Goodwill

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

The following table sets forth the carrying amount and activity of goodwill as of March 31, 2024:

	Amount
Balance as of Balance as of the beginning of the period	$	295,096
Acquisitions (Note 2)	664
Effect of exchange rate on goodwill	(5,363)
Balance as of Balance as of the end of the period	$	290,397

The change in goodwill is primarily driven by $664 increase during the three months ended March 31, 2024 due to acquisition of Kinetic that was completed during the period, as well as a $5,363 decrease in value due to the 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, 2024.