans for using AI functionality in our product and operations. These forward-looking statements are based on our management’s current beliefs, expectations, and assumptions regarding future events and are therefore subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, performance, or achievements to differ materially from results expressed or implied in this presentation. Investors are cautioned not to place undue reliance on these statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties described from time to time in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements are based on information and estimates available to the Company at the time of this presentation and are not guarantees of future performance. Except as required by law, we assume no obligation to update any of these forward-looking statements. The Materials contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, other third-party information, and other information based on the Company’s internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information, or other third-party information, and the use of such information by the Company in the MAterials does not mean or imply that the Company has adopted such information or independently verified it. Accordingly, the Company makes no representations as to the accuracy or completeness of that data or other information nor does it undertake to update such data after the date of this presentation. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the platform and products of the Company. Non-GAAP Financial Measures This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including non-GAAP platform gross profit, non-GAAP platform gross margin, non-GAAP professional services and other gross profit, non-GAAP professional services and other gross profit margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP operating margin expansion, non-GAAP net income (loss), and free cash flow, which are used by management for financial and operational decision-making and as a means to assist in evaluating period-to-period comparisons. These non-GAAP financial measures have certain limitations and should be considered in addition to, not as a substitute for or in isolation from, financial measures prepared in accordance with GAAP. Any non-GAAP financial measure as defined by the Company may not be comparable to similar non-GAAP financial measures presented by other companies. Presentation of such financial measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company's future results will be unaffected by other unusual or non-recurring items. A reconciliation is provided elsewhere in this presentation for each non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with GAAP. Unless otherwise stated, all references within the Materials to platform gross margin, total gross margin, operating income, operating margin, free cash flow and related growth rates are on a non-GAAP basis. Please refer to pages 31-50 for definitions and a reconciliation of non-GAAP metrics to the nearest GAAP figure. 2
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$26.8B Q2FY27 GTV 15.2% Q2FY27 Non-GAAP Operating Margin 21% Q2FY27 YoY Revenue Growth 81.1% Q2FY27 Non-GAAP Platform Gross Margin 22% Q2FY27 YoY Platform Revenue Growth >110% Q2FY27 Net Dollar Retention Rate $293M Q2FY27 Total Revenue 17% Q2FY27 YoY GTV Growth ServiceTitan Q2FY27 Highlights 33 Please refer to pages 31-50 for definitions and a reconciliation of non-GAAP metrics to the nearest GAAP figure.
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The Operating System that Powers the Trades 44
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Born in the trades, built for the trades We are maniacally focused on the success of our customers 55
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Massive, Durable Market1 Platform Leadership2 Expanding Moat 3 Multiple Growth Vectors4 Efficient Operating Model5 Investment Highlights 6
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Massive, Durable Market 7
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We Power Profitable Growth for Contractors Massive, Durable Market 1 Our Focus: Powering Profitable Growth for Contractors 8 Plumbing Electrical Pest HVAC Roofing ExteriorsLandscapingChimneyPoolGarage Door Plumbing Elevators Landscaping HVAC Roofing Fire & Life SafetyGroundsDoorsLoading DockElectrical 8
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We Address ~$650Bn of the Trades Industry Spend Massive, Durable Market 1 Approximate Revenue Generated by Trades Businesses (GTV): ~$1.5 Tn All Addressable Trades and Markets 2 Additional Trades 5 Down-Market 4 Heavy Commercial & Construction 3 Not Addressed Today ~$650Bn Trades and Markets We Serve 2 ~$90Bn Our Current Customers 1 1. GTV for the last 12 months from the end of Q2FY27. 2. Per IBISWorld Inc. Industry Reports covering over 50 trades in the U.S., published between December 2020 and March 2023; U.S. Bureau of Labor Statistics (BLS) Quarterly Census of Employment and Wages (QCEW) by NAICS report as of Q1 2022; and internal ServiceTitan estimates based on analyses of both internal and third-party data. Please refer to pages 31-33 for definitions and methodologies. 3. Represents our estimate of the segments or proportions of segments of commercial and construction that are not currently supported by ServiceTitan. 4. Down-market refers to businesses with less than 5 technicians. 5. Represents trades not currently serviced by ServiceTitan. 99
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We Have a Substantial Revenue Opportunity in our Current SAM and TAM Massive, Durable Market 1 Our Revenue Opportunity: Approximate Revenue Generated by Trades Businesses (GTV) x Amount Spent on ServiceTitan Solutions as a % of GTV (Effective Earn Rate)7 1. $1.06Bn represents Q2’FY27 LTM Revenue. 2. Per IBISWorld Inc. Industry Reports covering over 50 trades in the U.S., published between December 2020 and March 2023; U.S. Bureau of Labor Statistics (BLS) Quarterly Census of Employment and Wages (QCEW) by NAICS report as of Q1 2022; and internal ServiceTitan estimates based on analyses of both internal and third-party data. Please refer to pages 31-33 for definitions and methodologies. 3. Represents our estimate of the segments or proportions of segments of commercial and construction that are not currently supported by ServiceTitan. 4. Down-market refers to businesses with less than 5 technicians. 5. Represents trades not currently serviced by ServiceTitan. 6. Represents the revenue opportunity from our customers’ full subscription to our suite of FinTech offerings and Pro products (“Full Platform Deployment”) and new product features (~2% or more Effective Earn Rate) by all customers across the $1.5Tn TAM. 7. Based on our current suite of products, we capture on average approximately 1% of our customers’ GTV as revenue. We estimate that we could capture up to approximately 2% of our customers’ GTV as revenue with Full Platform Deployment. 8. Represents the revenue opportunity with Full Platform Deployment by all customers across $90Bn GTV for the last 12 months from the end of Q2’FY27. 9. Represents the revenue opportunity of Full Platform Deployment (~2% Effective Earn Rate) across the ~$650Bn SAM. L TM Revenue From Current Customers 1 All Addressable Trades and Markets ² Trades and Markets We Serve ² SAM ~$13Bn9 Potential Revenue With Full Platform Deployment ~$1.8Bn8 Effective Earn Rate %7 >1% (Average Today) ~2% (Full Platform Deployment) ~2% (Full Platform Deployment) 2%+ (Full Platform Deployment + New Product Features) $1.06Bn1 Additional Trades 5 Down-Market 4 Heavy Commercial & Construction 3 Not Addressed Today TAM $30Bn+6 10
