Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Jan. 31, 2016

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

Summary of Short-Term Investments

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

Contractual Maturities of Available-for-Sale Debt Securities

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

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 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