Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Summary of Company's Fair Value Hierarchy for its Financial Assets and Liabilities

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):

	Fair Value Measurements
	As of  December 31, 2018
	Level 1		Level 2		Level 3			Total
Assets:
Money market funds (1)	$	255	$	—	$	—		$	255
Total Assets	$	255	$	—	$	—		$	255
Liabilities:
Contingent purchase price (2)	$	—	$	—	$	(4,196	)	$	(4,196	)
Total Liabilities	$	—	$	—	$	(4,196	)	$	(4,196	)

	Fair Value Measurements
	As of December 31, 2017
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	492	$	—	$	—	$	492
Federal agency obligations		—		1,793		—		1,793
Corporate obligations (3)		—		52,540		—		52,540
Total Assets	$	492	$	54,333	$	—	$	54,825

(1) Included in cash and cash equivalents.

(2) $1.8 million is included in accrued expenses and other current liabilities and $2.4 million is included in non-current liabilities in the Consolidated Balance Sheet.

(3) All corporate obligations were sold in December 2018, resulting in a loss of $0.2 million that was recorded in other income, net in the Consolidated Statements of Income. These investments were sold to fund a portion of the purchase of SiriusDecisions (refer to Note 15 – Subsequent Events).

Summary of Changes in the Fair Value of Level 3 Contingent Consideration

Changes in the fair value of Level 3 contingent consideration for the year ended December 31, 2018 were as follows (in thousands):

	Contingent
	Consideration
Acquisition of FeedbackNow (1)	$	(3,388	)
Fair value adjustment of FeedbackNow (2) (3)		(780	)
Foreign exchange effect		(28	)
Balance at December 31, 2018	$	(4,196	)

(1) See Note 2 – Acquisitions, for a discussion of the fair value of the earnout as of the acquisition date.

(2) In the period subsequent to the acquisition of FeedbackNow on July 6, 2018, the fair value of the contingent consideration increased by $0.8 million due primarily to the achievement of contract bookings during this period. This amount was recognized as acquisition and integration costs within the Consolidated Statements of Income.

(3) As of December 31, 2018, the significant unobservable inputs used in the Monte Carlo simulation to fair value the contingent consideration included projected contract bookings, a discount rate of 23.8%, and revenue volatility of 21.9%. Increases or decreases in the inputs would result in a higher or lower fair value measurement.