Fair Value of Financial Assets and Liabilities

9 Months Ended

Jan. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Fair Value of Financial Assets and Liabilities

The following table summarizes the Company’s cash and cash equivalents as of January 31, 2016 and April 30, 2015 (in thousands):

	January 31, 2016		April 30, 2015
Demand deposit accounts	$	53,041	$	49,977
Money market funds	462		2,831
Municipal debt securities	—		102
Commercial paper	1,940		875
U.S. government agency debt securities	2,501		—
Corporate debt securities	—		256
Total cash and cash equivalents	$	57,944	$	54,041

The following table summarizes the Company’s short-term investments as of January 31, 2016 (in thousands):

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	7,810	$	—	$	(1	)	$	7,809
Municipal debt securities	391		—		—			391
Commercial paper	3,442		—		—			3,442
U.S. Treasury securities	8,769		—		(8		)	8,761
U.S. government agency debt securities	25,078		—		(35		)	25,043
Corporate debt securities	5,543		—		(14		)	5,529
Total short-term investments	$	51,033	$	—	$	(58	)	$	50,975

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

Realized and unrealized gains and losses on short-term investments were not material for the three and nine months ended January 31, 2016 and 2015. An impairment charge is recorded in the consolidated statements of operations for declines in fair value below the cost of an individual investment that are deemed to be other-than-temporary. The Company assesses whether a decline in value is temporary based on the length of time that the fair market value has been below cost, the severity of the decline, as well as the intent and ability to hold, or plans to sell, the investment. There have been no impairment charges recognized related to short-term investments for the three and nine months ended January 31, 2016 and 2015.

Contractual maturities of available-for-sale securities at January 31, 2016, are as follows (in thousands):

	Estimated Fair Value
Due in one year or less	$	47,507
Due in 1-2 years	3,468
Total investments in debt securities	$	50,975

Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. We may sell these securities at any time for use in current operations or for other purposes, such as consideration for acquisitions, even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months as current assets in the accompanying condensed consolidated balance sheets.

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, 2016 and April 30, 2015 (in thousands):

	Fair Value Measurements at January 31, 2016								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	$	462	$	—	$	—	$	462	$	2,831	$	—	$	—	$	2,831
Municipal bonds	—		—		—		—		—		102		—		102
Commercial paper	—		1,940		—		1,940		—		875		—		875
U.S. government agency securities	2,501		—		—		2,501		—		—		—		—
Corporate securities	—		—		—		—		—		256		—		256
Total cash equivalents	2,963		1,940		—		4,903		2,831		1,233		—		4,064
Short-term investments:
Certificates of deposit	—		7,809		—		7,809		—		4,004		—		4,004
Municipal bonds	—		391		—		391		—		4,565		—		4,565
Commercial paper	—		3,442		—		3,442		—		6,273		—		6,273
U.S. Treasury securities	8,761		—		—		8,761		11,803		—		—		11,803
U.S. government agency securities	25,043		—		—		25,043		17,005		—		—		17,005
Corporate securities	—		5,529		—		5,529		—		9,080		—		9,080
Total short-term investments	33,804		17,171		—		50,975		28,808		23,922		—		52,730
Total assets	$	36,767	$	19,111	$	—	$	55,878	$	31,639	$	25,155	$	—	$	56,794

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 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.