ServiceTitan, Inc. is an American cloud-based software company headquartered in Glendale, California. It provides customer relationship management (CRM) software for tradespersons, with applications focused on sales, customer service, marketing automation, e-commerce and analytics.3 It employed 2,802 people in 2024.1 Its shares trade on Nasdaq under the symbol TTAN.1Wikipedia text CC BY-SA 4.0
$76.31up 3.62 (4.99%)Price as of Oct 15, 2026 at 17:33 UTC
ServiceTitan, Inc. is an American cloud-based software company headquartered in Glendale, California. It provides customer relationship management (CRM) software for tradespersons, with applications focused on sales, customer service, marketing automation, e-commerce and analytics.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue106$961.0M in 2026+105% since 2023Gross profit106$673.7M in 2026+153% since 2023Operating income106-$169.2M in 2026−24% since 2023Net income106-$159.9M in 2026−41% since 2023
Revenue111213$292.8M in Q2 FY2026+21% since Q2 FY2025Gross profit111213$209.1M in Q2 FY2026+22% since Q2 FY2025Operating income111213-$27.6M in Q2 FY2026−21% since Q2 FY2025Net income111213-$24.9M in Q2 FY2026−23% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2026-01-31
2025-01-31
2024-01-31
Total revenue
$961.0M
$771.9M
$614.3M
Total cost of revenue
$287.2M
$271.0M
$237.7M
Gross profit
$673.7M
$500.9M
$376.6M
Sales and marketing
$290.9M
$253.3M
$220.0M
Research and development
$302.6M
$263.1M
$203.5M
General and administrative
$249.5M
$214.5M
$136.0M
Total operating expenses
$842.9M
$730.9M
$559.5M
Loss from operations
-$169.2M
-$230.0M
-$182.9M
Interest expense
-$7.2M
-$15.5M
-$16.4M
Interest income
$19.3M
$8.8M
$7.1M
Loss on extinguishment of debt
-$1.5M
Other income (expense), net
$1.5M
-$72.0K
$1.2M
Total other income (expense), net
$12.1M
-$6.8M
-$8.1M
Loss before income taxes
-$157.1M
-$236.8M
-$191.0M
Provision for income taxes
$2.7M
$2.3M
$4.1M
Net loss
-$159.9M
-$239.1M
-$195.1M
Adjustments to net loss attributable to common stockholders (see Note 15)
-$120.6M
-$45.9M
Net loss attributable to common stockholders
-$159.9M
-$359.7M
-$241.0M
Net loss per share, basic
-$1.73
-$8.53
-$7.24
Net loss per share, diluted
-$1.73
-$8.53
-$7.24
Weighted-average shares used in computing net loss per share, basic
92.4M shares
42.1M shares
33.3M shares
Weighted-average shares used in computing net loss per share, diluted
92.4M shares
42.1M shares
33.3M shares
No quarter-by-quarter statement was filed.
Total assets106$1.7B in 2026+15% since 2024Total liabilities106$219.8M in 2026−40% since 2024Shareholders’ equity106$1.5B in 2026Cash106$428.8M in 2026+265% since 2022Long-term debt106$0 in 2026
Total assets14121311$1.8B in Q2 FY2026+1% since Q2 FY2025Total liabilities14121311$198.5M in Q2 FY2026−33% since Q2 FY2025Shareholders’ equity111213$1.6B in Q2 FY2026+8% since Q2 FY2025Cash111213$479.5M in Q2 FY2026+2% since Q2 FY2025Long-term debt1412$103.6M in Q3 FY2025−0% since Q2 FY2025
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.6
Period ending
2026-01-31
2025-01-31
2024-11-30
2024-01-31
2023-01-31
Cash and cash equivalents
$428.8M
$441.8M
$146.7M
Restricted cash
$166.0K
$711.0K
Accounts receivable, net of allowance of $11,963 and $4,698 as of January 31, 2026 and January 31, 2025, respectively
$56.0M
$44.5M
Deferred contract costs, current
$15.0M
$11.6M
Contract assets
$57.8M
$45.9M
Prepaid expenses
$25.9M
$24.8M
Other current assets
$7.3M
$3.5M
Total current assets
$590.9M
$572.8M
Restricted cash, noncurrent
$417.0K
$333.0K
Deferred contract costs, noncurrent
$14.7M
$10.6M
Property and equipment, net
$38.9M
$56.7M
