Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Oct. 31, 2015

The following table summarizes the Company’s cash and cash equivalents as of October 31, 2015 and April 30, 2015 (in thousands):



	October 31, 2015		April 30, 2015
Demand deposit accounts	$	49,830	$	49,977
Money market funds	4,312		2,831
Municipal debt securities	256		102
Commercial paper	750		875
U.S. government agency debt securities	2,924		—
Corporate debt securities	—		256
Total cash and cash equivalents	$	58,072	$	54,041

Summary of Short-Term Investments

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



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	9,060	$	—	$	(2	)	$	9,058
Municipal debt securities	395		—		—			395
Commercial paper	3,588		—		—			3,588
U.S. Treasury securities	8,774		—		(5		)	8,769
U.S. government agency debt securities	21,192		1		(8		)	21,185
Corporate debt securities	8,957		—		(10		)	8,947
Total short-term investments	$	51,966	$	1	$	(25	)	$	51,942

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 debt securities	4,564		17		(16		)	4,565
Commercial paper	6,269		4		—			6,273
U.S. Treasury securities	11,814		—		(11		)	11,803
U.S. government agency debt securities	17,007		1		(3		)	17,005
Corporate debt securities	9,104		4		(28		)	9,080
Total short-term investments	$	52,758	$	30	$	(58	)	$	52,730

Contractual Maturities of Available-for-Sale Debt Securities

Contractual maturities of available-for-sale securities at October 31, 2015, are as follows (in thousands):



	Estimated Fair Value
Due in one year or less	$	43,496
Due in 1-2 years	8,446
Total Investments in debt securities	$	51,942

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 October 31, 2015 and April 30, 2015 (in thousands):



	Fair Value Measurements at October 31, 2015								Fair Value Measurements at April 30, 2015
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	4,312	$	—	$	—	$	4,312	$	2,831	$	—	$	—	$	2,831
Municipal bonds	—		256		—		256		—		102		—		102
Commercial paper	—		750		—		750		—		875		—		875
U.S. government agency securities	—		2,924		—		2,924		—		—		—		—
Corporate securities	—		—		—		—		—		256		—		256
Total cash equivalents	4,312		3,930		—		8,242		2,831		1,233		—		4,064
Short-term investments:
Certificates of deposit	—		9,058		—		9,058		—		4,004		—		4,004
Municipal bonds	—		395		—		395		—		4,565		—		4,565
Commercial paper	—		3,588		—		3,588		—		6,273		—		6,273
U.S. Treasury securities	8,769		—		—		8,769		11,803		—		—		11,803
U.S. government agency securities	—		21,185		—		21,185		17,005		—		—		17,005
Corporate securities	—		8,947		—		8,947		—		9,080		—		9,080
Total short-term investments	8,769		43,173		—		51,942		28,808		23,922		—		52,730
Total assets	$	13,081	$	47,103	$	—	$	60,184	$	31,639	$	25,155	$	—	$	56,794