An asset that has a significant value but no physical presence and offers a business long-term financial value is referred to as an "intangible asset". Identifiable intangible assets are those that may be independently marketed by the company, are distinguishable from other assets, and can be identified. Intellectual property, such as patents, trademarks, and copyrights, as well as non-cash government grants, like airport landing rights or broadcasting licenses, are examples of identifiable intangible assets. A trademark is a sign that can be used to distinguish one company's goods or services from those of other businesses. For trademarks, intellectual property rights offer protection. When purchased separately, intangible assets are capitalized at fair value as of the date of acquisition rather than cost.
As per the company's assessment of the fair value of identified intangible assets, developed technology and trade name accounted for $346.3 million and $12.5 million, respectively. In FY2022, the company's net value of intangible assets was $391.0 million. Workday's gross intangible assets surged from $230.4 million in FY2021 to $358.8 million in FY2022, an increase of 55.7%. The company's amortization expense for intangible assets was $78.0 million in FY2022.
In FY2021, the company completed the acquisition of Zimit, a CPQ solution built for services industries. Workday acquired Zimit for a total consideration of $76 million. As of the acquisition date, the company initially recorded developed technology intangible assets of $7 million and goodwill of $67 million. The company’s trademarks grew from $12.0 million in FY2021 to $12.5 million in FY2022. Workday operates in 32 countries and provides more than 9,500 organizations with software-as-a-service solutions.
Workday Inc (Workday) offers enterprise cloud applications for finance and human resources. The company offers applications of financial management such as general ledger, global accounting, accounts payable, accounts receivable, cash management, asset management, employee expense management, revenue management, projects, procurement, inventory, grants management and payroll, compensation, professional services automation applications, and others. Workday serves technology, financial services, business and professional services, healthcare and life sciences, manufacturing, retail and hospitality, education, and government and non-profit industries.
United States of America
United States of America
United States of America
United States of America
United States of America
United States of America
United States of America
Japan
Japan
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