Third quarter revenue grew 29% year-over-year to $195 million

第三季度收入同比增长 29%，达到 1.95 亿美元

Amy Butte will depart as Chief Financial Officer, effective January 9, 2026

艾米·布特将于2026年1月9日离任首席财务官

PALO ALTO, Calif.--(BUSINESS WIRE)-- Navan, Inc. (NASDAQ: NAVN), the leading all-in-one business travel, payments, and expense management platform, today reported financial results for its third quarter ended October 31, 2025.

加利福尼亚州帕洛阿尔托 --（商业新闻）-- Navan, Inc.（纳斯达克：NAVN），领先的一体化商务旅行、支付和费用管理平台，今天公布了截至2025年10月31日的第三季度财务业绩。

Management Commentary:

管理层评论：

“Q3 was a strong debut quarter as a public company for Navan. All parts of the business performed well, highlighted by continued momentum in the enterprise market and new highs in customer satisfaction, with CSAT at 97% and NPS at 45,” said Navan co-founder and CEO, Ariel Cohen. “Our end-to-end AI-first platform is clearly resonating with customers in the massive business travel and expense market. With access to an extremely wide range of travel inventory, a leading consumer-grade user interface, and AI-powered booking and customer support, everyone in the travel ecosystem benefits – users, customers, and suppliers. I’m pleased with our team’s execution across product, customer success, and go-to-market. At the same time, we are making great progress on innovation, building the next generation of Navan. I’ve never been more optimistic about the opportunity ahead as we pursue our mission to make travel easy for every frequent traveler.”

“第三季度是 Navan 作为一家上市公司的强劲首秀。业务的各个部分表现良好，企业市场的持续增长和客户满意度的新高是亮点，客户满意度（CSAT）为 97%，净推荐值（NPS）为 45，” Navan 联合创始人兼首席执行官阿里尔·科恩表示。“我们的端到端 AI 优先平台显然与庞大的商务旅行和费用市场的客户产生了共鸣。凭借极其广泛的旅行库存、领先的消费者级用户界面以及 AI 驱动的预订和客户支持，旅行生态系统中的每个人都受益——用户、客户和供应商。我对我们团队在产品、客户成功和市场推广方面的执行感到满意。同时，我们在创新方面也取得了重大进展，正在构建 Navan 的下一代。我从未对未来的机会感到如此乐观，因为我们致力于让每位频繁旅行者的旅行变得轻松。”

“Navan delivered a strong third quarter, and we’re encouraged by the combination of revenue growth and increased operating margin that we achieved," said Amy Butte, Navan CFO. “We were able to deliver 29% revenue growth year-over-year in Q3, and 870 basis points of non-GAAP operating margin expansion. These results demonstrate our differentiated product and effective execution. We did not see a material impact to our business from travel disruptions related to the government shutdown in October and early November, and we continue to see strong demand in the corporate travel and expense market. As a reminder, we are a seasonal business. While we are reporting Q3 today, which is our seasonally strongest quarter, when we think about our business we think about it annually over an entire fiscal year.”

“Navan 在第三季度交出了强劲的业绩，我们对收入增长和运营利润率提升的结合感到鼓舞，” Navan 首席财务官艾米·布特表示。“我们在第三季度实现了同比 29% 的收入增长，非 GAAP 运营利润率扩张 870 个基点。这些结果证明了我们差异化的产品和有效的执行。我们没有看到由于政府在十月和十一月初关闭而导致的旅行中断对我们业务的重大影响，我们继续看到企业旅行和费用市场的强劲需求。请记住，我们是一家季节性企业。虽然我们今天报告的是第三季度，这是我们季节性最强的季度，但当我们考虑我们的业务时，我们是以整个财年的年度为单位来思考的。”

Third Quarter Fiscal Year 2026 Financial Highlights:

2026 财年第三季度财务亮点：

Revenue

收入

Total Revenue was $195 million, an increase of 29% year-over-year.
- Usage revenue was $180 million, an increase of 29% year-over-year.
- Subscription revenue was $15 million, an increase of 26% year-over-year.
- Gross Booking Volume (“GBV”) grew 40% year-over-year, to $2.6 billion in the quarter.
- Payment Volume grew 12% year-over-year, to $1.1 billion in the quarter.

总收入为 1.95 亿美元，同比增长 29%。
- 使用收入为 1.8 亿美元，同比增长 29%。
- 订阅收入为 1500 万美元，同比增长 26%。
- 毛预订量（“GBV”）同比增长 40%，达到 26 亿美元。
- 支付量同比增长 12%，达到 11 亿美元。

Gross Profit

毛利润

GAAP gross profit reached $138 million, representing 71% gross margin, compared to $107 million, or 71% gross margin in the third quarter of fiscal year 2025.
Non-GAAP gross profit was $144 million, representing 74% non-GAAP gross margin, compared to $108 million, or 72% non-GAAP gross margin in the third quarter of fiscal year 2025.

GAAP 毛利润达到 1.38 亿美元，毛利率为 71%，相比 2025 财年第三季度的 1.07 亿美元，毛利率为 71%。
非 GAAP 毛利润为 1.44 亿美元，非 GAAP 毛利率为 74%，相比 2025 财年第三季度的 1.08 亿美元，非 GAAP 毛利率为 72%。

Income (Loss) from Operations

运营收入（损失）

GAAP loss from operations was ($79 million), compared to a loss from operations of ($19 million) in the third quarter of fiscal year 2025; GAAP operating margin was (41%), compared to (13%) in the third quarter of fiscal year 2025.
Non-GAAP income from operations was $25 million, compared to non-GAAP income from operations of $6 million in the third quarter of fiscal year 2025; non-GAAP operating margin was 13%, compared to 4% in the third quarter of fiscal year 2025.

