2024 Investor Day · slide 110

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table/data: Non-GAAP Metric 1H'25 Long-Term Target Gross Margin % 69.5% 69% - 74% S&M Expense as a % of Revenue 42.1% 23% - 25% R&D Expense as a % of Revenue 15.7% 13% - 15% G&A Expense as a % of Revenue 13.8% 8% - 10% O

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The slide title mentions 'gross margins' but the table includes operating expenses and operating income, suggesting a broader focus on operating margin expansion.