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Platform Leadership & Moat 1111
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End-to-End Platform Helps Customers Widen the Top of the Funnel and Accelerate Progress Through the Funnel Platform Leadership 2 Win More Business Operate Efficiently Maximize Cash Flow Lead Targeting Marketing Optimization Payment Processing Invoice Automation Project, Job, Equipment Info, Tasking Purchasing/Inventory Customized Statements Job Costing Residential Smart Dispatching Higher Average Tickets Invoice Payment Lead Generation Book Job Dispatch Tech(s) Perform Job 12 Prospect, Estimate Efficiently Create Proposals 12 Commercial
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Lead Generation External Payroll Processor External General Ledger Platform Leadership 2Core Platform Solves Deep, Key Workflows Book Job Dispatch Tech(s) Perform Job Payment & Invoice Back Office Ops ● Lead Tracking ● Memberships and Contracts ● Lead-targeting and Reputation Mgmt ● Sales Intelligence ● Estimate Follow Ups ● Leads Integrations ● Ad Spend Optimization ● Call Booking & Recording ● Advanced Call Analytics ● Consumer-facing Booking Capabilities ● Inbound Texting / SMS Capabilities ● Schedule Assistant / Capacity Planning ● Automated Customer Data Population ● Customer Notifications ● Scheduling & Dispatching ● AI-Powered Routing and Optimizing ● Efficient Fleet Management ● Skills-Based Matching ● Technician Directions ● Custom Forms ● Property Intelligence ● Reporting ● Pricebook ● Estimation / Field Quote Creation ● Mobile Job / Site / Location / Equipment History ● Consumer Financing ● Payment Processing ● Check ● ACH ● Invoice Generation ● Commercial Billing & AIA ● Accounting ● Procurement & Pricing ● Inventory Management ● Projects & Job Costing ● Reporting / Dashboard ● Customized Persona-based Dashboards ● Supplier Integrations ● Service Agreements & Memberships Customer Relationship Management (CRM) Field Service Management (FSM) FinTech Enterprise Resource Planning (ERP) Human Capital Management (HCM) Platform 13
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We Expand From Core into Usage and Increasingly High ROI Business Automations Platform Leadership 2 Advanced Subscription Packages Max Pro Products 1. For the quarter ended Q2’FY27 Charged Per Technician or Size of Business on a Subscription Basis Core FSM HCM ERP CRM 95%+ of Our Revenue is Platform Revenue 1 Essential Onboarding & Training Services to Promote Customer Success Professional Services Platform Revenue 1414 Usage FinTech & AI Credit Card and Check Processing Consumer Financing AI Consumption Ecosystem
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ServiceTitan Sits At the Center of the Trades Ecosystem 1515 Expanding Moat 3
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16 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 ServiceTitan because we charge per technician We Continue to Empower Some of the Largest Players in the Industry 1. As of January 31, 2026. 2. Last updated as of April 30, 2026. Please refer to pages 31-33 for definitions and methodologies. Expanding Moat 3 ~10,800 Active Customers ¹ >2,000 Customers > $100K Annualized Billings 2 >60% Total Annualized Billings from Customers > $100K Annualized Billings 2
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Multiple Vectors for Growth 1717
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We Have a Track Record of Adding Capabilities That are Increasingly Hard to Replicate Multiple Growth Vectors 4 18
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Platform Evolving Towards Full Business Automation 1. Core Platform Technology supports tasks 2. Pro Products Technology improves workflows 3. Max Technology orchestrates a trades business 19 Multiple Growth Vectors 4
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Max Unlocks The Future of AI in The Trades 20 Multiple Growth Vectors 4
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Our Go to Market Engine is Tailored to Grow Efficiently Multiple Growth Vectors 4 Inbound • High Velocity • Marketing-Driven • Referrals • Community evangelism Outbound • Targeted Strategic Partners and Private Equity Networks Investment to promote success on platform Wall-to-wall core deployment Required for every customer Adoption of FinTech offerings Customer ROI powers customer technician growth Max New markets and trades Packaging Simplification Activate Expand Growth Path 2121 Acquire
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Efficient Operating Model 2222
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An Efficient and Scalable Operating Model Deliver high customer ROI Technician growth, high margin Fintech growth and expansion towards Max Customer ROI is the pull to invest in new markets and trades Industry leading gross retention >110% Net Dollar Retention Rate1 Efficient processes, payback and onboarding at scale Disciplined investment approach >90% Target FCF Conversion4 Team and infrastructure in place to support next phase of growth Efficient Economics Incremental Margin Built for durable growth; constrained to deliver 25% incremental operating margins 2323 Efficient Operating Model 5 Durable Growth Platform Revenue Incremental platform revenue added 24 Month Target CAC Payback Period2 >25% Target annual incremental operating margins3 1. For the quarter ended Q2FY27. 2. Represents our target according to our operating plan as of July 31, 2026; includes professional services. 3. Represents our target according to our operating plan as of July 31, 2026. 4. epresents our target according to our operating plan as of July 31, 2026. Annual FCF as a percent of Non-GAAP Operating Income. | Note: We have not provided a reconciliation of the long term non-GAAP target metrics to their nearest GAAP figure because such reconciliation is not available without unreasonable effort. However, it is important to note that such reconciling items could have a significant effect on future GAAP results. Please refer to pages 31-50 for definitions and a reconciliation of non-GAAP metrics to the nearest GAAP figure.
