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Fair Value Measurement
 3 Months Ended
Jul. 27, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of July 27, 2024 and April 27, 2024 according to the valuation techniques we used to determine their fair values. There have been no transfers of assets or liabilities among the fair value hierarchies presented.
Fair Value Measurements
Level 1Level 2Level 3Total
Balance as of July 27, 2024
Cash and cash equivalents$96,809 $— $— $96,809 
Restricted cash379 — — 379 
Convertible note— — (63,140)(63,140)
$97,188 $— $(63,140)$34,048 
Balance as of April 27, 2024
Cash and cash equivalents$81,299 $— $— $81,299 
Restricted cash379 — — 379 
Convertible note— — (41,550)(41,550)
$81,678 $— $(41,550)$40,128 

We elected to value the Convertible Note at fair value in accordance with ASC 825-10-15-4(a) because of the embedded derivatives contained in the Convertible Note. The fair value of the Convertible Note was estimated using a binomial lattice model. Binomial lattice allows for the examination of the value to a holder and understanding the investment decision that would occur at each node.

The fair value of the Convertible Note entered into during the first quarter of fiscal 2024 was classified as Level 3 because certain inputs for the valuation were not readily determinable or observable.

There have been no other changes in the valuation techniques used by us to value our financial instruments since the end of fiscal 2024. For additional information, see our Annual Report on Form 10-K for the fiscal year ended April 27, 2024 for the methods and assumptions used to estimate the fair value of each class of financial instrument.