Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 153

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 153
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 in the capitalization of certain contract acquisition costs. General and Administrative Expense Trends Excluding the impact of the release of a tax contingency reserve on general and administrative expense in the three months ended April 30, 2023, general and administrative expense has generally decreased as a percentage of revenue primarily due to an increase in revenue and the relative consistency of expenses over the quarters presented. The decrease in general and administrative expenses in the three months ended January 31, 2024 was primarily due to a decrease in salaries and related benefits as a result of a restructuring-related reduction in headcount. The increase in general and administrative expense in the three months ended October 31, 2024 was primarily due to an increase in stock-based compensation expense driven by a modification to the terms of certain stock awards during the period. Refer to Note 10, “Equity Incentive Plan” to the consolidated financial statements included elsewhere in this prospectus for further information. As the expense related to the stock award modification recognized in the three months ended October 31, 2024 was non-recurring in nature, general and administrative expense in the three months ended January 31, 2025 correspondingly decreased. Interest Expense Trends Interest expense over the quarters presented has generally increased primarily as a result of an increase in the borrowing levels under the Warehouse Credit Facility and Trade Loan Facility over time.

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Other Income (Expense), Net and Gain (Loss) on Fair Value Adjustments Trends Other income (expense), net and gain (loss) on fair value adjustments in the quarters presented are primarily driven by fluctuations foreign currency translation rates and the fair value of the SAFEs and our derivative and warrant liabilities over time, respectively. Other income (expense), net in the three months ended April 30, 2023 includes the impact of the reversal of tax contingency. Non-GAAP Financial Measures Non-GAAP Gross Profit and Non-GAAP Gross Margin

|                                                                    |    Three Months Ended |     |          |     |            |     |            |     |           |     |          |     |            |     |            |     |           |     |          |
|                                                                    |             April 30, |     | July 31, |     | October31, |     | January31, |     | April 30, |     | July 31, |     | October31, |     | January31, |     | April 30, |     | July 31, |
|                                                                    |                  2023 |     |     2023