Company: NAVN
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000476
Chunk: 145

Company: Navan, Inc.
Filing Date: 2025-07-28
Form: DRS/A
Chunk 145
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 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,

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primarily driven by improved credit and collection processes and shorter payment terms for existing customers.

Interest Expense

|                  | (dollars in thousands) | Year Ended January 31, |    2025 |     |   |    2024 |     |   |  Change |     |     | % Change |   |
|:-----------------|:-----------------------|:-----------------------|--------:|:----|:--|--------:|:----|:--|--------:|:----|:----|---------:|:--|
| 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)

|                             | (dollars in thousands) | Year Ended January 31, | 2025 |     |   |   2024 |     |   |  Change |     |     | % Change |    |
|:----------------------------|:-----------------------|:-----------------------|-----:|:----|:--|-------:|:----|:--|--------:|:----|:----|:---------|:---|
| 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