Operating lease right-of-use assets
$18.6M
$24.0M
Internal-use software, net
$39.2M
$35.8M
Intangible assets, net
$176.7M
$215.0M
Goodwill
$860.2M
$845.8M
$830.9M
Other assets
$5.3M
$7.7M
Total assets
$1.7B
$1.8B
Accounts payable and other accrued expenses
$52.3M
$40.2M
Accrued personnel related expenses
$83.1M
$80.2M
Deferred revenue, current
$18.7M
$16.8M
Operating lease liabilities, current
$14.1M
$13.0M
Short-term debt
$0
$1.1M
Other current liabilities
$1.4M
$1.9M
Total current liabilities
$169.5M
$153.1M
Operating lease liabilities, noncurrent
$37.3M
$47.3M
Long-term debt, net
$0
$104.0M
Other noncurrent liabilities
$13.0M
$9.6M
Total liabilities
$219.8M
$314.1M
Preferred stock, par value $0.001, 100,000,000 shares authorized as of January 31, 2026 and 2025, respectively. 0 shares issued and outstanding as of January 31, 2026 and 2025
$0
$0
Additional paid-in capital
$2.8B
$2.6B
Accumulated deficit
-$1.3B
-$1.1B
Total stockholders' equity
$1.5B
$1.5B
-$477.9M
-$335.2M
Total liabilities, and stockholders' equity
$1.7B
$1.8B
Allowance for doubtful accounts
$12.0M
$4.7M
Preferred Stock, par value
$0.00
$0.00
Preferred stock, shares authorized
100.0M shares
100.0M shares
100.0M shares
Preferred Stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Period ending
2026-01-31
2025-01-31
2024-11-30
2024-01-31
2023-01-31
Cash and cash equivalents
$428.8M
$441.8M
$146.7M
Restricted cash
$166.0K
$711.0K
Accounts receivable, net of allowance of $11,963 and $4,698 as of January 31, 2026 and January 31, 2025, respectively
$56.0M
$44.5M
Deferred contract costs, current
$15.0M
$11.6M
Contract assets
$57.8M
$45.9M
Prepaid expenses
$25.9M
$24.8M
Other current assets
$7.3M
$3.5M
Total current assets
$590.9M
$572.8M
Restricted cash, noncurrent
$417.0K
$333.0K
Deferred contract costs, noncurrent
$14.7M
$10.6M
Property and equipment, net
$38.9M
$56.7M
Operating lease right-of-use assets
$18.6M
$24.0M
Internal-use software, net
$39.2M
$35.8M
Intangible assets, net
$176.7M
$215.0M
Goodwill
$860.2M
$845.8M
$830.9M
Other assets
$5.3M
$7.7M
Total assets
$1.7B
$1.8B
Accounts payable and other accrued expenses
$52.3M
$40.2M
Accrued personnel related expenses
$83.1M
$80.2M
Deferred revenue, current
$18.7M
$16.8M
Operating lease liabilities, current
$14.1M
$13.0M
Short-term debt
$0
$1.1M
Other current liabilities
$1.4M
$1.9M
Total current liabilities
$169.5M
$153.1M
Operating lease liabilities, noncurrent
$37.3M
$47.3M
Long-term debt, net
$0
$104.0M
Other noncurrent liabilities
$13.0M
$9.6M
Total liabilities
$219.8M
$314.1M
Preferred stock, par value $0.001, 100,000,000 shares authorized as of January 31, 2026 and 2025, respectively. 0 shares issued and outstanding as of January 31, 2026 and 2025
$0
$0
Additional paid-in capital
$2.8B
$2.6B
Accumulated deficit
-$1.3B
-$1.1B
Total stockholders' equity
$1.5B
$1.5B
-$477.9M
-$335.2M
Total liabilities, and stockholders' equity
$1.7B
$1.8B
Allowance for doubtful accounts
$12.0M
$4.7M
Preferred Stock, par value
$0.00
$0.00
Preferred stock, shares authorized
100.0M shares
100.0M shares
100.0M shares
Preferred Stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Cash from operations106$110.1M in 2026Capital spending106$4.7M in 2026−94% since 2023Free cash flow106$105.4M in 2026
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2026-01-31
2025-01-31
2024-01-31
Net loss
-$159.9M
-$239.1M
-$195.1M
Depreciation and amortization expense
$83.2M
$80.2M
$81.0M
Amortization of deferred contract costs
$14.9M
$11.5M
$9.4M
Non-cash operating lease expense
$5.8M
$6.3M
$7.6M
Stock-based compensation expense
$197.1M
$163.7M
$102.5M
Loss on impairment and disposal of assets
