It also is so important in this new world of transparency of price, where consumers are shopping, whether it be with the iPhones or the iPads, et cetera, and looking, popping in the price and seeing where it's cheaper in the mall. Here, when we have exclusive branding, the retailer gets to control price, gets to control the markdown cadence and doesn't have to worry about where the price of that product is so we believe that this model continues to flourish.

Today, I believe, we have over 60 direct-to-retail deals around the world and growing. Roughly somewhere around $5.5 billion to $6 billion of our business is done through this type of relationship as it continues to grow. Iconix's big value-add is the marketing side. We have an ad agency that we are very proud of. That does a lot of great advertising and marketing for the retailers, where the retailer is focused on things like save money with better bull's eyes. We're focused on the individual brands in the stores to make them exciting and make people drive to the box.

Over the last seven years, this has been our track record, over 52% CAGR growth on both, revenue and income. One chart that's not here is cash flow which is even a lot more impressive. This year, we will generate close to $180 million of free cash flow, because we have some wonderful tax benefits the way we buy trademarks and assets and we see our business, although this year we are not projected to grow, we do see nice growth in the future and I'll take you through where we see growth coming from. The growth is going to, obviously, come from two areas. One is acquisition and one is through our organic business.

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