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BUSINESS ACQUISITIONS | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS Changes in Contingent Consideration In 2018, the Company acquired all of the outstanding equity interests of QuoteWizard.com, LLC (“QuoteWizard”) and Ovation Credit Services, Inc. (“Ovation”). During 2020, the Company made the final earnout payment related to the achievement of certain defined operating metrics for Ovation. In 2017, the Company acquired certain assets of Snap Capital LLC, which does business under the name SnapCap (“SnapCap”). During 2020, the Company made the final earnout payments related to the achievement of certain defined earnings targets for SnapCap. The Company will make an earnout payment ranging from zero to $23.4 million based on the achievement of certain defined performance targets for QuoteWizard. Changes in the fair value of contingent consideration is summarized as follows (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
QuoteWizard |  |  |  |  | $ | 797 |  |  | $ | (8,262) |
Ovation |  |  |  |  | — |  |  | 141 |
SnapCap |  |  |  |  | — |  |  | (1) |
Total changes in fair value of contingent consideration |  |  |  |  | $ | 797 |  |  | $ | (8,122) |
As of March 31, 2021, the estimated fair value of the contingent consideration for the QuoteWizard acquisition totaled $9.0 million, which is included in current contingent consideration in the accompanying consolidated balance sheet. The estimated fair value of the contingent consideration payments is determined using an option pricing model. The estimated value of the contingent consideration is based upon available information and certain assumptions, known at the time of this report, which management believes are reasonable. Any differences in the actual contingent consideration payments will be recorded in operating income in the consolidated statements of operations and comprehensive income.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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