Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

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

	December 31,
	2024		2023
Balance at the beginning of the period	$	295,096	$	136,463
Acquisitions (Note 3)	1,239		153,447
Measurement period adjustment for business combinations from prior year	(17,045)		—
Effect of exchange rate on goodwill	(12,922)		5,186
Balance at the end of the period	$	266,368	$	295,096

During the year ended December 31, 2024, the change in goodwill was primarily driven by a $1,239 increase due to the acquisition of Kinetic completed during the period, a $17,045 decrease related to the completion of the purchase price allocation for Exalos, as well as a $12,922 decrease in value due to effect of exchange rate on goodwill. See Note 3 — Business Combinations for a detailed discussion of goodwill acquired as well as adjustments due to finalization of the business combination valuations.

The change in goodwill during the year ended December 31, 2023, was primarily driven by a $31,967 increase due to the acquisition of Exalos completed during the period, and $112,509 and $8,971 increases due to the acquisitions of GEO and Silicon Radar, respectively, that were completed and finalized during the period, as well as a $5,186 increase in value due to effect of exchange rate on goodwill.

The Company performed an impairment test of its goodwill as of the first day of the fourth fiscal quarter in accordance with its regularly scheduled testing. The results of this test indicated that the Company’s goodwill was not impaired. There were no other indicators of impairment noted during the years ended December 31, 2024, 2023 and 2022.