Q3 2025 ServiceTitan Inc Earnings Call

January 13, 2025

Mode.

After the speaker presentation, there will be a question and answer session.

To ask a question during the session you will need to press star one one on your telephone to.

To remove yourself from the queue you May press star one again.

I'd now like to hand, the call over to Jason <unk>, Vice President Investor Relations. Please go ahead.

Thank you operator, welcome everyone to service Tightens first ever public company earnings call. We're here to discuss our Q3 FY 'twenty five results announced in our press release issued after the market closed today.

Speaker Change: We've also released an investor presentation, which can be found on our website with me our service Titans co founder and CEO of <unk> <unk> co founder and president by Brazilian and CFO, Dave Sherry.

Speaker Change: Today's call will contain forward looking statements, which are made pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of 1095, all statements other than statements of historical fact could be deemed to be forward looking.

Include among others statements concerning our expected future financial performance, including our outlook and business plans and objectives as well as our product roadmap long term targets and goals.

Speaker Change: These statements reflect our views as of today, only and should not be relied upon as representing our views at any subsequent date and we do not undertake any duty to update. These statements forward looking statements address matters that are subject to risks and uncertainties that could cause actual results to differ materially.

Speaker Change: Actual results could differ materially from those contemplated by our forward looking statements.

Speaker Change: Ported results should not be considered an indication of future performance. Please take a look at our filings with the SEC for a discussion of the factors that could cause our actual results to differ including our final prospectus filed on December 12 2024.

Speaker Change: As a reminder, we previously disclosed certain preliminary fiscal third quarter operating results under the recent development section of our final prospectus dated December 12, 2024 today, we are providing the final fiscal third quarter financial results and our guidance for the fourth quarter and full fiscal year.

Speaker Change: During the call, we'll discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles definitions of these non-GAAP financial measures along with reconciliations to our GAAP financial measures are included in our third quarter earnings release, which we have filed with the SEC and is available on our website at investors Doc services.

Speaker Change: Heightened dot com.

Speaker Change: These non-GAAP financial measures are not intended to serve as a substitute for our GAAP results and with that let me turn the call over to Ara.

Ara: Thank you Jason.

Ara: Like to begin today by extending our sympathy to the tightened the customers and the communities that have been impacted by the devastating wildfires in the la area.

Ara: Hearts are with you all during the 70 prices and we are here to support you all as we forge ahead together.

Ara: And thank you all for joining us for our first earnings call. Since we just met with you a month ago on our roadshow. Our goal today is to reinforce the key points, we shared with you and to begin to establish a public company operating rhythm.

Ara: We are grateful for the time, you've all invest in getting to know our business.

Ara: Our goal is to be good stewards of capital as we build would hopefully becomes a generational company and the operating system for the traits.

Our December IPO was an important milestone for both our business as well as for the trades and Mark just how far we've come together.

Ara: Our ideal however was never the destination.

Ara: Fact is just the beginning of a new era for service side and for our customers and for the trades because the only thing more exciting to me and how far we've come is just how much further we have yet to go.

Ara: We are obsessed with this industry.

Ara: Because we grew up in it it's in our DNA, we grew up watching our debts put hours and hours into building their trades businesses.

Ara: And struggled to see the financial success, we thought they deserved a sacrifice so much to give us a brighter future and so we build service to solve the problems that they face and thankfully today are our dads are no longer our only customers.

Ara: On our IPO Road show, we shared our aspiration to build a generational company.

Ara: And why do we believe we have the five underlying drivers required to enable this journey I'd.

Ara: I would like to remind you of these drivers today first our market opportunity is large and durable.

Ara: Second we're the leader in the markets third our competitive moat gets deeper everyday.

Ara: Fourth we have many vectors to grow our business with a plan in place for each and fifth we target a long term business model to grow efficiently and become highly profitable overtime.

So, let's first talk about our market opportunity.

Ara: We estimate that end customer spend roughly $1 five trillion annually on services and the trades in the U S and Canada alone and on your way home today I'd like to encourage you to pay attention to just how many trades vehicles you see on the road.

The industry is ubiquitous is essential and the jobs. These men and women in the trades complete everyday our immediate or preventative or non discretionary in nature.

People simply do not go without air conditioning in the scorching heat or heat in the freezing cold or without plumbing, so even in difficult times the trades keep our society running.

Ara: We executed consistently well against the backdrop of this healthy market during Q3, and we're working hard to execute against the estimated $13 billion of addressable revenue opportunity in front of us today.

Ara: The second and third underlying drivers are our market leadership position and the widening moat around service tightening each based on the fact that we power our customers' entire business end to end across nearly every key workflow.

Ara: We are essential to the success of our customers' businesses and our business is built around maximizing their success.

Ara: Our software Optimizes, our customers' business across their entire funnel to help them increase revenue and profits. This makes us mission critical.

Ara: And the transformational customer outcomes, we help deliver attract new customers. So that they can better compete in the market.

Ara: This expands the customer footprint upon which we can offer our integrated portfolio of probe products to further expand effective earn rate and net dollar retention.

Ara: This is a powerful flywheel that extends our leadership position it deepens, our mode and it strengthens our ability to deliver future customer value.

Ara: Our obsession with making customers successful.

Ara: Position as part of the trades and our visibility into the full workflow of our customers are positioned us to continue to grow.

Ara: Now before I turn it over to my better half a work to talk about our fourth driver our growth factors.

Ara: I want to step back to thank our customers and our team.

Ara: We are in the position that we are in today because of our customers' trust and partnership.

Ara: Because of the transformation of ROI that we're able to deliver for them and because of the team that works tirelessly everyday to make sure that this happens.

We won't stop until we've helped every contractor transform their business with service pattern.

Ara: Bye.

Speaker Change: Thanks Ara.

Ara: I am deeply saddened by the devastating fires throughout many of our communities in southern California over the past week My thoughts are with everyone affected in ways Big and small we're part of the fabric of Glendale, and will support our tightens, our customers and our surrounding communities to pull through together.

Ara: We're only now building relationships with our new public stakeholders, beginning to understand that our commitment to our people and our customers is ingrained in who we are we are focused on delivering ROI to our customers because it's the right thing to do and the core of our growth engine.

Ara: As we deliver value to customers, we help them grow driving more subscription in fintech revenue, we earn the right to sell more products and we attract new customers and greater benefits from the ROI that our platform delivers.

Have a proven track record of doing exactly this we've gone from serving small residential plumbing businesses with just our core platform to now supporting more than 10 trades, both residential and commercial and empowering many of the largest private equity backed customers in the market. We offer 10 pro and Fintech add on products that our customer.

As value, which increases our effective earn rate.

Ara: This is why as we look ahead, we have conviction in our ability to execute our growth strategy to become the standard in all the trades. We serve is simple we want to bring as much CTV onto our platform as possible by bringing more value to our customers and helping them grow and succeed through higher utilization of our platform and more pro and Fintech products.

Ara: We realized a larger effective run rate of that GTP.

Ara: The breadth of our platform gives us a significant advantage for two reasons.

Ara: We have visibility into our customers' entire workflow.

Ara: No. They are largest challenges and can then work to deliver solutions with high ROI over time.

Ara: And because our pro products are a more sophisticated version of what is already offered in our core the cross sell motion is far more Nashville for us and for our customers because we help them get stronger in an area where already solving for today the.

Ara: The benefits of these advantages extend into new trades, where we can have success, both more efficiently and more quickly over time as evidenced by the traction we are seeing in commercial in roofing today.

Ara: Speaking of pro products, we launched our two latest at pantheon during Q3.

Ara: Sales pro and contact Center Pro sales pro was born from customer demands to proactively improve the technician selling experience contact center pro was born from demand to consolidate automate and improve efficiency of the entire customer service experience. The foundation for both of these new pro products enhances the capabilities, we already deliver to customers.

Ara: <unk> today and lead to substantial improvements in customer ROI for these reasons, we have seen very strong early traction.

Ara: Rather than draw a line around the particular type of software application, we've drawn a line around our customer we've always build solutions to real problems for our customers and for the trades.

Ara: I'm excited to share our progress with you moving forward and with that let me turn it to Dave to talk about our financials Dave.

Thanks, Hi, ill echo each of your sympathies for those impacted by the fires here in southern California, our thoughts are with you.

Dave: Today, I am planning to reinforce our guiding financial principles run through Q3 financial results in detail and provide guidance for Q4 and the full fiscal year ending January 31 2025.

Dave: We're running this business for a marathon not a sprint our goal is to durably compound revenue growth over many years and expand margins at the same time.

Dave: Growing earnings faster than revenue.

Dave: Our long term non-GAAP operating margin target is 25% and our path to that target will be driven by our focus on incremental operating margins.

Dave: Meaning how much of every incremental dollar revenue turns into incremental non-GAAP operating profit.

We believe the best proxy for long term profitability is incremental margins.

Dave: As such we will manage the business to deliver 25% non-GAAP incremental margins.

Dave: This year's guidance as an example of how we operate the business.

Dave: Based on the midpoint of full year fiscal 2025 guidance, we expect fiscal 2025 revenue of $762 6 million and non-GAAP operating profit of $21 9 million.

Dave: That's an increase of 148 million of revenue and $39 million in non-GAAP operating income. Thus, we expect incremental operating margins of just over 26%.

Dave: As we've discussed the shape of our incremental operating margins will be different next year as we absorbed the costs of becoming a public company.

Beyond FY 'twenty six our goal to deliver incremental margins consistent with our long term operating margin target of 25%.

Dave: We believe the output of this philosophy result of sustainable long term growth and margin expansion.

Dave: Our Q3 results were above the midpoint of our preliminary financial range previously provided powered by the success and expansion of our customers subscription revenue modestly accelerated led by steady execution and early strength of our new co products usage revenue also performed well we delivered consistent execution on our incremental margin framework.

Dave: Through fiscal 'twenty five to date Q.

Dave: Q3, total revenue was $199 3 million up over 24% year over year Q.

Dave: Q3 subscription revenue was $145 3 million up 27% year over year.

Usage revenue was $45 9 million up 23% year over year and total platform revenue the sum of subscription and usage revenue grew 26% year over year.

Dave: As a reminder, our core and pro product revenue is principally monetize via subscription while usage revenue is principally fintech revenue recognized on a net basis.

Dave: <unk> services.

Dave: Revenue was up $8 1 million during the quarter, a decline of 4% year over year.

Dave: Q3, gross transaction volume or <unk> was $17 8 billion up 20% year over year net dollar retention was greater than 110% during the quarter.

Dave: As a reminder, we expect to report GTD every quarter net dollar retention in our range every quarter and both gross dollar retention and total active customer count annually.

Dave: Q3, non-GAAP platform gross margin was 77, 1% an improvement of 30 basis points year over year and total non-GAAP gross margin was 74% up 90 basis points year over year. As a reminder, we invest in professional services to make customers successful on our platform, we think about professional services losses as customer acquisition costs and the service.

Dave: Of maximizing long term customer value.

Dave: Q3, non-GAAP operating income was $1 6 billion, leading to a non-GAAP operating margin of almost 1% an improvement of 350 basis points year over year.

Dave: Free cash flow was $10 6 million up from negative $6 2 million for the prior year third quarter.

Dave: As we look forward you should expect modest leverage from gross margin and sales and marketing as a percentage of sales.

Dave: We would expect minimal R&D leverage over the next several years as we prioritize a series of product S curves to support durable growth in the near term you should expect high incremental G&A costs as we absorb the costs of becoming a public company, but expect G&A leverage thereafter.

Dave: We ended Q3 with $134 million in cash and cash equivalents compared with $173 million in debt.

Dave: At the end of Q3, we successfully completed our initial public offering including the full execution of the <unk>.

Dave: Underwriter's option to purchase additional shares which generated $672 million in cash net of fees.

Dave: US to retire our class of nonconvertible preferred stock for $311 million and at $361 million in cash to our balance sheet. After.

Dave: Optimizing our capital structure and transitioning into a net cash position with our business and our financial position strength moving forward.

Dave: Shifting to guidance as arm isn't earlier our goal today is to reinforce the key investment point that we shared with you on our roadshow and establish an operating cadence with you as a public company.

Dave: For the fourth quarter, we expect total revenue in the range of $199 million to $201 million representing growth of approximately 24% year over year.

