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Ingram Micro Inc. Presents At Barclays Capital Global Technology, Media And Telecommunications Conference, May-23-2012 01:45 PM

So those are the overall goals. They were dependent on -- and there was a couple of assumptions that were included in there or a revenue growth expectation over the 3 years before 2015 and including 2015 of 4.5% to 6.5% revenue growth run rate. Which if you look at overall global demand and global spend, especially back in November. That was roughly around mid-single digits where IT demand was forecasted by the IDC as the gardeners of the world. And we did expect a gross margin level of 5.4% to 5.65%. Overall, we were -- when we set those targets for gross margin, which kind of built into our overall operating margin, we're coming off of what I would say a gross margin low for us in the third quarter of 2011 of about 4.95%. So that impacted some of our target setting at that point in time. Since then, we've made some great progress on that.

Now overall, so those are our overall targets. I would imagine the next question would be what are your key drivers there.

Benjamin A. Reitzes - Barclays Capital, Research Division

You got it.

William D. Humes

Sure. So I'm a good a setup man for that. As I talk about on the overall leverage side of things from the 4.5% to 6.5% revenue growth expectations, we do expect to deliver about 25 to 35 basis points of operating margin leverage by really holding OpEx fairly consistent to just slightly above half the rate of sales growth. So obviously, if there's a lower level of revenue growth, it's a little bit more challenging to drive a lot of operating leverage. But if there's higher growth rate towards the 6.5% range of revenue, then having OpEx growth monitored and managed at that reasonable level is fairly well controlled and very confident in being able to do that.

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