Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2016 | Jun. 10, 2016 | Oct. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Bazaarvoice Inc | ||
Entity Central Index Key | 1,330,421 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BV | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 82,086,530 | ||
Entity Public Float | $ 358 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 43,963 | $ 54,041 |
Short-term investments | 50,682 | 52,730 |
Accounts receivable, net of allowance for doubtful accounts of $2,362 and $3,992 as of April 30, 2016 and April 30, 2015, respectively | 39,597 | 49,532 |
Prepaid expenses and other current assets | 8,415 | 12,977 |
Total current assets | 142,657 | 169,280 |
Property, equipment and capitalized internal-use software development costs, net | 31,649 | 19,054 |
Goodwill | 139,155 | 139,155 |
Acquired intangible assets, net | 9,607 | 11,498 |
Other non-current assets | 5,214 | 3,974 |
Total assets | 328,282 | 342,961 |
Current liabilities: | ||
Accounts payable | 6,110 | 3,539 |
Accrued expenses and other current liabilities | 23,167 | 27,397 |
Deferred revenue | 62,735 | 60,400 |
Total current liabilities | 92,012 | 91,336 |
Long-term liabilities: | ||
Revolving line of credit | 42,000 | 57,000 |
Deferred revenue less current portion | 2,481 | 2,530 |
Other liabilities, long-term | 7,255 | 712 |
Total liabilities | $ 143,748 | $ 151,578 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Common stock – $0.0001 par value; 150,000,000 shares authorized, 82,269,748 shares issued and 82,069,748 shares outstanding as of April 30, 2016; 150,000,000 shares authorized, 80,346,488 shares issued and 80,146,488 shares outstanding at April 30, 2015 | $ 8 | $ 8 |
Treasury stock, at cost – 200,000 shares as of April 30, 2016 and April 30, 2015 | 0 | 0 |
Additional paid-in capital | 437,239 | 418,509 |
Accumulated other comprehensive loss | (878) | (638) |
Accumulated deficit | (251,835) | (226,496) |
Total stockholders’ equity | 184,534 | 191,383 |
Total liabilities and stockholders’ equity | $ 328,282 | $ 342,961 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,362 | $ 3,992 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 82,269,748 | 80,346,488 |
Common stock, shares outstanding | 82,069,748 | 80,146,488 |
Treasury stock, shares | 200,000 | 200,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Income Statement [Abstract] | |||
Revenue | $ 199,766 | $ 191,181 | $ 168,145 |
Cost of revenue | 76,867 | 69,906 | 52,905 |
Gross profit | 122,899 | 121,275 | 115,240 |
Operating expenses: | |||
Sales and marketing | 69,808 | 78,373 | 86,482 |
Research and development | 41,477 | 37,695 | 37,585 |
General and administrative | 30,398 | 30,507 | 26,370 |
Acquisition-related and other | 1,415 | 4,046 | 16,184 |
Restructuring charges | 1,575 | 0 | 0 |
Amortization of acquired intangible assets | 1,237 | 1,237 | 1,135 |
Total operating expenses | 145,910 | 151,858 | 167,756 |
Operating loss | (23,011) | (30,583) | (52,516) |
Other income (expense), net: | |||
Interest income | 412 | 95 | 143 |
Interest expense | (2,180) | (1,451) | (190) |
Other expense | (522) | (1,171) | (783) |
Total other expense, net | (2,290) | (2,527) | (830) |
Loss from continuing operations before income taxes | (25,301) | (33,110) | (53,346) |
Income tax expense (benefit) | 38 | 54 | (500) |
Net loss from continuing operations | (25,339) | (33,164) | (52,846) |
Loss from discontinued operations, net of tax | 0 | (1,257) | (10,320) |
Net loss applicable to common stockholders | $ (25,339) | $ (34,421) | $ (63,166) |
Net loss per share applicable to common stockholders: | |||
Continuing operations | $ (0.31) | $ (0.42) | $ (0.70) |
Discontinued operations | 0 | (0.02) | (0.14) |
Basic and diluted loss per share: | $ (0.31) | $ (0.44) | $ (0.84) |
Basic and diluted weighted average number of shares outstanding | 80,859 | 78,645 | 75,564 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss applicable to common stockholders | $ (25,339) | $ (34,421) | $ (63,166) |
Other comprehensive loss, net of tax: | |||
Foreign currency translation adjustment | (255) | (934) | 386 |
Unrealized gain (loss) on investments | 15 | (32) | 88 |
Total other comprehensive income (loss), net of tax | (240) | (966) | 474 |
Comprehensive loss | $ (25,579) | $ (35,387) | $ (62,692) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Treasury stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Accumulated deficit |
Beginning balance at Apr. 30, 2013 | $ 241,349 | $ 7 | $ 0 | $ 370,397 | $ (146) | $ (128,909) |
Beginning balance, Shares at Apr. 30, 2013 | 73,925 | (250) | ||||
Excess tax benefit related to stock-based expense | 216 | 216 | ||||
Stock-based compensation | 14,468 | 14,468 | ||||
Issuance of restricted stock awards | 76 | |||||
Exercise of stock options and vested restricted stock units, Shares | 3,563 | |||||
Exercise of stock options and vested restricted stock units | 10,855 | $ 1 | 10,854 | |||
Shares issued under employee stock plans, shares | 324 | |||||
Shares issued under employee stock plans | 2,266 | 2,266 | ||||
Change in foreign currency translation adjustment | 386 | 386 | ||||
Change in unrealized gain on investments | 88 | 88 | ||||
Net loss applicable to common stockholders | (63,166) | (63,166) | ||||
Ending balance, Shares at Apr. 30, 2014 | 77,888 | (250) | ||||
Ending balance at Apr. 30, 2014 | 206,462 | $ 8 | $ 0 | 398,201 | 328 | (192,075) |
Stock Issued During Period, Shares, New Issues | 50 | |||||
Excess tax benefit related to stock-based expense | 6 | 6 | ||||
Stock-based compensation | $ 12,802 | 12,802 | ||||
Issuance of restricted stock awards | 166 | |||||
Exercise of stock options and vested restricted stock units, Shares | 1,246 | 1,851 | ||||
Exercise of stock options and vested restricted stock units | $ 5,008 | 5,008 | ||||
Shares issued under employee stock plans, shares | 441 | |||||
Shares issued under employee stock plans | 2,492 | 2,492 | ||||
Change in foreign currency translation adjustment | (934) | (934) | ||||
Change in unrealized gain on investments | (32) | (32) | ||||
Net loss applicable to common stockholders | (34,421) | (34,421) | ||||
Ending balance, Shares at Apr. 30, 2015 | 80,346 | (200) | ||||
Ending balance at Apr. 30, 2015 | 191,383 | $ 8 | $ 0 | 418,509 | (638) | (226,496) |
Excess tax benefit related to stock-based expense | (38) | (38) | ||||
Stock-based compensation | $ 15,574 | 15,574 | ||||
Issuance of restricted stock awards | 242 | |||||
Exercise of stock options and vested restricted stock units, Shares | 227 | 1,022 | ||||
Exercise of stock options and vested restricted stock units | $ 849 | 849 | ||||
Shares issued under employee stock plans, shares | 660 | |||||
Shares issued under employee stock plans | 2,345 | 2,345 | ||||
Change in foreign currency translation adjustment | (255) | (255) | ||||
Change in unrealized gain on investments | 15 | 15 | ||||
Net loss applicable to common stockholders | (25,339) | (25,339) | ||||
Ending balance, Shares at Apr. 30, 2016 | 82,270 | (200) | ||||
Ending balance at Apr. 30, 2016 | $ 184,534 | $ 8 | $ 0 | $ 437,239 | $ (878) | $ (251,835) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Operating activities: | |||
Net loss applicable to common stockholders | $ (25,339) | $ (34,421) | $ (63,166) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization expense | 14,062 | 12,453 | 15,068 |
Impairment of acquired intangible assets | 0 | 0 | 2,500 |
Loss on disposal of discontinued operations, net of tax | 0 | 1,537 | 9,192 |
Loss on sub-lease | 546 | 0 | 0 |
Stock-based expense | 14,761 | 12,201 | 13,827 |
Revaluation of contingent consideration | 0 | 0 | (3,270) |
Bad debt expense | 93 | 3,155 | 1,902 |
Excess tax benefit related to stock-based expense | 0 | (6) | (216) |
Amortization of deferred financing costs | 235 | 98 | 0 |
Other non-cash expense | 73 | 151 | 480 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 9,842 | (13,589) | (12,081) |
Prepaid expenses and other current assets | 187 | (165) | (1,551) |
Other non-current assets | (1,531) | (177) | (1,603) |
Accounts payable | 2,401 | (297) | (3,095) |
Accrued expenses and other current liabilities | (4,428) | (1,165) | (2,623) |
Deferred revenue | 2,286 | 6,258 | 2,040 |
Other liabilities, long-term | 6,204 | (2,599) | (1,512) |
Net cash provided by (used in) operating activities | 19,392 | (16,566) | (44,108) |
Investing activities: | |||
Acquisitions, net of cash acquired, and purchase of intangible asset | 0 | 0 | (9,616) |
Proceeds from sale of discontinued operations | 4,501 | 25,500 | 0 |
Purchases of property, equipment and capitalized internal-use software development costs | (23,657) | (11,438) | (10,020) |
Decrease in restricted cash | 0 | 500 | 0 |
Purchases of short-term investments | (61,834) | (82,770) | (60,092) |
Proceeds from maturities of short-term investments | 63,650 | 65,681 | 58,478 |
Proceeds from sale of short-term investments | 0 | 5,012 | 31,098 |
Net cash provided by (used in) investing activities | (17,340) | 2,485 | 9,848 |
Financing activities: | |||
Proceeds from employee stock compensation plans | 3,027 | 7,545 | 13,499 |
Proceeds from revolving line of credit | 0 | 57,000 | 27,000 |
Payments on revolving line of credit | (15,000) | (27,000) | 0 |
Deferred financing costs | 0 | (706) | 0 |
Excess tax benefit related to stock-based expense | 0 | 6 | 216 |
Net cash provided by (used in) financing activities | (11,973) | 36,845 | 40,715 |
Effect of exchange rate fluctuations on cash and cash equivalents | (157) | (657) | 434 |
Net change in cash and cash equivalents | (10,078) | 22,107 | 6,889 |
Cash and cash equivalents at beginning of period | 54,041 | 31,934 | 25,045 |
Cash and cash equivalents at end of period | 43,963 | 54,041 | 31,934 |
Supplemental disclosure of other cash flow information: | |||
Cash paid for income taxes, net of refunds | 1,071 | 902 | 1,493 |
Cash paid for interest | 2,132 | 1,418 | 137 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Purchase of fixed assets recorded in accounts payable | 180 | 282 | 0 |
Asset retirement obligation costs incurred | 100 | 532 | 0 |
Capitalized stock-based compensation | $ 813 | $ 601 | $ 641 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Organization and Nature of Operations | Organization and Nature of Operations Bazaarvoice Inc. (“Bazaarvoice” or the “Company”) was founded on the premise that the collective voice of the consumer is the most powerful marketing tool in the world. The Company's solutions and services allow the Company's retailer and brand clients to understand that consumer voice and the role it plays in influencing purchasing decisions, both online and offline. The Company's solutions collect, curate, and display consumer-generated content including ratings and reviews, questions and answers, customer stories, and social posts, photos, and videos. This content is syndicated and distributed across the Company's clients' marketing channels, including category/product pages, search terms, brand sites, mobile applications, in-store displays, and paid and earned advertising. This consumer-generated content enables the Company's clients to generate more revenue, market share, and brand affinity. The Company's solutions empower our clients to leverage insights derived from consumer-generated content to improve marketing effectiveness, increase success of new product launches, improve existing products and services, effectively scale customer support, decrease product returns, reach consumers when actively shopping via highly targeted audience advertising, and enable retailers to launch and manage on-site advertising solutions and site monetization strategies. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Fiscal Year The Company’s fiscal year end is April 30. References to fiscal year 2016 , for example, refer to the fiscal year ending April 30, 2016 . Basis of Presentation The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). On July 2, 2014, the Company completed the sale of its PowerReviews business. The operating results of this business have been presented as discontinued operations for the fiscal years ended April 30, 2015 and 2014 . The statement of cash flows is reported on a combined basis without separately presenting cash flows from discontinued operations. All other disclosures and amounts in the notes to the consolidated financial statements relate to the Company’s continuing operations, unless otherwise indicated. Certain immaterial prior period amounts presented in the consolidated statement of cash flows have been reclassified to conform to current period financial statement presentation. These reclassifications have no effect on previously reported net income. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, allowance for doubtful accounts, income taxes, stock-based expense, accrued liabilities, useful lives of property, equipment and capitalized software development costs, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from the estimates made by management with respect to these items. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Foreign Currency Translation The U.S. dollar is the reporting currency for all periods presented. The functional currency of the Company’s foreign subsidiaries is generally the local currency. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average rate during the period. Equity transactions are translated using historical exchange rates. Adjustments resulting from translating foreign currency financial statements into U.S. dollars are included in accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in net loss for the period. The Company recognized net foreign currency gains (losses) of $(0.4) million , $(1.0) million and $0.4 million for fiscal years 2016 , 2015 and 2014 , respectively. Derivative Financial Instruments As a result of the Company’s international operations, it is exposed to various market risks, such as fluctuations in currency exchange rates, which may affect its consolidated results of operations, cash flows and financial position. The Company’s primary foreign currency exposures are in Euros and British Pound Sterling. The Company faces exposure to adverse movements in currency exchange rates as the financial results of certain of its operations are translated from local currency into U.S. dollars upon consolidation. Additionally, foreign exchange rate fluctuations on transactions denominated in currencies other than the functional currency result in gains and losses that are reflected in income. The Company may enter into derivative instruments to hedge certain net exposures of non-U.S. dollar-denominated assets and liabilities, even though it does not elect to apply hedge accounting or hedge accounting does not apply. Gains and losses resulting from a change in fair value of these derivatives are reflected in income in the period in which the change occurs and are recognized on the consolidated statement of operations in other income (expense). Cash flows from these contracts are classified within net cash used in operating activities on the consolidated statements of cash flows. The Company does not use financial instruments for trading or speculative purposes. The Company recognizes all derivative instruments on the balance sheet at fair value, and its derivative instruments are generally short-term in duration. Derivative contracts were not material to our operations or net income for the fiscal years ended April 30, 2016 , 2015 and 2014 . The Company is exposed to the risk that counterparties to derivative contracts may fail to meet their contractual obligations. Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate their respective fair values due to their short-term nature. The Company applies the authoritative guidance on fair value measurements for financial assets and liabilities. The guidance defines fair value and increases disclosures surrounding fair value calculations. The guidance establishes a three-tiered fair value hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as follows: Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets accessible by the Company. Level 2: Inputs that are observable in the marketplace other than those inputs classified as Level 1. Level 3: Inputs that are unobservable in the marketplace which require the Company to develop its own assumptions. The valuation techniques used to determine the fair value of our financial instruments having Level 2 inputs are valued using unadjusted, non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models. Our procedures include controls to ensure that appropriate fair values are recorded by a review of the valuation methods and assumptions. The Company did not hold any cash equivalents, restricted cash or short-term investments categorized as Level 3 as of April 30, 2016 or April 30, 2015. Cash and Cash Equivalents The Company considers all highly liquid investments acquired with an original maturity of three months or less at the date of purchase and readily convertible to known amounts of cash to be cash equivalents. Cash and cash equivalents are deposited with banks in demand deposit accounts. Cash equivalents are stated at cost, which approximates market value, because of the short maturity of these instruments. Short-term Investments Short-term investments which are classified as available-for-sale securities consist of certificates of deposit, municipal bonds, commercial paper, U.S. Treasury notes and bonds that are a guaranteed obligation of the U.S. Government, corporate notes and corporate bonds. The Company may or may not hold securities with stated maturities greater than one year until maturity. After consideration of its risks versus reward objectives, as well as its liquidity requirements, the Company may sell these securities prior to their stated maturities. As the Company views these securities as available to support current operations, it has classified all available-for-sale securities as short-term. Available-for-sale securities are carried at fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. For the periods presented, realized and unrealized gains and losses on short-term investments were not material. 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 fiscal years ended April 30, 2016 , 2015 or 2014 . Accounts Receivable Accounts receivable represent trade receivables from clients for whom the Company has provided services and not yet received payment. The Company presents accounts receivable net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of clients to make required payments. In estimating this allowance, the Company considers factors such as: historical collection experience, a client’s current credit-worthiness, client concentrations, age of the receivable balance, both individually and in the aggregate and general economic conditions that may affect a client’s ability to pay. Any change in the assumptions used in analyzing a specific account receivable might result in an additional allowance for doubtful accounts being recognized in the period in which the change occurs. The allowance for doubtful accounts was $2.4 million and $4.0 million at April 30, 2016 and 2015 , respectively. Property, Equipment and Capitalized Internal-Use Software Development Costs Property and equipment is carried at cost less accumulated depreciation and amortization. Depreciation and amortization is computed utilizing the straight-line method over the estimated useful lives of the related assets as follows: Computer equipment 3 years Furniture and fixtures 5 years Office equipment 5 years Software 3 years Leasehold improvements Shorter of estimated useful life or the lease term When depreciable assets are sold or retired, the related cost and accumulated depreciation are removed from the accounts. Any gain or loss is included in other income (expense), net in the Company’s statement of operations. Major additions and betterments are capitalized. Maintenance and repairs which do not materially improve or extend the lives of the respective assets are charged to operating expenses as incurred. The Company capitalizes certain development costs incurred in connection with its internal-use software. These capitalized costs are primarily related to its proprietary social commerce solutions that is hosted by the Company and accessed by its clients on a subscription basis. Costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, direct internal and external costs are capitalized until the software is substantially complete and ready for its intended use. Maintenance and training costs are expensed as incurred. Internal-use software development costs are amortized on a straight-line basis over its estimated useful life, generally three years, into cost of revenue. Goodwill, Intangible Assets, Long-Lived Assets and Impairment Assessments The Company evaluates and tests the recoverability of its goodwill for impairment at least annually during the fourth fiscal quarter or more often if and when circumstances indicate that goodwill may not be recoverable (See Note 7). Intangible assets are amortized over their useful lives. Each period the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. The carrying amounts of these assets are periodically reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate. If the undiscounted cash flows used in the test for recoverability are less than the carrying amount of these assets then the Company will recognize an impairment charge to reduce the assets to fair value. The Company evaluates the recoverability of its long-lived assets if indicators that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate. If the undiscounted cash flows used in the test for recoverability are less than the carrying amount of these assets then the Company will recognize an impairment charge to reduce the assets to fair value (See Note 5). Comprehensive Loss Comprehensive loss is comprised of net loss, unrealized investment gains and losses and foreign currency translation adjustments, net of tax. The accumulated comprehensive gain (loss) as of April 30, 2016 and 2015 was primarily due to unrealized gains (losses) on short-term investments and foreign currency translation adjustments. Concentrations of Credit Risk and Significant Clients Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and account receivables. The Company’s cash and cash equivalents are placed with high-credit-quality financial institutions and issuers, and at times may exceed federally insured limits. The Company has not experienced any loss relating to cash and cash equivalents in these accounts to date. The Company maintains an allowance for doubtful accounts receivable balances, performs periodic credit evaluations of its clients and generally does not require collateral of its clients. No single client accounted for 10% or more of accounts receivable as of April 30, 2016 or April 30, 2015 . No single client accounted for 10% or more of total revenue for fiscal years ended April 30, 2016 or 2015 . Revenue Recognition In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been delivered to the client, (iii) the fee is fixed or determinable and (iv) collectability is reasonably assured. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. The Company generates revenue primarily from sales of the following services: Software as a Service (“SaaS”) Revenues: SaaS revenue includes subscription fees from clients accessing the Company’s cloud-based social commerce solutions and application services pursuant to service agreements that are generally one year in length. Subscription and support revenue is recognized ratably over the term of the related agreement commencing upon the later of the agreement start date or when all revenue recognition criteria have been met. The client does not have the right to take possession of the software supporting the application service at any time, nor do the arrangements contain general rights of return. Professional Service Revenues: Professional services consist of fees associated with providing expert services that educate and assist clients on the best use of the Company’s solutions as well as assist in the implementation of the solutions. Professional services are not required for clients to utilize the Company’s solutions. The majority of the Company's professional services contracts are offered on a time and material basis. Professional services revenue is recognized as the services are rendered. Advertising Revenue: Advertising revenue (formerly referred to as media revenue) consists primarily of fees charged to advertisers when their advertisements are displayed on websites owned by various third-parties (“Publishers”). The Company receives a fee from the advertisers and pays the Publishers based on their contractual revenue-share agreements or average cost per thousand impressions delivered. Advertising revenues are recognized on a net basis as the Company has determined that it is acting as an agent in these transactions. Multiple-Element Arrangements Typically, our SaaS revenues from new clients consists of agreements with multiple elements, comprised of subscription fees for the Company’s products and professional services. The Company evaluates each element in a multiple-element arrangement to determine whether it represents a separate unit of accounting. An element constitutes a separate unit of accounting when the delivered item has standalone value and delivery of the undelivered element is probable and within the Company’s control. Various subscription-based products have standalone value because they are routinely sold separately by the Company. In determining whether professional services can be accounted for separately from subscription services, the Company considered the availability of the professional services from other vendors, the nature of the Company’s professional services and whether the Company sells its applications to new clients without professional services. If the deliverables have standalone value upon delivery, the Company accounts for each deliverable separately and revenue is recognized for the respective deliverables over the respective service period. If one or more of the deliverables does not have standalone value upon delivery, the deliverables that do not have standalone value are generally combined with the final deliverable within the arrangement and treated as a single unit of accounting. Revenue for arrangements treated as a single unit of accounting is generally recognized over the period commencing upon delivery of the final deliverable and over the remaining term of the subscription contract. The Company allocates revenue to each element in an arrangement based on a selling price hierarchy. The selling price for a deliverable is based on its vendor-specific objective evidence (“VSOE”), if available, third-party evidence (“TPE”), if VSOE is not available, or best estimated selling price (“BESP”), if neither VSOE nor TPE is available. Because the Company has been unable to establish VSOE or TPE for the elements of our arrangements, the Company allocates the arrangement fee to the separate units of accounting based on the Company’s best estimate of selling price. The Company determines BESP price for its deliverables based on the Company’s overall pricing objectives, discounting practices, the size and volume of the Company’s transactions, the client demographic, the Company’s price lists, the Company’s go-to-market strategy, historical standalone sales and contract prices. The determination of BESP is made through consultation with and approval by management, taking into consideration the go-to-market strategy. As the Company’s go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes in relative selling prices, including both VSOE and BESP. Subscription revenue is recognized ratably over the term of the related agreement, commencing upon the later of the agreement start date or when all revenue recognition criteria have been met. The Company's agreements currently do not combine SaaS and advertising revenue. Deferred Revenue Deferred revenue consists of billings or payments received in advance of revenue recognition and is recognized as the revenue recognition criteria are met. The Company invoices clients in a variety of installments and, consequently, the deferred revenue balance does not represent the total contract value of its non-cancelable subscription agreements. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue and the remaining portion is recorded as non-current deferred revenue. Cost of Revenue Cost of revenue consists primarily of personnel costs and related expenses together with allocated overhead costs, including depreciation and facility and office related expenses, associated with employees and contractors who provide our subscription services. Cost of revenue also includes co-location and related telecommunications costs, fees paid to third-parties for resale arrangements, amortization of developed technology and amortization of capitalized internal-use software development costs incurred. Treasury Stock Shares of common stock repurchased by the Company and held in treasury are recorded at cost as treasury stock and result in a reduction of stockholders’ equity. Stock-Based Expense The Company records stock-based expense based upon the fair value for all stock options and restricted stock issued to all persons to the extent that such options or restricted stock vest. The fair value of each stock option is calculated using the Black-Scholes option pricing model. The Company recognizes stock-based expense on a straight-line basis over the respective vesting period, net of estimated forfeitures. The Company includes an estimated effect of forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of the awards. The Company recognizes stock-based expense for shares issued pursuant to its Employee Stock Purchase Plan (“ESPP”) on a straight-line basis over the offering period of six months. Stock-based expense was $14.8 million , $12.2 million and $13.8 million for the years ended April 30, 2016 , 2015 and 2014 , respectively. The Company currently recognizes an insignificant tax benefit resulting from compensation costs expensed in the financial statements, however the Company provides a valuation allowance against the majority of deferred tax asset resulting from this type of temporary difference since it expects that it will not have sufficient future taxable income to realize such benefit. Income Taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities will be recognized in the period that includes the enactment date. A valuation allowance is established against the deferred tax assets to reduce their carrying value to an amount that is more likely than not to be realized. Earnings Per Share The Company computes basic earnings per share available to common stockholders by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the reporting period. The Company computes diluted earnings per share similarly to basic earnings per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. As the Company has only incurred losses to date, diluted earnings per share is the same as basic earnings per share. Recent Accounting Pronouncements Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued Accounting Standards Update 2016-09, "Improvements to Employee Share-Based Payment Accounting," (“ASU 2016-09”) which requires excess tax benefits and tax deficiencies to be recorded in the income statement. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also allows entities to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on the cash flow statement, and provides an accounting policy election to account for forfeitures as they occur. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-09 will have on its consolidated financial statements. Leases (Topic 842) In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases (Topic 842),” (“ASU 2016-02”) which requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. ASU 2016-02 also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The standard must be adopted using a modified retrospective approach and early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). The standard requires all deferred income tax assets and liabilities be classified as noncurrent within an entity’s consolidated balance sheet. ASU 2015- 17 is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. Entities are also permitted to apply the revised guidance on either a prospective or retrospective basis. During the fourth quarter of fiscal year 2016, we early adopted this guidance on a prospective basis and have classified deferred income taxes in our consolidated balance sheets as noncurrent beginning with fiscal year 2016 (see Note 15). Adoption of this guidance did not have a material impact on our consolidated results of operations, financial position or liquidity. Intangibles – Goodwill and Other – Internal Use Software In April 2015, the FASB issued Accounting Standards Update 2015-05, “Intangible-Goodwill and Other-Internal Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” (“ASU 2015-05”) which provides guidance to customers with cloud computing arrangements that include a software license. If a cloud computing arrangement includes a software license, the customer is required to account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 does not change the accounting for a customer’s accounting for service contracts. As a result of the ASU 2015-05, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. The updated guidance will be effective for annual periods beginning after December 15, 2015 with early adoption permitted. The Company does not anticipate the adoption of this guidance will have a material impact on the Company's results of operations, financial position or liquidity. Revenue In May 2014, the FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”) which provides updated, comprehensive revenue recognition guidance for contracts with customers, including a new principles-based five step framework that eliminates much of the industry-specific guidance in current accounting literature. Under ASU 2014-09, revenue recognition is based on a core principle that companies recognize revenue in an amount consistent with the consideration it expects to be entitled to in exchange for the transfer of goods or services. The standards update also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of recognized revenue. In August 2015, The FASB issued Accounting Standards Update 2015-14, "Revenue from Contracts with Customers," ("ASU 2015-14") which defers the effective date of ASU 2014-09 by one year. The updated guidance will be effective for annual periods beginning after December 15, 2017 and may be applied on either a full or modified retrospective basis. Early adoption is permitted for annual periods beginning after December 15, 2016, the original effective date of ASU 2014-09. The updated guidance will be effective for the fiscal year ending April 30, 2019 and the Company is currently evaluating the impact of this standards update on the Company’s consolidated financial statements. The Company has reviewed other new accounting pronouncements that were issued as of April 30, 2016 and does not believe that these pronouncements are applicable to the Company, or that they will have a material impact on its financial position or results of operations. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Apr. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On June 4, 2014, the Company entered into a definitive agreement to divest the assets of PowerReviews, Inc. (“PowerReviews”), pursuant to a Joint Stipulation with the Department of Justice and Order to the U.S. District Court for the Northern District of California, San Francisco Division, for $30.0 million in cash, $4.5 million of which was held in escrow as a partial security for the Company’s indemnification obligations under the definitive agreement, and subsequently released during fiscal 2016. As a result, PowerReviews revenues, related expenses and loss on disposal, net of tax, are components of “loss from discontinued operations, net of tax” in the consolidated statements of operations. The statement of cash flows is reported on a combined basis without separately presenting cash flows from discontinued operations for all periods presented. Results from discontinued operations were as follows (in thousands): Year Ended April 30, 2016 2015 2014 Revenues from discontinued operations $ — $ 2,535 $ 17,011 Income from discontinued operations before income taxes $ — $ 303 $ (1,106 ) Income tax expense — 23 22 Net income from discontinued operations — 280 (1,128 ) Loss on disposal of discontinued operations, net of tax — (1,537 ) (9,192 ) Loss from discontinued operations, net of tax $ — $ (1,257 ) $ (10,320 ) The Company recorded a loss on the disposal of discontinued operations of $1.5 million , net of tax, in the fiscal year ended April 30, 2015 which was calculated as follows (in thousands): Cash consideration $ 30,000 Less: Basis in net assets as of July 2, 2014 39,972 Costs incurred directly attributable to the transaction 1,039 Loss before income taxes (11,011 ) Income tax benefit (282 ) Loss on disposal of discontinued operations, net of taxes (10,729 ) Loss on disposal of discontinued operations, net of taxes, previously recognized 9,192 Loss on disposal of discontinued operations, net of tax, recognized in fiscal 2015 $ (1,537 ) The Company recorded a loss on the disposal of discontinued operations of $9.2 million , net of tax, in fiscal year 2014 which was calculated as follows (in thousands): Estimated cash proceeds $ 30,500 Less: Basis in net assets sold as of April 30, 2014 39,316 Estimated costs incurred directly attributable to the transaction 658 Estimated loss before income taxes (9,474 ) Estimated income tax benefit (282 ) Estimated loss on disposal of discontinued operations, net of taxes $ (9,192 ) The carrying amount of assets held for sale in the consolidated balances sheet as of April 30, 2014 was calculated as follows (in thousands): April 30, 2014 Total assets of discontinued operations $ 42,937 Estimated loss on disposal of discontinued operations, net of tax (9,192 ) Assets held for sale $ 33,745 As of April 30, 2016 there were no ‘assets held for sale’ as the divestiture of the PowerReviews business was completed on July 2, 2014. The $4.5 million held in escrow was released during the fiscal year ended April 30, 2016 , and the Company received no claims for indemnification under the definitive agreement. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 12 Months Ended |
Apr. 30, 2016 | |
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 April 30, 2016 and April 30, 2015 (in thousands): April 30, April 30, Demand deposit accounts $ 38,692 $ 49,977 Money market funds 922 2,831 Municipal debt securities — 102 Commercial paper 4,349 875 Corporate debt securities — 256 Total cash and cash equivalents $ 43,963 $ 54,041 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 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 debt securities 4,564 17 (16 ) 4,565 Commercial paper 6,269 4 — 6,273 U.S. Treasury securities 11,814 — (11 ) 11,803 U.S. government agency debt securities 17,007 1 (3 ) 17,005 Corporate debt securities 9,104 4 (28 ) 9,080 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 fiscal years ended April 30, 2016 , 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 fiscal years ended April 30, 2016 and 2015 . Contractual maturities of available-for-sale securities at April 30, 2016 , were as follows (in thousands): Estimated Fair Value Due in one year or less $ 48,953 Due in 1-2 years 1,729 Total investments in debt securities $ 50,682 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 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 April 30, 2016 and April 30, 2015 (in thousands): Fair Value Measurements at April 30, 2016 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 $ 922 $ — $ — $ 922 $ 2,831 $ — $ — $ 2,831 Municipal bonds — — — — — 102 — 102 Commercial paper — 4,349 — 4,349 — 875 — 875 Corporate securities — — — — — 256 — 256 Total cash equivalents 922 4,349 — 5,271 2,831 1,233 — 4,064 Short-term investments: Certificates of deposit — 7,089 — 7,089 — 4,004 — 4,004 Municipal bonds — — — — — 4,565 — 4,565 Commercial paper — 4,043 — 4,043 — 6,273 — 6,273 U.S. Treasury securities 8,764 — — 8,764 11,803 — — 11,803 U.S. government agency securities 24,836 — — 24,836 17,005 — — 17,005 Corporate securities — 5,950 — 5,950 — 9,080 — 9,080 Total short-term investments 33,600 17,082 — 50,682 28,808 23,922 — 52,730 Total assets $ 34,522 $ 21,431 $ — $ 55,953 $ 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 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. |
Property, Equipment and Capital
Property, Equipment and Capitalized Internal-Use Software Development Costs | 12 Months Ended |
Apr. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Capitalized Internal-Use Software Development Costs | Property, Equipment and Capitalized Internal-Use Software Development Costs Property and equipment, including capitalized internal-use software development costs, consisted of the following (in thousands): April 30 2016 2015 Computer equipment $ 3,207 $ 3,052 Furniture and fixtures 3,801 1,888 Office equipment 3,170 2,072 Software 963 962 Capitalized internal-use software development costs 39,571 29,628 Leasehold improvements 12,762 7,256 Property, equipment and capitalized internal-use software development costs 63,474 44,858 Less: accumulated depreciation and amortization (31,825 ) (25,804 ) Property, equipment and capitalized internal-use software development costs, net $ 31,649 $ 19,054 Depreciation and amortization relating to the Company’s property and equipment for the years ended April 30, 2016, 2015 and 2014 was $3.8 million , $3.7 million and $3.3 million , respectively. Amortization related to the Company’s capitalized internal-use software development costs for the years ended April 30, 2016, 2015 and 2014 was $8.4 million , $6.8 million and $4.6 million , respectively. |
Business Combinations
Business Combinations | 12 Months Ended |
Apr. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Fiscal Year 2014 FeedMagnet On April 15, 2014, the Company acquired FeedMagnet Inc. (“FeedMagnet”), a privately-owned social media curation company, for $9.3 million in cash. The Company accounted for the FeedMagnet acquisition using the acquisition method of accounting. The Company allocated the purchase price to the assets acquired, including intangible assets, and liabilities assumed based on estimated fair values at the date of the acquisition. The Company estimated the value of tangible assets and liabilities based on purchase price and future intended use. The Company derived the value of intangible assets from the present value of estimated future benefits from the various intangible assets acquired. The Company allocated the purchase price for FeedMagnet as follows (in thousands): Cash and cash equivalents $ 383 Accounts receivable 695 Prepaid expenses and other current assets 19 Intangible assets: Developed technology (3 year useful life) 3,265 Customer relationships (3 to 10 year useful life) 535 Total identified intangibles 3,800 Goodwill 6,324 Total assets acquired $ 11,221 Accounts payable (80 ) Accrued expenses and other current liabilities (187 ) Deferred revenue (234 ) Deferred tax liability (1,391 ) Total liabilities assumed $ (1,892 ) Net assets acquired $ 9,329 The consideration paid was as follows (in thousands): Cash $ 9,329 Total consideration $ 9,329 Goodwill represents the excess of the purchase price over the aggregate fair value of the net identifiable assets acquired and is not deductible for tax purposes. Goodwill for FeedMagnet resulted primarily from the Company’s expectations that FeedMagnet’s solutions will enhance the Company’s product offerings. The Company integrated the FeedMagnet business into the Company’s operations; therefore, there are no separate revenue and earnings for FeedMagnet since the integration. The Company did not have any liabilities related to contingent consideration as of April 30, 2016 or April 30, 2015. |
Goodwill
Goodwill | 12 Months Ended |
Apr. 30, 2016 | |
Goodwill [Abstract] | |
Goodwill | Goodwill As of April 30, 2016 and April 30, 2015, the Company had goodwill in the amount of $139.2 million . The Company evaluates goodwill for impairment annually in the fourth fiscal quarter or more frequently if indicators of potential impairment arise. The Company did not recognize any goodwill impairment during fiscal year 2016 and fiscal year 2015. There have been no changes to goodwill during the fiscal years ended April 30, 2016 and 2015. |
Acquired Intangible Assets, net
Acquired Intangible Assets, net | 12 Months Ended |
