Top Group Software Cash Flow Statement

Financials in millions ILS. Fiscal year is January - December.

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	17.09	15.53	12.11	14.94	14.09	9.33
Depreciation & Amortization	10.78	10.51	10.43	9.11	7.12	6.85
Other Amortization	1.01	1.01	0.63	-	-	-
Loss (Gain) From Sale of Assets	-	-	-	-	-	0.01
Asset Writedown & Restructuring Costs	-1.02	-1.08	0.23	-0.73	-	-
Other Operating Activities	-1.58	-2.4	-2.55	-0.16	-1.23	-1.19
Change in Accounts Receivable	-8.23	-33.11	-8.03	-17.37	-10.11	-2.07
Change in Accounts Payable	8.44	24.33	1.35	5.54	-0.24	-1.63
Change in Other Net Operating Assets	-1.74	6.16	5.55	5.77	2.72	5.22
Operating Cash Flow	24.74	20.94	19.72	17.1	12.33	16.53
Operating Cash Flow Growth	-15.17%	6.22%	15.32%	38.61%	-25.36%	56.35%
Capital Expenditures	-0.15	-2.02	-1.24	-1.54	-1.56	-0.4
Sale of Property, Plant & Equipment	-	-	-	-	-	0
Cash Acquisitions	-2.43	-15.01	-1.49	-2.37	-18.93	-1.58
Sale (Purchase) of Intangibles	-	-	-0.35	-	-0.4	-
Investment in Securities	0.34	0.08	0.06	0.54	0.24	-0.79
Other Investing Activities	-0.13	-0.12	-0.09	-0.38	-	-
Investing Cash Flow	-1.18	-15.68	-1.87	-2.54	-20.29	-2.77
Short-Term Debt Issued	-	-	19.94	5.32	-	5.18
Long-Term Debt Issued	-	42.89	2	13.5	26.43	12.28
Total Debt Issued	31.15	42.89	21.94	18.82	26.43	17.45
Short-Term Debt Repaid	-	-8.91	-0.48	-4.87	-8.77	-0.46
Long-Term Debt Repaid	-	-24.52	-17.57	-14.8	-9.29	-13.7
Total Debt Repaid	-42.74	-33.42	-18.05	-19.67	-18.06	-14.16
Net Debt Issued (Repaid)	-11.59	9.46	3.89	-0.85	8.37	3.29
Common Dividends Paid	-7.5	-6	-5	-7	-4.66	-2
Other Financing Activities	-	-	-1.61	-4.08	-	-3.64
Financing Cash Flow	-19.09	3.46	-2.72	-11.93	3.71	-2.35
Net Cash Flow	4.46	8.72	15.13	2.63	-4.25	11.41
Free Cash Flow	24.58	18.92	18.48	15.55	10.77	16.13
Free Cash Flow Growth	-9.13%	2.38%	18.81%	44.39%	-33.22%	79.68%
Free Cash Flow Margin	8.51%	7.05%	7.81%	7.27%	6.09%	12.76%
Free Cash Flow Per Share	1.17	0.89	0.87	0.73	0.51	0.76
Cash Interest Paid	5.49	5.27	4.54	2.47	1.3	1.17
Levered Free Cash Flow	37.31	14.19	23.04	15.91	13.69	11.72
Unlevered Free Cash Flow	41.05	17.52	25.98	17.56	14.52	12.49
Change in Working Capital	-1.53	-2.62	-1.13	-6.06	-7.64	1.52

Source: S&P Global Market Intelligence. Standard template. Financial Sources.