Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 129

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 129
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DS. We earn revenue from our suppliers in the form of commissions based on the dollar volume of bookings made by users on our platform and a commission rate for each supplier.

• Payment partners: Our payment partners include corporate card payment processors. We earn revenue from our payment partners from fees based on the dollar volume of spend on our corporate cards.

There is a period of time between when we acquire new customers and when we begin to recognize ramped revenues from them. This period usually involves the time required to implement our platform technology, move travel budgets to our platform, and then launch initial bookings. After a customer implements our platform, we seek to increase spending by the customer, including through increased adoption of and engagement with our offerings, with the goal to have the majority of their travel budgets managed on our platform. The time required for new customers to ramp bookings on our platform and expand engagement with our offerings depends on the size, scope, and complexity of a customer’s overall travel spend.

Our usage-based revenue is derived from GBV and payment volume, as further described below. We define GBV as the total amount paid for valid bookings on our platform, measured on a booked basis and inclusive of taxes and fees, and adjusted for cancellations and refunds. We generate GBV through hotel, flight, car, and rail bookings, along with usage of our VIP, Meetings and Events, and Bleisure offerings by our customers. We expand GBV by growing our customer base, managing more business travel spend on our platform, increasing our payment volume, and introducing new offerings to address different types of business travel. Our revenue growth depends on our ability to convert GBV into usage-based revenue. Our usage-based revenue represented approximately 90% of our total revenue in each of fiscal 2025 and fiscal 2024. Our usage yield was approximately 7% in each of fiscal 2025 and fiscal 2024. Usage yield for a fiscal period equals usage-based revenue divided by GBV for such period and represents our ability to convert GBV into usage-based revenue.

We define payment volume as the aggregate dollar amount of spend through Navan issued cards, settled for a given period and net of any chargebacks, cancellations, or refunds. We grow our payment volume by increasing customer adoption and engagement with our Corporate Payments offering through solutions such as Navan virtual card, where we support and issue our own cards. For fiscal 2025, we generated $3.7 billion of payment volume.

We also generate subscription-based revenue from customers who use our travel and