GAAP 运营损失为 7900 万美元，相比 2025 财年第三季度的 1900 万美元运营损失；GAAP 运营利润率为（41%），相比 2025 财年第三季度的（13%）。
非 GAAP 运营收入为 2500 万美元，相比 2025 财年第三季度的 600 万美元非 GAAP 运营收入；非 GAAP 运营利润率为 13%，相比 2025 财年第三季度的 4%。

Net Income (Loss)

净收入（损失）

GAAP net loss was ($225 million), compared to a net loss of ($42 million) in the third quarter of fiscal year 2025.
Non-GAAP net income was $9 million, compared to a non-GAAP net loss of ($14 million) in the third quarter of fiscal year 2025.

GAAP 净损失为 2.25 亿美元，相比 2025 财年第三季度的 4200 万美元净损失。
非 GAAP 净收入为 900 万美元，相比 2025 财年第三季度的 1400 万美元非 GAAP 净损失。

Recent Business Highlights:

近期业务亮点：

Strong enterprise momentum including closing the second largest European deal in company history with a CAC40 company, alongside deals with Frasers Group and Axel Springer.
Forrester released a Total Economic Impact™ study on Navan with some incredible results: 16% saved on travel spend annually, 70% less time spent by employees on travel booking, 5 minutes average travel booking time and 376% ROI with Navan over three years.
Upgraded Ava model including new reasoning for FAQs and general travel knowledge, now deflecting over 54% of all interactions in November 2025.
Continued NDC leadership: Emirates NDC is now live and Qantas NDC has moved to a direct connect while upgrading to the newest standards in the industry.
Launched innovative new guided multi-city flight itinerary shopping flow with better pricing through Navan Fare Choice, mixed provider capabilities, and guideposts for shoppers to select optimal fare combinations.

强劲的企业势头，包括与 CAC40 公司达成公司历史上第二大欧洲交易，以及与 Frasers Group 和 Axel Springer 的交易。
Forrester 发布了 Navan 的总经济影响™研究 ，结果令人惊叹： 每年节省 16% 的旅行支出，员工在旅行预订上花费的时间减少 70%，平均旅行预订时间为 5 分钟，Navan 在三年内的投资回报率为 376%。
升级的 Ava 模型，包括新的常见问题解答和一般旅行知识的推理，现在在 2025 年 11 月中，超过 54% 的所有互动都得到了处理。
持续的 NDC 领导地位： 阿联酋航空的 NDC 现已上线，澳大利亚航空的 NDC 已转为直接连接，同时升级到行业最新标准。
推出创新的新多城市航班行程购物流程，通过 Navan Fare Choice 提供更好的定价，混合提供商能力，以及为购物者选择最佳票价组合的指导。

Chief Financial Officer Transition:

首席财务官过渡：

The company also announced that Amy Butte will depart as Chief Financial Officer, effective January 9, 2026. Ms. Butte will help support a seamless leadership transition and will continue to serve as a strategic advisor to Navan while the Board conducts its search for the company’s next CFO. Anne Giviskos, the current SVP, Strategic Finance and Chief Accounting Officer, will assume the role of Interim CFO.

公司还宣布，艾米·布特将于2026年1月9日离任首席财务官。布特女士将帮助支持顺利的领导过渡，并将在董事会进行公司下一任首席财务官的搜索期间继续担任 Navan 的战略顾问。现任战略财务高级副总裁兼首席会计官安妮·吉维斯科斯将担任临时首席财务官。

“I want to thank Amy for her contributions to Navan during an important chapter in our company’s history. As she did for the New York Stock Exchange, Amy played a critical role in building out our finance organization and readying our company for the public markets. With our listing now complete and momentum underway across the business, it was the right time for her to move on to her next opportunity. We wish her the best,” said Ariel Cohen, co-founder and CEO of Navan.

“我想感谢艾米在我们公司历史的重要阶段对 Navan 的贡献。正如她在纽约证券交易所所做的那样，艾米在建立我们的财务组织和为我们公司进入公开市场做好准备方面发挥了关键作用。随着我们的上市现已完成，业务的势头正在加速，现在是她迈向下一个机会的合适时机。我们祝愿她一切顺利，” Navan 联合创始人兼首席执行官阿里尔·科恩表示。

“I am pleased to have achieved my goals at Navan, including helping to complete Navan’s IPO, and wish the company and its leadership team continued success,” Ms. Butte said.

“我很高兴在 Navan 实现了我的目标，包括帮助完成 Navan 的首次公开募股，并祝愿公司及其领导团队继续成功，” 布特女士表示。

Financial Outlook:

财务展望：

For the fourth quarter of fiscal year 2026 (ending January 31, 2026), Navan currently expects:

对于 2026 财年第四季度（截至2026年1月31日），Navan 目前预计：

Total revenue in the range of $161 - $163 million, representing year-over-year growth of 23% at the midpoint.
Non-GAAP loss from operations in the range of ($15.5) - ($14.5) million and non-GAAP operating margin of (9%) at the midpoint.

总收入在 1.61 亿至 1.63 亿美元之间，按中位数计算，同比增长 23%。
非 GAAP 运营亏损在（1550 万）至（1450 万）之间，非 GAAP 运营利润率在中位数为（9%）。

For the fiscal year 2026 (ending January 31, 2026), Navan currently expects:

对于 2026 财年（截至2026年1月31日），Navan 目前预计：

Total revenue in the range of $685 - $687 million, representing year-over-year growth of 28% at the midpoint.
Non-GAAP income from operations of $21 - $22 million and non-GAAP operating margin of 3% at the midpoint.

总收入在 6.85 亿至 6.87 亿美元之间，按中位数计算，同比增长 28%。
非 GAAP 运营收入在 2100 万至 2200 万之间，非 GAAP 运营利润率在中位数为 3%。

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Navan's results computed in accordance with GAAP.

