Source: Company filings and CIQ as of 15-Nov-2024. Note: Implied ARR defined as quarterly total revenue multiplied by four. Free cash flow defined as cash flow from operations minus capital expenditures and capitalized software costs. Rule of 40 defined as  LTM revenue growth + LTM free cash flow margin. LTM (last-twelve-months) defined as the last four reported quarters. LTM payback period shown in months. Payback period calculated as prior LTM non-GAAP sales and marketing expense divided by LTM new implied ARR multiplied by LTM non-GAAP gross margin multiplied by 12. LTM magic number calculated as LTM net new implied ARR divided by LTM non-GAAP sales and marketing expense. All financial figures are non-GAAP which adjust for items such as stock-based compensation, amortization of intangibles, and other one time and/or extraordinary expenses

2 EV + ARR Percentiles

3 product screenshot

4 Network Effects

Source: S-1. Note: Assumes Ara Mahdessian and Vahe Kuzoyan have the same beneficially owned shares as disclosed in the S-1. This assumes they both exercise their options to each purchase ~1M shares of Class B common stock. Ownership percentages based on total Class A and Class B basic shares outstanding plus both the co-founders’ ~1M options to purchase Class B common stock.

5 Ownership

Source: S-1. Note: Round-dates and post-money valuations per Pitchbook or calculated using ServiceTitan’s S-1. Blended price calculated as the weighted average share price of the ~400K Series H-1 shares issued at $84.5712 per share and the ~1.9M tender offer shares issued at $70 per share. Post-money valuation for the Series H-1 / Tender round calculated as blended price times current fully diluted shares outstanding. 

6 Share Price Over Time

Source: S-1. Note: Blended price calculated as the weighted average share price of the ~400K Series H-1 shares issued at $84.5712 per share and the ~1.9M tender offer shares issued at $70 per share.

7 Current Shareholder Value

Source: Company filings and CIQ as of 15-Nov-2024. Note: Implied ARR defined as quarterly total revenue multiplied by four 

8 ARR Benchmarking

Source: S-1. Note: Implied ARR defined as quarterly total revenue multiplied by four

9 Annual P&L

Source: S-1. Note: Implied ARR defined as quarterly total revenue multiplied by four
(1) Based on ServiceTitan’s disclosure that 95% and 96% of annualized billings in FY 2023 and FY 2024, respectively, are from active customers
(2) ServiceTitan disclosed >$100K annualized billing customers represented over 50% of billings. Based on this, we assume >$100K customers account for 50% of ARR


10 Annual Metrics

11 ARR Over Time

Source: S-1. Note: Implied ARR defined as quarterly revenue multiplied by four

12 Subscription and Usage ARR

13 Quarterly Revenue

14 Revenue Contribution

Source: S-1. Note: Implied usage revenue take rate calculated as platform usage revenue divided by gross transaction volume. Implied total revenue take rate calculated as total revenue divided by gross transaction volume. 

15 GTV and Take Rate

16 Gross and Opex Margins

17 Gross Margin by Segment

18 Non-GAAP and GAAP Operating Income

Source: S-1. LTM (last-twelve-months) defined as the last four reported quarters. LTM payback period shown in months. Payback period calculated as prior LTM non-GAAP sales and marketing expense divided by LTM new implied ARR multiplied by LTM non-GAAP gross margin. LTM magic number calculated as LTM net new implied ARR divided by LTM non-GAAP sales and marketing expense.

19 Magic Number and Payback Period

Source: S-1. Note: Non-GAAP EBIT Rule of 40 defined as YoY revenue growth + quarterly non-GAAP operating income margin 

20 EBIT Rule of 40

21 Free Cash Flow

22 Quarterly P&L

Source: S-1. Note: Implied transaction take rate calculated as platform usage revenue divided by gross transaction volume.

23 Selected KPIs

24 Valuation

Source: S-1, company filings, and CIQ as of 15-Nov-2024

25 Scatterplot

Source: S-1, company filings and CIQ as of 15-Nov-2024. Note: Enterprise value ranges are illustrative

26 Valuation Sensitivity

Source: Company filings and CIQ as of 15-Nov-2024. Note: Implied ARR defined as quarterly total revenue multiplied by four. Free cash flow defined as cash flow from operations minus capital expenditures and capitalized software costs. Rule of 40 defined as LTM Revenue Growth + LTM free cash flow margin. LTM (last-twelve-months) defined as the last four reported quarters. LTM payback period shown in months. Payback period calculated as prior LTM non-GAAP sales and marketing expense divided by LTM new implied ARR multiplied by LTM non-GAAP gross margin multiplied by 12. LTM magic number calculated as LTM net new implied ARR divided by LTM non-GAAP sales and marketing expense. All financial figures are non-GAAP which adjust for items such as stock-based compensation, amortization of intangibles, and other one time and/or extraordinary expenses