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Mellanox Delivers Record Revenue for the Third Quarter of 2019

October 30, 2019

SUNNYVALE, Calif. & YOKNEAM, Israel--(BUSINESS WIRE)--Oct 30, 2019--

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 ended September 30, 2019.

“Mellanox delivered record revenue and cash flow from operations in the third quarter, with growth across all our major product lines. Sales of our Ethernet adapter solutions grew 28% quarter-over-quarter, and continue to lead the market for data rates of 25 gigabit per second and above. We started shipping ConnectX-6 Dx, the world’s first 200 gigabit per second Ethernet adapter with built in crypto acceleration, which will allow security to be deployed throughout enterprise and cloud data centers. We are also seeing healthy adoption of our Ethernet switches across a broad range of data center applications, including hyperscale, cloud, storage, and financial markets, resulting in 25% growth over the prior quarter,” said Eyal Waldman, president and CEO of Mellanox Technologies. “Our InfiniBand solutions grew as well, driven by the ramp of our 200 gigabit per second HDR solutions in the high performance computing, artificial intelligence, cloud, and storage market segments. As one key example, Microsoft is now offering InfiniBand HDR connected nodes in the Azure cloud for high performance computing workloads,” continued Waldman. “We are pleased with the strong traction of our adapters and switches in the data center, as well as our solid financial results for the third quarter.”

Third Quarter 2019 - Highlights

Commentary Regarding Mellanox Acquisition by NVIDIA

As announced on March 11, 2019, NVIDIA Corporation intends to acquire all the issued and outstanding common shares of Mellanox for $125 per share in cash. Due to the pending acquisition, Mellanox will not hold an earnings conference call and has suspended the practice of providing forward-looking guidance.

Recent Mellanox Press Release Highlights

October 15, 2019

Mellanox Propels NVMe/TCP and RoCE Fabrics to New Heights

October 7, 2019

Mellanox Releases Independent Report Demonstrating ConnectX Ethernet NICs Outperform Competition and Ships First ConnectX-6 Dx Secure SmartNICs

September 25, 2019

Mellanox Announces Support Solutions for SONiC Open Source Network Operating System

September 11, 2019

Mellanox to Ship Record of More Than One Million ConnectX Adapters in Q3 2019

September 3, 2019

Mellanox Introduces New LinkX® 200G & 400G Cables & Transceivers at CIOE, Shenzhen, China and ECOC, Dublin, Ireland 2019

August 26, 2019

Mellanox Works with VMware and NVIDIA to Enable High Performance Virtualized Machine Learning Solutions

August 26, 2019

Mellanox Introduces Revolutionary ConnectX-6 Dx and BlueField-2 Secure Cloud SmartNICs and I/O Processing Unit Solutions

August 7, 2019

Mellanox Ethernet and InfiniBand Solutions Deliver Breakthrough Performance for AMD EPYC™ 7002 Processor Based Data Centers

July 24, 2019

Mellanox Delivers Record Revenue for the Second Quarter of 2019

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, unlocking system performance and improving security. Mellanox offers a choice of high-performance solutions: network and multicore processors, network adapters, switches, cables, software and silicon, that accelerate application runtime and maximize business results for a wide range of markets including high performance computing, enterprise data centers, cloud, storage, cyber security, telecom and financial services. More information is available at: www.mellanox.com.

Mellanox has achieved and maintained the highest ISS Quality Score possible beginning in May of 2017 and through the date of this release, October 30, 2019.

