v3.26.1
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
[1] Reclassified