Acquisitions

12 Months Ended

Dec. 31, 2016

Acquisitions [Abstract]

Acquisitions

(5)Acquisitions

During the year ended December 31, 2016, the Company completed the acquisitions of Challenger and Hybrid, for total consideration of $22.8 million, $6.0 million of which was contingent and based on their future performance.

The following table summarizes the allocation of the total consideration transferred (in thousands):

Cash	$	1,186
Accounts receivable		5,924
Property and equipment		144
Goodwill		12,889
Intangible assets		9,912
Other assets		276
Total assets		30,331
Accounts payable		4,479
Deferred tax liability		2,462
Other liabilities		605
Total liabilities		7,546
Purchase price	$	22,785

Adjustments to record the assets acquired and liabilities assumed at fair value include the recognition of $9.9 million of intangible assets as follows:

	Amount		Estimated Life
Trademarks and tradenames	$	1,188		2-3 years
Customer relationships		8,724		8 years

During the year ended December 31, 2016, the company decreased its estimate of the acquired companies’ future performance, and as a result reduced the contingent consideration liability by $3.8 million. Expected future payments of $2.1 million and $0.1 million are recorded in Other long-term liabilities and Accrued expenses and Other current liabilities, respectively, in the Company’s consolidated balance sheet at December 31, 2016. The acquisitions were not material to the Company’s consolidated financial statements, either individually or in the aggregate. Accordingly, pro forma results of operations related to these business acquisitions during the year ended December 31, 2016 have not been presented. The Company has included the financial results of these business acquisitions in its consolidated financial statements from their respective date of acquisition.