← FORMULA SYSTEMS (1985) LTD
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Change in fair value of financial assets measured at fair value through profit or loss | — | — | — | — | — | — | $19k | $5k | — | — | — | |
| Profit or Loss | $56.1m | $39.4m | $77.4m | $94.4m | $114.0m | $141.9m | $199.7m | $165.7m | $193.8m | — | — | |
| Net Income (Loss) Attributable to Parent | $56.1m |
$39.4m
-29.70%
|
$77.4m
+96.23%
|
$94.4m
+22.00%
|
$114.0m
+20.76%
|
$141.9m
+24.45%
|
$199.7m
+40.71%
|
$165.7m
-17.00%
|
$193.8m
+16.93%
|
$669.1m
+245.25%
|
— | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | — | — | — | — | |
| Depreciation, Depletion and Amortization | $32.4m | $43.6m | $48.7m | $86.9m | $95.5m | $122.2m | $115.3m | $121.8m | $115.5m | $152.5m | $115.5m | |
| Amortization of Intangible Assets | — | — | — | — | — | — | — | — | — | — | — | |
| Other Depreciation and Amortization | — | — | — | — | — | — | — | — | — | — | — | |
| Amortization of premium and accrued interest on debt instruments at fair value through other comprehensive income | ($260k) | $716k | $189k | $82k | ($70k) | $96k | $76k | ($114k) | ($27k) | $101k | — | |
| Deferred Income Tax Expense (Benefit) | — | — | — | — | — | — | — | — | — | — | ($12.4m) | |
| Changes in deferred taxes, net | — | ($12.8m) | ($5.7m) | ($13.2m) | ($6.3m) | ($8.0m) | ($18.1m) | ($8.3m) | ($12.4m) | ($8.3m) | — | |
| Deferred tax liability, net | — | — | $5.6m | $7.4m | $18.6m | $9.7m | $5.7m | $2.8m | $10.0m | ($14.2m) | — | |
| Share-based Payment Arrangement, Noncash Expense | — | — | — | — | — | — | — | — | — | — | $16.2m | |
| Adjustments For Share-Based Payments | $4.4m | $4.6m | $4.0m | $3.9m | $7.8m | $14.8m | $15.0m | $18.6m | $16.2m | — | — | |
| Share-based Payment Arrangement, Expense | — | — | — | — | — | — | — | — | — | — | $16.2m | |
| Share-based payment expenses | $4.4m | $4.6m | $4.0m | $3.9m | $7.8m | $14.8m | $15.0m | $18.6m | $16.2m | $31.1m | — | |
| Marketable Securities, Gain (Loss), Excluding Other-than-temporary Impairment Loss | — | — | — | — | — | — | — | — | — | — | — | |
| Marketable Securities, Realized Gain (Loss), Excluding Other-than-temporary Impairment Loss | — | — | — | — | — | — | — | — | — | — | — | |
| Income (Loss) from Equity Method Investments | — | — | — | — | — | — | — | — | — | — | — | |
| Changes in operating assets and liabilities: | ||||||||||||
| Increase (Decrease) in Accounts Receivable | — | — | — | — | — | — | — | — | — | — | ($82.7m) | |
| Accounts Receivable, Credit Loss Expense (Reversal) | — | — | — | — | — | — | — | — | — | — | ($82.7m) | |
| Decrease (increase) in trade receivables | ($30.1m) | ($38.2m) | ($66.1m) | $16.3m | $23.3m | ($150.8m) | ($51.4m) | $6.6m | ($81.2m) | $51.9m | — | |
| Decrease in other current and long-term accounts receivable | ($513k) | $755k | ($5.8m) | $12.7m | $8.7m | $20.5m | $2.6m | ($5.8m) | ($1.5m) | ($15.5m) | — | |
| Increase (Decrease) in Inventories | — | — | — | — | — | — | — | — | — | — | $11.7m | |
