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In the News
Formula Systems Clocks 35% Revenue Growth In Q2
Formula Systems (1985) Ltd (NASDAQ: FORTY) reported second-quarter FY21 revenue growth of 34.5% year-on-year to $587.9 million. Segments: As of June 30, 2021, Formula held 48.9%, 43.9%, 45.5%, 100%, 50%, 90.1%, 80%, and 100% of the outstanding ordinary shares of Matrix IT Ltd.
Formula Systems Reports Second Quarter 2021 Financial Results: Record-Breaking Results with Double Digit Growth Across All Key Financial Indices
OR YEHUDA, Israel, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Formula Systems (1985) Ltd. (NASDAQ: FORTY), a global information technology holding company engaged, through its subsidiaries and affiliates, in providing software consulting services and computer-based business solutions and developing proprietary software products, today announced its results for the second quarter and six months-period ended June 30, 2021.
Formula Systems Reports First Quarter 2021 Financial Results: Record-Breaking Results With Double Digit Growth Across All Key Financial Indices
OR YEHUDA, Israel, May 20, 2021 (GLOBE NEWSWIRE) -- Formula Systems (1985) Ltd. (NASDAQ: FORTY), a global information technology holding company engaged, through its subsidiaries and affiliates, in providing software consulting services and computer-based business solutions and developing proprietary software products, today announced its results for the first quarter ended March 31, 2021.
Formula Systems Reports Fourth Quarter and full year 2020 Financial Results with Annual Net Income of $46.8 million, a 20% growth year over year
The results for the fourth quarter and for the full year 2020 reflect double digit growth in revenues, gross profit, operating income and net income. The results for the fourth quarter and for the full year 2020 reflect double digit growth in revenues, gross profit, operating income and net income.
Sapiens Reports Q4 and Full Year 2020 Financial Results
HOLON, Israel, Feb. 25, 2021 /PRNewswire/ -- Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, and a member of the Formula Group (NASDAQ: FORTY) (TASE: FORT), today announced its financial results...
Formula Systems Reports Third Quarter 2020 Financial Results
Operating income for the third quarter increased by 23% year-over-year to a record breaking $45.4 million. Net income attributable to Formula's Shareholders for the third quarter increased by 29% year-over-year to a record breaking $12.6 million.
Formula Systems Reports Second Quarter and First Half 2020 Financial Results
Operating income for the second quarter increased 24% year-over-year to a record breaking $40.7 million. Net income attributable to Formula’s Shareholders for the second quarter increased 24% year-over-year to a record breaking $11.2 million.OR YEHUDA, Israel, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Formula Systems (1985) Ltd. (NASDAQ: FORTY), a global information technology holding company engaged, through its subsidiaries and affiliates, in providing software consulting services and computer-based business solutions and developing proprietary software products, today announced its results for the second quarter and six months-period ended June 30, 2020. Financial Highlights for the Second Quarter Ended June 30, 2020 * Consolidated revenues for the second quarter increased by 5.9% to $437.1 million. Revenues for the second quarter ended June 30, 2019 amounted to $412.6 million. * Consolidated operating income for the second quarter increased by 24.4% to a record breaking $40.7 million, with growth recorded across Formula’s entire investment portfolio. Consolidated operating income for the second quarter ended June 30, 2019 amounted to $32.7 million. * Consolidated net income attributable to Formula’s shareholders for the second quarter increased by 24.2% to a record breaking $11.2 million, or $0.73 per fully diluted share, compared to $9.0 million, or $0.59 per fully diluted share, for the second quarter ended June 30, 2019.Financial Highlights for the Six Months-Period Ended June 30, 2020 * Consolidated revenues for the first half ended June 30, 2020 increased by 12.4% to $903.3 million, with growth recorded across Formula’s entire investment portfolio. Revenues for the first half ended June 30, 2019 amounted to $803.9 million. * Consolidated operating income for the first half ended June 30, 2020 increased by 23.5% to $79.5 million, with growth recorded across Formula’s entire investment portfolio. Consolidated operating income for the first half ended June 30, 2019 amounted to $64.4 million. * Consolidated net income attributable to Formula’s shareholders for the first half ended June 30, 2020 was $22.3 million, or $1.44 per fully diluted share, compared to $19.1 million, or $1.17 per fully diluted share, in the same period last year, reflecting an increase of 16.6% year over year. * As of June 30, 2020 Formula held 49.0%, 47.7%, 45.5%, 100%, 50%, 90.09% and 80% of the outstanding ordinary shares of Matrix IT Ltd., Sapiens International Corporation N.V, Magic Software Enterprises Ltd., Michpal Micro Computers (1983) Ltd., TSG IT Advanced Systems Ltd., Insync Staffing Solutions, Inc., and Ofek Aerial Photography Ltd., respectively. * Consolidated cash and cash equivalents, bank deposits and investments in marketable securities totaled approximately $472.8 million as of June 30, 2020, compared to $405.2 million as of December 31, 2019. * Total equity as of June 30, 2020 was $914.6 million (representing 42.2% of the total consolidated balance sheet), compared to $896.3 million (representing 42.9% of the total consolidated balance sheet) as of December 31, 2019. Declaration of Dividend for the First Half of 2020 * Based on the Company’s semi-annual results, the Company’s board of directors declared a cash dividend in the amount of NIS 1.77 per share (approximately $0.52 per share) and in the aggregate amount of approximately NIS 27.1 million (approximately $8.0 million). * The dividend is payable on September 16, 2020 to all of the Company’s shareholders of record at the close of trading on the NASDAQ Global Select Market (or the Tel-Aviv Stock Exchange, as appropriate) on September 3, 2020.In accordance with Israeli tax law, the dividend is subject to withholding tax at source at the rate of 30% (if the recipient of the dividend is at the time of distribution or was at any time during the preceding 12-month period the holder of 10% or more of the Company's share capital) or 25% (for all other dividend recipients) of the dividend amount payable to each shareholder of record, subject to applicable exemptions.The dividend will be paid in New Israeli Shekel with respect to the ordinary shares of Formula Systems (1985) Ltd that are traded on the Tel Aviv Stock Exchange and the American Depositary Receipts of Formula Systems that are traded on the NASDAQ Global Select Market.Debentures CovenantsAs of June 30, 2020, Formula was in compliance with all of its financial covenants under the debenture series issued by Formula, based on the following achievements:Covenant 1 * Target equity attributable to Formula’s shareholders (excluding non-controlling interests): above $215 million. * Actual equity attributable to Formula’s shareholders is equal to $433.3 million.Covenant 2 * Target ratio of net financial indebtedness to net capitalization (in each case, as defined under the indenture for Formula’s Series A and C Secured Debentures): below 65%. * Actual ratio of net financial indebtedness to net capitalization is equal to 9.0%.Covenant 3 * Target ratio of net financial indebtedness to EBITDA (based on the accumulated calculation for the four recent quarters): below 5. * Actual ratio of net financial indebtedness to EBITDA (based on the accumulated calculation for the four recent quarters) is equal to 0.38.Comments of ManagementCommenting on the results, Guy Bernstein, CEO of Formula Systems, said, “We are very pleased to continue the strong momentum of 2020 during the second quarter which was entirely impacted by the COVID-19 pandemic, and in addition included a prolonged period of lockdown in Israel during April 2020 and Passover holiday. Despite these challenges, we witnessed strong financial results recorded across our entire portfolio companies which we were able to achieve due to the perseverance and cost saving actions taken by all management teams across our entire portfolio. Formula Group has managed to successfully face the crisis, thanks to, among others, its financial strength, high cash balances, low leverage, business diversification, quick response and flexibility to accommodate changes, and especially its experienced management teams .We take great pride in the recent addition of two of our subsidiaries, Matrix IT Ltd. and Sapiens International Corporation N.V., to Tel-Aviv-35 index together with four other companies whose core activity is technology and innovation—the engine that drives the Israeli economy.“Matrix managed to deliver a double-digit growth in both net and operating income, overcoming the most challenging period of the last decade, while adapting to the new hybrid-work-environment model, combining office attendance with remote employment, increasing efficiencies and cost savings. Matrix is constantly working on preserving its business continuity and growth opportunities.”“Sapiens managed to increase its revenues by 17.0% year over year as a result of organic growth in North America and Europe. Non-GAAP operating income increased by 33.4%, year over year increasing operating margin by 220 base points to a record of 18.0%, primarily due to cost saving actions implemented in light of COVID-19. Despite the COVID-19 pandemic, Sapiens’ outlook has improved as a result of signing new deals and completing the acquisition of Delphi, positioning the company as a leader of the MLP market in North America. In addition, Sapiens has raised its 2020 revenue guidance from $368 - $377 million to the range of $376 - $381 million.”“Magic’s outlook for 2020 has also improved in spite of the COVID-19 pandemic due to an increased demand, from existing and new customers, for digital transformation projects, as COVID-19 pandemic forced organizations and their employees to adapt to the new forced reality and working environment. Magic plans to continue its efforts in maintaining and growing its strong financial position as a trusted advisor in the SMB market and a one-stop-shop for digital transformation, both organically and through acquisitions.”“Michpal continues to realize synergies and monetize on its busines model and on the market it operates in. Michpal’s revenues grew by 51% year over year fueled by the acquisition of Unique Software Enterprises Ltd. concluded in November 2019 and is well positioned to continue helping its customers to adjust to the ever-changing governmental labor guidelines which are introduced in light of the COVID-19 pandemic.”"In July 2020, Shikun & Binui group won a tender published by the Israeli Ministry of Defense for establishing Kiryat HaModiin in the Israeli Negev. TSG IT Advanced Systems Ltd. will serve as the significant subcontractor of the project's ICT (Information Communication and Technology) contractor - Israel Aerospace Industries Ltd.As part of the project, TSG is expected to design, build, maintain and operate IT systems in Kiryat HaModiin. The duration of the engagement is approximately 26 years. The scope of TSG activities is estimated at NIS 1.5 billion for the entire duration of the contract. The win is not expected to significantly impact TSG's results of operations over the upcoming year.”“I am pleased to see that the steps taken across all our portfolio companies in order to endure the COVID-19 pandemic and emerge stronger and well positioned are paying off. We will continue to address the new market challenges and take all necessary steps in order to keep our employees safe and productive, implement cost savings and grow our business operations.”Stand-Alone Financial MeasuresThis press release presents, further below, certain stand-alone financial measures to reflect Formula’s stand-alone financial position in reference to its assets and liabilities as the parent company of the group. These financial measures are prepared consistent with the accounting principles applied in the consolidated financial statements of the group.
Formula Systems Files Annual Report On Form 20-F For The Year Ended December 31, 2019
Or Yehuda, Israel, June 29, 2020 -- Formula Systems (1985) Ltd. (NASDAQ: FORTY), a global information technology holding company engaged, through its subsidiaries and.
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FORTY Financial details
FORTY Financial Performance
Yearly Fundamentals Overview
Last date of statement is 2022-12-31
|Revenue per share||101.29||111.99||126.52||157.33||168.17|
|Net income per share||2.18||6.1||7.36||9.25||13.17|
|Operating cash flow per share||5.6||12.91||18.77||13.64||15.63|
|Free cash flow per share||4.2||10.5||16.89||11.6||13.06|
|Cash per share||20.06||26.7||34.88||33.52||37.2|
|Book value per share||24.92||27.76||32.89||35.38||36.08|
|Tangible book value per share||0.97||0.45||0.84||0.33||1.84|
|Share holders equity per share||24.92||27.76||32.89||35.38||36.08|
|Interest debt per share||26.44||40.96||45.49||48.2||51.82|
|Price to sales ratio||0.35||0.61||0.68||0.79||0.42|
|EV to sales||0.43||0.75||0.76||0.88||0.51|
|Enterprise value over EBITDA||5.82||9.18||8.64||10.21||5.65|
|EV to operating cash flow||7.72||6.48||5.14||10.18||5.49|
|EV to free cash flow||10.3||7.97||5.71||11.97||6.57|
|Free cash flow yield||0.12||0.15||0.2||0.09||0.18|
|Debt to equity||1.04||1.43||1.33||1.32||1.4|
|Debt to assets||0.23||0.29||0.27||0.26||0.28|
|Net debt to EBITDA||1.03||1.69||0.98||1.09||0.98|
|Sales general and administrative to revenue||0.12||0||0||0||0|
|Research and developement to revenue||0.03||0.03||0.03||0.03||0.03|
|Intangibles to total assets||0.48||0.43||0.43||0.43||0.41|
|Capex to operating cash flow||-0.25||-0.19||-0.1||-0.15||-0.16|
|Capex to revenue||-0.01||-0.02||-0.01||-0.01||-0.02|
|Capex to depreciation||-0.42||-0.42||-0.3||-0.25||-0.34|
|Stock based compensation to revenue||0||0||0||0.01||0.01|
|Return on tangible assets||0.04||0.08||0.08||0.09||0.12|
|Tangible asset value||13.45M||4.16M||13.42M||5M||30.24M|
|Net current asset value||-78.38M||-226.32M||-251.62M||-266.66M||-244.69M|
|Days sales outstanding||107.94||118.68||113.95||116.63||109.08|
|Days payables outstanding||37.39||34.74||37.63||40.83||41.6|
|Days of inventory on hand||1.22||1.99||5.89||3.99||6.59|
|Capex per share||-1.4||-2.41||-1.88||-2.03||-2.57|
Quarterly Fundamentals Overview
Last date of statement is 2023-06-30 for Q2
|Revenue per share||42.14||41.6||41.44||43.82||42.83|
|Net income per share||4.86||2.71||2.77||2.76||1.11|
|Operating cash flow per share||0||0||0||0||0|
|Free cash flow per share||0||0||0||0||0|
|Cash per share||29.52||33.24||37.2||33.78||31.21|
|Book value per share||35.35||35.86||36.07||36.89||37.65|
|Tangible book value per share||75.93||74.86||1.84||77.79||80.23|
|Share holders equity per share||35.35||35.86||36.07||36.89||37.65|
|Interest debt per share||43.85||50.74||50.96||49.35||48.15|
|Price to sales ratio||2.2||1.98||1.71||1.5||1.74|
|EV to sales||2.6||2.45||2.07||1.95||2.27|
|Enterprise value over EBITDA||30.26||27.13||21.82||21.46||24.76|
|EV to operating cash flow||0||0||0||0||0|
|EV to free cash flow||0||0||0||0||0|
|Free cash flow yield||0||0||0||0||0|
|Debt to equity||1.23||1.41||1.4||1.33||1.27|
|Debt to assets||0.26||0.29||0.28||0.27||0.27|
|Net debt to EBITDA||4.61||5.23||3.79||4.94||5.75|
|Sales general and administrative to revenue||0||0||0||0||0|
|Research and developement to revenue||0.03||0.03||0.03||0.03||0.03|
|Intangibles to total assets||0.44||0.42||0.41||0.41||0.42|
|Capex to operating cash flow||0||0||0||0||0|
|Capex to revenue||0||0||0||0||0|
|Capex to depreciation||0||0||0||0||0|
|Stock based compensation to revenue||0||0||0||0||0|
|Return on tangible assets||0.05||0.03||0.03||0.03||0.01|
|Tangible asset value||16.53M||10.12M||30.24M||51.66M||78.06M|
|Net current asset value||-231.06M||-261.57M||-244.69M||-226.71M||-207.39M|
|Days sales outstanding||101.53||104.61||109.15||107.22||106.36|
|Days payables outstanding||33.39||34.91||42.67||34.37||36.94|
|Days of inventory on hand||6.67||6.72||6.76||6.84||7.17|
|Capex per share||0||0||0||0||0|
FORTY Frequently Asked Questions
What is Formula Systems (1985) Ltd. stock symbol ?
Formula Systems (1985) Ltd. is a IL stock and trading under the symbol FORTY
What is Formula Systems (1985) Ltd. stock quote today ?
Formula Systems (1985) Ltd. stock price is $59.27 today.
Is Formula Systems (1985) Ltd. stock public?
Yes, Formula Systems (1985) Ltd. is a publicly traded company.