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Note: Please refer to pages 31-34 for definitions and methodologies. Usage Subscription Services 21%25%21%25%YoY Growth % Strong Total Annual Revenue Growth Efficient Operating Model 5 In $MM 2424 25%
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Consistent Subscription Revenue Growth Efficient Operating Model 5 In $MM 2525 Note: Please refer to pages 31-34 for definitions and methodologies. 22%24%23%26%YoY Growth % 27%
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Usage Revenue as a Proportion of GTV Steady YoY GTV Growth With Seasonal Impact in Q2 Steady Usage Revenue as a % of GTV Efficient Operating Model 5 Note: Please refer to pages 31-34 for definitions and methodologies. 2626 17%23%16%22%YoY Growth % 19%
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Non-GAAP Platform Gross Margin Total Non-GAAP Gross Margin Non-GAAP Professional Services and Other Gross Margin 0% Expanding Overall Gross Margins as Platform Revenue Grows Faster than Services Revenue Efficient Operating Model 5 Note: Please refer to pages 31-50 for definitions and a reconciliation of non-GAAP metrics to the nearest GAAP figure. 2727
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Consistent Non-GAAP Operating Margin Expansion Efficient Operating Model 5 Note: Please refer to pages 31-50 for definitions and a reconciliation of non-GAAP metrics to the nearest GAAP figure. Non-GAAP Operating Margin (%) 2828
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Long Term Non-GAAP Target Operating Model Efficient Operating Model 5 FY2026 Q2FY27 Long Term Non-GAAP Gross Margin (%) 74% 75% ~77%1 Non-GAAP Sales & Marketing (% of Rev.) 25% 22% 20-22%1 Non-GAAP Research & Development (% of Rev.) 25% 26% 20-22% Non-GAAP General & Administrative (% of Rev.) 14% 11% ~10% Non-GAAP Operating Margin (%) 10% 15% ~25% Note: The forward looking long term non-GAAP targets stated on this page reflect our current operating plan as of September 8, 2026 and are subject to change as future events and opportunities arise. Please refer to pages 31-50 for definitions and a reconciliation of non-GAAP metrics to the nearest GAAP figure. We have not provided a reconciliation of the long term non-GAAP target metrics to their nearest GAAP figure because such reconciliation is not available without unreasonable effort. However, it is important to note that such reconciling items could have a significant effect on future GAAP results. 1. Long term non-GAAP gross margin and non-GAAP sales & marketing targets were revised to reflect the expanded role of our customer success team (“CSM”) on customer retention and expansion; accordingly, beginning in FY26, a portion of CSM headcount costs shifted from cost of revenue to sales & marketing. Please refer to our SEC filings and Annual Report on Form 10-K for the fiscal year ended January 31, 2026 for additional information. 2929
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Appendix 3030
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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 Billings for a given quarter as the annualized value of the quarterly amount invoiced for our Core and upsell products, net of reserves, and the quarterly revenue recognized for our usage-based products. Contracts for our platform solutions range from monthly to multi-year. While monthly subscribers as a group have historically maintained or increased their subscriptions over time, there is no guarantee that any particular customer on a monthly subscription will renew its subscription in any given month, and therefore the calculation of Annualized Billings for these monthly subscriptions may not accurately reflect revenue to be received over a 12-month period from such customers. There may be seasonal fluctuations in Annualized Billings as a result of heightened demand for our customers during peak times. Annualized Billings should be viewed independently of, and not as a replacement for, revenue and does not represent our revenue on an annualized basis. Free Cash Flow (FCF) We define free cash flow, a non-GAAP measure, as GAAP net cash provided by (used in) operating activities less cash used for investing activities for capitalized internal use software and less cash paid for purchases of, and deposits for, property and equipment. We believe that free cash flow is a meaningful indicator of our sources of liquidity and capital requirements that provides information to management and investors that is useful in evaluating the cash flow trends of our business. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. Free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Other companies may calculate free cash flow or similarly titled non-GAAP measures differently, which could reduce the usefulness of free cash flow as a tool for comparison. In addition, free cash flow does not reflect mandatory debt service and other non-discretionary expenditures that are required to be made under contractual commitments and does not represent the total increase or decrease in our cash balance for any given period. Gross Dollar Retention Rate (Quarterly) To calculate our gross dollar retention rate as of a given quarter, we first calculate Annualized Billings from the cohort of all customers billed in the same quarter in the prior year, or the prior period Annualized Billings. We then identify the value of Annualized Billings from any customers whose billings were zero in the current period (excluding the impact of one-time credits), which we refer to as churn. We then divide (a) the prior period Annualized Billings minus churn by (b) the prior period Annualized Billings to calculate the gross dollar retention rate. Gross Dollar Retention Rate (Annual Disclosure) To calculate our gross dollar retention rate during a fiscal year, we calculate the arithmetic average of the gross dollar retention rate (see calculation above) from each quarter during the year. Gross Transaction Volume Gross Transaction Volume (“GTV”) represents the sum of total dollars invoiced by our customers through the ServiceTitan platform in a given period, which is intended to be a proxy for the total revenue our customers generate. Net Dollar Retention Rate Our net dollar retention rate measures the increase in Annualized Billings across our existing customer base by comparing the Annualized Billings from the same set of customers across comparable periods. To calculate our net dollar retention rate as of a given quarter, we first calculate Annualized Billings from the cohort of all customers billed in the same quarter in the prior year, or the prior period Annualized Billings. We then calculate Annualized Billings from these same customers as of the current quarter, or the current period Annualized Billings. Current period Annualized Billings includes the effect of any expansion, contraction or churn over the trailing 12 months. We divide (a) current period Annualized Billings by (b) prior period Annualized Billings to arrive at the net dollar retention rate. When calculating net dollar retention rate, we do not include the billings from any customers that were acquired as the result of our acquisition of a business until the completion of the first full quarter following the one-year anniversary of the acquisition. Last Twelve Months (L TM) Revenue Represents the sum of Total Revenue over the prior four fiscal quarters. Subscription Revenue Revenue generated from access to and use of the ServiceTitan platform, including subscriptions to the Core and certain upsell products. Definitions 3131
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Usage-based Revenue Revenue generated from transactions using FinTech solutions and usage of certain upsell products and other usage-based services. Platform Revenue Revenue generated through (a) Subscription Revenue and (b) Usage-based Revenue. Non-GAAP Gross Profit Non-GAAP gross profit represents GAAP gross profit, excluding, to the extent applicable, stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, restructuring charges, loss on operating lease assets and acquisition-related items. Non-GAAP Gross Margin Non-GAAP gross margin represents non-GAAP gross profit as a percentage of revenue. Non-GAAP Platform Gross Profit Non-GAAP platform gross profit represents GAAP platform gross profit, excluding, to the extent applicable, stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, restructuring charges, loss on operating lease assets and acquisition-related items. Non-GAAP Platform Gross Margin Non-GAAP platform gross margin represents non-GAAP platform gross profit as a percentage of platform revenue. Non-GAAP Professional Services and Other Gross Profit Non-GAAP professional services and other gross profit represents GAAP professional services and other gross profit, excluding, to the extent applicable, stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, restructuring charges, loss on operating lease assets and acquisition-related items. Non-GAAP Professional Services and Other Gross Profit Margin Non-GAAP professional services and other gross margin represents non-GAAP professional services and other gross profit as a percentage of professional services and other revenue. Non-GAAP Sales and Marketing Expenses Non-GAAP sales and marketing expenses represents GAAP sales and marketing expenses, excluding, to the extent applicable, stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, restructuring charges, loss on operating lease assets and acquisition-related items. Non-GAAP Research and Development Expenses Non-GAAP research and development expenses represents GAAP research and development expenses, excluding, to the extent applicable, stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, restructuring charges, loss on operating lease assets and acquisition-related items. Non-GAAP General and Administrative Expenses Non-GAAP general and administrative expenses represents GAAP general and administrative expenses, excluding, to the extent applicable, stock-based compensation expense and related employer payroll taxes, restructuring charges, loss on operating lease assets and acquisition-related items. Definitions (Cont’d) 3232