由于未来可能发生的费用不确定性，非 GAAP 指导措施与相应 GAAP 措施的对账在前瞻性基础上无法在不付出不合理努力的情况下提供，尽管需要注意的是，这些因素可能对 Navan 根据 GAAP 计算的结果具有重要影响。

Earnings Webcast:

收益网络直播：

Navan will host a conference call on Monday December 15, 2025 at 4:30 p.m. Eastern Time (ET) to discuss the company’s third quarter fiscal 2026 financial results and its business outlook. To register for this conference call, please use this dial in registration link or visit Navan's Investor Relations website at investors.navan.com. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. Participants who wish to register for the conference call webcast please use this link.

Navan 将在2025年12月15日星期一东部时间下午 4:30 举行电话会议，讨论公司 2026 财年第三季度财务结果及其业务前景。要注册此次电话会议，请使用此拨入注册链接或访问 Navan 的投资者关系网站，网址为 investors.navan.com。注册后，将发送确认电子邮件，包括拨入详细信息和唯一的入场代码。希望注册电话会议网络直播的参与者请使用此链接。

An archived webcast of this conference call will also be available on Navan's Investor Relations website at investors.navan.com.

此次电话会议的录音网络直播也将在 Navan 的投资者关系网站上提供，网址为 investors.navan.com。

The company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

公司已使用并打算继续使用其网站的投资者关系部分作为披露重要非公开信息的手段，并遵守《FD 法规》下的披露义务。

Non-GAAP Financial Measures:

非 GAAP 财务指标：

Navan has provided in this press release supplemental financial information that has not been prepared in accordance with accounting principles generally accepted in the United States (GAAP), including references to non-GAAP gross profit, non-GAAP gross margin, non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow. Navan uses these non-GAAP financial measures internally in analyzing its financial results and believes that the disclosure of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and because it allows for greater transparency with respect to key measures used by senior management in our financial and operational decision making. These non-GAAP financial measures, which may be different from similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our operating performance and should not be considered substitutes for, or superior to, the financial information prepared and presented in accordance with GAAP.

Navan 在本新闻稿中提供了未按照美国公认会计原则（GAAP）编制的补充财务信息，包括对非 GAAP 毛利润、非 GAAP 毛利率、非 GAAP 运营收入（亏损）、非 GAAP 运营利润率、非 GAAP 净收入（亏损）、非 GAAP 每股净收入（亏损）和自由现金流的引用。Navan 在内部分析其财务结果时使用这些非 GAAP 财务指标，并认为披露这些非 GAAP 财务指标对投资者作为评估持续运营结果和趋势的额外工具是有用的，因为它使得高管在财务和运营决策中使用的关键指标更加透明。这些非 GAAP 财务指标可能与其他公司使用的类似标题的指标不同，旨在增强投资者对我们运营表现的整体理解，不应被视为替代或优于根据 GAAP 编制和呈现的财务信息。

We include these non-GAAP financial measures because they are important measures upon which our management assesses our operating performance and the operating leverage in our business. We believe that these non-GAAP financial measures are useful to investors because they provide useful information about our financial performance, consistency and comparability with past financial performance and may assist in comparisons with other companies in our industry, some of which use similar non-GAAP financial information to supplement their GAAP results.

我们包括这些非 GAAP 财务指标，因为它们是管理层评估我们运营表现和业务运营杠杆的重要指标。我们认为这些非 GAAP 财务指标对投资者有用，因为它们提供了有关我们财务表现、一致性和与过去财务表现的可比性的信息，并可能有助于与我们行业中其他公司进行比较，其中一些公司使用类似的非 GAAP 财务信息来补充其 GAAP 结果。

Non-GAAP financial measures have limitations in their usefulness to investors and should not be considered in isolation or as substitutes for financial information presented under GAAP. Non-GAAP financial measures have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

非 GAAP 财务指标在对投资者的有用性方面存在局限性，不应孤立考虑或作为根据 GAAP 呈现的财务信息的替代品。非 GAAP 财务指标没有 GAAP 规定的标准含义，并且不按照任何全面的会计规则或原则编制。此外，包括我们行业中的其他公司在内的其他公司可能以不同的方式计算类似标题的非 GAAP 财务指标，或可能使用其他指标来评估其表现，这都可能降低我们非 GAAP 财务指标作为比较工具的有用性。

A reconciliation of Navan’s historical non-GAAP financial measures presented in this press release to their most directly comparable GAAP measures has been provided in the financial statement tables included herein, and investors are encouraged to review the reconciliations.

Navan 在本新闻稿中提供的历史非 GAAP 财务指标与其最直接可比的 GAAP 指标的对账已在此处包含的财务报表表格中提供，鼓励投资者查看这些对账。

Non-GAAP Gross Profit and Non-GAAP Gross Margin. Navan defines non-GAAP gross profit as GAAP gross profit, excluding stock-based compensation-related charges and amortization of intangible assets. Navan defines non-GAAP gross margin as non-GAAP gross profit divided by revenue.

非 GAAP 毛利润和非 GAAP 毛利率。 Navan 将非 GAAP 毛利润定义为 GAAP 毛利润，排除与股票薪酬相关的费用和无形资产的摊销。Navan 将非 GAAP 毛利率定义为非 GAAP 毛利润除以收入。

Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin. Navan defines non-GAAP income (loss) from operations as GAAP loss from operations, excluding stock-based compensation-related charges and amortization of intangible assets. Navan defines non-GAAP operating margin as non-GAAP income (loss) from operations divided by revenue.

非 GAAP 运营收入（亏损）和非 GAAP 运营利润率。 Navan 将非 GAAP 运营收入（亏损）定义为 GAAP 运营亏损，排除与股票薪酬相关的费用和无形资产的摊销。Navan 将非 GAAP 运营利润率定义为非 GAAP 运营收入（亏损）除以收入。

Non-GAAP Net Income (Loss). Navan defines non-GAAP net income (loss) as GAAP net loss, excluding stock-based compensation-related charges, amortization of intangible assets, amortization of debt discount and debt issuance costs, loss (gain) on fair value adjustments, SAFE debt issuance costs expensed, and loss on extinguishment of debt, and adjusted to reflect the income tax effects of the non-GAAP adjustments to GAAP loss before income tax expense.

