Investments

3 Months Ended

Jul. 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 July 31, 2022								As of April 30, 2022
	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	$	112,208	$	—	$	—	$	112,208	$	107,726	$	—	$	—	$	107,726
Certificates of deposit	5,000						5,000		3,000		—		—		3,000
Commercial paper	61,756		—		—		61,756		142,511		—		—		142,511
Corporate debt securities	1,779		—		—		1,779		8,889		—		(5)		8,884
Available-for-sale marketable securities:
U.S. treasury securities	12,795		—		(6)		12,789		12,764		—		(1)		12,763
Certificates of deposit	95,054		—		—		95,054		97,205		—		—		97,205
U.S. government agencies securities	22,307		—		(298)		22,009		14,113		—		(223)		13,890
Commercial paper	280,168		—		—		280,168		241,134		—		(2)		241,132
Corporate debt securities	308,306		5		(2,049)		306,262		289,646		20		(1,937)		287,729
Total cash equivalents and available-for-sale marketable securities	$	899,373	$	5	$	(2,353)	$	897,025	$	916,988	$	20	$	(2,168)	$	914,840

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


	As of July 31, 2022				As of April 30, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	687,642	$	685,397	$	622,517	$	620,633
After one year through five years	30,988		30,885		32,345		32,086
Total	$	718,630	$	716,282	$	654,862	$	652,719

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, 2022 (in thousands):


	As of July 31, 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	$	(6)	$	12,789	$	—	$	—	$	(6)	$	12,789

U.S. government agencies securities	(273)		18,443		(25)		3,566		(298)		22,009
Commercial paper	—		3,000		—		—		—		3,000
Corporate debt securities	(1,968)		276,734		(81)		16,605		(2,049)		293,339
Total	$	(2,247)	$	310,966	$	(106)	$	20,171	$	(2,353)	$	331,137

As of July 31, 2022, the Company had 296 investment positions in an unrealized loss position. As of April 30, 2022, the Company had 284 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, 2022.