One of the things I liked about the business is its diversity. I mentioned a couple of applications welding, cutting, there are more esoteric applications out there, for example, 3-D prototyping. We sell product into the microelectronics industry for marketing and graving and newer applications, for example, people doing research into using lasers to drill oil and gas wells. So, on top of the applications, there you have tremendous geographic diversity as well with sales spread around the world in Asia, Europe and North America.

The following slides really look a bit more the existing laser markets and fiber share and how that has changed over the last four years. So, the laser source market itself has grown from about $3.4 billion to $3.8 billion and fiber share has gone from just under $200 million of about – to about $600 million in 2011. The average growth rate over that period above 31%.

Looking further forward, the market analysis that exists and that's really around the currently deployed products that we have, we don’t think that this captures opportunities, for example, the more recently introduce QCW laser into the replacement for a solid state laser and also the ability for IPG to start producing laser different wavelengths like green and UV has not really captured in this analysis here. But what you can see is the overall laser market continues to grow very strongly approaching just under $5 billion in 2015 and fiber grows at an average rate of about 23% to about $1.4 billion. If IPG can maintain its market share, which is very strong at the movement, we have a very strong belief that we can grow the company to more than $1 billion in revenue.

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