Mellanox technologies, ltd. (MLNX)
CashFlow / TTM
Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income (loss)

205,095

174,060

166,938

145,035

134,258

88,833

55,179

30,662

-19,425

-7,837

797

13,442

18,518

52,721

60,636

75,230

92,894

44,943

25,582

-2,533

-24,009

-26,694

-32,993

-25,865

-23,342

3,109

57,220

91,048

111,951

97,958

54,365

24,404

10,334

0

0

0

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization

96,870

96,153

96,365

99,110

101,590

104,712

105,681

105,082

103,821

101,031

102,314

102,298

97,731

84,172

67,828

52,440

41,372

40,152

39,000

38,221

38,671

39,190

39,906

38,292

35,646

32,215

28,132

25,930

23,868

22,457

21,771

21,115

19,745

0

0

0

Deferred income taxes

14,154

1,276

1,388

130

-26,697

-29,419

-29,531

-28,035

-2,150

-1,161

-1,161

-1,398

809

-21,475

-21,475

-21,446

-22,607

14,168

13,159

13,812

13,832

961

1,497

-65

-1,240

-1,408

-3,271

-4,142

-3,454

-5,256

-2,920

-1,041

-228

0

0

0

Share-based compensation

112,118

104,713

92,643

80,610

71,342

66,917

66,321

69,070

68,864

68,175

67,191

62,811

66,309

62,057

57,311

57,312

50,764

49,635

48,654

47,315

47,235

47,100

47,183

46,401

45,138

43,435

40,872

38,152

35,019

31,115

27,390

24,376

21,412

0

0

0

Gains on short-term investments, net

14,963

12,669

10,008

7,150

5,278

3,963

3,587

3,488

3,460

3,216

2,986

2,744

1,774

1,997

1,101

2,579

3,000

1,674

763

-532

-425

603

1,980

1,412

1,219

1,222

1,106

946

896

360

128

111

15

0

0

0

Gain on Sale of Investments

-

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment charges and loss on disposal of property and equipment

-3,213

-4,993

-6,030

-7,159

-4,754

-14,825

-13,586

-12,158

-12,019

0

0

0

-

-

-

-

3,189

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit from share-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,662

5,018

5,286

5,116

5,141

0

0

0

-

-

-

-

Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable, net

79,248

59,789

44,687

28,821

-3,588

9,154

5,846

16,391

12,175

213

32,225

21,122

41,331

52,278

40,155

33,033

19,351

-7,865

-8,819

-9,390

-5,421

-422

-106

3,835

9,500

16,387

11,267

10,320

8,585

6,586

9,107

11,657

15,899

0

0

0

Inventories

-1,297

-14,094

903

30,354

43,301

45,073

23,806

-3,916

887

2,012

10,014

6,555

-8,263

-11,877

-8,376

11,685

24,735

29,880

30,987

15,439

9,624

7,202

-2,427

-9,464

-9,472

-3,452

6,613

14,567

19,436

17,239

16,409

17,401

8,639

0

0

0

Prepaid expenses and other assets

-17,281

-8,012

-679

4,853

2,650

-4,993

-2,704

-1,663

681

4,197

-683

-950

-6,948

-3,228

-560

4,209

2,619

-1,849

2,558

2,261

7,687

9,325

6,286

-61

-1,414

-746

940

3,851

3,239

4,095

85

-1,507

513

0

0

0

Accounts payable

33,812

7,675

-75

-832

10,486

28,707

12,652

-850

170

-6,422

3,699

14,921

13,330

6,507

4,674

9,212

3,750

3,986

17,820

8,824

9,659

12,241

3,661

1,164

-4,447

-15,413

-8,516

-5,529

3,430

14,543

17,014

16,300

21,065

0

0

0

Accrued liabilities and other liabilities

44,730

44,442

10,940

46,978

16,765

14,047

28,691

7,929

15,216

9,025

20,537

19,867

27,261

27,199

15,404

32,099

30,884

26,540

27,703

14,632

6,549

9,865

12,171

6,584

2,610

3,156

15,370

41,631

48,972

50,690

31,735

18,989

18,288

0

0

0

Net cash provided by operating activities

424,790

373,391

309,741

297,884

264,857

235,425

222,044

181,716

161,312

153,173

148,835

182,470

196,064

172,011

152,058

153,341

150,541

160,777

149,276

115,340

80,130

65,743

64,969

69,059

51,870

46,665

104,595

152,290

182,489

179,260

119,808

73,113

63,139

0

0

0

Cash flows from investing activities:
Purchase of severance-related insurance policies

