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Financing Agreements (Tables) | 3 Months Ended
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Jul. 27, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Long-term debt consists of the following:
| July 27, 2024 |  | April 27, 2024
Mortgage | 13,500 |  |  | 13,875 |
Convertible note | 25,000 |  |  | 25,000 |
Long-term debt, gross | 38,500 |  |  | 38,875 |
Debt issuance costs, net | (668) |  |  | (761) |
Change in fair value of convertible note | 38,140 |  |  | 16,550 |
Current portion | (1,500) |  |  | (1,500) |
Long-term debt, net | $ | 74,472 |  |  | $ | 53,164 |
The changes in fair value of the Convertible Note during the three months ended July 27, 2024 are as follows:
| Liability Component
| (in thousands)
Balance as of April 27, 2024 | $ | 41,550 |
Redemption of convertible promissory note | — |
Fair value change recognized | 21,590 |
Balance as of July 27, 2024 | $ | 63,140 |
Fair Value Measurement Inputs and Valuation Techniques | We determined the fair value by using the following key assumptions in the binomial lattice model:
Risk-Free Rate (Annual) | 4.19 | %
Implied Yield | 15.98 | %
Volatility (Annual) | 45.00 | %
Dividend Yield (Annual) | — | %
Schedule of Maturities of Long-Term Debt | Aggregate contractual maturities of debt in future fiscal years are as follows:
Fiscal years ending | Amount
Remainder of 2025 | $ | 1,125 |
2026 | 1,500 |
2027 | 10,875 |
2028 | 25,000 |
2029 | — |
Total debt | $ | 38,500 |

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