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Financing Agreements (Tables) | 9 Months Ended
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Jan. 25, 2025
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Long-term debt consists of the following:
| January 25, 2025 |  | April 27, 2024
Mortgage | $ | 12,750 |  |  | $ | 13,875 |
Convertible note | 11,128 |  |  | 25,000 |
Long-term debt, gross | 23,878 |  |  | 38,875 |
Debt issuance costs, net | (481) |  |  | (761) |
Change in fair value of convertible note | 19,122 |  |  | 16,550 |
Current portion | (1,500) |  |  | (1,500) |
Long-term debt, net | $ | 41,019 |  |  | $ | 53,164 |
The changes in fair value of the Convertible Note during the nine months ended January 25, 2025 are as follows:
| Liability Component
| (in thousands)
Balance as of April 27, 2024 | $ | 41,550 |
Carrying value of note settled through conversion | (36,797) |
Fair value change recognized | 25,497 |
Balance as of January 25, 2025 | $ | 30,250 |
Fair Value Measurement Inputs and Valuation Techniques | We determined the fair value by using the following key assumptions in the MCS and binomial lattice model as of January 25, 2025 and April 27, 2024, respectively:
| January 25, 2025 |  | April 27, 2024
Risk-Free Rate (Annual) | 4.24 | % |  | 4.78 | %
Yield | 15.79 | % |  | 16.28 | %
Volatility (Annual) | 40.00 | % |  | 40.00 | %
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 | $ | 375 |
2026 | 1,500 |
2027 | 10,875 |
2028 | 11,128 |
2029 | — |
Total debt | $ | 23,878 |

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