Investments in Marketable Securities (Tables)
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12 Months Ended |
Jan. 31, 2014
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Text Block [Abstract] |
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Fair Value of Financial Assets and Liabilities Measured on Recurring Basis |
The following tables set forth our financial assets and liabilities
that were accounted for at fair value on a recurring basis as of
January 31, 2014 and January 31, 2013:
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Fair Value at January 31, 2014
Using |
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January 31,
2014 |
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Quoted Prices
in Active
Markets for
Identical Assets
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Unobservable
Inputs
(Level 3) |
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(Amounts in
thousands) |
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Financial assets:
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Cash
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$ |
112,271 |
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$ |
112,271 |
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$ |
— |
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$ |
— |
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Money market accounts (a)
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3,463 |
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3,463 |
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— |
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— |
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Available for sale marketable securities:
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Current marketable securities:
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U.S. treasury notes and bonds—conventional
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3,545 |
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3,545 |
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— |
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— |
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U.S. government agency issues
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2,010 |
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— |
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2,010 |
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— |
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Non-current marketable securities:
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U.S. government agency issues
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6,814 |
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— |
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6,814 |
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— |
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Total
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$ |
128,103 |
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$ |
119,279 |
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$ |
8,824 |
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$ |
— |
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Fair Value at January 31, 2013
Using |
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January 31,
2013 |
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Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
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Significant
Other
Observable
Inputs (Level
2) |
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Significant
Unobservable
Inputs
(Level 3) |
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(Amounts in
thousands) |
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Financial assets (b):
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Cash
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$ |
104,109 |
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$ |
104,109 |
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$ |
— |
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$ |
— |
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Money market accounts (a)
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2,612 |
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2,612 |
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— |
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— |
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Available for sale marketable securities:
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Current marketable securities:
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U.S. treasury notes and bonds—conventional
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2,016 |
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2,016 |
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— |
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— |
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U.S. government agency issues
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4,034 |
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— |
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4,034 |
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— |
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Non-current marketable securities:
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U.S. treasury notes and bonds—conventional
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2,071 |
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2,071 |
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— |
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— |
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U.S. government agency issues
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5,098 |
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— |
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5,098 |
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— |
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Total
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$ |
119,940 |
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$ |
110,808 |
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$ |
9,132 |
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$ |
— |
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Other liabilities:
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Acquisition-related consideration (c)
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$ |
5,656 |
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$ |
— |
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$ |
— |
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$ |
5,656 |
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a) |
Money market funds and U.S. treasury
bills are included in cash and cash equivalents on the accompanying
consolidated balance sheet and are valued at quoted market prices
for identical instruments in active markets. |
b) |
The above table reflects a revision
to reclassify $9.1 million of investments in U.S. treasury notes
and bonds held as of January 31, 2013 from Level 1 to Level 2.
Management believes this revision is not significant to the
financial statements. |
c) |
The fair value of our contingent
consideration arrangement is determined based on our evaluation as
to the probability and amount of any earn-out that will be achieved
based on expected future performance by the acquired entity, as
well as the fair value of fixed purchase price. |
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Reconciliation of Liabilities Measured at Fair Value on Recurring Basis |
The following table sets forth a reconciliation of liabilities
measured at fair value on a recurring basis with the use of
significant unobservable inputs (Level 3) for the fiscal year ended
January 31, 2014 (amounts in thousands):
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Level 3
Accrued Contingent
Consideration |
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Ending balance January 31, 2013
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$ |
5,656 |
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Change in fair value of contingent consideration
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(60 |
) |
Contingency payment/Issuance of stock
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(5,619 |
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Translation adjustment
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23 |
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Ending balance January 31, 2014
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$ |
— |
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Summary of Available-for-Sale Securities |
The following is a summary of available-for-sale securities,
including the cost basis, aggregate fair value and gross unrealized
gains and losses, for cash equivalents, short-and long-term
marketable securities portfolio as of January 31, 2014 and
2013:
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Estimated
Fair Value |
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(Amounts in
thousands) |
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January 31, 2014:
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Cash
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$ |
112,271 |
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$ |
— |
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$ |
— |
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$ |
112,271 |
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Cash equivalents
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3,463 |
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— |
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— |
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3,463 |
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Cash and cash equivalents
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115,734 |
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— |
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— |
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115,734 |
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U.S. treasury notes and bonds—short-term
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3,540 |
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5 |
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3,545 |
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U.S. government agency issues—short-term
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2,005 |
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5 |
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— |
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2,010 |
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U.S. government agency issues—long-term
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6,806 |
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8 |
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6,814 |
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Total cash, cash equivalents and marketable securities
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$ |
128,085 |
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$ |
18 |
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$ |
— |
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$ |
128,103 |
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January 31, 2013:
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Cash
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$ |
104,109 |
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$ |
— |
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$ |
— |
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$ |
104,109 |
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Cash equivalents
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2,612 |
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— |
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— |
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2,612 |
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Cash and cash equivalents
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106,721 |
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— |
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— |
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106,721 |
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U.S. treasury notes and bonds—short-term
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2,015 |
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1 |
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2,016 |
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U.S. treasury notes and bonds—long-term
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2,064 |
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7 |
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2,071 |
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U.S. government agency issues—short-term
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4,027 |
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7 |
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— |
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4,034 |
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U.S. government agency issues—long-term
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5,083 |
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15 |
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5,098 |
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Total cash, cash equivalents and marketable securities
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$ |
119,910 |
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$ |
30 |
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$ |
— |
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$ |
119,940 |
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Schedule of Contractual Maturities Available-for-Sale Debt Securities |
Contractual maturities of available-for-sale debt securities at
January 31, 2014 are as follows (amounts in thousands):
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Estimated
Fair Value |
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Maturity of one year or less
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$ |
5,555 |
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Maturity between one and five years
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6,814 |
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Total
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$ |
12,369 |
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