"Intangible assets" are assets that have significant value but no physical presence and provide long-term financial value to a company. The company's identifiable intangible assets are those that can be sold independently, separated from other assets, and valued. Intellectual property, like as patents, trademarks, and copyrights, as well as non-cash government grants, such as broadcasting licenses or airport landing rights, are examples of identifiable intangible assets. A trademark is a sign that can be used to separate one company's products or services from those of other businesses. Trademarks are protected under intellectual property laws. Intangible assets are capitalized at fair value as of the date of acquisition rather than cost when acquired separately.
In FY2021, the company's net value of intangible assets was $11.7 million. AppFolio's gross intangible asset value was $17.1 million in FY2021, remaining constant from the previous year (FY2020). The company's amortization expense for intangible assets was $4.6 million in FY2021. Based on the company's evaluation of the fair value of identified intangible assets, trademark and database accounted for $1.9 million and $8.3 million respectively.
As of December 31, 2021, the company had recorded a total of $56.1 million of goodwill. The company’s amortization expense for intangible assets was $4.9 million and $5.3 million in FY2020 and FY2019 respectively. Amortization expenses of capitalized software costs were $21.5 million, $17.9 million, and $14.0 million for the years 2021, 2020, and 2019, respectively. The company continues to make significant investments in research and new product development to expand its platform capabilities which will enable them to increase revenues in the future.
AppFolio Inc (AppFolio) is a provider of cloud-based business software solutions, data analytics, and services to the legal and real estate market. Its real estate software products include AppFolio Property Manager, AppFolio Investment Management, and legal practice management software includes MyCase. The company offers real estate software solutions to property management customers, including owner-operators and third-party property managers, and mobile-optimized software solutions for use in multiple devices and operating systems. The company sells software solutions and services from within its software applications and through its direct sales organization.
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