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  "docSlug": "1c59255c89a2",
  "documentTitle": "Mellanox Technologies, Ltd. (MLNX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-01-08 00:00:00",
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  "notes": "The slide uses peer benchmarking to expose the company's historical underperformance and lack of credibility in meeting future targets.",
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      "kind": "callout",
      "text": "Even more concerning, this pattern of missing expectations has come during a time when almost every other semiconductor company has repeatedly beaten expectations and raised guidance.",
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      "text": "Revenue CAGR comparison of 10 semiconductor companies",
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      "text": "Revenue CAGR: 5.7%",
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      "kind": "paragraph",
      "text": "Despite these glaring and obvious issues, it seems that until the disclosure of our involvement in Mellanox, there was no intent to change strategy or shift focus towards a better balance of investing for growth while delivering reasonable profitability.",
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      "text": "Even more concerning, this pattern of missing expectations has come during a time when almost every other semiconductor company has repeatedly beaten expectations and raised guidance.",
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      "text": "We are also concerned that the targets outlined for 2018 are solely reliant on revenue growth to drive operating margin expansion, adding additional risk to the plan.",
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      "kind": "paragraph",
      "text": "Moreover, given Mellanox's extended history of underperformance and missed expectations, we believe that the Company lacks sufficient credibility to convince shareholders that it will hit even these modest targets.",
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      "kind": "source-note",
      "text": "Source: Capital IQ, Bloomberg. Market data as of January 4, 2018.",
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      "kind": "title",
      "text": "2016 – 2018E Revenue CAGR(1)",
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