Dave: We expect to generate non-GAAP operating income in the range of $3 million to $4 million.

Dave: For the full year fiscal 2025, we expect total revenue in the range of $761 6 million to $753 $6 million representing.

Dave: Representing growth of approximately 24% year over year.

We expect to generate non-GAAP operating income in the range of $21 four to $22 4 million.

Dave: The business performed well during Q3, we see this performance is evidence that our strategy to become the operating system for the trains is working which is positioning us for long term durable growth.

Dave: That I will turn the call back to the operator for Q&A operator.

Speaker Change: Thank you as a reminder to ask a question you will need to press star one on your telephone to remove yourself from the queue. You May Press Star. One again, we ask that you. Please limit yourself to one question and one follow up to allow everyone. The opportunity to participate please standby, while we compile the Q&A roster.

Speaker Change: Our first question.

Speaker Change: Comes from the line of Kash Rangan of Goldman Sachs.

Speaker Change: Question Please cash.

Kash Rangan: Thank you very much Josh is it's such a pleasure to connect with you guys. Congratulations on your first quarter as a public company. Congrats on the results and I do share your sympathies with all of those affected in southern California. So join you with that one for you.

Speaker Change: When you look at the commercial opportunity versus residential can you give us some milestone markers from a product perspective, maybe bahia can jump in here as well as to what are the things you are looking for in the commercial version of the product to unlock that massive Tam that's even larger than residential and the go to market. If you will the strategy that youll be employing the <unk>.

<unk> fiscal year to help unlock commercial that's it for me. Thank you so much.

Kash Rangan: Thank you Kash.

Speaker Change: We appreciate the kind words and always appreciate the partnership so when it comes to commercial there is basically four key things. There is the customer acquisition portion of the pre sale piece. There is the cash collection cycle. There is construction and then theres, the pro product and broader attached storage and so we.

Speaker Change: We feel really good about where we're at today on the first two we've made a ton of progress there and we're really.

Speaker Change: With the traction we're getting on that front. This year. The primary focus is on construction, that's where we feel its more important most important for us to close the gap this year in order to win.

Speaker Change: Let us in a position to becoming the market standard and then after that is the pro product story, where as you would imagine on the residential side is much more mature than it is on the commercial side and so that's what our priorities are today.

Speaker Change: Thank you very much and congrats.

Okay. Thank you.

Speaker Change: Next question comes from the line of Josh Baer of Morgan Stanley. Your line is open Josh.

Josh Baer: Great. Thanks for the question and congrats on the IPO, one sort of strategic question and one on the numbers.

Josh Baer: Just hoping you could comment on what youre seeing around consolidation trends private equity roll up.

Josh Baer: And standardizing on surface tightened what youre seeing today, and how youre thinking about those trends continuing in the future.

Josh Baer: Thank you Jeff Great question and again, thank you for the partnership.

Josh Baer: We've seen a lot of consolidation in the past several years, we continue to see <unk>.

Josh Baer: Consolidation.

They happen to be some of our best customers partners. There is the strongest product fits and customer need.

Josh Baer: In this segment.

Josh Baer: <unk> they have both the enterprise needs of things like multi location management rollover boarding centralized security et cetera, et cetera, as well as the trade specific workflow means.

Josh Baer: They help us by accelerating our own customer acquisition, that's made by other companies and onboard them onto service item based.

Josh Baer: Tend to be great operators, so they grow quickly.

Josh Baer: And that means more licensing GTD on our platform.

Hi, appetite for our pro products that have low churn.

Josh Baer: And then they may become lighthouse customers for us in many cases, they actually help us move into new markets.

Josh Baer: Through their partnership so that is actually how we entered roofing is through a partnership with one of our largest consolidators in plumbing and HVAC launched.

Josh Baer: The consolidation of moving and so all in all the they tend to be great customers and partners and we continue to see the consolidation trend.

Josh Baer: Great. Thank you and follow up for Dave.

Assuming that there is some conservatism in Q4 revenue guidance it doesn't take much.

Josh Baer: To see how that will show an acceleration.

Josh Baer: 90 days after you report.

Josh Baer: What what would be causing that acceleration at this point, both on a year over year basis quarter over quarter basis.

Speaker Change: Thanks, Josh Great question.

Speaker Change: Couple of things with regard to guidance. Our overall approach is to establish consistent track record of fuel oil as a public company.

Speaker Change: With respect to the growth rates as a reminder, in early Q4 of last fiscal year, we dispose of an asset that was generating single digit millions of dollars of revenue that's been a headwind over the last four quarters and year over year growth that headwinds will no longer be there in Q4 and beyond finally with regards to the list.

Speaker Change: Driving the guidance in Q4, there are two offsetting factors first is the seasonal sequential decline, we generally see in GTA usage revenue in Q4 consistent with prior years.

Speaker Change: Second is given the momentum we've seen in subscription revenue over the last couple of quarters, we do expect sequential increases there.

Speaker Change: Total.

Speaker Change: Our guidance calls for a small sequential increase in Q3, as we expect subscription increase to be larger than the decline usage revenue and important to note. We are not trying to be here in a place where we massively over form what we're trying to do is to create a consistent operating cadence with you all.

Speaker Change: Got it thank you.

Thank you.

Speaker Change: Our next question comes from the line of Michael Teran of Wells Fargo Securities. Please go ahead Michael.

Michael Teran: Hey, good afternoon. Thanks for taking the question and hope you're all staying safe down in Socal.

Speaker Change: You mentioned the focus on durable growth, we see growth rates holding in quite consistent over the past several quarters, maybe help frame the drivers of that more consistent growth profile. The control you have there and when we think about the mix between new logos and expansion where the priorities lie for.

Michael Teran: The company currently.

Michael Teran: I think.

Michael Teran: Dave here Thanks for the question.

Michael Teran: In terms of the durability, but we still have two quarters I think we've seen pretty consistent year over year growth rate of subscription revenue. The last four quarters between 26 and 27%. This is a mix of both new and existing.

Michael Teran: And that we see over performance in any given quarter, it's likely to be a result of faster expansion with our existing customers.

Michael Teran: The pipeline, we see of new customers.

Michael Teran: If you want to comment anything on.

Michael Teran: The new customer versus existing customer mix, we see the growth we see from the installed base and from new business. It has historically been relatively balanced and that held true in Q3, we had healthy new business activity as.

Michael Teran: As well as healthy existing customer up sell.

Michael Teran: No.

Michael Teran: It's not overly weighted to one or the other the Mexican often vary depending on the size of new customer wins, we just talked about the consolidation and other benefits us too but.

Michael Teran: Healthy mix of both.

Michael Teran: Yeah.

Speaker Change: Thanks, and maybe just as a follow up on the net retention rate you provided the greater than 110% I think Dave mentioned, you'll give us a range on a quarterly basis going forward is that 110% target level you'd expect to execute above for the foreseeable future or maybe just help level set what we should.

Michael Teran: Back from that metric in a normalized environment on a go forward basis. Thanks.

Michael Teran: Absolutely.

Paul: Paul I think.

Paul: Our net dollar retention story, certainly begins with gross our attention as we talk about quite a bit we benefit from having high.

Gross our attention north of 95%.

Paul: Preceding our IPO.

Paul: When we look at our attention the biggest expansion. Despite the hardest part of our story being Onboarding happens in the first two years of a customer being on time.

Paul: When we look beyond the first two year cohorts, what we see as an RPG roughly in the range of 110%. It's for that reason, we pick this range of 110%.

Speaker Change: Thank you.

Speaker Change: Thank you. Our next question comes from the line of Tyler Radke of Citi. Please go ahead Tyler.

Tyler Radke: Yes, thanks for taking the question.

Speaker Change: Congrats on the IPO and earnings.

Speaker Change: Earnings call here.

Speaker Change: So you talked about some.

Speaker Change: Success with some of the new pro products that you launched at Pantheon marketing and call Center I'm. Just just wondering if you could dimensionalize the success youre seeing in in pro products.

Speaker Change: Either what milestones are you tracking in terms of sign ups or contra.

Speaker Change: Contribution.

Speaker Change: The deals Youre seeing just any more detail you could share on some of those new products.

Speaker Change: Yes.

Noted, we're excited about the incremental ROI that our pro products create for our customers, including our latest pro product sales pro and contact Center pro.

Speaker Change: We are pleased with the customer enthusiasm and the early progress for both of these products.

Speaker Change: We're pacing well relative to other pro products.

Speaker Change: At this stage, but it's still quite early we see a big opportunity for both of these products and so we are very much focused on our big opportunity.

The long run, but pleased with what we're seeing so far.

Speaker Change: Great and then a follow up.

Speaker Change: Would love just to hear your updated conversations youre, having with customers.

Speaker Change: Over the last few weeks with them.

Speaker Change: The inauguration set.

Speaker Change: Next week and obviously, there's some puts and takes with every new administration, but.

Speaker Change: Maybe if you could just kind of go through what you are hearing both on the optimists front in terms of <unk>.

Speaker Change: Pro business policies, but then also potentially some concerns around immigration policies and how that could impact your customers.

Speaker Change: Yes, great question.

Speaker Change: Hearing concerns from customers.

Speaker Change: This is <unk>.

Speaker Change: A large market very durable one and it's done well across all kinds of economic.

Speaker Change: Situations in administration.

Speaker Change: Let's remember the market is largely non discretionary 75% of the work performed the trades, it's immediate thats non discretionary it's got to get done when you're pumping doesn't work of your air conditioning goes down the middle of the summer.

Speaker Change: And we do not consider any administration of potential policy changes to be a risk factor for the business our customers.

Speaker Change: And their employees they are highly skilled they're highly trained technicians were on.

Customers' homes.

Speaker Change: Thank you.

Thank you.

Speaker Change: Our next question comes from the line.

Speaker Change: D J Hynes of Canaccord Genuity. Your line is open D J.

Speaker Change: Hey, Good evening guys I'll also pass along my congrats it's been great to see the IPO of success.

Speaker Change: Alright, just given it's topical when we see natural disasters like this whether it's fires and.

Speaker Change: In southern California, or hurricanes or whatever it may be can you just talk about the impact on your business and maybe parse that out.

Immediate term and intermediate term.

Speaker Change: I suspect, maybe it's kind of different impacts as time's passed but I'd be curious to get some any color there.

Dave: Hey, Vijay it's Dave here.

Speaker Change: I'll say that.

It's still too early to tell but we think the impact here will be I think that what we've seen historically is what we expect here, which is building will have a material impact either in the short term and long term <unk> spread quite typically geographically and so we don't expect any big impact and our focus today is on how we can help.

<unk> build the community that we're part of we don't expect to be a big impact short and long term.

Speaker Change: Hey.

Speaker Change: And then Dave while I have you maybe maybe a follow up given we're still getting acquainted with the business model I was hoping maybe you could talk about any fiscal Q4 free cash flow expectations and anything we should be paying attention to there.

Speaker Change: Yes, sure I think that.

Speaker Change: Obviously Q3 free cash flow was a fair bit of head.

Speaker Change: <unk>.

Speaker Change: Operating income.

Speaker Change: Driven by a couple of factors further of course, we'd be to non-GAAP operating income second Capex is lower than it was in the prior year.

Speaker Change: Third is working capital, which was quite in our favor in Q3 part of that has to do with bonuses, which we would expect to get back in Q1 to answer. Your question specifically on Q4, I do expect us to be operating excuse me free cash flow positive.

Speaker Change: Roughly in line or a touch you have what we had been operating items in the quarter.

Speaker Change: Perfect. Thank you guys for the color congrats.

Speaker Change: Thanks for the question Vijay.

Speaker Change: Thank you. Our next question comes from the line of Dylan Becker of William Blair. Please go ahead Dylan.

Dylan Becker: Hey, gentlemen, I'll Echo my congrats and thoughts for everyone in the Socal area here, maybe starting with you you guys are sitting on a trove of data I think it's something like 110 million projects that have run through the platform I guess, we're wondering how customers and services businesses are thinking about leaning into operational context, what opportunities may be does that.

Dylan Becker: Provide from a predictive proactive perspective, and what are the implications of driving kind of resiliency in our business models and improving economic outcomes for businesses is a function of that.

Dylan Becker: Yeah.

Speaker Change: Thank you so much doing fantastic question.

Dylan Becker: It might almost seem ironic that.

