PRESS RELEASE
 
mellanoxlogohorizontala11.jpg

Mellanox Technologies, Ltd.

Press/Media Contact
Greg Cross
Zonic Public Relations
+1-925-413-5327
gcross@zonicgroup.com

Investor Contact
Shanye Hudson
VP, Investor Relations
+1 (408) 916-0041
shanye@mellanox.com

Israel PR Contact
Jonathan Wolf
JWPR Public Relations and Communications
+972-54-22-094-22
yoni@jwpr.co.il

Israel IR Contact
Emanuel Kahana
Gelbart Kahana Investor Relations
+972-3-607-47-17
mano@gk-biz.com


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Mellanox Delivers Five Consecutive Quarters of Record Results
Record Quarterly Revenue of $279.2 million, Up 24% Year-Over-Year
Ethernet Revenue Up 59% Year-Over-Year as Market Share Gains Continue
Quarterly Non-GAAP Operating Margin of 26.2%
Year-to-Date Revenue Growth of 28% and Non-GAAP Operating Income Growth of 138%
SUNNYVALE, Calif. and YOKNEAM, ISRAEL — October 24, 2018 - Mellanox® Technologies, Ltd. (NASDAQ: MLNX), a leading supplier of high-performance, end-to-end interconnect solutions for data center servers and storage systems, today announced preliminary financial results for its third quarter 2018 ended September 30, 2018.
“Mellanox continues to execute and gain momentum in the markets we participate in. We reported another record quarter in Q3, delivering 24% revenue growth and 90% non-GAAP operating income growth year-over-year. This resulted in a non-GAAP operating margin of 26.2%,” said Eyal Waldman, President and CEO of Mellanox Technologies. “Our strong results reflect the differentiated and superior product technologies that Mellanox has to offer for data center infrastructure.”  
“The innovations built into our high-speed Ethernet adapters, switches and cables are fueling demand for our Ethernet products. Leading hyperscale, cloud, enterprise data center and artificial intelligence customers continue to choose Mellanox to maximize the efficiency and utilization of their compute and storage investments. This has resulted in further market share gains across our high-speed Ethernet products and 59% year-over-year revenue growth in our Ethernet business. During the third quarter we released our HDR 200 Gigabit per second InfiniBand solutions to first customers and announced multiple design wins. HDR InfiniBand will enhance the performance, efficiency and scalability of high-performance computing, artificial intelligence, storage, cloud

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and other performance-driven applications, and deliver highest return on investment for compute and storage infrastructures,” Mr. Waldman concluded.

Third Quarter 2018 - Highlights
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.

Year-to-Date Highlights Through Third Quarter
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.

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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.

Fourth Quarter 2018 Outlook
We currently project:
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


4


Recent Mellanox Press Release Highlights

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

Conference Call
Mellanox will hold its third quarter 2018 financial results conference call today, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time), to discuss the company’s financial results. To listen to the call, dial +1-877-876-9176, or for investors outside the U.S., +1-785-424-1667, approximately 10 minutes prior to the start time.
The Mellanox financial results conference call will be available via live webcast on the investor relations section of the Mellanox website at: http://ir.mellanox.com. A replay of the webcast will also be available on the Mellanox website after the call.
About Mellanox
Mellanox Technologies (NASDAQ: MLNX) is a leading supplier of end-to-end Ethernet and InfiniBand intelligent interconnect solutions and services for servers, storage, and hyper-converged infrastructure. Mellanox’s intelligent interconnect solutions increase data center efficiency by providing the highest throughput and lowest latency, delivering data faster to applications and unlocking system performance. Mellanox offers a choice of high performance solutions: network and multicore processors, network adapters, switches, cable, software and silicon, that accelerate application runtime and maximize business results for a wide range of markets including high performance computing, enterprise data centers, Web 2.0, cloud, storage, network security, telecom and financial services. More information is available at: www.mellanox.com.

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Mellanox has achieved and maintained the highest ISS Quality Score possible beginning in May of 2017 and through the date of this release, October 24, 2018.