| Decrease (increase) in inventories | $923k | $1.0m | ($1.0m) | ($938k) | ($11.0m) | $4.6m | ($13.8m) | ($3.4m) | $11.7m | $5.1m | — | |
| Inventories | — | — | — | — | — | — | ($3.5m) | ($4.3m) | ($256k) | ($436k) | $11.7m | |
| Increase in trade payables | $5.4m | $6.1m | $20.0m | ($18.0m) | $11.0m | $40.1m | $25.3m | $18.7m | $40.0m | $24.2m | — | |
| Increase in other accounts payable and employees and payroll accrual | $8.7m | $7.2m | $12.8m | $5.9m | $34.9m | $7.3m | $22.3m | ($25.1m) | $44.7m | $47.8m | — | |
| Purchases of property and equipment, accrued but unpaid | — | — | — | — | — | — | — | — | — | — | ($29.0m) | |
| Increase (decrease) in deferred revenues | ($2.7m) | $15.7m | $3.0m | $5.7m | $4.3m | $9.3m | ($6.4m) | $9.7m | $7.4m | ($8.3m) | — | |
| Other Operating Income (Expense), Net | — | — | — | — | — | — | — | — | — | — | — | |
| Net Cash Provided by (Used in) Operating Activities | $75.0m |
$81.1m
+8.19%
|
$82.6m
+1.85%
|
$196.1m
+137.40%
|
$286.9m
+46.34%
|
$208.5m
-27.34%
|
$239.1m
+14.71%
|
$295.0m
+23.35%
|
$324.4m
+9.99%
|
$382.0m
+17.75%
|
$324.4m
-15.07%
|
|
| Cash flows from investing activities: | ||||||||||||
| Payments to Acquire Property, Plant, and Equipment | $2.3m | ($9.6m) | $76k | $315k | ($16.7m) | $1.6m | $930k | $86k | $123k | $102k | ($29.0m) | |
| Gain (Loss) on Disposition of Property Plant Equipment | ($136k) | $149k | ($53k) | $35k | ($13.2m) | ($1.5m) | $782k | ($242k) | ($1.4m) | $9.4m | ($1.8m) | |
| Proceeds From Sales Of Property Plant And Equipment Classified As Investing Activities | $2.3m | $149k | $440k | $1.7m | $693k | $2.3m | $633k | $1.0m | $783k | $9.4m | — | |
| Purchase of other investments | — | — | — | ($178k) | — | ($500k) | ($15.1m) | ($498k) | — | — | — | |
| Proceeds from maturity and sale of investments in instruments at fair value through other comprehensive income or loss, net | — | — | — | — | — | — | $309k | $699k | $5.2m | $3.7m | — | |
| Payments to Acquire Businesses, Net of Cash Acquired | — | — | — | — | — | — | — | — | — | — | ($80.2m) | |
| Cash paid in respect of acquisitions of activities | — | — | — | — | — | ($556k) | ($4.1m) | ($6.6m) | ($922k) | — | — | |
| Payments for business acquisitions, net of cash acquired (Appendix C) | ($44.8m) | ($119.1m) | ($49.1m) | ($52.5m) | ($141.4m) | ($77.2m) | ($52.3m) | ($37.0m) | ($50.2m) | ($135.7m) | — | |
| Cash paid in conjunction with acquisitions of activities | — | — | — | — | — | — | — | ($6.7m) | ($2.4m) | ($674k) | — | |
| Net cash provided )used( in investing activities | ($80.0m) | ($107.1m) | ($90.5m) | ($108.2m) | ($177.0m) | ($110.2m) | ($74.3m) | ($139.2m) | ($78.2m) | $564.0m | — | |
| Net Cash Provided by (Used in) Investing Activities | — | — | — | — | — | — | — | — | — | — | ($78.2m) | |
| Cash flows from financing activities: | ||||||||||||
| Repayments of Long-term Debt | — | — | — | — | — | — | — | — | — | — | ($212.7m) | |
| Proceeds From Borrowings Classified As Financing Activities | $20.7m | ($21.2m) | ($20.7m) | — | — | — | — | — | — | — | — | |
| Proceeds from Issuance of Long-term Debt | — | — | — | — | — | — | — | — | — | — | $130.3m | |