Dylan Becker: Such big opportunities for data and AI some of the biggest happened to be in the trades and we haven't been big beneficiaries of this as you mentioned, we have the largest data asset.

Dylan Becker: And so we.

Dylan Becker: Are able to glean a lot of insight.

Dylan Becker: But more importantly than just the data is the fact that we are at the end to end workflow.

Dylan Becker: For our customers to the system of record and so we're able to turn those insights into outcomes more then automatically which means they automatically get ROI from that data and thats what.

Dylan Becker: Drive the appetite for them to buy products for us and so for US the story actually is not high but it's a reality we already have three AI products.

Dylan Becker: This best pro matches, the right technician for the right job to increase our customers' revenue until decreased drive down our cost as the optimizer optimize that spend towards the most profitable campaigns to increase our customers revenue and to lower their cost per lead and then we talked a little bit about sales pro sales grow records the conversation between the technician and the.

Dylan Becker: <unk> customer.

Dylan Becker: To help coach technicians to provide a better customer experience to increase close rates to increase average tickets, which makes contract theres more money.

Dylan Becker: And so when these products help our customers make more money they are more than happy to pay us for those products and we think this is just the beginning.

Our customers have a big appetite for us to continue automating.

Dylan Becker: Their business and making them more efficient that's been the direct ask from them to EMEA in Buckhead and these three products are.

Dylan Becker: First things, what we hope to do.

Okay, Great that's helpful and it's a good segue maybe to answer your second question provide hey here.

Dylan Becker: As you align kind of that value proposition with the platform build out around customer success.

Dylan Becker: How are you thinking about the extent of being able to leverage that partnership or that customer value towards kind of that incremental adoption of youre seeing that youre seeing with some of those newer skus and reach stacking. Those S curves that are at a faster cadence as a function of kind of the compounding value of you've been able to build out over time.

Speaker Change: Todd can you.

Todd: Restate the question I'm not sure.

Speaker Change: I follow.

Speaker Change: Sure, yes, so being able to kind of leverage that value case, how that fuels your product innovation roadmap and how that kind of drives that incremental early stage adoption you called out kind of sales grow in contact center grow so that historical kind of ROI cadence, enabling the faster stacking of some of those earlier S curves across new markets and cross Skus.

Speaker Change: If that makes sense.

Speaker Change: Got it okay. Thank you so <unk>.

Speaker Change: What are the key benefits that we have.

Speaker Change: With this regardless.

Speaker Change: We're kind of in the scorekeeper for our customers and that becomes very important because we have a closed loop visibility from beginning to end.

Speaker Change: And that includes the impact of our product to make on our customers' businesses.

Speaker Change: We're able to do is first and foremost optimize how we build the product and how we evolve it based on the results that our customers see which has a huge impact on the quality of the products. We have secondly, we're able to make sure that our customers perceive the value that we're able to generate which obviously becomes very important from a decision.

Speaker Change: They're making perspective in saltwater and so there's a virtuous cycle. We think is a big part of what gives us the right to win within this domain and why do we think that there is still a pretty deep well of additional skus that we're going to continue to be able to build in addition to being able to use AI and the data to evolve existing skus, we already have.

Speaker Change: Including the core.

Speaker Change: Okay, great. Thanks, guys appreciate it and congrats again.

Speaker Change: Thank you.

Speaker Change: Thank you. Our next question comes from the line of Jason Salina of Keybanc capital markets. Please go ahead Jason.

Jason Salina: Great. Thanks for taking my question nice to hear from everyone and yes why not.

Speaker Change: My sympathies for everyone in the <unk> area.

I did want to ask about take rate alright, great.

Speaker Change: Big focus and growth driver.

Speaker Change: Obviously, there are puts and takes dependent on which trade winter and how quickly, but when we think about commercial.

Speaker Change: Those take rates differ materially from the residential side.

Speaker Change: Really just trying to understand if you see the same type of payments adoption with commercial customers.

Speaker Change: Yes, great question.

Speaker Change: The drivers on take rates.

Speaker Change: Are the CRO attach Vince.

Speaker Change: Fintech attached and pricing.

Speaker Change: And certainly all three increase with product maturity.

Speaker Change: Given market segment. So in segments, where we are a new entrance. These three are naturally lower and in segments, where we are the market standard.

Speaker Change: <unk> III or higher.

Speaker Change: And hence our focus on improving the product maturity in each segment of becoming a market standard segment.

Speaker Change: We currently arent the standard and so.

We've seen very good traction on the commercial side by the objective measures that are known to us with a number of customers with <unk> on the platform.

We are the leader in commercial but our goal ultimately is to be more than just the leader we want to be the market standard.

Speaker Change: We have seen when we become a market standard all of the drivers improved volume laid out the priorities on the commercial side from the very beginning when we won 10 for commercial it was the four priorities we laid out pre sale cash collection project workflows for.

Speaker Change: Commercial companies about meaningful construction portions of their business and then the protest. So we prioritize wanted to and got those done we're in the middle of and number three and then once we're done with the number three the next area of focus will be augmenting the pro products.

Speaker Change: To solve the needs of the commercial.

Speaker Change: Specific workflows within most of our products.

Which trades winter and how quickly, but when we think about commercial do those take rates differ materially from the residential side.

Okay excellent and then maybe just a quick.

Speaker Change: Follow up on competition, what does the competitive set look like on the commercial side is it even more DIY or just help us understand since we're all relatively new to the trades here.

Really just trying to understand if you see the same type of payments adoption with commercial customers. Thanks.

Yes, great question.

Speaker Change: Okay.

Speaker Change: It's roughly very similar to the competitive set on the residential side typically four categories one.

The drivers on take rates.

Our CRO attach.

And second half.

Pricing.

Speaker Change: One would be the.

And certainly all three increase with product maturity.

Speaker Change: More legacy players, where for example, trades business owners or their relatives in the past.

Given market segment.

In segments, where we are in new entrants. These three are naturally lower and in segments, where we are the market standard.

Speaker Change: Built some kind of software for these trades businesses because nothing existed at the time and while these are.

Speaker Change: Great products, and we have a lot of respect for them because they ultimately have the same mission of serving the hardworking contractors you can imagine we've invested a lot and then the latest and greatest technologies that give the incredible capabilities, we've talked about in the past and so.

These three are higher.

Hence our focus on improving the product maturity in each segment of becoming a market standard in each segment.

We currently arent the standard and so.

We've seen very good traction on the commercial side by the objective measures that are known to us with a number of customers or do you believe you're on the platform.

That is why we win against that said the second would be the point solutions and the reason why were winning that service typically because these trades businesses. While their businesses are very sophisticated they don't want to spend all this time money.

We are the leader in commercial but our goal ultimately is to be more than just the leader we want to be the market standard and we have seen when we become the market standard alternate drivers improve <unk> laid out the priorities on the commercial side from the very beginning when we one tenths of commercial it was the four priorities we laid out pre sales.

Speaker Change: Hearing out how to integrate things and more importantly, then customize all these point solutions to fit their workflows and so they'd rather buy from us.

Speaker Change: Third would be the horizontal players and while theyre great at the enterprise capability has been a large a lot of large customers need.

Cash collections project workflows for.

Speaker Change: Our trade specific work closer why we win.

Commercial companies about meaningful construction portions of their business and then the protest. So we prioritize wanted to and got those done we're in the middle of and number three and then once we're done with number three the next area of focus will be augmenting the pro products.

Speaker Change: Against this set and then the last would be the down market players.

Speaker Change: In this case, because we don't really serve the down market.

Speaker Change: We really appreciate that there are other software options that really focus on down market and help these contractors grow and then at some point maybe typically besides upgrade services.

To solve the needs of the commercial specific workflows within those core products.

Okay excellent and then maybe just a quick.

Speaker Change: Perfect. Thanks, Sarah.

Speaker Change: You bet.

Follow up on competition, what does the competitive set look like on the commercial side is it even more DIY or just help us understand since we're all relatively new to the trades here.

Speaker Change: Thank you. Our next question comes from the line of Scott Berg of Needham and company. Please go ahead Scott.

Speaker Change: Yeah.

Speaker Change: Hi, everyone really nice quarter here first quarter out of the gate two for me first wanted to start with our you talked about the five growth drivers of the business number four was the many vectors to grow I guess out of those sectors, what which one are you most excited for maybe near term for the business.

Okay.

It's roughly very similar to the competitive set on the residential side typically four categories.

One would be.

More legacy players, where for example, trades business owners or their relatives in the past.

Built some kind of software for these trades businesses because nothing existed at the time and while these are.

Speaker Change: Yeah.

Speaker Change: I'll take that one this is you know as.

Speaker Change: As I think about going into Q4, we had our annual user conference pantheon during Q3, and our team executed well with new customers and new pro products. This led into our initial industry offering to celebrate the trade in our business and we're in a good position of strength looking into Q4.

Great products, and we have a lot of respect for them because they ultimately have the same mission of serving the hardworking contractors you can imagine we've invested a lot in the latest and greatest technologies that give the incredible capabilities, we've talked about in the past.

That is why we win against that set the second would be the point solutions and the reason why were winning that said, it's typically because these trades businesses. While their businesses are very sophisticated they don't want to spend all this time money.

Speaker Change: I think on the growth vector side of it.

Speaker Change: We continue to remain focused on.

Speaker Change: Improving product maturity in the segments that we have recently entered where our goal in all segments. We choose to compete in is to become the market standard and hence why the continued focus despite the great traction that we've seen on commercial with a continued focus on becoming a market standard same with roofing that we recently entered into.

During out how to integrate things and more importantly, then customize all these point solutions to fit their workflows and so they'd rather buy from us.

The third would be the horizontal players and while they are great at the enterprise capabilities that are large a lot of large customers need.

Our trade specific work closer why we win.

Speaker Change: And then second the continued focus on the pro products, because our kind of our growth algorithm is number one get as much EQT onto the platform as possible and then number two continuing to deliver so much volume so much ROI.

Against this set and then the last would be the down market players.

In the case, because we don't really serve the <unk> market.

We really appreciate that there are other software options that really focus on down market and help these contractors grow and then at some point basically typically decided to upgrade the service side.

Speaker Change: To our customers that we continue to earn deeper partnership with them and so the excitement on both fronts on the market segments and on the progress.

Speaker Change: Perfect. Thanks, Sarah.

Sarah: You bet.

Speaker Change: Got it very helpful and then.

Speaker Change: Thank you. Our next question comes from the line of Scott Berg of Needham <unk> Company. Please go ahead Scott.

Speaker Change: It's your fiscal fourth quarter, there is roughly three weeks flat so you're pretty much through my guess is youre planning for how you think about fiscal 'twenty six I know youre not guiding for fiscal 'twenty six at all but as you think about the growth investments in the business next year, whether it's on the R&D side or go to market should.

Hi, everyone really nice quarter here first quarter out of the gate two for me first wanted to start with.

Scott Berg: You talked about the five growth drivers of the business number four was the many vectors to grow I guess out of those sectors, what which one are you most excited for maybe near term for the business.

Speaker Change: We expect 26 to look a lot like 25 or is there a new initiative or two that would be I don't know vastly different there that we should consider as we start looking at our models. Thank you.

Speaker Change: I'll take that one.

Yes.

Speaker Change: Yes.

As I think about going into Q4, we had our annual user conference pantheon during Q3, and our team executed well with new customers and new pro product. This led into our initial industry offering to celebrate the trade in our business and we're in a good position of strength looking into Q4.

Speaker Change: <unk> articulated remained true we see the incremental investment at all right now those are the most opportune place to put it.

Speaker Change: And therefore, I would not expect much.

Speaker Change: <unk> operating leverage there.

Speaker Change: The operating leverage probably any come from sales and marketing cost of revenue in the next year.

Speaker Change: I think on the <unk> side.

Speaker Change: I would likely expect some negative operating leverage in G&A. This evening about what our P&L looks like because of the cost can be a public company I expected a little bit negative operating leverage there.

We continue to remain focused.

Speaker Change: Improving product maturity in the segments that we have recently entered were goal in all segments. We choose to compete in is to become the market standard and hence why the continued focus despite the great traction that we've seen on commercial with a continued focus on becoming a market standard same with roofing that we recently.

Speaker Change: In terms of priorities remains the same that <unk> articulated pushing us for commercial excuse me.

Speaker Change: And a big push on pro products I don't think that you should expect a significant change to our strategy.