$11.0M
$39.4M
$5.4M
Change in valuation of contingent consideration
-$135.0K
-$1.1M
Deferred income taxes
$1.7M
$1.2M
$1.8M
Amortization of debt issuance costs
$457.0K
$327.0K
$141.0K
Loss on extinguishment of debt
$1.5M
Gain on sale of intangibles
-$1.2M
Provision for credit losses
$9.3M
$3.7M
$2.6M
Accounts receivable
-$20.8M
-$17.7M
-$7.8M
Prepaid expenses and other current assets
-$1.9M
-$2.9M
-$3.4M
Deferred contract costs
-$22.4M
-$15.8M
-$12.6M
Contract assets
-$11.9M
-$6.6M
-$11.8M
Other assets
-$2.2M
$2.7M
-$1.9M
Accounts payable and other accrued expenses
$12.1M
-$9.0M
-$2.8M
Accrued personnel related expenses
$2.7M
$23.2M
-$962.0K
Operating lease liabilities
-$12.0M
-$9.4M
-$9.2M
Other liabilities
-$222.0K
$2.1M
-$2.7M
Deferred revenue
$1.7M
$3.3M
$369.0K
Net cash provided by (used in) operating activities
$110.1M
$37.1M
-$39.7M
Capitalized internal-use software
-$19.9M
-$17.8M
-$15.7M
Purchase of property and equipment
-$4.7M
-$3.8M
-$28.4M
Cash received for sale of intangible assets
$2.7M
Deposits for property and equipment
-$477.0K
-$518.0K
Repayment of loan to employee
$1.5M
Acquisition of business, net of cash acquired
-$19.8M
-$1.2M
Net cash used in investing activities
-$44.8M
-$22.8M
-$40.3M
Payment of contingent consideration
-$300.0K
-$835.0K
Proceeds from exercise of stock options
$28.8M
$6.7M
$9.7M
Proceeds from issuance of common stock in initial public offering, net of underwriting costs
$683.0M
Repayment of non-convertible preferred stock
-$310.6M
Payment of debt arrangements
-$107.0M
-$71.6M
-$1.4M
Payment of deferred initial public offering costs
-$599.0K
Costs associated with initial public offering
-$8.5M
-$334.0K
Shares repurchased for tax withholding for the settlement of restricted stock units
-$19.0M
-$16.5M
Net cash provided by (used in) financing activities
-$78.8M
$279.7M
$24.3M
Net increase (decrease) in cash, cash equivalents, and restricted cash
-$13.5M
$294.0M
-$55.8M
Cash paid for interest expense
$7.0M
$16.4M
$14.7M
Cash paid for amounts included in the measurement of lease liabilities
$13.8M
$12.9M
$14.6M
Cash paid for income taxes
$825.0K
$1.7M
$1.8M
Tenant improvements received from lessor
$1.1M
$3.9M
Issuance of common stock in consideration for business acquisition
$23.5M
Capitalized internal-use software additions included in accrued expenses
$225.0K
$2.7M
$1.4M
Stock-based compensation capitalized in internal-use software
$4.6M
$3.5M
$2.0M
Property and equipment purchases included in accounts payable and accrued expenses
$32.0K
$68.0K
$16.0K
Contingent consideration for acquisition included in accounts payable and accrued operating expenses and other liabilities
$435.0K
Reclassification from liabilities to additional paid-in capital upon vesting of early exercised stock options
$68.0K
$204.0K
$523.0K
Conversion of preferred stock to common stock
$1.4M
Costs associated with initial public offering included in accrued expenses
$450.0K
$3.4M
Right-of-use assets obtained in exchange for lease obligations
$3.6M
$1.2M
$3.3M
Reduction in right-of-use asset and lease liability due to lease modifications
ServiceTitan sits at the top of its group. 8 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What ServiceTitan reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters are located in Glendale, California, where we lease an aggregate of approximately 215,000 square feet, as of January 31, 2026, pursuant to lease agreements that expire in July 2030. We also lease additional facilities in various locations in the United States and around the world. We lease all of our facilities and do not own any real property.
