Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Jul. 31, 2017

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



	July 31, 2017		April 30, 2017
Demand deposit accounts	$	39,509	$	46,164
Money market funds	3,660		3,532
Commercial paper	3,847		2,798
Total cash and cash equivalents	$	47,016	$	52,494

Summary of Short-Term Investments

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



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	2,650	$	—	$	—		$	2,650
Commercial paper	5,556		—		—			5,556
U.S. government agency debt securities	22,088		—		(38		)	22,050
Corporate debt securities	7,272		—		(6		)	7,266
Total short-term investments	$	37,566	$	—	$	(44	)	$	37,522

The following table summarizes the Company’s short-term investments as of April 30, 2017 (in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	1,930	$	—	$	—		$	1,930
Commercial paper	4,206		—		—			4,206
U.S. Treasury securities	8,705		—		(5		)	8,700
U.S. government agency debt securities	16,733		—		(15		)	16,718
Corporate debt securities	7,144		—		(9		)	7,135
Total short-term investments	$	38,718	$	—	$	(29	)	$	38,689

Contractual Maturities of Available-for-Sale Debt Securities

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



	Estimated Fair Value
Due in one year or less	36,567
Due in 1-2 years	955
Total investments in debt securities	37,522

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 July 31, 2017 and April 30, 2017 (in thousands):



	Fair Value Measurements at July 31, 2017								Fair Value Measurements at April 30, 2017
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	3,660	$	—	$	—	$	3,660	$	3,532	$	—	$	—	$	3,532
Commercial paper	—		3,847		—		3,847		—		2,798		—		2,798
Total cash equivalents	3,660		3,847		—		7,507		3,532		2,798		—		6,330
Short-term investments:
Certificates of deposit	—		2,650		—		2,650		—		1,930		—		1,930
Commercial paper	—		5,556		—		5,556		—		4,206		—		4,206
U.S. Treasury securities	—		—		—		—		8,700		—		—		8,700
U.S. government agency securities	22,050		—		—		22,050		16,718		—		—		16,718
Corporate securities	—		7,266		—		7,266		—		7,135		—		7,135
Total short-term investments	22,050		15,472		—		37,522		25,418		13,271		—		38,689
Total assets	$	25,710	$	19,319	$	—	$	45,029	$	28,950	$	16,069	$	—	$	45,019