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Mellanox Technologies, Ltd. Corporate OverviewJuly 2007
2 Mellanox Technologies
About Mellanox Technologies
Fabless semiconductor supplier founded in 1999 •
Business HQ in California
•
Research & Development and Operations HQ in Israel •
Global sales offices and support
•
200 employees worldwideLeading server and storage interconnect products•
InfiniBand and Ethernet leadership
Shipped over 2M 10 & 20Gb/s ports as of May 2007$106M raised in an IPO Feb 2007 (NASDAQ: MLNX)•
Dual Listed on Tel Aviv Stock Exchange as of Jul 9, 2007 (TASE: MLNX)
•
Profitable since 2005Revenues: FY’06=$48.5M, 1Q’07=$16.9M, 2Q’07 Rev=$19.8MCustomers include Cisco, Dell, HP, IBM, NetApp, Sun
3 Mellanox Technologies
Interconnect: A Competitive Advantage
Enterprise Data CentersEnterprise Data Centers
HighHigh--Performance ComputingPerformance Computing
EmbeddedEmbedded
End-Users
Clustered DatabaseeCommerce and RetailFinancialSupply Chain ManagementWeb Services
Biosciences and GeosciencesComputer Automated EngineeringDigital Content CreationElectronic Design AutomationGovernment and Defense
CommunicationsComputing and Storage AggregationIndustrialMedicalMilitary
InfiniBand and Ethernet
ServersAnd Blades
Embedded
Switches
Storage
4 Mellanox Technologies
Enterprise Data CentersEnterprise Data Centers
EmbeddedEmbedded
Leading Customers / Growing MarketsSoftwareHardware OEMs
Embedded
Servers
Storage
COMPUTERS
Switches
End-Users
HighHigh--Performance ComputingPerformance Computing
5 Mellanox Technologies
Providing End-to-End Products
Adapter ICs & CardsSwitch ICs
Reference Designs SoftwareEnd-to-End Validation
Blade/Rack Servers StorageSwitch
SWITCHADAPTER ADAPTER
6 Mellanox Technologies
Mellanox Product Roadmap
2000 2003 2004 2005 2006 20072001 2002
40Gb/s Total
160Gb/s Total
40Gb/s Total
480, 960Gb/s Total
40, 80Gb/s Total
20, 40Gb/s Total
1st Gen.
2nd Generation
3rd Generation
4th Generation
Adapter
Adapter
Adapter
Adapter + Switch
Switch
Switch
*Adapter Card Products Based on Adapter Silicon Not Shown
2.0 Adapter
Two 10/20/40 Gb/s InfiniBand or Two 1/10Gb/s Ethernet
7 Mellanox Technologies
Leading InfiniBand and 10GigE Adapters
Single-chip server and storage adapters•
Optimized cost, power, footprint, reliability
•
Ideal for blades and motherboards•
No additional PHY components required
Highest performing InfiniBand adapters•
20Gb/s (40Gb/s in 2008), 1us application latency
Highest performing 10GigE NICs•
17.6Gb/s throughput, < 7us application latency
•
Supports OpenFabrics RDMA software stacksMulti-core CPU optimizedVirtualization accelerationFirst adapters to support PCI Express 2.0
10 & 20Gb/s InfiniBand10 Gigabit Ethernet
(Copper)
10 Gigabit Ethernet (Fiber)
8 Mellanox Technologies
Powerful Trends Driving Large Markets
Clustering and Blades
ConsolidationMulti-Core CPUs
Virtualization Low-Latency
ConnectivityRequirements
Reliable
Power
Price
Scalable
Efficient
Performance
Industry Standard
Ease
9 Mellanox Technologies
Reliable
Power
Price
Scalable
Efficient
Performance
Industry Standard
Ease
ConnectivityRequirements
Convergence on InfiniBand and Ethernet
InfiniBandEthernetFibre
ChannelProprietaryConnectivityRequirements
10 Mellanox Technologies
Converged InterconnectCurrent Architecture iSCSI Storage
Ethernet Switch
Fibre Channel Switch
Ethernet
InfiniBand
Fibre Channel Storage
InfiniBand Switch
InfiniBand Storage
iSCSI StorageConverged Architecture with ConnectX – I/O Consolidation
InfiniBand Storage
InfiniBand or Ethernet
Low Cost Bridge
InfiniBand orEthernet
Fibre Channel
Fibre Channel Storage
11 Mellanox Technologies
Extending InfiniBand Leadership
Industry-Standard•
Established software ecosystem•
Wide range of system solutionsPrice / Performance / Power
•
20Gb/s node-to-node (40Gb/s in 2008)•
60Gb/s switch-to-switch (120Gb/s in 2008)•
→ 1us application latency•
Lowest power per Gb/s bandwidthReliable
•
HW reliability and congestion managementEfficient
•
RDMA and Transport Offload•
CPU focuses on application processingScalable
•
Tens-of-thousands of nodesService Oriented I/O
•
Security and Quality-of-Service•
Virtualization•
I/O consolidation including storage•
HW protection and isolation
Switch-to
-Switch
Node-to-Node
8Gb/s FC10Gb/s Ethernet
2004 2005 2006 2007 2008
3040
1201101009080706050
1020
Gigabits per secondPerformance Roadmap
60Gb/s
20Gb/s
12 Mellanox Technologies
InfiniBand Leads Price/PerformanceAdapter Card
PriceSwitch
Price/PortTotal Price
Price per Gb/s
20Gb/s InfiniBandDual port Copper
$718 $295 $1,013 $51
10 Gigabit EthernetSingle port CX4
$790 $651 $1,441 $144
4Gb Fibre ChannelSingle port w/ SFP module
$942 $550 $1,663 $416
Gigabit EthernetSingle port
$100 $120 $220 $220
All prices are fixed format, stand-alone productsAll prices median of available distributors or online retailer pricingAdditional information available upon request
*All prices are end-user, single unit prices InfiniBand Dual-port adapters include high availability option at no extra cost !
