An asset that has a significant value but has no physical presence and provides a business long-term financial value is called an "intangible asset." Identifiable intangible assets are those that the company can market separately, that can be separated from other assets, and that can be identified. Examples of distinguishable intangible assets include intellectual property, including patents, trademarks, and copyrights, as well as non-cash government grants, such as airport landing rights or broadcasting licenses. A trademark is a sign that can be used to separate the products or services of one company from those of other companies. Intellectual property rights offer protection for trademarks. Intangible assets are capitalized at fair value as of the date of acquisition rather than cost when acquired separately.
The gross value of intangible assets of Zillow Group grew by 21.5%, from $199.01 million in FY2020 to $241.84 million in FY2021. The company's intangible assets had a net value of $180.07 million in FY2021. Based on the company's valuation of the fair value of identified intangible assets, Software, developed technology, purchased content, and Trademarks amounted to $58.73 million, $133.66 million, $3.94 million, and $45.50 million, respectively. Intangible asset amortization costs for the company in FY2021 were $61.3 million.
The company’s net cash provided by investing activities for the fiscal year that just completed was $1,088.3 million. This was due to net proceeds of $1,690.0 million from investments maturing, which were largely offset by net cash of $497.3 million paid for the acquisition of ShowingTime in September 2021 and $104.4 million invested on the purchase of physical and intangible assets. The company invested about $511.8 million in cash to acquire ShowingTime, and Identifiable intangible assets accounted for $111.10 million.
The primary source of revenue for ShowingTime is Appointment Center, a software-as-a-service and call center solution that enables real estate agents, brokerages, and multiple listing services to effectively set up real estate viewing appointments on behalf of their clients. The Trulia tradenames and trademarks intangible asset was entitled to an impairment cost of $71.5 million for the year ended December 31, 2020, of which $68.6 million was recorded to the IMT segment and $2.9 million to the Mortgages segment.
Zillow Group, Inc. engages in the provision of real estate and home-related information marketplaces on mobile and the web. Internet, Media & Technology (IMT), Homes, and Mortgages are the two segments through which it operates. The IMT segment includes dotloop, display, and other advertising and business software solutions, as well as the premier agency, rentals, and new construction marketplaces. The Homes segment includes Zillow Group's buying and selling of homes directly. The segment for mortgages includes advertising supplied to mortgage lenders and other mortgage professionals, mortgage originations through MLOA, the sale of mortgages on the secondary market, as well as mortgage software solutions through Mortech.
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