非 GAAP 净收入（亏损）。 Navan 将非 GAAP 净收入（亏损）定义为 GAAP 净亏损，排除与股票薪酬相关的费用、无形资产的摊销、债务折扣和债务发行成本的摊销、公允价值调整的损失（收益）、SAFE 债务发行成本的费用化以及债务的清偿损失，并调整以反映非 GAAP 调整对 GAAP 税前亏损的所得税影响。

Non-GAAP Net Income (Loss) Per Share. Navan defines non-GAAP basic income (loss) per share as non-GAAP net income (loss) divided by weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic. We define non-GAAP diluted income (loss) per share as non-GAAP net income (loss) divided by weighted-average shares outstanding giving effect to the weighted average of all potentially dilutive common stock equivalents outstanding for the period including options to purchase common stock, restricted stock units, and unexercised warrants to purchase common stock. The dilutive effect of outstanding stock awards is reflected in non-GAAP diluted income per share by application of the treasury method.

非公认会计原则每股净收入（亏损）。 Navan 将非公认会计原则基本每股收入（亏损）定义为非公认会计原则净收入（亏损）除以用于计算归属于普通股股东的每股净亏损的加权平均流通股数。我们将非公认会计原则摊薄每股收入（亏损）定义为非公认会计原则净收入（亏损）除以考虑所有潜在摊薄普通股等价物的加权平均流通股数，包括购买普通股的期权、限制性股票单位和未行使的购买普通股的认股权证。未行使股票奖励的摊薄效应通过应用国库法反映在非公认会计原则摊薄每股收入中。

Free Cash Flow. Navan defines free cash flow as GAAP net cash used in operating activities reduced by cash used for investing activities for capitalized software development costs and purchases of property and equipment. We believe that free cash flow is a meaningful indicator of our sources of liquidity and capital requirements that provides information to management and investors in evaluating the cash flow trends of our business.

自由现金流。 Navan 将自由现金流定义为 GAAP 经营活动中使用的净现金减去用于资本化软件开发成本和购买物业及设备的投资活动所用现金。我们认为自由现金流是我们流动性来源和资本需求的一个重要指标，为管理层和投资者提供评估我们业务现金流趋势的信息。

Key Business Metrics:

关键业务指标：

We monitor and review a number of metrics, including the following key business metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that these key business metrics provide meaningful supplemental information in assessing our operating performance.

我们监控和审查多个指标，包括以下关键业务指标，以评估我们的业务、衡量我们的表现、识别影响我们业务的趋势、制定财务预测并做出战略决策。我们认为这些关键业务指标在评估我们的运营表现时提供了有意义的补充信息。

Gross Booking Volume (GBV)

总预订量（GBV）

We define GBV as the total amount paid for valid bookings on our platform, measured on a booked basis and inclusive of total price, taxes, and fees, and adjusted for cancellations and refunds. We generate GBV through hotel, flight, car, and rail bookings, along with usage of our Meetings and Events, VIP, and Bleisure offerings by our customers. We expand GBV by growing our customer base, managing more business travel spend on our platform, and introducing new offerings to address different types of business travel.

我们将 GBV 定义为在我们的平台上有效预订的总支付金额，以预订为基础，包括总价、税费和费用，并调整取消和退款。我们通过酒店、航班、汽车和铁路预订，以及客户使用我们的会议和活动、VIP 和休闲商务服务来生成 GBV。我们通过扩大客户基础、管理更多的差旅支出以及推出新服务来应对不同类型的商务旅行，从而扩大 GBV。

Payment Volume

支付量

We define payment volume as the aggregate dollar amount of spend through Navan issued cards, settled for a given period and net of any chargebacks, cancellations, or refunds. Our payment volume grows as we increase adoption and usage of our Corporate Payments offering, where we support and issue our own cards.

我们将支付量定义为通过 Navan 发放的卡在特定期间内的总支出金额，扣除任何退款、取消或退单。随着我们增加企业支付服务的采用和使用，我们的支付量不断增长，我们支持并发行自己的卡。

Forward-Looking Statements:

前瞻性声明：

This press release and the related conference call contain express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Navan’s anticipated total revenue, non-GAAP income (loss) from operations, and non-GAAP operating margin for the fiscal quarter and year ending January 31, 2026, the size of Navan’s market opportunity, market trends, and the company’s business strategy and plans. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” or similar expressions. Such statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. These include, but are not limited to: Navan’s limited operating history; the growth rate of the markets in which Navan competes; Navan’s ability to effectively manage and sustain its growth; Navan’s ability to compete with existing competitors and new market entrants; Navan’s ability to attract new and retain existing customers, or to renew and expand its relationships with current customers; adverse changes in relationships with third parties on which Navan depends; Navan’s ability to utilize AI successfully in its current and future products; disruptions or other business interruptions that affect the availability of Navan’s platform, including cybersecurity incidents; and general global market, political, economic, and business conditions, including those related to global macroeconomic conditions, actual or perceived instability in the banking sector, supply chain disruptions, a potential recession, inflation, interest rate volatility, and geopolitical uncertainty, including ongoing conflicts around the world. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements contained herein are included in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Navan’s prospectus dated October 29, 2025 filed with the Securities and Exchange Commission (SEC) pursuant to Rule 424(b) of the Securities Act of 1933, as amended, on October 31, 2025, as they may be updated by Navan’s subsequent filings with the SEC. Except as required by law, Navan undertakes no obligation, and does not intend, to update these forward-looking statements.

