Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.2.0.727
Fair Value Measurements (Tables)
6 Months Ended
Jul. 31, 2015
Fair Value Disclosures [Abstract]  
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 July 31, 2015 and January 31, 2015:

 

            Fair Value at July 31, 2015 Using  
            Quoted                
            Prices in      Significant         
            Active      Other      Significant  
            Markets for      Observable      Unobservable  
     July 31,      Identical Assets      Inputs      Inputs  
     2015      (Level 1)      (Level 2)      (Level 3)  
     (Amounts in thousands)  

Financial assets:

           

Money market accounts (a)

   $ 3,627       $ 3,627       $ —         $ —     

Available for sale marketable securities:

           

Current marketable securities:

           

U.S. treasury notes and bonds - conventional

     2,006         2,006         —           —     

U.S. government agency issues

     2,003         —           2,003         —     

Non-current marketable securities:

           

U.S. treasury notes and bonds - conventional

     5,770         5,770         —           —     

U.S. government agency issues

     2,504         —           2,504         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 15,910       $ 11,403       $ 4,507       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Financial liabilities:

           

Contingent consideration (b)

   $ 1,487       $ —         $ —         $ 1,487   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

            Fair Value at January 31, 2015 Using  
            Quoted                
            Prices in      Significant         
            Active      Other      Significant  
            Markets for      Observable      Unobservable  
     January 31,      Identical Assets      Inputs      Inputs  
     2015      (Level 1)      (Level 2)      (Level 3)  
     (Amounts in thousands)  

Financial assets:

           

Money market accounts (a)

   $ 1,575       $ 1,575       $ —         $ —     

Available for sale marketable securities:

           

Current marketable securities:

           

U.S. treasury notes and bonds - conventional

     1,501         1,501         —           —     

U.S. government agency issues

     6,015         —           6,015         —     

Non-current marketable securities:

           

U.S. treasury notes and bonds - conventional

     4,286         4,286         

U.S. government agency issues

     2,507         —           2,507         —     
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 15,884       $ 7,362       $ 8,522       $ —     
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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 fair value of our contingent consideration arrangement is determined based on management’s evaluation as to the probability of achieving certain defined performance criteria based on the expected future performance of the acquired entity, as well as the fair value of the estimated shares of the Company’s common stock to be issued.
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 six months ended July 31, 2015 (amounts in thousands):

 

     Level 3  
     Accrued Contingent  
     Consideration  

Ending balance at January 31, 2015

   $ —     

Timeline Labs acquisition

     1,508   

Change in fair value

     (21
  

 

 

 

Ending balance July 31, 2015

   $ 1,487   
  

 

 

 

Summary of Available-for-Sale Securities

The following is a summary of cash, cash equivalents and available-for-sale securities, including the cost basis, aggregate fair value and gross unrealized gains and losses, for short- and long-term marketable securities portfolio as of July 31, 2015 and January 31, 2015:

 

     Amortized
Cost
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
     Estimated
Fair Value
 
     (Amounts in thousands)  

July 31, 2015:

           

Cash

   $ 56,933       $  —         $  —         $ 56,933   

Cash equivalents

     3,627         —           —           3,627   
  

 

 

    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents

     60,560         —           —           60,560   
  

 

 

    

 

 

    

 

 

    

 

 

 

U.S. treasury notes and bonds - short-term

     2,004         2            2,006   

U.S. treasury notes and bonds - long-term

     5,760         10         —           5,770   

U.S, government agency issues - short-term

     2,002         1         —           2,003   

U.S, government agency issues - long-term

     2,489         15            2,504   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total cash, cash equivalents and marketable securities

   $ 72,815       $ 28       $ —         $ 72,843   
  

 

 

    

 

 

    

 

 

    

 

 

 

January 31, 2015:

           

Cash

   $ 88,444       $ —         $ —         $ 88,444   

Cash equivalents

     1,575         —           —           1,575   
  

 

 

    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents

     90,019         —           —           90,019   
  

 

 

    

 

 

    

 

 

    

 

 

 

U.S. treasury notes and bonds - short-term

     1,500         1            1,501   

U.S. treasury notes and bonds - long-term

     4,268         18         —           4,286   

U.S, government agency issues - short-term

     6,008         7         —           6,015   

U.S, government agency issues - long-term

     2,490         17            2,507   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total cash, cash equivalents and marketable securities

   $ 104,285       $ 43       $ —         $ 104,328   
  

 

 

    

 

 

    

 

 

    

 

 

 

Schedule of Contractual Maturities Available-for-Sale Debt Securities

The following is a schedule of the contractual maturities of available-for-sale investments as of July 31, 2015 (amounts in thousands):

 

     Estimated  
     Fair Value  

Maturity of one year or less

   $ 4,009   

Maturity between one and five years

     8,274   
  

 

 

 

Total

   $ 12,283