Top Group Software Cash Flow Statement

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

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	16.1	15.53	12.11	14.94	14.09
Depreciation & Amortization	10.63	10.51	11.07	9.11	7.12
Other Amortization	1.12	1.01	-	-	-
Asset Writedown & Restructuring Costs	-0.18	-1.08	0.23	-0.73	-
Other Operating Activities	-0.1	-2.4	-2.55	-0.16	-1.23
Change in Accounts Receivable	18.32	-33.11	-8.03	-17.37	-10.11
Change in Accounts Payable	-7.85	24.33	1.35	5.54	-0.24
Change in Other Net Operating Assets	-3.29	6.16	5.55	5.77	2.72
Operating Cash Flow	34.74	20.94	19.72	17.1	12.33
Operating Cash Flow Growth	65.90%	6.22%	15.32%	38.61%	-25.36%
Capital Expenditures	-0.15	-2.02	-1.24	-1.54	-1.56
Cash Acquisitions	-5.55	-15.01	-1.49	-2.37	-18.93
Sale (Purchase) of Intangibles	-	-	-0.35	-	-0.4
Investment in Securities	0.18	0.08	0.06	0.54	0.24
Other Investing Activities	-0.1	-0.12	-0.09	-0.38	-
Investing Cash Flow	-4.66	-15.68	-1.87	-2.54	-20.29
Short-Term Debt Issued	-	-	19.94	5.32	-
Long-Term Debt Issued	15.15	42.89	2	13.5	26.43
Total Debt Issued	15.15	42.89	21.94	18.82	26.43
Short-Term Debt Repaid	-10.99	-8.91	-0.48	-4.87	-8.77
Long-Term Debt Repaid	-23.74	-24.52	-17.57	-14.8	-9.29
Total Debt Repaid	-34.73	-33.42	-18.05	-19.67	-18.06
Net Debt Issued (Repaid)	-19.58	9.46	3.89	-0.85	8.37
Common Dividends Paid	-7.5	-6	-5	-7	-4.66
Other Financing Activities	-	-	-1.61	-4.08	-
Financing Cash Flow	-27.08	3.46	-2.72	-11.93	3.71
Net Cash Flow	3.01	8.72	15.13	2.63	-4.25
Free Cash Flow	34.6	18.92	18.48	15.55	10.77
Free Cash Flow Growth	82.85%	2.38%	18.81%	44.39%	-33.22%
Free Cash Flow Margin	11.83%	7.05%	7.81%	7.27%	6.09%
Free Cash Flow Per Share	1.63	0.89	0.87	0.73	0.51
Cash Interest Paid	5.36	5.27	4.54	2.47	1.3
Levered Free Cash Flow	42.99	14.19	23.04	15.91	13.69
Unlevered Free Cash Flow	46.51	17.52	25.98	17.56	14.52
Change in Working Capital	7.18	-2.62	-1.13	-6.06	-7.64

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