Equity Method Investments	3 Months Ended
Aug. 02, 2025
Equity Method Investments
Equity Method Investments	5. Equity Method Investments Investments in Limited Partnership Funds In July 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. Under the terms of the limited partnership agreement, the Company contributed a total of $10,000,000 during the fiscal years ended April 30, 2021 and 2022, and there were no further contribution commitments to this fund as of April 30, 2022. In March 2022, the Company entered into a limited partnership agreement with a second limited partnership fund also focusing on highly relevant technologies and start-up companies serving defense and industrial markets. Under the terms of the limited partnership agreement, the Company is committed to contributions totaling $20,000,000 over an expected five year period. During the fiscal years ended April 30, 2025 and 2024, the Company made total contributions of $5,674,000 and $3,074,000, respectively. During the three months ended August 2, 2025, the Company made no contributions. Under the terms of the limited partnership agreement, the Company has committed to make additional capital contributions of $5,474,000 to the fund, which are expected to be made over the next two fiscal years. The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have significant influence when it holds more than a minor interest. For the three months ended August 2, 2025 and July 27, 2024, the Company recorded its ownership percentage of the net gain of equity method investments, of $1,787,000 and $65,000, respectively, in equity method investment income, net of $0 tax in the unaudited condensed consolidated statements of operations, respectively. At August 2, 2025 and April 30, 2025, the carrying value of the equity method investments of $32,362,000 and $30,423,000, respectively, was recorded in long-term investments on the unaudited condensed consolidated balance sheet.

Equity Method Investments

3 Months Ended

Aug. 02, 2025

5. Equity Method Investments

Investments in Limited Partnership Funds

In July 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. Under the terms of the limited partnership agreement, the Company contributed a total of $10,000,000 during the fiscal years ended April 30, 2021 and 2022, and there were no further contribution commitments to this fund as of April 30, 2022.

In March 2022, the Company entered into a limited partnership agreement with a second limited partnership fund also focusing on highly relevant technologies and start-up companies serving defense and industrial markets. Under the terms of the limited partnership agreement, the Company is committed to contributions totaling $20,000,000 over an expected five year period. During the fiscal years ended April 30, 2025 and 2024, the Company made total contributions of $5,674,000 and $3,074,000, respectively. During the three months ended August 2, 2025, the Company made no contributions. Under the terms of the limited partnership agreement, the Company has committed to make additional capital contributions of $5,474,000 to the fund, which are expected to be made over the next two fiscal years.

The Company accounts for investments in limited partnerships as equity method investments as the Company is deemed to have significant influence when it holds more than a minor interest. For the three months ended August 2, 2025 and July 27, 2024, the Company recorded its ownership percentage of the net gain of equity method investments, of $1,787,000 and $65,000, respectively, in equity method investment income, net of $0 tax in the unaudited condensed consolidated statements of operations, respectively. At August 2, 2025 and April 30, 2025, the carrying value of the equity method investments of $32,362,000 and $30,423,000, respectively, was recorded in long-term investments on the unaudited condensed consolidated balance sheet.