The term "intangible assets" refers to assets that have a high value but no physical presence and provide a company with long-term financial worth. 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.
Guidewire Software’s gross value of intangible assets declined from $96.1 million in FY2021 to $41.5 million in FY2022, a decrease of 56.8%. In FY2022, the company's net value of intangible assets was $21.36 million. The gross value of Acquired technology and Trademarks amounted to $38.1 million and $3.4 million respectively, based on the company's calculation of the fair value of identified intangible assets in FY2021. The company's amortization expense for intangible assets was $43.43 million in FY2022.
The company's total assets dipped by $54.95 million, from $2,321 billion in FY2021 to $2,266 billion in FY2022. The decline is primarily the result of a decrease in Unbilled accounts receivable, net of $10.4 million and Operating lease assets of $7.16 million.
Also, its customer contracts and related relationships and partner relationships were $23.1 million and $0.2 million respectively in FY2022.
Guidewire Software (Guidewire) is a provider of software and services to the property and casualty insurance industry. The company combines digital engagement, core operations, analytics, and artificial intelligence (AI) to provide its platform as a cloud service. Guidewire's solution portfolio consists of InsuranceSuite, InsuranceNow, Ecosystem, Guidewire Cloud and Guidewire for Salesforce. It also provides implementation, training, and cloud-based services. The company markets its offerings through subscription services and self-managed products through term licenses. Guidewire serves insurers and carriers through direct sales teams. It also offers repair, maintenance, and professional services. The company's business operations span the Americas, Africa, Europe, the Middle East and Asia-Pacific. Guidewire is headquartered in San Mateo, California, the US.
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