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BUSINESS ACQUISITION
 3 Months Ended
Mar. 31, 2020
Business Combinations [Abstract]  
BUSINESS ACQUISITION 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”).
In 2017, the Company acquired certain assets of Snap Capital LLC, which does business under the name SnapCap (“SnapCap”) and all of the assets of Deposits Online, LLC, which does business under the name DepositAccounts.com (“DepositAccounts”).
The Company will make an earnout payment ranging from zero to $1.0 million based on the achievement of defined milestone targets for DepositAccounts, a payment of $3.0 million based on the achievement of certain defined earnings targets for SnapCap, payments ranging from zero to $4.4 million based on the achievement of certain defined operating metrics for Ovation, and payments ranging from zero to $46.8 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,
 
2020
 
2019
QuoteWizard
$
(8,262
)
 
$
14,359

Ovation
141

 
(648
)
SnapCap
(1
)
 
1,592

DepositAccounts
—

 
(711
)
Total changes in fair value of contingent consideration
$
(8,122
)
 
$
14,592


As of March 31, 2020, the estimated fair value of the contingent consideration for the QuoteWizard acquisition totaled $16.2 million, of which $8.0 million is included in current contingent consideration and $8.2 million is included in non-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.
As of March 31, 2020, the estimated fair value of the contingent consideration for the Ovation acquisition totaled $3.2 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.
As of March 31, 2020, the estimated fair value of the contingent consideration for the SnapCap acquisition totaled $2.9 million, which is included in current contingent consideration in the accompanying consolidated balance sheet. The estimated fair value of the contingent consideration payments is based on the $3.0 million achieved target discounted from the payment due date to March 31, 2020.
As of March 31, 2020, no liability has been recorded for the DepositAccounts acquisition in the accompanying consolidated balance sheet for the remaining contingent consideration payment based on Federal Funds interest rates. The estimated fair value of the portion of the contingent consideration payments based on increases in interest rates is determined using a scenario approach based on the interest rate forecasts of Federal Open Market Committee participants. 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.