We invest surplus funds in excess of operational requirements in a diversified portfolio of marketable securities, with the objectives of delivering competitive returns, maintaining a high degree of liquidity, and seeking to avoid the permanent impairment of principal. A summary of our investments in marketable equity and debt securities as of October 31, 2024, is as follows:

Investments - current were as follows (in thousands):

		October 31, 2024		April 30, 2024
Marketable equity securities	$	44,413	$	50,496
U.S. treasury securities		34,396		42,352
Short-term investments	$	78,809	$	92,848

Investments- noncurrent were as follows (in thousands):

		October 31, 2024		April 30, 2024
U.S. treasury securities	$	16,101	$	19,747
Corporate bonds		21,246		26,798
Investments- noncurrent	$	37,347	$	46,545

Marketable securities as of October 31, 2024 and April 30, 2024 consisted of the following (in thousands):

		October 31, 2024
		Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable equity securities
Equity securities	$	45,339	$	2,802	$	(3,728	)	$	44,413
Marketable debt securities
U.S. treasury securities		49,749		748		—			50,497
Corporate bonds		20,584		684		(22	)		21,246
Total marketable debt securities		70,333		1,432		(22	)		71,743
	$	115,672	$	4,234	$	(3,750	)	$	116,156

		April 30, 2024
		Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable equity securities
Equity securities	$	50,645	$	5,656	$	(5,805	)	$	50,496
Marketable debt securities
U.S. treasury securities		61,306		825		(32	)		62,099
Corporate bonds		25,695		1,151		(48	)		26,798
Total marketable debt securities		87,001		1,976		(80	)		88,897
	$	137,646	$	7,632	$	(5,885	)	$	139,393

The amortized costs and fair value of our marketable debt securities, by contractual maturity, as of October 31, 2024 (in thousands) are as follows:

		October 31, 2024
		Amortized Cost		Fair Value
Less than 1 year	$	33,842	$	34,396
1 to 5 years		36,491		37,347
Total	$	70,333	$	71,743

As of October 31, 2024, the fair value of corporate bonds with unrealized loss position was $10.8 million, with an aggregated loss of $22,000. There were no U.S.treasury with unrealized loss position at October 31. 2024.As of April 30, 2024, the fair value of available-for-sale debt securities in unrealized loss position for corporate bonds and U.S. treasury securities were $5.6 million and $25.2 million, respectively, with an aggregated loss of $0.1 million. For all available-for-sale debt securities that were in unrealized loss positions, we have determined that it is more likely than not we will hold the securities until maturity or a recovery of the cost basis. We had no credit-related impairment loss as of October 31, 2024 and April 30, 2024.

Our derivative instruments consisted of call and put options sold at their fair value as of the balance sheet date. These derivative instruments are reported as Other current liabilities on our Condensed Consolidated Balance Sheets as of October 31, 2024 and April 30, 2024 (in thousands):

		October 31, 2024
		Cost		Unrealized Gains			Fair Value
Derivative instruments	$	7,145	$	(3,251	)	$	3,894
	$	7,145	$	(3,251	)	$	3,894

		April 30, 2024
		Cost		Unrealized Gains			Fair Value
Derivative instruments	$	7,935	$	(2,495	)	$	5,440
	$	7,935	$	(2,495	)	$	5,440

A summary of realized and unrealized gains and losses from our equity securities and derivative instruments and realized gains and losses from our marketable debt securities are as follows (in thousands):

	One Month Ended		Three Months Ended						Six Months Ended
	July 31, 2024		October 31, 2024			June 30, 2023			October 31, 2024			June 30, 2023
Net unrealized gains (losses) recognized on marketable equity securities	$	2,839	$	(2,407	)	$	(1,255	)	$	(776	)	$	759
Net realized gains recognized on marketable equity securities		704		834			4,561			3,941			6,230
Net unrealized gains (losses) recognized on derivative instruments		1,128		1,282			(91	)		757			(194	)
Net realized gains recognized on derivative instruments		172		866			1,520			3,462			2,237
Net realized gains recognized on marketable debt securities		1,056		35			217			1,308			217
Total net gains recognized in interest and other income (loss), net	$	5,899	$	610		$	4,952		$	8,692		$	9,249

Our financial instruments include cash and cash equivalents, receivables, accrued liabilities and accounts payable. The fair value of cash and cash equivalents, receivables, accrued liabilities and accounts payable approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1. The fair value of long-term debt approximates its carrying value.

Our financial instruments measured at fair value on a recurring basis consisted of U.S. treasury securities, equity securities, corporate bonds and derivatives. Equity securities are classified within Level 1 of the fair value hierarchy as they are valued based on quoted market price in an active market. U.S. treasury securities, corporate bonds and derivative instruments are valued based on quoted prices in markets that are less active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency are generally classified within Level 2 of the fair value hierarchy.

Financial instruments valued based on unobservable inputs which reflect the reporting entity’s own assumptions or data that market participants would use in valuing an instrument are generally classified within Level 3 of the fair value hierarchy. We did not hold Level 3 financial instruments as of October 31, 2024, and April 30, 2024.

Financial instruments measured at fair value on a recurring basis as of October 31, 2024 and April 30, 2024 are classified based on the valuation technique in the table below (in thousands):

		October 31, 2024
		Fair Value Measurements Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
U.S. treasury securities	$	—	$	50,497	$	—	$	50,497
Equity securities		44,413		—		—		44,413
Corporate bonds		—		21,246		—		21,246
Total assets at fair value	$	44,413	$	71,743	$	—	$	116,156

Liabilities
Derivative instruments	$	—	$	3,894	$	—	$	3,894
Total liabilities at fair value	$	—	$	3,894	$	—	$	3,894

		April 30, 2024
		Fair Value Measurements Using
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
U.S. treasury securities	$	—	$	62,099	$	—	$	62,099
Equity securities		50,496		—		—		50,496
Corporate bonds		8,220		18,578		—		26,798
Total assets at fair value	$	58,716	$	80,677	$	—	$	139,393

Liabilities
Derivative instruments	$	—	$	5,440	$	—	$	5,440
Total liabilities at fair value	$	—	$	5,440	$	—	$	5,440