"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 measured. 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 separate one company's products or services from those of other companies. 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.
PTC’s gross value of intangible assets surged from $488.84 million in FY2020 to $533.55 million in FY2021, an increase of 9.15%. In FY2021, the company's net value of intangible assets was $378.97 million. Purchased software, Capitalized software, and Trademarks amounted to $483.77 million, $22.88 million, and $26.91 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 $59.17 million in FY2021.
The company’s License gross margin grew from $456.6 million in FY2020 to $676.3 million in FY2021, due to subscription license revenue increasing significantly as a result of longer subscription term durations, offset by increased royalty expense due to the mix of products sold and higher intangible amortization due to the Arena acquisition. In FY2021, $718 million was invested for acquisitions, mostly connected to Arena, as compared to $483 million in FY20 (of which $469 million was related to Onshape). The purchase price allocation generated $562.8 million of goodwill, $155.0 million of customer relationships, $38.3 million of purchased software, $4.2 million of trademarks, $41.3 million of deferred tax liabilities, $15.5 million of deferred revenue, 11.4 million in accounts receivable, and $0.4 million in other net liabilities.
In total, goodwill and acquired intangible assets were $2,525.7 million in FY21, $45.2 million of which were due to the company's professional services sector and the rest to its Software Products segment.
PTC Inc (PTC) is a developer of software products and related services. The company offers product lifecycle management (PLM), computer-aided design (CAD), augmented reality (AR), internet-of-things (IoT), application lifecycle management (ALM) products, service lifecycle management (SLM) products, and service parts management software and related services. It provides services such as maintenance, implementation, advisory, consulting, and cloud-based services. PTC serves aerospace and defense, life sciences, electronics and high-tech, energy and resources, retail and consumer products, industrial machinery, process industries, and automotive industries. The company has a business presence across the Americas, Europe, the Middle East, Africa, and Asia-Pacific.
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