Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 141

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 141
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 certain contract acquisition costs, partially offset by (ii) an increase in advertising expense, which primarily consists of digital marketing spend, of $6.3 million, and (iii) an increase in salaries and related benefits, including stock-based compensation, of $6.2 million.

Refer to Note 1, “Description of Business and Significant Accounting Policies” to our consolidated financial statements included elsewhere in this prospectus for further details regarding our accounting policy for contract acquisition costs.

General and Administrative Expense

|                            | (dollars in thousands) | Year Ended January 31, |    2025 |     |   |    2024 |     |   | Change |     |     | % Change |    |
|:---------------------------|:-----------------------|:-----------------------|--------:|:----|:--|--------:|:----|:--|-------:|:----|:----|:---------|:---|
| General and administrative |                        | $                      | 133,552 |     | $ | 133,023 |     | $ |    529 |     |     |          | NM |

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*NM - Not meaningful

General and administrative expense for the year ended January 31, 2025 increased by $0.5 million, or less than 1%, primarily due to (i) an increase in expense of $23.0 million related to the release of a tax contingency reserve in the year ended January 31, 2024 and (ii) an increase in professional services expenses of $2.5 million, primarily driven by accounting and advisory services necessary to support our growth and public company preparation activities, in addition to recruiting and placement fees, partially offset by (iii) a decrease in salaries and related benefits, including stock-based compensation, of $10.0 million compared to the year ended January 31, 2024, (iv) a decrease in facilities and IT-related costs of $6.9 million, (v) a decrease in expense of $3.7 million due to the write-off of previously capitalized offering costs in the year ended January 31, 2024, and (vi) a decrease in bad debt expense of $2.1 million, primarily driven by improved credit and collection processes and shorter payment terms for existing customers.

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Interest Expense

|                  | (dollars in thousands) | Year Ended January 31, |    2025 |     |   |    202