Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Cash flows from operating activities: |
|
|
|
|
| Net income |
$ 669,064
|
$ 193,790
|
|
$ 165,732
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
| Share of profits of companies accounted for at equity, net |
(3,654)
|
(2,077)
|
|
(773)
|
| Depreciation and amortization |
152,514
|
115,495
|
|
121,832
|
| Changes in value of debentures, net |
315
|
437
|
|
1,490
|
| Increase in employee benefit liabilities |
4,192
|
699
|
|
2,707
|
| Loss on disposal of subsidiaries, net of tax (Appendix D) |
1,326
|
|
|
|
| Gain on disposal of discontinued operations, net of tax (Appendix D) |
(578,314)
|
|
|
|
| Capital gain from Initial public offering of TSG |
|
(4,141)
|
|
|
| Gain from secondary equity issuance of TSG |
(9,220)
|
|
|
|
| Loss (gain) from sale of property, plants and equipment |
(65)
|
589
|
|
66
|
| Share-based payment expenses |
31,147
|
16,164
|
|
18,622
|
| Net finance expenses (income) related to bank loans and deposits |
8,289
|
(1,462)
|
|
833
|
| Changes in deferred taxes, net |
(8,264)
|
(12,407)
|
|
(8,344)
|
| Cash paid in respect of acquisitions of activities |
|
(922)
|
|
(6,572)
|
| Change in liability in respect of business combinations |
2,574
|
(1,731)
|
|
(2,062)
|
| Change in fair value of financial assets measured at fair value through profit or loss |
|
|
|
5
|
| Amortization of premium and accrued interest on debt instruments at fair value through other comprehensive income |
101
|
(27)
|
|
(114)
|
| Gain from revaluation of dividend preference derivative in TSG |
|
(659)
|
|
(85)
|
| Effect of exchange rate on cash and cash equivalents held in currencies other than the functional currency |
6,765
|
(350)
|
|
991
|
| Working capital adjustments: |
|
|
|
|
| Decrease (increase) in inventories |
5,103
|
11,721
|
|
(3,382)
|
| Decrease (increase) in trade receivables |
51,940
|
(81,211)
|
|
6,562
|
| Decrease in other current and long-term accounts receivable |
(15,536)
|
(1,522)
|
|
(5,833)
|
| Increase in trade payables |
24,242
|
40,032
|
|
18,718
|
| Increase in other accounts payable and employees and payroll accrual |
47,807
|
44,662
|
|
(25,117)
|
| Increase (decrease) in deferred revenues |
(8,287)
|
7,370
|
|
9,692
|
| Net cash provided by operating activities |
382,039
|
324,450
|
|
294,968
|
| Cash flows from investing activities: |
|
|
|
|
| Payments for business acquisitions, net of cash acquired (Appendix C) |
(135,686)
|
(50,198)
|
|
(36,966)
|
| Proceeds from disposal of subsidiary discontinued operation (Appendix D) |
676,171
|
|
|
|
| Proceeds from sale of a subsidiary related to non-controlling interests (Appendix D) |
(994)
|
|
|
|
| Cash paid in conjunction with deferred payments and contingent liabilities related to business combinations |
(3,745)
|
(8,355)
|
|
(11,874)
|
| Loan extended to related party and others |
|
|
|
(7,001)
|
| Purchase of intangible assets |
(1,586)
|
(908)
|
|
(763)
|
| Purchase of investment measured using the equity method |
|
(15,521)
|
|
|
| Purchase of other investments |
|
|
|
(498)
|
| Purchase of financial assets measured at fair value through other comprehensive income |
(380)
|
585
|
|
(1,243)
|
| Purchase of property and equipment |
(16,181)
|
(16,441)
|
|
(16,683)
|
| Proceeds from maturity and sale of investments in instruments at fair value through other comprehensive income or loss, net |
3,712
|
5,194
|
|
699
|
| Proceeds from sale of property and equipment |
1,061
|
783
|
|
1,043
|
| Dividend from companies accounted for at equity |
6,015
|
162
|
|
68
|
| Payment to former shareholders of consolidated company |
(6,103)
|
(6,139)
|
|
|
| Change in short-term and long-term deposits |
55,591
|
24,262
|
|
(51,467)
|
| Capitalization of software development and other costs |
(10,121)
|
(11,607)
|
|
(14,552)
|
| Loan to an associate company |
(165)
|
|
|
|
| Payment of liability related to the disposal of a subsidiary |
(522)
|
|
|
|
| Deferred payment for acquisition of subsidiaries consolidated in prior periods |
(3,058)
|
|
|
|
| Net cash provided )used( in investing activities |
564,009
|
(78,183)
|
|
(139,237)
|
| Cash flows from financing activities: |
|
|
|
|
| Exercise of employees’ stock options in subsidiaries |
|
98
|
[1] |
4,831
|
| Cash paid in conjunction with acquisitions of activities |