Apr. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets, net | Acquired Intangible Assets, net The Company evaluates the recoverability of its long-lived assets for impairment when indicators of potential impairment arise. The Company did not recognize any impairment of its acquired intangible assets during fiscal year 2016 or 2015. As a result of the divestiture of the PowerReviews business (See Note 3), the Company evaluated the recoverability of its long-lived assets resulting from the acquisition of PowerReviews. The Company performed the first step of impairment test by comparing the undiscounted cash flows to be generated by the asset group allocated to PowerReviews (inclusive of the value of the customer relationships and developed technology) to the carrying value of the asset group as of April 30, 2014. Undiscounted cash flows included the cash flows resulting from the continued operation of the asset group plus estimated probability weighted proceeds from a potential divestiture. The undiscounted cash flows of the assets did not exceed the carrying value of the asset group as of April 30, 2014. As a result, the Company incurred a $2.5 million impairment loss, $2.4 million of which was allocated to customer relationships and $0.1 million of which was allocated to developed technology. Due to the classification of the PowerReviews business as discontinued operations, the $2.5 million impairment loss is included in the loss from discontinued operations, net of tax, in the consolidated statements of operations for fiscal year ended April 30, 2014. Acquired intangible assets, net, as of April 30, 2016 and April 30, 2015 for continuing operations are as follows (in thousands): April 30, April 30, Gross Fair Value Accumulated Amortization Net Book Value Gross Fair Value Accumulated Amortization Net Book Value Customer relationships $ 11,835 $ (4,158 ) $ 7,677 $ 11,835 $ (2,921 ) $ 8,914 Developed technology 3,265 (1,335 ) 1,930 3,265 (681 ) 2,584 Total $ 15,100 $ (5,493 ) $ 9,607 $ 15,100 $ (3,602 ) $ 11,498 The amortization of customer relationships is recorded as amortization expense and the amortization for developed technology is recorded in cost of revenue. For the years ended April 30, 2016 and April 30, 2015, the Company incurred amortization expense of acquired intangible assets of $1.9 million and $1.9 million , respectively. The following table presents our estimate of future amortization expense for definite-lived intangible assets (in thousands): Fiscal period: Amount Fiscal year 2017 $ 1,890 Fiscal year 2018 1,890 Fiscal year 2019 1,856 Fiscal year 2020 1,130 Fiscal year 2021 1,130 Thereafter 1,711 Total $ 9,607 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Apr. 30, 2016 | |
Accrued Liabilities and Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued liabilities, including other liabilities, consisted of the following (in thousands): April 30 2016 2015 Accrued compensation $ 9,819 $ 10,675 Accrued taxes 1,886 3,629 Accrued revenue share 3,883 4,940 Customer credit balances 706 628 Accrued other liabilities 6,873 7,525 Total accrued expenses and other current liabilities $ 23,167 $ 27,397 The Company has signed leases for office premises at various locations, including its headquarters in Austin, Texas, and has received rent-free periods and reimbursement for tenant improvements as lease incentives. These incentives have been recorded as lease incentive liabilities and are being amortized over the term of the lease as a reduction to rent expense. As of April 30, 2016, $0.7 million of lease incentive liabilities was included as deferred rent within accrued other liabilities and $6.3 million was included in other liabilities, long-term. As of April 30, 2015, $0.8 million of lease incentive liabilities was included within deferred rent and $0.3 million was included in other liabilities, long-term. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Apr. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In February 2016, the Company made the decision to suspend sales of its BV Local product, reduce its cost structure to improve operating efficiencies and align resources with its growth strategies. Costs associated with these restructuring activities include workforce reductions charges, and facilities charges related to the loss recorded on the sub-lease of excess office space at the Company's headquarters. As a result of these restructuring activities, during fiscal year 2016 the Company recorded pre-tax charges of approximately $1.6 million , consisting of $1.0 million for severance and related costs and a $0.5 million loss on the sub-lease of the first floor of our corporate headquarters which the Company began sub-leasing on May 1, 2016. As of April 30, 2016, the accrued liability associated with the Company's restructuring activities consisted of the following (in thousands): Workforce Reduction Excess Facilities Total (in thousands) Balance at April 30, 2015 $ — $ — $ — Restructuring charges 1,029 546 1,575 Payments (532 ) — (532 ) Balance at April 30, 2016 497 546 1,043 Expenses recorded related to these restructuring activities are included in the "Restructuring charges" line item in our consolidated statement of operations. The Company expects to record cumulative pre-tax charges of approximately $2.5 million related to this restructuring, including additional severance and related costs and additional anticipated losses on sub-lease related to the downsizing of the Company's San Francisco office. The Company anticipates the restructuring plan will be substantially complete by the end of the second quarter of fiscal year 2017. |
Debt
Debt | 12 Months Ended |
Apr. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Amended and Restated Credit Facility On July 18, 2007, the Company entered into a loan and security agreement with Comerica Bank which was most recently amended and restated on November 21, 2014. The Amended and Restated Credit Facility (the “Credit Facility”) provides for a secured, revolving line of credit of up to $70.0 million , with a sublimit of $3.0 million for the incurrence of swingline loans and a sublimit of $15.0 million for the issuance of letters of credit. Borrowings under the Credit Facility are collateralized by substantially all assets of the Company and of its U.S. subsidiaries. The revolving line of credit bears interest at the adjusted LIBOR rate plus 3.5% . Availability under the Credit Facility was $18.7 million as of April 30, 2016 . The Company had letters of credit outstanding of $9.3 million as of April 30, 2016 . The Credit Facility expires on November 21, 2017 with all advances immediately due and payable. The Company was in compliance with all covenants contained in the Credit Facility as of April 30, 2016 . The Company did not recognize a gain or loss as a result of the amendment and restatement in fiscal 2015. The Company incurred $0.7 million of fees in connection with the Amended and Restated Credit Facility which were capitalized and are being amortized to interest expense using the straight-line method, which approximates the effective interest method, over the life of the Credit Facility. The Company incurred amortization expense on deferred financing costs of $0.2 million and $0.1 million , respectively, for the fiscal years ended April 30, 2016 and 2015 , respectively. During the fourth quarter of fiscal year 2016 the Company paid $15.0 million on the balance outstanding under its Credit Facility, reducing the Company's outstanding debt to $42.0 million . The carrying value of the Company's debt approximates its fair value. Pledge and Security Agreement On November 4, 2008, the Company entered into a Pledge and Security Agreement with Comerica for a standby letter of credit for credit card services from a separate financial institution which was amended on October 29, 2014 to increase the standby letter of credit by $0.5 million to $1.0 million . The Company pledged a security interest in its money market account, in which the balance must equal at least the credit extended. This letter of credit expires annually, and the pledged security interest is recorded as short-term restricted cash in the Company’s consolidated financial statements. In January 2015, the Company transferred the $1.0 million Pledge and Security Agreement to be included as a form of letter of credit under the Credit Facility, therefore the Pledge and Security Agreement obligations are no longer considered restricted cash. |
Common Stock
Common Stock | 12 Months Ended |
Apr. 30, 2016 | |
Equity [Abstract] | |
Common Stock | Common Stock On February 29, 2012, the Company completed its initial public offering in which the Company sold 10,906,941 shares of its common stock, of which 10,422,645 shares were offered by the Company and 484,296 shares were offered by selling stockholders, at a price of $12 per share. The gross proceeds raised by the Company from the sale of our common stock in the offering was approximately $125.1 million , resulting in net proceeds from the sale of our common stock of approximately $112.8 million , after deducting underwriting discounts and commissions of approximately $8.8 million and other offering expenses of approximately $3.5 million . On July 23, 2012, the Company completed a follow-on offering in which 9,775,000 shares of its common stock were sold, of which 3,625,000 shares were offered by the Company and 6,150,000 shares were offered by selling stockholders, at a price of $15.40 per share. The gross proceeds raised by the Company from the sale of its common stock in the offering was approximately $55.8 million , resulting in net proceeds to the Company from the sale of its common stock of approximately $51.9 million , after deducting underwriting discounts and commissions of approximately $2.7 million and other offering expenses of approximately $1.2 million . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Apr. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity | Stockholders’ Equity 2005 Stock Plan On June 14, 2005, the Company adopted the Bazaarvoice, Inc. 2005 Stock Plan (the “2005 Plan”). The 2005 Plan provided in part that incentive and non-qualified stock options, as defined by the Internal Revenue Code of 1986, as amended, to purchase shares of the Company’s common stock could be granted to employees, directors and consultants. Stock purchase rights could also be granted under the 2005 Plan. The maximum term of options issued under the 2005 Plan is ten years. Options granted to date generally vest over a four-year period with 25% vesting at the end of one year and the remaining vest monthly thereafter. The Company’s ability to grant any future equity awards under the 2005 Plan was terminated in January 2012. As of April 30, 2016 , options to purchase 1,150,119 shares of common stock were outstanding under the 2005 Plan. Accordingly, the Company has reserved 1,150,119 shares of common stock to permit the exercise of 2005 Plan options outstanding. The Company’s 2005 Plan will continue to govern the terms and conditions of outstanding equity awards that were granted under the 2005 Plan. 2012 Stock Plan On January 17, 2012, the Company adopted the Bazaarvoice, Inc. 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan was adopted to replace the 2005 Plan and also gives the Company the ability to grant restricted stock and performance related stock. Under the 2012 Plan non-qualified and incentive stock options may be issued at an exercise price equal to at least 100% of the fair market value of the Company’s common stock at the option grant date. No portion of any stock option may be exercised after the expiration date. However, if an employee owns or is deemed to own more than 10% of the combined voting power of all classes of stock of the Company and a stock option is granted to such employee, the term of such stock option will be no more than five years from the date of grant or such shorter term as may be provided in the option agreement and the exercise price must be at least 110% of the fair market value on the date of grant. The maximum term of options issued under the 2012 Plan is ten years. Options granted to date generally vest over a four-year period with 25% vesting at the end of one year and the remaining vest monthly thereafter. The Company also grants restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) which generally vest annually over a four-year period. As of April 30, 2016 , options to purchase 5,525,724 shares of common stock and 4,753,516 shares of restricted stock were outstanding under the 2012 Plan. As of April 30, 2016 , a total of 6,193,865 shares of common stock were available for grant under the 2012 Plan. All equity awards granted following the Company’s initial public offering were granted under the 2012 Plan. Employee Stock Purchase Plan (“ESPP”) On January 17, 2012, the Company also adopted the Bazaarvoice, Inc. 2012 Employee Stock Purchase Plan. Under the Company’s ESPP, employees are granted the right to purchase shares of common stock at a price per share that is 85% of the lesser of the fair market value of the shares at (i) the first trading day of offering period or (ii) the last day of the offering period, subject to a plan limit on the number of shares that may be purchased in a purchase period. The offerings under the ESPP commenced, beginning with a six month offering period starting in March 2013. As of April 30, 2016 , the Company has 2,612,952 shares of its common stock reserved for future issuance under this plan. As of April 30, 2016 , $0.3 million has been held on behalf of employees for future purchases under the plan and is recorded in accrued expenses and other current liabilities. Employees purchased 660,036 shares of common stock at an average price of $3.52 in the fiscal year ended April 30, 2016 . PowerReviews, Inc. 2005 Equity Incentive Plan As part of the June 2012 acquisition of PowerReviews, the Company assumed certain outstanding stock options granted under the PowerReviews, Inc. 2005 Equity Incentive Plan (the “PowerReviews Plan”). Following the acquisition, the assumed options continue to be subject to the terms of the PowerReviews Plan and individual award agreements except (i) the assumed options became exercisable for shares of the Company’s common stock, (ii) the number of shares and exercise price of each option was be adjusted pursuant to an exchange ratio established in the acquisition and (iii) assumed options would not be exercisable prior to vesting. As of April 30, 2016 , options to purchase 12,357 shares of common stock were outstanding under the PowerReviews Plan. Accordingly, the Company has reserved 12,357 shares of common stock to permit the exercise of PowerReviews Plan options outstanding. The Company has not granted any new awards under the PowerReviews Plan. Stock-Based Expense The Company estimates the fair value of options granted using the Black-Scholes option pricing model. Since the Company was a private entity prior to our initial public offering in February 2012 with little historical data regarding the volatility of the common stock price, the Company bases the expected volatility on the historical volatility of comparable companies from a representative industry peer group. The expected volatility of options granted is determined using an average of the historical volatility measures of this peer group. The volatility for ESPP is based on the historical volatility of the Company. As allowed under current guidance, the Company has elected to apply the “simplified method” in developing the estimate of expected life for “plain vanilla” stock options by using the midpoint between the graded vesting period and the contractual termination date as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The Company has not paid and does not anticipate paying cash dividends on the common stock; therefore, the expected dividend yield was assumed to be zero. The risk-free interest rate is based on the rate for a U.S. government security with the same estimated life at the time of the option grant and the stock purchase rights. 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, 2016 2015 2014 Cost of revenue $ 2,167 $ 1,517 $ 1,155 Sales and marketing 2,956 3,923 4,496 Research and development 2,671 1,960 2,176 General and administrative 6,967 4,677 5,357 Loss from discontinued operations, net of tax — 124 643 Stock-based expense 14,761 12,201 13,827 Capitalized stock-based compensation 813 601 641 Total stock-based compensation 15,574 12,802 14,468 The fair value of the Company’s options was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions: Year Ended April 30, 2016 2015 2014 Expected volatility 42% - 42% 43% - 50% 53% - 54% Risk-free interest rate 1.50% - 1.92% 1.46% - 1.93% 1.30% - 2.09% Expected term (in years) 6.00 6.00 6.00 - 6.25 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, 2016 2015 2014 Expected volatility 30% - 57% 36% - 57% 36% - 43% Risk-free interest rate 0.10% - 0.46% 0.05% - 0.11% 0.05% - 0.11% Expected term (in years) 0.5 0.5 0.5 Dividend yield — — — 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, 2014 7,091 7.74 Options granted 939 7.31 Options exercised (1,246 ) 4.18 Options forfeited (877 ) 8.98 Options expired (814 ) 10.78 Balance as of April 30, 2015 5,093 $ 7.83 7.00 $ 1,590 Options granted 2,947 4.83 Options exercised (227 ) 3.95 Options forfeited (484 ) 7.42 Options expired (641 ) 8.14 Balance as of April 30, 2016 6,688 $ 6.64 6.43 $ 591 Options vested and expected to vest at April 30, 2016 6,666 $ 6.64 6.43 $ 591 Options vested and exercisable as of April 30, 2016 3,004 $ 8.04 4.58 $ 373 The summary of stock options as of April 30, 2016 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 $0.16 - $3.03 392,937 $ 2.35 3.23 332,937 $ 2.23 $3.15 - $3.15 990,000 3.15 6.84 — — $3.42 - $4.86 734,387 4.36 7.23 254,387 4.69 $4.87 - $6.28 261,911 5.49 8.49 112,327 5.44 $6.42 - $6.42 1,196,400 6.42 8.77 — — $6.54 - $7.36 788,373 6.96 7.34 523,263 6.89 $7.39 - $7.53 756,475 7.47 4.27 489,204 7.46 $7.60 - $9.51 892,709 9.18 6.78 635,401 9.21 $9.52 - 15.12 639,808 12.60 2.61 621,392 12.61 $18.67 - $18.67 35,200 18.67 5.93 35,200 18.67 $0.16 - $18.67 6,688,200 $ 6.64 6.43 3,004,111 $ 8.04 The weighted-average grant date fair value of options granted during the fiscal years ended April 30, 2016 , 2015 and 2014 was $2.06 , $3.47 and $4.32 , respectively. The aggregate intrinsic value of options exercised during the fiscal years ended April 30, 2016 , 2015 and 2014 was $0.4 million , $4.5 million and $18.6 million , respectively. The Company received $0.9 million and $5.2 million in cash from option exercises in fiscal years ended April 30, 2016 and 2015 , respectively. The Company issued shares from amounts reserved under the respective Plans upon the exercise of these stock options. The Company does not currently expect to repurchase shares from any source to satisfy such obligation under any of the Company’s stock option Plans. The aggregate fair value of options vested during the fiscal years ended April 30, 2016 , 2015 and 2014 was $4.2 million , $6.1 million , and $9.7 million , respectively. As of April 30, 2016 , total unrecognized stock-based expense, adjusted for estimated forfeitures, related to stock options was $6.5 million , which is expected to be recognized over the next 2.48 years. 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, 2014 2,977 $ 8.44 Restricted shares granted 2,305 7.66 Restricted shares vested (715 ) 8.74 Restricted shares forfeited (1,079 ) 8.38 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 The aggregate fair value of restricted stock shares vested during the fiscal years ended April 30, 2016 , 2015 and 2014 was $8.5 million , $6.2 million , and $3.6 million , respectively. As of April 30, 2016 , total unrecognized stock-based expense adjusted for estimated forfeitures, related to restricted stock was $19.8 million , which is expected to be recognized over the next 2.8 years. Other Stock-Related Expense (Benefit) During an evaluation of its equity systems and implementation of additional internal controls to comply with the provisions of Section 404 of the Sarbanes-Oxley Act during year ended April 30, 2013, the Company identified certain non-qualified stock option grants that were improperly classified as incentive stock options in its financial systems. As a result of these classification differences, the Company recorded an estimated liability for $2.2 million for taxes, interest and related items in general and administrative expense. Of the $2.2 million estimated liability, $0.8 million of the liability is related to PowerReviews which, in fiscal year 2014, was classified as a discontinued operations (See Note 3). As such, the $0.8 million related to PowerReviews is included in “Loss from discontinued operations, net of tax” on the Consolidated Statements of Operations. These classification differences did not have a material impact on stock-based expenses for the years ended April 30, 2016 , 2015 and 2014 . The Company also determined that the estimated liability did not have a material impact on the financial statements for prior periods. During the year ended April 30, 2015, the Company recorded a benefit of $0.4 million due to a reduction in the estimated liability. |
Net Loss Per Share Applicable t
