Marketable Securities

3 Months Ended

Jul. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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 material losses from its investments.

The Company classifies all of its debt securities 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 values of the Company’s investments by type as of July 31, 2022 and April 30, 2022 (in thousands):


	July 31, 2022
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Corporate debt securities	$	89,149	$	15	$	(896	)	$	88,268
Obligations of the U.S. Government and its agencies		16,079		—		(135	)		15,944
Total	$	105,228	$	15	$	(1,031	)	$	104,212


	April 30, 2022
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair 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	$	136,599	$	2	$	(1,131	)	$	135,470

The Company has classified all of its available-for-sale investment securities, including those with maturities beyond one year, as current assets on its condensed consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations.

As of July 31, 2022, unrealized losses related to individual securities that had been in a continuous loss position for 12 months or longer were insignificant.

The following table summarizes the scheduled maturity for the Company’s marketable securities at July 31, 2022 (in thousands):


	July 31, 2022
Maturing in one year or less	$	85,071
Maturing after one year through two years		13,265
Maturing after two years through four years		5,876
Total	$	104,212