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PRESS RELEASE | ![]() |
• | Revenue of $279.2 million in the third quarter, an increase of 23.7 percent, compared to $225.7 million in the third quarter of 2017. |
• | GAAP gross margins of 65.8 percent in the third quarter, compared to 65.7 percent in the third quarter of 2017. |
• | Non-GAAP gross margins of 69.6 percent in the third quarter, compared to 70.7 percent in the third quarter of 2017. |
• | GAAP operating income of $39.5 million in the third quarter, compared to $6.6 million in the third quarter of 2017. |
• | Non-GAAP operating income of $73.2 million in the third quarter, or 26.2 percent of revenue, compared to $38.5 million, or 17.1 percent of revenue in the third quarter of 2017. |
• | GAAP net income of $37.1 million in the third quarter, compared to $3.4 million in the third quarter of 2017. |
• | Non-GAAP net income of $71.4 million in the third quarter, compared to $36.6 million in the third quarter of 2017. |
• | GAAP net income per diluted share of $0.68 in the third quarter, compared to $0.07 in the third quarter of 2017. |
• | Non-GAAP net income per diluted share of $1.33 in the third quarter, compared to $0.71 in the third quarter of 2017. |
• | $66.4 million in cash provided by operating activities in the third quarter, compared to $53.0 million in the third quarter of 2017. |
• | Cash and investments totaled $350.2 million at September 30, 2018, compared to $273.8 million at December 31, 2017. |
• | Revenue of $798.7 million, an increase of 27.5 percent, compared to $626.3 million in the first three quarters of 2017. |
• | GAAP operating income of $68.1 million, compared to operating loss of $10.4 million in the first three quarters of 2017. |
• | Non-GAAP operating income of $191.6 million, or 24.0 percent of revenue, compared to $80.6 million, or 12.9 percent of revenue in the first three quarters of 2017. |
• | GAAP benefit from taxes on income of $23.2 million, mainly due to a reversal of valuation allowance on deferred tax assets. |
• | GAAP net income of $91.4 million, compared to net loss of $16.8 million in the first three quarters of 2017. |
• | Non-GAAP net income of $189.4 million, compared to $73.6 million in the first three quarters of 2017. |
• | GAAP net income per diluted share of $1.68, compared to net loss per diluted share of $0.34 in the first three quarters of 2017. |
• | Non-GAAP net income per diluted share of $3.57, compared to $1.44 in the first three quarters of 2017. |
• | $168.5 million in cash provided by operating activities, compared to $94.4 million in the first three quarters of 2017. |
• | Quarterly revenue of $280 million to $290 million |
• | Non-GAAP gross margins of 68.5% to 69.5% |
• | Non-GAAP operating expenses of $122 million to $124 million |
• | Share-based compensation expense of $22.0 million to $22.5 million |
• | Non-GAAP diluted share count of 54.5 million to 55.0 million |
• | October 16, 2018 | NTT ICT Chooses Mellanox End-to-End 25G and 100G Ethernet Solutions Running Cumulus Networks Software to Accelerate Their Multi-Cloud Service Offering |
• | September 24, 2018 | Mellanox InfiniBand to Accelerate U.S. Department of Energy’s National Renewable Energy Laboratory’s New Supercomputer |
• | September 12, 2018 | Mellanox Ethernet Video Fabric Enables the Next Generation of 4K and 8K Broadcast Video Open Platform |
• | August 29, 2018 | Texas Advanced Computing Center Selects Mellanox HDR 200G InfiniBand to Accelerate New Large-Scale Supercomputer |
• | August 29, 2018 | Mellanox Announces Availability of 200G LinkX™ Copper and Optical Cables and Transceiver for Ethernet and HDR InfiniBand |
• | August 27, 2018 | Mellanox Extends vSphere With 25G Ethernet and a Technology Preview of vSAN over RDMA |
