Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 146

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 146
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8%, primarily due to a decrease in salaries and related benefits of $13.4 million driven by a reduction in headcount, offset by an increase of $3.4 million in stock-based compensation. Sales and Marketing Expense

|                                                             | Year Ended January 31, 
                   2025 |     |     2024 |     | Change   |     | % Change |
|:------------------------------------------------------------|-----------------------:|:----|---------:|:----|:---------|:----|:---------|
|                                                             |  -dollars in thousands |     |          |     |          |     |          |
| Sales and marketing........................................ |               $218,722 |     | $220,511 |     | $(1,789) |     | -1%      |

Sales and marketing expense for the year ended January 31, 2025 decreased by $1.8 million, or 1%, primarily due to (i) a decrease in sales commissions expense of $13.7 million, primarily driven by a change in our sales compensation plans during the year ended January 31, 2025, which resulted in an increase in the capitalization of certain contract acquisition costs, partially offset by (ii) an increase in advertising expense, which primarily consists of digital marketing spend, of $6.3 million, and (iii) an increase in salaries and related benefits, including stock-based compensation, of $6.2 million. Refer to Note 1, “Description of Business and Significant Accounting Policies” to our consolidated financial statements included elsewhere in this prospectus for further details regarding our accounting policy for contract acquisition costs. General and Administrative Expense

|                                                         | Year Ended January 31, 
                   2025 |     |     2024 |     | Change |     | % Change |
|:--------------------------------------------------------|-----------------------:|:----|---------:|:----|-------:|:----|:---------|
|                                                         |  -dollars in thousands |     |          |     |        |     |          |
| General and administrative............................. |               $133,552 |     | $133,023 |     |   $529 |     | NM       |

______________ *NM - Not meaningful General and administrative expense for the year ended January 31, 2025 increased by $0.5 million, primarily due to (i) an increase in expense of $23.0 million related to the release of a tax contingency reserve in the year ended January 31