ServiceTitan, a vertical SaaS company for the trades recently filed their S-1 and went public on December 12, 2024. Dave "CAC" Kellogg and Ray "Growth" Rike discuss many details regarding the S-1 including the basic enterprise value creating performance metrics and some very interesting aspects of the IPO structure.
During this episode, Dave and Ray discuss several aspects of the S-1 and IPO measured against industry benchmarks including:
- ARR Growth Rate
- Rule of 40
- Net Dollar Retention Rate
- CAC Payback Period
- Gross Margin
- S&M as a percentage of revenue
- R&D as a percentage of revenue
- ARR per FTE
- Revenue breakdown by category (Subscription, Gross Transaction Value, Services)
- Down round from last rounds of funding as a private company
- Compounding IPO Ratchet
- Different classes of stock and voting rights
One of the sources of information used for this episode was the Meritech Capital S-1 breakdown which can be read here.
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