Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 147

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 147
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, 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.

105

Interest Expense

|                                                                 | Year Ended January 31, 
 2025                   |     | 2024      |     | Change    |     | % Change |
|:----------------------------------------------------------------|:-----------------------|:----|:----------|:----|:----------|:----|:---------|
|                                                                 | -dollars in thousands  |     |           |     |           |     |          |
| Interest expense............................................... | $(75,997)              |     | $(63,281) |     | $(12,716) |     | 20%      |

Interest expense for the year ended January 31, 2025 increased by $12.7 million, or 20%, primarily due to higher borrowing levels under the Warehouse Credit Facility and the Trade Loan Facility. Other Income (Expense)

|                                                       | Year Ended January 31, 
 2025                   |     |    2024 |     | Change    |     | % Change |
|:------------------------------------------------------|:-----------------------|:----|--------:|:----|:----------|:----|:---------|
|                                                       | -dollars in thousands  |     |         |     |           |     |          |
| Other income (expense), net.......................... | $(73)                  |     | $10,093 |     | $(10,166) |     | -101%    |

Other income (expense), net for the year ended January 31, 2025 changed by $10.2 million, or 101%, primarily due to (i) the release of a tax contingency reserve in the amount of $6.7 million in the year