Fair Value Measurements

6 Months Ended

Nov. 01, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair value is an exit price representing the amount that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1 - Observable inputs that reflect quoted prices for identical assets or liabilities in active markets.

Level 2 - Other inputs that are directly or indirectly observable in the marketplace.

Level 3 - Unobservable inputs that are supported by little or no market activity.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The Company measures the fair value of money market funds using Level 1 inputs. The Company’s certificates of deposit are classified as held-to-maturity securities as the Company intends to hold until their maturity dates. The certificates of deposit are valued using Level 2 inputs. Pricing sources may include industry standard data providers, security master files from large financial institutions, and other third-party sources used to determine a daily market value.

The following tables present the fair value of the financial instruments measured on a recurring basis, or measured at amortized cost which approximates fair value, as of November 1, 2025 and May 3, 2025 (in thousands).

	November 1, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	483,957	$	—	$	—	$	483,957
Certificates of deposit	—		64,249		—		64,249
Short-term investments:
Certificates of deposit	—		246,000		—		246,000
Total cash equivalents and short-term investments	$	483,957	$	310,249	$	—	$	794,206

	May 3, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	148,036	$	—	$	—	$	148,036
Certificates of deposit	—		65,137		—		65,137
Short-term investments:
Certificates of deposit	—		195,010		—		195,010
Total cash equivalents and short-term investments	$	148,036	$	260,147	$	—	$	408,183

The carrying amount of the Company’s financial instruments, including cash equivalents, short-term investments, accounts receivable and accounts payable, approximate their respective fair values because of their short maturities. As of November 1, 2025 and May 3, 2025, there were no unrealized losses or gains associated with the Company’s financial instruments.