Net Loss Per Share Applicable to Common Stockholders | 12 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Applicable to Common Stockholders | Net Loss Per Share Applicable to Common Stockholders The following table sets forth the computations of net loss per share applicable to common stockholders for the years ended April 30, 2016 , 2015 and 2014 , respectively (in thousands, except net loss per share data): Year Ended April 30, 2016 2015 2014 Net loss from continuing operations $ (25,339 ) $ (33,164 ) $ (52,846 ) Net loss from discontinued operations, net of tax — (1,257 ) (10,320 ) Net loss applicable to common stockholders $ (25,339 ) $ (34,421 ) $ (63,166 ) Basic and diluted loss per share Continuing operations $ (0.31 ) $ (0.42 ) $ (0.70 ) Discontinued operations — (0.02 ) (0.14 ) Basic and diluted loss per share: $ (0.31 ) $ (0.44 ) $ (0.84 ) Basic and diluted weighted average number of shares outstanding 80,859 78,645 75,564 Potentially dilutive securities (1) : Outstanding stock options 197 721 2,149 Restricted shares 49 427 293 (1) The impact of potentially dilutive securities on earnings per share is anti-dilutive in a period of net loss. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes U.S. and international components of loss before income taxes were as follows (in thousands): Year Ended April 30, 2016 2015 2014 U.S. $ (27,239 ) $ (35,174 ) $ (55,508 ) International 1,938 2,064 2,162 Loss from continuing operations before income taxes $ (25,301 ) $ (33,110 ) $ (53,346 ) Income tax expense (benefit) is composed of the following (in thousands): Year Ended April 30, 2016 2015 2014 Current: Federal $ — $ (38 ) $ — State (77 ) 182 294 International 556 951 567 Total 479 1,095 861 Deferred: Federal (6,635 ) (12,491 ) (13,930 ) State (1,070 ) (2,308 ) (2,091 ) International (94 ) 44 203 Total (7,799 ) (14,755 ) (15,818 ) Change in valuation allowance 7,358 13,714 14,457 Provision for (benefit from) income taxes $ 38 $ 54 $ (500 ) The difference between the tax expense (benefit) derived by applying the Federal statutory income tax rate to net losses and the expense recognized in the financial statements is as follows (in thousands): Year Ended April 30, 2016 2015 2014 U.S. federal taxes at statutory rate $ (8,603 ) $ (11,257 ) $ (18,138 ) State tax provision (625 ) (923 ) (1,510 ) Foreign tax rate differentials (108 ) (206 ) (123 ) Research and development credit (1,473 ) (1,972 ) (1,201 ) Stock options 3,480 506 1,608 Nondeductible legal expenses — 200 5,796 Permanent differences and other — (8 ) (1,389 ) Return to provision adjustments 9 — — Change in valuation allowance 7,358 13,714 14,457 Provision for (benefit from) income taxes $ 38 $ 54 $ (500 ) As of April 30, 2016 and 2015 , the Company had federal net operating loss carry-forwards of $209.4 million and $192.6 million and research and development credit carry-forwards of $9.2 million and $7.7 million , respectively, which will begin expiring in 2026 if not utilized. Utilization of the net operating losses and tax credit carry-forwards may be subject to an annual limitation due to the "change in ownership" provision of the Internal Revenue Code. The annual limitation may result in the expiration of net operating loss and tax credit carry-forwards before utilization. At April 30, 2016 the Company had $33.8 million of excess stock based compensation tax deductions that have not been used to reduce income taxes payable. As of April 30, 2016 and 2015 , the Company had state net operating loss carryforwards of $118.6 million and $110.2 million respectively, which began expiring in 2016 and research and development credits of $3.5 million and $2.6 million , respectively, of which a portion will begin expiring in 2033 and another portion which will not expire. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets as of April 30, 2016 and 2015 are as follows (in thousands): Year Ended April 30, 2016 2015 Deferred tax asset: Bad debts $ 872 $ 1,493 Other accruals 1,138 1,317 Charitable contributions 509 352 Stock options 5,832 5,412 State tax credit 2,347 496 Net operating losses 64,998 58,822 Research and development credit 6,290 6,485 Deferred rent 2,513 273 Deferred revenue 1,969 1,816 FTC 128 — Total deferred tax asset 86,596 76,466 Less valuation allowance (73,806 ) (66,448 ) Net deferred tax assets 12,790 10,018 Deferred tax liability: Amortization of intangible assets (3,564 ) (4,300 ) Depreciation (7,476 ) (4,374 ) Total deferred tax liability (11,040 ) (8,674 ) Total net deferred tax assets $ 1,750 $ 1,344 The Company adopted ASU 2015-17 during the fiscal year ended April 30, 2016 and elected prospective application. The ASU requires deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. Adoption of this guidance did not have a material impact on our consolidated results of operations, financial position or liquidity for any of the periods presented. The Company has established a valuation allowance equal to the net deferred tax asset in the U.S. in excess of certain realizable state tax credits due to uncertainties regarding the realization of the deferred tax assets based on the Company's lack of earning history. The valuation allowance increased by $7.4 million and $13.7 million during the years ended April 30, 2016 and 2015 , respectively. Deferred U.S. income taxes and foreign withholding taxes are not provided on the undistributed cumulative earnings of foreign subsidiaries because those earnings are considered to be indefinitely reinvested in those operations. The indefinitely reinvested undistributed earnings were $8.1 million , $6.6 million and $5.1 million as of April 30, 2016 , 2015 and 2014 respectively. The tax impact resulting from a distribution of these earnings would be approximately $2.8 million , $2.3 million and $1.7 million for the years ended April 30, 2016 , 2015 and 2014 , respectively, based on the U.S. statutory rate of 34 percent . These amounts could be impacted due to different jurisdictional tax rates and foreign tax credits. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. During the years ended April 30, 2016 and 2015 , the Company recognized immaterial amounts in interest and penalties, respectively. The Company does not anticipate a material change in unrecognized tax benefits in the next twelve months. The aggregate changes in the balance of unrecognized tax benefits were as follows (in thousands): Year Ended April 30, 2016 2015 2014 Unrecognized tax benefits as of May 1, $ 3,619 $ 2,157 $ 1,729 Tax positions taken in prior periods: Gross increases 88 883 — Gross decreases (42 ) — (14 ) Tax positions taken in current period: Gross increases 528 579 442 Gross decreases — — — Lapse of statute of limitations — — — Balance as of April 30, $ 4,193 $ 3,619 $ 2,157 As of April 30, 2016 , the total amount of unrecognized tax benefits, if recognized, that would affect the effective tax rate is $4.2 million . The Company is subject to taxation in the U.S., various state, and foreign jurisdictions. As of April 30, 2016 , the Company’s fiscal years 2012 forward are subject to examination by the U.S. tax authorities and in material state jurisdictions, primarily Texas, due to loss carry-forwards, and fiscal years 2011 forward are subject to examination in material foreign jurisdictions, primarily the United Kingdom. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Aggregate Future Lease Commitments On November 13, 2014, the Company entered into a lease (the “Lease”), pursuant to which the Company leases approximately 137,615 square feet of office space in Austin, Texas. This serves as the headquarters of the Company and is used for general office purposes. The term of the Lease commenced on December 14, 2015 (the “Commencement Date”) and terminates approximately ten years and six months after the Commencement Date. The Company has the option to extend the term of the Lease for up to two successive periods of five years each and the Company was required to obtain a stand by letter of credit of $8.0 million as a security deposit for the Lease. In addition to its headquarters, the Company has non-cancelable operating leases for office premises at various other national and international locations. The Company recognizes expense on a straight-line basis and records the difference between recognized rental expense and amounts payable under the lease as deferred rent. Rent expense for the years ended April 30, 2016 , 2015 and 2014 , was $5.0 million , $4.1 million and $4.4 million , respectively. Effective May 2016, the Company entered into a sublease agreement for a portion of its headquarters, which expires in April 2019. Future minimum rental commitments under non-cancelable operating leases, by year and in the aggregate, are as follows at April 30, 2016 (in thousands): Fiscal year ending April 30: Minimum Lease Commitments 2017 $ 6,437 2018 6,266 2019 5,041 2020 4,792 2021 4,034 Thereafter 20,764 Total $ 47,334 As of April 30, 2016 future minimum sublease rentals under noncancelable subleases totaled $0.8 million . Amended and Restated Credit Facility On November 21, 2014, the Company entered into an Amended and Restated Credit Facility (the “Credit Facility”) with Comerica Bank which provides for a secured, revolving line of credit of up to $70.0 million , with a sublimit of $3.0 million for the incurrence of swingline loans and a sublimit of $15.0 million for the issuance of letters of credit. The revolving line of credit bears interest at the adjusted LIBOR rate plus 3.5% . In addition, the Company is required to pay an ongoing commitment fee of 0.5% on the full amount available under the Credit Facility, whether used or unused. On November 21, 2014, the Company drew down $57.0 million of the unused balance of the Credit Facility. In fiscal year 2016 the Company paid $15.0 million on the balance outstanding under its Credit Facility, reducing the Company's outstanding debt to $42.0 million . The Credit Facility expires on November 21, 2017 with all advances immediately due and payable (See Note 11). Legal proceedings and other contingencies In the ordinary course of business, the Company may be subject to various legal proceedings and claims including alleged infringement of third-party patents and other intellectual property rights. The Company reviews the status of each matter and records a provision for a liability when it is considered both probable that a liability has been incurred and that the amount of the loss can be reasonably estimated. Legal fees incurred in connection with loss contingencies are recognized as incurred when the legal services are provided, and therefore are not recognized as a part of a loss contingency accrual. These provisions are reviewed quarterly and adjusted as additional information becomes available. We are not presently a party to any legal proceedings that in the opinion of our management would have a material adverse effect on our business, financial condition, operating results or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. On June 12, 2012, the Company acquired PowerReviews, Inc. (“PowerReviews”), a provider of social commerce solutions, for a total cash and stock purchase price of $150.8 million . On January 8, 2014, the U.S. District Court for the Northern District of California, San Francisco Division (the “Court”) ruled, in connection with a complaint filed by the U.S. Department of Justice (the “DOJ”), that the Company's acquisition of PowerReviews violated Section 7 of the Clayton Act, 15 U.S.C. Section 18. Under the terms of a joint stipulation with the DOJ and an order to the Court, on June 4, 2014, the Company entered into a definitive agreement to divest all of the assets of PowerReviews, LLC, the successor to PowerReviews, to Wavetable Labs, LLC (“Wavetable”), which subsequently changed its name to PowerReviews, for $30.0 million in cash, $4.5 million of which was held and subsequently released in fiscal 2016. As a result of the foregoing, PowerReviews revenues, related expenses and loss on disposal, net of tax, are components of “loss from discontinued operations, net of tax” in the consolidated statement of operations for all periods presented. On the consolidated balance sheets, the assets and liabilities of the discontinued operations of PowerReviews have been presented as ‘Assets held for sale’ and ‘Liabilities held for sale,’ respectively, as of April 30, 2014. The statement of cash flows is reported on a combined basis without separately presenting cash flows from discontinued operations. The discussion of the Company's results of operations is based upon the results from its continuing operations unless otherwise indicated. The Company realized a total loss on the disposal of PowerReviews of $10.7 million of which, $9.2 million was recognized as an estimated loss on disposal of discontinued operations during the fiscal year ended April 30, 2014. The Company recognized the incremental loss of $1.5 million during the fiscal year ended April 30, 2015 (See Note 3). On August 20, 2014, the Company was informed that the DOJ was investigating whether the Company retained any PowerReviews technology in violation of the Joint Stipulation and Order. This matter was resolved by an agreement between the Company and the DOJ to modify the Proposed Final Judgment through the addition of terms relating to the appointment of an antitrust compliance officer. These agreed modifications to the Proposed Final Judgment were filed with the Court on December 1, 2014 and the Final Judgment was entered by the Court on December 2, 2014. On March 12, 2013, a purported shareholder derivative action was filed in the Texas State District Court for Travis County, Texas against certain of the Company’s officers and directors, former officers and directors, and against the Company as nominal defendant. The original petition alleged claims purportedly on behalf of the Company against the individual defendants for corporate waste, breaches of fiduciary duties and breaches of the Company’s corporate policies in connection with the acquisition of PowerReviews and certain of the Company’s officers’ and directors’ sales of shares of the Company’s stock. The original petition requested declaratory judgment, a disgorgement of $91.4 million in proceeds received from such sales of the Company’s stock, unspecified damages on behalf of the Company, reasonable attorneys’, accountants’ and experts’ fees, and equitable relief. After the court granted a motion filed by the Company and individual defendants that the plaintiff’s original petition failed to allege particularized facts sufficient to excuse plaintiff from making pre-suit demand on the Company’s Board of Directors, the plaintiff filed an amended petition November 22, 2013, which again asserted claims for corporate waste, breaches of fiduciary duties and breaches of the Company’s corporate policies in connection with the acquisition of PowerReviews and certain of the Company’s officers’ and directors’ sales of shares of the Company’s stock. The court stayed the lawsuit and its ruling on the Company’s motion for summary judgment to allow the parties to participate in mediation. On July 9, 2014, the parties attended mediation and agreed to preliminary settlement terms. On September 23, 2014, the court preliminarily approved the settlement agreement and directed the Company to notify its shareholders of the proposed settlement, a final hearing on November 24, 2014, and a motion for attorneys’ fees and expenses. On November 24, 2014, the court signed a Final Judgment approving the notice to shareholders and the proposed settlement and payments to plaintiff and plaintiff’s counsel, and dismissing all claims arising out of, relating to, or concerning the PowerReviews acquisition or divestiture, any reports, disclosures, or statements made by the current or former directors or officers of the Company in relation to the PowerReviews acquisition or divestiture, or any related matter that could have been asserted. The settlement did not have a material impact on the Company’s consolidated financial statements. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Apr. 30, 2016 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan On April 7, 2006, the Company adopted a defined contribution retirement plan qualifying under Section 401(k) of the Internal Revenue Code of 1986. It is the sole discretion of the Company to match eligible employee contributions in the form of cash. The Company contributed $0.8 million , $0.7 million and $0.9 million in matching contributions to the 401(k) plan in the fiscal year ended April 30, 2016 , 2015 and 2014 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Apr. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transaction In October 2012, Bazaarvoice Foundation (the “Foundation”), a non-profit private charity, was chartered to build philanthropic programs that are focused on entrepreneurial education for youth. The Company holds two of the Foundation’s six board seats. The Company does not control the Foundation’s activities and accordingly, the Company does not consolidate the Foundation’s statement of activities with its financial results. On March 10, 2015, the Company issued 50,000 unregistered shares of our common stock, which were held as treasury stock, to the Foundation as a donation. The fair market value of these shares based on the Company’s closing stock price on March 10, 2015 was $314,000 . This issuance of shares of the common stock was not registered under the Securities Act of 1933, as amended, or the Securities Act, or any state securities laws. With respect to such issuance, the Company relied on the exemption from the registration requirements of the Securities Act by virtue of Section 4(a)(2) thereof and the rules and regulations promulgated thereunder. |
Operating Segment and Geographi
Operating Segment and Geographic Information | 12 Months Ended |
Apr. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Operating Segment and Geographic Information The Company defines an operating segment as a component of its business where separate financial information is available and is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The CODM reviews financial information including profit and loss information on a consolidated basis, accompanied by revenue information, for purposes of allocating resources and evaluating financial performance. The Company has one business activity, and there are no segment managers who are held accountable for operations, operating results or components below the consolidated unit level. Accordingly, the Company has determined that it has one operating segment, and therefore, one reportable segment. Revenue by geography is based on the billing address of the client. Revenue by geography is based on the billing address of the customer. The following table presents the Company’s revenue from continuing operations by geographic region for the periods presented (in thousands): Year Ended April 30, 2016 2015 2014 Revenue by geographic location for continuing operations: Americas (1) $ 150,758 $ 146,086 $ 127,766 EMEA (2) 42,620 38,101 33,499 Other 6,388 6,994 6,880 Total revenues from continuing operations $ 199,766 $ 191,181 $ 168,145 (1) United States, Canada and Brazil (2) Europe, the Middle East and Africa The Company’s long-lived assets are principally in the United States as of April 30, 2016 and 2015 . Included in Americas revenues are revenues from the United States of $140.8 million , $133.7 million and $123.3 million for the years ended April 30, 2016 , 2015 and 2014 , respectively. Included in EMEA revenues are revenues from the United Kingdom of $26.0 million , $22.9 million and $22.4 million for the years ended April 30, 2016 , 2015 and 2014 , respectively. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Apr. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (Unaudited) The following tables set forth our unaudited quarterly consolidated statements of operations for continuing operations for each of the eight quarters ended April 30, 2016 . The Company has prepared the quarterly data on a consistent basis with the audited consolidated financial statements included elsewhere in this report and, in the opinion of management, the financial information reflects all necessary adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of operations for these periods. This information should be read in conjunction with the audited consolidated financial statements and related notes included elsewhere in this report. These quarterly operating results are not necessarily indicative of our operating results for any future period. Three Months Ended Apr 30, 2016 Jan 31, 2016 Oct 31, 2015 Jul 31, 2015 Apr 30, Jan 31, Oct 31, Jul 31, Revenue (1) $ 50,709 $ 50,255 $ 49,926 $ 48,876 $ 48,317 $ 49,562 $ 47,325 $ 45,977 Cost of revenue 19,253 18,920 19,146 19,548 18,148 17,988 17,414 16,356 Gross profit 31,456 31,335 30,780 29,328 30,169 31,574 29,911 29,621 Operating expenses: Sales and marketing 18,027 16,113 16,502 19,166 20,427 18,020 18,931 20,995 Research and development 10,391 10,199 10,354 10,533 9,880 8,779 9,306 9,730 General and administrative 7,577 6,940 7,643 8,238 7,582 6,932 8,100 7,893 Acquisition-related and other 157 332 224 702 815 413 2,326 492 Restructuring charges 1,575 — — — — — — — Amortization of acquired intangible assets 309 309 310 309 309 309 310 309 Total operating expenses 38,036 33,893 35,033 38,948 39,013 34,453 38,973 39,419 Operating loss (6,580 ) (2,558 ) (4,253 ) (9,620 ) (8,844 ) (2,879 ) (9,062 ) (9,798 ) Total other expense, net (384 ) (719 ) (475 ) (712 ) (521 ) (920 ) (588 ) (498 ) Net loss before income taxes (6,964 ) (3,277 ) (4,728 ) (10,332 ) (9,365 ) (3,799 ) (9,650 ) (10,296 ) Income tax expense (benefit) 165 (163 ) 124 (88 ) (540 ) 324 258 12 Net loss from continuing operations $ (7,129 ) $ (3,114 ) $ (4,852 ) $ (10,244 ) $ (8,825 ) $ (4,123 ) $ (9,908 ) $ (10,308 ) Loss from discontinued operations, net of tax — — — — — — — (1,257 ) Net loss applicable to common stockholders $ (7,129 ) $ (3,114 ) $ (4,852 ) $ (10,244 ) $ (8,825 ) $ (4,123 ) $ (9,908 ) $ (11,565 ) Basic earnings per share: Continuing operations $ (0.09 ) $ (0.04 ) $ (0.06 ) $ (0.13 ) $ (0.11 ) $ (0.05 ) $ (0.13 ) $ (0.13 ) Discontinued operations — — — — — — — (0.02 ) Basic loss per share: $ (0.09 ) $ (0.04 ) $ (0.06 ) $ (0.13 ) $ (0.11 ) $ (0.05 ) $ (0.13 ) $ (0.15 ) (1) During the fourth quarter of fiscal 2016, the Company recorded out of period adjustments related to errors in the timing of recognition of revenue, for which all required criteria had been satisfied in prior periods. The cumulative effect of out of period adjustments for the fourth quarter of fiscal 2016 was a $0.9 million increase in revenue. The Company has determined that these adjustments were not material to any prior annual or interim periods, and the resulting correction is not material to its annual results for fiscal 2016 or to the trend in earnings. The sum of the quarterly earnings per share amounts may not equal the total for the year due to the effects of rounding. |
SCHEDULE II _ VALUATION AND QUA
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Apr. 30, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | BAZAARVOICE, INC. FINANCIAL STATEMENT SCHEDULE SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Beginning Balance Additions Deductions Ending Balance Allowance for doubtful accounts, customer and other: Year Ended April 30, 2016 $ 3,992 3,121 (4,751 ) $ 2,362 Year Ended April 30, 2015 $ 2,324 4,120 (2,452 ) $ 3,992 Year Ended April 30, 2014 $ 2,371 2,626 (2,673 ) $ 2,324 Valuation allowance for deferred tax assets: Year Ended April 30, 2016 $ 66,448 7,358 — $ 73,806 Year Ended April 30, 2015 $ 52,734 13,714 — $ 66,448 Year Ended April 30, 2014 $ 37,902 16,223 (1,391 ) $ 52,734 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year The Company’s fiscal year end is April 30. References to fiscal year 2016 , for example, refer to the fiscal year ending April 30, 2016 . |
