Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 331

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 331
---
ii) cash balances held at our consolidated VIE, and (iii) cash used as collateral for the letters of credit for lease agreements that have lease terms that extend beyond 12 months from the balance sheet date. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of such amounts in the consolidated statements of cash flows (in thousands):

|                                                                                                                   | As of January 31, |     |          |
|                                                                                                                   |              2025 |     |     2024 |
| Cash and cash equivalents...................................................................................      |          $157,672 |     | $166,421 |
| Restricted cash, current......................................................................................... |           148,157 |     |   95,961 |
| Restricted cash, non-current.................................................................................     |             4,766 |     |    5,000 |
| Total cash and cash equivalents and restricted cash..................................                             |          $310,595 |     | $267,382 |

Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification (“ASC”) 820, Fair Value Measurement , establishes a framework for measuring fair value and requires disclosure about the fair value measurements of assets and liabilities.

F-11 NAVAN, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements

In accordance with ASC 820, we use the fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of the fair value hierarchy are set forth below: Level 1 —Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2— Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs other than quoted prices that are observable either directly or indirectly for the full term of the assets or liabilities. Level 3 —Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities. Our primary financial instruments include cash and cash equivalents, restricted cash, accounts receivable, corporate card receivables, accounts payable, accrued expenses, debt, convertible debt, embedded derivatives and redeemable convertible preferred stock warrants. The estimated fair value of cash and cash equivalents, restricted cash, accounts receivable