Formula Systems 1985 Ltd
NASDAQ:FORTY
Income Statement
Earnings Waterfall
Formula Systems 1985 Ltd
Revenue
|
2.6B
USD
|
Cost of Revenue
|
-2B
USD
|
Gross Profit
|
613m
USD
|
Operating Expenses
|
-381.2m
USD
|
Operating Income
|
231.8m
USD
|
Other Expenses
|
-150.2m
USD
|
Net Income
|
81.6m
USD
|
Income Statement
Formula Systems 1985 Ltd
Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
704
N/A
|
745
+6%
|
753
+1%
|
769
+2%
|
784
+2%
|
797
+2%
|
781
-2%
|
727
-7%
|
683
-6%
|
636
-7%
|
700
+10%
|
794
+13%
|
882
+11%
|
973
+10%
|
998
+3%
|
1 016
+2%
|
1 060
+4%
|
1 109
+5%
|
1 157
+4%
|
1 227
+6%
|
1 291
+5%
|
1 355
+5%
|
1 418
+5%
|
1 452
+2%
|
1 466
+1%
|
1 493
+2%
|
1 511
+1%
|
1 560
+3%
|
1 647
+6%
|
1 701
+3%
|
1 776
+4%
|
1 801
+1%
|
1 839
+2%
|
1 934
+5%
|
2 040
+6%
|
2 191
+7%
|
2 290
+5%
|
2 404
+5%
|
2 489
+4%
|
2 546
+2%
|
2 596
+2%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(539)
|
(565)
|
(572)
|
(583)
|
(595)
|
(603)
|
(599)
|
(571)
|
(551)
|
(530)
|
(572)
|
(632)
|
(689)
|
(741)
|
(761)
|
(774)
|
(806)
|
(850)
|
(893)
|
(952)
|
(1 007)
|
(1 058)
|
(1 104)
|
(1 130)
|
(1 141)
|
(1 160)
|
(1 173)
|
(1 210)
|
(1 276)
|
(1 315)
|
(1 375)
|
(1 389)
|
(1 412)
|
(1 486)
|
(1 570)
|
(1 683)
|
(1 757)
|
(1 841)
|
(1 896)
|
(1 945)
|
(1 983)
|
|
Gross Profit |
165
N/A
|
180
+9%
|
182
+1%
|
186
+2%
|
189
+2%
|
194
+3%
|
182
-6%
|
156
-14%
|
132
-15%
|
106
-20%
|
128
+20%
|
162
+27%
|
193
+19%
|
232
+20%
|
237
+2%
|
242
+2%
|
254
+5%
|
259
+2%
|
264
+2%
|
275
+4%
|
284
+3%
|
297
+4%
|
314
+6%
|
322
+3%
|
325
+1%
|
333
+2%
|
338
+1%
|
350
+4%
|
371
+6%
|
386
+4%
|
401
+4%
|
411
+2%
|
426
+4%
|
447
+5%
|
470
+5%
|
508
+8%
|
533
+5%
|
564
+6%
|
593
+5%
|
601
+1%
|
613
+2%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(113)
|
(123)
|
(127)
|
(130)
|
(132)
|
(132)
|
(127)
|
(108)
|
(90)
|
(71)
|
(80)
|
(103)
|
(129)
|
(156)
|
(160)
|
(164)
|
(168)
|
(170)
|
(181)
|
(198)
|
(208)
|
(224)
|
(232)
|
(230)
|
(229)
|
(224)
|
(222)
|
(226)
|
(237)
|
(248)
|
(256)
|
(258)
|
(264)
|
(275)
|
(291)
|
(319)
|
(339)
|
(356)
|
(373)
|
(376)
|
(381)
|
|
