Investments

12 Months Ended

Apr. 30, 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 April 30, 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	$	107,726	$	—	$	—	$	107,726	$	43,401	$	—	$	—	$	43,401
Commercial paper	142,511		—		—		142,511		—		—		—		—
Corporate debt securities	8,889		—		(5)		8,884		—		—		—		—
Certificates of deposit	3,000		—		—		3,000		—		—		—		—
Available-for-sale marketable securities:
U.S. treasury securities	12,764		—		(1)		12,763		57,993		5		—		57,998
Certificates of deposit	97,205		—		—		97,205		422,952		32		(6)		422,978
U.S. government agencies securities	14,113		—		(223)		13,890		—		—		—		—
Commercial paper	241,134		—		(2)		241,132		494,625		64		(13)		494,676
Corporate debt securities	289,646		20		(1,937)		287,729		2,369		—		(1)		2,368
Total cash equivalents and available-for-sale marketable securities	$	916,988	$	20	$	(2,168)	$	914,840	$	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 April 30, 2022				As of April 30, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	622,517	$	620,633	$	977,939	$	978,020
After one year through five years	32,345		32,086		—		—
Total	$	654,862	$	652,719	$	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 April 30, 2022 (in thousands):


	As of April 30, 2022
	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	$	(1)	$	12,763	$	—	$	—	$	(1)	$	12,763
Certificates of deposit	—		—		—		—		—		—
U.S. government agencies securities	(223)		13,897		—		—		(223)		13,897
Commercial paper	(2)		2,996		—		—		(2)		2,996
Corporate debt securities	(1,678)		248,176		(259)		31,194		(1,937)		279,370
Total	$	(1,904)	$	277,832	$	(259)	$	31,194	$	(2,163)	$	309,026

As of April 30, 2022, the Company had 284 investment positions that were in an unrealized loss position. As of April 30, 2021, the Company had 8 investment positions in an unrealized loss position. No investments were other-than-temporary impaired as of April 30, 2022, 2021 or 2020. 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 April 30, 2022.

Non-Marketable Equity Securities

As of April 30, 2022 and 2021, the Company had no non-marketable equity securities. As of April 30, 2020, non-marketable equity securities carried at cost of $0.7 million were recorded in long-term investments. The Company recognized an impairment on the non-marketable equity securities of $1.0 million, included in other income (expense), net, on the consolidated statements of operations, during the fiscal year ended April 30, 2020. In November 2020, the Company sold its non-marketable equity security for $0.7 million.