Hello all, great discussion here.
I'm curious to know how you guys derived the 13% operating margin. I suppose it depends on which year we are looking at, but if you look at 2008 which is before the ramp up in CapX, I have GM: 4.27/19.166 = 22.3%. Operating Expense Margin is: 3.428/19.166 = 17.9%. Today, in 2013, I have the GM: 27.3%. So GM-OEM = 27.3-17.9 = 9.4%.
Overall, it seems to me that with this 9.4% margin we get about 7M in Operating Income, which is fairly substantial.