本新闻稿及相关电话会议包含根据 1995 年《私人证券诉讼改革法》定义的明确和隐含的 “前瞻性声明”，包括但不限于关于 Navan 预期总收入、非公认会计原则运营收入（亏损）和截至2026年1月31日的财务季度和年度的非公认会计原则运营利润率、Navan 的市场机会规模、市场趋势以及公司的商业战略和计划的声明。在某些情况下，您可以通过 “预期”、“相信”、“估计”、“期望”、“打算”、“可能”、“计划”、“项目”、“将” 或类似表达来识别前瞻性声明。这些声明受到风险、不确定性和其他因素的影响，可能导致实际结果与前瞻性声明所表达或暗示的未来结果存在重大差异。这些因素包括但不限于：Navan 的有限运营历史；Navan 竞争市场的增长率；Navan 有效管理和维持其增长的能力；Navan 与现有竞争对手和新市场参与者竞争的能力；Navan 吸引新客户和保留现有客户的能力，或续签和扩大与当前客户的关系；与 Navan 依赖的第三方关系的不利变化；Navan 在当前和未来产品中成功利用人工智能的能力；影响 Navan 平台可用性的中断或其他业务中断，包括网络安全事件；以及全球市场、政治、经济和商业条件的一般情况，包括与全球宏观经济条件、银行业的实际或感知不稳定、供应链中断、潜在衰退、通货膨胀、利率波动和地缘政治不确定性（包括全球范围内的持续冲突）相关的情况。可能导致实际结果与前瞻性声明所设想的结果存在重大差异的其他风险和不确定性已包含在 Navan 于2025年10月29日提交给证券交易委员会（SEC）的招股说明书的 “风险因素” 和 “管理层对财务状况和经营成果的讨论与分析” 部分中，该招股说明书根据 1933 年证券法第 424(b) 条修订版于2025年10月31日提交，可能会通过 Navan 后续向 SEC 提交的文件进行更新。除法律要求外，Navan 不承担任何义务，也不打算更新这些前瞻性声明。

About Navan, Inc.:

关于 Navan, Inc.:

Navan is the leading all-in-one business travel, payments, and expense management solution that makes travel easy for frequent travelers. From finding flights and hotels, to automating expense reconciliation, with 24/7 support along the way, Navan delivers an intuitive experience travelers love and finance teams rely on. See how Navan customers benefit and learn more at navan.com.

Navan 是领先的一体化商务旅行、支付和费用管理解决方案，使频繁旅行者的旅行变得轻松。从寻找航班和酒店，到自动化费用对账，并提供全天候支持，Navan 提供了旅行者喜爱的直观体验和财务团队所依赖的服务。了解 Navan 客户的受益情况并获取更多信息，请访问 navan.com。


NAVAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited)

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
Revenue	$	194,934		$	151,118		$	524,347		$	404,845
Cost of revenue		57,080			44,522			149,663			127,067
Gross profit		137,854			106,596			374,684			277,778
Operating expenses
Research and development		51,195			33,000			115,955			90,784
Sales and marketing		94,949			58,086			225,325			161,616
General and administrative		70,946			34,968			140,791			100,206
Total operating expenses		217,090			126,054			482,071			352,606
Loss from operations		(79,236	)		(19,458	)		(107,387	)		(74,828	)
Interest expense		(15,539	)		(19,658	)		(47,510	)		(57,509	)
Other income (expense), net		(544	)		1,022			6,155			2,975
Loss on extinguishment of debt		(97,450	)		—			(117,978	)		—
Gain (loss) on fair value adjustments		(29,155	)		1,381			(47,041	)		4,401
Loss before income tax expense		(221,924	)		(36,713	)		(313,761	)		(124,961	)
Income tax expense		3,465			5,169			11,508			9,465
Net loss	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
Net loss per share attributable to common stockholders:
Basic and diluted net loss per share	$	(4.58	)	$	(0.92	)	$	(6.94	)	$	(2.97	)

Weighted-average shares outstanding used to compute net loss per share attributable to common stockholders		49,258,348			45,324,084			46,884,867			45,210,172


NAVAN, INC. 及其子公司
简明合并损益表
(单位：千美元，除每股和每股金额外)
(未经审计)

	截至 10 月 31 日的三个月		截至 10 月 31 日的九个月
		2025			2024			2025			2024
收入	$	194,934		$	151,118		$	524,347		$	404,845
收入成本		57,080			44,522			149,663			127,067
毛利润		137,854			106,596			374,684			277,778
营业费用
研发费用		51,195			33,000			115,955			90,784
销售和营销费用		94,949			58,086			225,325			161,616
一般和行政费用		70,946			34,968			140,791			100,206
总营业费用		217,090			126,054			482,071			352,606
营业损失		(79,236	)		(19,458	)		(107,387	)		(74,828	)
利息费用		(15,539	)		(19,658	)		(47,510	)		(57,509	)
其他收入（费用），净额		(544	)		1,022			6,155			2,975
债务清偿损失		(97,450	)		—			(117,978	)		—
公允价值调整损益		(29,155	)		1,381			(47,041	)		4,401
税前损失		(221,924	)		(36,713	)		(313,761	)		(124,961	)
所得税费用		3,465			5,169			11,508			9,465
净损失	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
归属于普通股东的每股净损失：
基本和稀释后每股净损失	$	(4.58	)	$	(0.92	)	$	(6.94	)	$	(2.97	)

用于计算归属于普通股东的每股净损失的加权平均流通股		49,258,348			45,324,084			46,884,867			45,210,172


NAVAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited)

