Achieved Annual Revenue Growth of 26% While
Maintaining Flat Operating Expenses Year-Over-Year
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 fourth quarter and fiscal year 2018.
“Mellanox had an outstanding 2018, delivering 26% annual revenue
growth and achieving $1.09 billion in revenue for the first time in
our history. We leveraged top line growth and strong expense
discipline to accelerate profitability. We expect to carry this
momentum into 2019 and deliver another year of healthy,
double-digit revenue growth to drive operating margins even
higher,” said Eyal Waldman, President and CEO of Mellanox
Technologies.
“We achieved record quarterly revenue in our Ethernet switch
business, capitalizing on design wins for our high-performance,
feature-rich solutions, which support continued growth in 2019. We
maintained our leadership in 25 gigabit and above Ethernet adapters
and continue to benefit from the multi-year transition to higher
speeds. Revenue for our 100 gigabit Ethernet adapters in 2018 was
approximately 2.5 times that of 2017, an indication that the
transition to 100 gigabit technology has begun, which will drive
the next leg of growth. We are also gaining traction in a new
growth vector for the next generation of intelligent interconnect
with our BlueField SmartNICs and Storage Controllers.
We grew our InfiniBand business 8 percent year-over-year and see
strong demand for our leading performance HDR 200 Gigabit per
second InfiniBand solutions for high-performance computing,
artificial intelligence, big data, cloud, storage, and additional
applications. Our HDR InfiniBand solutions have begun to ramp with
a healthy backlog for Q1 and beyond. We achieved record Q4 and 2018
revenue with our LinkX cables and transceivers and expect to
continue seeing healthy growth of our LinkX product line in 2019.
We continue to invest in research and development to maintain our
leadership across all product lines to fuel our growth in 2019 and
beyond,” Mr. Waldman concluded.
Fourth Quarter 2018 - Financial Results Summary
- Revenue of $290.1 million in the fourth
quarter, an increase of 22.1 percent, compared to $237.6 million in
the fourth quarter of 2017.
- GAAP gross margins of 65.4 percent in
the fourth quarter, compared to 64.1 percent in the fourth quarter
of 2017.
- Non-GAAP gross margins of 69.0 percent
in the fourth quarter, compared to 68.8 percent in the fourth
quarter of 2017.
- GAAP operating income of $44.0 million
in the fourth quarter, compared to an operating loss of $6.7
million in the fourth quarter of 2017.
- Non-GAAP operating income of $78.7
million in the fourth quarter, or 27.1 percent of revenue, compared
to $38.0 million, or 16.0 percent of revenue in the fourth quarter
of 2017.
- GAAP net income of $42.8 million in the
fourth quarter, compared to a net loss of $2.6 million in the
fourth quarter of 2017.
- Non-GAAP net income of $77.1 million in
the fourth quarter, compared to $42.9 million in the fourth quarter
of 2017.
- GAAP net income per diluted share of
$0.78 in the fourth quarter, compared to a net loss per diluted
share of $0.05 in the fourth quarter of 2017.
- Non-GAAP net income per diluted share
of $1.42 in the fourth quarter, compared to $0.82 in the fourth
quarter of 2017.
- Cash provided by operating activities
was $96.4 million during the fourth quarter of 2018, compared to
$66.9 million in the fourth quarter of 2017.
- Cash and investments totaled $438.5
million at December 31, 2018, compared to $273.8 million at
December 31, 2017.
Fiscal Year 2018 - Financial Highlights
- Revenue of $1,088.7 million in 2018, an
increase of 26.0 percent, compared to $863.9 million in 2017.
- GAAP operating expense of $588.1
million in 2018, compared to $580.5 million in 2017.
- Non-GAAP operating expense of $483.0
million in 2018, a decrease of 1 percent, compared to $489.3
million in 2017.
- GAAP operating income of $112.1 million
in 2018, compared to operating loss of $17.1 million in 2017.
- Non-GAAP operating income of $270.2
million in 2018, or 24.8 percent of revenue, compared to $118.7
million, or 13.7 percent of revenue in 2017.
- 2018 GAAP benefit from taxes on income
of $22.0 million, mainly due to the reversal of a valuation
allowance related to deferred tax assets.
- GAAP net income of $134.3 million in
2018, compared to a net loss of $19.4 million in 2017.
- Non-GAAP net income of $266.5 million,
compared to $116.6 million in 2017.
- GAAP net income per diluted share of
$2.46, compared to a net loss per diluted share of $0.39 in
2017.
