Investments

9 Months Ended

Jan. 31, 2022

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 January 31, 2022								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	$	129,753	$	—	$	—	$	129,753	$	43,401	$	—	$	—	$	43,401
Commercial paper	10,998		—		—		10,998		—		—		—		—
Corporate debt securities	1,506		—		—		1,506		—		—		—		—
Available-for-sale marketable securities:
U.S. treasury securities	—		—		—		—		57,993		5		—		57,998
Certificates of deposit	300,377		4		—		300,381		422,952		32		(6)		422,978
U.S. government agencies securities	14,120		—		(105)		14,015		—		—		—		—
Commercial paper	308,205		3		—		308,208		494,625		64		(13)		494,676
Corporate debt securities	196,210		—		(698)		195,512		2,369		—		(1)		2,368
Total cash equivalents and available-for-sale marketable securities	$	961,169	$	7	$	(803)	$	960,373	$	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 January 31, 2022				As of April 30, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	764,589	$	764,104	$	977,939	$	978,020
After one year through five years	54,323		54,012		—		—
Total	$	818,912	$	818,116	$	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 January 31, 2022 (in thousands):


	As of January 31, 2022
	Less Than 12 Months				12 Months or Greater				Total
	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value

Certificates of deposit	$	—	$	12,500	$	—	$	—	$	—	$	12,500
U.S. government agencies securities	—		—		(105)		14,015		(105)		14,015
Commercial paper	—		14,493		—		—		—		14,493
Corporate debt securities	(490)		154,515		(208)		38,297		(698)		192,812
Total	$	(490)	$	181,508	$	(313)	$	52,312	$	(803)	$	233,820

As of January 31, 2022, the Company had 185 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 January 31, 2022.