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, gain on investments in privately-held companies, non-operating foreign exchange gains and losses, 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, expenses related to the proxy contest, and expenses related to the pending acquisition of Mellanox by NVIDIA. Restructuring and impairment charges include impairment charges related to our investment in privately-held companies, as well as 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. Gain on investments in privately-held companies represents the realized and unrealized gain related to our private company investees. Non-operating foreign exchange gains and losses include the gains and losses as a result of remeasuring our balance sheet items denominated in foreign currencies and the gains and losses associated with the related hedging instruments. The purpose of income tax effects and adjustments is to exclude tax consequences associated with the above excluded income and expense items, the non-cash impact on the tax provision pertaining to changes in deferred tax assets associated with carryforward losses, and reversals of valuation allowances. Shares used in computing non-GAAP diluted earnings per share represents GAAP basic shares plus total options vested and exercisable. The company believes the non-GAAP results provide useful information to both management and investors, as these non-GAAP results exclude income and 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, gain on investments in privately-held companies, non-operating foreign exchange gains and losses, 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 the utilization 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.

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, statements related to trends in the market for our solutions and services, opportunities for our company in 2019 and beyond, future product capabilities and the acquisition of Mellanox by NVIDIA. 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 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 revenue 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. Additionally, there are risks, uncertainties and assumptions in connection with the proposed transaction with NVIDIA including, (i) the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect Mellanox’s business and the price of the ordinary shares of Mellanox, (ii) the failure to satisfy any of the conditions to the consummation of the proposed transaction, including the approval of the merger agreement by the shareholders of Mellanox and the receipt of certain governmental and regulatory approvals, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (iv) the effect of the announcement or pendency of the proposed transaction on Mellanox’s business relationships, operating results and business generally, (v) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction, (vi) risks related to diverting management’s attention from Mellanox’s ongoing business operations, (vii) the outcome of any legal proceedings that may be instituted against us related to the merger agreement or the proposed transaction; and (viii) unexpected costs, charges or expenses resulting from the proposed transaction.

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 22, 2019. All forward-looking statements in this press release, 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.

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,

 

 

2019

 

2018

 

2019

 

2018

 

Total revenues

 

$

335,251

 

 

$

279,211

 

 

$

950,792

 

 

$

798,673

 

Cost of revenues

 

117,717

 

 

95,562

 

 

335,837

 

 

288,228

 

Gross profit

 

217,534

 

 

183,649

 

 

614,955

 

 

510,445

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

107,380

 

 

92,930

 

 

298,914

 

 

266,508

 

Sales and marketing

 

41,166

 

 

36,344

 

 

120,565

 

 

111,511

 

General and administrative

 

20,106

 

 

13,895

 

 

58,576

 

 

54,046

 

Restructuring and impairment charges

 

20

 

 

947

 

 

1,198

 

 

10,308

 

Total operating expenses

 

168,672

 

 

144,116

 

 

479,253

 

 

442,373

 

Income from operations

 

48,862

 

 

39,533

 

 

135,702

 

 

68,072

 

Interest and other, net

 

1,716

 

 

1,046

 

 

12,215

 

 

175

 

Income before taxes on income

 

50,578

 

 

40,579

 

 

147,917

 

 

68,247

 

Provision for (benefit from) taxes on income

 

6,399

 

 

3,522

 

 

16,689

 

 

(23,179

)

Net income

 

$

44,179

 

 

$

37,057

 

 

$

131,228

 

 

$

91,426

 

Net income per share — basic

 

$

0.80

 

 

$

0.70

 

 

$

2.40

 

 

$

1.74

 

Net income per share — diluted

 

$

0.78

 

 

$

0.68

 

 

$

2.33

 

 

$

1.68

 

Shares used in computing net income per share:

 

 

 

 

 

 

 

 

Basic

 

55,180

 

 

53,232

 

 

54,708

 

 

52,560

 

Diluted

 

56,735

 

 

54,612

 

 

56,405

 

 

54,383

 

Mellanox Technologies, Ltd.

