Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 370

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 370
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68,486 |
| State taxes...............................................................................................................     |                    130 |     |        -16 |
| Taxes on foreign earnings.....................................................................................                 |                  2,412 |     |      1,513 |
| Stock-based compensation...................................................................................                    |                  4,943 |     |      4,811 |
| Disallowed interest on convertible debt...............................................................                         |                  3,229 |     |     11,082 |
| Research and development credits.....................................................................                          |                 -3,912 |     |     -4,102 |
| Effects of cross-border tax laws...........................................................................                    |                  3,476 |     |        343 |
| Other......................................................................................................................... |                  1,484 |     |       -147 |
| Change in valuation allowance.............................................................................                     |                 33,825 |     |     60,430 |
| Total income tax expense......................................................................................                 |                 $9,570 |     |     $5,428 |

F-39 NAVAN, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements

The components of net deferred tax assets and liabilities consisted of the following (in thousands):

|                                                                                                                    | Year Ended January 31, 
                   2025 |     |     2024 |
|:-------------------------------------------------------------------------------------------------------------------|-----------------------:|:----|---------:|
| Deferred tax assets:                                                                                               |                        |     |          |
| Net operating loss carryforwards.....................................................................              |               $211,217 |     | $209,724 |
| Research and development credits.................................................................                  |                 18,156 |     |   14,031 |
| Reserves and accruals......................................................................................        |                 23,841 |     |   14,378 |
| Depreciation and amortization.........................................................................             |                    611 |     |      674 |
| Capitalized research and development costs................................................                         |                 52,012 |     |   38,764 |
| Operating lease liabilities..................................................................................      |                 12,100 |     |   12,271 |
| Stock-based compensation..............................................................................             |                 41,834 |     |   31,597 |
| Total deferred tax assets.......................................................................................   |                359,771 |     |  321,439 |
| Less: Valuation allowance.....................................................................................     |               -336,627 |     | -297