Speaker Change: Or more P&L. The key thing that we've talked about a bunch of times is our focus on incremental margins in the year come again, we don't think will hit the 25% target next year as we absorb the cost becoming a public company, but we do focus a lot there and the incremental dollar that is above our target there were calling on them.

Speaker Change: Third into.

Speaker Change: And then second the continued focus on the pro products, because our kind of our growth algorithm is number one get as much EQT onto the platform as possible.

Speaker Change: And then number two continuing to deliver so much value so much ROI.

To our customers that we continue to earn a deeper partnership with them and so the excitement on both fronts on the market segments and on the progress.

Speaker Change: Excellent nice quarter guys congrats siblings.

Speaker Change: Thank you Jim.

Thank you. Our next question comes from the line of Terry Tillman of true Securities. Your question. Please Terry.

Speaker Change: Got it very helpful and then.

Speaker Change: It's your fiscal fourth quarter, there is roughly three weeks flat so you're pretty much through my guess is youre planning for how you think about fiscal 'twenty six.

Thanks.

Speaker Change: Dave and Jason Congrats from me as well on the IPO and sorry for the background noise I'm at the airports and also my thoughts are also with all those affected by the fires in California. So I have a question and then a follow up on in terms of marketing pro as we've done our due diligence talking to customers. It seems like that is a really high attach rate or a very good attach rate.

Speaker Change: Youre not guiding for fiscal 'twenty six at all but as you think about the growth investments in the business next year, whether it's on the R&D side or go to market should we expect 26 to look a lot like 25 or is there a new initiative virtue that would be vastly.

Speaker Change: Do you have any sense on your next potential product breakout whether it's.

Speaker Change: There is something Thats kind of next in line that could be have more size and scale or are they all pretty balanced and I know you love all your products just like you love all your children, but I'm just kind of curious if theres something thats next to maybe get to that inflection point like marketing and then I had a follow up.

Speaker Change: Vastly different there that we should consider as we start looking at our models. Thank you.

Speaker Change: Yes, I think what we've done.

Speaker Change: Articulated remained true we see the incremental investment dollars right now so those are the most opportune place to put it.

Speaker Change: Well first of all thank you.

Speaker Change: And therefore I would not expect.

Ben: Hello, Hi, Ben.

Speaker Change: One of the things we love about this business is just how many opportunities there are and how under every rock.

Speaker Change: As much operating leverage there.

Operating leverage probably any come from sales and marketing where cost of revenue in the next year.

Ben: Is another opportunity surely we've seen.

Speaker Change: I would like to expect some negative operating leverage in G&A. This evening about what our P&L looks like because of the cost come in public company I expected a little bit net operating leverage there in terms of priorities remains the same that arent just articulated pushing comp plus our commercial excuse me.

Ben: We're very pleased with what we've seen with marketing Paul and remember marketing probe the rescue multiple capabilities on the reserves the E mail marketing automation there as the reputation management there is the ads optimizer.

Speaker Change: And a big push on pro products I don't think that you should expect a significant change to our strategy or our P&L. The key thing that we talked about a bunch of times is our.

Ben: The direct mail et cetera, and for now assume.

Ben: The last question.

Ben: So much running room in the existing market segments that we're pursuing and so much running room.

Speaker Change: Folks on incremental margins in the year come again, we don't think we will hit the 25% target next year as we absorb the cost of becoming a public company, but we do focus a lot there an incremental dollar that is above our target that republic on them.

Ben: And the existing products that we have especially with the addition.

Ben: Sales pro and complex in a row that we are firmly focused on these priorities.

Speaker Change: Excellent nice quarter guys congrats siblings.

Ben: We prefer a model where we stay focused we believe focus drives much better execution in those much better results, but when the time comes where we successfully execute against what we have currently on our plate.

Kim: Thank you Kim.

Speaker Change: Thank you. Our next question comes from the line of Terry Tillman of choice Securities. Your question. Please Terry.

Kim: Thanks.

Ben: We look forward to that day, where we can sit down and again think through all the remaining opportunities.

Ben: And prioritize them and pick what's on top of that priority stack.

Speaker Change: And then a follow up on in terms of marketing pro as we've done our due diligence talking to customers. It seems like that is a really high attach rate or a very good attach rate.

Ben: What we love is the.

Ben: Customer intimacy in this business, where volume I and so many others are constantly on the phone customers were confident their businesses, we have very good visibility into what their future needs are.

Speaker Change: Do you have any sense on your next potential product breakout whether it's.

Ben: One thing I'll add on that is.

Ben: It is what we announced at pantheon.

Ben: Our commercial CRM product.

Ben: Which will effectively be the the commercial analogue for a marketing program.

Speaker Change: You get to that inflection point like marketing and then I had a follow up.

Speaker Change: Well first of all thank you.

Ben: So that's going to be a big part of that port.

Ben: Hi, Ben.

Ben: Part of the commercial story of maturing our product that we're very set.

Ben: One of the things we love about this business is just how many opportunities there are and how under every rock.

Ben: That's great to hear and I guess, Dave a follow up question for you as.

Ben: Is another opportunity surely we've seen.

Ben: We're very pleased with what we've seen.

Speaker Change: With marketing, Paul and remember marketing probe the rescue multiple capabilities on the reserves the E mail marketing automation there as the reputation management there is the ads optimizer.

Ben: A 40 brands recently, which seems like a pretty big.

Ben: Opportunity how does the timing work in terms of the revenue recognition and rollout is that a couple of years year and a half et cetera. Thank you.

Ben: Sure. So I think there's two questions in there the first is on the.

Speaker Change: The direct mail et cetera.

Speaker Change: For now.

Ben: The consolidation trends I feel like we've seen a fair bit of consolidation that are mentioned, we still feel that there is room to grow and these are some of our best customers are our prime market to its highest and so we're excited about that trend continuing with regards to large customers like a three grand and others.

Speaker Change: Similar to the last question we have.

Speaker Change: So much running room in the existing market segments that we are pursuing and so much running room.

Speaker Change: In the existing products that we have especially with the addition.

Sales pro and contact center growth that we are firmly focused on these priorities.

Ben: It depends on the contract.

Ben: By contract what I'll say is that they typically have a rollout side by side, it's rarely done more than a year, we try again.

Speaker Change: We prefer a model where we stay focused we believe focus drives much better execution and thus much better results, but when the time comes where we successfully execute against what we have currently on our plate.

Ben: A year, but I think it depends on the contract in the case of authority granted and we're excited about the early progress and getting in line.

Ben: Thank you.

Speaker Change: We look forward to that day, where we can sit down and again think through all the remaining opportunities.

Speaker Change: Thank you. Our next question comes from the line of Brent Breslin.

Speaker Change: And prioritize them and pick what's on top of that priority stack.

Piper Sandler your line is open Brent.

Speaker Change: Hi, guys. This is Hannah <unk> on for Brian.

Speaker Change: What we love is the.

Speaker Change: Customer intimacy in this business, where volume I and so many others are constantly on the phone with customers. We are confident in their businesses. We have very good visibility into what their future needs are and then the one thing I'll add on that.

Speaker Change: And sympathies are with those.

Speaker Change: Kelly area, and we hope you and your loved ones are staying safe during this difficult time. Thanks.

Speaker Change: Thanks for taking my question just one here. So it's good to hear the momentum youre seeing with their two newest co products announced that pantheon I understand that you're driving in there, but how do you think about consistently incentive I think pro product adoption, when you're landing and <unk>.

Speaker Change: It is what we announced at pantheon.

Our commercial CRM product.

Speaker Change: Which will effectively be the the commercial analogue for a marketing problem.

Speaker Change: Yes.

Speaker Change: So that's going to be a big part of that port.

Speaker Change: Good great question. So when we talk about lending end to end.

Part of the commercial story of maturing our pro product that we're very set.

Speaker Change: We're talking about lending end to end with our core product because our core product.

Dave: That's great to hear and I guess, Dave a follow up question for you is.

Speaker Change: I'm just curious where are you in the maturation of these larger consolidated or a p/e backed customer transactions. I mean is there a normal cadence and predictability to those and I think you talked about authority brands recently, which seems like a pretty big opportunity. How does the timing work in terms of the revenue recognition and rollout is it a couple of years year and a half et cetera. Thank you.

Speaker Change: Is so wide and handles.

Speaker Change: Everything from call booking to scheduling to dispatching to a little bit of marketing inventory payroll et cetera, and so think of the core product as offerings say.

Speaker Change: Very meaningful level of sophistication across all those different workflows.

Dave: Sure So I think.

Dave: Two questions in there the first is on the <unk>.

Speaker Change: And then think about our pro products offering the highest level of capability and sophistication in any one of those workflows. So marketing broker at the highest level of capability in marketing sales growth for the highest level of capability in selling this about growth of the highest level of capability in this setting.

Dave: Validation trends actually we've seen a fair bit of consolidation that are mentioned, we still feel like there's room to grow and these are some of our best customers are our prime market to its highest and so we're excited about that trend continuing with regards to large customers like a three grand and others.

Dave: It depends on the contract.

Speaker Change: We typically land customers only through the core product.

Dave: By contract what I'll say is that they typically have a rollout side by side, it's rarely done more than a year, we try to get through the year, but I think it depends on the contract in the case of authority granted and we're excited about the early progress and getting in line.

Speaker Change: And so then we have a long runway for attaching pro products' thereafter, and the strategy fundamentally is about realizing the ROI that underwrote the original buying decision within the core that's typically the most important predictor of whether or not we will have success with the pro.

Dave: Thank you.

Speaker Change: Thank you. Our next question comes from the line of Brent Breslin.

Speaker Change: Piper Sandler your line is open Brent.

Speaker Change: Product story.

Speaker Change: Our plan is always to make sure that the customer gets first and foremost what they thought with the core deliver.

Speaker Change: Hi, guys. This is Andrew on for Brad our thoughts and sympathies are with the Socal area and we hope you and your loved ones are staying safe during this difficult time.

Speaker Change: Deliver that success and earn the right to go talk about co product than anything else.

Speaker Change: Thanks for taking my question just one here. So it's good to hear the momentum you're seeing with their two newest co products, you announced that pantheon I.

Speaker Change: Super helpful. Thank you.

Speaker Change: Understand that you are driving in there, but how do you think about consistently incentive I think predicate adoption when you're landing and <unk>.

Speaker Change: Thank you.

Speaker Change: Our final question comes from the line of <unk> Kim of loop capital markets. Your question. Please.

Sure Great question. So when we talk about lending end to end.

Okay, Great first congrats on a successful IPO and also congrats on a very concise prepared remark, especially for your first earnings call. My question just following up on a couple of questions on the overall consolidation trend.

Speaker Change: We are talking about landing end to end with our core product because our core product.

Speaker Change: So wide and handles.

Speaker Change: Everything from call booking to scheduling to dispatching to a little bit of marketing to inventory payroll et cetera, and so think of the core product is.

Just at a high level, if you can share with us some thoughts on how that is changing your sales cycle and the efficiency of that sales cycle and what are you seeing in terms of the overall monetization or take rate of those verticals that are going through the consolidation wave.

Speaker Change: The offering say.

Speaker Change: Very meaningful level of sophistication across all those different workflows.

Speaker Change: And then think about our pro products offering the highest level of capability and sophistication in any one of those workflows. So marketing broker at the highest level of capability in marketing sales broker the highest level of capability in selling this about growth at the highest level of capability in this setting.

Speaker Change: Yes, great question.

Speaker Change: We believe that great businesses.

Speaker Change: We'll continue to move off the service Titan in order to better compete in their markets. So we actually preferred to land customers on their own timeline as opposed to try and do unnatural things to accelerate this process, which would typically involve just.

We typically land customers only through the core product.

Speaker Change: More sales and marketing spend or discounting in our booth.

Speaker Change: And so then we have a long runway for attaching pro products thereafter, and the strategy fundamentally is about realizing the ROI that underwrote the original buying decision within the core that's typically the most important predictor of whether or not we will have success with the <unk>.

Speaker Change: Sure.

Speaker Change: A less than great commitment to the implementation process. So those sales cycles on the largest consolidators can vary for some the.

No a lot about service Titan already and have that exposure through some of their portfolio companies.

Speaker Change: Product story.

Speaker Change: Our plan is always to make sure that the customer gets first and foremost what they thought with the core deliver.

