Investments (Tables)

9 Months Ended

Jan. 31, 2026

Investments

Schedule of investments

Investments consist of the following (in thousands):

	January 31,		April 30,
	2026		2025
Short-term investments:
Available-for-sale securities:
U.S. government securities		175,071		—
Corporate securities		112,252		—
Certificates of deposit		9,936		—
Total short-term investments		297,259		—
Long-term investments:
Available-for-sale securities:
U.S. government securities		14,086		—
Equity securities and warrants		11,650		1,204
Total long-term available-for-sale securities investments		25,736		1,204
Equity method investments
Investments in limited partnership funds		35,923		30,423
Total equity method investments		35,923		30,423
Total long-term investments	$	61,659	$	31,627

Schedule of activity related to the available-for-sale investments recorded in short-term and long-term investments

The following table is a summary of the activity related to the available-for-sale investments recorded in short-term and long-term investments as of January 31, 2026 (in thousands):

	January 31, 2026
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Corporate securities	$	189,156	$	45	$	(7)	$	189,194
U.S. government securities		112,253		25		(37)		112,241
Certificates of deposit		9,936		—		(11)		9,925
Total available-for-sale securities	$	311,345	$	70	$	(55)	$	311,360

Schedule of unrealized gain (loss) recorded

Unrealized gain (loss) recorded (in thousands):

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	January 31, 2026		January 25, 2025		January 31, 2026		January 25, 2025
Net gain (loss) recognized during the period on equity securities	$	(1,405)	$	1,454	$	7,446	$	1,187
Less: Net loss recognized during the period on equity securities sold during the period		—		—		—		—
Unrealized gain (loss) recognized during the period on equity securities still held at the reporting date	$	(1,405)	$	1,454	$	7,446	$	1,187