INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Oct. 31, 2024

INVESTMENTS AND FAIR VALUE MEASUREMENTS

Schedule of current investments

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

Schedule of noncurrent investments

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

Schedule of short-term investments

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

Debt Securities, Available-for-sale

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

Derivatives Not Designated as Hedging Instruments

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

Schedule of realized and unrealized gains and losses from equity securities and derivative instruments and realized gains and losses from marketable debt securities

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

Schedule of financial instruments measured at fair value on recurring basis

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