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, purchased technology and trade names accounted for $1,612 million and $680 million, respectively. In FY2022, the company's net value of intangible assets was $7,061 million. Intuit’s gross intangible assets surged from $1,086 million in FY2021 to $2,292 million in FY2022. The company's amortization expense for intangible assets was $559 million in FY2022.
The company reported revenues of $12,726 million for the fiscal year ended July 2022 (FY2022), an increase of 32.1% over FY2021, due to a shift in mix to its higher priced product offerings including TurboTax Live and its premier offering. The company's amortization expense for intangible assets was $197 million and $29 million in FY2021 and 2020 respectively. Segment product revenue is primarily derived from revenue related to the delivery of software licenses and related updates, including version protection, for its QuickBooks Desktop subscriptions. Intuit focuses on understanding its customer’s challenges to develop innovative solutions and solve their financial problems using advanced technology, including AI.
Intuit Inc (Intuit) offers financial management, marketing, and compliance products and services. It also provides tax products to accounting professionals. The company offers QuickBooks financial and business management online services and desktop software, payment processing solutions, and payroll solutions to small businesses, accountants, and self-employed customers worldwide. It offers TurboTax income tax preparation products and services for do-it-yourself (DIY) customers in the US and Canada. It provides technical and product support to customers through various channels including telephone, e-mail, video chat, text messaging, customer support websites, and self-help assets.
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