Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 335

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 335
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 | 2024 |          |
| Convertible notes.........................................................................      | Level 3             |      |          $359,200 |      | $314,400 |
| Warehouse credit facility............................................................           | Level 3             |      |          $210,995 |      | $200,238 |
| Trade loan facility.........................................................................    | Level 3             |      |           $45,000 |      |        — |
| 2022 promissory note.................................................................           | Level 3             |      |          $179,932 |      | $161,518 |
| Other debt..................................................................................... | Level 3             |      |              $933 |      |   $3,376 |

F-23 NAVAN, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements

NOTE 4 – BALANCE SHEET COMPONENTS Property, Equipment and Software, Net Property, equipment and software, net consisted of the following (in thousands):

|                                                                                                                        | As of January 31, |     |         |
|                                                                                                                        |              2025 |     |    2024 |
| Capitalized software...............................................................................................    |           $42,317 |     | $44,650 |
| Computers and equipment....................................................................................            |             7,349 |     |   6,738 |
| Fixtures and fittings................................................................................................. |             3,561 |     |   4,252 |
| Leasehold improvements.......................................................................................          |             2,779 |     |   2,422 |
| Construction in progress(1).....................................................................................       |             2,960 |     |   2,780 |
| Property, equipment and software, gross......................................................                          |            58,966 |     |  60,842 |
| Less: accumulated depreciation...........................................................................              |           -29,428 |     | -29,659 |
| Property, equipment and software, net...........................................................                       |           $29,538 |     | $31,183 |

________________ (1) Construction in progress consists of leasehold improvements and capitalized software development costs that have not been placed into service. For the years ended January 31, 2025 and 2024, depreciation and amortization expense related to property, equipment and software was $19.7 million and $20.5 million , respectively. Included in these amounts was amortization expense for capitalized internal-use software costs of approximately $14