Mellanox Reports Continued Growth and Record Revenues for Full-Year 2016
Last update: 01/02/2017 4:05:00 pm
2016 Growth of 30% Equaled Record of $857.5 Million
Fourth Quarter InfiniBand Revenues Grew 10% Sequentially, EDR up 59% Sequentially
Strong Adoption of 25/50/100 Gigabit Ethernet Solutions, Ethernet Equaled 37% of Total Revenues in 2016
SUNNYVALE, Calif. & YOKNEAM, Israel--(BUSINESS WIRE)--February 01, 2017--
Mellanox(R) Technologies, Ltd. (NASDAQ: MLNX) today announced financial results for its fourth quarter ended December 31, 2016.
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"During the fourth quarter we saw continued sequential growth in our InfiniBand business, driven by robust customer adoption of our 100 Gigabit EDR solutions into artificial intelligence, machine learning, high-performance computing, storage, database and more. Our quarterly, and full-year 2016 results, highlight InfiniBand's continued leadership in high-performance interconnects," said Eyal Waldman, president and CEO of Mellanox Technologies. "Customer adoption of our 25, 50, and 100 gigabit Ethernet solutions continued to grow in the fourth quarter. Adoption of Spectrum Ethernet switches by customers worldwide generated positive momentum exiting 2016. Our fourth quarter and full-year 2016 results demonstrate Mellanox's diversification, and leadership in both Ethernet and InfiniBand. We anticipate growth in 2017 from all Mellanox product lines."
Fourth Quarter and Fiscal 2016 Highlights
-- Revenues were $221.7 million in the fourth quarter, and $857.5 million in
fiscal year 2016.
-- GAAP gross margins were 66.8 percent in the fourth quarter, and 64.8
percent in fiscal year 2016.
-- Non-GAAP gross margins were 71.9 percent in the fourth quarter, and 71.6
percent in fiscal year 2016.
-- GAAP operating income was $13.4 million, or 6.0 percent of revenue, in
the fourth quarter, and operating income was $30.6 million, or 3.6
percent of revenue, in fiscal year 2016.
-- Non-GAAP operating income was $44.4 million, or 20.0 percent of revenue,
in the fourth quarter, and $180.4 million, or 21.0 percent of revenue, in
fiscal year 2016.
-- GAAP net income was $9.0 million in the fourth quarter, and $18.5 million
in fiscal year 2016.
-- Non-GAAP net income was $41.3 million in the fourth quarter, and $169.5
million in fiscal year 2016.
-- GAAP net income per diluted share was $0.18 in the fourth quarter, and
$0.37 in fiscal year 2016.
-- Non-GAAP net income per diluted share was $0.82 in the fourth quarter,
and $3.43 in fiscal year 2016.
-- $54.0 million in cash was provided by operating activities during the
fourth quarter.
-- $196.1 million in cash was provided by operating activities during fiscal
year 2016.
-- Cash and investments totaled $328.4 million at December 31, 2016.
First Quarter 2017 Outlook
We currently project:
-- Quarterly revenues of $200 million to $210 million
-- Non-GAAP gross margins of 71 percent to 72 percent
-- An increase in non-GAAP operating expenses of 3 percent to 5 percent
-- Share-based compensation expense of $15.8 million to $16.3 million
-- Non-GAAP diluted share count of 50.3 million to 50.8 million shares
Recent Mellanox Press Release Highlights
-- December 12, 2016 Mellanox 25G/100G Ethernet Solutions Enables
Artificial Intelligence Speech Recognition
Technology at iFLYTEK
-- December 6, 2016 Mellanox Announces Record Breaking Performance
Enabling Stateful Packet Processing at 400Gb/s with
the NPS-400 Network Processor
-- December 5, 2016 Mellanox's EDR 100Gb/s InfiniBand Accelerates the
Largest National Institute of Health Supercomputer
-- November 15, 2016 Mellanox Technologies Receives Six HPCwire Readers'
and Editors' Choice Awards at the Supercomputing
Conference
-- November 14, 2016 Mellanox InfiniBand to Accelerate the New National
Computational Infrastructure (NCI) Supercomputer
-- November 14, 2016 Mellanox Drives Virtual Reality To New Levels With
Breakthrough Performance
-- November 14, 2016 InfiniBand Chosen by Nearly 4X More End-Users
Versus Proprietary Offerings in 2016 as Shown on
the TOP500 Supercomputers List
-- November 10, 2016 Mellanox Announces 200Gb/s HDR InfiniBand Solutions
Enabling Record Levels of Performance and
Scalability
-- November 2, 2016 Mellanox Launches Open Source Software Initiative
for Routers, Load Balancers, and Firewalls
-- November 1, 2016 Mellanox Multi-Host Technology Reshapes Data Center
Economics
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