Speaker Change: Or in another market that sales cycle can be quite quick.

Speaker Change: And for others, where they may have invested many years and many millions into.

Speaker Change: Deliver that success and earn the right to go talk about co product than anything else.

Speaker Change: For example, a homegrown system.

Super helpful. Thank you.

Speaker Change: That sales cycle can be quite longer so there's a great variance.

Speaker Change: Thank you.

Speaker Change: In those sales cycles.

Kim: Our final question comes from the line of <unk> Kim of loop capital markets. Your question. Please.

Speaker Change: And then the other part of your question I think was about the attach story.

Speaker Change: As I said.

Speaker Change: Okay, Great first congrats on a successful IPO and also congrats on a very concise prepared remark, especially for your first earnings call Mike.

Speaker Change: What we have seen is that the consolidators typically have the highest appetite.

Speaker Change: Or the pro product attached story simply because theyre very sophisticated operators. They want the highest level of capability across every workflows, they want and marketing they want and scheduling and dispatching and how they sell and how they do everything.

Speaker Change: My question just following up on a couple of questions on the overall consolidation trend.

Speaker Change: Just at a high level, you can share with us.

Speaker Change: Thoughts on how that is changing your sales cycle and the efficiency of that sales cycle and what are you seeing in terms of the overall monetization would take rate of those verticals that are going through the consolidation wave.

Speaker Change: And I think.

Speaker Change: Yes, I spent a lot of time on the phone and often in person with our largest customers.

And the big focus is.

Speaker Change: On streamlining every part of their business as much as possible.

Speaker Change: Yes, great question.

Speaker Change: They see the in many cases, the best way to do that.

Speaker Change: We believe that great businesses.

Speaker Change: By making sure that utilization and adoption of service tightened as high as possible. So we work with them to recognize identify all of the things that might not be using in <unk>.

We'll continue to move onto service Titan in order to better compete in their markets. So we actually preferred to land customers on their own timeline as opposed to trying to do unnatural things to accelerate this process, which would typically involve just more sales and marketing spend or discounting in our booth.

Speaker Change: <unk> so compelling to these answers.

Okay, Great and I have a quick product question.

Speaker Change: Attendance at.

Speaker Change: Pantheon at least from my observation.

Speaker Change: Our.

Speaker Change: A less than great commitment to the implementation process. So those sales cycles on the largest consolidators.

Speaker Change: The session on.

Speaker Change: On that.

Speaker Change: If you can update us on how that business is trending and is that helping you with your push into commercial.

Speaker Change: Barrier for some <unk>.

Speaker Change: So.

Speaker Change: No a lot about service Titan already in and have that exposure through some of their portfolio companies or in another market that sales cycle can be quite quick.

Speaker Change: We're very happy with the progress that we're seeing on the contract side. Both in terms of its performance with its current product, but personally I am even more excited about the opportunities in locks for the future, particularly with the marriage between the convex dataset and the service tightened dataset. It effectively allows us to build a pretty popular.

Speaker Change: And for others, where they may have invested many years and many millions into.

Speaker Change: For example, a homegrown system.

Speaker Change: That sales cycle can be quite longer so there's a great variance.

Speaker Change: CRM and so that's the vision of where we're driving it towards an IND.

Speaker Change: And those sales cycles.

Speaker Change: And then the other part of your question I think was about.

Speaker Change: <unk> also been Super helpful is Congress, a stellar reputation with some of the biggest and best players within the commercial industry and the ability to have access to those customers in terms of.

Speaker Change: The attached story.

Speaker Change: As I said.

Speaker Change: What we have seen is that the consolidators typically have the highest appetite.

Speaker Change: For the pro product attached story simply because they are very sophisticated operators. They want the highest level of capability across every workflows, they want and marketing they wanted to scheduling and dispatching and how they sell and how they do everything.

Speaker Change: King insights into where value creation opportunities exist.

Speaker Change: And just understanding how we can serve them better and so we couldnt be more thrilled with the partnership and continue to see a lot of leg room within that part of the business.

Speaker Change: And I think.

Speaker Change: Yes, I spent a lot of time on the phone and often in person with our largest customers.

Speaker Change: Okay, great. Thanks for the update.

Speaker Change: Yes.

Speaker Change: The big focus is.

Speaker Change: Thank you, ladies and gentlemen that does conclude service tightens third quarter 2025 earnings conference call.

On streamlining every part of their business as much as possible.

Speaker Change: Thank you for participating you may now disconnect.

Speaker Change: They see the.

Speaker Change: In many cases, the best way to do that.

Speaker Change: By making sure that utilization and adoption of service tightened as high as possible. So we worked with them directly to identify all of the things that might not be using in <unk>.

Speaker Change: <unk> so compelling to these answers.

Speaker Change: Okay great.

Speaker Change: A product question.

That attended.

Speaker Change: At Pantheon, indeed from my observation.

Speaker Change: Question on <unk>.

Speaker Change: If you can update us on how that business is trending and is that helping you with your push into commercial.

Speaker Change: So we're very happy with the progress that we're seeing on the contract side. Both in terms of its performance with its current product, but personally I'm, even more excited about the opportunities in locks for the future, particularly with the marriage between the convex dataset and the service tightened dataset.

Speaker Change: That's the way allows us to build a pre populated CRM.

Speaker Change: And so that's the vision of where we're driving it towards and what's also been Super helpful is Congress a stellar reputation with some of the biggest and best players within the commercial industry and the ability to have access to those customers in terms of.

Speaker Change: King insights into where value creation opportunities exist.

Speaker Change: Understanding how we can serve them better and so we couldn't be more thrilled with the partnership and continue to see a lot of leg room within that part of the business.

Speaker Change: Okay, great. Thanks for the update.

Speaker Change: Yes.

Speaker Change: Thank you, ladies and gentlemen that does conclude service tightened <unk> third quarter 2025 earnings conference call.

Speaker Change: Thank you for participating.

Speaker Change: You may now disconnect.

Speaker Change: Goodbye.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Sure.

Yes.

Speaker Change: [music].

Speaker Change: Alright.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Thanks.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music] right.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yeah.

Okay.

Speaker Change: Thanks.

Speaker Change: Okay.

Speaker Change: Right.

Speaker Change: Okay.

Speaker Change: Thanks.

Speaker Change: Okay.

Thank you.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: <unk>.

Speaker Change: Sure.

Okay.

Speaker Change: Okay.

Speaker Change: Right.

Speaker Change: Okay.

Okay.

Speaker Change: Sure.

Yes.

Speaker Change: Thanks.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Thanks.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Thank you.

Speaker Change: Okay.

Okay.

Yes.

Yeah.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Thanks.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Thanks.

Sure.

Speaker Change: Okay.

Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Perfect.

Speaker Change: Thanks.

Speaker Change: [music].

Speaker Change: Thank you.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Yes.

Okay.

Speaker Change: Okay.

Speaker Change: Thanks.

Speaker Change: Yes.

Speaker Change: Thanks.

Speaker Change: Okay.

[music].

Thanks.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Thank you for standing by and welcome to service Titans third quarter 2025 earnings Conference call. At this time, all participants are in a listen only mode.

Speaker Change: After the speaker presentation, there will be a question and answer session to.

Speaker Change: To ask a question during the session you will need to press star one one on your telephone.

Speaker Change: Move yourself from the queue you May press Star one again.

Jason: I would now like to hand, the call over to Jason <unk>.

Jason: Vice President Investor Relations. Please go ahead.

Thank you operator welcome everyone to service tightened first ever public company earnings call. We're here to discuss our Q3 FY 'twenty five results announced in our press release issued after the market closed today.

Speaker Change: We've also released an investor presentation, which can be found on our website with me our service Titans co founder and CEO <unk> co founder and President and.

Dave Sherry: And CFO, Dave Sherry.

Dave Sherry: Today's call will contain forward looking statements, which are made pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of 1095, all statements other than statements of historical fact could be deemed to be forward looking.

Dave Sherry: Include among others statements concerning our expected future financial performance, including our outlook and business plans and objectives as well as our product roadmap long term targets and goals.

Dave Sherry: These statements reflect our views as of today, only and should not be relied upon as representing our views at any subsequent date and we do not undertake any duty to update. These statements forward looking statements address matters that are subject to risks and uncertainties that could cause actual results to differ materially.

Dave Sherry: Actual results could differ materially from those contemplated by our forward looking statements.

Dave Sherry: Ported results should not be considered an indication of future performance. Please take a look at our filings with the SEC for a discussion of the factors that could cause our actual results to differ including our final prospectus filed on December 12 2024.

Dave Sherry: As a reminder, we previously disclosed certain preliminary fiscal third quarter operating results under the recent development section of our final prospectus dated December 12, 2024 today, we are providing the final fiscal third quarter financial results and our guidance for the fourth quarter and full fiscal year.

Dave Sherry: During the call, we will discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles definitions of these non-GAAP financial measures along with reconciliations to our GAAP financial measures are included in our third quarter earnings release, which we have filed with the SEC and is available on our website at investors Doc services.

Dave Sherry: <unk> Dot com.

Dave Sherry: These non-GAAP financial measures are not intended to serve as a substitute for our GAAP results and with that let me turn the call over to Ara.

Ara: Thank you Jason.

Ara: Like to begin today by extending our sympathy to the tightening of the customers and the communities that have been impacted by the devastating wildfires in the la area. Our Hearts are with you all during the 70 prices and we are here to support you all as we forge ahead together.

Speaker Change: And thank you all for joining us for our first earnings call. Since we just met with you a month ago on our roadshow. Our goal today is to reinforce the key points, we shared with you and to begin to establish a public company operating rhythm.

Speaker Change: We are grateful for the time, you all invest in getting to know our business.

Speaker Change: Our goal is to be good stewards of capital as we build would hopefully becomes a generational company and the operating system for the trades.

Speaker Change: Our December IPO was an important milestone for both our business as well as for the trades and Mark just how far we've come together.

Speaker Change: Our ideal however was never the destination.

Speaker Change: Fact is just the beginning of a new era for service side and for our customers and for the trades because the only thing more exciting to me then how far we've come is just how much further we have yet to go.

Speaker Change: We are obsessed with this industry.

Speaker Change: Because we grew up in it.

Speaker Change: Our DNA, we grew up watching our debts put hours and hours into building their trades businesses.

Speaker Change: And struggled to see the financial success, we thought they deserved a sacrifice so much to give us a brighter future and so we build service to IV to solve the problems that they face and thankfully today are our dads are no longer our only customers.

Speaker Change: On our IPO Roadshow, we shared our aspiration to build a generational company.

Speaker Change: And why we believe we have the five underlying drivers required to enable this journey I'd.

Speaker Change: I would like to remind you of these drivers today first our market opportunity is large and durable.

Speaker Change: Second we're the leader in the markets third our competitive moat gets deeper everyday.

Speaker Change: Fourth we have many vectors to grow our business with a plan in place for each and fifth we target a long term business model to grow efficiently and become highly profitable overtime.

Speaker Change: So, let's first talk about our market opportunity.

Speaker Change: We estimate that end customer spend roughly one and a half a trillion dollars annually on services and the trades in the USA, Canada alone and.

Speaker Change: On your way home today I'd like to encourage you to pay attention to just how many trades vehicles you see on the road.

Speaker Change: The industry is ubiquitous is essential and the jobs. These men and women in the trades complete everyday our immediate or preventative or non discretionary in nature.

Speaker Change: People simply do not go without air conditioning in the scorching heat or heat in the freezing cold or without plumbing, so even in difficult times the trades keep our society Ryan.

Speaker Change: We executed consistently well against the backdrop of this healthy market during Q3, and we're working hard to execute against the estimated $13 billion of addressable revenue opportunity in front of us today.

Speaker Change: The second and third underlying drivers are our market leadership position and the widening moat around service tightening each based on the fact that we power our customers' entire business end to end across nearly every key workflow.

Speaker Change: We are essential to the success of our customers' businesses and our business is built around maximizing their success.

Speaker Change: Our software Optimizes, our customers' business across their entire funnel to help them increase revenue and profits. This makes us mission critical.

Speaker Change: And the transformational customer outcomes, we help deliver attract new customers. So that they can better compete in the market.

Speaker Change: This expands the customer footprint upon which we can offer our integrated portfolio of probe products to further expand effective earn rate and net dollar retention.

