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BUSINESS ACQUISITION
 6 Months Ended
Jun. 30, 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 of $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. During 2020, the Company made the final earnout payments related to the achievement of certain defined earnings targets for SnapCap.
Changes in the fair value of contingent consideration is summarized as follows (in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
QuoteWizard
$
8,058

 
$
2,534

 
$
(204
)
 
$
16,893

Ovation
1,039

 
634

 
1,180

 
(14
)
SnapCap
78

 
(142
)
 
77

 
1,450

DepositAccounts
—

 
(236
)
 
—

 
(947
)
Total changes in fair value of contingent consideration
$
9,175

 
$
2,790

 
$
1,053

 
$
17,382


As of June 30, 2020, the estimated fair value of the contingent consideration for the QuoteWizard acquisition totaled $24.2 million, of which $14.7 million is included in current contingent consideration and $9.5 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 June 30, 2020, the estimated fair value of the contingent consideration for the Ovation acquisition totaled $4.3 million, which is included in current contingent consideration in the accompanying consolidated balance sheet. The estimated fair value of the contingent consideration payment is based on the $4.4 million achieved target discounted from the payment due date to June 30, 2020.
As of June 30, 2020, no liability remains outstanding for the DepositAccounts acquisition in the accompanying consolidated balance sheet for the final contingent consideration payment based on Federal Funds interest rates and the earnout is complete.
Any differences in the actual contingent consideration payments will be recorded in operating income in the consolidated statements of operations and comprehensive income.