Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 41

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 41
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 air travel booked each quarter;

• seasonal demand fluctuations, such as reduced travel by our users during holiday periods;

• changes in customers’ T&E budgets and IT spending budgets;

• potential and existing customers choosing our competitors’ products and services;

• the development or introduction of new products or services that are easier to use or more advanced than our platform;

• the adoption or retention of more entrenched or rival services in the international markets where we compete;

• our ability to control costs, including our operating expenses;

• the amount and timing of payment for operating expenses, particularly research and development and sales and marketing expenses, including commissions;

• the amount and timing of non-cash expenses, including stock-based compensation;

• the amount and timing of costs associated with recruiting, training, and integrating new employees, and retaining and motivating existing employees;

• fluctuation in market interest and foreign exchange rates, and the impact of inflation and instability in the global banking system on the United States and global economies;

• the impact of the geopolitical conflicts, such as the ongoing conflicts in Ukraine and the Middle East, including related sanctions implemented by other countries, on global travel patterns and financial markets;

• political unrest or instability;

• our ability to successfully execute acquisitions and integrate acquired businesses, and their accounting impact on our results of operations, including impairment of goodwill;

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• the impact of new accounting pronouncements or changes in our accounting policies or practices;

• security breaches of, technical difficulties with, or interruptions to, the delivery and use of our platform;

• our brand and reputation;

• legal and regulatory compliance costs in new and existing markets; and

• general economic conditions, both domestically and internationally, as well as economic conditions specifically affecting industries in which our customers participate.

Any of these and other factors, or the cumulative effect of some of these factors, may cause our results of operations to vary significantly. In addition, our quarterly results may fluctuate based on the relative volume of flights and hotel stays booked on our platform, as we tend to collect higher commissions on hotel reservations than air travel.

Finally, we expect to incur significant additional expenses due to the increased costs of operating as a public company. If our quarterly results of operations fall below the expectations of investors and securities analysts who cover our stock, the price of our Class A common stock could decline substantially, and we could face costly lawsuits, including securities class action suits, and our business, financial condition, results of operations, and prospects could be adversely affected.

Future acquisitions, strategic investments,