Group 1 - U.S. stock futures are trading lower, impacting investor focus on specific stocks [1] - Duluth Holdings Inc. (NASDAQ:DLTH) is expected to report a quarterly loss of 46 cents per share on revenue of $118.50 million, with shares gaining 5.4% to $3.30 in after-hours trading [1] - B Riley Financial Inc. (NASDAQ:RILY) reported earnings of $4.50 per share for Q2, a significant improvement from a loss of $14.35 per share a year ago, with sales increasing to $225.302 million from $94.885 million, leading to a 30.4% jump in shares to $4.85 [1] - Worthington Enterprises Inc. (NYSE:WOR) is expected to post quarterly earnings of 70 cents per share on revenue of $310.60 million, with shares falling 0.7% to $57.74 [1] - Navan Inc. (NASDAQ:NAVN) reported positive third-quarter results but anticipates FY2026 sales of $685.00 million to $687.00 million, below market estimates of $830.87 million, resulting in a 7.7% drop in shares to $13.51 [1] - Lennar Corp. (NYSE:LEN) is expected to report quarterly earnings of $2.21 per share on revenue of $9.02 billion, with shares increasing 0.1% to $119.90 in after-hours trading [1]

Financial Data and Key Metrics Changes - Revenue for Q3 was $195 million, representing a 29% year-over-year increase [19] - Non-GAAP operating margin reached 13%, an improvement of 870 basis points year-over-year [22] - Non-GAAP gross margin expanded to 74%, a new high, driven by automation and efficiencies [20][21] - Free cash flow was -$11 million, an improvement of 30% compared to Q3 fiscal year 2025 [22] Business Line Data and Key Metrics Changes - Usage revenue increased by 29%, while subscription revenue grew by 26% year-over-year [19] - Gross booking volume reached $2.62 billion, growing 40% year-over-year [19] - Payment volume processed through Navan Cards was $1.13 billion, up 12% year-over-year [20] Market Data and Key Metrics Changes - Revenue from international customers represented 37% of total revenue in Q3 [20] - Customer satisfaction hit a high of 97%, with a Net Promoter Score (NPS) of 45, significantly above the industry average [8] Company Strategy and Development Direction - The company aims to drive sustained high growth across all customer segments, accelerate innovation, and maintain a balance between growth and profitability [15] - Focus on AI-driven solutions to enhance customer experience and operational efficiency [10][12] - Plans to leverage the IPO proceeds to enhance payment solutions and expand customer credit offerings [25] Management's Comments on Operating Environment and Future Outlook - The current business travel environment remains robust, with expectations for continued strength through the fiscal year [19] - Management noted no significant impact from travel disruptions related to the government shutdown, with record performance in October [18] - The company anticipates Q4 to be seasonally lower than Q3, reflecting typical business travel patterns [27] Other Important Information - The company is undergoing a leadership transition with the departure of the CFO, who will assist in a seamless transition [6][16] - The Navan Cognition AI platform is central to the company's strategy, enhancing service quality and operational margins [12][14] Q&A Session Summary Question: What is the outlook for enterprise business and share capture from incumbents? - Management sees strong momentum in enterprise, driven by customer satisfaction, market consolidation, and AI capabilities [33] Question: What drove the strength in gross booking volume and usage yield? - Growth in GBV is attributed to existing customer expansion, ramping of new customers, and strong go-to-market strategies [35] Question: How are large enterprise deals structured and their revenue recognition? - Most enterprise deals involve multiple product attachments at launch, with a stable ramp-up period [44] Question: What is the sustainability of gross margin and yield? - Gross margin sustainability is linked to AI efficiencies, while yield is expected to stabilize around 7% [75] Question: How will the company deploy cash for credit payments? - The deployment of cash for credit will phase in over fiscal year 2027, with expected impacts in 2028 [78] Question: How does the company view the SAP Concur partnership with Amex GBT? - Management views the old model of stitching together services as outdated, emphasizing the need for integrated solutions [89]

