Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 37

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 37
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, assuming the assumed initial public offering price remains the same, and after deducting underwriting discounts and commissions. Pro forma adjustments in the footnotes above and the related information in the balance sheet data are illustrative only and may differ from actual amounts based on, among other things, the actual initial public offering price and other terms of this offering determined at pricing, the actual tax withholding rates, the actual amount of RSUs settled in connection with this offering, and the actual number of shares of Class A common stock issued in the Note Conversion, the SAFEs Conversion, and the Warrant Exercises. (4) Working capital is defined as current assets less current liabilities. (5) Long- term debt is comprised of (A) Convertible Notes, net of $195.2 million, (B) SAFEs of $163.0 million, (C) ABL Facility of $34.5 million, (D) Warehouse Credit Facility of $148.2 million, and (E) notes payable, non-current of $117.3 million, which includes $117.1 million related to the Vista Facility, in each case as of July 31, 2025 . For additional information regarding the ABL Facility, the Warehouse Credit Facility, and the Vista Facility, see the section titled “Description of Material Indebtedness.”

24

Key Business Metrics and Non-GAAP Financial Measures We review a number of operating and financial metrics, including the following key metrics and non- GAAP, financial measures to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. See the sections titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Business Metrics” for additional information regarding our key business metrics and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information and reconciliations of our non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP.

|                                                               | Year Ended January 31, 
                   2025 |     | 2024 |     | Six Months Ended July 31, 
                      2025 |     | 2024 |
|:--------------------------------------------------------------|-----------------------:|:----|-----:|:----|--------------------------:|:----|-----:|
|                                                               |           -in billions |     |      |     |                           |     |      |
| Gross booking volume (GBV).........................           |                   $6