Selling, General & Administrative |
(103)
|
(111)
|
(113)
|
(115)
|
(117)
|
(118)
|
(116)
|
(101)
|
(86)
|
(71)
|
(76)
|
(96)
|
(117)
|
(141)
|
(144)
|
(146)
|
(148)
|
(148)
|
(156)
|
(166)
|
(172)
|
(184)
|
(189)
|
(188)
|
(187)
|
(182)
|
(181)
|
(184)
|
(193)
|
(201)
|
(207)
|
(208)
|
(214)
|
(222)
|
(235)
|
(259)
|
(276)
|
(290)
|
(306)
|
(308)
|
(311)
|
|
Research & Development |
(9)
|
(12)
|
(14)
|
(15)
|
(15)
|
(14)
|
(11)
|
(7)
|
(3)
|
(1)
|
(4)
|
(7)
|
(11)
|
(15)
|
(16)
|
(18)
|
(19)
|
(22)
|
(26)
|
(32)
|
(36)
|
(40)
|
(43)
|
(42)
|
(42)
|
(41)
|
(41)
|
(42)
|
(44)
|
(47)
|
(49)
|
(49)
|
(51)
|
(53)
|
(41)
|
(46)
|
(49)
|
(66)
|
(67)
|
(69)
|
(70)
|
|
Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(14)
|
(14)
|
(14)
|
0
|
0
|
0
|
0
|
|
Operating Income |
53
N/A
|
57
+9%
|
54
-5%
|
56
+3%
|
57
+1%
|
62
+8%
|
55
-11%
|
48
-13%
|
43
-10%
|
35
-18%
|
48
+38%
|
59
+23%
|
65
+9%
|
76
+17%
|
77
+2%
|
78
+1%
|
87
+10%
|
89
+2%
|
83
-6%
|
78
-7%
|
77
-1%
|
73
-5%
|
82
+13%
|
92
+12%
|
96
+4%
|
110
+14%
|
116
+5%
|
123
+7%
|
134
+8%
|
138
+3%
|
146
+5%
|
154
+5%
|
162
+5%
|
173
+7%
|
179
+4%
|
189
+5%
|
194
+3%
|
208
+7%
|
220
+6%
|
225
+2%
|
232
+3%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(6)
|
(7)
|
(7)
|
(7)
|
(7)
|
(6)
|
(7)
|
(7)
|
(6)
|
(5)
|
(5)
|
(8)
|
(8)
|
(10)
|
(12)
|
(7)
|
(11)
|
(11)
|
(15)
|
(21)
|
(20)
|
(3)
|
(13)
|
(8)
|
(9)
|
(6)
|
(10)
|
(12)
|
(13)
|
(13)
|
(20)
|
(22)
|
(22)
|
(20)
|
(27)
|
(28)
|
(27)
|
(16)
|
(24)
|
23
|
24
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(2)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total Other Income |
(0)
|
(0)
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(19)
|
0
|
0
|
0
|
(2)
|
0
|
0
|
0
|
(5)
|
0
|
0
|
0
|
(7)
|
0
|
0
|
0
|
(8)
|
0
|
0
|
0
|
|
Pre-Tax Income |
46
N/A
|
50
+9%
|
48
-5%
|
50
+4%
|
50
+1%
|
55
+11%
|
48
-14%
|
40
-16%
|
37
-9%
|
30
-18%
|
44
+44%
|
52
+19%
|
57
+11%
|
66
+16%
|
66
-1%
|
71
+8%
|
75
+6%
|
77
+3%
|
68
-12%
|
57
-16%
|
57
-1%
|
52
-9%
|
69
+34%
|
84
+22%
|
88
+4%
|
101
+15%
|
106
+4%
|
111
+5%
|
120
+8%
|
120
-1%
|
126
+5%
|
132
+5%
|
140
+6%
|
144
+3%
|