Financial Data and Key Metrics Changes - Revenue for Q3 was $195 million, representing a 29% year-over-year increase [19] - Non-GAAP operating margin reached 13%, an improvement of 870 basis points year-over-year [22] - Non-GAAP gross margin expanded to 74%, a new high, driven by automation and efficiencies [20][21] - Free cash flow was negative $11 million, but improved by 30% compared to Q3 fiscal year 2025 [22] Business Line Data and Key Metrics Changes - Usage revenue grew by 29%, while subscription revenue increased by 26% year-over-year [19] - Gross booking volume reached $2.62 billion, growing 40% year-over-year [19] - Payment volume processed through Navan Cards was $1.13 billion, up 12% year-over-year [20] Market Data and Key Metrics Changes - Revenue from international customers represented 37% of total revenue in Q3 [20] - The company operates in a $185 billion addressable market, with strong momentum in enterprise deals [7] Company Strategy and Development Direction - The company aims to drive sustained high growth across all customer segments, accelerate innovation, and maintain a balance between growth and profitability [15] - Focus on AI-driven solutions to enhance customer experience and operational efficiency [10][12] - Plans to develop Navan Edge, an AI-powered travel booking experience [14] Management's Comments on Operating Environment and Future Outlook - The current business travel environment remains robust, with expectations for continued strength through the fiscal year [19] - Management noted no significant impact from travel disruptions related to the government shutdown [18] - The company is committed to being free cash flow positive for the full year of fiscal 2027 [28] Other Important Information - The CFO, Amy Butte, will leave the company on January 9, with Ann Giviskos serving as interim CFO [6] - The company has a strong balance sheet with $809 million in cash and $207 million in debt [25] Q&A Session Summary Question: What is the outlook for enterprise business and capturing market share? - Management sees strong momentum in enterprise, driven by customer satisfaction, market consolidation, and AI capabilities [33] Question: What drove the strength in gross booking volume and usage yield? - Growth in GBV is attributed to existing customer expansion, ramping of new customers, and strong go-to-market strategies [35] Question: Are large enterprise deals complete implementations or partial? - Most enterprise deals involve multiple products at launch, indicating a stable and accelerating ramp [44] Question: How sustainable is the margin leverage seen this quarter? - Margin leverage is driven by AI efficiencies and is expected to be sustainable, though Q4 margins may compress seasonally [46] Question: What is the investment plan for the PLG motion? - Investments began in the second half of fiscal 2026, with revenue contributions expected in fiscal 2028 [52] Question: How does the company factor large deals into guidance? - Guidance incorporates active customers, ramping customers, and expected launches, using machine learning for accuracy [54] Question: Has the IPO impacted visibility and competitive positioning? - The IPO has increased market awareness and credibility, leading to more leads and opportunities [62] Question: What is the strategy for M&A opportunities? - The company is always looking for opportunities, particularly in AI and enhancing its platform, but currently sees better potential in-house development [87]

Financial Data and Key Metrics Changes - Revenue for Q3 2026 was $195 million, representing a 29% year-over-year increase [16] - Non-GAAP operating margin reached 13%, an improvement of nearly 9 percentage points year-over-year [6][18] - Non-GAAP gross margin expanded to 74%, up from the low 60s, marking an all-time high [11][18] - Free cash flow was negative $11 million, an improvement of 30% compared to Q3 fiscal year 2025 [18] Business Line Data and Key Metrics Changes - Usage revenue increased by 29%, while subscription revenue grew by 26% year-over-year [16] - Gross booking volume reached $2.62 billion, growing 40% year-over-year [16] - Payment volume processed through Navan Cards was $1.13 billion, up 12% year-over-year [17] Market Data and Key Metrics Changes - Revenue from international customers represented 37% of total revenue in Q3 [17] - Customer satisfaction hit a high of 97%, with a Net Promoter Score (NPS) of 45, significantly above the industry average [7] Company Strategy and Development Direction - The company aims to drive sustained high growth across all customer segments, accelerate innovation, and maintain a balance between growth and profitability [12][13] - Focus on AI-driven experiences and leveraging data to enhance customer service and operational efficiency [9][12] - The company is positioned as an AI leader in travel and expense management, with a strong emphasis on integrating AI into its platform [10][11] Management's Comments on Operating Environment and Future Outlook - The current business travel environment remains robust, with expectations for continued strength through the fiscal year [15][16] - Management noted no significant impact from travel disruptions related to the government shutdown, with record performance in October [15] - The company anticipates Q4 to be seasonally lower than Q3, reflecting typical business travel patterns [24] Other Important Information - The CFO, Amy Bute, will leave the company on January 9, 2026, with Ann Giviskos serving as interim CFO [5] - The company has a strong balance sheet with $809 million in cash and $207 million in debt, supporting future growth initiatives [22] Q&A Session Summary Question: What is the outlook for enterprise business and share capture from incumbents? - Management sees strong momentum in enterprise, driven by customer satisfaction, market consolidation, and AI capabilities [27] Question: What drove the strength in gross booking volume and usage yield? - Growth in GBV is attributed to existing customer retention, ramping new customers, and new customer acquisition [29] Question: Are large enterprise deals complete implementations or partial? - Most enterprise deals involve multiple products at launch, indicating a stable and accelerating ramp-up [32] Question: How sustainable is the margin leverage seen this quarter? - Margin leverage is driven by efficiencies from AI support and is expected to be sustainable, though Q4 margins may compress seasonally [33] Question: What is the investment plan for PLG motion and expected revenue contribution? - Investments in Navan Edge and AI will continue, with expected revenue contributions more visible in fiscal year 2028 [36] Question: How does the company factor large deals into guidance? - Guidance incorporates active customers, ramping customers, and expected launches, using machine learning for forecasting [38] Question: Has the IPO impacted visibility and competitive positioning? - The IPO has increased market awareness and credibility, leading to more leads and reduced questions from potential clients [41] Question: What is the strategy for M&A opportunities? - The company is always looking for opportunities but currently believes in developing in-house capabilities, particularly in AI [52]

Investor Presentation Q3 Fiscal 2026 Safe Harbor Disclaimer This presentation contains "forward-looking statementsˮ within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Navan's anticipated total revenue, non-GAAP income (loss) from operations, and non-GAAP operating margin for the fiscal quarter and year ending January 31, 2026, the size of Navan's market opportunity, market trends, and the company's business strategy and plans. In s ...

