Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Apr. 30, 2016

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



	April 30, 2016		April 30, 2015
Demand deposit accounts	$	38,692	$	49,977
Money market funds	922		2,831
Municipal debt securities	—		102
Commercial paper	4,349		875
Corporate debt securities	—		256
Total cash and cash equivalents	$	43,963	$	54,041

Summary of Short-Term Investments

The following table summarizes the Company’s short-term investments as of April 30, 2016 (in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	7,090	$	—	$	(1	)	$	7,089
Commercial paper	4,043		—		—			4,043
U.S. Treasury securities	8,764		—		—			8,764
U.S. government agency debt securities	24,841		4		(9		)	24,836
Corporate debt securities	5,954		1		(5		)	5,950
Total short-term investments	$	50,692	$	5	$	(15	)	$	50,682

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 April 30, 2016, were as follows (in thousands):



	Estimated Fair Value
Due in one year or less	$	48,953
Due in 1-2 years	1,729
Total investments in debt securities	$	50,682

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



	Fair Value Measurements at April 30, 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	$	922	$	—	$	—	$	922	$	2,831	$	—	$	—	$	2,831
Municipal bonds	—		—		—		—		—		102		—		102
Commercial paper	—		4,349		—		4,349		—		875		—		875
Corporate securities	—		—		—		—		—		256		—		256
Total cash equivalents	922		4,349		—		5,271		2,831		1,233		—		4,064
Short-term investments:
Certificates of deposit	—		7,089		—		7,089		—		4,004		—		4,004
Municipal bonds	—		—		—		—		—		4,565		—		4,565
Commercial paper	—		4,043		—		4,043		—		6,273		—		6,273
U.S. Treasury securities	8,764		—		—		8,764		11,803		—		—		11,803
U.S. government agency securities	24,836		—		—		24,836		17,005		—		—		17,005
Corporate securities	—		5,950		—		5,950		—		9,080		—		9,080
Total short-term investments	33,600		17,082		—		50,682		28,808		23,922		—		52,730
Total assets	$	34,522	$	21,431	$	—	$	55,953	$	31,639	$	25,155	$	—	$	56,794