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Cash Equivalents and Marketable Securities
 6 Months Ended
Oct. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Marketable Securities Cash Equivalents and Marketable Securities
The following table summarizes the Company’s cash equivalents and available-for-sale marketable securities (in thousands):
As of October 31, 2023As of April 30, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Cash equivalents:
Money market funds$104,258 $— $— $104,258 $75,293 $— $— $75,293 
U.S. treasury securities1,989 — — 1,989 — — — — 
Certificates of deposit— — — — 2,000 — — 2,000 
Commercial paper21,810 — — 21,810 112,851 — — 112,851 
Available-for-sale marketable securities:
U.S. treasury securities4,921 — — 4,921 27,445 1 (49)27,397 
Certificates of deposit69,547 — — 69,547 61,025 — — 61,025 
U.S. government agencies securities58,655 6 (97)58,564 75,650 111 (87)75,674 
Yankee bonds
2,240 — (1)2,239 — — — — 
Commercial paper228,509 — — 228,509 184,230 — — 184,230 
Corporate debt securities250,163 19 (702)249,480 179,608 115 (476)179,247 
Total cash equivalents and available-for-sale marketable securities$742,092 $25 $(800)$741,317 $718,102 $227 $(612)$717,717 
The Company considers all of its marketable securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities within current assets on the Condensed Consolidated Balance Sheet as of October 31, 2023.
The following table summarizes the Company’s available-for-sale marketable securities by contractual maturity (in thousands):
As of October 31, 2023As of April 30, 2023
Amortized CostFair ValueAmortized CostFair Value
Within one year$554,192 $553,503 $446,629 $446,155 
After one year through five years59,843 59,757 81,329 81,418 
Total$614,035 $613,260 $527,958 $527,573 
The following table summarizes the fair values and unrealized losses of the Company’s available-for-sale marketable securities classified by length of time that the securities have been in a continuous unrealized loss position but were not deemed to be other-than-temporarily impaired, as of October 31, 2023 (in thousands):
As of October 31, 2023
Less Than 12 Months12 Months or GreaterTotal
Unrealized LossesFair ValueUnrealized LossesFair ValueUnrealized LossesFair Value
U.S. treasury securities$— $4,921 $— $— $— $4,921 
U.S. government agencies securities(97)52,548 — — (97)52,548 
Yankee bonds
(1)2,239 — — (1)2,239 
Commercial paper— 2,497 — — — 2,497 
Corporate debt securities(665)212,261 (37)7,913 (702)220,174 
Total$(763)$274,466 $(37)$7,913 $(800)$282,379 
As of October 31, 2023, the Company had 216 marketable securities in an unrealized loss position. As of April 30, 2023, the Company had 119 marketable securities 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 marketable securities until maturity, there were no other-than-temporary impairments for these marketable securities at October 31, 2023.