Fair Value Measurements

12 Months Ended

Apr. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsThe Company’s financial instruments consist primarily of cash equivalents, restricted cash, available-for-sale marketable securities, accounts receivable, non-marketable equity securities, and accounts payable. Cash and cash equivalents and available-for-sale marketable securities are reported at their respective fair values on the consolidated balance sheets. Non-marketable equity securities are reported at cost less impairment. The remaining financial instruments are reported on the consolidated balance sheets at amounts that approximate current fair values.

The following table summarizes the types of assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	As of April 30, 2021								As of April 30, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	43,401	$	—	$	—	$	43,401	$	10,260	$	—	$	—	$	10,260
Available-for-sale marketable securities:
U.S. treasury securities	—		57,998		—		57,998		—		11,500		—		11,500
Certificates of deposit	—		422,978		—		422,978		—		28,477		—		28,477
U.S. government agencies securities	—		—		—		—		—		10,074		—		10,074
Commercial paper	—		494,676		—		494,676		—		94,397		—		94,397
Corporate debt securities	—		2,368		—		2,368		—		68,425		—		68,425
Total cash equivalents and available-for-sale marketable securities	$	43,401	$	978,020	$	—	$	1,021,421	$	10,260	$	212,873	$	—	$	223,133

The estimated fair value of securities classified as Level 2 financial instruments was determined based on third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. Inputs used for fair value measurement categorized as Level 2 include benchmark yields, reported trades, broker or dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications.