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 consolidated balance sheets. The remaining financial instruments are reported on the 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 April 30, 2026As of April 30, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents:
Money market funds$52,715 $— $— $52,715 $87,872 $— $— $87,872 
Commercial paper— — — — — 29,122 — 29,122 
Corporate debt securities— — — — — 1,015 — 1,015 
Available-for-sale marketable securities:
U.S. treasury securities— — — — — 15,482 — 15,482 
Certificates of deposit— 92,112 — 92,112 — 76,518 — 76,518 
U.S. government agencies securities— 69,691 — 69,691 — 57,138 — 57,138 
Commercial paper— 103,824 — 103,824 — 113,787 — 113,787 
Corporate debt securities— 243,625 — 243,625 — 315,405 — 315,405 
Total cash equivalents and available-for-sale marketable securities$52,715 $509,252 $— $561,967 $87,872 $608,467 $— $696,339 
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.
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Historical Timeline

Fiscal YearFiled
2026Jun 24, 2026Showing above
2025Jun 23, 2025
2024Jun 18, 2024
2023Jun 22, 2023
2022Jun 23, 2022
2021Jun 25, 2021

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.