Investments

3 Months Ended

Jul. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Available-for-Sale Marketable Securities

The following table summarizes the Company’s cash equivalents and available-for-sale marketable securities (in thousands):


	As of July 31, 2021								As of April 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	175,998	$	—	$	—	$	175,998	$	43,401	$	—	$	—	$	43,401
Commercial paper	5,400		—		—		5,400		—		—		—		—
Corporate debt securities	50		—		—		50		—		—		—		—
Available-for-sale marketable securities:
U.S. treasury securities	1,999		—		—		1,999		57,993		5		—		57,998
Certificates of deposit	368,758		110		(3)		368,865		422,952		32		(6)		422,978

Commercial paper	430,103		90		(2)		430,191		494,625		64		(13)		494,676
Corporate debt securities	24,164		—		(8)		24,156		2,369		—		(1)		2,368
Total cash equivalents and available-for-sale marketable securities	$	1,006,472	$	200	$	(13)	$	1,006,659	$	1,021,340	$	101	$	(20)	$	1,021,421

The following table summarizes the Company’s available-for-sale marketable securities by contractual maturity (in thousands):


	As of July 31, 2021				As of April 30, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	825,024	$	825,211	$	977,939	$	978,020
After one year through five years	—		—		—		—
Total	$	825,024	$	825,211	$	977,939	$	978,020

The following table summarizes the fair values and unrealized losses of the Company’s available-for-sale marketable securities classified by length of time that the securities have been in a continuous unrealized loss position but were not deemed to be other-than-temporarily impaired, as of July 31, 2021 (in thousands):


	As of July 31, 2021
	Less Than 12 Months				12 Months or Greater				Total
	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
U.S. treasury securities	$	—	$	—	$	—	$	—	$	—	$	—
Certificates of deposit	(3)		56,653		—		—		(3)		56,653
U.S. government agencies securities	—		—		—		—		—		—
Commercial paper	(2)		45,987		—		—		(2)		45,987
Corporate debt securities	(8)		21,799		—		—		(8)		21,799
Total	$	(13)	$	124,439	$	—	$	—	$	(13)	$	124,439

As of July 31, 2021, the Company had 29 investment positions in an unrealized loss position. As of April 30, 2021, the Company had eight investment positions that were in an unrealized loss position. The Company considers factors such as the duration, the magnitude and the reason for the decline in value, the potential recovery period, creditworthiness of the issuers of the securities and its intent to sell. For marketable securities, it also considers whether (i) it is more likely than not that the

Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by the Company. Based on the Company’s review of these securities, including the assessment of the duration and severity of the unrealized losses and the Company’s ability and intent to hold the investments until maturity, there were no other-than-temporary impairments for these marketable securities at July 31, 2021.