152
+6%
|
161
+6%
|
167
+3%
|
184
+10%
|
196
+7%
|
248
+26%
|
256
+3%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(5)
|
(7)
|
(6)
|
(7)
|
(7)
|
(9)
|
(10)
|
(9)
|
(10)
|
(10)
|
(11)
|
(13)
|
(14)
|
(16)
|
(18)
|
(19)
|
(20)
|
(21)
|
(19)
|
(17)
|
(18)
|
(18)
|
(20)
|
(23)
|
(21)
|
(24)
|
(24)
|
(26)
|
(29)
|
(27)
|
(29)
|
(31)
|
(31)
|
(31)
|
(33)
|
(35)
|
(37)
|
(43)
|
(45)
|
(55)
|
(57)
|
|
Income from Continuing Operations |
41
|
44
|
42
|
43
|
43
|
46
|
38
|
31
|
27
|
20
|
33
|
38
|
43
|
50
|
48
|
52
|
55
|
56
|
49
|
40
|
39
|
34
|
49
|
62
|
66
|
77
|
81
|
85
|
92
|
93
|
97
|
101
|
108
|
112
|
119
|
126
|
130
|
141
|
152
|
192
|
199
|
|
Income to Minority Interest |
(25)
|
(24)
|
(22)
|
(22)
|
(22)
|
(26)
|
(25)
|
(21)
|
(18)
|
(14)
|
(17)
|
(22)
|
(25)
|
(31)
|
(31)
|
(31)
|
(34)
|
(34)
|
(31)
|
(28)
|
(26)
|
(29)
|
(35)
|
(40)
|
(43)
|
(45)
|
(47)
|
(50)
|
(54)
|
(56)
|
(59)
|
(60)
|
(64)
|
(67)
|
(73)
|
(78)
|
(81)
|
(87)
|
(94)
|
(115)
|
(118)
|
|
Equity Earnings Affiliates |
4
|
4
|
0
|
0
|
(0)
|
61
|
126
|
127
|
130
|
0
|
15
|
14
|
11
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
(0)
|
1
|
(0)
|
(0)
|
(1)
|
0
|
1
|
2
|
2
|
2
|
1
|
1
|
1
|
2
|
2
|
2
|
2
|
1
|
1
|
0
|
1
|
|
Net Income (Common) |
21
N/A
|
24
+17%
|
20
-18%
|
21
+5%
|
21
+2%
|
81
+284%
|
139
+72%
|
137
-1%
|
139
+1%
|
81
-42%
|
30
-63%
|
30
0%
|
29
-5%
|
20
-31%
|
17
-12%
|
21
+22%
|
22
+4%
|
22
+1%
|
19
-16%
|
12
-34%
|
12
-2%
|
10
-15%
|
18
+71%
|
25
+41%
|
26
+5%
|
32
+23%
|
35
+9%
|
37
+4%
|
40
+8%
|
39
-2%
|
40
+3%
|
42
+5%
|
45
+7%
|
47
+4%
|
48
+3%
|
50
+4%
|
51
+1%
|
55
+7%
|
58
+7%
|
78
+34%
|
82
+5%
|
|
EPS (Diluted) |
1.5
N/A
|
1.74
+16%
|
1.42
-18%
|
1.48
+4%
|
1.48
N/A
|
5.73
+287%
|
9.74
+70%
|
9.34
-4%
|
9.55
+2%
|
5.61
-41%
|
2.07
-63%
|
2.07
N/A
|
1.98
-4%
|
1.35
-32%
|
1.12
-17%
|
1.37
+22%
|
1.44
+5%
|
1.45
+1%
|
1.27
-12%
|
0.84
-34%
|
0.78
-7%
|
0.7
-10%
|
1.13
+61%
|
1.6
+42%
|
1.68
+5%
|
2.19
+30%
|
2.25
+3%
|
2.4
+7%
|
2.6
+8%
|
2.53
-3%
|
2.6
+3%
|
2.75
+6%
|
2.93
+7%
|
3.06
+4%
|
3.15
+3%
|
3.28
+4%
|
3.32
+1%
|
3.54
+7%
|
3.79
+7%
|
5.05
+33%
|
5.25
+4%
|