Basis of Presentation | Basis of Presentation The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). On July 2, 2014, the Company completed the sale of its PowerReviews business. The operating results of this business have been presented as discontinued operations for the fiscal years ended April 30, 2015 and 2014 . The statement of cash flows is reported on a combined basis without separately presenting cash flows from discontinued operations. All other disclosures and amounts in the notes to the consolidated financial statements relate to the Company’s continuing operations, unless otherwise indicated. Certain immaterial prior period amounts presented in the consolidated statement of cash flows have been reclassified to conform to current period financial statement presentation. These reclassifications have no effect on previously reported net income. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, allowance for doubtful accounts, income taxes, stock-based expense, accrued liabilities, useful lives of property, equipment and capitalized software development costs, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from the estimates made by management with respect to these items. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. |
Foreign Currency Translation | Foreign Currency Translation The U.S. dollar is the reporting currency for all periods presented. The functional currency of the Company’s foreign subsidiaries is generally the local currency. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenue and expenses are translated at the average rate during the period. Equity transactions are translated using historical exchange rates. Adjustments resulting from translating foreign currency financial statements into U.S. dollars are included in accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in net loss for the period. The Company recognized net foreign currency gains (losses) of $(0.4) million , $(1.0) million and $0.4 million for fiscal years 2016 , 2015 and 2014 , respectively. |
Derivative Financial Instruments | Derivative Financial Instruments As a result of the Company’s international operations, it is exposed to various market risks, such as fluctuations in currency exchange rates, which may affect its consolidated results of operations, cash flows and financial position. The Company’s primary foreign currency exposures are in Euros and British Pound Sterling. The Company faces exposure to adverse movements in currency exchange rates as the financial results of certain of its operations are translated from local currency into U.S. dollars upon consolidation. Additionally, foreign exchange rate fluctuations on transactions denominated in currencies other than the functional currency result in gains and losses that are reflected in income. The Company may enter into derivative instruments to hedge certain net exposures of non-U.S. dollar-denominated assets and liabilities, even though it does not elect to apply hedge accounting or hedge accounting does not apply. Gains and losses resulting from a change in fair value of these derivatives are reflected in income in the period in which the change occurs and are recognized on the consolidated statement of operations in other income (expense). Cash flows from these contracts are classified within net cash used in operating activities on the consolidated statements of cash flows. The Company does not use financial instruments for trading or speculative purposes. The Company recognizes all derivative instruments on the balance sheet at fair value, and its derivative instruments are generally short-term in duration. Derivative contracts were not material to our operations or net income for the fiscal years ended April 30, 2016 , 2015 and 2014 . The Company is exposed to the risk that counterparties to derivative contracts may fail to meet their contractual obligations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate their respective fair values due to their short-term nature. The Company applies the authoritative guidance on fair value measurements for financial assets and liabilities. The guidance defines fair value and increases disclosures surrounding fair value calculations. The guidance establishes a three-tiered fair value hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as follows: Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets accessible by the Company. Level 2: Inputs that are observable in the marketplace other than those inputs classified as Level 1. Level 3: Inputs that are unobservable in the marketplace which require the Company to develop its own assumptions. The valuation techniques used to determine the fair value of our financial instruments having Level 2 inputs are valued using unadjusted, non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models. Our procedures include controls to ensure that appropriate fair values are recorded by a review of the valuation methods and assumptions. The Company did not hold any cash equivalents, restricted cash or short-term investments categorized as Level 3 as of April 30, 2016 or April 30, 2015. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments acquired with an original maturity of three months or less at the date of purchase and readily convertible to known amounts of cash to be cash equivalents. Cash and cash equivalents are deposited with banks in demand deposit accounts. Cash equivalents are stated at cost, which approximates market value, because of the short maturity of these instruments. |
Short-Term Investments | Short-term Investments Short-term investments which are classified as available-for-sale securities consist of certificates of deposit, municipal bonds, commercial paper, U.S. Treasury notes and bonds that are a guaranteed obligation of the U.S. Government, corporate notes and corporate bonds. The Company may or may not hold securities with stated maturities greater than one year until maturity. After consideration of its risks versus reward objectives, as well as its liquidity requirements, the Company may sell these securities prior to their stated maturities. As the Company views these securities as available to support current operations, it has classified all available-for-sale securities as short-term. Available-for-sale securities are carried at fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. For the periods presented, realized and unrealized gains and losses on short-term investments were not material. 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 fiscal years ended April 30, 2016 , 2015 or 2014 . |
Accounts Receivable | Accounts Receivable Accounts receivable represent trade receivables from clients for whom the Company has provided services and not yet received payment. The Company presents accounts receivable net of an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of clients to make required payments. In estimating this allowance, the Company considers factors such as: historical collection experience, a client’s current credit-worthiness, client concentrations, age of the receivable balance, both individually and in the aggregate and general economic conditions that may affect a client’s ability to pay. Any change in the assumptions used in analyzing a specific account receivable might result in an additional allowance for doubtful accounts being recognized in the period in which the change occurs. The allowance for doubtful accounts was $2.4 million and $4.0 million at April 30, 2016 and 2015 , respectively. |
Property, Equipment and Capitalized Internal-Use Software Development Costs | Property, Equipment and Capitalized Internal-Use Software Development Costs Property and equipment is carried at cost less accumulated depreciation and amortization. Depreciation and amortization is computed utilizing the straight-line method over the estimated useful lives of the related assets as follows: Computer equipment 3 years Furniture and fixtures 5 years Office equipment 5 years Software 3 years Leasehold improvements Shorter of estimated useful life or the lease term When depreciable assets are sold or retired, the related cost and accumulated depreciation are removed from the accounts. Any gain or loss is included in other income (expense), net in the Company’s statement of operations. Major additions and betterments are capitalized. Maintenance and repairs which do not materially improve or extend the lives of the respective assets are charged to operating expenses as incurred. The Company capitalizes certain development costs incurred in connection with its internal-use software. These capitalized costs are primarily related to its proprietary social commerce solutions that is hosted by the Company and accessed by its clients on a subscription basis. Costs incurred in the preliminary stages of development are expensed as incurred. Once an application has reached the development stage, direct internal and external costs are capitalized until the software is substantially complete and ready for its intended use. Maintenance and training costs are expensed as incurred. Internal-use software development costs are amortized on a straight-line basis over its estimated useful life, generally three years, into cost of revenue. |
Goodwill, Intangible Assets, Long-Lived Assets and Impairment Assessments | Goodwill, Intangible Assets, Long-Lived Assets and Impairment Assessments The Company evaluates and tests the recoverability of its goodwill for impairment at least annually during the fourth fiscal quarter or more often if and when circumstances indicate that goodwill may not be recoverable (See Note 7). Intangible assets are amortized over their useful lives. Each period the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. The carrying amounts of these assets are periodically reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate. If the undiscounted cash flows used in the test for recoverability are less than the carrying amount of these assets then the Company will recognize an impairment charge to reduce the assets to fair value. The Company evaluates the recoverability of its long-lived assets if indicators that the carrying amount of such assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate. If the undiscounted cash flows used in the test for recoverability are less than the carrying amount of these assets then the Company will recognize an impairment charge to reduce the assets to fair value (See Note 5). |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is comprised of net loss, unrealized investment gains and losses and foreign currency translation adjustments, net of tax. The accumulated comprehensive gain (loss) as of April 30, 2016 and 2015 was primarily due to unrealized gains (losses) on short-term investments and foreign currency translation adjustments. |
Concentrations of Credit Risk and Significant Customers | Concentrations of Credit Risk and Significant Clients Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and account receivables. The Company’s cash and cash equivalents are placed with high-credit-quality financial institutions and issuers, and at times may exceed federally insured limits. The Company has not experienced any loss relating to cash and cash equivalents in these accounts to date. The Company maintains an allowance for doubtful accounts receivable balances, performs periodic credit evaluations of its clients and generally does not require collateral of its clients. No single client accounted for 10% or more of accounts receivable as of April 30, 2016 or April 30, 2015 . No single client accounted for 10% or more of total revenue for fiscal years ended April 30, 2016 or 2015 . |
Revenue Recognition | Revenue Recognition In general, the Company recognizes revenue when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been delivered to the client, (iii) the fee is fixed or determinable and (iv) collectability is reasonably assured. Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. The Company generates revenue primarily from sales of the following services: Software as a Service (“SaaS”) Revenues: SaaS revenue includes subscription fees from clients accessing the Company’s cloud-based social commerce solutions and application services pursuant to service agreements that are generally one year in length. Subscription and support revenue is recognized ratably over the term of the related agreement commencing upon the later of the agreement start date or when all revenue recognition criteria have been met. The client does not have the right to take possession of the software supporting the application service at any time, nor do the arrangements contain general rights of return. Professional Service Revenues: Professional services consist of fees associated with providing expert services that educate and assist clients on the best use of the Company’s solutions as well as assist in the implementation of the solutions. Professional services are not required for clients to utilize the Company’s solutions. The majority of the Company's professional services contracts are offered on a time and material basis. Professional services revenue is recognized as the services are rendered. Advertising Revenue: Advertising revenue (formerly referred to as media revenue) consists primarily of fees charged to advertisers when their advertisements are displayed on websites owned by various third-parties (“Publishers”). The Company receives a fee from the advertisers and pays the Publishers based on their contractual revenue-share agreements or average cost per thousand impressions delivered. Advertising revenues are recognized on a net basis as the Company has determined that it is acting as an agent in these transactions. Multiple-Element Arrangements Typically, our SaaS revenues from new clients consists of agreements with multiple elements, comprised of subscription fees for the Company’s products and professional services. The Company evaluates each element in a multiple-element arrangement to determine whether it represents a separate unit of accounting. An element constitutes a separate unit of accounting when the delivered item has standalone value and delivery of the undelivered element is probable and within the Company’s control. Various subscription-based products have standalone value because they are routinely sold separately by the Company. In determining whether professional services can be accounted for separately from subscription services, the Company considered the availability of the professional services from other vendors, the nature of the Company’s professional services and whether the Company sells its applications to new clients without professional services. If the deliverables have standalone value upon delivery, the Company accounts for each deliverable separately and revenue is recognized for the respective deliverables over the respective service period. If one or more of the deliverables does not have standalone value upon delivery, the deliverables that do not have standalone value are generally combined with the final deliverable within the arrangement and treated as a single unit of accounting. Revenue for arrangements treated as a single unit of accounting is generally recognized over the period commencing upon delivery of the final deliverable and over the remaining term of the subscription contract. The Company allocates revenue to each element in an arrangement based on a selling price hierarchy. The selling price for a deliverable is based on its vendor-specific objective evidence (“VSOE”), if available, third-party evidence (“TPE”), if VSOE is not available, or best estimated selling price (“BESP”), if neither VSOE nor TPE is available. Because the Company has been unable to establish VSOE or TPE for the elements of our arrangements, the Company allocates the arrangement fee to the separate units of accounting based on the Company’s best estimate of selling price. The Company determines BESP price for its deliverables based on the Company’s overall pricing objectives, discounting practices, the size and volume of the Company’s transactions, the client demographic, the Company’s price lists, the Company’s go-to-market strategy, historical standalone sales and contract prices. The determination of BESP is made through consultation with and approval by management, taking into consideration the go-to-market strategy. As the Company’s go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes in relative selling prices, including both VSOE and BESP. Subscription revenue is recognized ratably over the term of the related agreement, commencing upon the later of the agreement start date or when all revenue recognition criteria have been met. The Company's agreements currently do not combine SaaS and advertising revenue. |
Deferred Revenue | Deferred Revenue Deferred revenue consists of billings or payments received in advance of revenue recognition and is recognized as the revenue recognition criteria are met. The Company invoices clients in a variety of installments and, consequently, the deferred revenue balance does not represent the total contract value of its non-cancelable subscription agreements. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current deferred revenue and the remaining portion is recorded as non-current deferred revenue. |
Cost of Revenue | Cost of Revenue Cost of revenue consists primarily of personnel costs and related expenses together with allocated overhead costs, including depreciation and facility and office related expenses, associated with employees and contractors who provide our subscription services. Cost of revenue also includes co-location and related telecommunications costs, fees paid to third-parties for resale arrangements, amortization of developed technology and amortization of capitalized internal-use software development costs incurred. |
Treasury Stock | Treasury Stock Shares of common stock repurchased by the Company and held in treasury are recorded at cost as treasury stock and result in a reduction of stockholders’ equity. |
Stock-Based Expense | Stock-Based Expense The Company records stock-based expense based upon the fair value for all stock options and restricted stock issued to all persons to the extent that such options or restricted stock vest. The fair value of each stock option is calculated using the Black-Scholes option pricing model. The Company recognizes stock-based expense on a straight-line basis over the respective vesting period, net of estimated forfeitures. The Company includes an estimated effect of forfeitures in its compensation cost and updates the estimated forfeiture rate through the final vesting date of the awards. The Company recognizes stock-based expense for shares issued pursuant to its Employee Stock Purchase Plan (“ESPP”) on a straight-line basis over the offering period of six months. Stock-based expense was $14.8 million , $12.2 million and $13.8 million for the years ended April 30, 2016 , 2015 and 2014 , respectively. The Company currently recognizes an insignificant tax benefit resulting from compensation costs expensed in the financial statements, however the Company provides a valuation allowance against the majority of deferred tax asset resulting from this type of temporary difference since it expects that it will not have sufficient future taxable income to realize such benefit. |
Income Taxes | Income Taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities will be recognized in the period that includes the enactment date. A valuation allowance is established against the deferred tax assets to reduce their carrying value to an amount that is more likely than not to be realized. |
Earnings Per Share | Earnings Per Share The Company computes basic earnings per share available to common stockholders by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the reporting period. The Company computes diluted earnings per share similarly to basic earnings per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. As the Company has only incurred losses to date, diluted earnings per share is the same as basic earnings per share. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued Accounting Standards Update 2016-09, "Improvements to Employee Share-Based Payment Accounting," (“ASU 2016-09”) which requires excess tax benefits and tax deficiencies to be recorded in the income statement. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also allows entities to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on the cash flow statement, and provides an accounting policy election to account for forfeitures as they occur. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-09 will have on its consolidated financial statements. Leases (Topic 842) In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases (Topic 842),” (“ASU 2016-02”) which requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position. ASU 2016-02 also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The standard must be adopted using a modified retrospective approach and early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). The standard requires all deferred income tax assets and liabilities be classified as noncurrent within an entity’s consolidated balance sheet. ASU 2015- 17 is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. Entities are also permitted to apply the revised guidance on either a prospective or retrospective basis. During the fourth quarter of fiscal year 2016, we early adopted this guidance on a prospective basis and have classified deferred income taxes in our consolidated balance sheets as noncurrent beginning with fiscal year 2016 (see Note 15). Adoption of this guidance did not have a material impact on our consolidated results of operations, financial position or liquidity. Intangibles – Goodwill and Other – Internal Use Software In April 2015, the FASB issued Accounting Standards Update 2015-05, “Intangible-Goodwill and Other-Internal Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” (“ASU 2015-05”) which provides guidance to customers with cloud computing arrangements that include a software license. If a cloud computing arrangement includes a software license, the customer is required to account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 does not change the accounting for a customer’s accounting for service contracts. As a result of the ASU 2015-05, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. The updated guidance will be effective for annual periods beginning after December 15, 2015 with early adoption permitted. The Company does not anticipate the adoption of this guidance will have a material impact on the Company's results of operations, financial position or liquidity. Revenue In May 2014, the FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”) which provides updated, comprehensive revenue recognition guidance for contracts with customers, including a new principles-based five step framework that eliminates much of the industry-specific guidance in current accounting literature. Under ASU 2014-09, revenue recognition is based on a core principle that companies recognize revenue in an amount consistent with the consideration it expects to be entitled to in exchange for the transfer of goods or services. The standards update also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of recognized revenue. In August 2015, The FASB issued Accounting Standards Update 2015-14, "Revenue from Contracts with Customers," ("ASU 2015-14") which defers the effective date of ASU 2014-09 by one year. The updated guidance will be effective for annual periods beginning after December 15, 2017 and may be applied on either a full or modified retrospective basis. Early adoption is permitted for annual periods beginning after December 15, 2016, the original effective date of ASU 2014-09. The updated guidance will be effective for the fiscal year ending April 30, 2019 and the Company is currently evaluating the impact of this standards update on the Company’s consolidated financial statements. The Company has reviewed other new accounting pronouncements that were issued as of April 30, 2016 and does not believe that these pronouncements are applicable to the Company, or that they will have a material impact on its financial position or results of operations. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Property | Depreciation and amortization is computed utilizing the straight-line method over the estimated useful lives of the related assets as follows: Computer equipment 3 years Furniture and fixtures 5 years Office equipment 5 years Software 3 years Leasehold improvements Shorter of estimated useful life or the lease term |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Results from Discontinued Operations | Results from discontinued operations were as follows (in thousands): Year Ended April 30, 2016 2015 2014 Revenues from discontinued operations $ — $ 2,535 $ 17,011 Income from discontinued operations before income taxes $ — $ 303 $ (1,106 ) Income tax expense — 23 22 Net income from discontinued operations — 280 (1,128 ) Loss on disposal of discontinued operations, net of tax — (1,537 ) (9,192 ) Loss from discontinued operations, net of tax $ — $ (1,257 ) $ (10,320 ) |
