v3.26.1
Fair Value Measurements
 3 Months Ended
Jul. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial Assets
The Company measures financial assets and liabilities that are measured at fair value on a recurring basis at each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company considers all highly liquid investments, including money market funds with an original maturity of three months or less at the date of purchase, to be cash equivalents.
The Company’s marketable securities are classified as available for sale and considered to be available for use in current operations and, therefore, the Company classifies them within current assets on the condensed consolidated balance sheets.
The Company uses quoted prices in active markets for identical assets to determine the fair value of its Level 1 investments. For Level 2 investments, the Company uses inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded.
The following table summarizes assets that are measured at fair value on a recurring basis as of July 31, 2026 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$585,752 $— $— $585,752 
U.S. treasury securities8,499 — — 8,499 
U.S. agency securities— 8,396 — 8,396 
Certificates of deposit
— 8,331 — 8,331 
Total included in cash equivalents
594,251 16,727 — 610,978 
Marketable securities:
U.S. treasury securities94,503 — — 94,503 
Corporate debt securities— 328,865 — 328,865 
Certificates of deposit— 55,286 — 55,286 
Municipal securities— 39,612 — 39,612 
International treasuries— 39,278 — 39,278 
U.S. agency securities
— 22,710 — 22,710 
Commercial paper— 919 — 919 
Total marketable securities94,503 486,670 — 581,173 
Mutual fund investments (1)
6,200 — — 6,200 
Total financial assets$694,954 $503,397 $— $1,198,351 
(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 condensed consolidated balance sheets.
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 condensed consolidated balance sheets.
Interest income from the Company’s cash, cash equivalents, and marketable securities was $12.0 million and $15.1 million for the three months ended July 31, 2026 and 2025, respectively, and is included in other income, net in the condensed consolidated statements of operations.
As of July 31, 2026 and April 30, 2026, 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
July 31, 2026		As of
April 30, 2026
Due within 1 year$287,174 $304,833 
Due between 1 year and 3 years290,497 296,704 
Due between 3 years and 5 years3,502 — 
Total marketable securities$581,173 $601,537 
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 July 31, 2026 was approximately $548.4 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.