Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Jul. 31, 2015

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

Summary of Short-Term Investments

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

Contractual Maturities of Available-for-Sale Debt Securities

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

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, 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