Navan has been a public company since late last year, and that gives investors a window into whether its years-long boasts as a private company will match the new reality. The company had a strong March quarter in many respects, but its substantial GAAP loss continues to give investors pause.

I cringe when I see so many companies like Navan marketing themselves as AI-first. If Navan really is, then more power to it. Let’s see.

CEO Ariel Cohen appeared at a financial conference last week, talking about Navan’s competitive moat. But that dynamic cuts both ways. One of Navan’s biggest advantages is the way it has integrated travel and expense. On the other hand, Navan has nowhere near the scale and customer relationships that industry leader Amex GBT can use to advantage.

Left unanswered is why Navan’s chief financial officer left the company earlier this year just weeks after it went public. Along with shareholder lawsuits alleging that Navan understated an increase in sales and marketing expense in its IPO documents, these developments aren’t exactly confidence boosters — moat or not.

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Hotel stocks are flying high, and the big brands have never looked more profitable. But the people who actually own the hotels say they have never felt more squeezed.

In this clip, Skift Editor in Chief Sarah Kopit explains why the franchise model is starting to show cracks. Brands like Marriott and Hilton collect fees off the top line, often around five to six percent of revenue, before an owner pays a single bill. When costs surge and margins shrink, owners absorb the hit.

Sarah breaks down what is driving the pressure, including higher interest rates, higher construction costs, and weakening economics at the property level, even as the brand side continues to win.

How are public travel companies performing around the world? The Skift Travel 200 pulls the data you need to know to understand the market. Paid subscribers get full access here.