- Non-GAAP net income per diluted share
of $5.01, compared to $2.28 in 2017.
- Cash provided by operating activities
during fiscal year 2018 was $264.9 million, compared to $161.3
million during fiscal year 2017.
First Quarter 2019 Outlook
We currently project:
- Quarterly revenue of $295 million to
$305 million
- Non-GAAP gross margins of 68.0% to
69.0%
- Non-GAAP operating expenses of $123
million to $125 million
- Non-GAAP diluted share count of 54.5
million to 55.0 million
Recent Mellanox Press Release Highlights
• January 22, 2019 CSC, the Finnish IT Center
for Science, and the Finnish Meteorological Institute Select 200
Gigabit HDR InfiniBand to Accelerate Multi-Phase Supercomputer
Program • January 7, 2019 Mellanox 200 Gigabit HDR InfiniBand to
Accelerate a World-Leading Supercomputer at the High-Performance
Computing Center of the University of Stuttgart (HLRS) • December
5, 2018 Mellanox Ethernet Adapter Facilitates High Performance
Network Solutions at Alibaba • November 19, 2018 LINE Corporation
Collaborates with Mellanox and Cumulus Networks to Power Advanced
Messaging Platform • November 13, 2018 Mellanox Technologies
Receives Nine HPCwire Readers’ and Editors’ Choice Awards at the
Supercomputing Conference 2018 • November 13, 2018 Mellanox and Los
Alamos National Laboratory Join Forces to Develop Ultra-Large-Scale
Mission-Centric Computing Infrastructure • November 12, 2018
Mellanox InfiniBand and Ethernet Solutions Accelerate the Majority
of TOP500 Platforms on the November TOP500 Supercomputers List •
November 12, 2018 Mellanox HDR InfiniBand Solutions Accelerate New
Supercomputer for Advanced Research Computing at the University of
Michigan • October 25, 2018 Mellanox Ships More Than 2.1 Million
Ethernet Adapters in the First Three Quarters of 2018
Conference Call
Mellanox will hold its fourth 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.
Mellanox has achieved and maintained the highest ISS Quality
Score possible beginning in May of 2017 and through the date of
this release, January 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, 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 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. 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 March 31, 2019, statements related to
trends in the market for our solutions and services, opportunities
for our company in 2019 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 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.
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 March 31,
2019, 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 Annual
Report on Form 10-K.
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 December 31, Year ended
December 31, 2018 2017 2018 2017
Total revenues $ 290,070 $ 237,581 $ 1,088,743 $ 863,893
Cost of revenues 100,345 85,238 388,573
300,450 Gross profit 189,725 152,343 700,170
563,443 Operating expenses: 0 Research and
development 93,836 94,123 360,344 365,878 Sales and marketing
37,042 38,761 148,553 150,457 General and administrative 14,824
14,136 68,870 52,170 Restructuring and impairment charges 21
12,019 10,329 12,019 Total operating expenses
145,723 159,039 588,096 580,524 Income
(loss) from operations 44,002 (6,696 ) 112,074 (17,081 ) Interest
expense (77 ) (1,932 ) (2,185 ) (7,937 ) Other income, net 39
649 2,322 3,115 Interest and other, net
(38 ) (1,283 ) 137 (4,822 ) Income (loss) before taxes on
income 43,964 (7,979 ) 112,211 (21,903 ) Provision for (benefit
from) taxes on income 1,132 (5,386 ) (22,047 ) (2,478 ) Net
income (loss) $ 42,832 $ (2,593 ) $ 134,258 $ (19,425
) Net income (loss) per share — basic $ 0.80 $ (0.05 ) $
2.54 $ (0.39 ) Net income (loss) per share — diluted $ 0.78
$ (0.05 ) $ 2.46 $ (0.39 ) Shares used in computing
net income (loss) per share: Basic 53,761 51,234 52,863 50,310
Diluted 55,147 51,234 54,646 50,310
Mellanox
Technologies, Ltd. Reconciliation of Non-GAAP
Adjustments (in thousands, except percentages,
unaudited)