Speaker Change: This is a powerful flywheel that extends our leadership position it deepens, our mode and it strengthens our ability to deliver future customer value.

Speaker Change: Our obsession with making customers successful.

Speaker Change: Position as part of the trades and our visibility into the full workflow of our customers positions us to continue to grow.

Now before I turn it over to my better half a work to talk about our fourth driver our growth factors.

Speaker Change: I want to step back to thank our customers and our team.

Speaker Change: We are in the position that we are in today because of our customers' trust and partnership.

Speaker Change: Because of the transformation of ROI that we're able to deliver for them and because of the team that works tirelessly everyday to make sure that this happens.

Speaker Change: We won't stop until we've helped every contractor transform their business with service Titan.

Speaker Change: Okay.

Thanks Ara.

Speaker Change: I am deeply saddened by the devastating fires throughout many of our communities in southern California over the past week My thoughts are with everyone affected in ways Big and small we're part of the fabric of Glendale, and will support our tightens, our customers and our surrounding communities to pull through together.

Speaker Change: We're only now building relationships with our new public stakeholders, but you need to understand that our commitment to our people and our customers is ingrained in who we are we are focused on delivering ROI to our customers because it's the right thing to do and the core of our growth agenda.

Speaker Change: As we deliver value to customers, we help them grow driving more subscription in fintech revenue, we earn the right to sell more products and we attract new customers eager to benefit from the ROI that our platform delivers.

Speaker Change: Have a proven track record of doing exactly this we've gone from serving small residential plumbing businesses with just our core platform to now supporting more than 10 trades, both residential and commercial and empowering many of the largest private equity backed customers in the market. We offer 10 pro and Fintech add on products that our customer.

Speaker Change: As value, which increases our effective earn rate.

Speaker Change: This is why as we look ahead, we have conviction in our ability to execute our growth strategy to become the standard in all the trades. We serve is simple we want to bring as much CTV onto our platform as possible by bringing more value to our customers and helping them grow and succeed through higher utilization of our platform and more pro and Fintech products.

Speaker Change: We realized a larger effective run rate of that GTT.

Speaker Change: The breadth of our platform gives us a significant advantage for two reasons.

Speaker Change: We have visibility into our customers' entire workflow.

Speaker Change: No. They are largest challenges and can then work to deliver solutions with high ROI over time.

And because our pro products are a more sophisticated version of what is already offered in our core the cross sell motion is far more natural for us and for our customers because we help them get stronger in an area where already solving for today the.

Speaker Change: The benefits of these advantages extend into new trades, where we can have success.

Speaker Change: More efficiently and more quickly over time as evidenced by the traction we are seeing in commercial in roofing today.

Speaker Change: Speaking of pro products, we launched our two latest at pantheon during Q3.

Speaker Change: Sales pro and contact Center Pro sales fell was born from customer demands to proactively improve the technician selling experience contact center pro was born from demand to consolidate automate and improve efficiency of the entire customer service experience. The foundation for both of these new pro products enhances the capabilities, we already deliver to come.

Speaker Change: The mers today and lease the substantial improvements in customer ROI.

Speaker Change: For these reasons, we have seen very strong early traction.

Speaker Change: Rather than draw a line around the particular type of software application, we've drawn a line around our customer we've always built solutions to real problems for our customers and for the trades I'm excited to share our progress with you moving forward and with that let me turn it to Dave to talk about our financials Dave.

Speaker Change: Thanks, Hi, ill echo each of your sympathies for those impacted by the fires here in southern California, our thoughts are with you.

Dave Sherry: Today, I am planning to reinforce our guiding financial principles run through Q3 financial results in detail and provide guidance for Q4 and the full fiscal year ending January 31 2025.

Dave Sherry: We're running this business for a marathon not a sprint our goal is to durably compound revenue growth over many years and expand margins at the same time.

Dave Sherry: Growing earnings faster than revenue.

Dave Sherry: Our long term non-GAAP operating margin target is 25% and our path to that target will be driven by our focus on incremental operating margins.

Dave Sherry: Meaning how much of every incremental dollar revenue turns into incremental non-GAAP operating profit.

Dave Sherry: We believe the best proxy for long term profitability is incremental margins and as such we will manage the business to deliver 25% non-GAAP incremental margins.

Dave Sherry: Let's use this year's guidance as an example of how we operate the business based on the midpoint of full year fiscal 2025 guidance. We expect fiscal 2025 revenue of $762 6 million and non-GAAP operating profit of $21 9 million. That's an increase of 148 million of revenue and $39 million of non-GAAP operating income.

Dave Sherry: Thus, we expect incremental operating margins of just over 26%.

Dave Sherry: As we discussed the shape of our incremental operating margins will be different next year as we absorbed the costs of becoming a public company.

Dave Sherry: Beyond FY 'twenty six our goal to deliver incremental margins consistent with our long term operating margin target of 25%.

Dave Sherry: We believe the output of this philosophy were result of sustainable long term growth and margin expansion.

Dave Sherry: Our Q3 results were above the midpoint of our preliminary financial range previously provided powered by the success and expansion of our customers subscription revenue modestly accelerated led by steady execution and early strength of our new co products usage revenue also performed well we delivered consistent execution on our incremental margin framework.

Dave Sherry: Through fiscal 'twenty five to date Q.

Dave Sherry: Q3, total revenue was $199 3 million up over 24% year over year Q.

Dave Sherry: Q3 subscription revenue was $145 3 million up 27% year over year.

Usage revenue was $45 9 million up 23% year over year and total platform revenue the sum of subscription and usage revenue grew 26% year over year.

Dave Sherry: As a reminder, our core and pro product revenue is principally monetize via subscription while usage revenue is principally fintech revenue recognized on a net basis.

<unk> services.

Dave Sherry: Revenue was up $8 1 million during the quarter, a decline of 4% year over year.

Dave Sherry: Q3, gross transaction volume or <unk> was $17 8 billion up 20% year over year net dollar retention was greater than 110% during the quarter.

Dave Sherry: As a reminder, we expect to report GTD every quarter net dollar retention in our range every quarter and both gross dollar retention and total active customer count annually.

Dave Sherry: Q3, non-GAAP platform gross margin was 77, 1% an improvement of 30 basis points year over year and total non-GAAP gross margin was 74% up 90 basis points year over year. As a reminder, we invest in professional services to make customers successful on our platform, we think about professional services losses as customer acquisition costs and the service.

Dave Sherry: Of maximizing long term customer value.

Dave Sherry: Q3, non-GAAP operating income was $1 6 billion, leading to a non-GAAP operating margin of almost 1% in <unk>.

Movement of 350 basis points year over year.

Dave Sherry: Free cash flow was $10 6 million up from negative $6 2 million.

Dave Sherry: Prior year third quarter.

Dave Sherry: As we look forward you should expect modest leverage from gross margin and sales and marketing as a percentage of sales.

Dave Sherry: You'd expect minimal R&D leverage over the next several years as we prioritize a series of product S curve to support durable growth in the near term you should expect high incremental G&A costs as we absorb the costs of becoming a public company, but expect G&A leverage thereafter.

Dave Sherry: We ended Q3 with $134 million in cash and cash equivalents compared with $173 million in debt.

Dave Sherry: At the end of Q3, we successfully completed our initial public offering including the full execution of the <unk>.

Dave Sherry: Underwriter's option to purchase additional shares which generated $672 million in cash net of fees.

Dave Sherry: US to retire our classic nonconvertible preferred stock for $311 million and at $361 million in cash to our balance sheet. After.

Dave Sherry: Optimizing our capital structure and transitioning into a net cash position puts our business in a financial position strength moving forward.

Shifting to guidance as <unk> mentioned earlier our goal today is to reinforce the key investment point that we shared with you on our roadshow and establish an operating cadence with you as a public company.

Dave Sherry: So the fourth quarter, we expect total revenue in the range of $199 million to $201 million.

Dave Sherry: Representing growth of approximately 24% year over year.

Dave Sherry: We expect to generate non-GAAP operating income in the range of $3 million to $4 million.

Dave Sherry: For the full year fiscal 2025, we expect total revenue in the range of $761 6 million to $753 6 million.

Representing growth of approximately 24% year over year.

Dave Sherry: We expect to generate non-GAAP operating income in the range of $21 four to $22 4 million.

Dave Sherry: The business performed well during Q3, we see this performance is evidence that our strategy to become the operating system for the trains is working which is positioning us for long term durable growth.

Dave Sherry: That I will turn the call back to the operator for Q&A operator.

Speaker Change: Our first question comes.

Speaker Change: It's from the line of Kash Rangan of Goldman Sachs. Your question. Please cash.

Kash Rangan: Thank you very much such a pleasure to connect with you guys. Congratulations on your first quarter as a public company. Congrats on the results and I do share your sympathies with all of those affected in southern California. So John you with that one for you.

Kash Rangan: When you look at the commercial opportunity versus residential can you give us some milestone markers from a product perspective, maybe bahia can jump in here as well as to what are the things you are looking for in the commercial version of the product to unlock that massive Tam that's even larger than residential.

Kash Rangan: And the go to market. If you will the strategy that youll be employing the upcoming fiscal year to help unlock commercial that's it for me. Thank you so much.

Kash Rangan: Thank you Kash.

Dave Sherry: We appreciate the kind words.

Dave Sherry: We shipped the partnership so when it comes to commercial there is basically four key things there is the customer.

Dave Sherry: <unk> portion of the pre sales piece there is the cash collection cycle. There is construction and then theres the pro product and broader attached story and so we feel really good about where we're at today on the first two we've made a ton of progress there and we're really.

Dave Sherry: With the traction we're getting on that front. This year. The primary focus is on construction, that's where we feel its more important most important for us to close the gap this year in order to.

Dave Sherry: To us in a position to becoming the market standard and then after that is the pro product story, where as you would imagine on the residential side is much more mature than it is on the come.

Dave Sherry: Commercial side and so that's what our priorities are today.

Speaker Change: Thank you very much and congrats.

Speaker Change: Okay. Thank you.

Speaker Change: Next question comes from the line of Josh Baer of <unk>.

Speaker Change: Organ Stanley Your line is open Josh.

Great. Thanks for the question and congrats on the IPO.

Speaker Change: One sort of strategic question and one on the numbers.

Speaker Change: Just hoping you could comment on what youre seeing around consolidation trends private equity roll up.

And standardizing on surface tightened what youre seeing today, and how youre thinking about those trends continuing in the future.

Speaker Change: Thank you Jeff Great question and again, thank you for the partnership.

Speaker Change: We've seen a lot of consolidation in the past several years, we continue to see <unk>.

Speaker Change: Salt basin for us they happen to be some of our best customers.

Speaker Change: <unk> partners, there is the strongest product fits and customer need.

Speaker Change: In this segment.

Speaker Change: Cause they have both the enterprise needs of things like multi location management rollover boarding centralized security et cetera, et cetera, as well as the trade specific workflow needs.

Speaker Change: They help us by accelerating our own customer acquisition, that's made by other companies and onboard them onto service item.

Speaker Change: Tend to be great operators, so they grow quickly.

Speaker Change: And that means more licensing in GTA online platform.

Speaker Change: Hi, appetite for our pro products that have low churn.

Speaker Change: And then they may become lighthouse customers for us in many cases, they actually help us move into new markets.

Speaker Change: Through their partnership so that is actually how we entered roofing is through a partnership with one of our largest consolidators in plumbing and HVAC launched.

Speaker Change: The consolidation of roofing and so all in all day, they tend to be great customers and partners and we continue to see the consolidation trend.

Speaker Change: Great. Thank you and follow up for Dave.

Speaker Change: Assuming that there is some conservatism in Q4 revenue guidance it doesn't take much.

Speaker Change: To see how that will show an acceleration.

Speaker Change: 90 days after you report.

Speaker Change: What what would be causing that acceleration at this point, both on a year over year basis quarter over quarter basis.

Josh: Thanks, Josh Great question.

Josh: Couple of things with regard to guidance. Our overall approach is to establish consistent track record with you all as a public company.

Josh: With respect to the growth rates as a reminder, in early Q4 of last fiscal year, we dispose of an asset that was generating single digit millions of dollars of revenue that's been a headwind over the last four quarters and year over year growth that headwinds will no longer be there in Q4 and beyond finally with regards to the list.

