v3.26.1
Fair Value Measurements
 3 Months Ended
Jul. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s financial instruments consist primarily of cash equivalents, restricted cash, available-for-sale marketable securities, accounts receivable, and accounts payable. Cash equivalents and available-for-sale marketable securities are reported at their respective fair values on the condensed consolidated balance sheets. The remaining financial instruments are reported on the condensed consolidated balance sheets at amounts that approximate current fair values.
The following table summarizes the types of assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
As of July 31, 2026As of April 30, 2026
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents:
Money market funds$80,478 $— $— $80,478 $52,715 $— $— $52,715 
Commercial paper— 12,401 — 12,401 — — — — 
Corporate debt securities— 1,044 — 1,044 — — — — 
Available-for-sale marketable securities:
U.S. treasury securities— 3,880 — 3,880 — — — — 
Certificates of deposit— 74,665 — 74,665 — 92,112 — 92,112 
U.S. government agencies securities— 80,622 — 80,622 — 69,691 — 69,691 
Commercial paper— 108,768 — 108,768 — 103,824 — 103,824 
Corporate debt securities— 246,699 — 246,699 — 243,625 — 243,625 
Total cash equivalents and available-for-sale marketable securities$80,478 $528,079 $— $608,557 $52,715 $509,252 $— $561,967 
The estimated fair value of securities classified as Level 2 financial instruments was determined based on third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. Inputs used for fair value measurement categorized as Level 2 include benchmark yields, reported trades, broker or dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications.