XML 17 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Interim Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 53,687 $ 24,667 $ 39,440
Adjustments to reconcile net income to net cash provided by operating activities:      
Group's share in losses (gains) of companies accounted for at equity 66 (517) (1,124)
Depreciation and amortization 36,049 32,553 43,646
Changes in value of debentures, net (3,252) 3,604 5,277
Increase (decrease) in employee benefit liabilities 272 (91) 752
Loss from sale of property, plants and equipment 3 13 26
Stock-based compensation expenses 3,291 3,096 4,552
Changes in value of short-term and long-term loans from banks and others and deposits, net (2,815) 5,933 6,731
Changes in deferred taxes, net (4,707) (5,941) (12,819)
Change in liability in respect of business combinations 2,717 1,494 1,531
Loss from sale and increase in value of marketable securities classified as trading 120 149
Amortization of premium and accrued interest on debt instruments at fair value through other comprehensive income 165 663 716
Realized gain from sale of debt instruments at fair value through other comprehensive income (106) (94)
Change in value of dividend preference derivative in TSG (260)
Working capital adjustments:      
Decrease (increase) in inventories (552) (796) 1,037
Increase in trade receivables (39,427) (18,403) (38,223)
Decrease (increase) in other current and long-term accounts receivable (9,141) (2,340) 755
Increase (decrease) in trade payables 163 (11,245) 6,086
Increase (decrease) in other accounts payable, employees and payroll accrual and other long-term liabilities (8,146) (7,477) 7,199
Increase (decrease) in deferred revenues (1,373) 17,431 15,718
Net cash provided by operating activities 27,000 42,658 81,095
Cash flows from investing activities:      
Payments for business acquisitions, net of cash acquired (Appendix B) (28,495) (116,043) (119,103)
Payments to former shareholders of consolidated companies (7,338) (7,598) (8,817)
Purchase of intangible assets (180)
Purchase of property and equipment (9,138) (7,028) (9,573)
Proceeds from maturity and sale net of investment in debt instruments at fair value through other comprehensive income 2,000 39,406 40,622
Proceeds from sale of property, plants and equipment 288
Investment in and loans to affiliates and other companies (25) (25)
Change in short-term and long-term deposits, net (252) (26) (888)
Capitalization of software development and other costs (6,480) (7,284) (9,338)
Net cash used in investing activities (49,595) (98,598) (107,122)
Cash flows from financing activities:      
Exercise of employees stock options in subsidiaries 769 835 3,240
Issuance of Magic's ordinary shares 25,404
Dividend paid to non-controlling interests and redeemable non- controlling interests in subsidiaries (24,517) (22,467) (31,231)
Dividend to Formula's shareholders (5,011) (7,070) (12,081)
Short-term bank credit, net 52,366 14,527 (21,176)
Repayment of long-term loans from banks and others (32,050) (32,236) (46,065)
Receipt of long term loans 26 11,181 52,734
Proceeds from issuance of debentures, net 45,356 78,229 78,229
Repayment of long-term liabilities to office of the chief scientist (213) (275) (502)
Repayment of debentures (9,383) (3,656) (3,656)
Purchase of non-controlling interests (757)
Repayment of capital lease (480) (480)
Cash paid due to exercise of put option by redeemable non-controlling interests (142)
Net cash provided by financing activities 51,848 38,588 19,012
Effect of exchange rate changes on cash and cash equivalents (3,436) 12,271 12,912
Increase (decrease) in cash and cash equivalents 25,817 (5,081) 5,897
Cash and cash equivalents at beginning of year 245,947 240,050 240,050
Cash and cash equivalents at end of year 271,764 234,969 245,947
Non-cash activities:      
Dividend payable to Formula's shareholders 5,011
Deferred payment to former shareholders of consolidated companies 652
Dividend payable to non-controlling interests and redeemable non-controlling interests $ 5,172 $ 692