Josh: Driving the guidance in Q4, there are two offsetting factors first is the seasonal sequential decline, we generally see in GTA and usage revenue in Q4 consistent with prior years.

Josh: Second is given the momentum we've seen in subscription revenue over the last couple of quarters, we do expect sequential decreases there.

Josh: Total.

Josh: Our guidance calls for a small sequential increase in Q3, as we expect subscription increase to be larger than the decline usage revenue and important to note. We are not trying to be here in a place where we massively over form what we're trying to do is create consistent operating cadence with you all.

Josh: Got it thank you.

Josh: Thank you.

Michael: Our next question comes from the line of Michael <unk> of Wells Fargo Securities. Please go ahead Michael.

Michael: Hey, good afternoon. Thanks for taking the question and hope you're all staying safe down in Socal.

Michael: You mentioned the focus on durable growth, we see growth rates holding in quite consistent over the past several quarters, maybe help frame the drivers of that more consistent growth profile. The control you have there and when we think about the mix between new logos and expansion where the priorities lie for.

Michael: The company currently.

Michael: I think.

Michael: Dave here Thanks for the question.

Michael: In terms of the durability, but within the last couple of quarters, I think we've seen pretty consistent year over year growth rate of subscription revenue. The last four quarters between 26 and 27%. This is a mix of both new and existing.

Michael: And that we see over performance in any given quarter, it's likely to be a result of faster expansion with our existing customers.

Michael: The pipeline, we see of new customers.

Speaker Change: Do you want to comment anything on.

Speaker Change: The new customer versus existing customer mix, we've seen the growth we see from the installed base and from new business. It has historically been relatively balanced and that held true in Q3, we had helping new business activity as.

As well as healthy existing customer.

Speaker Change: No.

It's not overly weighted to one or the other the Mexican often vary depending on the size of new customer wins, we just talked about the consolidation and how that benefits us too but.

Speaker Change: Healthy mix of both.

Speaker Change: Yeah.

Speaker Change: Thanks, and maybe just as a follow up on the net retention rate you provided the greater than 110% I think Dave mentioned Youll give us a range on a quarterly basis going forward is that 110% target level you'd expect to execute above for the foreseeable future or maybe just help level set what we should.

Speaker Change: Back from that metric in a normalized environment on a go forward basis. Thanks.

Speaker Change: Absolutely.

Paul: Paul I think.

Paul: Our net dollar retention story, certainly begins with gross our attention as we talk about quite a bit we benefit from having high gross our attention north of 95%.

Paul: Preceding our IPO.

Paul: When we look at net our attention the biggest expansion despite the harsh congress toward being Onboarding happens in the first two years of a customer being on the platform.

Paul: When we look beyond the first two year cohorts, where we see isn't that are roughly in the range of 110%. It's for that reason we pick this range of 110%.

Paul: Thank you.

Thank you. Our next question comes from the line of Tyler Radke of Citi. Please go ahead Tyler.

Tyler Radke: Yes, thanks for taking the question.

Speaker Change: Congrats on the IPO and first earnings call here.

Tyler Radke: You talked about some <unk>.

Success with some of the new pro products that you launched at Pantheon marketing and call Center. Just just wondering if you could dimensionalize the success youre seeing in in pro products.

Tyler Radke: Either what milestones are you tracking in terms of sign ups or con.

Tyler Radke: Contribution.

Tyler Radke: The deals Youre seeing just any more detail you could share on some of those new products.

Tyler Radke: Yes.

Tyler Radke: Noted, we're excited about the incremental ROI that our pro products create for our customers, including our latest pro product sales pro and contact Center pro.

Tyler Radke: We are pleased with the customer enthusiasm and the early progress for both of these products.

Tyler Radke: We're pacing well relative to other pro products.

Tyler Radke: At this stage, but it's still quite early we see a big opportunity for both of these products and so we are very much focused on our big opportunity.

Tyler Radke: The long run.

Tyler Radke: Please with what we're seeing so far.

Tyler Radke: Great and then a follow up.

Speaker Change: Would love just to hear your updated conversations youre, having with customers.

Tyler Radke: Over the last few weeks with them.

Speaker Change: The inauguration set.

Next week and obviously, there's some puts and takes with every new administration, but.

Speaker Change: Maybe if you could just kind of go through what you are hearing both on the optimists front in terms of <unk>.

Speaker Change: Pro business policies, but then also potentially some concerns around immigration policies and how that could impact your customers.

Speaker Change: Yes, great question.

Speaker Change: Hearing concerns from customers.

Speaker Change: This is <unk>.

Speaker Change: A large market very durable one.

Speaker Change: <unk> done well across all kinds of economic.

Speaker Change: Situations in administration.

Speaker Change: And we do not consider any administration or potential policy changes to be a risk factor for the business our customers.

Speaker Change: And their employees they are highly skilled they're highly trained technicians.

Speaker Change: Customers' homes.

Thank you.

Speaker Change: Our next question comes from the line.

Speaker Change: D J Hynes of Canaccord Genuity. Your line is open D J.

Speaker Change: Hey, Good evening guys I'll also pass along my congrats it's been great to see the IPO of success.

Alright, just given it's topical when we see natural disasters like this whether it's fires.

Speaker Change: Southern California, or hurricanes or whatever it may be can you just talk about the impact on your business and maybe parse that out.

Speaker Change: Immediate term and intermediate term.

Speaker Change: Suspect, maybe it's kind of different impacts as times fast, but I'd be curious to get some any color there.

Dave Sherry: Hey, Vijay it's Dave here.

Dave Sherry: It's still too early to tell but we think the impact here will be I think that what we've seen historically is what we expect here, which is building will have a material impact either in the short term and long term RG television spread quite cyclical and geographically and so we don't expect any big impact.

Dave Sherry: Our focus today is on how we can help.

Dave Sherry: <unk> built the committee that we're part of we don't expect to be a big impact short and long term.

Yes.

Tyler Radke: And then Dave while I have you maybe maybe a follow up given we're still getting acquainted with the business model I was hoping maybe you could talk about any fiscal Q4 free cash flow expectations and anything we should be paying attention to there.

Tyler Radke: Yes, sure I think that.

Obviously Q3 free cash flow was a fair bit of head.

Tyler Radke: <unk>.

Tyler Radke: Operating income.

Tyler Radke: Driven by a couple factors further of course, we'd be to non-GAAP operating income second Capex is lower than it was in prior year.

Tyler Radke: Third is working capital, which was quite a favor in Q3 part of that has to do with bonuses, which we will expect to get back in Q1 to answer. Your question specifically on Q4, I do expect us to be operating excuse me free cash flow positive.

Tyler Radke: Roughly in line or did you have what we have.

Tyler Radke: Great Congrats on the quarter.

Tyler Radke: Perfect. Thank you guys for the color congrats.

Speaker Change: Thanks for the question Vijay.

Speaker Change: Thank you. Our next question comes from the line of <unk>.

Speaker Change: Helane Becker of William Blair. Please go ahead Dylan.

Speaker Change: Hey, gentlemen, I'll Echo my congrats and thoughts for everyone in the Socal area here, maybe starting with you you guys are sitting on a trove of data I think it's something like $110 million projects that have run through the platform I guess, we're wondering how customers and services businesses are thinking about leaning into operational context, what opportunities may be does that.

Speaker Change: Per.

Provide from a predictive proactive perspective, and what are the implications of driving kind of resiliency in our business model and improving economic outcomes for businesses is a function of that.

Speaker Change: Thank you so much doing fantastic question.

Speaker Change: It might almost seem ironic that.

Speaker Change: Such big opportunities for data and AI some of the biggest happened to be in the trades and we haven't been big beneficiaries of this as you mentioned, we have the largest data asset.

Speaker Change: And so.

Speaker Change: Are able to glean a lot of insight.

Speaker Change: But more importantly than just the data is the fact that we are at the end to end workflow.

Speaker Change: For our customers to the system of record and so we're able to turn those insights into outcomes for them automatically which means they automatically get ROI from that data and that's what.

Speaker Change: Drive the appetite for them to buy products for us and so for US the story actually is not high but it's a reality we already have three AI products.

Speaker Change: Bass pro matches, the right technician for the right job to increase our customers' revenue decreased drivetime, our cost at the optimizer optimize that spend towards the most profitable campaigns to increase our customers revenue and to lower their cost per lead and then we talked a little bit about sales pro sales growth record the conversation between the technician and the.

Speaker Change: And customer.

Speaker Change: To help coach technicians to provide a better customer experience to increase close rates to increase average tickets, which makes contract with more money.

Speaker Change: And so when these products help our customers make more money they are more than happy to pay us for those products. Then we think this is just the beginning.

Our customers have a big appetite for us to continue automating.

Speaker Change: Their business and making them more efficient that's been the direct ask from them to EMEA in Bahar and these three products are the first innings of what we hope to do.

Speaker Change: Okay, Great. That's helpful and that's a good segue maybe to answer your second question <unk> Hey here.

Speaker Change: As you align kind of that value proposition with the platform build out around customer success.

Speaker Change: Or are you thinking about the extent of being able to leverage that partnership or that customer value towards kind of that incremental adoption of youre seeing that youre seeing with some of those newer skus and reach stacking. Those S curves that are at a faster cadence as a function of kind of the compounded value have you been able to build out over time.

Sorry can you.

Speaker Change: Restate the question Im not sure.

Speaker Change: I follow.

Sure, yes, so being able to kind of leverage that value case, how that fuels your product innovation road map and how that kind of drive that incremental early stage adoption you called out kind of sales grow in contact center grow so that historical kind of ROI cadence, enabling the faster stacking of some of those earlier S curves across new markets and grow Skus.

Speaker Change: That makes sense.

Speaker Change: Got it okay. Thank you so.

Speaker Change: What are the key benefits that we have.

Speaker Change: With this regardless.

Speaker Change: We are kind of the scorekeeper for our customers and that becomes very important because we are a closed loop visibility from beginning to end.

Speaker Change: And that includes the impact of our products make on our customers' businesses and so we're able to do is first and foremost optimize how we build the product and how we evolve it based on the results that our customers see which has a huge impact on the quality of the products. We have secondly, we're able to make sure that our customers.

Speaker Change: <unk> is the value that we're able to generate which obviously becomes very important from a decision making perspective in saltwater and so this virtuous cycle. We think is a big part of what gives us the right to win within this domain and why do we think that there is still a pretty deep well of additional skus that we're going to continue to be able to build in addition to.

Being able to use AI and the data to evolve existing skus, we already have including the core.

Speaker Change: Okay, great. Thanks, guys I appreciate it and congrats again.

Speaker Change: Thank you.

Speaker Change: Thank you. Our next question comes from the line of Jason Salina of Keybanc capital markets. Please go ahead Jason.

Jason Salina: Great. Thanks for taking my question nice to hear from everyone and yes why not.

Speaker Change: Macro my sympathies for everyone in the <unk> area.

Jason Salina: I did want to ask about.

Speaker Change: Alright, great.

Speaker Change: Big focus and growth driver.

Speaker Change: Obviously, there are puts and takes dependent on which trade winter and how quickly but.

Speaker Change: When we think about commercial.

Speaker Change: Those take rates differ materially from the residential side.

Speaker Change: Really just trying to understand if you see the same type of payments adoption with commercial customers.

Speaker Change: Yes, great question.

Speaker Change: The drivers on take rates.

Speaker Change: Are the CRO attach Vince.

Speaker Change: Fintech attach and pricing.

Speaker Change: And certainly all three increase with product maturity.

Speaker Change: Given market segment. So in segments, where we are a new entrance. These three are naturally lower and in segments, where we are the market standard.

Speaker Change: <unk> III or higher end.

Speaker Change: Hence our focus on improving the product maturity in each segment of becoming a market standard in each segment.

Speaker Change: <unk> currently arent the standard and so.

Speaker Change: We've seen very good traction on the commercial side by the objective measures that are known to us with a number of customers are you on the platform.

Speaker Change: We are the leader in for Marshall, but our goal ultimately is to be more than just the leader we want to be the market standard and we have seen when we become the market standard all of the drivers.

Speaker Change: <unk> laid out the priorities on the commercial side from the very beginning when we won 10 for commercial use the four priorities, we laid out pre sales cash collection project workflows for.