We believe that our facilities are suitable to meet our current needs, and that suitable additional or alternative space will be available as needed to accommodate any growth to support new employees or new geographic markets.
ServiceTitan was founded by Ara Mahdessian and Vahe Kuzoyan in 2007; their cloud-based platform launched in 2012.
In 2019, the company expanded outside the United States, opening an office in Yerevan, Armenia.
ServiceTitan was planning an initial public offering for 2022 before the market for them soured, but continued to work with investment banks Goldman Sachs and Morgan Stanley to prepare for a stock market listing in 2024. Following the 2024 United States presidential election, ServiceTitan filed for an initial public offering with the Securities and Exchange Commission. On December 12, 2024, ServiceTitan began trading on the Nasdaq under the ticker symbol TTAN, raising approximately $625 million in its initial public offering at $71 per share; shares surged 42% on the first day, opening and closing at $101 and valuing the company at approximately $8.9 billion. Prior to the IPO, the company raised $1.4 billion in eight rounds of funding from investors, including Iconiq Capital, Bessemer Venture Partners, TPG Inc., Index Ventures, and Mucker Capital.
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Acquisitions
In 2021, the company acquired Aspire Software, a company specializing in software for landscapers, and ServicePro, a company specializing in software for pest control and lawn care contractors.
In January 2022, the company acquired FieldRoutes, a mobile-software-as-a-service provider in the lawn care and pest control industry.
In April 2024, the company acquired Convex, a San-Francisco-based sales and marketing platform.
In June 2025, ServiceTitan partnered with ABC Supply Co. Inc. to provide roofing contractors. In September 2025, ServiceTitan acquired Conduit Tech, an HVAC sales and design platform. In the same month, ServiceTitan partnered with Ford Pro to integrate vehicle data and fleet management tools. In October 2025, ServiceTitan partnered with Home Depot's Path to Pro program.
Mar 13, 2025Reported quarterly or annual results35
Jan 13, 2025Reported quarterly or annual results36
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
334 filings to the SEC since October 2021: 3 annual reports, 7 quarterly reports, 13 major events, 154 insider forms, 20 large holders, 1 private raises, 136 other. The latest 20:
152 open-market trades by officers, directors and large owners since October 2021: 0 buys and 152 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Where the company's money came from, by calendar year: private offerings filed with the SEC,
federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA.
Each bar links to the records below.
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
Apr 19, 2024Raised $24 million in a private offering of equity25Form D: 39 investors so farForm D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Mar 25, 2026 (Section 12(b) of the Exchange Act).15
Risk factors and legal proceedings
The risks ServiceTitan names in Item 1A of its 10-K filed Mar 25, 2026: 60 risks under these headings, as written.15
Risks Related to Our Business and Industry
We have experienced rapid growth in recent periods, and such growth may not be indicative of our future growth. If we fail to properly manage future growth, our business, financial condition, results of operations and prospects could be materially adversely affected.
We have a history of losses and may not be able to achieve or sustain profitability in the future.
If we fail to manage our growth effectively, our brand and reputation, business, financial condition and results of operations could be adversely affected.
Our results of operations are likely to fluctuate from period to period, which could cause the market price of our Class A common stock to decline.
If we fail to effectively develop and commercialize new products, enhance and improve our platform, expand the number of trades we support, respond to changes in trades business demands or preferences or adapt to changes in trade industry practices, processes and technological advances, we may not remain competitive.
Our operations can be seasonal, and the results of our operations can vary from quarter to quarter and year-over-year, so our financial performance in certain financial quarters or years may not be indicative of, or comparable to, our financial performance in subsequent financial quarters or years.
Factors that adversely affect the trades industry, including industry consolidation, the increased prevalence of marketplaces for contractors, supply chain issues, tariffs on imported goods and labor shortages, could also adversely affect the demand for our platform and, as a result, our business, financial condition and results of operations.