Reconciliation of Non-GAAP Adjustments

(in thousands, except percentages, unaudited)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2019

 

2018

 

2019

 

2018

Reconciliation of GAAP net income to non-GAAP:

 

 

 

 

 

 

 

GAAP net income

$

44,179

 

 

$

37,057

 

 

$

131,228

 

 

$

91,426

 

Adjustments:

 

 

 

 

 

 

 

Share-based compensation expense:

 

 

 

 

 

 

 

Cost of revenues

1,010

 

 

515

 

 

2,523

 

 

1,341

 

Research and development

17,317

 

 

10,395

 

 

45,044

 

 

26,909

 

Sales and marketing

7,434

 

 

4,645

 

 

19,590

 

 

11,890

 

General and administrative

5,465

 

 

3,601

 

 

15,260

 

 

8,906

 

Total share-based compensation expense

31,226

 

 

19,156

 

 

82,417

 

 

49,046

 

Amortization of acquired intangibles:

 

 

 

 

 

 

 

Cost of revenues

9,763

 

 

10,226

 

 

29,207

 

 

32,214

 

Research and development

196

 

 

196

 

 

582

 

 

582

 

Sales and marketing

1,567

 

 

2,033

 

 

4,977

 

 

6,297

 

Total amortization of acquired intangibles

11,526

 

 

12,455

 

 

34,766

 

 

39,093

 

Settlement costs:

 

 

 

 

 

 

 

Cost of revenues

 

 

 

 

 

 

9,161

 

Total settlement costs

 

 

 

 

 

 

9,161

 

Acquisition and other charges:

 

 

 

 

 

 

 

Cost of revenues

25

 

 

 

 

25

 

 

 

Research and development

25

 

 

92

 

 

347

 

 

466

 

Sales and marketing

5

 

 

30

 

 

143

 

 

238

 

General and administrative

3,407

 

 

1,003

 

 

11,495

 

 

15,200

 

Total acquisition and other charges

3,462

 

 

1,125

 

 

12,010

 

 

15,904

 

Restructuring and impairment charges:

 

 

 

 

 

 

 

Operating expense

20

 

 

947

 

 

1,197

 

 

10,308

 

Interest and other, net

 

 

 

 

1,755

 

 

 

Total restructuring and impairment charges

20

 

 

947

 

 

2,952

 

 

10,308

 

Gain on investments in privately-held companies:

 

 

 

 

 

 

 

Interest and other, net

 

 

 

 

(9,569

)

 

 

Non-operating foreign exchange loss:

 

 

 

 

 

 

 

Interest and other, net

2,306

 

 

 

 

6,360

 

 

 

Tax effects and adjustments

1,137

 

 

673

 

 

4,070

 

 

(25,564

)

Non-GAAP net income

$

93,856

 

 

$

71,413

 

 

$

264,234

 

 

$

189,374

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP gross profit to non-GAAP:

 

 

 

 

 

 

 

Revenues

$

335,251

 

 

$

279,211

 

 

$

950,792

 

 

$

798,673

 

GAAP gross profit

217,534

 

 

183,649

 

 

614,955

 

 

510,445

 

GAAP gross margin

64.9

%

 

65.8

%

 

64.7

%

 

63.9

%

Share-based compensation expense

1,010

 

 

515

 

 

2,523

 

 

1,341

 

Amortization of acquired intangibles

9,763

 

 

10,226

 

 

29,207

 

 

32,214

 

Acquisition and other charges

25

 

 

 

 

25

 

 

 

Settlement costs

 

 

 

 

 

 

9,161

 

Non-GAAP gross profit

$

228,332

 

 

$

194,390

 

 

$

646,710

 

 

$

553,161

 

Non-GAAP gross margin

68.1

%

 

69.6

%

 

68.0

%

 

69.3

%

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,

 

2019

 

2018

 

2019

 

2018

Reconciliation of GAAP operating expenses to non-GAAP:

 

 

 

 

 

 

 

GAAP operating expenses

$

168,672

 

 

$

144,116

 

 

$

479,253

 

 

$

442,373

 

Share-based compensation expense

(30,216

)

 

(18,641

)

 

(79,894

)

 

(47,705

)

Amortization of acquired intangibles

(1,763

)

 

(2,229

)

 

(5,559

)

 

(6,879

)

Acquisition and other charges

(3,437

)

 

(1,125

)

 

(11,985

)

 

(15,904

)

Restructuring and impairment charges

(20

)

