Navan, Inc.

Welcome to Navin Inc.' 's first quarter fiscal 2027 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 1-1 again. We ask that you please limit yourselves to one question each. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Orléans Noff, Chief Financial Officer. Please go ahead, sir.

Thank you, Operator. Good afternoon, everyone, and welcome to Navant's first quarter fiscal 2027 earnings conference call. With me today on the call are Ariel Cohen, our chief executive officer and co-founder, and Michael Sindesich, our president. Ryan could not join us today, so I will get us started with our safe harbor statement. 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 risk and uncertainties described in our earnings press release, our annual report on Form 10-K filed with the SEC on April 2, 2026, 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 growth 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 measure to the extent reasonably available can be found in our earnings press release. As a reminder, we published detailed prepared remarks on our IR website, so you can read them over there. So with that behind us, it's my pleasure to turn the call over to Navant's CEO and co-founder, Ariel Cohen.

Hi, welcome everyone, and thank you for joining us today. I really hope that you had the opportunity to review our prepared remarks. This was an amazing quarter for us across the board. As you can see in our results, we delivered on every business metric. But more importantly, we continue to innovate, continue to execute our vision of defining the future of travel. The second thing that I want to highlight is our go-to market across the board on every segment. on every activity, we over-delivered. And lastly, I'm gonna talk about our AI leadership and our platform. And the most important thing, we are doing all of this, we are winning while innovating, and the entire team is having fun while doing so. So first I will talk about our go-to-market. So we accelerated our go-to-market both in our sales-led growth motion and in our product-led growth motion. We've done an exceptional quarter in every geography, in every industry and in every company size, and this is a continued momentum that has been around in Avan for quite some time. In addition, as we've discussed in the past, we are now using our strong balance sheet to accelerate our travel payment business. The attachment rates in this business have been growing, including on every customer base, and this actually emphasizes how strong the value of the integrated platform is. Our goal there is to be the best partner for our customers when it comes to travel and to travel payments, and now we can actually do that. In addition to this, there is another thing that drove us forward, and this is really the consolidation in the market. As you know, as you can see with food and use, a lot of our competitors are consolidating, changing their position. which actually drives all of the customers out there to re-evaluate their solution, to include us in a lot of RSPs. We reported it in the past that we see a massive growth in the RSPs. And eventually, to actually move to Navant. They are seeking to have better performance from the system and to get an integrated solution that covers their entire travel, payment, and expense needs. And the last thing that drives our go-to-market is actually AI. Every company right now, every serious enterprise, every serious company in the world is having an AI initiative. This is driven from the top. It's a mandate that is coming from the C-level, usually from the CEO, and the CEO is expecting to see more and more initiative in the company. This actually means that Navan is one of the only AI companies vendors that is leading on an enterprise scale in the market, this makes us being included in the RFPs and we are also winning. And we can see that more and more customers are just choosing to migrate to our platform. In the product-led growth, we also saw AI pushing us forward because it makes our marketing significantly more efficient. It actually allows us to scale faster and And because of it, we're actually accelerating our customer acquisition there while staying efficient. Now I want to talk about our platform, our product, and our leadership around AI. So first of all, I want to remind you how complex the connectivity to the travel industry and the fintech industry is. To build a global travel fintech solution, this is super, super, super complex. And Navant is the leader in that. As you can see across the quarter, we've announced more direct connects, NDCs, to many more airlines, to many more hotels, and many vendors that is out there. And this actually improved the customer experience on the system. The second thing, as we've explained in the previous call, we are an agentic platform. It means that we can reuse the same capabilities. the same connectivity to travel industry, the same wisdom, the same knowledge of everything that we've gathered over the years, and we can deliver it to an AI agent across our platform and across many other platforms. The last thing I wanted to mention in the context of AI is really our platform. We are the only ones that are actually doing an orchestration between AI agents and live people, live agents, This creates the best service that is out there, the best capabilities around personalizing whatever you need as a traveler, as a CFO, as an executive assistant, as a procurement leader, as an accountant, everybody that is participating in this fairly complex travel and expense execution. And the thing is that we are now doing it more and more. using our own model. This is a Navan model that is based on millions of interactions that we've gathered over the years. And recently, we grew our usage of our own model to 30% from 20%, and this has happened in a few weeks. But it gives us, it is way more accurate, which means that actually our customers are happier. It also improves the efficiency, which means that gross margins are better. And it allows us to grow much faster with AI use cases. So using our own model allows us to do that. And probably one of the benefits is that it's actually cheaper than the Frontier models. So the combination of real-time connectivity to a world that is super complex, that the infrastructure is extremely fragmented, with the Navant AI technology allows us to define the future of business travel while accelerating our market penetration globally. I want to take this opportunity in this call really to thank the Navant team. The Navant team is really focusing on innovation, execution, and making sure that our customers are super successful. I also want to thank our customers, our partners, our investors, that are continuing to support us in this mission to make travel amazing for every frequent traveler. And this was actually a great time to spend time with everybody in Navigate 2026, where we have the opportunity to bring everybody together and really share our vision with you. So together, we are not simply building a better travel company. We are defining the future of the travel industry. So thank you. And with that, I will turn it over to our CFO, Aurélien, who will provide more details on our financial results and our assets.