Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Jan. 31, 2017

The following table summarizes the Company’s cash and cash equivalents as of January 31, 2017 and April 30, 2016 (in thousands):



	January 31, 2017		April 30, 2016
Demand deposit accounts	$	37,025	$	38,692
Money market funds	587		922
Commercial paper	675		4,349
Total cash and cash equivalents	$	38,287	$	43,963

Summary of Short-Term Investments

The following table summarizes the Company’s short-term investments as of January 31, 2017 (in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	3,670	$	—	$	—		$	3,670
Municipal debt securities	541		—		—			541
Commercial paper	4,446		—		—			4,446
U.S. Treasury securities	8,712		—		(7		)	8,705
U.S. government agency debt securities	19,731		1		(7		)	19,725
Corporate debt securities	8,133		—		(13		)	8,120
Total short-term investments	$	45,233	$	1	$	(27	)	$	45,207

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

Contractual Maturities of Available-for-Sale Debt Securities

Contractual maturities of available-for-sale securities at January 31, 2017, were as follows (in thousands):



	Estimated Fair Value
Due in one year or less	43,218
Due in 1-2 years	1,989
Total investments in debt securities	45,207

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, 2017 and April 30, 2016 (in thousands):



	Fair Value Measurements at January 31, 2017								Fair Value Measurements at April 30, 2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	587	$	—	$	—	$	587	$	922	$	—	$	—	$	922
Commercial paper	—		675		—		675		—		4,349		—		4,349
Total cash equivalents	587		675		—		1,262		922		4,349		—		5,271
Short-term investments:
Certificates of deposit	—		3,670		—		3,670		—		7,089		—		7,089
Municipal debt securities	—		541		—		541		—		—		—		—
Commercial paper	—		4,446		—		4,446		—		4,043		—		4,043
U.S. Treasury securities	8,705		—		—		8,705		8,764		—		—		8,764
U.S. government agency securities	19,725		—		—		19,725		24,836		—		—		24,836
Corporate securities	—		8,120		—		8,120		—		5,950		—		5,950
Total short-term investments	28,430		16,777		—		45,207		33,600		17,082		—		50,682
Total assets	$	29,017	$	17,452	$	—	$	46,469	$	34,522	$	21,431	$	—	$	55,953