	As of
	October 31, 2025		January 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	809,080		$	157,672
Restricted cash, current		81,469			148,157
Accounts receivable, net		220,038			184,856
Corporate card receivables, net		200,323			157,755
Contract acquisition costs, current		7,389			4,784
Prepaid expenses and other current assets		60,061			35,628
Total current assets		1,378,360			688,852
Restricted cash, non-current		4,705			4,766
Contract acquisition costs, non-current		22,715			16,185
Operating lease right-of-use assets		41,624			48,006
Property, equipment, and software, net		32,735			29,538
Intangible assets, net		54,599			55,633
Goodwill		232,883			219,728
Other non-current assets		25,036			21,246
Total assets	$	1,792,657		$	1,083,954
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$	62,325		$	42,829
Accrued expenses and other current liabilities		194,814			136,798
Notes payable, current		1,329			175,913
Trade loan facility		—			45,000
Operating lease liabilities, current		10,174			11,389
Deferred revenue, current		38,457			34,097
Total current liabilities		307,099			446,026
Operating lease liabilities, non-current		37,476			43,098
Convertible notes		—			182,394
Embedded derivative liability		—			59,820
ABL facility		37,000			—
Warehouse credit facility		168,174			214,238
Notes payable, non-current		130			394
Deferred revenue, non-current		—			813
Other non-current liabilities		23,957			22,949
Total liabilities		573,836			969,732
Redeemable convertible preferred stock		—			1,301,121
Stockholders’ equity (deficit)
Preferred stock		—			—
Class A common stock		2			1
Class B common stock		—			—
Additional paid-in capital		3,177,712			467,835
Accumulated deficit		(1,942,382	)		(1,617,113	)
Accumulated other comprehensive loss		(16,511	)		(37,622	)
Total stockholders’ equity (deficit)		1,218,821			(1,186,899	)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)	$	1,792,657		$	1,083,954


NAVAN, INC. 及其子公司
简明合并资产负债表
(单位：千美元)
(未经审计)

	截至
	2025年10月31日		2025年1月31日
资产
流动资产：
现金及现金等价物	$	809,080		$	157,672
限制性现金（流动）		81,469			148,157
应收账款，净额		220,038			184,856
企业信用卡应收款，净额		200,323			157,755
合同获取成本（流动）		7,389			4,784
预付费用及其他流动资产		60,061			35,628
流动资产总计		1,378,360			688,852
限制性现金（非流动）		4,705			4,766
合同获取成本（非流动）		22,715			16,185
租赁使用权资产		41,624			48,006
财产、设备及软件，净额		32,735			29,538
无形资产，净额		54,599			55,633
商誉		232,883			219,728
其他非流动资产		25,036			21,246
资产总计	$	1,792,657		$	1,083,954
负债、可赎回可转换优先股及股东权益（赤字）
流动负债：
应付账款	$	62,325		$	42,829
应计费用及其他流动负债		194,814			136,798
应付票据（流动）		1,329			175,913
贸易贷款设施		—			45,000
租赁负债（流动）		10,174			11,389
递延收入（流动）		38,457			34,097
流动负债总计		307,099			446,026
租赁负债（非流动）		37,476			43,098
可转换票据		—			182,394
嵌入式衍生负债		—			59,820
ABL 设施		37,000			—
仓库信贷设施		168,174			214,238
应付票据（非流动）		130			394
递延收入（非流动）		—			813
其他非流动负债		23,957			22,949
负债总计		573,836			969,732
可赎回可转换优先股		—			1,301,121
股东权益（赤字）
优先股		—			—
A 类普通股		2			1
B 类普通股		—			—
额外实收资本		3,177,712			467,835
累计赤字		(1,942,382	)		(1,617,113	)
累计其他综合损失		(16,511	)		(37,622	)
股东权益（赤字）总计		1,218,821			(1,186,899	)
负债、可赎回可转换优先股及股东权益（赤字）总计	$	1,792,657		$	1,083,954


NAVAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
Cash flows from operating activities:
Net loss	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation, net of amounts capitalized		99,182			24,574			135,091			59,487
Non-cash interest expense		8,179			11,765			25,813			35,817
Deferred income taxes		47			(165	)		397			(536	)
Depreciation and amortization		5,916			6,005			18,125			18,832
Amortization of contract acquisition costs		1,631			960			4,172			3,676
Provision for doubtful accounts		2,248			1,531			6,633			4,439
Loss (gain) on fair value adjustments		29,155			(1,381	)		47,041			(4,401	)
Debt issuance costs expensed related to SAFEs		—			—			2,913			—
Loss on extinguishment of debt		97,450			—			117,978			—
Other		164			180			(163	)		202
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable		(31,326	)		(25,858	)		(32,844	)		(26,287	)
Prepaid expenses and other current assets		(7,363	)		(3,814	)		(22,290	)		(14,015	)
Contract acquisition costs		(4,060	)		(5,935	)		(13,307	)		(16,648	)
Other non-current assets		(1,655	)		(701	)		(797	)		(689	)
Accounts payable		3,793			10,599			6,726			31,096
Accrued expenses and other current liabilities		17,825			13,346			24,669			(2,461	)
Deferred revenue		(2,325	)		(2,404	)		3,533			1,196
Operating lease right-of-use asset and operating lease liabilities, net		(379	)		(12	)		(475	)		2,491
Other non-current liabilities		812			757			743			759
Net cash used in operating activities		(6,095	)		(12,435	)		(1,311	)		(41,468	)
Cash flows from investing activities:
Capitalized software development costs		(4,865	)		(3,700	)		(13,072	)		(11,567	)
Purchases of property and equipment		(401	)		(200	)		(589	)		(774	)
Proceeds from sale of subsidiary, net of cash sold		—			—			(354	)		—
Decrease (increase) in corporate card receivables		(33,227	)		(19,266	)		(35,533	)		19,126
Cash consideration for business acquisition, net of cash acquired		—			—			—			(3,879	)
Net cash provided by (used in) investing activities		(38,493	)		(23,166	)		(49,548	)		2,906
Cash flows from financing activities:
Proceeds from stock option exercises		17,528			746			23,682			3,023
Proceeds from borrowings of debt		24,965			33,082			215,932			84,800
Proceeds from issuance of SAFEs		—			—			155,000			—
Payments of borrowings of debt		(134,349	)		(6,080	)		(468,124	)		(8,350	)
Payments for debt issuance costs		—			(1,477	)		(10,985	)		(1,512	)
Payments of deferred offering costs		(3,410	)		—			(4,165	)		—
Payment of deferred consideration in business combinations		—			—			—			(275	)
Proceeds from issuance of common stock in IPO, net of underwriting costs		713,302			—			713,302			—
Taxes collected from selling shareholders stock option exercises		14,281			—			14,281			—
Payment of tax withholdings on settlement of RSUs		(8,333	)		—			(8,333	)		—
Proceeds from exercise of warrants		35			—			35			—
Net cash provided by financing activities		624,019			26,271			630,625			77,686
Effect of exchange rate changes on cash, cash equivalents and restricted cash		285			(117	)		4,893			(616	)
Net increase (decrease) in cash, cash equivalents and restricted cash		579,716			(9,447	)		584,659			38,508
Cash, cash equivalents and restricted cash, beginning of period	$	315,538		$	315,337		$	310,595		$	267,382
Cash, cash equivalents and restricted cash, end of period	$	895,254		$	305,890		$	895,254		$	305,890


