"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.
Xero’s gross intangible asset value increased by 46.8%, from $505.5 million in FY2021 to $741.9 million in FY2022. Based on the company's evaluation of the fair value of identified intangible assets, other intangible assets and goodwill accounted for $17.0 million and $419.9 million respectively. In FY2022, the company's net value of intangible assets was $959.4 million. The company's amortization expense for intangible assets was $15.5 million in FY2022.
The company’s amortization expense for intangible assets was $13.7 million in FY2021 respectively. Xero strives to drive the adoption of cloud accounting and grow the platforms of small businesses by developing new products and functionality through partnerships and acquisitions. As of March 2022, the company had 3.3 million subscribers, which has an ecosystem of more than 300 connections and more than 1,000 connected apps to banks and other financial institutions.
Xero Ltd (Xero) is a provider of cloud-based accounting software for accountants and bookkeepers, small and medium-sized businesses. The company offers a range of accounting solutions that include bank transactions, invoices, reports, and sales tax. It also provides management reports, bank reconciliation solutions, accountant-specific tools, and invoicing solutions with full drill-through capability. The company provides small business owners and their advisors with access to real-time financial data anywhere, any time, and on any device. Xero serves various industries, including retail, healthcare, manufacturing, startups, farming, hospitality, construction, e-commerce, small business, and real estate.
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
United States of America
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