Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Apr. 30, 2014

Summary of Cash and Cash Equivalents

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

	April 30,
	2014		2013
Demand deposit accounts	$	24,721	$	16,522
Money market funds		6,971		1,314
Certificates of deposit		242		—
U.S. Treasury bills		—		7,209
Total cash and cash equivalents	$	31,934	$	25,045

Summary of Short-Term Investments

The following table summarizes the Company’s short-term investments as of April 30, 2014 (in thousands):

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	7,466	$	17	$	(9	)	$	7,474
U.S. Treasury notes		33,226		2		(2	)		33,226
Total short-term investments	$	40,692	$	19	$	(11	)	$	40,700

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

Summary of Fair Value of Financial Assets and Liabilities

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

	Fair Value Measurements at April 30, 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	$	6,971	$	—	$	—	$	6,971	$	1,314	$	—	$	—	$	1,314
Certificates of deposit		242		—		—		242		—		—		—		—
U.S. Treasury bills		—		—		—		—		7,209		—		—		7,209
Total cash equivalents		7,213		—		—		7,213		8,523		—		—		8,523
Restricted cash		604		—		—		604		604		—		—		604
Short-term investments:
Certificates of deposit		—		7,474		—		7,474		—		9,235		—		9,235
U.S. Treasury notes		33,226		—		—		33,226		61,055		—		—		61,055
Total short-term investments		33,226		7,474		—		40,700		61,055		9,235		—		70,290
Total assets	$	41,043	$	7,474	$	—	$	48,517	$	70,182	$	9,235	$	—	$	79,417
Liabilities:
Contingent consideration (see Note 6)	$	—	$	—	$	—	$	—	$	—	$	—	$	3,270	$	3,270
Total liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	3,270	$	3,270