Navan, Inc.

Good day, and welcome to the Navon Inc. Q4 Fiscal 2026 Earnings Call. At this time, all participants are in a listen-only 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 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Ryan Burkhart, Vice President of Investor Relations. Please go ahead.

Thank you, operator. Good afternoon, everyone, and welcome to Navon's fourth quarter fiscal 2026 earnings conference call. With me on the call today are Ariel Cohen, our Chief Executive Officer and co-founder, Aurelien Nulf, our Chief Financial Officer, and Michael Sindesich, our President. Before we begin, during the course of today's call, we may make forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including the risks and uncertainties described in our earnings press release, our quarterly report on Form 10-Q filed with the SEC on December 15, 2025, and our other filings with the SEC. In addition, on today's call, we will refer to non-GAAP income and loss from operations, non-GAAP operating margin, non-GAAP gross margin, and free cash flow, which are non-GAAP financial measures that provide useful information for investors. Reconciliations of these non-GAAP financial measures to their corresponding GAAP financial measures, to the extent reasonably available, can be found in our earnings press release. With that, it's my pleasure to turn the call over to Navon's CEO and co-founder, Ariel Cohen.

Hi. Thanks, everyone, for joining. I hope that you had the time to read our prepared remarks. And I have one thing to say. We are doing it. We just closed a very good Q4 in a year with incredible results. Our NPS in Q4 is at 47. This is all-time high. Our CSAT is at 96 and maintained very high. And this is our proof point for meeting our mission to make travel easy for every traveler by being the best travel agency on the planet. The 35% Q4 year-over-year revenue growth and the non-GAAP operating profit in the quarter are demonstrating the leadership position that we are at. We are executing very well on both our SLG motion and our PLG motion. So if you think about it, in Q4, We signed net new GBV that is over 50% more compared to the Q4 in the previous year. This is a huge growth rate. We are displacing legacy players because we offer great user experience, real savings, and proven AI value today. This also brings us very close to the rule of 40 for the first time in our history. And the icing on the cake, we actually turned free cash flow positive for the first time in our history and a year ahead of our plan. Now, I want to take a step back and talk about AI because as an AI leader in the travel space, I'm getting a lot of questions. What does it mean for travel, for the space? So I want to really take the moment and explain it. So first of all, we, Navan, we are a travel agency. It means that we care about every step of the travel experience, from the moment that you are planning your trip, while you're on the go and something happens, and until you return home and you need to expand the trip. We care about travel for travelers, for the executive assistants business travel managers that are managing the entire travel program in an organization, for CFOs, for accountants, for everybody that is involved in travel. Travel is a huge part of the OPEX, and it means that a lot of people will care about it, and Navan is the best solution for you. So that's the first thing. Second, we have created in the last 10 and a half years the best real-time travel infrastructure on the planet. We call it Novant Cloud, and it's our connectivity to everything in the travel world through software. It requires global licenses, supplier contracts, and massive financing for the payment business. And then the most important part is our agent orchestration platforms. When you interact with us, we seamlessly orchestrate an AI agent that can book your trip, change your trip, get your money back, give you any information about your trip with human agents. In fact, we basically married human intelligence and judgment with artificial intelligence to create the best experience for our customers. The proof points are in our high NPS and CSATs. ongoing gross margins expansion, and the acceleration of gaining market share. The reason and the most exciting release of Navan Edge, our latest breakthrough in agentic AI, is bringing the power of hyper-personalized executive-level travel assistance to the unmanaged travel market, which we estimate at $57 billion of scum. The bottom line here is not only we are a leader in the AI travel space, and it's very clear that we and our customers are a huge beneficiary of AI. We also recently announced the migration of the Reed & McKay customers to our AI platform. So they will be able to enjoy from both the benefits of both worlds. They're really amazing high-end VIP service that can help you step in when you're stuck in an airport. with everything that our AI platform is creating. For FY27, we are going to focus on high growth, scaling in all channels and with all of our offerings, accelerating our innovation, which means that we will continue to invest in AI and to release new products and capabilities using our AI platform, and we'll continue to demonstrate financial discipline. And with that, before I turn over the call to Aurelia, which will talk about our results, I'm actually very excited to have Aurelia as part of the team. I've been working with Aurelia in the last three weeks, and it was just amazing. And I'm actually happy that he has the opportunity to talk with you with this historic quarter for us. So thank you.