-

-

-

976

-

-

-

1,314

1,312

1,290

1,277

1,261

1,172

1,045

908

783

743

743

749

758

777

814

846

868

849

834

804

775

783

777

798

825

832

0

0

0

Purchase of short-term investments

890,545

786,587

677,851

565,864

395,560

277,113

202,121

159,342

188,745

222,077

216,482

286,252

300,858

218,642

184,784

196,574

219,459

324,565

336,697

308,217

307,924

251,660

277,942

232,701

200,377

245,808

254,624

283,935

328,998

271,388

201,775

145,817

45,600

0

0

0

Proceeds from sales and maturities of short-term investments

490,900

399,672

352,561

292,838

230,629

313,541

254,141

235,016

252,211

273,447

261,391

241,799

387,489

240,459

281,415

342,306

179,700

176,099

166,475

146,874

158,054

120,214

109,979

110,885

122,997

142,094

114,817

74,965

14,860

8,697

17,797

15,206

149,889

0

0

0

Proceeds from maturities of short-term investments

-

-

-

-

-

-

-

-

-

0

0

73,825

-

197,322

195,950

189,196

129,279

100,910

71,524

81,885

78,567

93,660

105,119

104,789

117,806

107,267

106,267

88,599

64,683

0

0

0

-

-

-

-

Purchase of property and equipment, net of proceeds from sales

37,791

31,058

28,229

33,559

33,099

35,125

34,334

32,691

41,376

45,471

54,341

50,604

42,976

44,377

43,943

47,363

48,601

45,665

40,072

33,627

29,924

28,092

22,227

22,788

30,911

33,673

39,036

39,990

30,544

29,834

30,650

26,964

24,680

0

0

0

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

0

-

-

-

-

-1,327

0

0

0

-

-

-

-

Purchase of intangible assets

4,920

3,405

2,390

1,898

6,535

8,435

8,191

8,043

2,843

3,738

9,609

9,077

7,962

0

0

0

-

-

-

-

-

-

-

-

7,440

0

0

0

-

-

-

-

-

-

-

-

Proceeds from sale of investments in privately-held companies

16,887

16,887

16,887

16,887

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of investments in privately-held companies

8,057

9,319

10,747

10,000

12,500

9,021

10,021

6,521

15,021

17,198

15,875

15,875

4,982

0

0

0

-

-

-

-

3,455

3,691

1,561

1,561

3,123

0

0

0

-

-

-

-

-

-

-

-

Acquisitions, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

693,692

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Net cash provided by (used in) investing activities

-433,526

-418,204

-354,461

-309,951

-225,647

-51,630

-19,539

24,418

2,042

-116,378

-119,991

-209,673

-664,153

-530,923

-446,279

-394,724

39,966

-92,484

-143,686

-118,010

-107,712

-64,075

-161,744

-163,511

-121,948

-166,746

-128,475

-170,654

-280,879

-271,749

-199,690

-144,297

-114,499

0

0

0

Cash flows from financing activities:
Proceeds from term debt

-

-

-

-

-

-

-

-

-

-

-

-

280,000

280,000

280,000

280,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on term debt

0

0

0

35,000

74,000

200,000

216,000

191,000

172,000

53,000

57,000

54,000

34,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Term debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

5,521

5,521

5,521

5,521

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on intangible assets obligations

10,378

10,497

8,999

8,556

8,426

7,919

7,552

7,028

7,369

6,842

4,136

3,604

1,364

765

1,040

1,098

1,105

1,120

1,254

1,306

1,381

1,243

1,099

1,188

1,111

1,239

1,455

1,118

918

861

459

459

459

0

0

0

Proceeds from issuances of ordinary shares through employee equity incentive plans

32,043

35,758

36,148

40,337

37,368

37,898

36,678

32,115

29,733

26,008

24,513

25,252

22,555

0

0

0

-

-

-

-

16,783

16,337

14,693

15,665

14,637

16,276

22,721

29,435

29,963

30,908

23,333

20,768

18,471

0

0

0

Excess tax benefit from share-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

2,662

5,018

5,286

5,116

5,141

0

0

0

-

-

-

-

Net cash provided by (used in) financing activities

21,665

25,261

27,149

-3,219

-45,058

-170,021

-186,874

-165,913

-149,636

-33,834

-36,623

-32,352

261,670

270,252

285,915

294,035

17,762

17,366

18,591

16,312

15,744

15,306

14,317

16,207

16,188

20,055

26,552

33,433

34,186

34,014

130,893

127,878

124,624

0

0

0

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

12,929

-19,552

-17,571

-15,286

-5,848

13,774

15,631

40,221

13,718

2,961

-7,779

-59,555

-206,419

-88,660

-8,306

52,652

208,269

85,659

24,181

13,642

-11,838

16,974

-82,458

-78,245

-53,890

-100,026

2,672

15,069

-64,204

-58,475

51,011

56,694

73,264

0

0

0

Supplemental disclosure of non-cash investing and financing activities
Intangible assets financed with debt

-

-

-

2,753

-

-

-

10,310

12,981

14,737

12,711

12,054

8,834

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unpaid property and equipment

-

-

-

2,054

-

-

-

4,706

3,962

11,689

2,561

6,354

5,425

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transfer from inventory to property and equipment

-

-

-

4,584

-

-

-

1,545

1,753

2,306

2,697

3,472

3,814

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventory capitalization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Vested share awards issued in connection with the Voltaire acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,303

0

0

0