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Fair Value Measurements
 12 Months Ended
Apr. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial Assets
The following table summarizes assets that are measured at fair value on a recurring basis as of April 30, 2025 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$197,710 $— $— $197,710 
U.S. treasury securities90,642 — — 90,642 
U.S. agency securities— 20,001 — 20,001 
Commercial paper— 9,462 — 9,462 
Certificates of deposit
— 6,020 — 6,020 
Corporate debt securities
— 3,128 — 3,128 
Total included in cash equivalents
288,352 38,611 — 326,963 
Marketable securities:
U.S. treasury securities113,440 — — 113,440 
Corporate debt securities— 390,077 — 390,077 
Certificates of deposit— 63,377 — 63,377 
International treasuries— 40,135 — 40,135 
Municipal securities— 34,966 — 34,966 
Commercial paper— 17,739 — 17,739 
U.S. agency securities
— 9,983 — 9,983 
Total marketable securities113,440 556,277 — 669,717 
Mutual fund investments (1)
2,646 — — 2,646 
Total financial assets$404,438 $594,888 $— $999,326 
(1) Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of other assets in the Company’s consolidated balance sheets.
The following table summarizes assets that are measured at fair value on a recurring basis as of April 30, 2024 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$180,248 $— $— $180,248 
U.S. treasury securities
35,407 — — 35,407 
Corporate debt securities
— 699 — 699 
Total included in cash equivalents
215,655 699 — 216,354 
Marketable securities:
U.S. treasury securities112,471 — — 112,471 
Corporate debt securities— 269,168 — 269,168 
Commercial paper— 43,051 — 43,051 
Certificates of deposit— 42,972 — 42,972 
U.S. agency securities
— 35,892 — 35,892 
Municipal securities
— 27,806 — 27,806 
International treasuries
— 12,642 — 12,642 
Total marketable securities112,471 431,531 — 544,002 
Mutual fund investments (1)
461 — — 461 
Total financial assets$328,587 $432,230 $— $760,817 
(1) Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of other assets in the Company’s consolidated balance sheets.
Interest income from the Company’s cash, cash equivalents, and marketable securities was $48.3 million, $28.1 million, and $17.7 million for the years ended April 30, 2025, 2024, and 2023, respectively, and is included in other income, net in the consolidated statements of operations.
As of April 30, 2025 and April 30, 2024, gross unrealized gains and losses on the marketable securities were insignificant. The fluctuations in market interest rates impacted the unrealized losses or gains on these securities.
The fair value of available-for-sale securities, by remaining contractual maturity, are as follows (in thousands):
As of April 30,
20252024
Due within 1 year$368,374 $298,876 
Due between 1 year and 3 years299,522 245,126 
Due between 3 years and 5 years1,821 — 
Total marketable securities$669,717 $544,002 
Financial Liabilities
In July 2021, the Company issued $575.0 million aggregate principal amount of 4.125% Senior Notes due July 15, 2029 (the “Senior Notes”) in a private placement. Based on the trading prices of the Senior Notes, the fair value of the Senior Notes as of April 30, 2025 was approximately $543.3 million. While the Senior Notes are recorded at cost, the fair value of the Senior Notes was determined based on quoted prices in markets that are not active; accordingly, the Senior Notes are categorized as Level 2 for purposes of the fair value measurement hierarchy.