Calculation of Loss on Disposal of Discontinued Operations | The Company recorded a loss on the disposal of discontinued operations of $1.5 million , net of tax, in the fiscal year ended April 30, 2015 which was calculated as follows (in thousands): Cash consideration $ 30,000 Less: Basis in net assets as of July 2, 2014 39,972 Costs incurred directly attributable to the transaction 1,039 Loss before income taxes (11,011 ) Income tax benefit (282 ) Loss on disposal of discontinued operations, net of taxes (10,729 ) Loss on disposal of discontinued operations, net of taxes, previously recognized 9,192 Loss on disposal of discontinued operations, net of tax, recognized in fiscal 2015 $ (1,537 ) The Company recorded a loss on the disposal of discontinued operations of $9.2 million , net of tax, in fiscal year 2014 which was calculated as follows (in thousands): Estimated cash proceeds $ 30,500 Less: Basis in net assets sold as of April 30, 2014 39,316 Estimated costs incurred directly attributable to the transaction 658 Estimated loss before income taxes (9,474 ) Estimated income tax benefit (282 ) Estimated loss on disposal of discontinued operations, net of taxes $ (9,192 ) |
Disclosure of Long Lived Assets Held-for-sale | The carrying amount of assets held for sale in the consolidated balances sheet as of April 30, 2014 was calculated as follows (in thousands): April 30, 2014 Total assets of discontinued operations $ 42,937 Estimated loss on disposal of discontinued operations, net of tax (9,192 ) Assets held for sale $ 33,745 |
Fair Value of Financial Asset32
Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Cash and Cash Equivalents | The following table summarizes the Company’s cash and cash equivalents as of April 30, 2016 and April 30, 2015 (in thousands): April 30, April 30, Demand deposit accounts $ 38,692 $ 49,977 Money market funds 922 2,831 Municipal debt securities — 102 Commercial paper 4,349 875 Corporate debt securities — 256 Total cash and cash equivalents $ 43,963 $ 54,041 |
Summary of Short-Term Investments | 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 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 debt securities 4,564 17 (16 ) 4,565 Commercial paper 6,269 4 — 6,273 U.S. Treasury securities 11,814 — (11 ) 11,803 U.S. government agency debt securities 17,007 1 (3 ) 17,005 Corporate debt securities 9,104 4 (28 ) 9,080 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 April 30, 2016 , were as follows (in thousands): Estimated Fair Value Due in one year or less $ 48,953 Due in 1-2 years 1,729 Total investments in debt securities $ 50,682 |
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 April 30, 2016 and April 30, 2015 (in thousands): Fair Value Measurements at April 30, 2016 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 $ 922 $ — $ — $ 922 $ 2,831 $ — $ — $ 2,831 Municipal bonds — — — — — 102 — 102 Commercial paper — 4,349 — 4,349 — 875 — 875 Corporate securities — — — — — 256 — 256 Total cash equivalents 922 4,349 — 5,271 2,831 1,233 — 4,064 Short-term investments: Certificates of deposit — 7,089 — 7,089 — 4,004 — 4,004 Municipal bonds — — — — — 4,565 — 4,565 Commercial paper — 4,043 — 4,043 — 6,273 — 6,273 U.S. Treasury securities 8,764 — — 8,764 11,803 — — 11,803 U.S. government agency securities 24,836 — — 24,836 17,005 — — 17,005 Corporate securities — 5,950 — 5,950 — 9,080 — 9,080 Total short-term investments 33,600 17,082 — 50,682 28,808 23,922 — 52,730 Total assets $ 34,522 $ 21,431 $ — $ 55,953 $ 31,639 $ 25,155 $ — $ 56,794 |
Property Equipment and Capitali
Property Equipment and Capitalized Internal-Use Software Development Costs (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment Including Capitalized Software Development Costs | Property and equipment, including capitalized internal-use software development costs, consisted of the following (in thousands): April 30 2016 2015 Computer equipment $ 3,207 $ 3,052 Furniture and fixtures 3,801 1,888 Office equipment 3,170 2,072 Software 963 962 Capitalized internal-use software development costs 39,571 29,628 Leasehold improvements 12,762 7,256 Property, equipment and capitalized internal-use software development costs 63,474 44,858 Less: accumulated depreciation and amortization (31,825 ) (25,804 ) Property, equipment and capitalized internal-use software development costs, net $ 31,649 $ 19,054 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The Company allocated the purchase price for FeedMagnet as follows (in thousands): Cash and cash equivalents $ 383 Accounts receivable 695 Prepaid expenses and other current assets 19 Intangible assets: Developed technology (3 year useful life) 3,265 Customer relationships (3 to 10 year useful life) 535 Total identified intangibles 3,800 Goodwill 6,324 Total assets acquired $ 11,221 Accounts payable (80 ) Accrued expenses and other current liabilities (187 ) Deferred revenue (234 ) Deferred tax liability (1,391 ) Total liabilities assumed $ (1,892 ) Net assets acquired $ 9,329 The consideration paid was as follows (in thousands): Cash $ 9,329 Total consideration $ 9,329 |
Acquired Intangible Assets, n35
Acquired Intangible Assets, net (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Intangible Assets, Net | Acquired intangible assets, net, as of April 30, 2016 and April 30, 2015 for continuing operations are as follows (in thousands): April 30, April 30, Gross Fair Value Accumulated Amortization Net Book Value Gross Fair Value Accumulated Amortization Net Book Value Customer relationships $ 11,835 $ (4,158 ) $ 7,677 $ 11,835 $ (2,921 ) $ 8,914 Developed technology 3,265 (1,335 ) 1,930 3,265 (681 ) 2,584 Total $ 15,100 $ (5,493 ) $ 9,607 $ 15,100 $ (3,602 ) $ 11,498 |
Estimate of Future Amortization Expense for Definite-Lived Intangible Assets | The following table presents our estimate of future amortization expense for definite-lived intangible assets (in thousands): Fiscal period: Amount Fiscal year 2017 $ 1,890 Fiscal year 2018 1,890 Fiscal year 2019 1,856 Fiscal year 2020 1,130 Fiscal year 2021 1,130 Thereafter 1,711 Total $ 9,607 |
Accrued Expenses and Other Cu36
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Accrued Liabilities and Other Current Liabilities [Abstract] | |
Schedule of Accrued and Other Liabilities | Accrued liabilities, including other liabilities, consisted of the following (in thousands): April 30 2016 2015 Accrued compensation $ 9,819 $ 10,675 Accrued taxes 1,886 3,629 Accrued revenue share 3,883 4,940 Customer credit balances 706 628 Accrued other liabilities 6,873 7,525 Total accrued expenses and other current liabilities $ 23,167 $ 27,397 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | As of April 30, 2016, the accrued liability associated with the Company's restructuring activities consisted of the following (in thousands): Workforce Reduction Excess Facilities Total (in thousands) Balance at April 30, 2015 $ — $ — $ — Restructuring charges 1,029 546 1,575 Payments (532 ) — (532 ) Balance at April 30, 2016 497 546 1,043 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
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, 2016 2015 2014 Cost of revenue $ 2,167 $ 1,517 $ 1,155 Sales and marketing 2,956 3,923 4,496 Research and development 2,671 1,960 2,176 General and administrative 6,967 4,677 5,357 Loss from discontinued operations, net of tax — 124 643 Stock-based expense 14,761 12,201 13,827 Capitalized stock-based compensation 813 601 641 Total stock-based compensation 15,574 12,802 14,468 |
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, 2014 7,091 7.74 Options granted 939 7.31 Options exercised (1,246 ) 4.18 Options forfeited (877 ) 8.98 Options expired (814 ) 10.78 Balance as of April 30, 2015 5,093 $ 7.83 7.00 $ 1,590 Options granted 2,947 4.83 Options exercised (227 ) 3.95 Options forfeited (484 ) 7.42 Options expired (641 ) 8.14 Balance as of April 30, 2016 6,688 $ 6.64 6.43 $ 591 Options vested and expected to vest at April 30, 2016 6,666 $ 6.64 6.43 $ 591 Options vested and exercisable as of April 30, 2016 3,004 $ 8.04 4.58 $ 373 |
Summary of Stock Options | The summary of stock options as of April 30, 2016 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 $0.16 - $3.03 392,937 $ 2.35 3.23 332,937 $ 2.23 $3.15 - $3.15 990,000 3.15 6.84 — — $3.42 - $4.86 734,387 4.36 7.23 254,387 4.69 $4.87 - $6.28 261,911 5.49 8.49 112,327 5.44 $6.42 - $6.42 1,196,400 6.42 8.77 — — $6.54 - $7.36 788,373 6.96 7.34 523,263 6.89 $7.39 - $7.53 756,475 7.47 4.27 489,204 7.46 $7.60 - $9.51 892,709 9.18 6.78 635,401 9.21 $9.52 - 15.12 639,808 12.60 2.61 621,392 12.61 $18.67 - $18.67 35,200 18.67 5.93 35,200 18.67 $0.16 - $18.67 6,688,200 $ 6.64 6.43 3,004,111 $ 8.04 |
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, 2014 2,977 $ 8.44 Restricted shares granted 2,305 7.66 Restricted shares vested (715 ) 8.74 Restricted shares forfeited (1,079 ) 8.38 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 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Assumptions Used to Estimate Fair Value of Option Pricing Model | The fair value of the Company’s options was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions: Year Ended April 30, 2016 2015 2014 Expected volatility 42% - 42% 43% - 50% 53% - 54% Risk-free interest rate 1.50% - 1.92% 1.46% - 1.93% 1.30% - 2.09% Expected term (in years) 6.00 6.00 6.00 - 6.25 Dividend yield — — — |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Assumptions Used to Estimate Fair Value of Option Pricing Model | 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, 2016 2015 2014 Expected volatility 30% - 57% 36% - 57% 36% - 43% Risk-free interest rate 0.10% - 0.46% 0.05% - 0.11% 0.05% - 0.11% Expected term (in years) 0.5 0.5 0.5 Dividend yield — — — |
Net Loss Per Share Applicable39
Net Loss Per Share Applicable to Common Stockholders (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computations of Loss per Share Applicable to Common Stockholders | The following table sets forth the computations of net loss per share applicable to common stockholders for the years ended April 30, 2016 , 2015 and 2014 , respectively (in thousands, except net loss per share data): Year Ended April 30, 2016 2015 2014 Net loss from continuing operations $ (25,339 ) $ (33,164 ) $ (52,846 ) Net loss from discontinued operations, net of tax — (1,257 ) (10,320 ) Net loss applicable to common stockholders $ (25,339 ) $ (34,421 ) $ (63,166 ) Basic and diluted loss per share Continuing operations $ (0.31 ) $ (0.42 ) $ (0.70 ) Discontinued operations — (0.02 ) (0.14 ) Basic and diluted loss per share: $ (0.31 ) $ (0.44 ) $ (0.84 ) Basic and diluted weighted average number of shares outstanding 80,859 78,645 75,564 Potentially dilutive securities (1) : Outstanding stock options 197 721 2,149 Restricted shares 49 427 293 (1) The impact of potentially dilutive securities on earnings per share is anti-dilutive in a period of net loss. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Loss Before Income Tax | U.S. and international components of loss before income taxes were as follows (in thousands): Year Ended April 30, 2016 2015 2014 U.S. $ (27,239 ) $ (35,174 ) $ (55,508 ) International 1,938 2,064 2,162 Loss from continuing operations before income taxes $ (25,301 ) $ (33,110 ) $ (53,346 ) |
Income Tax Expense (Benefit) | Income tax expense (benefit) is composed of the following (in thousands): Year Ended April 30, 2016 2015 2014 Current: Federal $ — $ (38 ) $ — State (77 ) 182 294 International 556 951 567 Total 479 1,095 861 Deferred: Federal (6,635 ) (12,491 ) (13,930 ) State (1,070 ) (2,308 ) (2,091 ) International (94 ) 44 203 Total (7,799 ) (14,755 ) (15,818 ) Change in valuation allowance 7,358 13,714 14,457 Provision for (benefit from) income taxes $ 38 $ 54 $ (500 ) |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the tax expense (benefit) derived by applying the Federal statutory income tax rate to net losses and the expense recognized in the financial statements is as follows (in thousands): Year Ended April 30, 2016 2015 2014 U.S. federal taxes at statutory rate $ (8,603 ) $ (11,257 ) $ (18,138 ) State tax provision (625 ) (923 ) (1,510 ) Foreign tax rate differentials (108 ) (206 ) (123 ) Research and development credit (1,473 ) (1,972 ) (1,201 ) Stock options 3,480 506 1,608 Nondeductible legal expenses — 200 5,796 Permanent differences and other — (8 ) (1,389 ) Return to provision adjustments 9 — — Change in valuation allowance 7,358 13,714 14,457 Provision for (benefit from) income taxes $ 38 $ 54 $ (500 ) |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax liabilities and assets as of April 30, 2016 and 2015 are as follows (in thousands): Year Ended April 30, 2016 2015 Deferred tax asset: Bad debts $ 872 $ 1,493 Other accruals 1,138 1,317 Charitable contributions 509 352 Stock options 5,832 5,412 State tax credit 2,347 496 Net operating losses 64,998 58,822 Research and development credit 6,290 6,485 Deferred rent 2,513 273 Deferred revenue 1,969 1,816 FTC 128 — Total deferred tax asset 86,596 76,466 Less valuation allowance (73,806 ) (66,448 ) Net deferred tax assets 12,790 10,018 Deferred tax liability: Amortization of intangible assets (3,564 ) (4,300 ) Depreciation (7,476 ) (4,374 ) Total deferred tax liability (11,040 ) (8,674 ) Total net deferred tax assets $ 1,750 $ 1,344 |
Schedule of Unrecognized Tax Benefits Roll Forward | The aggregate changes in the balance of unrecognized tax benefits were as follows (in thousands): Year Ended April 30, 2016 2015 2014 Unrecognized tax benefits as of May 1, $ 3,619 $ 2,157 $ 1,729 Tax positions taken in prior periods: Gross increases 88 883 — Gross decreases (42 ) — (14 ) Tax positions taken in current period: Gross increases 528 579 442 Gross decreases — — — Lapse of statute of limitations — — — Balance as of April 30, $ 4,193 $ 3,619 $ 2,157 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rental commitments under non-cancelable operating leases, by year and in the aggregate, are as follows at April 30, 2016 (in thousands): Fiscal year ending April 30: Minimum Lease Commitments 2017 $ 6,437 2018 6,266 2019 5,041 2020 4,792 2021 4,034 Thereafter 20,764 Total $ 47,334 |
Operating Segment and Geograp42
Operating Segment and Geographic Information (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Revenue by geography is based on the billing address of the customer. The following table presents the Company’s revenue from continuing operations by geographic region for the periods presented (in thousands): Year Ended April 30, 2016 2015 2014 Revenue by geographic location for continuing operations: Americas (1) $ 150,758 $ 146,086 $ 127,766 EMEA (2) 42,620 38,101 33,499 Other 6,388 6,994 6,880 Total revenues from continuing operations $ 199,766 $ 191,181 $ 168,145 (1) United States, Canada and Brazil (2) Europe, the Middle East and Africa |
Quarterly Financial Informati43
Quarterly Financial Information (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | The following tables set forth our unaudited quarterly consolidated statements of operations for continuing operations for each of the eight quarters ended April 30, 2016 . The Company has prepared the quarterly data on a consistent basis with the audited consolidated financial statements included elsewhere in this report and, in the opinion of management, the financial information reflects all necessary adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of operations for these periods. This information should be read in conjunction with the audited consolidated financial statements and related notes included elsewhere in this report. These quarterly operating results are not necessarily indicative of our operating results for any future period. Three Months Ended Apr 30, 2016 Jan 31, 2016 Oct 31, 2015 Jul 31, 2015 Apr 30, Jan 31, Oct 31, Jul 31, Revenue (1) $ 50,709 $ 50,255 $ 49,926 $ 48,876 $ 48,317 $ 49,562 $ 47,325 $ 45,977 Cost of revenue 19,253 18,920 19,146 19,548 18,148 17,988 17,414 16,356 Gross profit 31,456 31,335 30,780 29,328 30,169 31,574 29,911 29,621 Operating expenses: Sales and marketing 18,027 16,113 16,502 19,166 20,427 18,020 18,931 20,995 Research and development 10,391 10,199 10,354 10,533 9,880 8,779 9,306 9,730 General and administrative 7,577 6,940 7,643 8,238 7,582 6,932 8,100 7,893 Acquisition-related and other 157 332 224 702 815 413 2,326 492 Restructuring charges 1,575 — — — — — — — Amortization of acquired intangible assets 309 309 310 309 309 309 310 309 Total operating expenses 38,036 33,893 35,033 38,948 39,013 34,453 38,973 39,419 Operating loss (6,580 ) (2,558 ) (4,253 ) (9,620 ) (8,844 ) (2,879 ) (9,062 ) (9,798 ) Total other expense, net (384 ) (719 ) (475 ) (712 ) (521 ) (920 ) (588 ) (498 ) Net loss before income taxes (6,964 ) (3,277 ) (4,728 ) (10,332 ) (9,365 ) (3,799 ) (9,650 ) (10,296 ) Income tax expense (benefit) 165 (163 ) 124 (88 ) (540 ) 324 258 12 Net loss from continuing operations $ (7,129 ) $ (3,114 ) $ (4,852 ) $ (10,244 ) $ (8,825 ) $ (4,123 ) $ (9,908 ) $ (10,308 ) Loss from discontinued operations, net of tax — — — — — — — (1,257 ) Net loss applicable to common stockholders $ (7,129 ) $ (3,114 ) $ (4,852 ) $ (10,244 ) $ (8,825 ) $ (4,123 ) $ (9,908 ) $ (11,565 ) Basic earnings per share: Continuing operations $ (0.09 ) $ (0.04 ) $ (0.06 ) $ (0.13 ) $ (0.11 ) $ (0.05 ) $ (0.13 ) $ (0.13 ) Discontinued operations — — — — — — — (0.02 ) Basic loss per share: $ (0.09 ) $ (0.04 ) $ (0.06 ) $ (0.13 ) $ (0.11 ) $ (0.05 ) $ (0.13 ) $ (0.15 ) (1) During the fourth quarter of fiscal 2016, the Company recorded out of period adjustments related to errors in the timing of recognition of revenue, for which all required criteria had been satisfied in prior periods. The cumulative effect of out of period adjustments for the fourth quarter of fiscal 2016 was a $0.9 million increase in revenue. The Company has determined that these adjustments were not material to any prior annual or interim periods, and the resulting correction is not material to its annual results for fiscal 2016 or to the trend in earnings. |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016USD ($)Customer | Apr. 30, 2015USD ($)Customer | Apr. 30, 2014USD ($)Customer | |
Accounting Policies [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (400) | $ (1,000) | $ 400 |
Other than Temporary Impairment Losses, Investments | 0 | 0 | $ 0 |
Allowance for doubtful accounts | $ 2,362 | $ 3,992 | |
Number of clients that accounted for more than 10% of account receivables | Customer | 0 | 0 | |
Number of clients that accounted for more than 10% of revenue | Customer | 0 | 0 | 0 |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Stock-based expense | $ 14,761 | $ 12,201 | $ 13,827 |
Software as a Service (“SaaS”) | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Service agreement period | 1 year |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Estimated Useful Lives of Property Plant and Equipment (Details) | 12 Months Ended |
Apr. 30, 2016 | |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) | Jun. 04, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Proceeds from disposition | $ 30,000,000 | $ 30,000,000 | ||
Amount that placed into escrow as partial security for the Company's indemnification obligations | $ 4,500,000 | |||
Loss on disposal of discontinued operations, net of tax, recognized in current period | $ 0 | $ (1,537,000) | $ (9,192,000) | |
Assets held for sale | 0 | $ 33,745,000 | ||
Claims for indemnification received | $ 0 |
Discontinued Operations - Resul
Discontinued Operations - Results from Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Revenues from discontinued operations | $ 0 | $ 2,535 | $ 17,011 | ||||||||
Income from discontinued operations before income taxes | 0 | 303 | (1,106) | ||||||||
Income tax expense | 0 | 23 | 22 | ||||||||
Net income from discontinued operations | 0 | 280 | (1,128) | ||||||||
Loss on disposal of discontinued operations, net of tax | 0 | 1,537 | 9,192 | ||||||||
Loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,257) | $ 0 | $ (1,257) | $ (10,320) |
Discontinued Operations - Loss
Discontinued Operations - Loss on Disposal (Details) - USD ($) $ in Thousands | Jun. 04, 2014 | Jul. 31, 2013 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | |||||
Cash consideration | $ 30,000 | $ 30,000 | |||
Basis in net assets as of July 2, 2014 | 39,972 | ||||
Costs incurred directly attributable to the transaction | 1,039 | ||||
Loss before income taxes | (11,011) | $ (9,474) | |||
Income tax benefit | (282) | (282) | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax Including Previously Recognized | $ (9,192) | (10,729) | |||
