Fair Value Measurements

9 Months Ended

Jan. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

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 January 31, 2025								As of April 30, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	77,902	$	—	$	—	$	77,902	$	82,564	$	—	$	—	$	82,564
Commercial paper	—		6,971		—		6,971		—		18,769		—		18,769
U.S. treasury securities	—		—		—		—		—		5,888		—		5,888
Certificates of deposit	—		3,960		—		3,960		—		—		—		—
Available-for-sale marketable securities:
U.S. treasury securities	—		14,395		—		14,395		—		2,497		—		2,497
Certificates of deposit	—		84,645		—		84,645		—		62,017		—		62,017
U.S. government agencies securities	—		60,457		—		60,457		—		46,428		—		46,428
Commercial paper	—		108,045		—		108,045		—		162,183		—		162,183
Corporate debt securities	—		331,691		—		331,691		—		310,095		—		310,095
Total cash equivalents and available-for-sale marketable securities	$	77,902	$	610,164	$	—	$	688,066	$	82,564	$	607,877	$	—	$	690,441

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.