 

(947

)

 

(1,197

)

 

(10,308

)

Non-GAAP operating expenses

$

133,236

 

 

$

121,174

 

 

$

380,618

 

 

$

361,577

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP income from operations to non-GAAP:

 

 

 

 

 

 

 

GAAP income from operations

$

48,862

 

 

$

39,533

 

 

$

135,702

 

 

$

68,072

 

GAAP income from operations %

14.6

%

 

14.2

%

 

14.3

%

 

8.5

%

Share-based compensation expense

31,226

 

 

19,156

 

 

82,417

 

 

49,046

 

Settlement costs

 

 

 

 

 

 

9,161

 

Amortization of acquired intangibles

11,526

 

 

12,455

 

 

34,766

 

 

39,093

 

Acquisition and other charges

3,462

 

 

1,125

 

 

12,010

 

 

15,904

 

Restructuring charges

20

 

 

947

 

 

1,197

 

 

10,308

 

Non-GAAP income from operations

$

95,096

 

 

$

73,216

 

 

$

266,092

 

 

$

191,584

 

Non-GAAP income from operations %

28.4

%

 

26.2

%

 

28.0

%

 

24.0

%

 

 

 

 

 

 

 

 

Shares used in computing GAAP diluted earnings per share

56,735

 

 

54,612

 

 

56,405

 

 

54,383

 

Adjustments:

 

 

 

 

 

 

 

Effect of dilutive securities under GAAP

(1,555

)

 

(1,380

)

 

(1,697

)

 

(1,823

)

Total options vested and exercisable

288

 

 

483

 

 

288

 

 

483

 

Shares used in computing non-GAAP diluted earnings per share

55,468

 

 

53,715

 

 

54,996

 

 

53,043

 

 

 

 

 

 

 

 

 

GAAP diluted net income per share

$

0.78

 

 

$

0.68

 

 

$

2.33

 

 

$

1.68

 

Adjustments:

 

 

 

 

 

 

 

Share-based compensation expense

0.55

 

 

0.35

 

 

1.45

 

 

0.90

 

Amortization of acquired intangibles

0.20

 

 

0.23

 

 

0.62

 

 

0.72

 

Settlement costs

 

 

 

 

 

 

0.17

 

Acquisition and other charges

0.06

 

 

0.02

 

 

0.21

 

 

0.29

 

Restructuring and impairment charges

 

 

0.02

 

 

0.05

 

 

0.19

 

Gain on investments in privately-held companies:

 

 

 

 

(0.17

)

 

 

Non-operating foreign exchange loss

0.04

 

 

 

 

0.11

 

 

 

Tax effects and adjustments

0.02

 

 

0.01

 

 

0.07

 

 

(0.47

)

Effect of dilutive securities under GAAP

0.05

 

 

0.03

 

 

0.15

 

 

0.12

 

Total options vested and exercisable

(0.01

)

 

(0.01

)

 

(0.02

)

 

(0.03

)

Non-GAAP diluted net income per share

$

1.69

 

 

$

1.33

 

 

$

4.80

 

 

$

3.57

 

Mellanox Technologies, Ltd.

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

 

 

September 30,

 

December 31,

 

 

2019

 

2018

ASSETS

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

52,638

 

 

$

56,766

 

Short-term investments

 

689,823

 

 

381,724

 

Accounts receivable, net

 

202,561

 

 

150,625

 

Inventories

 

84,927

 

 

104,381

 

Other current assets

 

19,700

 

 

16,942

 

Total current assets

 

1,049,649

 

 

710,438

 

Property and equipment, net

 

112,860

 

 

105,334

 

Intangible assets, net

 

156,564

 

 

179,328

 

Goodwill

 

473,916

 

 

473,916

 

Other long-term assets

 

156,956

 

 

118,182

 

Total assets

 

$

1,949,945

 

 

$

1,587,198

 

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

 

 

 

 

Accounts payable

 

$

84,147

 

 

$

70,336

 

