Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 167

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 167
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 on eligible U.S. and UK travel receivables. Repayment is required if borrowings exceed stated limits. As of July 31, 2025, we had drawn a total of $34.5 million on the ABL Facility. The ABL Facility contains certain affirmative or negative covenants including, among other things, restrictions on repurchases of stock, dividends and other distributions. As of July 31, 2025, we were in compliance with all covenants. See the section titled “Description of Material Indebtedness—ABL Facility” for further detail. Cash Flows The following table summarizes our cash flows for the periods presented:

|                                                                                                              | Year Ended January 31, 
                   2025 |     |       2024 |     | Six Months Ended July 31, 
                      2025 |     |      2024 |
|:-------------------------------------------------------------------------------------------------------------|-----------------------:|:----|-----------:|:----|--------------------------:|:----|----------:|
|                                                                                                              |          -in thousands |     |            |     |                           |     |           |
| Net cash provided by (used in) operatingactivities.......................................................... |              $(50,406) |     | $(166,363) |     |                    $4,784 |     | $(29,033) |
| Net cash provided by (used in) investingactivities.......................................................... |                $44,870 |     | $(108,779) |     |                 $(11,055) |     |   $26,072 |
| Net cash provided by financing activities.....                                                               |                $52,554 |     |   $212,620 |     |                    $6,606 |     |   $51,415 |

Operating Activities Net cash used in operating activities was $50.4 million for the year ended January 31, 2025 as compared to $166.4 million for the year ended January 31, 2024. The decrease in net cash used was primarily due to a decrease in net loss, offset by a decrease in non-cash loss on fair value adjustments, and the net impact of changes in operating assets and liabilities. The changes in operating assets and liabilities include the reversal of the tax contingency in the year ended January 31, 2024 impacting other non-current liabilities, a change in accounts payable primarily driven by timing of payments, and an increase in capitalized contract acquisition costs. Refer to Note 1, “Description of Business and Significant