An asset that has long-term financial worth to a business but has no physical presence yet offers substantial value is known as an "intangible asset". Intangible assets that can be separated from other assets and sold by the company are considered identifiable intangible 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. These assets are being straight-line-amortized at their estimated fair values that were recorded at the acquisition date across their respective expected useful lifetimes.
Zendesk’s gross value of intangible assets dipped from $30.20 million in FY2020 to $28 million in FY2021. In FY2021, the company's net value of intangible assets was $197.10 million. Customer relationships and Developed technology amounted to $14.3 million, and $28 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 $7 million in FY2021.
The majority of the $159 million in net cash utilized for investing activities in 2021 came from the purchases of marketable securities, which totaled $119 million after sales and maturities, and property and equipment, which totaled $15 million. Specifically, cash spent for the acquisition of Cleverly, net of cash gained, was $8 million. Cash paid for capitalized internal-use software expenditures of $14 million related to the development of additional features and functionality for their platform. Revenue increased by $309 million, or 30%, in 2021 compared to 2020. The expansions from existing clients accounted for the majority of the total increase in revenue, while new account revenue accounted for the remaining portion.
Zendesk Inc (Zendesk) is a software development company. It offers a software-as-a-service (SaaS) customer service platform to organizations. The company's customer service platform enables organizations to manage their one-on-one customer interactions; track and predict common questions and provide a path to answers; gather customer data and engage with customers based on the insights the data provides and provide tools to understand the customers. The company also operates its business across various regions of Europe, Asia Pacific, Latin America, and North America.
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