NAVAN, INC. 及其子公司
简明合并现金流量表
(单位：千美元)
(未经审计)

	截至 10 月 31 日的三个月		截至 10 月 31 日的九个月
		2025			2024			2025			2024
经营活动产生的现金流量：
净亏损	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
调整净亏损以对账经营活动中使用的净现金：
基于股票的补偿，扣除资本化金额		99,182			24,574			135,091			59,487
非现金利息费用		8,179			11,765			25,813			35,817
递延所得税		47			(165	)		397			(536	)
折旧和摊销		5,916			6,005			18,125			18,832
合同获取成本的摊销		1,631			960			4,172			3,676
坏账准备		2,248			1,531			6,633			4,439
公允价值调整损失（收益）		29,155			(1,381	)		47,041			(4,401	)
与 SAFEs 相关的债务发行费用		—			—			2,913			—
债务清偿损失		97,450			—			117,978			—
其他		164			180			(163	)		202
经营资产和负债的变动，扣除业务收购的影响：
应收账款		(31,326	)		(25,858	)		(32,844	)		(26,287	)
预付费用和其他流动资产		(7,363	)		(3,814	)		(22,290	)		(14,015	)
合同获取成本		(4,060	)		(5,935	)		(13,307	)		(16,648	)
其他非流动资产		(1,655	)		(701	)		(797	)		(689	)
应付账款		3,793			10,599			6,726			31,096
应计费用和其他流动负债		17,825			13,346			24,669			(2,461	)
递延收入		(2,325	)		(2,404	)		3,533			1,196
经营租赁使用权资产和经营租赁负债，净额		(379	)		(12	)		(475	)		2,491
其他非流动负债		812			757			743			759
经营活动中使用的净现金		(6,095	)		(12,435	)		(1,311	)		(41,468	)
投资活动产生的现金流量：
资本化软件开发成本		(4,865	)		(3,700	)		(13,072	)		(11,567	)
购置物业和设备		(401	)		(200	)		(589	)		(774	)
出售子公司的收益，扣除出售现金		—			—			(354	)		—
企业卡应收款的减少（增加）		(33,227	)		(19,266	)		(35,533	)		19,126
业务收购的现金对价，扣除获得的现金		—			—			—			(3,879	)
投资活动提供的（使用的）净现金		(38,493	)		(23,166	)		(49,548	)		2,906
融资活动产生的现金流量：
股票期权行使的收益		17,528			746			23,682			3,023
借款的收益		24,965			33,082			215,932			84,800
SAFEs 的发行收益		—			—			155,000			—
借款的偿还		(134,349	)		(6,080	)		(468,124	)		(8,350	)
债务发行费用的支付		—			(1,477	)		(10,985	)		(1,512	)
递延发行费用的支付		(3,410	)		—			(4,165	)		—
业务合并中递延对价的支付		—			—			—			(275	)
IPO 中普通股发行的收益，扣除承销费用		713,302			—			713,302			—
从出售股东股票期权行收取的税款		14,281			—			14,281			—
RSUs 结算的税款扣缴		(8,333	)		—			(8,333	)		—
权证行使的收益		35			—			35			—
融资活动提供的净现金		624,019			26,271			630,625			77,686
汇率变动对现金、现金等价物和受限现金的影响		285			(117	)		4,893			(616	)
现金、现金等价物和受限现金的净增加（减少）		579,716			(9,447	)		584,659			38,508
期初现金、现金等价物和受限现金	$	315,538		$	315,337		$	310,595		$	267,382
期末现金、现金等价物和受限现金	$	895,254		$	305,890		$	895,254		$	305,890


*Non-GAAP Gross Profit and Non-GAAP Gross Margin*

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
	(dollars in thousands)
GAAP gross profit	$	137,854		$	106,596		$	374,684		$	277,778
GAAP gross margin		71	%		71	%		71	%		69	%
Stock-based compensation-related charges		6,632			1,683			8,742			3,525
Amortization of intangible assets		—			64			85			192
Non-GAAP gross profit	$	144,486		$	108,343		$	383,511		$	281,495
Non-GAAP gross margin		74	%		72	%		73	%		70	%


*非公认会计准则毛利润和非公认会计准则毛利率*

	截至 10 月 31 日的三个月		截至 10 月 31 日的九个月
		2025			2024			2025			2024
	（以千美元计）
GAAP 毛利润	$	137,854		$	106,596		$	374,684		$	277,778
GAAP 毛利率		71	%		71	%		71	%		69	%
与股票相关的补偿费用		6,632			1,683			8,742			3,525
无形资产摊销		—			64			85			192
非公认会计准则毛利润	$	144,486		$	108,343		$	383,511		$	281,495
非公认会计准则毛利率		74	%		72	%		73	%		70	%


*Non-GAAP Income (Loss) from Operations* *and Non-GAAP Operating Margin*

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
	(dollars in thousands)
GAAP loss from operations		(79,236	)		(19,458	)		(107,387	)		(74,828	)
GAAP operating margin		(41	)%		(13	)%		(20	)%		(18	)%
Stock-based compensation expense-related charges		103,363			24,576			139,960			59,868
Amortization of intangible assets		1,289			1,348			3,919			3,941
Non-GAAP income (loss) from operations	$	25,416		$	6,466		$	36,492		$	(11,019	)
Non-GAAP operating margin		13	%		4	%		7	%		(3	)%


