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  "documentTitle": "Mellanox Technologies, Ltd. (MLNX)",
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  "authorName": "Peter A. Feld",
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  "presentationDate": "2018-01-08 00:00:00",
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      "text": "It is critical to appreciate that Mellanox is not just slightly worse than peers on these key metrics, it is completely out of line with the peer group.",
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      "text": "operating margin: 13.8%",
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      "text": "In fact, the gap between gross margin and operating margin is among the highest we have ever seen for a semiconductor company. This is driven by what appears to be excessive spending in both R&D and SG&A.",
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      "text": "While Mellanox's level of R&D spending would be hard to justify under any circumstances, shareholders would expect that level of expense over a multi-year period to at least generate above-average revenue growth.",
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      "text": "Source: Capital IQ, Bloomberg. Market data as of January 4, 2018.",
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