Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

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):

	As of June 30, 2019
	Level 1		Level 2		Level 3			Total
Assets:
Money market funds (1)	$	7,331	$	—	$	—		$	7,331
Total Assets:	$	7,331	$	—	$	—		$	7,331
Liabilities
Contingent purchase price (2)	$	—	$	—	$	(4,269	)	$	(4,269	)
Total Liabilities:	$	—	$	—	$	(4,269	)	$	(4,269	)

	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	)

(1) Included in cash and cash equivalents.

(2) $1.8 million is included in accrued expenses and other current liabilities, and $2.5 million and $2.4 million is included in non-current liabilities as of June 30, 2019 and December 31, 2018, respectively. 

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

Changes in the fair value of Level 3 contingent consideration for the six months ended June 30, 2019 were as follows (in thousands):

	Contingent
	Consideration
Balance at December 31, 2018	$	(4,196	)
Fair value adjustment of contingent purchase price (1)		(46	)
Foreign exchange effect		(27	)
Balance at June 30, 2019	$	(4,269	)

(1) This amount was recognized as acquisition and integration costs within the Consolidated Statements of Operations. As of June 30, 2019, the significant unobservable inputs used in the Monte Carlo simulation to fair value the contingent consideration included projected contract bookings, a discount rate of 17.3%, and revenue volatility of 26.6%. Increases or decreases in the inputs would result in a higher or lower fair value measurement.