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Non-GAAP Income (Loss) From Operations Non-GAAP income (loss) from operations represents GAAP income (loss) from operations, excluding stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, restructuring charges, acquisition-related costs, and loss on operating lease assets. Non-GAAP Net Income (Loss) Non-GAAP net income (loss) represents GAAP net income (loss), excluding stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, restructuring charges, acquisition-related costs, loss on operating lease assets, and adjustments for the income tax effects on the difference between GAAP and non-GAAP expenses. Non-GAAP Operating Margin Non-GAAP operating margin represents non-GAAP income from operations as a percentage of total revenue, excluding stock-based compensation expense and related employer payroll taxes, amortization of acquired intangible assets, restructuring charges, acquisition-related costs, and loss on operating lease assets. Non-GAAP Operating Margin Expansion Total increase in Non-GAAP operating margin over the period presented. Addressable U.S./Canada Trades Industry Spend (All Addressable Trades and Markets) Addressable U.S./Canada Trades Industry Spend refers to our estimate of the combined total annual spend on over 50 different trades in the U.S. and Canada using data published between December 2020 and March 2023. U.S. trades industry spend is calculated by taking the annual revenue generated for each such trade in the U.S. according to the most recent full-year actual data in each applicable IBISWorld Inc. report, mapping those trades by the NAICS codes utilized by ServiceTitan and by internal ServiceTitan estimates based on analyses of both internal and third-party data (including the 2021 data on HVAC expenditures in the Improving America's Housing 2023 report by the Harvard Joint Center for Housing Studies), and eliminating any deprioritized business segment focuses (e.g., government). Canadian trades industry spend is estimated by multiplying the U.S. trades industry spend by the approximate percentage that Canadian GDP represents of U.S. GDP in 2023. Serviceable U.S./Canada Trades Industry Spend (Trades and Markets We Serve) Serviceable U.S./Canada Trades Industry Spend is calculated by reducing the total annual spend on each trade that comprises the Addressable U.S./Canada Trades Industry Spend figure based on our estimate of the proportion of any trade not currently serviced or supported by ServiceTitan, and further reduced based on our estimate of the proportion of any segment of a trade (e.g., residential construction, commercial construction) not currently serviced or supported by ServiceTitan, and further reduced by deducting a proportion of businesses with fewer than five employees. Such employee data is derived from the BLS Quarterly Census of Employment and Wages as of Q1 2022. ServiceTitan Serviceable Market Opportunity ServiceTitan Serviceable Market Opportunity is calculated by multiplying the Serviceable U.S./Canada Trades Industry Spend by 2%, which is the aggregate percentage of our customers' GTV that we estimate we could capture if each customer subscribed to all of our offerings (i.e. Core, Pro and FinTech products) based on our historical customer data. Customer Acquisition Costs (CAC) Includes up-front sales and marketing costs to acquire the customer and costs of implementation services to complete onboarding. CAC Payback Period CAC payback period represents the Customer Acquisition Costs for the trailing four quarters divided by the non-GAAP platform gross margin for the trailing four quarters minus the non-GAAP platform gross profit for the prior four quarters, multiplied by 12 to arrive at the CAC Payback Period in months. Definitions (Cont’d) 3333
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Disaggregated Revenue Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 (In Thousands) Subscription $ 108,824 $ 114,311 $ 119,398 $ 126,034 $ 137,697 $ 145,282 $ 156,674 $ 162,717 $ 174,753 $ 182,778 $ 192,044 $ 202,038 $ 212,373 Usage 38,851 37,344 34,564 37,191 47,300 45,908 43,400 45,265 57,973 56,803 53,085 58,526 72,123 Platform revenue $ 147,675 $ 151,655 $ 153,962 $ 163,225 $ 184,997 $ 191,190 $ 200,074 $ 207,982 $ 232,726 $ 239,581 $ 245,129 $ 260,564 $ 284,496 Professional services and other 8,333 8,429 7,802 7,103 7,997 8,085 9,207 7,710 9,397 9,582 8,858 8,260 8,260 Total revenue $ 156,008 $ 160,084 $ 161,764 $ 170,328 $ 192,994 $ 199,275 $ 209,281 $ 215,692 $ 242,123 $ 249,163 $ 253,987 $ 268,824 $ 292,756 3434