*非公认会计准则营业收入（亏损）和非公认会计准则营业利润率*

	截至 10 月 31 日的三个月		截至 10 月 31 日的九个月
		2025			2024			2025			2024
	（以千美元计）
GAAP 营业亏损		(79,236	)		(19,458	)		(107,387	)		(74,828	)
GAAP 营业利润率		(41	)%		(13	)%		(20	)%		(18	)%
与股票相关的补偿费用		103,363			24,576			139,960			59,868
无形资产摊销		1,289			1,348			3,919			3,941
非公认会计准则营业收入（亏损）	$	25,416		$	6,466		$	36,492		$	(11,019	)
非公认会计准则营业利润率		13	%		4	%		7	%		(3	)%


**Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per Share**

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
	(in thousands, except share and per share amounts)
GAAP net loss	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
Stock-based compensation expense-related charges		103,363			24,576			139,960			59,868
Amortization of intangible assets		1,289			1,348			3,919			3,941
Amortization of debt discount and debt issuance costs		1,600			2,735			4,584			10,245
Loss (gain) on fair value adjustments		29,155			(1,381	)		47,041			(4,401	)
SAFE debt issuance costs expensed		—			—			2,913			—
Loss on extinguishment of debt		97,450			—			117,978			—
Non-GAAP provision for income taxes		1,731			682			3,298			1,438
Non-GAAP net income (loss)	$	9,199		$	(13,922	)	$	(5,576	)	$	(63,335	)
GAAP net loss per share attributable to common stockholders, basic and diluted	$	(4.58	)	$	(0.92	)	$	(6.94	)	$	(2.97	)
Weighted-average shares outstanding used to compute GAAP net loss per share attributable to common stockholders, basic and diluted		49,258,348			45,324,084			46,884,867			45,210,172
Non-GAAP net income (loss) per share attributable to common stockholders, basic	$	0.19			(0.31	)	$	(0.12	)	$	(1.40	)
Weighted-average shares outstanding used to compute non-GAAP net income (loss) per share attributable to common stockholders, basic		49,258,348			45,324,084			46,884,867			45,210,172
Non-GAAP net income (loss) per share attributable to common stockholders, diluted	$	0.14		$	(0.31	)	$	(0.12	)	$	(1.40	)
Weighted-average shares outstanding used to compute GAAP net loss per share attributable to common stockholders, basic		49,258,348			45,324,084			46,884,867			45,210,172
Add: Effect of potentially dilutive common stock equivalents		18,503,077			—			—			—
Weighted-average shares outstanding used to compute non-GAAP net income (loss) per share attributable to common stockholders, diluted		67,761,425			45,324,084			46,884,867			45,210,172


*非公认会计准则净收入（亏损）和非公认会计准则每股净收入（亏损）*

	截至 10 月 31 日的三个月		截至 10 月 31 日的九个月
		2025			2024			2025			2024
	（以千计，除每股和每股金额外）
GAAP 净亏损	$	(225,389	)	$	(41,882	)	$	(325,269	)	$	(134,426	)
与股票相关的补偿费用		103,363			24,576			139,960			59,868
无形资产摊销		1,289			1,348			3,919			3,941
债务折扣和债务发行成本摊销		1,600			2,735			4,584			10,245
公允价值调整损失（收益）		29,155			(1,381	)		47,041			(4,401	)
SAFE 债务发行成本费用		—			—			2,913			—
债务清偿损失		97,450			—			117,978			—
非公认会计准则所得税准备金		1,731			682			3,298			1,438
非公认会计准则净收入（亏损）	$	9,199		$	(13,922	)	$	(5,576	)	$	(63,335	)
GAAP 每股净亏损（归属于普通股东，基本和稀释）	$	(4.58	)	$	(0.92	)	$	(6.94	)	$	(2.97	)
计算 GAAP 每股净亏损（归属于普通股东，基本和稀释）所用的加权平均流通股		49,258,348			45,324,084			46,884,867			45,210,172
非公认会计准则每股净收入（亏损）归属于普通股东，基本	$	0.19			(0.31	)	$	(0.12	)	$	(1.40	)
计算非公认会计准则每股净收入（亏损）所用的加权平均流通股，基本		49,258,348			45,324,084			46,884,867			45,210,172
非公认会计准则每股净收入（亏损）归属于普通股东，稀释	$	0.14		$	(0.31	)	$	(0.12	)	$	(1.40	)
计算 GAAP 每股净亏损（归属于普通股东，基本）所用的加权平均流通股		49,258,348			45,324,084			46,884,867			45,210,172
加：潜在稀释普通股等价物的影响		18,503,077			—			—			—
计算非公认会计准则每股净收入（亏损）所用的加权平均流通股，稀释		67,761,425			45,324,084			46,884,867			45,210,172


*Free Cash Flow*

	Three Months Ended October 31,		Nine Months Ended October 31,
		2025			2024			2025			2024
	(in thousands)
Net cash used in operating activities	$	(6,095	)	$	(12,435	)	$	(1,311	)	$	(41,468	)
Less: Capitalized software development costs		(4,865	)		(3,700	)		(13,072	)		(11,567	)
Less: Purchases of property and equipment		(401	)		(200	)		(589	)		(774	)
Free cash flow	$	(11,361	)	$	(16,335	)	$	(14,972	)	$	(53,809	)


*自由现金流*

	截至 10 月 31 日的三个月		截至 10 月 31 日的九个月
		2025			2024			2025			2024
	（以千计）
经营活动中使用的净现金	$	(6,095	)	$	(12,435	)	$	(1,311	)	$	(41,468	)
减：资本化的软件开发成本		(4,865	)		(3,700	)		(13,072	)		(11,567	)
减：购置物业和设备		(401	)		(200	)		(589	)		(774	)
自由现金流	$	(11,361	)	$	(16,335	)	$	(14,972	)	$	(53,809	)

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