Ingram Micro 2008 Annual Report Download - page 6

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Our satisfied customers have recognized the benefits of outsourcing their fulfillment and return needs and have increased
their business with us.
Services continue to be a growth opportunity. As history indicates, we have excelled at identifying trends and related
services that make our value-added resellers more profitable. Many customers have commented that our counsel to
expand their service offerings has resulted in recurring income opportunities, offering a shelter to help weather these
difficult times.
New Horizons
As we look ahead, I see long-term opportunity peppered with economic challenges in the near-term. Our team has been
tested time and again, yet we emerge stronger and more prepared. I firmly believe that our expert leadership, effective
processes, can-do culture and world-class associates are capable of moving this company forward for the long term amid
any environment, difficult or not.
Technology plays an important role in maintaining a competitive edge, and we’re pleased to welcome senior vice presi-
dent and chief information officer Mario F. Leone to lead us in these efforts. He will play a critical role in creating
world-class e-commerce, information and business systems that will help us drive additional profitable growth.
While we expect continuing economic hurdles in 2009, I am optimistic about Ingram Micro’s future. Throughout our
company’s history, our seasoned management team and associates worldwide have established a proven track record
of overcoming difficult conditions, including economic downturns and reductions in technology spending. The tough
choices we made in 2008 are already creating a leaner, more agile company — and will ultimately result in greater prof-
itability and improved shareholder returns. To you — my teammates, partners and valued shareholders — thank you for
your continued support.
Working Capital Days = DSO + DIO – DPO
(1) 2006 excludes off-balance sheet debt of $69 million associated with accounts receivable financing programs.
Gregory M.E. Spierkel
Chief Executive Officer