Marketable Securities

12 Months Ended

Apr. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Note 3. Marketable Securities

The objectives of the Company’s investment policy are to ensure the safety and preservation of invested funds, as well as to maintain liquidity sufficient to meet cash flow requirements. The Company invests its excess cash in securities issued by financial institutions, commercial companies, and government agencies that management believes to be of high credit quality in order to limit the amount of its credit exposure. The Company has not realized any significant losses from its investments.

The Company classifies all of its investments as available-for-sale. Unrealized gains and losses on investments are recognized in accumulated comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are included in other income in the consolidated statements of operations and comprehensive loss and are determined using the specific identification method with transactions recorded on a trade date basis.

The following tables summarize the fair value of the Company’s investments by type as of April 30, 2022 and 2021:

	April 30, 2022
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Corporate debt securities	$	112,997	$	2	$	(994	)	$	112,005
Obligations of the U.S. Government and its agencies		23,602		—		(137	)		23,465
Total investments	$	136,599	$	2	$	(1,131	)	$	135,470

	April 30, 2021
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Corporate debt securities	$	158,063	$	55	$	(245	)	$	157,873
Obligations of the U.S. Government and its agencies		40,473		7		(16	)		40,464
Total investments	$	198,536	$	62	$	(261	)	$	198,337

The following table summarizes the Company’s investments with unrealized losses, aggregated by investment type and the length of time that individual investments have been in a continuous unrealized loss position:

	April 30, 2022
	Less than 12 Months					Greater than 12 Months					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate debt securities	$	98,997	$	(895	)	$	13,008	$	(99	)	$	112,005	$	(994	)
Obligations of the U.S. Government and its agencies		23,465		(137	)		—		—			23,465		(137	)
Total investments	$	122,462	$	(1,032	)	$	13,008	$	(99	)	$	135,470	$	(1,131	)

The unrealized losses of the Company’s available-for-sale securities above were a result of market interest rate increases. The Company’s portfolio is structured to allow its short-term debt securities to mature, if needed, to avoid any material losses related to the rise in interest rates. As of April 30, 2022, if the securities are held to maturity, the change in fair value to be recognized as other comprehensive income (loss) is calculated as immaterial.

The following table summarizes the scheduled maturity for the Company’s investments at April 30, 2022:

	April 30,
	2022
Maturing in one year or less	$	101,664
Maturing after one year through two years		22,562
Maturing after two years through six years		11,244
Total investments	$	135,470