We have a limited operating history at our current scale in an evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we are not successful.
We engage our team members in various ways, including direct hires, through professional employer organizations and as independent contractors. As a result of these methods of engagement, we face certain challenges and risks that can affect our business, results of operations, and financial condition.
The impact of economic conditions, including the resulting effect on consumer spending and on our customers’ finances and operations, may adversely affect our business, financial condition and results of operations.
Our business is sensitive to events and trends that impact spend across the trades, including natural disasters, pandemics and climate change.
The other 49 risks
The market for software designed to serve the trades is evolving, and our future success depends on the growth of the trades industry and our ability to adapt, keep pace and respond effectively to evolving markets.
We face competition from both established and new companies offering services similar to ours, and many of our potential customers have developed, or could develop, proprietary solutions, all of which may have a negative effect on our ability to add new customers, retain existing customers and/or grow our business.
We have incorporated and are incorporating traditional AI, machine learning and GenAI into our platform. This technology is new and developing and may present operational and reputational risks or result in liability or harm to our reputation, business, results of operations or customers.
If the estimates and assumptions we have used to calculate the size of our addressable market opportunity are inaccurate, our future growth rate may be limited.
We may be unsuccessful in making, integrating and maintaining acquisitions, including past acquisitions.
Our business depends on a strong brand, and if we are not able to maintain and enhance our brand and reputation, our ability to maintain and expand our customer base will be impaired, and our business, financial condition and results of operations may be adversely affected.
We depend on our management team and other highly skilled personnel, and we may fail to attract, retain, motivate or integrate highly skilled personnel, which could adversely affect our business, financial condition and results of operations.
If we cannot create and maintain a successful company culture as we grow, our success and our business may be harmed.
Risks Related to Our Customers and Revenue Model
Any failure to offer high quality support for our customers, including throughout the implementation process, may harm our relationships with our customers and, consequently, our business.
Our ability to increase our customer base and achieve broader market acceptance of our platform will depend on our ability to develop and expand our sales and marketing capabilities.
A majority of our customers are small- and medium-sized businesses, which can be more difficult and costly to retain than large businesses and may increase the impact of economic fluctuations on us.
Risks Related to Reliance on Third Parties
We rely on software and services licensed from other third parties. Defects in or the loss of software or services from third parties could increase our costs and adversely affect the quality of our service.
Our customers’ experience and satisfaction depend upon the interoperability of our platform across devices, operating systems and third-party applications that we do not control.
We rely on third-party data centers, such as Azure, to host and operate our platform, and any disruption of or interference with our use of these facilities may negatively affect our ability to maintain the performance and reliability of our platform, which could cause our business to suffer.
We rely primarily on third-party insurance policies to insure our operations-related risks. If our insurance coverage is insufficient for the needs of our business or our insurance providers are unable to meet their obligations, we may not be able to mitigate the risks facing our business, which could adversely affect our business, financial condition and results of operations.
We are subject to payment processing risk.
Risks Related to Data Privacy, Data Protection, Cybersecurity and Technology
If we or our third-party service providers experience a cybersecurity breach or other incident, including any breach or incident that allows, or is perceived to allow, unauthorized access to our platform or our Sensitive Information, our reputation and brand, business, financial condition and results of operations could be adversely affected.
Real or perceived defects, errors, or vulnerabilities in our platform could harm our reputation and adversely affect our business, financial condition and results of operations.
Our business could be adversely impacted by changes in the Internet and mobile device accessibility of customers.
The collection, processing, storage, use and disclosure of personal information are governed by a rapidly evolving framework of privacy, data protection, cybersecurity, data transfers or other laws or regulations worldwide and limit the use and adoption of our services and adversely affect our business.
Our customers’ and end customers’ violation of our policies or other misuse of our platform to transmit unauthorized, offensive or illegal messages, spam, phishing scams and website links to harmful applications, record calls without consent or for other fraudulent or illegal activity could damage our reputation and brand, and we may face a risk of litigation and liability for illegal activities on our platform and unauthorized, inaccurate or fraudulent information distributed via our platform.
Risks Related to Our Intellectual Property
If we do not adequately protect our intellectual property and our data, our business, financial condition and results of operations could be materially adversely affected.