GAAP to Non-GAAP Reconciliation
To supplement our consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), Mellanox uses non-GAAP measures of net income which are adjusted from results based on GAAP to exclude share-based compensation expense, amortization expense of acquired intangible assets, settlement costs, acquisition and other charges, restructuring and impairment charges, and income tax effects and adjustments. Settlement costs represent the charges related to the settlement of a contingent royalty obligation. Acquisition and other charges include expenses related to acquisitions of other companies and expenses related to the proxy contest. Restructuring and impairment charges include costs that are the result of restructuring, consisting of employee termination and severance costs, facilities related costs, contract cancellation charges, and impairment of long-lived assets. The purpose of income tax effects and adjustments is to exclude tax consequences associated with the above excluded expense items, as well as the non-cash impact on the tax provision pertaining to changes in deferred tax assets associated with carryforward losses of group entities subject to tax holiday in Israel. The company believes the non-GAAP results provide useful information to both management and investors, as these non-GAAP results exclude expenses that are not indicative of our core operating results. Management believes it is useful to exclude share-based compensation expense, amortization expense of acquired intangible assets, settlement costs, acquisition and other charges, restructuring and impairment charges, and income tax effects and adjustments because it enhances investors' ability to understand our business from the same perspective as management, which believes that such items are not directly attributable to nor reflect the underlying performance of the company's business operations. Further, management believes certain non-cash charges such as share-based compensation, amortization of acquired intangible assets, impairment charges, changes related to recognition of deferred taxes and the net impact on the company's tax provision for non-GAAP adjustments do not reflect the cash operating results of the business. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. These non-GAAP measures may be different than the non-GAAP measures used by other companies. A reconciliation of GAAP to non-GAAP condensed consolidated statements of operations is also presented in the financial statements portion of this release and is posted under the "Investor Relations" section on our website.
The company has not reconciled its non-GAAP gross margins or non-GAAP operating expenses to GAAP gross margins or GAAP operating expenses, respectively, in the outlook section of this press release, because it does not provide an outlook for GAAP gross margins or GAAP operating expenses due to uncertainty and variability of acquired intangibles, acquisition and other charges, and restructuring charges, which are reconciling items between non-GAAP gross margins and non-GAAP operating expenses, and GAAP gross margins and GAAP operating expenses, respectively. The company has not reconciled its non-GAAP diluted share count to GAAP diluted share count in this press release because it does not provide an outlook for GAAP diluted share count due to the uncertainty in its GAAP net income (loss) due to variability of GAAP gross margins and operating expenses described above. Because such items cannot be reasonably predicted and could have a significant impact on the calculation of GAAP gross margins, GAAP operating expenses and GAAP diluted share count, a reconciliation of our outlook of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements, including the outlook for the three months ending December 31, 2018, statements related to trends in the market for our solutions and services, opportunities for our company in 2018 and beyond, and future product capabilities. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs and certain assumptions made by us, all of which are subject to change.
Forward-looking statements can often be identified by words such as "projects," "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include the continued expansion of our product line, customer base and the total available market of our products, the continued growth in demand for our products, the continued, increased demand for industry standards-based technology, our ability to react to trends and challenges in our business and the markets in which we operate, our ability to anticipate market needs or develop new or enhanced products to meet those needs, the adoption rate of our products, our ability to establish and maintain successful relationships with our OEM partners, our ability to effectively compete in our industry, fluctuations in demand, sales cycles and prices for our products and services, our success converting

6


design wins to revenue-generating product shipments, the continued launch and volume ramp of large customer sales opportunities, our ability to protect our intellectual property rights, our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses, our success in realizing the anticipated benefits of mergers and acquisitions, and our ability to obtain debt at competitive rates or in sufficient amounts in order to fund our contractual commitments. Furthermore, the majority of our quarterly revenues are derived from customer orders received and fulfilled in the same quarterly period. We have limited visibility into actual end-user demand as such demand impacts us and our OEM customer inventory balances in any given quarter. Consequently, this introduces risk and uncertainty into our revenue and production forecasts and business planning and could negatively impact our financial results. In addition, current uncertainty in the global economic environment poses a risk to the overall economy as businesses may defer purchases in response to tighter credit conditions, changing overall demand for our products, and negative financial news. Consequently, our results could differ materially from our prior results due to these general economic and market conditions, political events and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission.
More information about the risks, uncertainties and assumptions that may impact our business is set forth in our annual report on Form 10-K filed with the SEC on February 16, 2018. All forward-looking statements in this press release, including the outlook for the three months ending December 31, 2018, are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements. Amounts reported in this release are preliminary and subject to finalization prior to the filing of our next Quarterly Report on Form 10-Q.
Mellanox is a registered trademark of Mellanox Technologies, Ltd. All other trademarks are property of their respective owners.


7



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



8



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


 

9



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


(1) Acquisition and other charges include $0.8 million and $14.3 million of expenses related to the proxy contest for the three and nine months ended September 30, 2018, respectively.

10



Mellanox Technologies, Ltd.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
 
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



11



Mellanox Technologies, Ltd.
Condensed Consolidated Statement of Cash Flows
(in thousands, unaudited) 
 
 
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


12

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