The evolution of workforce habits, characterized by reduced use of office supplies including ink, paper and toner, and the growing dominance of e-commerce players are headwinds in the office supply industry. We expect these trends to exert pressure on revenue in the next two years or more. Office Depot's major acquisition of CompuCom is off to a sluggish start with a slower-than-anticipated progress in revenue growth. The IT services market is fragmented with numerous participants that could make it tough for the company to harness the benefits under its multi-year transformation plans. We think Office Depot will generate about $175 million to $200 million company-reported free operating cash flows (FOCF) in the next year. This provides the company with some