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GAAP to Non-GAAP Reconciliation Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 (In Thousands) GAAP Platform Gross Profit $ 105,141 $ 109,619 $ 110,135 $ 115,468 $ 135,761 $ 138,986 $ 146,289 $ 157,945 $ 180,735 $ 185,055 $ 188,139 $ 205,055 $ 223,975 Stock-based compensation expense and related employer payroll taxes 2,012 1,399 1,333 1,142 1,385 1,634 1,570 1,398 1,484 1,483 2,058 1,728 1,712 Amortization of acquired intangible assets 5,502 5,502 5,338 5,303 5,533 5,533 5,533 5,533 5,533 5,581 5,455 4,933 4,933 Loss on operating lease assets - - 798 2,828 1,373 1,189 102 960 - - 352 - - Restructuring charges 25 - 57 386 - - - - - - - - - Non-GAAP Platform Gross Profit $ 112,680 $ 116,520 $ 117,661 $ 125,127 $ 144,052 $ 147,342 $ 153,494 $ 165,836 $ 187,752 $ 192,119 $ 196,004 $ 211,716 $ 230,620 3535
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* Totals may not foot due to rounding Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 GAAP Platform Gross Margin 71.2% 72.3% 71.5% 70.7% 73.4% 72.7% 73.1% 75.9% 77.7% 77.2% 76.8% 78.7% 78.7% Stock-based compensation expense and related employer payroll taxes 1.4% 0.9% 0.9% 0.7% 0.7% 0.9% 0.8% 0.7% 0.6% 0.6% 0.8% 0.7% 0.6% Amortization of acquired intangible assets 3.7% 3.6% 3.5% 3.2% 3.0% 2.9% 2.8% 2.7% 2.4% 2.3% 2.2% 1.9% 1.7% Loss on operating lease assets - - 0.5% 1.7% 0.7% 0.6% 0.1% 0.5% - - 0.1% - - Restructuring charges 0.0% - 0.0% 0.2% - - - - - - - - - Non-GAAP Platform Gross Margin 76.3% 76.8% 76.4% 76.7% 77.9% 77.1% 76.7% 79.7% 80.7% 80.2% 80.0% 81.3% 81.1% GAAP to Non-GAAP Reconciliation 3636
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Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 (In Thousands) GAAP Professional Services and Other Gross Profit $ (8,421) $ (6,851) $ (9,923) $ (9,488) $ (8,935) $ (9,041) $ (8,113) $ (9,549) $ (9,386) $ (8,715) $ (10,485) $ (11,264) $ (14,906) Stock-based compensation expense and related employer payroll taxes 1,461 1,102 988 869 1,137 1,159 1,133 1,384 1,364 1,357 1,458 1,588 2,397 Restructuring charges 119 - 212 129 - - - - - - - - - Loss on operating lease assets - - 347 1,318 675 563 52 751 - - 257 - - Amortization of acquired intangible assets 484 484 3,032 784 334 334 334 334 334 334 334 334 334 Non-GAAP Professional Services and Other Gross Profit $ (6,357) $ (5,265) $ (5,344) $ (6,388) $ (6,789) $ (6,985) $ (6,594) $ (7,080) $ (7,688) $ (7,024) $ (8,436) $ (9,342) $ (12,175) GAAP to Non-GAAP Reconciliation 3737
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* Totals may not foot due to rounding Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 GAAP Professional Services and Other Gross Profit Margin -101.1% -81.3% -127.2% -133.6% -111.7% -111.8% -88.1% -123.9% -99.9% -91.0% -118.4% -136.4% -180.5% Stock-based compensation expense and related employer payroll taxes 17.5% 13.1% 12.7% 12.2% 14.2% 14.3% 12.3% 18.0% 14.5% 14.2% 16.5% 19.2% 29.0% Restructuring charges 1.4% - 2.7% 1.8% - - - - - - - - - Loss on operating lease assets - - 4.4% 18.6% 8.4% 7.0% 0.6% 9.7% - - 2.9% - - Amortization of acquired intangible assets 5.8% 5.7% 38.9% 11.0% 4.2% 4.1% 3.6% 4.3% 3.6% 3.5% 3.8% 4.0% 4.0% Non-GAAP Professional Services and Other Gross Profit Margin -76.3% -62.5% -68.5% -89.9% -84.9% -86.4% -71.6% -91.8% -81.8% -73.3% -95.2% -113.1% -147.4% GAAP to Non-GAAP Reconciliation 3838
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Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 (In Thousands) GAAP Gross Profit $ 96,720 $ 102,768 $ 100,212 $ 105,980 $ 126,826 $ 129,945 $ 138,176 $ 148,396 $ 171,349 $ 176,340 $ 177,654 $ 193,791 $ 209,069 Stock-based compensation expense and related employer payroll taxes 3,473 2,501 2,321 2,011 2,522 2,793 2,703 2,782 2,848 2,840 3,516 3,316 4,109 Amortization of acquired intangible assets 5,986 5,986 8,370 6,087 5,867 5,867 5,867 5,867 5,867 5,915 5,789 5,267 5,267 Loss on operating lease assets - - 1,145 4,146 2,048 1,752 154 1,711 - - 609 - - Restructuring charges 144 - 269 515 - - - - - - - - - Non-GAAP Gross Profit $ 106,323 $ 111,255 $ 112,317 $ 118,739 $ 137,263 $ 140,357 $ 146,900 $ 158,756 $ 180,064 $ 185,095 $ 187,568 $ 202,374 $ 218,445 GAAP to Non-GAAP Reconciliation 3939