Intellectual property infringement or misappropriation assertions by third parties could result in significant costs and adversely affect our business, financial condition, results of operations and reputation.
Our platform, including our purpose-built AI solutions such as Atlas, contains third-party open-source software components, and failure to comply with the terms of the underlying open-source software licenses could compromise the proprietary nature of our platform or could require disclosure of affected proprietary software source code.
Risks Related to Legal and Regulatory Environment
We may become involved in claims, lawsuits, government investigations and other proceedings that may harm our business, financial condition and results of operations.
The expansion of our operations outside the United States, which subjects us to additional costs and risks, could adversely affect our business, financial condition and results of operations.
We are subject to governmental export and import controls and economic sanctions programs that could impair our ability to compete in international markets or subject us to liability if we violate these controls.
Russian military action against Ukraine has adversely affected, and could continue to adversely affect, our operations and the productivity of our employees.
We are subject to anti-corruption and anti-bribery laws and anti-money laundering laws and similar laws, and non-compliance with such laws can subject us to criminal penalties or significant fines and harm our business and reputation.
Risks Related to Financial, Tax and Accounting Matters
Our internal control over financial reporting may not continue to be effective and we may experience material weaknesses in the future, which could affect the reliability of our financial statements and have other adverse consequences.
We may be unable to generate sufficient cash flow to satisfy future debt service obligations, which could have an adverse effect on our business, financial condition, results of operations and cash flows.
The Amended Credit Agreement contains financial covenants and other restrictions on our actions that may limit our operational flexibility or otherwise adversely affect our results of operations.
We may require additional capital, which may not be available on terms acceptable to us, or at all and, if available, may cause dilution to our stockholders.
Our estimates or judgments relating to our critical accounting policies may be based on assumptions that change or prove to be incorrect, which could cause our results of operations to fall below expectations of securities analysts and investors, resulting in a decline in the market price of our Class A common stock.
We rely on assumptions and estimates to calculate certain of our key metrics, and real or perceived inaccuracies in such metrics may harm our reputation and our business.
Operating as a public company requires us to incur substantial costs and will require substantial management attention.
Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations.
Our results of operations may be harmed if we are required to collect or pay sales or other taxes in jurisdictions where we have not historically done so.
Changes in tax laws and regulations in the United States and other jurisdictions could adversely affect our business, financial condition and results of operations.
Our results of operations may be adversely affected by changes in accounting principles applicable to us.
Risks Related to Ownership of Our Class A Common Stock and Governance
We cannot predict the effect our multi-class structure may have on the market price of our Class A common stock.
The trading price of our Class A common stock may be volatile.
Sales of a substantial number of shares of our Class A common stock (including shares of our Class A common stock issuable upon conversion of our Class B common stock) could depress the trading price of our Class A common stock.
Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer or proxy contest difficult, thereby depressing the trading price of our Class A common stock.
Our amended and restated bylaws designate a state or federal court located within the State of Delaware as the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to choose the judicial forum for disputes with us or our directors, officers or employees.
We are no longer an “emerging growth company” and, as a result, are subject to certain enhanced disclosure requirements.
If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about us, our business or our market, or if they change their recommendations regarding our Class A common stock adversely, the trading price and trading volume of our Class A common stock could decline.
We do not intend to pay cash dividends for the foreseeable future on our capital stock.
An entity affiliated with Vahe Kuzoyan, our Co-Founder and President has pledged shares of our Class B common stock to secure certain borrowings. The forced sale of these shares pursuant to a margin call would cause these shares of Class B common stock to convert into shares of Class A common stock and could cause our stock price to decline and negatively impact our business.
Legal proceedings
From time to time, we are involved in various legal proceedings arising from the normal course of business activities. We are not presently a party to any litigation the outcome of which, we believe, if determined adversely to us, would individually or taken together, materially and adversely affect our business, results of operations or financial condition. Future litigation may be necessary to defend ourselves, our partners and our customers by determining the scope, enforceability and validity of third-party proprietary rights, to establish our proprietary rights or for other matters. Involvement in such proceedings is costly and can impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of legal expenses and settlement costs, diversion of management attention and resources and other factors. In addition, the information set forth under “Litigation” in Note 8 of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K is incorporated herein by reference.
