Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following table sets forth the measurement at fair value on a recurring basis of the contingent cash consideration due the selling unitholders of Cogent related to the Earnout. The liability arose as a result of the acquisition of Cogent and is categorized as a Level 3 liability, which is remeasured each quarterly period based on the probability of achieving the target revenue threshold and weighted average discount rate as discussed below.

Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 2017

	Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)		Balance as of September 30, 2017
	(in thousands, unaudited)
Liabilities
Contingent obligation due selling unitholders of Cogent	$	—	$	—	$	9,456	$	9,456
Total	$	—	$	—	$	9,456	$	9,456

Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2016

	Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable  Inputs (Level 3)		Balance as of December 31, 2016
	(in thousands, unaudited)
Liabilities
Contingent obligation due selling unitholders of Cogent	$	—	$	—	$	15,095	$	15,095
Total	$	—	$	—	$	15,095	$	15,095

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in Level 3 liabilities measured at fair value on a recurring basis for the three and nine month periods ended September 30, 2017 are as follows:

	Opening Balance as of July 1, 2017		Total realized and unrealized gains (losses) included in Net Income			Unrealized gains (losses) included in Other Comprehensive Income		Purchases		Issues		Sales		Settlements		Closing Balance as of September 30, 2017		Unrealized gains (losses) for Level 3 liabilities outstanding at September 30, 2017
	(in thousands, unaudited)
Liabilities
Contingent obligation due selling unitholders of Cogent	$	7,582	$	(1,874	)	$	—	$	—	$	—	$	—	$	—	$	9,456	$	(1,874	)
Total	$	7,582	$	(1,874	)	$	—	$	—	$	—	$	—	$	—	$	9,456	$	(1,874	)

	Opening Balance as of January 1, 2017		Total realized and unrealized gains (losses) included in Net Income		Unrealized gains (losses) included in Other Comprehensive Income		Purchases		Issues		Sales		Settlements		Closing Balance as of September 30, 2017		Unrealized gains (losses) for Level 3 liabilities outstanding at September 30, 2017
	(in thousands, unaudited)
Liabilities
Contingent obligation due selling unitholders of Cogent	$	15,095	$	5,639	$	—	$	—	$	—	$	—	$	—	$	9,456	$	5,639
Total	$	15,095	$	5,639	$	—	$	—	$	—	$	—	$	—	$	9,456	$	5,639

Changes in Level 3 liabilities measured at fair value on a recurring basis for the three and nine month periods ended September 30, 2016 are as follows:

	Opening Balance as of July 1, 2016		Total realized and unrealized gains (losses) included in Net Income		Unrealized gains (losses) included in Other Comprehensive Income		Purchases		Issues		Sales		Settlements		Closing Balance as of September 30, 2016		Unrealized gains (losses) for Level 3 liabilities outstanding at September 30, 2016
	(in thousands, unaudited)
Liabilities
Contingent obligation due selling unitholders of Cogent	$	15,104	$	35	$	—	$	—	$	—	$	—	$	—	$	15,069	$	35
Total	$	15,104	$	35	$	—	$	—	$	—	$	—	$	—	$	15,069	$	35

	Opening Balance as of January 1, 2016		Total realized and unrealized gains (losses) included in Net Income			Unrealized gains (losses) included in Other Comprehensive Income		Purchases		Issues		Sales		Settlements		Closing Balance as of September 30, 2016		Unrealized gains (losses) for Level 3 liabilities outstanding at September 30, 2016
	(in thousands, unaudited)
Liabilities
Contingent obligation due selling unitholders of Cogent	$	13,647	$	(1,422	)	$	—	$	—	$	—	$	—	$	—	$	15,069	$	(1,422	)
Total	$	13,647	$	(1,422	)	$	—	$	—	$	—	$	—	$	—	$	15,069	$	(1,422	)

Fair Value Inputs, Liabilities, Quantitative Information

The following table presents quantitative information about the significant unobservable inputs utilized by the Company in the fair value measure of Level 3 liabilities measured at fair value on a recurring basis, as of September 30, 2017:

	Fair Value as of September 30, 2017		Valuation Technique(s)	Unobservable  Input(s)		Range (Weighted Average)
	(in thousands, unaudited)
Liabilities
Contingent obligation due selling unitholders of Cogent	$	9,456	Present value of expected payments	Discount rate		13	%
				Forecast revenue	(a)

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(a) The Company's estimate of contingent consideration as of September 30, 2017 was principally based on the acquired business' (i) actual revenue generation from April 1, 2015 through March 31, 2017 and (ii) actual and projected revenue generation from April 1, 2017 through March 31, 2019.