Goodwill

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

The following table sets forth the carrying amount and activity of goodwill as of March 31, 2023:

	Amount
Balance as of December 31, 2022	$	136,463
Acquisitions (Note 2)	141,789
Effect of exchange rate on goodwill	697
Balance as of March 31, 2023	$	278,949

The change in goodwill is primarily driven by $141,789 increase during the three months ended March 31, 2023 due to acquisition of Silicon Radar and GEO that were completed during the period, partially offset by $697 increase in value due to effect of exchange rate on goodwill. See Note 2 — Business Combinations for a detailed discussion of goodwill acquired.

The Company tests its goodwill for impairment annually as of the first day of its fourth fiscal quarter and in interim periods if certain events occur indicating the carrying value of goodwill may be impaired. There were no indicators of impairment noted during the three months ended March 31, 2023.