Formula Systems 1985 Ltd

NASDAQ:FORTYUnited States

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• -- Earnings Flash (FORTY) FORMULA SYSTEMS (1985) Posts Q3 EPS $1.51, from 7:55AM ET on Thursday Nov 21, 2024 by MT Newswires

  7:55AM ET on Thursday Nov 21, 2024 by MT Newswires
  Companies Mentioned: FORTY
  07:55 AM EST, 11/21/2024 (MT Newswires) -- ...

• Formula Systems Reports Financial Results for the Third Quarter and First Nine Months Period Ended September 30, 2024, from 7:54AM ET on Thursday Nov 21, 2024 by Dow Jones

  7:54AM ET on Thursday Nov 21, 2024 by Dow Jones
  Companies Mentioned: FORTY
  Cost of revenues 527,033 495,222 1,562,453 1,498,126 Gross profit 172,898 159,617 503,559 482,486 Research and development costs, net 20,977 19,702 61,626 58,220 Selling, marketing and general and administrative expenses 88,098 81,669 250,486 245,242 Other income, net 7,207 - 7,207 - ---------- ---------- Operating income 71,030 58,246 198,654 179,024 Financial expenses, net 5,809 6,423 15,240 19,119 Income before taxes on income 65,221 51,823 183,414 159,905 Taxes on income 13,862 12,486 40,970 35,356 Income after taxes 51,359 39,337 142,444 124,549 Share of profits of companies accounted for at equity, net 325 392 293 601 Net income 51,684 39,729 142,737 125,150 Net income attributable to non-controlling interests 28,066 24,133 83,121 76,849 Net income attributable to Formula Systems shareholders 23,618 15,596 59,616 48,301 Earnings per share (basic) 1.55 1.02 3.91 3.15 Earnings per share (diluted) 1.51 1.00 3.81 3.10 Number of shares used in computing earnings per share (basic) 15,305,453 15,301,767 15,304,360 15,301,017 ========== ========== ========== ========== Number of shares used in computing earnings per share (diluted) 15,650,374 15,543,518 15,616,220 15,496,380 ========== ========== ========== ========== FORMULA SYSTEMS (1985) LTD. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION U.S. dollars in thousands September 30, December 31, 2024 2023 ------------- ------------ (Unaudited) ------------- ASSETS CURRENT ASSETS: Cash and cash equivalents 469,711 451,946 Short-term deposits 41,142 76,224 Trade receivables, net 757,194 721,008 Prepaid expenses and other accounts receivable 86,408 84,670 Inventories 27,037 42,008 Total current assets 1,381,492 1,375,856 ---------------------------------------- ------------- ------------ NON-CURRENT ASSETS: Long-term investments and receivables 66,054 52,002 Deferred taxes 32,778 33,361 (*) Investments in companies accounted for at equity 23,846 20,796 Property, plants and equipment, net 51,372 52,931 Right-of-use assets 154,668 120,651 Intangible assets, net and goodwill 1,140,260 1,143,509 Total non-current assets 1,468,978 1,423,250 ---------------------------------------- ------------- ------------ Total assets 2,850,470 2,799,106 ---------------------------------------- ============= ============ LIABILITIES AND EQUITY CURRENT LIABILITIES: Credit from banks and others 155,562 145,973 Debentures 64,560 72,885 Current maturities of lease liabilities 44,610 44,064 Trade payables 226,692 258,649 Deferred revenues 141,187 137,643 Employees and payroll accrual 213,427 209,384 Other accounts payable 79,082 73,124 Liabilities in respect of business combinations 5,672 7,954 Put options of non-controlling interests 50,641 35,987 Total current liabilities 981,433 985,663 ---------------------------------------- ------------- ------------ LONG-TERM LIABILITIES: Loans from banks and others 66,039 90,887 Debentures 227,117 231,541 Lease liabilities 118,833 84,639 Other long-term liabilities 13,024 12,678 Deferred taxes 38,740 45,711 (*) Deferred revenues 15,180 4,873 Liabilities in respect of business combinations 1,981 2,622 Put options of non-controlling interests 16,016 21,880 Employees benefit liabilities, net 10,615 10,427 Total long-term liabilities 507,545 505,258 ---------------------------------------- ------------- ------------ EQUITY Equity attributable to Formula Systems shareholders 660,089 625,762 Non-controlling interests 701,403 682,423 ------------- ------------ Total equity 1,361,492 1,308,185 ---------------------------------------- ------------- ------------ Total liabilities and equity 2,850,470 2,799,106 ---------------------------------------- ============= ============ (*) Reclassified FORMULA SYSTEMS (1985) LTD. STAND-ALONE STATEMENTS OF FINANCIAL POSITION U.S. dollars in thousands September 30, December 31, 2024 2023 ------------- ------------ (Unaudited) --------------------------- ASSETS CURRENT ASSETS: Cash and cash equivalents 68,707 30,082 Dividend receivable 7,296 - Other accounts receivable and prepaid expenses 3,133 5,639 (*) Total current assets 79,136 35,721 ------------- ------------ NON-CURRENT ASSETS: Investment in subsidiaries and a jointly controlled entity (**) ----------------------------------- Matrix IT Ltd. 157,756 160,056 Sapiens International Corporation N.V. 260,361 251,658 Magic Software Enterprises Ltd. 134,822 128,549 TSG Advanced IT Systems Ltd. 22,278 18,998 Michpal Micro Computers (1983) Ltd. 49,232 47,936 (*) Zap Group Ltd. 55,586 60,844 (*) Other 27,323 24,884 (*) ------------- ------------ Total investment in subsidiaries and a jointly controlled entity 707,358 692,925 Other investments and long term receivables 37,611 22,737 Property, plants and equipment, net 9 11 ------------- ------------ Total non-current assets 744,978 715,673 ------------------------------------------ ------------- ------------ Total assets 824,114 751,394 ============= ============ LIABILITIES AND EQUITY CURRENT LIABILITIES: Loans from banks and others 2,255 - Debentures 22,746 32,126 Trade payables 377 137 Other accounts payable 6,187 2,697 Liability in respect of a business combination 314 267 Total current liabilities 31,879 35,227 ------------------------------------------ ------------- ------------ LONG-TERM LIABILITIES: Loans from banks and others 3,556 - Debentures 128,590 90,405 Total long-term liabilities 132,146 90,405 ------------------------------------------ ------------- ------------ EQUITY 660,089 625,762 ------------- ------------ Total liabilities and equity 824,114 751,394 ------------------------------------------ ============= ============ (*) Reclassified (**) The investments' carrying amounts are measured consistent with the accounting principles applied in the consolidated financial statements of the group and representing the investments' cost adjusted by Formula's share in the investees' accumulated undistributed earnings and other comprehensive income or loss.
  

• Press Release: Formula Systems Reports Financial Results for the Third Quarter and First Nine Months Period Ended September 30, 2024, from 7:54AM ET on Thursday Nov 21, 2024 by Dow Jones

  7:54AM ET on Thursday Nov 21, 2024 by Dow Jones
  Companies Mentioned: FORTY