v3.7.0.1

Stockholders' Equity (Tables)

12 Months Ended

Apr. 30, 2017

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,
	2017				2016				2015
Cost of revenue	$	1,734			$	2,167			$	1,517
Sales and marketing	2,996				2,956				3,923
Research and development	3,770				2,996				1,960
General and administrative	7,782				6,967				4,677
Loss from discontinued operations, net of tax	—				—				124
Stock-based expense	16,282				15,086				12,201
Capitalized stock-based compensation	495				488				601
Total stock-based compensation	16,777				15,574				12,802

Assumptions Used to Estimate Fair Value of Option Pricing Model

The fair value of the Company’s options (excluding PSOs) was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions:

	Year Ended April 30,
	2017		2016		2015
Expected volatility	37% - 38%		42% - 42%		43% - 50%
Risk-free interest rate	0.97% - 1.93%		1.50% - 1.92%		1.46% - 1.93%
Expected term (in years)	3.81 - 4.58		6.00		6.00
Dividend yield	—		—		—

The fair value of the Company’s PSOs was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions:

	Year Ended April 30,
	2017		2016		2015
Expected volatility	38% - 40%		—		—
Risk-free interest rate	1.04% - 1.13%		—		—
Expected term (in years)	4.77 - 5.26		—		—
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,
	2017		2016		2015
Expected volatility	38% - 51%		30% - 57%		36% - 57%
Risk-free interest rate	0.46% - 0.89%		0.10% - 0.46%		0.05% - 0.11%
Expected term (in years)	0.5		0.5		0.5
Dividend yield	—		—		—

Performance Stock Option and Stock Option Activity

Performance stock option activity for the year ended April 30, 2017 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, 2016	—			$	—
Options granted	2,867			3.95
Options exercised	—			—
Options expired and canceled	(2,028	)		3.96
Balance as of April 30, 2017	839			$	3.94			6.10		$	638
Options vested and expected to vest at April 30, 2017	839			$	3.94			6.10		$	638
Options vested and exercisable as of April 30, 2017	—			$	—			0.00		$	—

The Company recognizes expense for PSOs that the Company determines are probable of vesting based on the grant date fair value. Adjustments to stock-based compensation expense are made each period based on changes in the Company’s estimate of the number of PSOs that are probable of vesting. The weighted-average grant date fair value of PSOs granted during the fiscal year ended April 30, 2017 was $1.45. No PSOs vested during the fiscal year ended April 30, 2017. As of April 30, 2017, total unrecognized stock-based expense, adjusted for estimated forfeitures, related to PSOs was$0.5 million, which is expected to be recognized over the next 3.09 years.

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, 2015	5,093			7.83
Options granted	2,947			4.83
Options exercised	(227	)		3.95
Options forfeited	(484	)		7.42
Options expired and canceled	(641	)		8.14
Balance as of April 30, 2016	6,688			$	7.83			6.43		$	591
Options granted	749			4.25
Options exercised	(160	)		2.36
Options forfeited	(503	)		5.78
Options expired and canceled	(1,226	)		9.81
Balance as of April 30, 2017	5,548			$	5.82			6.42		$	2,506
Options vested and expected to vest at April 30, 2017	5,548			$	5.82			6.42		$	2,506
Options vested and exercisable as of April 30, 2017	3,310			$	6.46			5.98		$	1,253

Summary of Stock Options

The summary of stock options excluding PSOs as of April 30, 2017 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
$1.83 - $3.03	260			$	2.46			3.00		219			$	2.36
$3.15 - $3.15	838			3.15				5.84		415			3.15
$3.42 - $3.65	91			3.55				5.00		23			3.42
$3.94 - $3.94	300			3.94				6.10		—			—
$4.00 - $4.36	675			4.27				7.40		175			4.31
$4.70 - $6.28	547			5.26				6.10		378			5.18
$6.42 - $6.42	1,036			6.42				8.13		475			6.42
$6.54 - $7.39	662			6.90				5.59		621			6.88
$7.53 - $9.51	1,016			8.71				6.45		883			8.84
$9.52 - $18.67	123			13.59				5.08		121			13.63
$1.83 - $18.67	5,548			$	5.82			6.42		3,310			$	6.46

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, 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
Restricted shares granted		3,962			4.24
Restricted shares vested		(1,556	)		6.71
Restricted shares forfeited		(945	)		5.94
Unvested balance as of April 30, 2017		6,428			$	5.22

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