Three Months Ended December 31, Year ended
December 31, 2018 2017 2018 2017
Reconciliation of
GAAP net income (loss) to non-GAAP:
GAAP net income (loss) $ 42,832 $ (2,593 ) $ 134,258 $ (19,425 )
Adjustments: Share-based compensation expense: Cost of revenues 609
470 1,950 2,000 Research and development 12,013 10,479 38,922
40,278 Sales and marketing 5,152 4,009 17,042 15,693 General and
administrative 4,522 2,913 13,428 10,893
Total share-based compensation expense 22,296 17,871 71,342
68,864 Amortization of acquired intangibles: Cost of revenues 9,764
10,641 41,978 42,482 Research and development 196 196 778 779 Sales
and marketing 2,033 2,230 8,330 8,919
Total amortization of acquired intangibles 11,993 13,067 51,086
52,180 Settlement costs: Cost of revenues — — 9,161
— Total settlement costs — — 9,161 — Acquisition and
other charges (1): Research and development 92 193 558 734 Sales
and marketing 30 48 268 141 General and administrative 223
1,507 15,423 1,794 Total acquisition and other
charges 345 1,748 16,249 2,669 Restructuring and impairment charges
Operating expense 21 12,019 10,329 12,019 Other loss 1,494 —
1,494 — Total restructuring and impairment
charges 1,515 12,019 11,823 12,019 Tax effects and adjustments
(1,878 ) 799 (27,442 ) 250 Non-GAAP net income $
77,103 $ 42,911 $ 266,477 $ 116,557
Reconciliation of
GAAP gross profit to non-GAAP:
Revenues $ 290,070 $ 237,581 $ 1,088,743 $ 863,893 GAAP gross
profit 189,725 152,343 700,170 563,443 GAAP gross margin 65.4 %
64.1 % 64.3 % 65.2 % Share-based compensation expense 609 470 1,950
2,000 Amortization of acquired intangibles 9,764 10,641 41,978
42,482 Settlement costs — — 9,161 —
Non-GAAP gross profit $ 200,098 $ 163,454 $ 753,259
$ 607,925 Non-GAAP gross margin 69.0 % 68.8 % 69.2 %
70.4 %
Reconciliation of
GAAP operating expenses to non-GAAP:
GAAP operating expenses $ 145,723 $ 159,039 $ 588,096 $ 580,524
Share-based compensation expense (21,687 ) (17,401 ) (69,392 )
(66,864 ) Amortization of acquired intangibles (2,229 ) (2,426 )
(9,108 ) (9,698 ) Acquisition and other charges (1) (345 ) (1,748 )
(16,249 ) (2,669 ) Restructuring charges (21 ) (12,019 ) (10,329 )
(12,019 ) Non-GAAP operating expenses $ 121,441 $ 125,445
$ 483,018 $ 489,274
Mellanox
Technologies, Ltd. Reconciliation of Non-GAAP
Adjustments (in thousands, except per share data,
unaudited)
Three Months Ended December 31, Year ended
December 31, 2018 2017 2018 2017
Reconciliation of
GAAP income (loss) from operations to non-GAAP:
GAAP income (loss) from operations $ 44,002 $ (6,696 ) $ 112,074 $
(17,081 ) GAAP income (loss) from operations % 15.2 % (2.8 )% 10.3
% (2.0 )% Share-based compensation expense 22,296 17,871 71,342
68,864 Settlement costs — — 9,161 — Amortization of acquired
intangibles 11,993 13,067 51,086 52,180 Acquisition and other
charges (1) 345 1,748 16,249 2,669 Restructuring charges 21
12,019 10,329 12,019 Non-GAAP income from
operations $ 78,657 $ 38,009 $ 270,241 $
118,651 Non-GAAP income from operations % 27.1 % 16.0 % 24.8
% 13.7 % Shares used in computing GAAP diluted earnings per
share 55,147 51,234 54,646 50,310 Adjustments: Effect of dilutive
securities under GAAP (1,386 ) — (1,783 ) — Total options vested
and exercisable 360 835 360 835 Shares
used in computing non-GAAP diluted earnings per share 54,121
52,069 53,223 51,145 GAAP diluted net
income (loss) per share $ 0.78 $ (0.05 ) $ 2.46 $ (0.39 )
Adjustments: Share-based compensation expense 0.39 0.34 1.30 1.38
Amortization of acquired intangibles 0.21 0.26 0.93 1.04 Settlement
costs — — 0.17 — Acquisition and other charges (1) 0.01 0.03 0.30
0.05 Restructuring and impairment charges 0.03 0.23 0.22 0.24 Tax
effects and adjustments (0.03 ) 0.02 (0.50 ) — Effect of dilutive
securities under GAAP 0.04 — 0.16 — Total options vested and
exercisable (0.01 ) (0.01 ) (0.03 ) (0.04 ) Non-GAAP diluted net
income per share $ 1.42 $ 0.82 $ 5.01 $ 2.28
(1) Acquisition and other charges include $14.3 million of
expenses related to the proxy contest for the year ended
December 31, 2018.
