v3.26.1
Fair Value Measurements
 12 Months Ended
Apr. 30, 2026
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, 2026 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$505,672 $— $— $505,672 
Corporate debt securities
— 3,002 — 3,002 
Municipal securities— 2,011 — 2,011 
Total included in cash equivalents
505,672 5,013 — 510,685 
Marketable securities:
U.S. treasury securities108,761 — — 108,761 
Corporate debt securities— 316,523 — 316,523 
Certificates of deposit— 62,611 — 62,611 
International treasuries— 42,558 — 42,558 
Municipal securities— 41,679 — 41,679 
U.S. agency securities
— 22,699 — 22,699 
Commercial paper— 6,706 — 6,706 
Total marketable securities108,761 492,776 — 601,537 
Mutual fund investments (1)
5,140 — — 5,140 
Total financial assets$619,573 $497,789 $— $1,117,362 
(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, non-current on 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, 2025 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$197,710 $— $— $197,710 
U.S. treasury securities
90,642 — — 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, non-current on the Company’s consolidated balance sheets.
Interest income from the Company’s cash, cash equivalents, and marketable securities was $51.8 million, $48.3 million, and $28.1 million for the years ended April 30, 2026, 2025, and 2024, respectively, and is included in other income, net in the consolidated statements of operations.
As of April 30, 2026 and 2025, gross unrealized gains and losses on the marketable securities were not significant. 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,
20262025
Due within 1 year$304,833 $368,374 
Due between 1 year and 3 years296,704 299,522 
Due between 3 years and 5 years— 1,821 
Total marketable securities$601,537 $669,717 
Financial Liabilities
In July 2021, the Company issued $575.0 million aggregate principal amount of 4.125% Senior Notes due July 15, 2029 in a private placement. Based on the trading prices of the Senior Notes, the fair value of the Senior Notes as of April 30, 2026 was approximately $545.9 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.