Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 177

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 177
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 billion globally. To estimate our total TAM, we identified four categories of market opportunities: (1) managed and unmanaged business travel management, referred to as the managed and unmanaged categories, (2) bleisure, (3) expense management, and (4) payments.

• Business Travel Management. We estimate our revenue opportunity in the business travel management category today to be approximately $86 billion globally across both the managed and unmanaged categories, based on our own monetization of business travel. To arrive at our revenue opportunity, we used the commissioned Euromonitor survey finding a Global Business Travel serviceable addressable market, or SAM, of $1.2 trillion travel spend as of 2024, multiplied by our usage yield of approximately 7% for fiscal 2025. Usage yield represents our ability to convert GBV into usage-based revenue. Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations–How Our Business Works” for more information regarding usage yield.

◦ Managed Opportunity. According to survey results, 35% of the business travel management revenue opportunity was managed as of 2024, including both travel spend through the designated travel management system and off-platform spend that is booked outside of the designated system. Of companies with a managed system, there may not necessarily be 100% utilization by users.

◦ Unmanaged Opportunity. According to survey results, 65% of the business travel management revenue opportunity was unmanaged as of 2024, which provides us with a significant greenfield opportunity. Unmanaged includes spend with no formal system in place to capture and monitor spend. Historically, we have been successful in pulling traditionally unmanaged businesses into our platform, and we believe that we are positioned to continue unlocking the unmanaged portion of spend through our sales motion. These customers are driven to our platform by the streamlined experience we provide their travelers and the ease of implementation in their company. We will continue offering more self-service capabilities for unmanaged businesses to deploy our platform quickly and realize greater insights, control, and cost savings.

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◦ Bleisure. We estimate our revenue opportunity in the bleisure category today to be approximately $24 billion. According to Euromonitor, the bleisure SAM was estimated to be $324 billion as of 2024 which when multiplied by our usage yield of approximately 7% for fiscal 2025 results in a revenue opportunity of $24 billion. We currently penetrate a small portion of this category.

◦ Expense Management.