Navan, Inc. Class A Common Stock Goldman Sachs Communacopia + Technology Conference 2026

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Thank you for having us.

When you think about business travel, it is actually an extremely traditionally manual process. Somebody is sending an email to a travel agent, then the travel agent needs to do a lot of things. Do not think about it as, I am flying to New York, I have one hotel, and I am coming back. It tends to be multi-city. People are changing it a lot. People are very sensitive to their loyalty. There is a lot of details. If you cancel the trip, you need to get the money back, and then the financing needs to reconcile it. Very manual. When we came to the industry, just bringing these things to a browser, was a thing.

I remember, and Grayson was an early backer, and I remember I talked about it with Mark, and he was like, "You can do AI and you can do machine learning, and all these things." This is in 2017. I said, "No, we are kind of disrupting the phone." We are moving it from the phone, people are calling an agent, to a browser. Now, why is that important? Because once you take the time to automate everything, to basically create an API for everything, I can change a flight. I can get it reconciled. I can get the credits back. I am connected to everything globally. You need to connect to buy a flight in Brazil, that is the acquisition in Brazil. You need to have an IATA license in Brazil. You need to have a point of sale in Brazil.

You need to have a United Airlines deal in Brazil. It is very manual, very fragmented, but we wanted to bring it online and also wanted to have it efficient, so you will book your flight really fast. You will get support very fast. Before GenAI became a thing, I am talking in 2017, our first team was a machine learning team, and the idea was to really get to know you, to know what are the flight that you are likely to book, what is the hotel, what you are likely to do in the system, and really show that hotel to you, that flight, that seat. We have built all of this infrastructure. We also had a good AI team.

When GenAI came, we said, "Okay, let us go." Now we can take the level of service that we had back then of, I do not know, it takes 10 minutes to book a trip, to now it will take you seconds. It will take you minutes. We will always get you. You can talk with our chatbot and change everything in minutes. AI was always this developing stories from 2016 all the way to now, and you can see us keep innovating there. Ava is a chatbot. It is not like your AT&T chatbot that you call and you get a representative and so on. This is someone that you can have a discussion with and say, "Book my flight, change my flight. I want this. Book me a restaurant. Do all of these things for me." And you will think that you are talking with a person.

And in fact, sometimes you are, because we are completely orchestrating the AI agent with the person, and sometimes somebody needs to call the airline. Somebody needs to do something with the receipts. We really perfected AI on the application level to create value for our users and our customers.

Yeah. First of all, I will clarify because I think it's important. You know how it is. We talk about AI, so people go to ChatGPT and asking ChatGPT, so what is the revenue of BoomPop? There was some confusion there between GBV, which is basically the cost of the hotel room, flight ticket, to revenue. They are not the same. Usually, it's 6%-7% out of the GBV. So people got excited that BoomPop was probably doing $100 million. It's GBV. I am clarifying this because then people really got confused with our numbers. But the really important part about this acquisition is actually what it gives us. Meeting and events is a big part of the way that companies are thinking about business travel.

You have the transient travel, I am a sole person, I am flying to New York, and then continuing to Paris, but there is the sales kickoff. There is the teams offsite. There is all of these things that people are doing when they are coming to an event like this. Somebody in Goldman, and probably a pretty big team, were working on this event, and they teamed up with this hotel, and they made sure that there is some food there, and all of these things. If you go to the Goldman team and ask them, so what does it mean? They will tell you a lot of phone calls, a lot of emails, a lot of contracts just for these meetings. So very complex, very old school.

You book events today in the same way, whether it is a team event for 10 people or an event for 1,000 people, you book it like you are in the '80s. We, for quite some time, are getting more and more excited about this use case. Navan, we have our own functionality. We call it team travel. This is up to 50 people. When you want to book an event from us today, events like this one, you are actually using Reed & Mackay. The Reed & Mackay team has an events team, and they will partner with you, they will contract with you, and they will do it like any other old-school travel agency. The question is, and the opportunity is, can you automate it? Can you bring it to the AI era?

BoomPop developed really cool technology, that you can actually go and do a conversation like in ChatGPT and start to plan the event. I want to build an event in San Francisco. There will be 1,000 people there. I have some ideas of the level of hotels. Here is the event. Go to the other side, to all of the vendors, and start to ask them for prices, for agreements, and so on. They completely automated the two sides of it. We partnered with them, so that our customers like this technology, which is usually a pattern for Navan. We first partner, and then we kind of see that it is working from a team's perspective, but also go-to-market perspective. Now we think that there is a huge attachment play here.