| Repayments Of Borrowings Classified As Financing Activities | $37.4m | $46.1m | $42.9m | $75.5m | $79.3m | $84.2m | $87.9m | $82.9m | $93.3m | — | — | |
| Dividends Paid Ordinary Shares Per Share | — | — | — | — | — | — | — | — | $0.22 | — | ($18,807,000.00) | |
| Dividends Payable, Current | — | — | — | — | — | — | — | — | — | — | — | |
| Dividends Payable | — | — | — | — | — | — | — | — | — | — | — | |
| Gain from revaluation of dividend preference derivative in TSG | — | — | — | — | ($48k) | ($255k) | ($1.2m) | ($85k) | ($659k) | — | — | |
| Dividend from companies accounted for at equity | — | — | — | — | $3.0m | $83k | $48k | $68k | $162k | $6.0m | — | |
| Dividend paid to non-controlling interests | $6.8m | $6.4m | $9.1m | $15.7m | $16.6m | $15.3m | $17.6m | $26.1m | $25.9m | $24.6m | — | |
| Dividend to Formula’s shareholders | ($10.0m) | ($12.1m) | ($5.0m) | ($13.0m) | ($14.9m) | ($22.1m) | ($21.8m) | ($9.9m) | ($18.8m) | ($28.7m) | — | |
| Dividend payable to Formula’s shareholders | — | — | $5.0m | $7.1m | — | — | — | — | — | $9.0m | — | |
| Dividend payable to non-controlling interests | — | $692k | — | $577k | $216k | $331k | $111k | — | $15.6m | $3k | — | |
| Net cash used by financing activities | ($5.9m) |
$19.0m
+423.00%
|
$41.0m
+115.48%
|
$6.0m
-85.32%
|
$9.7m
+61.87%
|
($114.1m)
-1272.61%
|
($71.0m)
+37.81%
|
($243.2m)
-242.59%
|
($185.0m)
+23.94%
|
($223.5m)
-20.82%
|
— | |
| Net Cash Provided by (Used in) Financing Activities | — | — | — | — | — | — | — | — | — | — | ($185.0m) | |
| Increase (decrease) in cash and cash equivalents | ($11.0m) | $5.9m | $22.5m | $100.2m | $133.0m | ($16.3m) | $59.0m | ($92.4m) | $55.9m | $772.3m | — | |
| Cash and cash equivalents at the beginning of the year | $238.2m | $245.9m | $268.5m | $368.7m | $501.6m | $485.4m | $544.3m | $544.3m | $451.9m | $1.3b | — | |
| Effect of exchange rate on cash and cash equivalents held in currencies other than the functional currency | — | — | — | — | $1.2m | $614k | $2.4m | $991k | ($350k) | $6.8m | — | |
| Effect of exchange rate changes on cash and cash equivalents | ($81k) | $12.9m | ($10.6m) | $6.3m | $13.3m | ($416k) | ($34.9m) | ($5.0m) | ($5.5m) | $49.7m | ($5.5m) | |
| Additional Supplementary Disclosures | ||||||||||||
| Additional Supplementary Disclosures | ||||||||||||
| Supplemental disclosure of cash flow information: | ||||||||||||
| Income Taxes Paid, Net | $19.2m | $19.7m | $23.3m | $39.1m | $44.7m | $38.4m | $51.3m | $76.7m | $63.1m | $72.0m | — | |
| Noncash investing and financing activities: | ||||||||||||
| Additional Financial Items | ||||||||||||
| Adjustments For Decrease Increase In Trade Account Receivable | ($30.1m) | ($38.2m) | ($66.1m) | $16.3m | $23.3m | ($150.8m) | ($51.4m) | $6.6m | ($81.2m) | — | — | |
| Adjustments For Income Tax Expense | $211k | ($12.8m) | ($5.7m) | — | — | — | — | — | — | — | — | |
| Adjustments For Increase Decrease In Trade Account Payable | $5.4m | $6.1m | $20.0m | ($18.0m) | $11.0m | $40.1m | $25.3m | $18.7m | $40.0m | — | — | |