(674)
|
(2,406)
|
|
(6,718)
|
| Dividend paid to non-controlling interests |
(99,500)
|
(66,299)
|
|
(62,487)
|
| Dividend to Formula’s shareholders |
(28,656)
|
(18,807)
|
|
(9,927)
|
| Short-term bank credit, net |
(3,764)
|
(4,647)
|
|
(9,527)
|
| Repayment of long-term loans from banks and others |
(101,706)
|
(93,320)
|
|
(82,874)
|
| Receipt of long-term loans from banks and others |
100,212
|
63,257
|
|
55,568
|
| Receipt of short-term loans from banks and others |
11,588
|
|
|
|
| Proceeds from issuance of debentures, net |
|
67,082
|
|
|
| Proceeds from issuance of ordinary shares by subsidiaries |
83,659
|
|
|
|
| Repayment of long-term liabilities to IIA |
|
(2,801)
|
|
(394)
|
| Repayment of debentures |
(107,251)
|
(69,290)
|
|
(60,449)
|
| Purchase of non-controlling interests |
(468)
|
(4,882)
|
[1] |
(2,661)
|
| Repayment of lease liabilities |
(54,389)
|
(50,088)
|
|
(55,064)
|
| Cash paid due to exercise of put option by non-controlling interests |
(14,351)
|
(1,805)
|
|
(13,204)
|
| Payment to non-controlling interests due to put option |
(8,169)
|
(1,054)
|
|
(271)
|
| Net cash used by financing activities |
(223,469)
|
(184,962)
|
|
(243,177)
|
| Effect of exchange rate changes on cash and cash equivalents |
49,743
|
(5,452)
|
|
(4,950)
|
| Increase (decrease) in cash and cash equivalents |
772,322
|
55,853
|
|
(92,396)
|
| Cash and cash equivalents at the beginning of the year |
507,799
|
451,946
|
|
544,342
|
| Cash and cash equivalents at the end of the year |
1,280,121
|
507,799
|
|
451,946
|
| Interest paid |
24,579
|
25,850
|
|
26,140
|
| Interest received |
8,996
|
15,598
|
|
7,290
|
| Taxes paid, net |
72,016
|
63,080
|
|
76,694
|
| Purchase of property and equipment |
102
|
123
|
|
86
|
| Intangible assets and goodwill incurred but unpaid at year end |
|
98
|
|
382
|
| Contingent acquisition consideration |
|
|
|
(124)
|
| Dividend payable to Formula’s shareholders |
8,970
|
|
|
|
| Dividend payable to non-controlling interests |
3
|
15,559
|
|
|
| Right-of-use asset recognized with corresponding lease liability |
36,444
|
82,976
|
|
45,360
|
| Working capital (excluding cash and cash equivalents) |
(17,013)
|
(3,078)
|
|
(10,355)
|
| Inventories |
(436)
|
(256)
|
|
(4,343)
|
| Property and equipment |
(1,823)
|
(1,435)
|
|
(242)
|
| Goodwill and intangible assets |
(154,164)
|
(94,359)
|
|
(44,728)
|
| Right-of-use assets |
(575)
|
|
|
(93)
|
| Other long-term assets |
(2,049)
|
(3,141)
|
|
(2,439)
|
| Liabilities to banks and others |
|
1,001
|
|
7,101
|
| Long-term liabilities |
8,790
|
422
|
|
282
|
| Lease liabilities |
512
|
|
|
93
|
| Deferred tax liability, net |
10,718
|
9,955
|
|
2,799
|
| Dividend payable |
1,300
|
|
|
|
| Liability to formerly shareholders |
|
7,834
|
|
1,244
|
| Deferred payments and contingent consideration |
5,392
|
20,305
|
|
1,931
|
| Redeemable non-controlling interests at acquisition date |
10,129
|
|
|
|
| Non-controlling interests at acquisition date |
3,533
|
12,554
|
|
11,784
|
| Total |
(135,686)
|
(50,198)
|
|
(36,966)
|
| The subsidiaries’ assets and liabilities at date of sale: |
|
|
|
|
| Working capital (excluding cash and cash equivalents) |
160,846
|
|
|
|
| Property and equipment |
9,365
|
|
|
|
| Financial assets measured at fair value through profit or loss |
(300,000)
|
|
|
|
| Goodwill and intangible assets |
575,026
|
|
|
|
| Deferred tax |
10,067
|
|
|
|
| Right-of-use assets |
17,610
|
|
|
|
| Other long-term assets |
89
|
|
|
|
| Liabilities to banks and others |
(860)
|
|
|
|
| Long-term liabilities |
(63)
|
|
|
|
| Lease liabilities |
(20,850)
|
|
|
|
| Deferred tax liability, net |
(14,229)
|
|
|
|
| Dividend payable |
(143)
|
|
|
|
| Liability in connection with the sale of a subsidiary for consideration in the form of non-controlling interests |
386
|
|
|
|
| Capital reserve from transactions with non-controlling interests |
(1,492)
|
|
|
|
| Reclassification of translation reserve to profit or loss upon disposal |
37,088
|
|
|
|
| Non-controlling interests at acquisition date |
(361,247)
|
|
|
|
| Redeemable non-controlling interests at acquisition date |
(13,404)
|
|
|
|
| Gain on disposal and deconsolidation of a subsidiary |
576,988
|
|
|
|
| Subsidiaries assets and liabilities at date of sale |
$ 675,177
|
|
|
|
|
|