Loss on disposal of discontinued operations, net of taxes, previously recognized | (9,192) | ||||
Loss on disposal of discontinued operations, net of tax, recognized in current period | $ 0 | $ (1,537) | (9,192) | ||
Estimated cash proceeds | 30,500 | ||||
Estimated costs incurred directly attributable to the transaction | $ 658 |
Discontinued Operations - Carry
Discontinued Operations - Carrying Amount of Assets Held for Sale in Consolidated Balance Sheet (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Total assets of discontinued operations | $ 42,937,000 | ||
Loss on disposal of discontinued operations, net of tax | $ 0 | $ (1,537,000) | (9,192,000) |
Assets held for sale | $ 0 | $ 33,745,000 |
Fair Value of Financial Asset50
Fair Value of Financial Assets and Liabilities - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Cash and Cash Equivalents [Line Items] | ||
Total cash and cash equivalents | $ 43,963 | $ 54,041 |
Municipal debt securities | ||
Cash and Cash Equivalents [Line Items] | ||
Total cash and cash equivalents | 0 | 102 |
Corporate debt securities | ||
Cash and Cash Equivalents [Line Items] | ||
Total cash and cash equivalents | 0 | 256 |
Demand deposit accounts | ||
Cash and Cash Equivalents [Line Items] | ||
Total cash and cash equivalents | 38,692 | 49,977 |
Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Total cash and cash equivalents | 922 | 2,831 |
Commercial paper | ||
Cash and Cash Equivalents [Line Items] | ||
Total cash and cash equivalents | $ 4,349 | $ 875 |
Fair Value of Financial Asset51
Fair Value of Financial Assets and Liabilities - Summary of Short-Term Investments (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | $ 50,692,000 | $ 52,758,000 |
Gross Unrealized Gains | 5,000 | 30,000 |
Gross Unrealized Losses | (15,000) | (58,000) |
Fair Value | 50,682,000 | 52,730,000 |
Impairment Charges | 0 | 0 |
Certificates of deposit | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | 7,090,000 | 4,000,000 |
Gross Unrealized Gains | 0 | 4,000 |
Gross Unrealized Losses | (1,000) | 0 |
Fair Value | 7,089,000 | 4,004,000 |
Municipal debt securities | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | 4,564,000 | |
Gross Unrealized Gains | 17,000 | |
Gross Unrealized Losses | (16,000) | |
Fair Value | 4,565,000 | |
Commercial paper | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | 4,043,000 | 6,269,000 |
Gross Unrealized Gains | 0 | 4,000 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 4,043,000 | 6,273,000 |
U.S. Treasury securities | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | 8,764,000 | 11,814,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (11,000) |
Fair Value | 8,764,000 | 11,803,000 |
US government agencies debt securities | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | 24,841,000 | 17,007,000 |
Gross Unrealized Gains | 4,000 | 1,000 |
Gross Unrealized Losses | (9,000) | (3,000) |
Fair Value | 24,836,000 | 17,005,000 |
Corporate debt securities | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Cost | 5,954,000 | 9,104,000 |
Gross Unrealized Gains | 1,000 | 4,000 |
Gross Unrealized Losses | (5,000) | (28,000) |
Fair Value | $ 5,950,000 | $ 9,080,000 |
Fair Value of Financial Asset52
Fair Value of Financial Assets and Liabilities - Contractual Maturities of Available-for-Sale Debt Securities (Details) $ in Thousands | Apr. 30, 2016USD ($) |
Fair Value Disclosures [Abstract] | |
Due in one year or less | $ 48,953 |
Due in 1-2 years | 1,729 |
Total investments in debt securities | $ 50,682 |
Fair Value of Financial Asset53
Fair Value of Financial Assets and Liabilities - Summary of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | $ 43,963 | $ 54,041 |
Short-term investments: | 50,682 | 52,730 |
Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 5,271 | 4,064 |
Short-term investments: | 50,682 | 52,730 |
Total assets | 55,953 | 56,794 |
Fair value, measurements, recurring | Fair value, inputs, level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 922 | 2,831 |
Short-term investments: | 33,600 | 28,808 |
Total assets | 34,522 | 31,639 |
Fair value, measurements, recurring | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 4,349 | 1,233 |
Short-term investments: | 17,082 | 23,922 |
Total assets | 21,431 | 25,155 |
Fair value, measurements, recurring | Fair value, inputs, level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Short-term investments: | 0 | 0 |
Total assets | 0 | 0 |
Certificates of deposit | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 7,089 | 4,004 |
Certificates of deposit | Fair value, measurements, recurring | Fair value, inputs, level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 0 | 0 |
Certificates of deposit | Fair value, measurements, recurring | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 7,089 | 4,004 |
Certificates of deposit | Fair value, measurements, recurring | Fair value, inputs, level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 0 | 0 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 102 |
Municipal bonds | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 102 |
Short-term investments: | 0 | 4,565 |
Municipal bonds | Fair value, measurements, recurring | Fair value, inputs, level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Short-term investments: | 0 | 0 |
Municipal bonds | Fair value, measurements, recurring | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 102 |
Short-term investments: | 0 | 4,565 |
Municipal bonds | Fair value, measurements, recurring | Fair value, inputs, level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Short-term investments: | 0 | 0 |
Commercial paper | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 4,349 | 875 |
Short-term investments: | 4,043 | 6,273 |
Commercial paper | Fair value, measurements, recurring | Fair value, inputs, level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Short-term investments: | 0 | 0 |
Commercial paper | Fair value, measurements, recurring | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 4,349 | 875 |
Short-term investments: | 4,043 | 6,273 |
Commercial paper | Fair value, measurements, recurring | Fair value, inputs, level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Short-term investments: | 0 | 0 |
U.S. Treasury securities | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 8,764 | 11,803 |
U.S. Treasury securities | Fair value, measurements, recurring | Fair value, inputs, level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 8,764 | 11,803 |
U.S. Treasury securities | Fair value, measurements, recurring | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 0 | 0 |
U.S. Treasury securities | Fair value, measurements, recurring | Fair value, inputs, level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 0 | 0 |
US government agencies debt securities | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 24,836 | 17,005 |
US government agencies debt securities | Fair value, measurements, recurring | Fair value, inputs, level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 24,836 | 17,005 |
US government agencies debt securities | Fair value, measurements, recurring | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 0 | 0 |
US government agencies debt securities | Fair value, measurements, recurring | Fair value, inputs, level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments: | 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 256 |
Corporate debt securities | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 256 |
Short-term investments: | 5,950 | 9,080 |
Corporate debt securities | Fair value, measurements, recurring | Fair value, inputs, level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Short-term investments: | 0 | 0 |
Corporate debt securities | Fair value, measurements, recurring | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 256 |
Short-term investments: | 5,950 | 9,080 |
Corporate debt securities | Fair value, measurements, recurring | Fair value, inputs, level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Short-term investments: | 0 | 0 |
Money market funds | Fair value, measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 922 | 2,831 |
Money market funds | Fair value, measurements, recurring | Fair value, inputs, level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 922 | 2,831 |
Money market funds | Fair value, measurements, recurring | Fair value, inputs, level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Money market funds | Fair value, measurements, recurring | Fair value, inputs, level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | $ 0 | $ 0 |
Property and Equipment and Capi
Property and Equipment and Capitalized Internal-Use Software Development Costs - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation, Depletion and Amortization, Nonproduction | $ 3.8 | $ 3.7 | $ 3.3 |
Amortization | $ 8.4 | $ 6.8 | $ 4.6 |
Property and Equipment and Ca55
Property and Equipment and Capitalized Internal-Use Software Development Costs - Property and Equipment, Including Capitalized Software Development Costs (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 63,474 | $ 44,858 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (31,825) | (25,804) |
Property, Plant and Equipment, Net | 31,649 | 19,054 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,207 | 3,052 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,801 | 1,888 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,170 | 2,072 |
Computer Software, Intangible Asset [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 963 | 962 |
Software Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 39,571 | 29,628 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 12,762 | $ 7,256 |
Business Combinations - Purchas
Business Combinations - Purchase Price (Details) - USD ($) $ in Thousands | Apr. 15, 2014 | Jun. 12, 2012 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 139,155 | $ 139,155 | |||
Cash | $ 0 | $ 0 | $ 9,616 | ||
Total consideration | $ 150,800 | ||||
FeedMagnet [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 383 | ||||
Accounts receivable | 695 | ||||
Prepaid expenses and other current assets | 19 | ||||
Developed technology (3 year useful life) | 3,800 | ||||
Goodwill | 6,324 | ||||
Total assets acquired | 11,221 | ||||
Accounts payable | (80) | ||||
Accrued expenses and other current liabilities | (187) | ||||
Deferred revenue | (234) | ||||
Deferred tax liability | (1,391) | ||||
Total liabilities assumed | (1,892) | ||||
Net assets acquired | 9,329 | ||||
Cash | 9,329 | ||||
Total consideration | 9,329 | ||||
Developed technology | FeedMagnet [Member] | |||||
Business Acquisition [Line Items] | |||||
Developed technology (3 year useful life) | 3,265 | ||||
Customer relationships | FeedMagnet [Member] | |||||
Business Acquisition [Line Items] | |||||
Developed technology (3 year useful life) | $ 535 |
Business Combinations - Purch57
Business Combinations - Purchase Price - Useful Life (Details) - FeedMagnet [Member] | 12 Months Ended |
Apr. 30, 2016 | |
Developed technology | |
Business Acquisition [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years |
Minimum [Member] | Customer relationships | |
Business Acquisition [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years |
Maximum [Member] | Customer relationships | |
Business Acquisition [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Goodwill (Details)
Goodwill (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Goodwill [Abstract] | ||
Goodwill | $ 139,155,000 | $ 139,155,000 |
Goodwill, Acquired During Period | $ 0 |
Acquired Intangible Assets, n59
Acquired Intangible Assets, net for Continuing Operations (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Acquired Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 15,100 | $ 15,100 |
Accumulated Amortization | (5,493) | (3,602) |
Total | 9,607 | 11,498 |
Customer relationships | ||
Acquired Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Acquired finite-lived intangible assets, gross | 11,835 | 11,835 |
Accumulated Amortization | (4,158) | (2,921) |
Acquired finite-lived intangible assets, net book value | 7,677 | 8,914 |
Developed technology | ||
Acquired Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Acquired finite-lived intangible assets, gross | 3,265 | 3,265 |
Accumulated Amortization | (1,335) | (681) |
Acquired finite-lived intangible assets, net book value | $ 1,930 | $ 2,584 |
Acquired Intangible Assets, n60
Acquired Intangible Assets, net - Estimate of Future Amortization Expenses (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Fiscal year 2017 | $ 1,890 | |
Fiscal year 2018 | 1,890 | |
Fiscal year 2019 | 1,856 | |
Fiscal year 2020 | 1,130 | |
Fiscal year 2021 | 1,130 | |
Thereafter | 1,711 | |
Total | $ 9,607 | $ 11,498 |
Acquired Intangible Assets, n61
Acquired Intangible Assets, net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization Of Intangible Assets Including Portion In Cost Of Revenue | $ 1,900 | $ 1,900 | |
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 2,500 |
Discontinued Operations [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | 2,500 | ||
Discontinued Operations [Member] | Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | 2,400 | ||
Discontinued Operations [Member] | Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | $ 100 |
Accrued Expenses and Other Cu62
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Accrued Liabilities and Other Current Liabilities [Abstract] | ||
Accrued compensation | $ 9,819 | $ 10,675 |
Accrued taxes | 1,886 | 3,629 |
Accrued revenue share | 3,883 | 4,940 |
Customer credit balances | 706 | 628 |
Accrued other liabilities | 6,873 | 7,525 |
Total accrued expenses and other current liabilities | $ 23,167 | $ 27,397 |
Accrued Expenses and Other Cu63
Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($) $ in Millions | Apr. 30, 2016 | Apr. 30, 2015 |
Other Long Term Liabilities [Member] | ||
Accrued Expenses and Other Current Liabilities [Line Items] | ||
Lease Incentive, Payable | $ 6.3 | $ 0.3 |
Accrued Liabilities [Member] | ||
Accrued Expenses and Other Current Liabilities [Line Items] | ||
Lease Incentive, Payable | $ 0.7 | $ 0.8 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and Related Cost, Expected Cost | $ 2,500 | $ 2,500 | |||||||||
Restructuring charges | $ 1,575 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 1,575 | $ 0 | $ 0 |
Employee Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges | 1,029 | ||||||||||
Other Restructuring [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges | $ 546 |
Restructuring Charges - Accrued
Restructuring Charges - Accrued Liability Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Balance at April 30, 2015 | $ 0 | $ 0 | |||||||||
Restructuring charges | $ 1,575 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 1,575 | $ 0 | $ 0 |
Payments | (532) | ||||||||||
Balance at April 30, 2016 | 1,043 | $ 0 | 1,043 | $ 0 | |||||||
Employee Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges | 1,029 | ||||||||||
Payments | (532) | ||||||||||
Balance at April 30, 2016 | 497 | 497 | |||||||||
Other Restructuring [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring charges | 546 | ||||||||||
Payments | 0 | ||||||||||
Balance at April 30, 2016 | $ 546 | $ 546 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | Nov. 21, 2014 | Oct. 29, 2014 | Apr. 30, 2016 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 |
Debt Instrument [Line Items] | ||||||
Amortization of deferred financing costs | $ 235 | $ 98 | $ 0 | |||
Revolving line of credit | $ 42,000 | 42,000 | 57,000 | |||
Credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Fees capitalized related to the amended and restated credit facility | 700 | |||||
Revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Amortization of deferred financing costs | 200 | $ 100 | ||||
Repayments of debt | 15,000 | |||||
Revolving line of credit | 42,000 | 42,000 | ||||
Revolving credit facility | Loan agreement | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding, Amount | 9,300 | $ 9,300 | ||||
Revolving credit facility | Credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, maximum borrowing capacity | $ 70,000 | |||||
Revolving letter of credit with a borrowing capacity | $ 15,000 | |||||
Line of Credit Facility, expiration date | Nov. 21, 2017 | |||||
Revolving credit facility | Unused lines of credit | Credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, remaining borrowing capacity | $ 18,700 | $ 18,700 | ||||
Revolving credit facility | Daily adjusting LIBOR rate | Credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Interest above daily adjusting LIBOR rate | 3.50% | |||||
Revolving credit facility | Swingline Loan | Credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, maximum borrowing capacity | $ 3,000 | |||||
Pledge and Security Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding, Amount | $ 1,000 | |||||
Line of Credit Facility, Increase (Decrease), Net | $ 500 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 23, 2012 | Feb. 29, 2012 |
IPO [Member] | ||
Class of Stock [Line Items] | ||
Common stock sold | 10,906,941 | |
Sale of Stock, Price Per Share | $ 12 | |
Proceeds from Issuance of Common Stock | $ 125.1 | |
Sale of Stock, Consideration Received on Transaction | 112.8 | |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | 8.8 | |
Payments of Stock Issuance Costs | $ 3.5 | |
Secondary Offering [Member] | ||
Class of Stock [Line Items] | ||
Common stock sold | 9,775,000 | |
Sale of Stock, Price Per Share | $ 15.40 | |
Proceeds from Issuance of Common Stock | $ 55.8 | |
Sale of Stock, Consideration Received on Transaction | 51.9 | |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | 2.7 | |
Payments of Stock Issuance Costs | $ 1.2 | |
Shares Offered By Company [Member] | IPO [Member] | ||
Class of Stock [Line Items] | ||
Common stock sold | 10,422,645 | |
Shares Offered By Company [Member] | Secondary Offering [Member] | ||
Class of Stock [Line Items] | ||
Common stock sold | 3,625,000 | |
Shares Offered By Selling Stockholders [Member] | IPO [Member] | ||
Class of Stock [Line Items] | ||
Common stock sold | 484,296 | |
Shares Offered By Selling Stockholders [Member] | Secondary Offering [Member] | ||
Class of Stock [Line Items] | ||
Common stock sold | 6,150,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,688,000 | 5,093,000 | 7,091,000 |
Number of non-vested shares | 4,967,000 | 3,488,000 | 2,977,000 |
Options granted | 2,947,000 | 939,000 | |
Other Stock Related Expense Benefit | $ 0.4 | ||
Restricted shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 8.5 | $ 6.2 | $ 3.6 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 19.8 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.06 | $ 3.47 | $ 4.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.4 | $ 4.5 | $ 18.6 |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 0.9 | 5.2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 4.2 | 6.1 | $ 9.7 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 6.5 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 5 months 24 days | ||
Two Thousand Five Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,150,119 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,150,119 | ||
2012 Equity incentive plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,525,724 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | ||
Number of non-vested shares | 4,753,516 | ||
Options granted | 6,193,865 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,612,952 | ||
Share Based Compensation Arrangement By Share Based Payment Award Amount Held For Future Purchases | $ 0.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 660,036 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 3.52 | ||
2005 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 12,357 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 12,357 | ||
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated Liability For Taxes Interest And Related Items | 2.2 | ||
Loss From Discontinued Operations, Net Of Tax [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated Liability For Taxes Interest And Related Items | $ 0.8 |
Stockholders Equity - Summary o
Stockholders Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based expense | $ 14,761 | $ 12,201 | $ 13,827 |
Capitalized stock-based compensation | 813 | 601 | 641 |
Stock-based compensation | 15,574 | 12,802 | 14,468 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based expense | 2,167 | 1,517 | 1,155 |
Selling and Marketing Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based expense | 2,956 | 3,923 | 4,496 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based expense | 2,671 | 1,960 | 2,176 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based expense | 6,967 | 4,677 | 5,357 |
Loss From Discontinued Operations, Net Of Tax [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based expense | $ 0 | $ 124 | $ 643 |
Stockholders Equity - Assumptio
Stockholders Equity - Assumptions Used to Estimate Fair Value of Options and ESSP Using Black-Scholes Option Pricing Model (Details) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 6 years 3 months | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 42.00% | 43.00% | 53.00% |
Expected volatility, maximum | 42.00% | 50.00% | 54.00% |
Risk-free interest rate, minimum | 1.50% | 1.46% | 1.30% |
Risk-free interest rate, maximum | 1.92% | 1.93% | 2.09% |
Expected term | 6 years | 6 years | |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stock Options | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 6 years | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 30.00% | 36.00% | 36.00% |
Expected volatility, maximum | 57.00% | 57.00% | 43.00% |
Risk-free interest rate, minimum | 0.10% | 0.05% | 0.05% |
Risk-free interest rate, maximum | 0.46% | 0.11% | 0.11% |
Expected term | 6 months | 6 months | 6 months |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stockholders Equity - Stock Opt
Stockholders Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Number of Options | ||
Outstanding beginning of the period (in shares) | 5,093 | 7,091 |
Options granted (in shares) | 2,947 | 939 |
Options exercises (in shares) | (227) | (1,246) |
Options forfeited (in shares) | (484) | (877) |
Options expired (in shares) | (641) | (814) |
Outstanding end of the period (in shares) | 6,688 | 5,093 |
Options vested and expected to vest (in shares) | 6,666 | |
Options vested and exercisable (in shares) | 3,004 | |
Weighted Average Exercise Price | ||
Outstanding beginning balance | $ 7.83 | $ 7.74 |
Options Granted | 4.83 | 7.31 |
Options exercised | 3.95 | 4.18 |
