Fair Value of Financial Assets and Liabilities

12 Months Ended

Apr. 30, 2015

Fair Value Disclosures [Abstract]

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 April 30, 2015 and 2014 (in thousands):

	April 30,
	2015		2014
Demand deposit accounts	$	49,977	$	24,721
Money market funds		2,831		6,971
Certificates of deposit		—		242
Municipal bonds		102		—
Commercial paper		875		—
Corporate bonds		256		—
Total cash and cash equivalents	$	54,041	$	31,934

The following table summarizes the Company’s short-term investments as of April 30, 2015 (in thousands):

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	4,000	$	4	$	—		$	4,004
Municipal bonds		4,564		17		(16	)		4,565
Commercial paper		6,269		4		—			6,273
U.S. Treasury notes		23,820		1		(12	)		23,809
U.S. Treasury bonds		5,001		—		(2	)		4,999
Corporate notes		2,709		1		(2	)		2,708
Corporate bonds		6,395		3		(26	)		6,372
Total short-term investments	$	52,758	$	30	$	(58	)	$	52,730

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

	Fair Value Measurements at April 30,
	2015								2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	2,831	$	—	$	—	$	2,831	$	6,971	$	—	$	—	$	6,971
Certificates of deposit		—		—		—		—		242		—		—		242
Municipal bonds		—		102		—		102		—		—		—		—
Commercial paper		—		875		—		875		—		—		—		—
Corporate bonds		—		256		—		256		—		—		—		—
Total cash equivalents		2,831		1,233		—		4,064		7,213		—		—		7,213
Restricted cash		—		—		—		—		604		—		—		604
Short-term investments:
Certificates of deposit		—		4,004		—		4,004		—		7,474		—		7,474
Municipal bonds		—		4,565		—		4,565		—		—		—		—
Commercial paper		—		6,273		—		6,273		—		—		—		—
U.S. Treasury notes		23,809		—		—		23,809		33,226		—		—		33,226
U.S. Treasury bonds		4,999		—		—		4,999		—		—		—		—
Corporate notes		—		2,708		—		2,708		—		—		—		—
Corporate bonds		—		6,372		—		6,372		—		—		—		—
Total short-term investments		28,808		23,922		—		52,730		33,226		7,474		—		40,700
Total assets	$	31,639	$	25,155	$	—	$	56,794	$	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.