Accrued and other liabilities

 

159,721

 

 

121,878

 

Deferred revenue

 

23,325

 

 

20,558

 

Total current liabilities

 

267,193

 

 

212,772

 

Deferred revenue, long-term

 

22,257

 

 

18,665

 

Other long-term liabilities

 

108,227

 

 

54,113

 

Total liabilities

 

397,677

 

 

285,550

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

Ordinary shares

 

240

 

 

233

 

Additional paid-in capital

 

1,096,744

 

 

982,677

 

Accumulated other comprehensive income (loss)

 

2,964

 

 

(1,051

)

Retained earnings

 

452,320

 

 

319,789

 

Total shareholders’ equity

 

1,552,268

 

 

1,301,648

 

Total liabilities and shareholders' equity

 

$

1,949,945

 

 

$

1,587,198

 

Mellanox Technologies, Ltd.

Condensed Consolidated Statement of Cash Flows

(in thousands, unaudited)

 

 

Nine Months Ended September 30,

 

 

2019

 

2018

 

 

 

Cash flows from operating activities:

 

 

 

 

Net income

 

$

131,228

 

 

$

91,426

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

72,018

 

 

77,455

 

Deferred income taxes

 

 

 

(27,973

)

Share-based compensation

 

82,417

 

 

49,046

 

Gain on short-term investments, net

 

(10,526

)

 

(3,135

)

Gain on investments in privately-held companies

 

(9,569

)

 

 

Impairment charges

 

3,045

 

 

2,806

 

Changes in assets and liabilities:

 

 

 

 

Accounts receivable

 

(51,936

)

 

11,441

 

Inventories

 

15,558

 

 

(41,837

)

Prepaid expenses and other assets

 

10,534

 

 

(128

)

Accounts payable

 

10,850

 

 

13,661

 

Accrued and other liabilities

 

23,404

 

 

(4,273

)

Net cash provided by operating activities

 

277,023

 

 

168,489

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchase of short-term investments

 

(619,256

)

 

(228,229

)

Proceeds from sales and maturities of short-term investments

 

325,787

 

 

156,744

 

Proceeds from sales of property and equipment

 

48

 

 

3,239

 

Purchase of property and equipment

 

(26,951

)

 

(28,992

)

Purchase of intangibles and other assets

 

(4,298

)

 

(7,428

)

Proceeds from sale of an investment in a privately-held company

 

16,887

 

 

 

Purchase of investments in privately-held companies

 

(4,319

)

 

(7,500

)

Acquisition, net of cash acquired

 

 

 

(7,379

)

Net cash used in investing activities

 

(312,102

)

 

(119,545

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Principal payments on term debt

 

 

 

(74,000

)

Payments on intangible asset financings

 

(8,590

)

 

(6,519

)

 

Proceeds from share issuances through employee stock plans

 

31,657

 

 

33,267

 

Net cash provided by (used in) financing activities

 

23,067

 

 

(47,252

)

 

 

 

 

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

(12,012

)

 

1,692

 

Cash, cash equivalents, and restricted cash at beginning of period

 

64,650

 

 

70,498

 

Cash, cash equivalents, and restricted cash at end of period

 

$

52,638

 

 

$

72,190

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191030005254/en/

CONTACT: Mellanox Technologies, Ltd.Investor Contact

ir@mellanox.comIsrael IR Contact

Emanuel Kahana

Gelbart Kahana Investor Relations

+972-3-607-47-17

mano@gk-biz.com

KEYWORD: UNITED STATES NORTH AMERICA ISRAEL MIDDLE EAST CALIFORNIA

INDUSTRY KEYWORD: DATA MANAGEMENT TECHNOLOGY SOFTWARE NETWORKS INTERNET HARDWARE

SOURCE: Mellanox Technologies, Ltd.

Copyright Business Wire 2019.

PUB: 10/30/2019 04:05 PM/DISC: 10/30/2019 04:06 PM

http://www.businesswire.com/news/home/20191030005254/en