Options forfeited | 7.42 | 8.98 |
Options expired | 8.14 | 10.78 |
Outstanding ending balance | 6.64 | $ 7.83 |
Options vested and expected to vest, weighted average exercise price | 6.64 | |
Options vested and exercisable, weighted average exercise price | $ 8.04 | |
Weighted average contractual term | 6 years 5 months 6 days | 7 years |
Options vested and expected to vest, weighted average remaining contractual term | 6 years 5 months 6 days | |
Options vested and exercisable, weighted average remaining contractual term | 4 years 7 months | |
Aggregate intrinsic value | $ 591 | $ 1,590 |
Options vested and expected to vest, aggregate intrinsic value | 591 | |
Options vested and exercisable, aggregate intrinsic value | $ 373 |
Stockholders Equity - Summary72
Stockholders Equity - Summary of Stock Options (Details) | 12 Months Ended |
Apr. 30, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock option plans, exercise price range, lower limit | $ 0.16 |
Stock option plans, exercise price range, upper limit | $ 18.67 |
Number of outstanding options | shares | 6,688,200 |
Weighted average exercise price of outstanding options | $ 6.64 |
Weighted average remaining contractual term of outstanding options | 6 years 5 months 5 days |
Number of exercisable options | shares | 3,004,111 |
Weighted average exercise price of exercisable options | $ 8.04 |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock option plans, exercise price range, lower limit | 0.16 |
Stock option plans, exercise price range, upper limit | $ 3.03 |
Number of outstanding options | shares | 392,937 |
Weighted average exercise price of outstanding options | $ 2.35 |
Weighted average remaining contractual term of outstanding options | 3 years 2 months 24 days |
Number of exercisable options | shares | 332,937 |
Weighted average exercise price of exercisable options | $ 2.23 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock option plans, exercise price range, lower limit | 3.15 |
Stock option plans, exercise price range, upper limit | $ 3.15 |
Number of outstanding options | shares | 990,000 |
Weighted average exercise price of outstanding options | $ 3.15 |
Weighted average remaining contractual term of outstanding options | 6 years 10 months 3 days |
Number of exercisable options | shares | 0 |
Weighted average exercise price of exercisable options | $ 0 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock option plans, exercise price range, lower limit | 3.42 |
Stock option plans, exercise price range, upper limit | $ 4.86 |
Number of outstanding options | shares | 734,387 |
Weighted average exercise price of outstanding options | $ 4.36 |
Weighted average remaining contractual term of outstanding options | 7 years 2 months 24 days |
Number of exercisable options | shares | 254,387 |
Weighted average exercise price of exercisable options | $ 4.69 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock option plans, exercise price range, lower limit | 4.87 |
Stock option plans, exercise price range, upper limit | $ 6.28 |
Number of outstanding options | shares | 261,911 |
Weighted average exercise price of outstanding options | $ 5.49 |
Weighted average remaining contractual term of outstanding options | 8 years 5 months 27 days |
Number of exercisable options | shares | 112,327 |
Weighted average exercise price of exercisable options | $ 5.44 |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock option plans, exercise price range, lower limit | 6.42 |
Stock option plans, exercise price range, upper limit | $ 6.42 |
Number of outstanding options | shares | 1,196,400 |
Weighted average exercise price of outstanding options | $ 6.42 |
Weighted average remaining contractual term of outstanding options | 8 years 9 months 7 days |
Number of exercisable options | shares | 0 |
Weighted average exercise price of exercisable options | $ 0 |
Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock option plans, exercise price range, lower limit | 6.54 |
Stock option plans, exercise price range, upper limit | $ 7.36 |
Number of outstanding options | shares | 788,373 |
Weighted average exercise price of outstanding options | $ 6.96 |
Weighted average remaining contractual term of outstanding options | 7 years 4 months 3 days |
Number of exercisable options | shares | 523,263 |
Weighted average exercise price of exercisable options | $ 6.89 |
Range Seven [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock option plans, exercise price range, lower limit | 7.39 |
Stock option plans, exercise price range, upper limit | $ 7.53 |
Number of outstanding options | shares | 756,475 |
Weighted average exercise price of outstanding options | $ 7.47 |
Weighted average remaining contractual term of outstanding options | 4 years 3 months 7 days |
Number of exercisable options | shares | 489,204 |
Weighted average exercise price of exercisable options | $ 7.46 |
Range Eight [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock option plans, exercise price range, lower limit | 7.6 |
Stock option plans, exercise price range, upper limit | $ 9.51 |
Number of outstanding options | shares | 892,709 |
Weighted average exercise price of outstanding options | $ 9.18 |
Weighted average remaining contractual term of outstanding options | 6 years 9 months 11 days |
Number of exercisable options | shares | 635,401 |
Weighted average exercise price of exercisable options | $ 9.21 |
Range Nine [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock option plans, exercise price range, lower limit | 9.52 |
Stock option plans, exercise price range, upper limit | $ 15.12 |
Number of outstanding options | shares | 639,808 |
Weighted average exercise price of outstanding options | $ 12.60 |
Weighted average remaining contractual term of outstanding options | 2 years 7 months 10 days |
Number of exercisable options | shares | 621,392 |
Weighted average exercise price of exercisable options | $ 12.61 |
Range Ten [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock option plans, exercise price range, lower limit | 18.67 |
Stock option plans, exercise price range, upper limit | $ 18.67 |
Number of outstanding options | shares | 35,200 |
Weighted average exercise price of outstanding options | $ 18.67 |
Weighted average remaining contractual term of outstanding options | 5 years 11 months 5 days |
Number of exercisable options | shares | 35,200 |
Weighted average exercise price of exercisable options | $ 18.67 |
Stockholders Equity - Restricte
Stockholders Equity - Restricted Stock Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | |
Number of Restricted Shares | |||
Beginning unvested balance (in shares) | 3,488 | 2,977 | |
Restricted shares granted | 3,863 | 2,305 | |
Restricted shares vested | (964) | (715) | |
Restricted shares forfeited | (1,420) | (1,079) | |
Ending unvested balance (in shares) | 4,967 | 3,488 | |
Weighted Average Grant Date Fair Value | |||
Beginning unvested balance | $ 7,880 | $ 8,440 | |
Restricted shares granted | 5,930 | 7,660 | |
Restricted shares vested | 7,700 | 8,740 | |
Restricted shares forfeited | 7,160 | 8,380 | |
Ending unvested balance | $ 7,880 | $ 8,440 | $ 6,600 |
Net Loss Per Share Applicable74
Net Loss Per Share Applicable to Common Stockholders - Computations of Loss per Share Applicable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | ||
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | ||||||||||||
Net loss from continuing operations | $ (7,129) | $ (3,114) | $ (4,852) | $ (10,244) | $ (8,825) | $ (4,123) | $ (9,908) | $ (10,308) | $ (25,339) | $ (33,164) | $ (52,846) | |
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,257) | 0 | (1,257) | (10,320) | |
Net loss applicable to common stockholders | $ (7,129) | $ (3,114) | $ (4,852) | $ (10,244) | $ (8,825) | $ (4,123) | $ (9,908) | $ (11,565) | $ (25,339) | $ (34,421) | $ (63,166) | |
Continuing operations | $ (0.09) | $ (0.04) | $ (0.06) | $ (0.13) | $ (0.11) | $ (0.05) | $ (0.13) | $ (0.13) | $ (0.31) | $ (0.42) | $ (0.70) | |
Discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.02) | 0 | (0.02) | (0.14) | |
Basic and diluted loss per share: | $ (0.09) | $ (0.04) | $ (0.06) | $ (0.13) | $ (0.11) | $ (0.05) | $ (0.13) | $ (0.15) | $ (0.31) | $ (0.44) | $ (0.84) | |
Basic and diluted weighted average number of shares outstanding | 80,859 | 78,645 | 75,564 | |||||||||
Outstanding stock options | ||||||||||||
Potentially dilutive securities (1): | ||||||||||||
Outstanding stock options | [1] | 197 | 721 | 2,149 | ||||||||
Restricted shares | ||||||||||||
Potentially dilutive securities (1): | ||||||||||||
Outstanding stock options | [1] | 49 | 427 | 293 | ||||||||
[1] | The impact of potentially dilutive securities on earnings per share is anti-dilutive in a period of net loss. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Schedule of Income Taxes [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards, Research | $ 6,290 | $ 6,485 | |
Excess Tax Benefit From Share Based Compensation Not Yet Recognized | 33,800 | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 7,358 | 13,714 | $ 14,457 |
Undistributed Earnings of Foreign Subsidiaries | 8,100 | 6,600 | 5,100 |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 2,800 | 2,300 | $ 1,700 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 4,200 | ||
Internal Revenue Service (IRS) [Member] | |||
Schedule of Income Taxes [Line Items] | |||
Operating Loss Carryforwards | 209,400 | 192,600 | |
Deferred Tax Assets, Tax Credit Carryforwards, Research | $ 9,200 | 7,700 | |
Operating Loss Carryforward Expiration Year | 2,026 | ||
State and Local Jurisdiction [Member] | |||
Schedule of Income Taxes [Line Items] | |||
Operating Loss Carryforwards | $ 118,600 | 110,200 | |
Deferred Tax Assets, Tax Credit Carryforwards, Research | $ 3,500 | $ 2,600 | |
Operating Loss Carryforward Expiration Year | 2,016 | ||
Tax Credit Carry forwards Expiration Date | 2,033 |
Income Taxes - Components of Lo
Income Taxes - Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. | $ (27,239) | $ (35,174) | $ (55,508) | ||||||||
International | 1,938 | 2,064 | 2,162 | ||||||||
Loss from continuing operations before income taxes | $ (6,964) | $ (3,277) | $ (4,728) | $ (10,332) | $ (9,365) | $ (3,799) | $ (9,650) | $ (10,296) | $ (25,301) | $ (33,110) | $ (53,346) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Current: | |||||||||||
Federal | $ 0 | $ (38) | $ 0 | ||||||||
State | (77) | 182 | 294 | ||||||||
International | 556 | 951 | 567 | ||||||||
Total | 479 | 1,095 | 861 | ||||||||
Deferred: | |||||||||||
Federal | (6,635) | (12,491) | (13,930) | ||||||||
State | (1,070) | (2,308) | (2,091) | ||||||||
International | (94) | 44 | 203 | ||||||||
Total | (7,799) | (14,755) | (15,818) | ||||||||
Change in valuation allowance | 7,358 | 13,714 | 14,457 | ||||||||
Provision for (benefit from) income taxes | $ 165 | $ (163) | $ 124 | $ (88) | $ (540) | $ 324 | $ 258 | $ 12 | $ 38 | $ 54 | $ (500) |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Difference Between Tax Derived by Applying Federal Statutory Income Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
U.S. federal taxes at statutory rate | $ (8,603) | $ (11,257) | $ (18,138) | ||||||||
State tax provision | (625) | (923) | (1,510) | ||||||||
Foreign tax rate differentials | (108) | (206) | (123) | ||||||||
Research and development credit | (1,473) | (1,972) | (1,201) | ||||||||
Stock options | 3,480 | 506 | 1,608 | ||||||||
Nondeductible legal expenses | 0 | 200 | 5,796 | ||||||||
Permanent differences and other | 0 | (8) | (1,389) | ||||||||
Return to provision adjustments | 9 | 0 | 0 | ||||||||
Change in valuation allowance | 7,358 | 13,714 | 14,457 | ||||||||
Provision for (benefit from) income taxes | $ 165 | $ (163) | $ 124 | $ (88) | $ (540) | $ 324 | $ 258 | $ 12 | $ 38 | $ 54 | $ (500) |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Amounts Recognized in Accompanying Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Deferred tax asset: | ||
Bad debts | $ 872 | $ 1,493 |
Other accruals | 1,138 | 1,317 |
Charitable contributions | 509 | 352 |
Stock options | 5,832 | 5,412 |
State tax credit | 2,347 | 496 |
Net operating losses | 64,998 | 58,822 |
Research and development credit | 6,290 | 6,485 |
Deferred rent | 2,513 | 273 |
Deferred revenue | 1,969 | 1,816 |
FTC | 128 | 0 |
Total deferred tax asset | 86,596 | 76,466 |
Less valuation allowance | (73,806) | (66,448) |
Net deferred tax assets | 12,790 | 10,018 |
Deferred tax liability: | ||
Amortization of intangible assets | (3,564) | (4,300) |
Depreciation | (7,476) | (4,374) |
Total deferred tax liability | (11,040) | (8,674) |
Total net deferred tax assets | $ 1,750 | $ 1,344 |
Income Taxes - Aggregate Change
Income Taxes - Aggregate Changes in Balance of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
Beginning unrecognized tax benefits | $ 3,619 | $ 2,157 | $ 1,729 |
Tax positions taken in prior periods: | |||
Gross increases | 88 | 883 | 0 |
Gross decreases | (42) | 0 | (14) |
Tax positions taken in current period: | |||
Gross increases | 528 | 579 | 442 |
Gross decreases | 0 | 0 | 0 |
Lapse of statute of limitations | 0 | 0 | 0 |
Ending unrecognized tax benefits | $ 4,193 | $ 3,619 | $ 2,157 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | Dec. 14, 2015 | Nov. 21, 2014USD ($) | Nov. 13, 2014USD ($)ft²Term | Jun. 04, 2014USD ($) | Mar. 12, 2013USD ($) | Jun. 12, 2012USD ($) | Apr. 30, 2016USD ($) | Jul. 31, 2013USD ($) | Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) |
Operating Leased Assets [Line Items] | |||||||||||
Office space | ft² | 137,615 | ||||||||||
Lease commencement date | Dec. 14, 2015 | ||||||||||
Number of successive periods of five years terms | Term | 2 | ||||||||||
Lease extension period | 5 years | ||||||||||
Operating leases, rent expense | $ 5,000 | $ 4,100 | $ 4,400 | ||||||||
Operating leases, future minimum payments due, future minimum sublease rentals | $ 800 | 800 | |||||||||
Revolving line of credit | 42,000 | 42,000 | 57,000 | ||||||||
Business combination, consideration transferred | $ 150,800 | ||||||||||
Cash consideration | $ 30,000 | 30,000 | |||||||||
Amount that placed into escrow as partial security for the Company's indemnification obligations | $ 4,500 | ||||||||||
Discontinued operation, loss on disposal of discontinued operation, net of tax previously recognized | $ (9,192) | (10,729) | |||||||||
Loss on disposal of discontinued operations, net of tax | 0 | $ (1,537) | $ (9,192) | ||||||||
Loss contingency, damages sought, value | $ 91,400 | ||||||||||
Office space lease contract | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Security deposit for the lease | $ 8,000 | ||||||||||
Revolving credit facility | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Repayments of debt | 15,000 | ||||||||||
Revolving line of credit | $ 42,000 | $ 42,000 | |||||||||
Credit facility | Revolving credit facility | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Line of Credit Facility, maximum borrowing capacity | $ 70,000 | ||||||||||
Revolving letter of credit with a borrowing capacity | 15,000 | ||||||||||
Line of Credit Facility, expiration date | Nov. 21, 2017 | ||||||||||
Swingline Loan | Credit facility | Revolving credit facility | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Line of Credit Facility, maximum borrowing capacity | $ 3,000 | ||||||||||
Daily adjusting LIBOR rate | Credit facility | Revolving credit facility | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Interest above daily adjusting LIBOR rate | 3.50% |
Commitments and Contingencies82
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands | Apr. 30, 2016USD ($) |
Commitments and Contingencies [Abstract] | |
2,017 | $ 6,437 |
2,018 | 6,266 |
2,019 | 5,041 |
2,020 | 4,792 |
2,021 | 4,034 |
Thereafter | 20,764 |
Total future minimum payments | $ 47,334 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Postemployment Benefits [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $ 0.8 | $ 0.7 | $ 0.9 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | Mar. 10, 2015USD ($)shares |
Related Party Transactions [Abstract] | |
Stock Issued During Period, Shares, Treasury Stock Reissued | shares | 50,000 |
Stock Issued During Period, Value, Treasury Stock Reissued | $ | $ 314,000 |
Operating Segment and Geograp85
Operating Segment and Geographic Information - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2016USD ($) | [1] | Jan. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Jul. 31, 2014USD ($) | Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Number of Operating Segments | 1 | |||||||||||
Number of Reportable Segments | 1 | |||||||||||
Revenue | $ 50,709 | $ 50,255 | $ 49,926 | $ 48,876 | $ 48,317 | $ 49,562 | $ 47,325 | $ 45,977 | $ 199,766 | $ 191,181 | $ 168,145 | |
UNITED KINGDOM | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 26,000 | 22,900 | 22,400 | |||||||||
UNITED STATES | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | $ 140,800 | $ 133,700 | $ 123,300 | |||||||||
[1] | During the fourth quarter of fiscal 2016, the Company recorded out of period adjustments related to errors in the timing of recognition of revenue, for which all required criteria had been satisfied in prior periods. The cumulative effect of out of period adjustments for the fourth quarter of fiscal 2016 was a $0.9 million increase in revenue. The Company has determined that these adjustments were not material to any prior annual or interim periods, and the resulting correction is not material to its annual results for fiscal 2016 or to the trend in earnings. |
Operating Segment and Geograp86
Operating Segment and Geographic Information - Revenue from Continuing Operations by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2016 | [1] | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | $ 50,709 | $ 50,255 | $ 49,926 | $ 48,876 | $ 48,317 | $ 49,562 | $ 47,325 | $ 45,977 | $ 199,766 | $ 191,181 | $ 168,145 | |
Americas [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 150,758 | 146,086 | 127,766 | |||||||||
EMEA [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 42,620 | 38,101 | 33,499 | |||||||||
Other Geographic Area [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | $ 6,388 | $ 6,994 | $ 6,880 | |||||||||
[1] | During the fourth quarter of fiscal 2016, the Company recorded out of period adjustments related to errors in the timing of recognition of revenue, for which all required criteria had been satisfied in prior periods. The cumulative effect of out of period adjustments for the fourth quarter of fiscal 2016 was a $0.9 million increase in revenue. The Company has determined that these adjustments were not material to any prior annual or interim periods, and the resulting correction is not material to its annual results for fiscal 2016 or to the trend in earnings. |
Quarterly Financial Informati87
Quarterly Financial Information - Additional Information (Details) $ in Millions | 3 Months Ended |
Apr. 30, 2016USD ($) | |
Quarterly Financial Information [Abstract] | |
Quantifying Misstatement in Current Year Financial Statements, Amount | $ (0.9) |
Quarterly Financial Informati88
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | ||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenue | $ 50,709 | [1] | $ 50,255 | $ 49,926 | $ 48,876 | $ 48,317 | $ 49,562 | $ 47,325 | $ 45,977 | $ 199,766 | $ 191,181 | $ 168,145 |
Cost of revenue | 19,253 | 18,920 | 19,146 | 19,548 | 18,148 | 17,988 | 17,414 | 16,356 | 76,867 | 69,906 | 52,905 | |
Gross Profit | 31,456 | 31,335 | 30,780 | 29,328 | 30,169 | 31,574 | 29,911 | 29,621 | 122,899 | 121,275 | 115,240 | |
Sales and marketing | 18,027 | 16,113 | 16,502 | 19,166 | 20,427 | 18,020 | 18,931 | 20,995 | 69,808 | 78,373 | 86,482 | |
Research and development | 10,391 | 10,199 | 10,354 | 10,533 | 9,880 | 8,779 | 9,306 | 9,730 | 41,477 | 37,695 | 37,585 | |
General and administrative | 7,577 | 6,940 | 7,643 | 8,238 | 7,582 | 6,932 | 8,100 | 7,893 | 30,398 | 30,507 | 26,370 | |
Acquisition-related and other | 157 | 332 | 224 | 702 | 815 | 413 | 2,326 | 492 | 1,415 | 4,046 | 16,184 | |
Restructuring charges | 1,575 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,575 | 0 | 0 | |
Amortization of acquired intangible assets | 309 | 309 | 310 | 309 | 309 | 309 | 310 | 309 | 1,237 | 1,237 | 1,135 | |
Operating Expenses | 38,036 | 33,893 | 35,033 | 38,948 | 39,013 | 34,453 | 38,973 | 39,419 | 145,910 | 151,858 | 167,756 | |
Operating loss | (6,580) | (2,558) | (4,253) | (9,620) | (8,844) | (2,879) | (9,062) | (9,798) | (23,011) | (30,583) | (52,516) | |
Total other expense, net | (384) | (719) | (475) | (712) | (521) | (920) | (588) | (498) | (2,290) | (2,527) | (830) | |
Net loss before income taxes | (6,964) | (3,277) | (4,728) | (10,332) | (9,365) | (3,799) | (9,650) | (10,296) | (25,301) | (33,110) | (53,346) | |
Income tax expense (benefit) | 165 | (163) | 124 | (88) | (540) | 324 | 258 | 12 | 38 | 54 | (500) | |
Net loss from continuing operations | (7,129) | (3,114) | (4,852) | (10,244) | (8,825) | (4,123) | (9,908) | (10,308) | (25,339) | (33,164) | (52,846) | |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,257) | 0 | (1,257) | (10,320) | |
Net loss applicable to common stockholders | $ (7,129) | $ (3,114) | $ (4,852) | $ (10,244) | $ (8,825) | $ (4,123) | $ (9,908) | $ (11,565) | $ (25,339) | $ (34,421) | $ (63,166) | |
Continuing operations | $ (0.09) | $ (0.04) | $ (0.06) | $ (0.13) | $ (0.11) | $ (0.05) | $ (0.13) | $ (0.13) | $ (0.31) | $ (0.42) | $ (0.70) | |
Discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.02) | 0 | (0.02) | (0.14) | |
Basic loss per share: | $ (0.09) | $ (0.04) | $ (0.06) | $ (0.13) | $ (0.11) | $ (0.05) | $ (0.13) | $ (0.15) | $ (0.31) | $ (0.44) | $ (0.84) | |
[1] | During the fourth quarter of fiscal 2016, the Company recorded out of period adjustments related to errors in the timing of recognition of revenue, for which all required criteria had been satisfied in prior periods. The cumulative effect of out of period adjustments for the fourth quarter of fiscal 2016 was a $0.9 million increase in revenue. The Company has determined that these adjustments were not material to any prior annual or interim periods, and the resulting correction is not material to its annual results for fiscal 2016 or to the trend in earnings. |
SCHEDULE II _ VALUATION AND Q89
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 3,992 | $ 2,324 | $ 2,371 |
Additions | 3,121 | 4,120 | 2,626 |
Deductions | (4,751) | (2,452) | (2,673) |
Ending Balance | 2,362 | 3,992 | 2,324 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 66,448 | 52,734 | 37,902 |
Additions | 7,358 | 13,714 | 16,223 |
Deductions | 0 | 0 | (1,391) |
Ending Balance | $ 73,806 | $ 66,448 | $ 52,734 |