
	As of
	April 30, 2026		January 31, 2026
Capitalized software	$	51,634	$	46,126
Computers and equipment	7,210		6,868
Fixtures and fittings	3,089		2,976
Leasehold improvements	2,771		2,691
Construction in progress(1)	3,476		6,798
Property, equipment and software, gross	68,180		65,459
Less: accumulated depreciation	(32,042)		(30,431)
Property, equipment and software, net	$	36,138	$	35,028

(1)Construction in progress consists of leasehold improvements and capitalized software development costs that have not been placed into service.

For the three months ended April 30, 2026 and 2025, depreciation and amortization expense related to property, equipment and software was $5.0 million and $4.6 million, respectively. Included in these amounts was amortization expense for capitalized internal-use software costs of approximately $4.3 million and $3.6 million, respectively, for the three months ended April 30, 2026 and 2025.

No impairment losses of long-lived assets, including property, equipment and software, and operating lease right-of-use (“ROU”) assets, were recognized during the three months ended April 30, 2026 and 2025.

The following table presents long-lived assets, which includes property, equipment and software, net of depreciation and amortization, and operating lease ROU assets, by geographic region (in thousands):


	As of
	April 30, 2026		January 31, 2026
United States	$	59,841	$	59,470
United Kingdom	7,814		9,151
All other countries(1)	10,460		9,837
Total long-lived assets, net	$	78,115	$	78,458

________________

(1)No individual country within All other countries comprises more than 10% of Total long-lived assets, net.

Accrued expenses and other current liabilities consisted of the following (in thousands):


	As of
	April 30, 2026		January 31, 2026
Accrued compensation and employee benefits	$	48,244	$	45,119


Accrued expenses	29,805		25,842

Amounts due to travel suppliers(1)	58,120		77,290
Reward liability(2)	13,193		12,337
Customer deposits and collateral	25,813		26,357

Indirect tax payable	7,490		6,404

Accrued interest	752		781
Other	1,882		3,123
Total accrued expenses and other current liabilities	$	185,299	$	197,253

(1)This balance represents the timing difference of when the Company charges customers for certain travel booking transactions, and when the balance is remitted to travel suppliers or needs to be refunded.

(2)This balance represents both (i) Navan-funded rewards, which includes the value of earned rewards we expect to be redeemed by users prior to expiration, and (ii) customer funded rewards, which are payments made by our platform customers to fund future redemptions by their employees.


	Three Months Ended April 30,
	2026		2025
Foreign currency exchange gains (losses), net	$	(3,807)	$	7,921

Interest income	4,629		1,111
SAFE issuance costs expensed	—		(2,913)
Other, net	405		$	—
Total other income, net	$	1,227	$	6,119