Investments

12 Months Ended

Apr. 30, 2022

Investments

Investments

3.           Investments

Investments consist of the following:

	April 30,
	2022		2021
Short-term investments:
Available-for-sale securities:
Municipal securities		19,725		22,245
U.S. government securities		4,991		4,009
Corporate bonds		—		5,717
Total short-term investments	$	24,716	$	31,971
Long-term investments:
Available-for-sale securities:
Municipal securities		—		988
U.S. government securities		—		4,000
Total long-term available-for-sale investments		—		4,988
Equity method investments
Investment in limited partnership fund		15,433		7,168
Total equity method investments		15,433		7,168
Total long-term investments	$	15,433	$	12,156

Available-For-Sale Securities

As of April 30, 2022 and 2021, the balance of available-for-sale securities consisted of state and local government municipal securities, U.S. government securities, U.S. government agency securities, and investment grade corporate bonds. Interest earned from these investments is recorded in interest (expense) income. Realized gains on sales of these investments on the basis of specific identification is recorded in interest (expense) income.

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 April 30, (in thousands):

	April 30, 2022								April 30, 2021
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Municipal securities	$	19,756	$	—	$	(31)	$	19,725	$	23,227	$	8	$	(2)	$	23,233
U.S. government securities		4,995		—		(4)		4,991		8,008		1		—		8,009
Corporate bonds		—		—		—		—		5,718		—		(1)		5,717
Total available-for-sale investments	$	24,751	$	—	$	(35)	$	24,716	$	36,953	$	9	$	(3)	$	36,959

The amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity at April 30, 2022, are as follows:

	Cost		Fair Value
Due within one year	$	24,751	$	24,716
Due after one year through five years		—		—
Total	$	24,751	$	24,716