Fair Value Measurements

6 Months Ended

Oct. 31, 2023

The Company’s financial instruments consist primarily of cash equivalents, restricted cash, available-for-sale marketable securities, accounts receivable, and accounts payable. Cash equivalents and available-for-sale marketable securities are reported at their respective fair values on the condensed consolidated balance sheets. The remaining financial instruments are reported on the condensed 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 October 31, 2023								As of April 30, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	104,258	$	—	$	—	$	104,258	$	75,293	$	—	$	—	$	75,293
U.S. treasury securities	—		1,989		—		1,989		—		—		—		—
Certificates of deposit	—		—		—		—		—		2,000		—		2,000
Commercial paper	—		21,810		—		21,810		—		112,851		—		112,851
Available-for-sale marketable securities:
U.S. treasury securities	—		4,921		—		4,921		—		27,397		—		27,397
Certificates of deposit	—		69,547		—		69,547		—		61,025		—		61,025
U.S. government agencies securities	—		58,564		—		58,564		—		75,674		—		75,674
Yankee bonds	—		2,239		—		2,239		—		—		—		—
Commercial paper	—		228,509		—		228,509		—		184,230		—		184,230
Corporate debt securities	—		249,480		—		249,480		—		179,247		—		179,247
Total cash equivalents and available-for-sale marketable securities	$	104,258	$	637,059	$	—	$	741,317	$	75,293	$	642,424	$	—	$	717,717

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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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