13 Mellanox Technologies
Addressing Large and Growing Markets
Source: and
17.0M ports
2006
Storage2.6M
Storage4.7M
Servers11.8M
Servers7.7M
10.6M ports
2010
Overall: 13% CAGRServers: 11% CAGRStorage: 16% CAGREmbedded: 14% CAGR
Embedded 0.5M
Embedded 0.3M
14 Mellanox Technologies
InfiniBand Market Forecast
40% total factory revenue CAGR•
$157M in 2006 to $837M in 2011
Growth drivers: Multi-core, virtualization, expansion into enterprise data centers
InfiniBand Adapters and Factory Revenue(29% Revenue CAGR, 50% Shipment CAGR) Source IDC May07
$-
$50
$100
$150
$200
$250
2006 2007 2008 2009 2010 2011
Rev
enue
$M
0
200
400
600
800
1,000
Ada
pter
s 00
0s
Revenue
Adapters
InfiniBand Switch Ports and Factory Revenue(45% Revenue CAGR, 53% Shipment CAGR) Source IDC May07
$-$100$200$300$400$500$600$700
2006 2007 2008 2009 2010 2011
Rev
enue
$M
02004006008001,0001,2001,4001,600
Switc
h Po
rts
000s
Revenue
Sw itch Ports
InfiniBand to Transcend HPC
InfiniBand Technology Set for IT Explosion, IDC says
InfiniBand Boosted by Upbeat Report
InfiniBand Rides HPC Wave Into the Enterprise
15 Mellanox Technologies
InfiniBand Data Center Value Proposition
15%-70% increased infrastructure utilizationReduced TCO by $10M/year
Reduces latency by up to 46%Throughput nearly doublesAutomated trading applications
Eliminates 2/3rd of mean latencyEnhance predictability of data deliveryAlgorithmic trading, market making, arbitrage
Improves predictability and performance up to 4XData distribution, web services, order management systems, Java, C, C++ and other interfaces
Multi Fabric Server I/O VirtualizationReduce I/O cost 60%Reduce I/O power ~30%
World record transaction benchmarks2.5X Price/ Performance Advantage
VirtualizationDatabase Service Oriented Architecture
Market Trading and Data FeedsFinancial Services
* Partial List
16 Mellanox Technologies
InfiniBand HPC Value Proposition
Automotive Oil and Gas Fluid Dynamics
* Partial List
3X simulation efficiency increaseCar crash simulations eliminates the need for physical testing
Reduce reservoir modeling simulation runtime up to 55%Improves interpretation and modeling accuracy
3X performance improvement and near linear scalingIntensive simulation for computer-aided engineering
5X the bandwidth for real-time color gradingHigh-resolution commercials and feature films
3X improvement for post Optical Proximity Correction tools processing6X storage performance advantage
Monte Carlo simulation, astronomy, bioinformatics, chemistry and drug researchAccelerate parallel execution of matrix operations
Oil and GasAutomotive Fluid Dynamics
Electronic Design AutomationDigital Media Computational Science
17 Mellanox Technologies
88 135 293529
1,130
2,305
3,528
4,946
2000 2001 2002 2003 2004 2005 2006 2007
140 162220 267
409
732
1,021
1,221
2000 2001 2002 2003 2004 2005 2006 2007
Escalating Computing Needs
Computing market growth and increasing number of portsDiverse set of applications•
High end HPC, commercial HPC and enterprise data center•
Government, universities, research •
EDA, automotive, technical computing, oil and gas, manufacturing, weather•
Transportation services, IT services, utility computing, food industry, financial First Petaflop cluster expected in 2008
Total # of CPUs in the Top500 (000s)
Total Performance of the Top500(TFlops)
2000-2007 CAGR = 35%
2000-2007 CAGR = 80%
Source: Jun07
18 Mellanox Technologies
18
102
30
89
4080 82
207
47
132142
212 249 256
