"Intangible assets" are assets that have significant value but no physical presence and provide long-term financial value to a company. Intangible assets that can be valued, sold separately from other assets, and separated from the corporation are considered identifiable intangible assets. Intellectual property, such as patents, trademarks, and copyrights, as well as non-cash government awards, such broadcasting licenses or airport landing rights, are examples of identified 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.
Billcom Holding’s gross value of intangible assets surged from $423 million in FY2021 to $514.2 million in FY2022, an increase of 21.5%. In FY2022, the company's net value of intangible assets was $432.58 million. Customer relationships, Developed technology and Trade names amounted to $259.2 million, $206.9 million, and $48.04 million respectively, based on the company's calculation of the fair value of identified intangible assets. The company's amortization expense for intangible assets was $81.63 million in FY2022.
The company's total assets increased by $3.286 billion, from $5.969 billion in FY2021 to $9.256 million in FY2022. The increase is primarily the result of growth in Goodwill of $590.85 million and Prepaid expenses and other current assets of $84.06 million. The total revenue for FY2022 was $641.95 million, increasing $403.69 million or 169% from the $238.26 million in FY2021.
The company acquired outstanding equity interests of Invoice2go, for a purchase consideration of $674.3 million in FY2022.
Billcom Holdings Inc (Bill.com) is a financial service provider that offers digital business payment solutions. The company provides accounts payable and accounts receivable applications to control finances and cash flows for small and mid-sized businesses, and accounting and bookkeeping companies. It also offers online invoicing, integrating bill payment, and cash flow management services. Bill.com provides services such as sending custom invoices and receiving electronic payments that automatically sync to their existing accounting software programs. It offers services through its AI-enabled, cloud-based platform. The company serves small businesses, mid-sized companies, wealth management, healthcare, hospitality, accounting firms and banks. Bill.com is headquartered in San Jose, California, the US.
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