Mellanox Delivers Record First Quarter 2020 Financial Results

April 23, 2020

SUNNYVALE, Calif. and YOKNEAM, ISRAEL — April 23, 2020 – Mellanox Technologies, Ltd., 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 first quarter 2020.

“Mellanox delivered record revenue and operating income in the first quarter of 2020. All our major product lines continued to grow. We are pleased to be shipping end-to-end solutions at speeds of 200 gigabits per second (Gbps) for both InfiniBand and Ethernet. In addition, we are shipping 400 Gbps Ethernet switches,” said Eyal Waldman, President and CEO of Mellanox Technologies. “Sales of Ethernet adapter products increased 112% year-over-year. We expect our new ConnectX-6 Dx adapters and Bluefield-2 I/O Processing Units (IPUs), the latest additions to our industry leading family of Smart NICs,to bring unprecedented security and co-processing capabilities to enterprise and cloud data centers. These capabilities will be further strengthened by our recent acquisition of Titan IC, the leading developer of network intelligence and security technology to accelerate search and big data analytics across a broad range of applications in data centers worldwide. The product line revenue of our Spectrum ASIC based Ethernet switch business grew 66% year-over-year. We recently began shipping Spectrum-3 based switches, the world’s first 12.8 Tbps networking platforms optimized for cloud, storage, and artificial intelligence,” continued Waldman.

“We are experiencing very strong adoption of InfiniBand for hyperscale artificial intelligence and cloud environments, resulting in tens of thousands of compute nodes connected with InfiniBand, which demonstrates the superior performance and scalability of InfiniBand. We saw 27% year-over-year growth in InfiniBand, led by strong demand for our HDR 200 gigabit solutions. HDR InfiniBand has been selected to interconnect national Exascale programs, large scale artificial intelligence and cloud platforms,and enterprise compute and storage infrastructures. We are proud that our InfiniBand technology is being utilized by many of the supercomputers in the Covid-19 High-Performance Computing Consortium,which is helping to aggregate computing capabilities for researchers to execute complex computations to help fight the novel Corona virus,” continued Waldman. “We are excited to participate in such important global initiatives through the adoption of our industry-leading adapters, switches, cables, and software,while also delivering strong financial performance for the first quarter of 2020.”

First Quarter 2020 – Financial Results Summary

• Revenue of $428.7 million in the first quarter, an increase of 40.5 percent, compared to $305.2 million in the first quarter of 2019.
• GAAP gross margins of 66.8 percent in the first quarter, compared to 64.6 percent in the first quarter of 2019.
• Non-GAAP gross margins of 69.1 percent in the first quarter, compared to 68.0 percent in the first quarter of 2019.
• GAAP operating income of $102.3 million in the first quarter, or 23.9 percent of revenue, compared to $44.7 million, or 14.6 percent of revenue in the first quarter of 2019.
• Non-GAAP operating income of $146.2 million in the first quarter, or 34.1 percent of revenue,compared to $86.3 million, or 28.3 percent of revenue in the first quarter of 2019.
• GAAP net income of $105.9 million in the first quarter, compared to $48.6 million in the first quarter of 2019.
• Non-GAAP net income of $145.6 million in the first quarter, compared to $86.5 million in the first quarter of 2019.
• GAAP net income per diluted share of $1.84 in the first quarter, compared to $0.87 in the first quarter of 2019.
• Non-GAAP net income per diluted share of $2.59 in the first quarter, compared to $1.59 in the first quarter of 2019.
• $79.2 million in cash provided by operating activities in the first quarter, compared to $88.4 million in the first quarter of 2019.
• Cash and short-term investments totaled $938.0 million at March 31, 2020, compared to $875.9 million at December 31, 2019.

Mellanox Acquisition by NVIDIA

On April 16, 2020 NVIDIA Corporation announced that it has received approval from all necessary authorities to proceed with its planned acquisition of Mellanox. Closing of the acquisition is expected to occur on or about April 27, 2020. 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

• March 9, 2020 Mellanox Delivers Spectrum-3 Based Ethernet Switches – First 12.8 Tbps Networking Platforms Optimized for Cloud, Storage, and AI
• March 3, 2020 Mellanox to Acquire World Leading Network Intelligence Technology Developer Titan IC to Strengthen Leadership in Security and Data Analytics
• February 24, 2020 Revolutionary Mellanox ConnectX-6 Dx SmartNICs and BlueField-2 I/O Processing Units Transform Cloud and Data Center Security
• January 29, 2020 Mellanox Delivers Record Fourth Quarter and Annual 2019 Financial Results

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.


Source: Mellanox Technologies, Ltd.

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