Fair Value of Financial Assets and Liabilities

9 Months Ended

Jan. 31, 2015

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 January 31, 2015 and April 30, 2014 (in thousands):

	January 31, 2015		April 30, 2014
Demand deposit accounts	$	43,006	$	24,721
Money market funds		1,100		6,971
Certificates of deposit		—		242
Commercial paper		1,280		—
Corporate bonds		401		—
Total cash and cash equivalents	$	45,787	$	31,934

The following table summarizes the Company’s short-term investments as of January 31, 2015 (in thousands):

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	5,680	$	6	$	(3	)	$	5,683
Municipal bonds		4,714		10		(26	)		4,698
Commercial paper		5,839		1		(2	)		5,838
U.S. Treasury notes		28,823		4		(17	)		28,810
U.S. Treasury bonds		5,001		—		(3	)		4,998
Corporate notes		2,709		4		—			2,713
Corporate bonds		6,274		1		(7	)		6,268
Total short-term investments	$	59,040	$	26	$	(58	)	$	59,008

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 as of January 31, 2015 and April 30, 2014. Realized gains and losses from the sale of short-term investments were not material for the three and nine months ended January 31, 2015 and 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, 2015 and April 30, 2014 (in thousands):

	Fair Value Measurements at January 31, 2015								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	$	1,100	$	—	$	—	$	1,100	$	6,971	$	—	$	—	$	6,971
Certificates of deposit		—		—		—		—		242		—		—		242
Commercial paper		—		1,280		—		1,280		—		—		—		—
Corporate bonds		—		401		—		401		—		—		—		—
Total cash equivalents		1,100		1,681		—		2,781		7,213		—		—		7,213
Restricted cash		—		—		—		—		604		—		—		604
Short-term investments:
Certificates of deposit		—		5,683		—		5,683		—		7,474		—		7,474
Municipal bonds		—		4,698		—		4,698		—		—		—		—
Commercial paper		—		5,838		—		5,838		—		—		—		—
U.S. Treasury notes		28,810		—		—		28,810		33,226		—		—		33,226
U.S. Treasury bonds		4,998		—		—		4,998		—		—		—		—
Corporate notes		—		2,713		—		2,713		—		—		—		—
Corporate bonds		—		6,268		—		6,268		—		—		—		—
Total short-term investments		33,808		25,200		—		59,008		33,226		7,474		—		40,700
Total assets	$	34,908	$	26,881	$	—	$	61,789	$	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.