Fair Value of Financial Assets and Liabilities

9 Months Ended

Jan. 31, 2014

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following table summarizes the Company’s cash and cash equivalents as of January 31, 2014 and April 30, 2013 (in thousands):

	January 31,		April 30,
	2014		2013
Demand deposit accounts	$	27,879	$	16,522
Money market funds		813		1,314
U.S. Treasury bills		—		7,209
Total cash and cash equivalents	$	28,692	$	25,045

The following table summarizes the Company’s short-term investments as of January 31, 2014 (in thousands):

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	5,450	$	4	$	(1	)	$	5,453
U.S. Treasury notes		22,734		10		(2	)		22,742
Total short-term investments	$	28,184	$	14	$	(3	)	$	28,195

The following table summarizes the Company’s short-term investments as of April 30, 2013 (in thousands):

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	9,230	$	9	$	(4	)	$	9,235
U.S. Treasury notes		61,140		15		(100	)		61,055
Total short-term investments	$	70,370	$	24	$	(104	)	$	70,290

All short-term investments have original maturity dates of less than 12 months as of January 31, 2014 and April 30, 2013. Realized gains and losses from the sale of short-term investments were not material for the three and nine months ended January 31, 2014.

The following table summarizes the fair value of the Company’s financial assets and liabilities that were measured on a recurring basis as of January 31, 2014 and April 30, 2013 (in thousands):

	Fair Value Measurements at January 31, 2014								Fair Value Measurements at April 30, 2013
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	813	$	—	$	—	$	813	$	1,314	$	—	$	—	$	1,314
U.S. Treasury bills		—		—		—		—		7,209		—		—		7,209
Total cash equivalents		813		—		—		813		8,523		—		—		8,523
Restricted cash		604		—		—		604		604		—		—		604
Short-term investments:
Certificates of deposit		—		5,453		—		5,453		—		9,235		—		9,235
U.S. Treasury notes		22,742		—		—		22,742		61,055		—		—		61,055
Total short-term investments		22,742		5,453		—		28,195		61,055		9,235		—		70,290
Total assets	$	24,159	$	5,453	$	—	$	29,612	$	70,182	$	9,235	$	—	$	79,417
Liabilities:
Contingent consideration (See Note 4)	$	—	$	—	$	—	$	—	$	—	$	—	$	3,270	$	3,270
Total liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	3,270	$	3,270

The Company measures certain assets, including property and equipment, goodwill and intangible assets, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be other-than-temporarily impaired. There were no reclassifications between levels in any of the periods presented.