Fair Value of Financial Assets and Liabilities

3 Months Ended

Jul. 31, 2014

Fair Value of Financial Assets and Liabilities

4. Fair Value of Financial Assets and Liabilities

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

	July 31, 2014		April 30, 2014
Demand deposit accounts	$	21,674	$	24,721
Money market funds		1,442		6,971
Certificates of deposit		—		242
Municipal bonds		887		—
U.S. Treasury bills		701		—
Total cash and cash equivalents	$	24,704	$	31,934

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

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	7,230	$	1	$	(7	)	$	7,224
Municipal bonds		3,377		31		(1	)		3,407
Commercial paper		5,997		—		(1	)		5,996
U.S. Treasury notes		51,258		14		(1	)		51,271
Total short-term investments	$	67,862	$	46	$	(10	)	$	67,898

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

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

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

	Fair Value Measurements at July 31, 2014								Fair Value Measurements at April 30, 2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	1,442	$	—	$	—	$	1,442	$	6,971	$	—	$	—	$	6,971
Certificates of deposit		—		—		—		—		242		—		—		242
Municipal bonds		—		887		—		887		—		—		—		—
U.S. Treasury bills		701		—		—		701		—		—		—		—
Total cash equivalents		2,143		887		—		3,030		7,213		—		—		7,213
Restricted cash		500		—		—		500		604		—		—		604
Short-term investments:
Certificates of deposit		—		7,224		—		7,224		—		7,474		—		7,474
Municipal bonds		—		3,407		—		3,407		—		—		—		—
Commercial paper		—		5,996		—		5,996		—		—		—		—
U.S. Treasury notes		51,271		—		—		51,271		33,226		—		—		33,226
Total short-term investments		51,271		16,627		—		67,898		33,226		7,474		—		40,700
Total assets	$	53,914	$	17,514	$	—	$	71,428	$	41,043	$	7,474	$	—	$	48,517

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. The Company evaluates transfers between levels at the end of the fiscal year and assumes that any identified transfers are deemed to have occurred at the end of the reporting year. There were no transfers between levels in any of the periods presented.