• | August 6, 2018 | Mellanox Introduces World’s Fastest Ethernet Storage Fabric Controller |
• | August 6, 2018 | MiTAC Selects Mellanox BlueField System-on-Chip to Accelerate Their NVMe Storage Platforms |
Mellanox Technologies, Ltd. | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(in thousands, except per share data, unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Total revenues | $ | 279,211 | $ | 225,699 | $ | 798,673 | $ | 626,312 | |||||||
Cost of revenues | 95,562 | 77,335 | 288,228 | 215,212 | |||||||||||
Gross profit | 183,649 | 148,364 | 510,445 | 411,100 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 92,930 | 90,916 | 266,508 | 271,755 | |||||||||||
Sales and marketing | 36,344 | 37,829 | 111,511 | 111,696 | |||||||||||
General and administrative | 13,895 | 13,039 | 54,046 | 38,034 | |||||||||||
Restructuring and impairment charges | 947 | — | 10,308 | — | |||||||||||
Total operating expenses | 144,116 | 141,784 | 442,373 | 421,485 | |||||||||||
Income (loss) from operations | 39,533 | 6,580 | 68,072 | (10,385 | ) | ||||||||||
Interest expense | (66 | ) | (2,016 | ) | (2,108 | ) | (6,005 | ) | |||||||
Other income, net | 1,112 | 956 | 2,283 | 2,466 | |||||||||||
Interest and other, net | 1,046 | (1,060 | ) | 175 | (3,539 | ) | |||||||||
Income (loss) before taxes on income | 40,579 | 5,520 | 68,247 | (13,924 | ) | ||||||||||
Provision for (benefit from) taxes on income | 3,522 | 2,117 | (23,179 | ) | 2,908 | ||||||||||
Net income (loss) | $ | 37,057 | $ | 3,403 | $ | 91,426 | $ | (16,832 | ) | ||||||
Net income (loss) per share — basic | $ | 0.70 | $ | 0.07 | $ | 1.74 | $ | (0.34 | ) | ||||||
Net income (loss) per share — diluted | $ | 0.68 | $ | 0.07 | $ | 1.68 | $ | (0.34 | ) | ||||||
Shares used in computing net income (loss) per share: | |||||||||||||||
Basic | 53,232 | 50,587 | 52,560 | 49,999 | |||||||||||
Diluted | 54,612 | 51,575 | 54,383 | 49,999 |
Mellanox Technologies, Ltd. | |||||||||||||||
Reconciliation of Non-GAAP Adjustments | |||||||||||||||
(in thousands, except percentages, unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Reconciliation of GAAP net income (loss) to non-GAAP: | |||||||||||||||
GAAP net income (loss) | $ | 37,057 | $ | 3,403 | $ | 91,426 | $ | (16,832 | ) | ||||||
Adjustments: | |||||||||||||||
Share-based compensation expense: | |||||||||||||||
Cost of revenues | 515 | 473 | 1,341 | 1,530 | |||||||||||
Research and development | 10,395 | 10,811 | 26,909 | 29,799 | |||||||||||
Sales and marketing | 4,645 | 4,336 | 11,890 | 11,684 | |||||||||||
General and administrative | 3,601 | 2,940 | 8,906 | 7,980 | |||||||||||
Total share-based compensation expense | 19,156 | 18,560 | 49,046 | 50,993 | |||||||||||
Amortization of acquired intangibles: | |||||||||||||||
Cost of revenues | 10,226 | 10,641 | 32,214 | 31,841 | |||||||||||
Research and development | 196 | 196 | 582 | 582 | |||||||||||
Sales and marketing | 2,033 | 2,230 | 6,297 | 6,690 | |||||||||||
Total amortization of acquired intangibles | 12,455 | 13,067 | 39,093 | 39,113 | |||||||||||
Settlement costs: | |||||||||||||||
Cost of revenues | — | — | 9,161 | — | |||||||||||
Total settlement costs | — | — | 9,161 | — | |||||||||||
Acquisition and other charges (1): | |||||||||||||||
Research and development | 92 | 105 | 466 | 541 | |||||||||||
Sales and marketing | 30 | 32 | 238 | 93 | |||||||||||
General and administrative | 1,003 | 153 | 15,200 | 286 | |||||||||||
Total acquisition and other charges | 1,125 | 290 | 15,904 | 920 | |||||||||||
Restructuring and impairment charges | 947 | — | 10,308 | — | |||||||||||
Tax effects and adjustments | 673 | 1,293 | (25,564 | ) | (549 | ) | |||||||||
Non-GAAP net income | $ | 71,413 | $ | 36,613 | $ | 189,374 | $ | 73,645 | |||||||