215
GigE Myrinet InfiniBand
(19%)
InfiniBand Momentum / Ethernet Ubiquity
Trends from Top500 propagate to enterprise marketsInfiniBand is the only growing high speed interconnectMajority of the largest supercomputers utilize InfiniBandInfiniBand is the leading interconnect in the Top 100 supercomputers
Source:
Number of Clusters in Top5001 year growth (decline)
(47%) 230%
6/05 11/05 6/06 11/06 6/076/05 11/05 6/06 11/06 6/07 6/05 11/05 6/06 11/06 6/07
Jun07
19 Mellanox Technologies
The Management Team
Name Title Experience
Eyal Waldman CEO, President & Chairman of the Board
Michael Gray CFO
Roni Ashuri VP Engineering
Shai Cohen VP Operations & Engineering
Michael Kagan VP Architecture
Thad Omura VP Product Marketing
Marc Sultzbaugh VP Worldwide Sales
ASK Computer Systems
Brooktree Semiconductor
20 Mellanox Technologies
Strong Revenue Growth (Annual)
Annual Revenues ($M)
2001 2002 2003 2004 2005 2006 2007
$1.7 $4.0
$10.2
$20.3
$42.1
$48.5
$58.2-$58.7
3Q’07Guided$21.5 –$22.0
1Q-3Q
21 Mellanox Technologies
Strong Revenue Growth (Quarterly)
Quarterly Revenues ($M)
$21.5-$22.0
$19.8
$10.0
$7.7$7.6
$6.0
$3.6$3.0
$12.2 $12.2
$8.5
$10.8
$15.8$16.9
$13.4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2004 2005 2006 2007
Guided
22 Mellanox Technologies
Strong Revenue Growth (Annual)Historical Annual Revenues ($M)
2001 2002 2003 2004 2005 2006 2007
$1.7 $4.0
$10.2
$20.3
$42.1
$48.5
$58.1-$58.6
1Q-3Q
23 Mellanox Technologies
Strong Revenue Growth (Quarterly)Historical Quarterly Revenues ($M)
$21.5-$22.0
$19.8
$10.0
$7.7$7.6
$6.0
$3.6$3.0
$12.2 $12.2
$8.5
$10.8
$15.8$16.9
$13.4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2004 2005 2006 2007
Guided
24 Mellanox Technologies
Margin Structure & Profitability
75%72%
64%
57%
2004 2005 2006 1H 2007
(43%)
8%
16%
2004 2005 2006 1H 2007
Gross Margin EBIT Margin27%
25 Mellanox Technologies
Accelerating Cash Flow from OperationsQuarterly Cash Flow from Ops ($M)
$394$784
$3,131
$4,772
$6,694
$5,000
Q1'06 Q2'06 Q3'06 Q4'06 Q1'07 Q2'07
2006 2007
26 Mellanox Technologies
Percentage-Based Income Statement
2005 2006 1H 2007Revenue 100% 100% 100%Gross margin 64% 72% 75%R&D 31% 31% 31%SG&A 25% 26% 24%Operating expenses 56% 57% 55%Operating income 8% 15% 20%Net income 8% 15% 24%
27 Mellanox Technologies
Financial Highlights
Significant Revenue CAGR
Strong Gross Margins
Profitable Since 2005
Accelerating Cash Flow Generation
28 Mellanox Technologies
Mellanox Differentiators
Industry-Leading Architecture & Mixed-Signal DesignExecution and Product Quality•
Silicon, Software, and Systems
•
Proven high-volume manufacturingWell Established Relationships•
Leading Server, Storage, Communications Infrastructure Equipment and Embedded System OEM customers
•
Software and hardware partners•
End users
Team•
Technical, Business and Management
29 Mellanox Technologies
Summary
Leader in silicon-based, high-performance connectivity solutionsMarket-wide adoption of InfiniBand •
Servers/blades, storage and switch systems
•
Data Centers, High-Performance Computing, Embedded•
Performance, Price, Power, Reliable, Efficient, Scalable
4th Generation adapter extends connectivity to InfiniBand and Ethernet•
Market leading performance, capabilities and flexibility
Driving key trends in the market•
Clustering/blades, low-latency, I/O consolidation, multi-core CPUs and virtualization
30 Mellanox Technologies
Thank You
30
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