Mellanox Technologies, Ltd.
Condensed Consolidated Balance
Sheets
(in thousands, unaudited)
December 31, 2018 2017
ASSETS Current assets: Cash and cash equivalents $ 56,766 $
62,473 Short-term investments 381,724 211,281 Accounts receivable,
net 150,625 154,213 Inventories 104,381 64,657 Other current assets
16,942 14,295 Total current assets 710,438 506,919 Property
and equipment, net 105,334 109,919 Severance assets 17,043 18,302
Intangible assets, net 179,328 228,195 Goodwill 473,916 472,437
Deferred taxes and other long-term assets 101,139 66,162
Total assets $ 1,587,198 $ 1,401,934
LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $
70,336 $ 59,090 Accrued liabilities 121,878 114,058 Deferred
revenue 20,558 23,485 Total current liabilities 212,772
196,633 Accrued severance 21,645 23,205 Deferred revenue 18,665
17,820 Term debt — 72,761 Other long-term liabilities 32,468
34,067 Total liabilities 285,550 344,486 Shareholders’
equity Ordinary shares 233 221 Additional paid-in capital 982,677
873,979 Accumulated other comprehensive income (loss) (1,051 )
1,618 Retained earnings 319,789 181,630 Total shareholders’
equity 1,301,648 1,057,448 Total liabilities and
shareholders' equity $ 1,587,198 $ 1,401,934
Mellanox Technologies, Ltd.
Condensed Consolidated Statement of
Cash Flows
(in thousands, unaudited)
Year ended December 31, 2018
2017 Cash flows from operating activities: Net income
(loss) $ 134,258 $ (19,425 ) Adjustments to reconcile net income
(loss) to net cash provided by operating activities: Depreciation
and amortization 101,590 103,821 Deferred income taxes (26,697 )
(2,150 ) Share-based compensation 71,342 68,864 Gains on short-term
investments, net (5,278 ) (3,460 ) Impairment charges and loss on
disposal of PPE 4,754 12,019 Changes in assets and liabilities, net
of effect of acquisitions: Accounts receivable, net 3,588 (12,175 )
Inventories (43,301 ) (887 ) Prepaid expenses and other assets
(2,650 ) (681 ) Accounts payable 10,486 170 Accrued liabilities and
other liabilities 16,765 15,216 Net cash provided by
operating activities 264,857 161,312 Cash flows from
investing activities: Purchase of severance-related insurance
policies (1,203 ) (1,312 ) Purchase of short-term investments
(395,560 ) (188,745 ) Proceeds from sales of short-term investments
87,542 193,082 Proceeds from maturities of short-term investments
143,087 59,129 Proceeds from sales of property and equipment 3,239
— Purchase of property and equipment (36,338 ) (41,376 ) Purchase
of intangible assets (6,535 ) (2,843 ) Purchase of investments in
privately-held companies (12,500 ) (15,021 ) Acquisitions, net of
cash acquired (7,379 ) (872 ) Net cash provided by (used in)
investing activities (225,647 ) 2,042 Cash flows from
financing activities: Principal payments on term debt (74,000 )
(172,000 ) Principal payments on capital lease and intangible
assets obligations (8,426 ) (7,369 ) Proceeds from issuances of
ordinary shares through employee equity incentive plans 37,368
29,733 Net cash provided by (used in) financing
activities (45,058 ) (149,636 ) Net increase (decrease) in cash,
cash equivalents, and restricted cash (5,848 ) 13,718 Cash, cash
equivalents, and restricted cash at beginning of period 70,498
56,780 Cash, cash equivalents, and restricted cash at
end of period $ 64,650 $ 70,498
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190130005783/en/
Mellanox Technologies, Ltd.Press/Media ContactGreg
CrossZonic Public Relations+1-925-413-5327gcross@zonicgroup.com
Investor ContactShanye HudsonVP, Investor
Relations+1-408-916-0041shanye@mellanox.com
Israel PR ContactJonathan WolfJWPR Public Relations and
Communications+972-54-22-094-22yoni@jwpr.co.il
Israel IR ContactEmanuel KahanaGelbart Kahana Investor
Relations+972-3-607-47-17mano@gk-biz.com
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