Reconciliation of GAAP gross profit to non-GAAP: | |||||||||||||||
Revenues | $ | 279,211 | $ | 225,699 | $ | 798,673 | $ | 626,312 | |||||||
GAAP gross profit | 183,649 | 148,364 | 510,445 | 411,100 | |||||||||||
GAAP gross margin | 65.8 | % | 65.7 | % | 63.9 | % | 65.6 | % | |||||||
Share-based compensation expense | 515 | 473 | 1,341 | 1,530 | |||||||||||
Amortization of acquired intangibles | 10,226 | 10,641 | 32,214 | 31,841 | |||||||||||
Settlement costs | — | — | 9,161 | — | |||||||||||
Non-GAAP gross profit | $ | 194,390 | $ | 159,478 | $ | 553,161 | $ | 444,471 | |||||||
Non-GAAP gross margin | 69.6 | % | 70.7 | % | 69.3 | % | 71.0 | % | |||||||
Reconciliation of GAAP operating expenses to non-GAAP: | |||||||||||||||
GAAP operating expenses | $ | 144,116 | $ | 141,784 | $ | 442,373 | $ | 421,485 | |||||||
Share-based compensation expense | (18,641 | ) | (18,087 | ) | (47,705 | ) | (49,463 | ) | |||||||
Amortization of acquired intangibles | (2,229 | ) | (2,426 | ) | (6,879 | ) | (7,272 | ) | |||||||
Acquisition and other charges (1) | (1,125 | ) | (290 | ) | (15,904 | ) | (920 | ) | |||||||
Restructuring charges | (947 | ) | — | (10,308 | ) | — | |||||||||
Non-GAAP operating expenses | $ | 121,174 | $ | 120,981 | $ | 361,577 | $ | 363,830 |
Mellanox Technologies, Ltd. | |||||||||||||||
Reconciliation of Non-GAAP Adjustments | |||||||||||||||
(in thousands, except per share data, unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Reconciliation of GAAP income (loss) from operations to non-GAAP: | |||||||||||||||
GAAP income (loss) from operations | $ | 39,533 | $ | 6,580 | $ | 68,072 | $ | (10,385 | ) | ||||||
GAAP income (loss) from operations % | 14.2 | % | 2.4 | % | 8.5 | % | (1.7 | )% | |||||||
Share-based compensation expense | 19,156 | 18,560 | 49,046 | 50,993 | |||||||||||
Settlement costs | — | — | 9,161 | — | |||||||||||
Amortization of acquired intangibles | 12,455 | 13,067 | 39,093 | 39,113 | |||||||||||
Acquisition and other charges (1) | 1,125 | 290 | 15,904 | 920 | |||||||||||
Restructuring charges | 947 | — | 10,308 | — | |||||||||||
Non-GAAP income from operations | $ | 73,216 | $ | 38,497 | $ | 191,584 | $ | 80,641 | |||||||
Non-GAAP income from operations % | 26.2 | % | 17.1 | % | 24.0 | % | 12.9 | % | |||||||
Shares used in computing GAAP diluted earnings per share | 54,612 | 51,575 | 54,383 | 49,999 | |||||||||||
Adjustments: | |||||||||||||||
Effect of dilutive securities under GAAP | (1,380 | ) | (988 | ) | (1,823 | ) | — | ||||||||
Total options vested and exercisable | 483 | 1,030 | 483 | 1,030 | |||||||||||
Shares used in computing non-GAAP diluted earnings per share | 53,715 | 51,617 | 53,043 | 51,029 | |||||||||||
GAAP diluted net income (loss) per share | $ | 0.68 | $ | 0.07 | $ | 1.68 | $ | (0.34 | ) | ||||||
Adjustments: | |||||||||||||||
Share-based compensation expense | 0.35 | 0.35 | 0.90 | 1.02 | |||||||||||
Amortization of acquired intangibles | 0.23 | 0.25 | 0.72 | 0.78 | |||||||||||
Settlement costs | — | — | 0.17 | — | |||||||||||
Acquisition and other charges (1) | 0.02 | 0.01 | 0.29 | 0.02 | |||||||||||
Restructuring and impairment charges | 0.02 | — | 0.19 | — | |||||||||||
Tax effects and adjustments | 0.01 | 0.03 | (0.47 | ) | (0.01 | ) | |||||||||
Effect of dilutive securities under GAAP | 0.03 | 0.01 | 0.12 | — | |||||||||||
Total options vested and exercisable | (0.01 | ) | (0.01 | ) | (0.03 | ) | (0.03 | ) | |||||||
Non-GAAP diluted net income per share | $ | 1.33 | $ | 0.71 | $ | 3.57 | $ | 1.44 |
September 30, | December 31, | ||||||
2018 | 2017 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 64,248 | $ | 62,473 | |||
Short-term investments | 285,955 | 211,281 | |||||
Accounts receivable, net | 142,772 | 154,213 | |||||
Inventories | 105,049 | 64,657 | |||||
