Fair Value of Financial Assets and Liabilities

3 Months Ended

Jul. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Fair Value of Financial Assets and Liabilities

The following table summarizes the Company’s cash and cash equivalents as of July 31, 2015 and April 30, 2015 (in thousands):

	July 31, 2015		April 30, 2015
Demand deposit accounts	$	40,873	$	49,977
Money market funds	4,210		2,831
Commercial paper	6,770		875
Corporate bonds	—		256
Municipal bonds	1,597		102
Total cash and cash equivalents	$	53,450	$	54,041

The following table summarizes the Company’s short-term investments as of July 31, 2015 (in thousands):

	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities:
Certificates of deposit	$	4,503	$	7	$	—		$	4,510
Municipal bonds	636		5		—			641
Commercial paper	3,791		7		—			3,798
U.S. Treasury notes	23,814		3		(27		)	23,790
U.S. Treasury bonds	10,001		1		(3		)	9,999
Corporate notes	1,807		—		(1		)	1,806
Corporate bonds	5,145		20		(13		)	5,152
Total short-term investments	$	49,697	$	43	$	(44	)	$	49,696

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 bonds	4,564		17		(16		)	4,565
Commercial paper	6,269		4		—			6,273
U.S. Treasury notes	23,820		1		(12		)	23,809
U.S. Treasury bonds	5,001		—		(2		)	4,999
Corporate notes	2,709		1		(2		)	2,708
Corporate bonds	6,395		3		(26		)	6,372
Total short-term investments	$	52,758	$	30	$	(58	)	$	52,730

Realized and unrealized gains and losses on short-term investments were not material for the three months ended July 31, 2015 and 2014. An impairment charge is recorded in the consolidated statements of operations for declines in fair value below the cost of an individual investment that are deemed to be other-than-temporary. The Company assesses whether a decline in value is temporary based on the length of time that the fair market value has been below cost, the severity of the decline, as well as the intent and ability to hold, or plans to sell, the investment. There have been no impairment charges recognized related to short-term investments for the three months ended July 31, 2015 and 2014.

Contractual maturities of available-for-sale securities at July 31, 2015, are as follows (in thousands):

	Estimated Fair Value
Due in one year or less	$	44,695
Due in 1-2 years	5,001
Total Investments in debt securities	$	49,696

Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. We may sell these securities at any time for use in current operations or for other purposes, such as consideration for acquisitions, even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months as current assets in the accompanying condensed consolidated balance sheets.

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

	Fair Value Measurements at July 31, 2015								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	$	4,210	$	—	$	—	$	4,210	$	2,831	$	—	$	—	$	2,831
Municipal bonds	—		1,597		—		1,597		—		102		—		102
Commercial paper	—		6,770		—		6,770		—		875		—		875
Corporate bonds	—		—		—		—		—		256		—		256
Total cash equivalents	4,210		8,367		—		12,577		2,831		1,233		—		4,064
Short-term investments:
Certificates of deposit	—		4,510		—		4,510		—		4,004		—		4,004
Municipal bonds	—		641		—		641		—		4,565		—		4,565
Commercial paper	—		3,798		—		3,798		—		6,273		—		6,273
U.S. Treasury notes	23,790		—		—		23,790		23,809		—		—		23,809
U.S. Treasury bonds	9,999		—		—		9,999		4,999		—		—		4,999
Corporate notes	—		1,806		—		1,806		—		2,708		—		2,708
Corporate bonds	—		5,152		—		5,152		—		6,372		—		6,372
Total short-term investments	33,789		15,907		—		49,696		28,808		23,922		—		52,730
Total assets	$	37,999	$	24,274	$	—	$	62,273	$	31,639	$	25,155	$	—	$	56,794

The Company measures certain assets, including property and equipment, goodwill and intangible assets, at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be other than temporarily impaired. The Company evaluates transfers between levels at the end of the fiscal year and assumes that any identified transfers are deemed to have occurred at the end of the reporting year. There were no transfers between levels in any of the periods presented.