Speaker Change: Commercial companies about meaningful construction portions of their business and then the protest. So we prioritize wanted to hang up is done we're in the middle of and number three and then once we're done with the number three the next area of focus will be augmenting the pro products.

Speaker Change: To solve the needs of the commercial specific workflows within those pro products.

Okay excellent and then maybe just a quick follow up.

Speaker Change: A follow up on competition, what does the competitive set look like on the commercial side is it even more DIY or just help us understand.

Speaker Change: We're all relatively new to the trades here.

Speaker Change: Okay.

Speaker Change: It's roughly very similar to the competitive set on the residential side typically four categories.

Speaker Change: One would be the.

Speaker Change: More legacy players, where for example, trades business owners or their relatives in the past.

Speaker Change: Some kind of software for these trades businesses, because nothing existed at the time and while these are.

Speaker Change: Great products, and we have a lot of respect for them because they ultimately have the same mission of serving the hardworking contractors you can imagine we've invested a lot and I think the latest and greatest technologies that give the incredible capabilities, we've talked about in the past.

So that is why we win against that set the second would be the point solutions and the reason why were winning best service typically because these traits businesses, while their businesses are very sophisticated they don't want to spend all this time money.

Speaker Change: Figuring out how to integrate things and more importantly, then customize all these point solutions to fit their workflows and so they'd rather buy from us.

Speaker Change: The third would be the horizontal players and while theyre great at the enterprise capability has been a large a lot of large customers need.

Speaker Change: Our trade specific work closer why we win.

Speaker Change: And then the last would be the down market players.

Speaker Change: And in this case.

Speaker Change: Just because we don't really serve the dawn market. We really appreciate that there are other software options that really focus on down market and help these contractors grow and then at some point basically typically besides upgrade service center.

Speaker Change: Perfect. Thanks, Sarah.

Speaker Change: You bet.

Speaker Change: Thank you. Our next question comes from the line of Scott Berg of Needham <unk> Company. Please go ahead Scott.

Speaker Change: Okay.

Scott Berg: Hi, everyone really nice quarter here first quarter out of the gate two for me first wanted to start with you.

Scott Berg: Talking about the five growth drivers of the business number four was the many vectors to grow I guess out of those sectors, what which one are you most excited for maybe near term for the business.

Speaker Change: I'll take that one.

Speaker Change: I think on the growth side.

Speaker Change: We continue to remain focused on.

Speaker Change: And then second the continued focus on the pro products, because our kind of our growth algorithm is number one get as much give you onto the platform as possible and then number two continuing to deliver so much volume so much ROI.

Speaker Change: So our customers that we continue to earn deeper partnership with them and so the excitement on both fronts on the market segments and all the protocols.

Speaker Change: Got it very helpful and then.

Speaker Change: We expect 26 to look a lot like 25 or is there a new initiative or two that would be I don't know.

Speaker Change: Vastly different there that we should consider as we start looking at our models. Thank you.

Speaker Change: Yes.

Speaker Change: We've articulated remained true we see the incremental investment all right now those are the most opportune place to put it.

Speaker Change: And therefore I would not expect.

Speaker Change: Much operating leverage there.

Speaker Change: The operating leverage probably any come from sales and marketing where cost of revenue in the next year.

Speaker Change: I would likely expect some negative operating leverage in G&A as you think about what our P&L looks like because of the cost can be a public company I expected a little bit negative operating leverage there in terms of priorities remains the same that are just articulated pushing us commercial excuse me.

Speaker Change: A big push on pro products I don't think that you should expect a significant change to our strategy or P&L.

Speaker Change: Key thing that we've talked about a bunch of sizes.

Speaker Change: Alex on incremental margins in the year come again, we don't think will hit the 25% target next year as we absorb the cost of becoming a public company, but we do focus a lot there and the incremental dollar that is above our target that we're calling on them.

Speaker Change: Excellent nice quarter guys congrats everyone.

Speaker Change: Thank you Tim.

Thank you. Our next question comes from the line of Terry Tillman of choice Securities. Your question. Please Terry.

Terry Tillman: Yes. Thanks.

Hi, Dave and Jason Congrats from me as well on the IPO and sorry for the background noise I'm at the airports and also my thoughts are also with all those affected by the fires in California. So I have a question and then a follow up on in terms of marketing CRO as we've done our due diligence talking to customers. It seems like that is a really high attach rate or a very good attach rate.

Do you have any sense on your next potential product breakout whether it's.

Terry Tillman: There is something Thats kind of next in line that could be have more size and scale or are they all pretty balanced and I know you love all your products just like you love all your children, but I'm just kind of curious if theres something thats next to maybe get to that inflection point like marketing and then I'll follow up.

Terry Tillman: Well first of all thank you.

Speaker Change: Hello, Hi.

Speaker Change: One of the things we love about this business is just how much.

Speaker Change: And the opportunities there are and how under every rock.

Speaker Change: Is another opportunity surely we've seen.

Speaker Change: We're very pleased with what we've seen with marketing Paul and remember marketing probe the rescue multiple capabilities on the reserves the email marketing automation.

Speaker Change: The reputation management there is the ads optimizer.

Speaker Change: The direct mail et cetera, and for now assume.

The last question.

Speaker Change: Have.

Speaker Change: So much running room in the existing market segments that we are pursuing and so much running room.

Speaker Change: And the existing products that we have especially with the addition.

Sales pro and contact center growth that we are firmly focused on these priorities.

Speaker Change: Sure.

Speaker Change: We prefer a model where we stay focused we believe focus drives much better execution in those much better results, but when the time comes where we successfully execute against what we have currently on our plate now we look forward to that day, where we can sit down and again think through all the remaining opportunities in.

Speaker Change: And prioritize them and pick what's on top of their priority stack and what we love is the customer intimacy in this business where volume and so many others are constantly on the phone with customers. We are confident in their businesses. We have very good visibility into what their future needs are.

Speaker Change: The one thing I'll add on that is what we announced at pantheon.

Speaker Change: Our commercial CRM product that will be.

Speaker Change: Which will effectively be the the commercial analog FERC marketing product and so that's going to be a big part of that.

Speaker Change: Part of the commercial story of maturing or per product that we're very set.

Dave Sherry: That's great to hear and I guess, Dave a follow up question for you is.

I'm just curious where are you in the maturation of these larger consolidated <unk> backed customer transactions I mean is there a normal cadence and predictability to those and I think you talked about authority brands recently, which seems like a pretty big opportunity. How does the timing work in terms of the revenue recognition and rollout is it a couple of years year and a half et cetera. Thank you.

Speaker Change: Sure. So I think there's two questions in there the first is on the.

Speaker Change: Consolidation trends actually we've seen a fair bit of consolidation that are mentioned, we still feel like there's room to grow and these are some of our best customers are our prime market to its highest and so we're excited about that trend continuing with regards to large customers like its the right brand and others.

Speaker Change: It depends on the contract.

Speaker Change: By concept, where I'll say is that they typically have a rollout.

Speaker Change: It's rarely done more than a year, we try to get through the year, but I think it depends on the contract in the case of authority granted and we're excited about the early progress and getting in line.

Speaker Change: Thank you.

Speaker Change: Yeah.

Speaker Change: Thank you. Our next question comes from the line of Brent Breslin.

Speaker Change: Piper Sandler your line is open Brent.

Speaker Change: Hi, guys. This is Andrew on for Brad our thoughts and sympathies are with the Socal area and we hope you and your loved ones are staying safe during this difficult time.

Speaker Change: For taking my question just one here.

Speaker Change: Good to hear the momentum youre seeing with their two newest pro products, you announced that pantheon I understand that youre driving there, but how do you think about consistently incentive I think protocol at adoption when you're landing and that.

Speaker Change: Yes.

Speaker Change: Great question. So when we talk about lending end to end.

Speaker Change: We're talking about lending and to end with our core product.

Speaker Change: Because our core product is so wide.

Speaker Change: Handles.

Speaker Change: Anything from call booking to scheduling to dispatching to a little bit of marketing inventory payroll et cetera, and so think of the core product.

Speaker Change: Offerings say.

Speaker Change: Very meaningful level of sophistication across all those different workflows, and then think about our pro products offering the highest level of capability and sophistication in any one of those workflows. So marketing broker at the highest level of capability in marketing sales growth are the highest level of capable.

Speaker Change: <unk> and selling just about growth at the highest level of capability in this setting.

Speaker Change: We typically land customers only through the core product.

And so then we have a long runway for attaching pro products thereafter, and the strategy fundamentally is about realizing the ROI that underwrote the original buying decision within the core that's typically the most important predictor of whether or not we will have success with the pro.

Speaker Change: Product story.

Speaker Change: Our plan is always to make sure that the customer gets first and foremost what they thought with the core.

Speaker Change: Deliver that success and earn the right to go talk about co product than anything else.

Speaker Change: Super helpful. Thank you.

Speaker Change: Thank you.

Speaker Change: Our final question.

Speaker Change: From the line of <unk> Kim of loop capital markets. Your question. Please.

Kim: Okay, Great first congrats on a successful IPO and also congrats on a very concise prepared remark, especially for your first earnings call.

Kim: Question, just following up on a couple of questions on the overall consolidation trend.

Speaker Change: Just at a high level, if you can share with us.

Speaker Change: So on how that is changing your sales cycle and the efficiency of that sales cycle and what are you seeing in terms of the overall monetization or take rate of those verticals that are going through the consolidation wave.

Speaker Change: Yes, great question young.

Speaker Change: We believe that great businesses.

Speaker Change: We'll continue to move off the service Titan in order to better compete in their markets.

So we actually prefer to land customers on their own timeline as opposed to trying to do unnatural things to accelerate this process, which would typically involve just more sales and marketing spend or discounting in our booth.

Speaker Change: Sure.

Speaker Change: Less than great commitment to the implementation process. So those sales cycles on the largest consolidators can vary for some.

Speaker Change: No a lot about service Titan already and have that exposure through some of their portfolio companies.

Speaker Change: Or in another market that sales cycle can be quite quick.

Speaker Change: And for others, where they may have invested many years and many millions into.

Speaker Change: For example, a homegrown system.

Speaker Change: That sales cycle can be quite longer so there's a great variance.

Speaker Change: In those sales cycles.

Speaker Change: And then the other part of your question I think was about the attach story.

Speaker Change: As I said.

Speaker Change: What we have seen is that the consolidator is typically the highest appetite.

Speaker Change: For the pro product attached story simply because they are very sophisticated operators. They want the highest level of capability across every workflows. They wanted and marketing they want on scheduling and dispatching and how they sell and how they do everything.

Speaker Change: And I think.

Speaker Change: Yes, I spent a lot of time on the phone and often in person with our largest customers and the big focus is.

Speaker Change: On streamlining every part of their business as much as possible and they see the in many cases, the best way to do that.

Speaker Change: By making sure that utilization and adoption of service tightened as high as possible. So we work with them directly to identify all of the things that might not be using in.

Sure Mike so compelling to these answers.

Speaker Change: Okay great.

Speaker Change: Quick product question.

Speaker Change: That attended.

Speaker Change: At Pantheon, <unk> and my observation.

Speaker Change: Question on <unk>.

Speaker Change: <unk> you.

If you can update us on how that business is trending and is that helping.

Speaker Change: Helping you with your push into commercial.

Speaker Change: So we're very happy with the progress that we're seeing on the <unk> side. Both in terms of its performance with its current product, but personally I am even more excited about the opportunities in locks for the future, particularly with the marriage between the convex dataset and the service tightened dataset.

<unk> allows us to build a pre populated CRM.

Speaker Change: And so that's the vision of where we're driving it towards and what's also been super helpful.

Speaker Change: Congress has a stellar reputation with some of the biggest and best players within the commercial on the street and the.

Speaker Change: The ability to have access to those customers in terms of.

Speaker Change: King insights into where value creation opportunities exist.

Speaker Change: Just understanding how we can serve them better and so we couldnt be more thrilled with the partnership and continue to see a lot of leg room within that part of the business.

Speaker Change: Okay, great. Thanks for the update.

Speaker Change: Yes.

Speaker Change: Thank you, ladies and gentlemen that does conclude service Titan <unk> third quarter 2025 earnings conference call.

Speaker Change: Thank you for participating you may now disconnect.

Q3 2025 ServiceTitan Inc Earnings Call

Request a DemoDemo

TTAN

ServiceTitan

Earnings