| Foreign Currency Transaction Gain (Loss), Realized | — | — | — | — | — | — | — | — | — | — | — | |
| Goodwill | $495.4m | $617.3m | $640.9m | $724.2m | $872.4m | $932.9m | $926.2m | $936.6m | $975.1m | — | — | |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | — | — | — | — | |
| Income Tax Expense (Benefit) | — | — | — | — | — | — | — | — | — | — | — | |
| Increase Decrease In Working Capital | — | — | — | — | $10.3m | — | — | — | — | — | $21.1m | |
| Payments Of Lease Liabilities Classified As Financing Activities | $443k | $480k | — | $34.5m | $33.6m | $44.1m | $49.7m | $55.1m | $50.1m | — | — | |
| Purchase Of Intangible Assets Classified As Investing Activities | $391k | — | $180k | $4.4m | $2.9m | $872k | $3.1m | $763k | $908k | — | — | |
| Share of profits of companies accounted for at equity, net | ($349k) | ($1.1m) | ($369k) | ($1.8m) | $351k | $1.4m | $1.8m | ($773k) | ($2.1m) | ($3.7m) | — | |
| Changes in value of debentures, net | $1.4m | $5.3m | ($3.0m) | ($2.1m) | ($42k) | ($624k) | $517k | $1.5m | $437k | $315k | — | |
| Increase in employee benefit liabilities | ($1.7m) | $752k | $565k | $114k | $1.2m | ($220k) | $1.0m | $2.7m | $699k | $4.2m | — | |
| Loss on disposal of subsidiaries, net of tax (Appendix D) | — | — | — | — | — | — | ($44.3m) | — | — | $1.3m | — | |
| Net finance expenses (income) related to bank loans and deposits | — | — | — | — | — | — | — | $833k | ($1.5m) | $8.3m | — | |
| Change in liability in respect of business combinations | $2.0m | $1.5m | $666k | $523k | ($643k) | $4.7m | ($3.0m) | ($2.1m) | ($1.7m) | $2.6m | — | |
| Cash paid in conjunction with deferred payments and contingent liabilities related to business combinations | ($2.9m) | $962k | $200k | $19.9m | $5.1m | $7.7m | ($5.2m) | ($11.9m) | ($8.4m) | ($3.7m) | — | |
| Loan extended to related party and others | — | — | — | — | — | ($161k) | — | ($7.0m) | — | — | — | |
| Purchase of intangible assets | ($391k) | — | ($180k) | ($4.4m) | ($2.9m) | ($872k) | ($3.1m) | ($763k) | ($908k) | ($1.6m) | — | |
| Purchase of financial assets measured at fair value through other comprehensive income | — | — | — | — | — | — | — | ($1.2m) | $585k | ($380k) | — | |
| Payment to former shareholders of consolidated company | — | — | — | — | — | — | — | — | ($6.1m) | ($6.1m) | — | |
| Change in short-term and long-term deposits | $2.7m | ($888k) | ($17.3m) | $8.2m | ($22.8m) | $4.6m | $2.0m | ($51.5m) | $24.3m | $55.6m | — | |
| Capitalization of software development and other costs | ($9.8m) | ($9.3m) | ($8.8m) | ($9.8m) | ($9.3m) | ($12.8m) | ($14.1m) | ($14.6m) | ($11.6m) | ($10.1m) | — | |
| Exercise of employees’ stock options in subsidiaries | — | — | $1.2m | $953k | $5.3m | $2.1m | — | $4.8m | ($1.6m) | — | — | |
| Short-term bank credit, net | — | ($21.2m) | ($20.7m) | $49.1m | ($29.6m) | $36.3m | ($7.3m) | ($9.5m) | ($4.6m) | ($3.8m) | — | |
| Repayment of long-term loans from banks and others | ($37.4m) | ($46.1m) | ($42.9m) | ($75.5m) | ($79.3m) | ($84.2m) | ($87.9m) | ($82.9m) | ($93.3m) | ($101.7m) | — | |
