Debt	6 Months Ended
Oct. 31, 2014
Debt	9. Debt On July 18, 2007, the Company entered into a loan and security agreement (“Loan Agreement”) with a financial institution, which was most recently amended in June 2013. As amended, the Loan Agreement provides for a revolving line of credit with a borrowing capacity of up to the lesser of (a) $30.0 million or (b) 100% of eligible monthly service fees as defined in the Loan Agreement, inclusive of any amounts outstanding under the $2.7 million sublimit for corporate credit card and letter of credit services. The revolving line of credit expires on January 31, 2015 with all advances immediately due and payable. The revolving line of credit bears interest at the prime based rate as defined in the Loan Agreement except during any period of time during which, in accordance with the Loan Agreement, the line bears interest at the daily adjusting LIBOR rate plus 2.5%. Borrowings under the revolving line of credit are collateralized by substantially all assets of the Company and of its U.S. subsidiaries. The Loan Agreement contains certain financial covenants. As of October 31, 2014 and April 30, 2014, the Company had drawn down $1.6 million in the form of a letter of credit as security deposits for its leased corporate headquarters. As of October 31, 2014, the Company had drawn down an additional $0.3 million in the form of a letter of credit as security deposits for its leased San Francisco office space. On February 21, 2014, the Company drew down $27.0 million of its unused balance of the revolving line of credit. The outstanding loan balance is subject to all terms and conditions described above in the Loan Agreement and its subsequent amendments. The unused balance of the revolving line of credit was $1.1 million and $1.4 million as of October 31, 2014 and April 30, 2014, respectively. The Company was in compliance with all financial covenants as of October 31, 2014 and April 30, 2014. On November 21, 2014, the Company entered into a $70.0 million secured revolving credit facility (the “Credit Facility”), 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 pursuant to an Amended and Restated Credit Agreement between the Company, the lenders party thereto and Comerica Bank, as administrative agent, sole lead arranger and sole bookrunner (the “Credit Agreement”). The Credit Agreement amended and restated the Loan Agreement. Borrowings under the Credit Agreement are collateralized by substantially all assets of the Company and of its U.S. subsidiaries. The Credit Agreement contains certain financial covenants. The revolving line of credit bears interest at the adjusted LIBOR rate plus 3.5%. On November 21, 2014, the Company drew down $57.0 million of the unused balance of the Credit Agreement, of which, $27.0 million was used to repay the entire outstanding balance on the Loan Agreement. On December 4, 2014, the Company drew down $8.0 million in the form of a letter of credit under the Credit Facility as a security deposit for the lease for the Company’s new headquarters, resulting in an unused balance of the Credit Facility of $3.1 million. The Credit Facility expires on November 21, 2017 with all advances immediately due and payable (See Note 12). On November 4, 2008, the Company entered into a pledge and security agreement with a financial institution for a standby letter of credit for credit card services from a separate financial institution. On October 29, 2014, the Company amended the agreement and increased 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 condensed consolidated financial statements.

9. Debt

On July 18, 2007, the Company entered into a loan and security agreement (“Loan Agreement”) with a financial institution, which was most recently amended in June 2013. As amended, the Loan Agreement provides for a revolving line of credit with a borrowing capacity of up to the lesser of (a) $30.0 million or (b) 100% of eligible monthly service fees as defined in the Loan Agreement, inclusive of any amounts outstanding under the $2.7 million sublimit for corporate credit card and letter of credit services. The revolving line of credit expires on January 31, 2015 with all advances immediately due and payable. The revolving line of credit bears interest at the prime based rate as defined in the Loan Agreement except during any period of time during which, in accordance with the Loan Agreement, the line bears interest at the daily adjusting LIBOR rate plus 2.5%. Borrowings under the revolving line of credit are collateralized by substantially all assets of the Company and of its U.S. subsidiaries. The Loan Agreement contains certain financial covenants. As of October 31, 2014 and April 30, 2014, the Company had drawn down $1.6 million in the form of a letter of credit as security deposits for its leased corporate headquarters. As of October 31, 2014, the Company had drawn down an additional $0.3 million in the form of a letter of credit as security deposits for its leased San Francisco office space. On February 21, 2014, the Company drew down $27.0 million of its unused balance of the revolving line of credit. The outstanding loan balance is subject to all terms and conditions described above in the Loan Agreement and its subsequent amendments. The unused balance of the revolving line of credit was $1.1 million and $1.4 million as of October 31, 2014 and April 30, 2014, respectively. The Company was in compliance with all financial covenants as of October 31, 2014 and April 30, 2014.

On November 21, 2014, the Company entered into a $70.0 million secured revolving credit facility (the “Credit Facility”), 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 pursuant to an Amended and Restated Credit Agreement between the Company, the lenders party thereto and Comerica Bank, as administrative agent, sole lead arranger and sole bookrunner (the “Credit Agreement”). The Credit Agreement amended and restated the Loan Agreement. Borrowings under the Credit Agreement are collateralized by substantially all assets of the Company and of its U.S. subsidiaries. The Credit Agreement contains certain financial covenants. The revolving line of credit bears interest at the adjusted LIBOR rate plus 3.5%. On November 21, 2014, the Company drew down $57.0 million of the unused balance of the Credit Agreement, of which, $27.0 million was used to repay the entire outstanding balance on the Loan Agreement. On December 4, 2014, the Company drew down $8.0 million in the form of a letter of credit under the Credit Facility as a security deposit for the lease for the Company’s new headquarters, resulting in an unused balance of the Credit Facility of $3.1 million. The Credit Facility expires on November 21, 2017 with all advances immediately due and payable (See Note 12).

On November 4, 2008, the Company entered into a pledge and security agreement with a financial institution for a standby letter of credit for credit card services from a separate financial institution. On October 29, 2014, the Company amended the agreement and increased 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 condensed consolidated financial statements.