Navan Announces Third Quarter Fiscal Year 2026 Results Third quarter revenue grew 29% year-over-year to $195 million Amy Butte will depart as Chief Financial Officer, effective January 9, 2026 PALO ALTO, CA, December 15, 2025 — Navan, Inc. (NASDAQ: NAVN), the leading all-in-one business travel, payments, and expense management platform, today reported financial results for its third quarter ended October 31, 2025. Management Commentary: "Q3 was a strong debut quarter as a public company for Navan. All parts ...

Core Viewpoint - Navan, Inc. is expected to report steady revenue growth driven by business travel demand, expense-management subscriptions, and early success in its AI-driven platform as investors anticipate the upcoming quarterly earnings report [1]. Financial Performance Expectations - Analysts predict total revenue around $181.4 million for the third quarter, aligning with consensus estimates, with year-over-year growth expected to cool but remain solid [3]. - Usage revenue is anticipated to rise by 20% year over year, primarily driven by booking-related transaction activity, while subscription revenue is expected to grow at a faster pace [2]. - The non-GAAP operating margin is projected at 6.3%, with a non-GAAP loss per share of 49 cents [3]. Revenue Composition - Usage revenue is expected to account for approximately 92% of quarterly sales, with subscriptions making up about 8% [3]. - The analyst forecasts non-GAAP operating income near $11.4 million and an adjusted net loss of $25.2 million [4]. Market Trends and Customer Acquisition - The Business Travel Index indicates a 20% growth in business travel activity, with government and financial services sectors contributing significantly to increased travel spending [4]. - The company is focusing on acquiring enterprise customers, with notable recent wins such as the UK-based retailer Frasers Group, which has over 1,500 locations [5]. Product Development - Early traction is being observed for Navan Cognition, an AI platform launched in June that allows enterprises to create and deploy advanced AI agent teams [5]. Financial Position - Following the October IPO, the company is expected to maintain a net cash position near $600 million, enhancing its financial flexibility [6].

Core Insights - Navan has been selected by Axel Springer as its new global travel management solution, providing access to its travel management platform and expense systems for employees [1][2] Company Overview - Navan is an all-in-one, AI-powered platform for business travel, payments, and expense management, designed to enhance the travel experience for frequent travelers [3] - The platform automates expense reconciliation and offers 24/7 support, making it user-friendly for travelers and reliable for finance teams [3] Key Benefits - The partnership with Axel Springer aims to deliver a seamless travel experience that meets the expectations of modern employees, akin to personal travel apps [2] - Navan's solution is expected to provide transparency on travel spending, benefiting the finance department of Axel Springer [2] Adoption and Technology - Navan targets a high adoption rate with at least 90% online bookings through its mobile and desktop app [4] - The platform utilizes embedded AI to achieve meaningful savings on annual travel spending, ensuring dynamic policy compliance and access to a comprehensive travel inventory [4]

Core Insights - Navan, Inc. is set to release its third-quarter earnings results on December 15, with analysts predicting a loss of $0.17 per share and revenue of $182.09 million [1] - The company has been selected by Frasers Group as its global partner for travel and expense management, which may enhance its market position [1] - Navan's stock price decreased by 0.4%, closing at $13.92 [1] Analyst Ratings - Rosenblatt analyst Blair Abernethy initiated coverage with a Buy rating and a price target of $30, with an accuracy rate of 71% [3] - Mizuho analyst Siti Panigrahi initiated coverage with an Outperform rating and a price target of $25, with an accuracy rate of 60% [3] - Oppenheimer analyst Jed Kelly also initiated coverage with an Outperform rating and a price target of $25, achieving an accuracy rate of 70% [3] - Goldman Sachs analyst Kash Rangan initiated coverage with a Buy rating and a price target of $29, with an accuracy rate of 67% [3] - Citigroup analyst Steven Enders initiated coverage with a Buy rating and a price target of $26, with an accuracy rate of 69% [3]

Core Insights - The 2026 State of Corporate Travel and Expense Report indicates a significant increase in the perception of business travel as an essential investment, with 90% of business travelers affirming this view, marking an 8 percentage point rise from the previous year [8] - Despite the growing importance of corporate travel, businesses face challenges due to outdated travel and expense (T&E) solutions, with 80% of travelers occasionally booking off-platform and 77% of travel and finance managers stating their current expense tools are inadequate [2][8] Industry Trends - There is a rising demand for AI-powered tools and comprehensive all-in-one T&E platforms among travelers and managers, reflecting a shift towards modernizing travel management solutions [2][5] - The report highlights that 76% of travelers now trust AI for straightforward T&E tasks, a notable increase from 59% in the 2024 report, indicating a growing acceptance of technology in travel management [8] Company Positioning - Navan's platform is strategically positioned to address the gaps in the current market by integrating travel and expense management into a single application, enhancing user experience for employees while providing finance teams with necessary real-time control [3] - The report reveals that 77% of travel managers are interested in an all-in-one travel and expense solution, up from 66% in the 2024 report, showcasing a clear market trend towards unified platforms [5][8]