| Receipt of long-term loans from banks and others | $49.6m | $52.7m | $83.5m | $73.8m | $91.0m | $62.7m | $65.7m | $55.6m | $63.3m | $100.2m | — | |
| Receipt of short-term loans from banks and others | $20.7m | ($21.2m) | ($20.7m) | — | — | — | — | — | — | $11.6m | — | |
| Proceeds from issuance of debentures, net | — | $78.2m | $45.4m | $81.7m | $60.3m | $50.3m | $199.1m | — | $67.1m | — | — | |
| Repayment of long-term liabilities to IIA | ($510k) | ($502k) | ($220k) | ($617k) | ($457k) | ($825k) | ($642k) | ($394k) | ($2.8m) | — | — | |
| Repayment of debentures | — | ($3.7m) | ($9.4m) | ($30.8m) | ($29.8m) | ($47.0m) | ($53.1m) | ($60.4m) | ($69.3m) | ($107.3m) | — | |
| Purchase of non-controlling interests | ($3.2m) | — | ($2.0m) | ($947k) | ($6.3m) | ($1.7m) | ($16.8m) | ($2.7m) | ($4.9m) | ($468k) | — | |
| Repayment of lease liabilities | ($443k) | ($480k) | — | ($34.5m) | ($33.6m) | ($44.1m) | ($49.7m) | ($55.1m) | ($50.1m) | ($54.4m) | — | |
| Payment to non-controlling interests due to put option | — | — | — | — | — | — | — | ($271k) | ($1.1m) | ($8.2m) | — | |
| Interest received | ($2.3m) | ($145k) | ($680k) | $1.4m | $511k | $459k | $2.3m | $7.3m | $15.6m | $9.0m | — | |
| Intangible assets and goodwill incurred but unpaid at year end | — | — | — | — | — | — | — | $382k | $98k | — | — | |
| Right-of-use asset recognized with corresponding lease liability | — | — | — | $25.1m | $20.5m | $39.1m | $52.3m | $45.4m | $83.0m | $36.4m | — | |
| Working capital (excluding cash and cash equivalents) | — | — | $2.9m | $1.7m | ($604k) | $1.6m | ($6.8m) | ($10.4m) | ($3.1m) | $160.8m | — | |
| Goodwill and intangible assets | — | — | ($63.8m) | ($98.2m) | ($197.3m) | ($108.0m) | $439k | ($44.7m) | ($94.4m) | $575.0m | — | |
| Right-of-use assets | — | — | — | ($1.0m) | ($2.3m) | ($2.4m) | ($2.8m) | ($93k) | — | $17.6m | — | |
| Other long-term assets | — | — | ($103k) | ($50k) | ($8.8m) | ($187k) | $67k | ($2.4m) | ($3.1m) | $89k | — | |
| Liabilities to banks and others | — | — | $38k | $5.6m | $10.6m | $6.4m | $5.1m | $7.1m | $1.0m | ($860k) | — | |
| Long-term liabilities | — | — | $421k | $2.2m | $13.7m | $1.3m | ($15k) | $282k | $422k | ($63k) | — | |
| Lease liabilities | — | — | — | $1.1m | $2.3m | $2.8m | $2.8m | $93k | — | ($20.9m) | — | |
| Liability to formerly shareholders | — | — | $2.1m | $1.1m | $7.6m | $1.5m | $7.3m | $1.2m | $7.8m | — | — | |
| Deferred payments and contingent consideration | — | — | $3.6m | $20.0m | $4.5m | $7.7m | $23.5m | $1.9m | $20.3m | $5.4m | — | |
| Redeemable non-controlling interests at acquisition date | — | — | $827k | $5.9m | $23.3m | $4.0m | $4.2m | $11.8m | $12.6m | ($13.4m) | — | |
| Non-controlling interests at acquisition date | — | — | — | — | — | — | — | $11.8m | $12.6m | ($361.2m) | — | |
| Total | — | — | ($49.1m) | ($57.3m) | ($141.4m) | ($77.2m) | ($52.3m) | ($37.0m) | ($50.2m) | ($135.7m) | — | |
| Subsidiaries assets and liabilities at date of sale | — | — | — | — | — | — | $42.9m | — | — | $675.2m | — |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.