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* Totals may not foot due to rounding Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 GAAP Gross Margin 62.0% 64.2% 61.9% 62.2% 65.7% 65.2% 66.0% 68.8% 70.8% 70.8% 69.9% 72.1% 71.4% Stock-based compensation expense and related employer payroll taxes 2.2% 1.6% 1.4% 1.2% 1.3% 1.4% 1.3% 1.3% 1.2% 1.1% 1.4% 1.2% 1.4% Amortization of acquired intangible assets 3.8% 3.7% 5.2% 3.6% 3.0% 2.9% 2.8% 2.7% 2.4% 2.4% 2.3% 2.0% 1.8% Loss on operating lease assets - - 0.7% 2.4% 1.1% 0.9% 0.1% 0.8% - - 0.2% - - Restructuring charges 0.1% - 0.2% 0.3% - - - - - - - - - Non-GAAP Gross Margin 68.2% 69.5% 69.4% 69.7% 71.1% 70.4% 70.2% 73.6% 74.4% 74.3% 73.8% 75.3% 74.6% GAAP to Non-GAAP Reconciliation 4040
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Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 (In Thousands) GAAP Sales and Marketing Expenses $ 52,798 $ 60,097 $ 56,689 $ 57,601 $ 58,218 $ 67,795 $ 69,735 $ 69,223 $ 69,544 $ 78,270 $ 73,848 $ 73,072 $ 76,973 Stock-based compensation expense and related employer payroll taxes (6,604) (4,419) (7,028) (3,575) (4,069) (4,132) (12,854) (5,568) (7,694) (6,818) (7,262) (6,619) (8,053) Amortization of acquired intangible assets (5,603) (5,547) (5,456) (5,450) (5,606) (5,606) (5,575) (5,515) (5,515) (5,466) (5,245) (4,587) (4,586) Loss on operating lease assets - - (980) (3,649) (1,784) (1,467) (123) (1,765) - - (612) - - Restructuring charges (21) - (27) (292) - - - - - - - - - Non-GAAP Sales and Marketing Expenses $ 40,570 $ 50,131 $ 43,198 $ 44,635 $ 46,759 $ 56,590 $ 51,183 $ 56,375 $ 56,335 $ 65,986 $ 60,729 $ 61,866 $ 64,334 GAAP to Non-GAAP Reconciliation 4141
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* Totals may not foot due to rounding Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 GAAP Sales and Marketing Expenses (% of Revenue) 34% 38% 35% 34% 30% 34% 33% 32% 29% 31% 29% 27% 26% Stock-based compensation expense and related employer payroll taxes -4% -3% -4% -2% -2% -2% -6% -3% -3% -3% -3% -2% -3% Amortization of acquired intangible assets -4% -3% -3% -3% -3% -3% -3% -3% -2% -2% -2% -2% -2% Loss on operating lease assets - - -1% -2% -1% -1% - -1% - - 0% - - Restructuring charges - - - - - - - - - - - - - Non-GAAP Sales and Marketing Expenses (% of Revenue) 26% 31% 27% 26% 24% 28% 24% 26% 23% 26% 24% 23% 22% GAAP to Non-GAAP Reconciliation 4242
Page 43
Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 (In Thousands) GAAP Research and Development Expenses $54,319 $49,094 $54,420 $58,613 $62,449 $65,935 $76,057 $69,140 $73,065 $78,522 $81,862 $88,024 $100,630 Stock-based compensation expense and related employer payroll taxes (11,437) (7,621) (9,385) (7,758) (9,851) (10,451) (18,993) (12,263) (12,703) (14,875) (16,414) (20,464) (24,461) Acquisition-related items - - - - (250) - - - - - - - - Loss on operating lease assets - - (1,007) (3,478) (1,765) (1,468) (126) (1,679) - - (582) - - Restructuring charges (7) - (128) (991) - - - - - - - - - Non-GAAP Research and Development Expenses $42,875 $41,473 $43,900 $46,386 $50,583 $54,016 $56,938 $55,198 $60,362 $63,647 $64,866 $67,560 $76,169 GAAP to Non-GAAP Reconciliation 4343
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* Totals may not foot due to rounding Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 GAAP Research and Development Expenses (% of Revenue) 35% 31% 34% 34% 32% 33% 36% 32% 30% 32% 32% 33% 34% Stock-based compensation expense and related employer payroll taxes -7% -5% -6% -5% -5% -5% -9% -6% -5% -6% -6% -8% -8% Acquisition-related items - - - - - - - - - - - - - Loss on operating lease assets - - -1% -2% -1% -1% - -1% - - 0% - - Restructuring charges - - - -1% - - - - - - - - - Non-GAAP Research and Development Expenses (% of Revenue) 27% 26% 27% 27% 26% 27% 27% 26% 25% 26% 26% 25% 26% GAAP to Non-GAAP Reconciliation 4444
Page 45
Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 (In Thousands) GAAP General and Administrative Expenses $ 38,892 $ 29,723 $ 37,194 $ 43,194 $ 38,769 $ 40,263 $ 92,250 $ 59,569 $ 63,512 $ 61,774 $ 64,615 $ 58,457 $ 59,018 Stock-based compensation expense and related employer payroll taxes (14,370) (5,789) (12,460) (7,228) (7,964) (8,408) (45,149) (12,647) (15,830) (13,178) (15,123) (13,244) (11,985) Stock-based compensation expense - Co-Founders performance based RSUs - - - - - - (14,980) (13,071) (13,518) (13,515) (13,514) (13,074) (13,515) Acquisition-related items (4) 10 199 (2,054) 127 (6) - - - (1,121) (34) - - Loss on operating lease assets - - (1,725) (8,808) (4,490) (3,660) (231) (2,877) - - (1,115) - - Restructuring charges (47) - (115) (698) - - - - - - - - - Non-GAAP General and Administrative Expenses $ 24,471 $ 23,944 $ 23,093 $ 24,406 $ 26,442 $ 28,189 $ 31,890 $ 30,974 $ 34,164 $ 33,960 $ 34,829 $ 32,139 $ 33,518 GAAP to Non-GAAP Reconciliation 4545
Page 46
