Share Incentive Plan (Tables)

12 Months Ended

Apr. 27, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Information Related to Share Option Activity

A summary of information related to share option activity, excluding options early exercised, is as follows:

	Outstanding Share Options (in thousands)	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balances as of April 30, 2021	14,120	$1.57	7.87	$	62.6
Options granted	702
Options exercised and vested	(2,924)
Options canceled/ forfeited	(537)
Balances as of April 30, 2022	11,361	$1.94	7.12	$	103.4
Options exercised and vested	(2,246)	$1.48
Options canceled/ forfeited	(245)	$3.34
Balances as of April 29, 2023	8,870	$2.02	6.22	$	0.1
Options exercised and vested	(2,291)	$1.98
Options canceled/ forfeited	(158)	$4.64
Balances as of April 27, 2024	6,421	$1.97	5.30	$	106.5
Vested or expected to vest as of April 27, 2024	6,421	$1.97	5.30	$	106.5
Exercisable as of April 27, 2024	6,404	$1.97	5.30	$	106.2

Summary of Weighted Average Assumptions used in Black-Scholes Model

The fair values of the employee share options granted in the years presented were estimated using the following weighted-average assumptions:

	Year Ended
	April 30, 2022
Expected volatility	41.29% - 42.31%
Weighted-average expected term (in years)	5.96
Risk-free interest rate	0.69% - 1.23%
Dividend yield	—%
Weighted-average grant date fair value per share	$6.26

The following weighted-average assumptions to calculate the fair value of ordinary shares to be issued under the ESPP on the date of grant using the Black-Scholes option pricing model in the periods presented:

	Year Ended
	April 27, 2024	April 29, 2023	April 30, 2022
Estimated fair value	6.04	4.27	4.56
Expected volatility	56.13%	34.00%	33.00%
Expected term (in years)	1.33	0.93	1.17
Risk-free interest rate	3.40%	1.54%	1.41%
Expected dividend yield	—%	—%	—%

Summary of RSU Activity

A summary of RSU activity is as follows:

	Number of shares (in thousands)	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balances as of 4/30/2022	4,134	$	10.26	1.65	$	45.6
Granted	5,474	$	12.34
Vested	(1,396)	$	10.17
Canceled/ forfeited	(414)	$	10.80
Balances as of 4/29/2023	7,798	$	11.66	1.65	$	63.2
Granted	5,393	$	20.08
Vested	(2,642)	$	11.98
Canceled/ forfeited	(411)	$	11.49
Balances as of 4/27/2024	10,139	$	16.11	1.52	$	188.2
Expected to vest as of April 27, 2024	10,139	$	16.11	1.52	$	188.2

Summary of Share-based Compensation Expense

The following table summarizes share-based compensation cost included in the consolidated statements of operations (in thousands).

	Year Ended
	April 27, 2024		April 29, 2023		April 30, 2022
Cost of revenue	$	1,131	$	634	$	220
Research and development	21,359		13,326		5,021
Selling, general and administrative	16,532		9,556		3,947
	$	39,022	$	23,516	$	9,188