Navan

“And then the worst thing about this market is that for any sophisticated buyer, an Airwallex, a Klarna, a Navan, a technology-facing company, everyone has built their own.”

“We grew last quarter by 50% in terms of usage. We grew our revenue by 40%. We became cash flow positive, became profitable.”

“We have more than ten billion dollars of bookings a year now, growing really, really fast.”

“The way you see that in the business is a 20 percentage point expansion of gross margins over the last three years.”

“Today, the market cap is 2.8 billion dollars.”

“11 years in this journey, and probably at least for me, another 20, 20 years to go.”

“We have been starting to take, share in the enterprise segment, assigning more and more and more customers, and for them, for that type of segment, it is actually important that you're going to be public. They want the transparency. They want to understand you…”

“There is the managed side, you know, Amex and Concare. There is the non-managed. Everybody that are doing whatever they want to. It's actually a bigger market, and we think that we have an opportunity and the right to win in both markets, and that's what matte…”

“When we started Navan, There was this company, Upside Travel. We raised four million dollars. They raised 200. Same year, ok?”

“I tell you what is the only competitor that I'm worried about. The one that I don't know about. The one that sits, like, the ones like Navan, 1011 years ago, that are ignorant enough about the problem, but are really, really, really good, that will create some…”

“In the history of Navan, we lost six enterprise customers. Five of them are back, ok?”

“55% of the chats were run through Eva, ok? Our call center, in the worst time during this event, The wait time was 16 minutes, one six.”

“There is nothing even remotely closed to what is needed when you go to a complex vertical out there. Okay. And it's definitely not in the kind of Sierra level, but even if you take it to the level of the APIs, If I'm kind of taking an anthropic and an open AI,…”

“We've seen our agentic platform, Cognition, plays between models based on who will give you the best answer, and actually we saw movement much more to Google recently. A lot of the transactions with Edge, which we didn't release yet, but you know, we have it i…”

“An area that I actually think it's almost impossible to disrupt us is the travel side. To create the infrastructure that we've created to bring the content into the platform, the plumbing there, I don't think that people fully understand the plumbing that you …”

“I gave the team a challenge, and actually Ilan, my co-founder, obviously took it first and did it over the weekend to vibe code our expense product. And it took him six hours to do that.”

“And I think as the, as long as we will service our customers and our users, the business will continue to gain share. We're going to take the entire market. I really believe in it.”

“For us, travel, we didn't know anything about it, and Conquer back then looked so scary that probably we've delayed that, this journey by two to three years.”

“It wouldn't. It wouldn't. That's the price. That's the price.”

“Now, specifically with Navan, which a company I know well, I'm a hundred percent convinced that there's zero chance that we get disrupted by AI, and there is a hundred percent chance that we're huge beneficiaries of AI.”

“Gross margins you know, three years ago before AI, our gross margins were around 50%. It was all the cost of support.”

“And ultimately I believe that If not all the, almost, almost all the support is going to be done by AI.”

“In 2018 or 19, we had an existential crisis when Delta Airlines decided that they hated us, and you cannot really succeed as a travel company when one of the three major airlines in the U.S. Is not willing to work with you in the swing and all that, and luckil…”

“They were the first company to let people go. And they got so much shit on, ah, for it because they fired people Over Zoom, as if there was any other way they could have, and they still got a lot of shit from the press”

“The fundamentals are this is a 27% growth company trading at four times revenue that's cashflow positive and operating income positive on a non-GAAP basis. Actually, after this call, I made a mental note to follow Andreessen and buy some, right? Perfectly good…”

“I think Navon had seven hundred million in debt and only two hundred million in cash. It had to IPO to pay off its debt.”

“If you're not Figma or better, it's going to be rough out there. And that all these VCs are saying you can IPO at a hundred million and the IPO, the Vaughn says no to me. It says it's just barely cracked opened.”

“Actually, this actually shows that sometimes Bill Gurley is wrong because his idea is that these IPO share allocations are called free money. You get your IPO. It always goes up and the leaving value on the table. This is an example of an IPO where, you know, …”

“Lightspeed was two 57 to a billion, so it's just under a four X blended.”

“Six hundred and thirteen million revenues, growing 32% year on year, 10,000 customers, a 110% NDR”

“If you actually look in the P&L at Navan, right, they really held OPEX flat to, in fact, slightly down this year versus the prior year.”

“Zip and Navon, I think are both examples of potential Shopify's because they're both growing extremely quickly. We're growing extremely quickly. Everyone grows together.”

“TripActions, which is what it was called at the time, revenue, you know, went from a hundred million down to zero. It happened overnight.”

“We had about a 90% drop in revenues.”

“And so by going up market and by building a second product that company didn't die and it would've.”

“If you're at a startup and you're posting quarters, like, this will be done in Q-two. This will be done in Q-three. You are deeply confused about your job... If you start getting more specific, if you start getting hungrier, you get down to a date, and that da…”

“Ariel at Navon was really involved with a lot of the earliest deals and knew the product, knew the people really well.”

“I closed about thirteen million dollars of revenue that first year.”

“Salesforce and SAP, which are not innovating. I think the last time that SAP innovated something was in the nineties, and the last time that the, that Salesforce innovated was in the beginning of 2000.”

“We have 3000 employees globally.”

“Actually, my co-founder right now is running two projects That are making a, basically a lot of what we've done to date obsolete, and I think that's how you maintain innovation.”

“Our biggest customers would sign up with us, like, customers like Netflix, Heineken, Adobe, sign with us on these times where people were not traveling because, again, change management, The easy thing to do at that time.”

“We are not for sale, and there is a reason for that, and by the way, ah, we've, ah, kind of passed this test, ah, several times. Other companies could have sent me to retirement a few times by just, ah, you know, buying us, and we didn't sell because we think …”

“The team right now is looking for alternatives. Not because you know, we love Slack. But you can see that over time, the search works a little bit, you know, worse. The buttons are moving to the wrong places. I care a lot about product and design. And I think …”

“And that bot today handles 30% of our support interactions.”

“And so we decided to do it. We decided to kill what we have to use the infrastructure. The bot is the bot, you know, the UI is the UI, the ability to change the flight comes from our API to change the flight, but then to use their technology.”

“I think that this AVA, I think will probably by the end of the year will replace 50% of our interactions in the contact center, and I think by the end of next year, it will replace 90% of it”

“Our gross margins today are 75%.”

“You're talking about 50, 55% gross margins compared to 75 today.”

“Going to 80, maybe even 85. 85 is not model deal, but maybe even 85, ah, in the next two to three years.”

“So I think the moat That we've created is actually not around that technology. The moat is around all of the infrastructure here that allows us to go globally, to service our customers globally, to provide one T&E report for all of the companies that are using…”

“On the lower end of the market, we are free, right? And that's new. We are completely free. You go in and you don't need to pay us.”

“It's I think that it goes by Segment more of the higher end of the market, what we are calling named enterprise, and even mid-market will get 100% attainment. As you start to go down market, you are getting more towards the 80% attainment, and even that number…”