Other current assets | 14,675 | 14,295 | |||||
Total current assets | 612,699 | 506,919 | |||||
Property and equipment, net | 105,007 | 109,919 | |||||
Severance assets | 17,780 | 18,302 | |||||
Intangible assets, net | 194,540 | 228,195 | |||||
Goodwill | 473,916 | 472,437 | |||||
Deferred taxes and other long-term assets | 99,835 | 66,162 | |||||
Total assets | $ | 1,503,777 | $ | 1,401,934 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 72,922 | $ | 59,090 | |||
Accrued liabilities | 100,426 | 114,058 | |||||
Deferred revenue | 20,326 | 23,485 | |||||
Total current liabilities | 193,674 | 196,633 | |||||
Accrued severance | 22,603 | 23,205 | |||||
Deferred revenue | 17,829 | 17,820 | |||||
Term debt | — | 72,761 | |||||
Other long-term liabilities | 35,768 | 34,067 | |||||
Total liabilities | 269,874 | 344,486 | |||||
Shareholders’ equity: | |||||||
Ordinary shares | 232 | 221 | |||||
Additional paid-in capital | 956,281 | 873,979 | |||||
Accumulated other comprehensive income (loss) | (167 | ) | 1,618 | ||||
Retained earnings | 277,557 | 181,630 | |||||
Total shareholders’ equity | 1,233,903 | 1,057,448 | |||||
Total liabilities and shareholders' equity | $ | 1,503,777 | $ | 1,401,934 |
Nine Months Ended September 30, | ||||||||
2018 | 2017 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 91,426 | $ | (16,832 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 77,455 | 76,564 | ||||||
Deferred income taxes | (27,973 | ) | (704 | ) | ||||
Share-based compensation | 49,046 | 50,993 | ||||||
Gain on investments, net | (3,135 | ) | (2,632 | ) | ||||
Impairment and loss on disposal of property and equipment | 2,806 | — | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | 11,441 | 8,420 | ||||||
Inventories | (41,837 | ) | 2,349 | |||||
Prepaid expenses and other assets | (128 | ) | (5,802 | ) | ||||
Accounts payable | 13,661 | (14,876 | ) | |||||
Accrued liabilities and other liabilities | (4,273 | ) | (3,104 | ) | ||||
Net cash provided by operating activities | 168,489 | 94,376 | ||||||
Cash flows from investing activities: | ||||||||
Purchase of severance-related insurance policies | (916 | ) | (983 | ) | ||||
Purchase of short-term investments | (228,229 | ) | (139,861 | ) | ||||
Proceeds from sales of short-term investments | 53,809 | 95,414 | ||||||
Proceeds from maturities of short-term investments | 102,935 | 31,008 | ||||||
Proceeds from sales of property and equipment | 3,239 | — | ||||||
Purchase of property and equipment | (28,992 | ) | (35,243 | ) | ||||
Purchase of intangible assets | (6,512 | ) | (1,836 | ) | ||||
Purchase of investments in private companies | (7,500 | ) | (13,500 | ) | ||||
Acquisition, net of cash acquired | (7,379 | ) | (872 | ) | ||||
Net cash used in investing activities | (119,545 | ) | (65,873 | ) | ||||
Cash flows from financing activities: | ||||||||
Principal payments on term debt | (74,000 | ) | (46,000 | ) | ||||
Payments on capital lease and intangible asset financings | (6,519 | ) | (5,969 | ) | ||||
Proceeds from issuances of ordinary shares through employee equity incentive plans | 33,267 | 25,102 | ||||||
Net cash used in financing activities | (47,252 | ) | (26,867 | ) | ||||
Net increase in cash, cash equivalents, and restricted cash | 1,692 | 1,636 | ||||||
Cash, cash equivalents, and restricted cash at beginning of period | 70,498 | 56,780 | ||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 72,190 | $ | 58,416 |
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Ticker: MLNXEvents:
CIK: 1356104
Form Type: 8-K Corporate News
Accession Number: 0001356104-18-000037
Submitted to the SEC: Wed Oct 24 2018 4:16:28 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Wednesday, October 24, 2018
Industry: Semiconductors And Related Devices