* Totals may not foot due to rounding Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 GAAP General and Administrative Expenses (% of Revenue) 25% 19% 23% 25% 20% 20% 44% 28% 26% 25% 25% 22% 20% Stock-based compensation expense and related employer payroll taxes -9% -4% -8% -4% -4% -4% -22% -6% -7% -5% -6% -5% -4% Stock-based compensation expense - Co-Founders performance based RSUs - - - - - - -7% -6% -6% -5% -5% -5% -5% Acquisition-related items - - - -1% - - - - - - 0% - - Loss on operating lease assets - - -1% -5% -2% -2% - -1% - - 0% - - Restructuring charges - - - - - - - - - - - - - Non-GAAP General and Administrative Expenses (% of Revenue) 16% 15% 14% 14% 14% 14% 15% 14% 14% 14% 14% 12% 11% GAAP to Non-GAAP Reconciliation 4646
Page 47
Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 (In Thousands) GAAP Income (Loss) From Operations $ (49,289) $ (36,146) $ (48,091) $ (53,428) $ (32,610) $ (44,048) $ (99,866) $ (49,536) $ (34,772) $ (42,226) $ (42,671) $ (25,762) $ (27,552) Stock-based compensation expense and related employer payroll taxes 35,884 20,330 31,194 20,572 24,406 25,784 79,699 33,260 39,075 37,711 42,315 43,643 48,608 Stock-based compensation expense - Co-Founders performance based RSUs - - - - - - 14,980 13,071 13,518 13,515 13,514 13,074 13,515 Amortization of acquired intangible assets 11,589 11,533 13,826 11,537 11,473 11,473 11,442 11,382 11,382 11,381 11,034 9,854 9,853 Acquisition-related items 4 (10) (199) 2,054 123 6 - - - 1,121 34 - - Loss on operating lease assets - - 4,857 20,081 10,087 8,347 634 8,032 - - 2,918 - - Restructuring charges 219 - 539 2,496 - - - - - - - - - Non-GAAP Income (Loss) From Operations $ (1,593) $ (4,293) $ 2,126 $ 3,312 $ 13,479 $ 1,562 $ 6,889 $ 16,209 $ 29,203 $ 21,502 $ 27,144 $ 40,809 $ 44,424 GAAP to Non-GAAP Reconciliation 4747
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* Totals may not foot due to rounding Fiscal Period Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 LTM GAAP Operating Margin -31.6% -22.6% -29.7% -31.4% -16.9% -22.1% -47.7% -23.0% -14.4% -16.9% -16.8% -9.6% -9.4% -13.0% Stock-based compensation expense and related employer payroll taxes 23.0% 12.7% 19.3% 12.1% 12.6% 12.9% 38.1% 15.4% 16.1% 15.1% 16.7% 16.2% 16.6% 16.2% Stock-based compensation expense - Co-Founders performance based RSUs - - - - - - 7.2% 6.1% 5.6% 5.4% 5.3% 4.9% 4.6% 5.0% Amortization of acquired intangible assets 7.4% 7.2% 8.5% 6.8% 5.9% 5.8% 5.5% 5.3% 4.7% 4.6% 4.3% 3.7% 3.4% 4.0% Acquisition-related items 0.0% 0.0% -0.1% 1.2% 0.1% 0.0% - - - 0.4% 0.0% - - 0.1% Loss on operating lease assets - - 3.0% 11.8% 5.2% 4.2% 0.3% 3.7% - - 1.1% - - 0.3% Restructuring charges 0.1% - 0.3% 1.5% - - - - - - - - - - Non-GAAP Operating Margin -1.0% -2.7% 1.3% 1.9% 7.0% 0.8% 3.3% 7.5% 12.1% 8.6% 10.7% 15.2% 15.2% 12.6% GAAP to Non-GAAP Reconciliation 4848
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1 Effective February 1, 2026, we adopted a fixed long-term projected non-GAAP tax rate of 18%, which reflects currently available information, as well as other factors and assumptions that may change over time. Fiscal Period Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 (In Thousands) GAAP Net Loss $ (39,672) $ (51,412) $ (56,039) $ (35,652) $ (46,460) $ (100,943) $ (46,364) $ (32,225) $ (39,527) $ (41,737) $ (22,818) $ (24,921) Stock-based compensation expense and related employer payroll taxes 20,330 31,194 20,572 24,406 25,784 79,699 33,260 39,075 37,711 42,315 43,643 48,608 Stock-based compensation expense - Co-Founders performance based RSUs - - - - - 14,980 13,071 13,518 13,515 13,514 13,074 13,515 Amortization of acquired intangible assets 11,533 13,826 11,537 11,473 11,473 11,442 11,382 11,382 11,381 11,034 9,854 9,853 Acquisition-related items (10) (199) 2,054 123 6 - - - 1,121 34 - - Loss on operating lease assets - 4,857 20,081 10,087 8,347 634 8,032 - - 2,918 - - Restructuring charges - 539 2,496 - - - - - - - - - Income tax effects¹ 632 408 (489) (420) (298) 1,646 (1,484) 1,095 (387) (939) (7,096) (7,331) Non-GAAP Net Income (Loss) $ (7,187) $ (787) $ 212 $ 10,017 $ (1,148) $ 7,458 $ 17,897 $ 32,845 $ 23,814 $ 27,139 $ 36,657 $ 39,724 GAAP to Non-GAAP Reconciliation 4949
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Fiscal Period Q3 FY'24 Q4 FY'24 Q1 FY'25 Q2 FY'25 Q3 FY'25 Q4 FY'25 Q1 FY'26 Q2 FY'26 Q3 FY'26 Q4 FY'26 Q1 FY'27 Q2 FY'27 (In Thousands) Net cash provided by (used in) operating activities $ 418 $ 5,862 $ (19,224) $ 25,316 $ 15,534 $ 15,427 $ (14,570) $ 40,340 $ 43,780 $ 40,581 $ (1,565) $ 57,989 Capitalized internal-use software (3,784) (2,912) (4,785) (5,415) (3,961) (3,638) (6,472) (4,930) (4,106) (4,369) (6,663) (4,761) Purchase of property and equipment (2,786) (4,953) (628) (1,173) (1,002) (997) (1,292) (1,110) (1,602) (700) (596) (1,108) Deposits for property and equipment (54) (174) - - - - - - (371) (106) (756) (1,665) Non-GAAP free cash flow $ (6,206) $ (2,177) $ (24,637) $ 18,728 $ 10,571 $ 10,792 $ (22,334) $ 34,300 $ 37,701 $ 35,406 $ (9,580) $ 50,455 Free Cash Flow 5050