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Stockholders' Equity (Tables)
 12 Months Ended
Apr. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock-Based Compensation Amounts Found on Company's Consolidated Statement of Operations
The following table presents the amount of stock-based compensation related to stock-based awards to employees on the Company’s consolidated statements of operations during the periods presented (in thousands):
 
Year Ended April 30,
 
2017
 
2016
 
2015
Cost of revenue
$
1,734

 
$
2,167

 
$
1,517

Sales and marketing
2,996

 
2,956

 
3,923

Research and development
3,770

 
2,996

 
1,960

General and administrative
7,782

 
6,967

 
4,677

Loss from discontinued operations, net of tax
—

 
—

 
124

    Stock-based expense
16,282

 
15,086

 
12,201

Capitalized stock-based compensation
495

 
488

 
601

    Total stock-based compensation
16,777

 
15,574

 
12,802
Assumptions Used to Estimate Fair Value of Option Pricing Model
The fair value of the Company’s options (excluding PSOs) was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions:
 
Year Ended April 30,
 
2017
 
2016
 
2015
Expected volatility
37% - 38%
 
42% - 42%
 
43% - 50%
Risk-free interest rate
0.97% - 1.93%
 
1.50% - 1.92%
 
1.46% - 1.93%
Expected term (in years)
3.81 - 4.58
 
6.00
 
6.00
Dividend yield
—
 
—
 
—
The fair value of the Company’s PSOs was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions:
 
Year Ended April 30,
 
2017
 
2016
 
2015
Expected volatility
38% - 40%
 
—
 
—
Risk-free interest rate
1.04% - 1.13%
 
—
 
—
Expected term (in years)
4.77 - 5.26
 
—
 
—
Dividend yield
—
 
—
 
—

The fair value of the Company’s ESPP was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions:
 
Year Ended April 30,
 
2017
 
2016
 
2015
Expected volatility
38% - 51%
 
30% - 57%
 
36% - 57%
Risk-free interest rate
0.46% - 0.89%
 
0.10% - 0.46%
 
0.05% - 0.11%
Expected term (in years)
0.5
 
0.5
 
0.5
Dividend yield
—
 
—
 
—
Performance Stock Option and Stock Option Activity
Performance stock option activity for the year ended April 30, 2017 was as follows:
 
Number of Options
(in thousands)
 
Weighted
Average Exercise
Price
 
Weighted Average
Remaining
Contractual Term
(in years)
 
Aggregate
Intrinsic Value
(in thousands)
Balance as of April 30, 2016
—

 
$
—

 
 
 
 
   Options granted
2,867

 
3.95

 
 
 
 
   Options exercised
—

 
—

 
 
 
 
   Options expired and canceled
(2,028
)
 
3.96

 
 
 
 
Balance as of April 30, 2017
839

 
$
3.94

 
6.10
 
$
638

Options vested and expected to vest at April 30, 2017
839

 
$
3.94

 
6.10
 
$
638

Options vested and exercisable as of April 30, 2017
—

 
$
—

 
0.00
 
$
—


The Company recognizes expense for PSOs that the Company determines are probable of vesting based on the grant date fair value. Adjustments to stock-based compensation expense are made each period based on changes in the Company’s estimate of the number of PSOs that are probable of vesting. The weighted-average grant date fair value of PSOs granted during the fiscal year ended April 30, 2017 was $1.45. No PSOs vested during the fiscal year ended April 30, 2017. As of April 30, 2017, total unrecognized stock-based expense, adjusted for estimated forfeitures, related to PSOs was$0.5 million, which is expected to be recognized over the next 3.09 years.
Stock Option Activity
Stock option activity was as follows:
 
Number of Options
(in thousands)
 
Weighted
Average Exercise
Price
 
Weighted Average
Remaining
Contractual Term
(in years)
 
Aggregate
Intrinsic Value
(in thousands)
Balance as of April 30, 2015
5,093

 
7.83

 
 
 
 
   Options granted
2,947

 
4.83

 
 
 
 
   Options exercised
(227
)
 
3.95

 
 
 
 
   Options forfeited
(484
)
 
7.42

 
 
 
 
   Options expired and canceled
(641
)
 
8.14

 
 
 
 
Balance as of April 30, 2016
6,688

 
$
7.83

 
6.43
 
$
591

   Options granted
749

 
4.25

 
 
 
 
   Options exercised
(160
)
 
2.36

 
 
 
 
   Options forfeited
(503
)
 
5.78

 
 
 
 
   Options expired and canceled
(1,226
)
 
9.81

 
 
 
 
Balance as of April 30, 2017
5,548

 
$
5.82

 
6.42
 
$
2,506

Options vested and expected to vest at April 30, 2017
5,548

 
$
5.82

 
6.42
 
$
2,506

Options vested and exercisable as of April 30, 2017
3,310

 
$
6.46

 
5.98
 
$
1,253
Summary of Stock Options
The summary of stock options excluding PSOs as of April 30, 2017 is as follows (number of options in thousands):
 
Options Outstanding
 
Options Exercisable
Range of Exercise Prices
Number of
Options
 
Weighted
Average Exercise
Price
 
Weighted Average
Remaining
Contractual Term
(in years)
 
Number of
Options
 
Weighted
Average Exercise
Price
 $1.83 - $3.03
260

 
$
2.46

 
3.00
 
219

 
$
2.36

 $3.15 - $3.15
838

 
3.15

 
5.84
 
415

 
3.15

 $3.42 - $3.65
91

 
3.55

 
5.00
 
23

 
3.42

 $3.94 - $3.94
300

 
3.94

 
6.10
 
—

 
—

 $4.00 - $4.36
675

 
4.27

 
7.40
 
175

 
4.31

 $4.70 - $6.28
547

 
5.26

 
6.10
 
378

 
5.18

 $6.42 - $6.42
1,036

 
6.42

 
8.13
 
475

 
6.42

 $6.54 - $7.39
662

 
6.90

 
5.59
 
621

 
6.88

 $7.53 - $9.51
1,016

 
8.71

 
6.45
 
883

 
8.84

 $9.52 - $18.67
123

 
13.59

 
5.08
 
121

 
13.63

 $1.83 - $18.67
5,548

 
$
5.82

 
6.42
 
3,310

 
$
6.46
Restricted Stock Activity
Restricted stock activity was as follows (number of restricted shares in thousands):
 
 
Number of
Restricted
Shares
 
Weighted
Average Grant
Date Fair Value
Unvested balance as of April 30, 2015
 
3,488

 
$
7.88

   Restricted shares granted
 
3,863

 
5.93

   Restricted shares vested
 
(964
)
 
7.70

   Restricted shares forfeited
 
(1,420
)
 
7.16

Unvested balance as of April 30, 2016
 
4,967

 
$
6.60

   Restricted shares granted
 
3,962

 
4.24

   Restricted shares vested
 
(1,556
)
 
6.71

   Restricted shares forfeited
 
(945
)
 
5.94

Unvested balance as of April 30, 2017
 
6,428

 
$
5.22