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ServiceTitan, Inc.(TTAN) - 2025 Q4 - Annual Results
TTANServiceTitan, Inc.(TTAN)2025-03-13 20:06

Financial Performance - Total revenue for Q4 FY 2025 increased by 29% year-over-year to 209.3million,withplatformrevenuerisingby30209.3 million, with platform revenue rising by 30% to 200.1 million[4] - GAAP net loss for Q4 FY 2025 was (100.9)million,comparedto(100.9) million, compared to (51.4) million in Q4 FY 2024, while non-GAAP net income was 7.5million,upfromanon−GAAPnetlossof(7.5 million, up from a non-GAAP net loss of (0.8) million in the same period last year[4] - For the full year FY 2025, total revenue increased by 26% year-over-year to 771.9million,withplatformrevenueup27771.9 million, with platform revenue up 27% to 739.5 million[4] - GAAP loss from operations for FY 2025 was (230.0)million,comparedto(230.0) million, compared to (182.9) million for FY 2024, while non-GAAP income from operations was 25.2million,upfromanon−GAAPlossof(25.2 million, up from a non-GAAP loss of (17.1) million in the previous year[4] - Net loss for the three months ended January 31, 2025, was 100,943thousand,comparedtoalossof100,943 thousand, compared to a loss of 51,412 thousand in the same period of 2024, indicating a deterioration in performance[22] - GAAP loss from operations for the three months ended January 31, 2025, was 99,866thousand,comparedtoalossof99,866 thousand, compared to a loss of 48,091 thousand in the same period of 2024[33] - GAAP net loss for the three months ended January 31, 2025, was 100,943thousand,comparedtoalossof100,943 thousand, compared to a loss of 51,412 thousand in the same period of 2024[35] Cash Flow and Liquidity - Cash and cash equivalents totaled 441.8millionasofJanuary31,2025,withnetcashgeneratedbyoperatingactivitiesat441.8 million as of January 31, 2025, with net cash generated by operating activities at 15.4 million for Q4 FY 2025, compared to 5.9millioninQ4FY2024[7]−Cashflowsfromoperatingactivitiesprovided5.9 million in Q4 FY 2024[7] - Cash flows from operating activities provided 15,427 thousand in Q1 2025, a substantial increase from 5,862thousandinQ12024[22]−Thecompanyreportedanetcashincreaseof5,862 thousand in Q1 2024[22] - The company reported a net cash increase of 307,760 thousand in Q1 2025, compared to a decrease of 3,302thousandinQ12024[22]−Cashandcashequivalentssurgedto3,302 thousand in Q1 2024[22] - Cash and cash equivalents surged to 441,802 thousand as of January 31, 2025, compared to 146,710thousandin2024,representinganincreaseof201.5146,710 thousand in 2024, representing an increase of 201.5%[20] - Non-GAAP free cash flow for the three months ended January 31, 2025, was 10,792 thousand, compared to a negative free cash flow of 2,177thousandinthesameperiodof2024[36]CustomerMetrics−Totalactivecustomersincreasedby182,177 thousand in the same period of 2024[36] Customer Metrics - Total active customers increased by 18% year-over-year to approximately 9,500 as of January 31, 2025[7] - Net dollar retention was greater than 110% for Q4 FY 2025, and gross dollar retention was greater than 95% for FY 2025[7] Future Projections - The company expects total revenue for Q1 FY 2026 to be in the range of 207 million to 209million,withnon−GAAPincomefromoperationsprojectedbetween209 million, with non-GAAP income from operations projected between 12 million and 13million[13]−ForthefullyearFY2026,totalrevenueisexpectedtobeintherangeof13 million[13] - For the full year FY 2026, total revenue is expected to be in the range of 895 million to 905million,withnon−GAAPincomefromoperationsanticipatedbetween905 million, with non-GAAP income from operations anticipated between 48 million and 53million[13]AssetsandLiabilities−Totalassetsincreasedto53 million[13] Assets and Liabilities - Total assets increased to 1,768,648 thousand as of January 31, 2025, up from 1,517,666thousandin2024,representingagrowthof16.51,517,666 thousand in 2024, representing a growth of 16.5%[20] - Current assets rose significantly to 572,766 thousand, compared to 249,231thousandinthepreviousyear,markinga129.0249,231 thousand in the previous year, marking a 129.0% increase[20] - Total liabilities decreased to 314,064 thousand as of January 31, 2025, down from 366,105thousandin2024,reflectingareductionof14.2366,105 thousand in 2024, reflecting a reduction of 14.2%[20] Expenses - GAAP sales and marketing expense for the three months ended January 31, 2025, was 69,735,000, compared to 56,689,000in2024,showinganincreaseinmarketinginvestments[30]−Non−GAAPresearchanddevelopmentexpenseforthethreemonthsendedJanuary31,2025,was56,689,000 in 2024, showing an increase in marketing investments[30] - Non-GAAP research and development expense for the three months ended January 31, 2025, was 56,938,000, up from 43,900,000in2024,reflectingincreasedinvestmentininnovation[31]−GAAPgeneralandadministrativeexpenseforthethreemonthsendedJanuary31,2025,was43,900,000 in 2024, reflecting increased investment in innovation[31] - GAAP general and administrative expense for the three months ended January 31, 2025, was 92,250,000, compared to 37,194,000in2024,indicatingariseinadministrativecosts[32]−Stock−basedcompensationexpenseincreasedto37,194,000 in 2024, indicating a rise in administrative costs[32] - Stock-based compensation expense increased to 94,679 thousand in Q1 2025, compared to 30,417thousandinQ12024,showingasignificantriseof211.530,417 thousand in Q1 2024, showing a significant rise of 211.5%[22] - Stock-based compensation expense and related employer payroll taxes represented 38% of total expenses for the three months ended January 31, 2025, up from 19% in the same period of 2024[34] Profitability - GAAP gross profit for the three months ended January 31, 2025, was 146,289,000, compared to 110,135,000forthesameperiodin2024,reflectingasignificantincrease[29]−Non−GAAPgrossprofitforthesameperiodwas110,135,000 for the same period in 2024, reflecting a significant increase[29] - Non-GAAP gross profit for the same period was 153,494,000, up from 117,661,000in2024,indicatingstrongoperationalperformance[29]−Non−GAAPincomefromoperationsforthethreemonthsendedJanuary31,2025,was117,661,000 in 2024, indicating strong operational performance[29] - Non-GAAP income from operations for the three months ended January 31, 2025, was 6,889 thousand, an increase from $2,126 thousand in the same period of 2024[33] - Non-GAAP operating margin for the three months ended January 31, 2025, improved to 3% from 1% in the same period of 2024[34] Strategic Focus - The company plans to continue focusing on non-GAAP financial measures to evaluate operating performance, which may not be comparable to similar measures disclosed by other companies[23][24] - The company plans to exclude certain non-cash expenses from internal management reporting to provide clearer insights into core operating performance[25] - The company incurred restructuring charges in fiscal 2024 and 2025 due to workforce reductions, impacting overall expenses[26]