An asset that has long-term financial value to a business but has no physical presence yet offers substantial value is known as an "intangible asset." Identifiable intangible assets are those that the company may sell and can be distinguished from other assets. Intellectual property like patents, trademarks, copyrights, and even non-cash government grants like landing rights at airports or broadcasting licenses are examples of identifiable intangible assets. The company has intangible assets from acquisitions and other agreements with third parties that are tied to its products' technology.
Citrix Systems gross value of intangible assets surged from $742.95 million in FY2020 to $1,049.41 million in FY2021, an increase of 41.2%. In FY2021, the company's net value of intangible assets was $760.29 million. Customer relationships and developed technology accounted for $446.4 million and $347.9 million respectively, based on the company's calculation of the fair value of identified intangible assets.
The company's product-related intangible assets increased in 2021 compared to 2020, primarily as a result of intangibles acquired in connection with the acquisition of Wrike ($49.1 million) and the impairment of Sapho Inc. technology ($19.4 million) in 2021, partially offset by decreases due to fully amortized developed technology intangible assets of $10.3 million.
Cost of products and licensing revenues increased in 2021 compared to 2020 primarily as a result of increasing costs associated with their perpetual App Delivery and Security offerings, which incorporate hardware components that are more expensive than their software products. Revenues from subscription, support, and services increased in cost in 2021 compared to 2020 principally as a result of greater costs associated with delivering their cloud-based offerings, which include the Wrike acquisition.
Citrix Systems Inc (Citrix) is a provider of unified workspace, analytics, and networking solutions to various organizations. It designs, develops, and sells technology solutions that enable information technology (IT) services to be delivered on demand. The company offers a wide range of solutions including digital workspace, networking, communications cloud, and workflow cloud, and analytics. The company markets and licenses its products directly to customers, over the web, and through system integrators, value-added resellers, value-added distributors, OEMs, and service providers. It offers services to various industries including healthcare, financial services, government, manufacturing, and retail. The company has operations in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.
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